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　　一季度债市大致经历五个阶段： 　　年初承压（1月初）：元旦后权益市场大涨，上证指数突破4100点，债市情绪受挫，10年期国债收益率一度上行至1.90%附近。 　　修复行情（1月上旬至春节前）：权益市场逐步降温，央行结构性降息落地，大行持续买入长债，债市修复，10年期国债收益率下行至1.79%下方。 　　节后反弹（春节后）：资金利率边际抬升，A股走强，10年国债收益率重回1.80%上方。 　　避险下行（2月末至3月初）：美伊军事冲突引发避险情绪，10年期国债收益率下行至1.78%附近。 　　通胀回调（3月初至3月末）：美伊冲突推升油价，输入性通胀预期下长端走弱，10年国债收益率回升至1.84%左右；但资金面宽松支撑短端下行，曲线呈陡峭化特征。","lastUpdated":"2026-04-22T15:42:40.451Z","fund":{"_id":3000000022397,"__csrcFundId":14669,"stockCode":"022397","masterFundShortName":"大成添鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22397,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成添鑫债券A","lastUpdated":"2025-02-07T17:15:11.191Z","name":"大成添鑫债券型证券投资基金","pinyin":"dctxzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":2041792100.05,"setUpDate":"2025-01-20T16:00:00.000Z","setUpShares":2041792100.05,"inceptionDate":"2025-01-23T16:00:00.000Z","managers":[{"stockCode":"8801476145","stockType":"fund_manager","exchange":"fm","tickerId":260818173940,"name":"朱浩然"}]},"announcement":{"linkText":"大成添鑫债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c67fea5b3eb05414ba","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000022397,"sao":"2025年四季度外围方面，美国经济好于预期，个人消费支出和出口是主要拉动项，库存、建筑及住宅投资是主要拖累项，10月、12月美联储分别降息25个基点，并停止资产负债表缩减、恢复短期国债购买。但四季度降息预期多次摇摆，对AI的质疑亦开始增多，美股美债均陷入震荡。 　　中国经济增速呈现出稳中趋缓的态势，结构上体现出新旧经济动能更替的特征。一方面受化债力度加大影响投资数据有所回落、补贴退坡带动消费数据走低，房价偏弱势抑制了居民加杠杆动力。另一方面出口和以AI为代表的新经济为经济提供了新动能。财政政策整体维持了积极态度，提高了地方政府债发行额度并追加了准财政工具。货币政策方面，央行重启了国债买卖，并通过买断式逆回购、MLF等方式维持了银行间资金面宽松，货币市场利率在低位稳定，年末进一步下探。 　　债市方面，尽管基本面、资金面利好，但其始终未能成为债市逻辑主线。经历了9月的赎回扰动之后，10月随着股市陷入震荡，债市也从悲观情绪中恢复，各类债券均有所下行。但后期随着机构行为扰动明显，银行受EVE指标压力抛压加大，保险公司虽然加大了地方债配置力度，但整体供需有所失衡带来了波动加大，而基金产品受负债端稳定性减弱，年底随着风险资产阶段性走高债市情绪再度悲观，尤其是超长利率和10年信用债表现弱势。从收益率点位来看，10年与30年国债收益率与三季度末基本持平，20年国开债上行10BP，短利率和短信用小幅下行。 　　组合方面，本季度组合保持了灵活操作，适当控制了久期敞口。","lastUpdated":"2026-03-09T14:05:58.382Z","fund":{"_id":3000000022397,"__csrcFundId":14669,"stockCode":"022397","masterFundShortName":"大成添鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22397,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成添鑫债券A","lastUpdated":"2025-02-07T17:15:11.191Z","name":"大成添鑫债券型证券投资基金","pinyin":"dctxzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":2041792100.05,"setUpDate":"2025-01-20T16:00:00.000Z","setUpShares":2041792100.05,"inceptionDate":"2025-01-23T16:00:00.000Z","managers":[{"stockCode":"8801476145","stockType":"fund_manager","exchange":"fm","tickerId":260818173940,"name":"朱浩然"}]},"announcement":{"linkText":"大成添鑫债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458503","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c67fea5b3eb05414b9","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000022397,"sao":"回顾三季度，宏观事件多数利于拉动风险偏好的回升，包括国内“反内卷”主线，海外全球宽松节奏重启、关税冲击减弱等，股、债市场的跷跷板走势非常明显。权益市场表现相对强势，成长板块尤以科技类指数领涨；债市则是利空逻辑相对更占上风，表现以震荡调整为主。 　　复盘三季度债券市场的影响因素，基本面方面，年中以来，经济及金融数据再现季节性走弱，投资数据有所下滑，物价由于“反内卷”实质拉动产业链有限而依然缺乏向上的弹性，但基本面的表现亦有一定支撑，诸如出口层面的韧性、工业利润增速转正等是为近期亮点，总量需求政策出台概率下降。事件层面，7月初，雅江水电站开工、中央财经委会议提出要整治低价无序竞争，“反内卷”主线行情迅速启动，权益及商品市场闻风大涨，随后月底中美宣布暂停对等关税与反制，资金面的超预期边际收敛叠加非银负债端赎回隐忧再起，风险资产表现持续走强，债市负反馈隐忧初现。8月之后，股债“跷跷板”效应加深，资产相关性虽然在部分时段似有开始脱敏的倾向，但随后在宏观叙事演绎难以证伪、市场风险偏好持续火热的背景下，机构对资产配置进行了再平衡。债市交易盘多受利空情绪主导，配置力量相对缺位，期间市场对于央行重启国债买卖的呼声日渐高涨，但宽松预期始终暂未如期兑现，市场对于货币政策预期出现修正。 　　全季度来看，债市震荡偏弱，10年、30年国债活跃券最高触及1.83%、2.145%，曲线整体熊陡，信用利差短暂被动压缩后呈现主动走阔。利率债方面，3年、10年、30年国债收益率相较二季末时点环比上行12BP、21BP、39BP。信用债方面，7月中旬后开始呈现信用利差补跌状态，全季度来看，1年、3年、5年AA+中票收益率较二季末分别上行9BP、20BP、29BP，科创债受两轮ETF增量资金的支撑表现相对抗跌，但高波品种譬如银行二永债在市场情绪恐慌阶段出现大幅领跌走阔。 　　本组合在运作期内，应对资本市场的急涨急跌总体采取避其锋芒的中性偏保守操作，通过调节利率债的久期贡献进行了避险操作，在信用债策略方面参与了一定仓位银行二债交易。","lastUpdated":"2026-03-09T14:05:58.380Z","fund":{"_id":3000000022397,"__csrcFundId":14669,"stockCode":"022397","masterFundShortName":"大成添鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22397,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成添鑫债券A","lastUpdated":"2025-02-07T17:15:11.191Z","name":"大成添鑫债券型证券投资基金","pinyin":"dctxzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":2041792100.05,"setUpDate":"2025-01-20T16:00:00.000Z","setUpShares":2041792100.05,"inceptionDate":"2025-01-23T16:00:00.000Z","managers":[{"stockCode":"8801476145","stockType":"fund_manager","exchange":"fm","tickerId":260818173940,"name":"朱浩然"}]},"announcement":{"linkText":"大成添鑫债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376426","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c67fea5b3eb05414b8","date":"2025-06-29T16:00:00.000Z","stockId":3000000022397,"sao":"回顾2025年上半年，国内经济在政策发力之下呈现温和复苏，但海外形势更加风高浪急，关税冲突、地缘政治，极端事态突发且一波三折，宏观能见度大幅降低，市场交易的难度陡升。 　　基本面层面，年初国内经济呈现温和修复，春节期间地产销售表现较强，DeepSeek横空出世、民营企业座谈会召开等事件使宏观叙事积极转变，风险偏好显著提升。资金层面，一季度银行体系因存款流失与“信贷开门红”效应共振，负债荒压力加大，同业存单利率一度快速升至2.0%上方。债市从抢跑极度宽松预期重回估值合理修正，短端资产普遍陷入深度负CARRY状态，长债一度先与资金脱敏表现仍暂有相对韧性，但随后也受到了赎回隐忧与存单提价的牵引转为陡峭化上行。4月初至5月底，对等关税事态的突发升级，国内宽货币政策率先发力落地，资金面渐进企稳，期间债市先围绕关税1.0-1.5阶段事态发展做出快速定价，随后陷入震荡行情。5月下旬至6月期间，中美日内瓦经贸会谈联合声明、最高领导人通话，关税冲突边际有所缓和，同期海外地缘冲突再起，国内基本面数据渐显降温态势，不过资金面仍然受到央行有利呵护，通过提前公布买断式操作、增加公开市场投放等提振宽松预期，债市整体表现偏强，长债围绕关键点位区间震荡之下呈现“压利差”行情，关键期限次活跃券、信用债迎来补涨。截至6月末，10年、30年国债分别较上年末下移3BP、5BP，但短端利率债普遍仍然高于年初10~30BP不等，信用利差较年初主动压缩，3年、5年隐含AA+中票分别较上年末下移1BP、3BP。 　　2025年以来，债市既面临前所未有的低利率、低利差环境，也面临宏观因子的可预测性下降、机构行为的分歧度上升的挑战，市场波动率放大。我们总体建立在判断利率下行中期趋势不改，但以更审慎的视角参与类属资产交易。趋势层面把握总体方向、执行层面重视细微品种利差交易、新老利差换券、超额利差择券等细分策略。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:58.377Z","mo":"展望下半年，风高浪急的外部形势仍是严峻挑战，国内有望继续政策积极发力蓄势对冲从而展现有韧性的温和修复。债市交易主线逻辑可能将围绕基本面修复进程、外围环境不确定性，以及资金宽松、风险偏好等阶段性影响。在内需有待提振、外需冲击扰动的大环境之下，货币实质性宽松已于上半年开启，年内仍有继续降准降息的空间，债市没有显著走熊的基础。机构行为方面，今年主要参与机构面临前所未有的低利率环境，多空分歧、久期偏好、利率与信用的分化明显，叠加权益市场对债市配置资金的分流效应，长端如果持续下破也可能再度引发外力干预、净值化产品的预防性赎回等。简言之，下半年利率下行仍有中期趋势，方向明确、空间尚存，期间短期波动性可能有所放大。","fund":{"_id":3000000022397,"__csrcFundId":14669,"stockCode":"022397","masterFundShortName":"大成添鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22397,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成添鑫债券A","lastUpdated":"2025-02-07T17:15:11.191Z","name":"大成添鑫债券型证券投资基金","pinyin":"dctxzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":2041792100.05,"setUpDate":"2025-01-20T16:00:00.000Z","setUpShares":2041792100.05,"inceptionDate":"2025-01-23T16:00:00.000Z","managers":[{"stockCode":"8801476145","stockType":"fund_manager","exchange":"fm","tickerId":260818173940,"name":"朱浩然"}]},"announcement":{"linkText":"大成添鑫债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c67fea5b3eb05414b7","date":"2025-03-30T16:00:00.000Z","stockId":3000000022397,"sao":"海外方面，一季度美国经济有所下滑，主要体现在消费信心指数、消费支出　　数据、净出口拖累等方面，就业相关数据较强。通胀方面，美国2月CPI和核心CPI均低于预期，但关税可能持续影响，通胀预期可能反复，整体看滞涨风险提高。从最新3月议息会议来看，3月点阵图显示降息次数不变，但较去年年底略显鹰派。　　　　国内方面，春节以后虽然复工偏慢，但近期金融数据、PMI、地产销售、消费等相关数据显示经济运行平稳，但往后看经济在高质量发展背景下动力有待提升。内需方面，消费在各项政策大力支持下有所企稳，但传统产能过剩问题拖累制造业，财政资金对基建投资的撬动倍数有待提高，房地产呈现出以价换量的特征。外需方面，由于关税政策反复，年初抢出口支撑了出口增速。　　政策方面，财政政策发力更为明显，国债、地方置换债都加快了发行进度，有效支持了融资增速，货币政策方面，虽然央行暂停了债券买入，但整体还是维持了充裕的流动性，支持了政府债券的快速发行。　　　　一季度来看，收益率呈现倒震荡走高再回落的形态，1月初和2月初，10年国债突破1.60%之下，2月初之后，随着政府债加速发行、央行暂停买入债券等因素的持续影响，收益率曲线明显熊平，10年国债在3月中旬最高达到1.90%的水平。随着3月中旬央行开始净投放、MLF实行多重价格招标，市场解读利好，收益率下行到1.80%附近。　　　　本组合在一月底成立，组合初期主要配置存款、CD、逆回购等现金类资产，随着短债套息空间修复，逐步增加了利率债和信用债仓位。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:58.374Z","fund":{"_id":3000000022397,"__csrcFundId":14669,"stockCode":"022397","masterFundShortName":"大成添鑫债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22397,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成添鑫债券A","lastUpdated":"2025-02-07T17:15:11.191Z","name":"大成添鑫债券型证券投资基金","pinyin":"dctxzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":2041792100.05,"setUpDate":"2025-01-20T16:00:00.000Z","setUpShares":2041792100.05,"inceptionDate":"2025-01-23T16:00:00.000Z","managers":[{"stockCode":"8801476145","stockType":"fund_manager","exchange":"fm","tickerId":260818173940,"name":"朱浩然"}]},"announcement":{"linkText":"大成添鑫债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276152","linkType":"PDF","source":"csrc_pdf"}}]}