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科创债ETF规模扩张带动信用债走强，信用利差收窄。下旬“反内卷”行情演绎，商品和权益市场走强使得债市承压，债券收益率大幅上行，10Y国债上至1.75%。政治局会议与中美经贸协商落地后，债券收益率有所修复。8月\"股债跷跷板\"效应持续，债市延续调整。9月权益市场震荡，但债市情绪偏弱。中旬，国债买卖重启预期升温，推动债券收益率小幅修复，但跨季资金收敛与债基赎回变多，收益率再次上行并突破前高。央行大额投放后，资金压力缓和，收益率中短端修复。四季度，央行重启国债买卖，债市整体偏谨慎，长端震荡，短端收益率小幅下行。10月，中美贸易摩擦反复，债券收益率窄幅波动，信用利差压缩。27日央行宣布重启国债买卖，债券收益率迅速下行。11月政策空窗期，债市情绪偏谨慎，短端平稳，长端收益率上行，10Y国债上至1.83%。下旬受万科债券展期影响，信用利差走扩。12月，重要会议明确积极的财政政策与适度宽松的货币政策基调。下旬，央行重启14D逆回购呵护跨年流动性，短端收益率下行，1Y国股存单收于1.62%。超长债供需矛盾显现，长端情绪偏弱，全月10Y国债震荡在1.82-1.86%。操作上，本基金坚持组合的风险收益特征，延续稳健的操作思路，根据市场变化灵活运用杠杆和久期策略，主要配置中短久期、中高等级品种，在严控组合信用风险和流动性风险的前提下为持有人获取稳定回报，实现组合净值稳步增长。","lastUpdated":"2026-03-30T13:36:05.128Z","mo":"展望2026年，国内经济处于新旧动能转换关键期，新经济如人工智能领域保持高速增长，传统经济如房地产投资仍在低位徘徊，内需修复进程偏慢，物价绝对增速偏低。随着反内卷政策继续推进，行业供需结构进一步优化，物价水平有望逐步回升，CPI中枢或将温和上行，PPI延续回暖态势。债市后市交易逻辑将聚焦经济修复斜率变化，需重点关注传统经济触底企稳信号，若出现边际改善，有望推动经济整体进入复苏通道。2026年央行将继续实施适度宽松的货币政策。在“促进经济稳定增长、推动物价合理回升”的政策目标指引下，货币政策将保持流动性合理充裕，降准降息等总量型工具仍有操作空间，但落地节奏将更注重灵活性，以维持社会融资成本在合理低位运行。我们将采取稳健的投资策略，倾向于采用中短久期、中高等级信用债的配置策略，辅以灵活的杠杆策略、品种策略、波段操作等来增厚收益，坚持组合的风险收益特征，精细化管理组合，力求在控制回撤的前提下提供持续稳定的组合净值表现。","fund":{"_id":3000000022611,"__csrcFundId":14547,"stockCode":"022611","masterFundShortName":"国泰利添120天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰利添120天滚动持有债券A","lastUpdated":"2025-01-24T17:10:11.957Z","name":"国泰利添120天滚动持有债券型证券投资基金","pinyin":"gtlt120tgdcyzqxzqtzjj","fundCollectionId":4000050010000,"setUpAssetScale":2518010.28,"setUpDate":"2025-01-06T16:00:00.000Z","setUpShares":2518010.28,"inceptionDate":"2025-01-09T16:00:00.000Z","managers":[{"stockCode":"db20888172","stockType":"fund_manager","exchange":"fm","tickerId":32510222780,"name":"陈育洁"},{"stockCode":"db20555622","stockType":"fund_manager","exchange":"fm","tickerId":2018202780,"name":"陶然"}]},"announcement":{"linkText":"国泰利添120天滚动持有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=1450339","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ce7fea5b3eb0541a06","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000022611,"sao":"三季度债市整体表现不佳，一是“反内卷”等政策带来市场风险偏好提高，二是监管政策变化，债券基金负债端承压，债市收益率持续调整。7月债券市场中上旬维持震荡，在科创债ETF规模大增带动科创债成交火热下，信用债整体表现强势，信用利差收窄。下旬“反内卷”逐步演变为市场主线，商品和权益市场表现强劲，债券市场情绪走弱，叠加资金面收敛与理财预防性赎回，债券各期限收益率大幅上行。1Y国股存单从1.63%上行至1.68%左右，10Y国债从1.64%上行至1.746%，信用利差有所走阔。7月末，政治局会议与中美经贸协商落地，未见增量信息，商品与权益市场回调，债市各期限收益率迅速修复下行，1Y国股存单收于1.635%，10Y国债收于1.705%。8月“股债跷跷板”效应继续发酵，债市大幅调整。8月1日财政部、国家税务总局公告称，恢复新发行的国债、地方政府债券、金融债券利息收入的增值税。8月18日，上证指数盘中一度站上3740点，创2015年以来新高。市场风险偏好的提升对债市形成压制，基金赎回压力加剧长端利率波动，债市大幅调整。临近月末时点，股市情绪降温与资金面宽松推动短端品种有所修复，长端则持续调整，曲线走陡。全月，1Y国股存单从1.63%上行至1.68%后修复至1.66%，10Y国债则从1.70%持续上行至1.78%。9月权益市场进入震荡期，但债市情绪仍然偏弱，对利空因素更为敏感，债券各期限收益率上行。中旬市场对重启国债买卖的预期升温，债市收益率有所修复。月末，跨季资金阶段性收敛，叠加理财回表带来赎回较多，债市收益率再次上行并突破前高，信用利差走阔。随着央行大额投放跨月资金，资金压力缓和，债市尤其是中短端有所修复。全月，1Y国股存单从1.655%上行至1.695%后修复至1.665%，长端10Y国债从1.76%持续上行至1.81%后修复至1.78%。操作上，本基金延续稳健的操作思路，结合市场研判和组合规模走势，灵活调整组合仓位和策略，严控信用风险和流动性风险，力求在回撤和流动性可控的前提下为持有人获取稳定回报，同时积极参与波段交易，增厚组合收益表现。","lastUpdated":"2026-03-09T14:06:06.930Z","fund":{"_id":3000000022611,"__csrcFundId":14547,"stockCode":"022611","masterFundShortName":"国泰利添120天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰利添120天滚动持有债券A","lastUpdated":"2025-01-24T17:10:11.957Z","name":"国泰利添120天滚动持有债券型证券投资基金","pinyin":"gtlt120tgdcyzqxzqtzjj","fundCollectionId":4000050010000,"setUpAssetScale":2518010.28,"setUpDate":"2025-01-06T16:00:00.000Z","setUpShares":2518010.28,"inceptionDate":"2025-01-09T16:00:00.000Z","managers":[{"stockCode":"db20888172","stockType":"fund_manager","exchange":"fm","tickerId":32510222780,"name":"陈育洁"},{"stockCode":"db20555622","stockType":"fund_manager","exchange":"fm","tickerId":2018202780,"name":"陶然"}]},"announcement":{"linkText":"国泰利添120天滚动持有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=1377300","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ce7fea5b3eb0541a05","date":"2025-06-29T16:00:00.000Z","stockId":3000000022611,"sao":"2025年上半年债券市场先震荡上行再向下修复，市场主要围绕资金面、两会政策、AI科技浪潮、中美关税博弈等展开交易，整体来看，信用债表现优于利率债。一季度，1月随着央行将政策重心聚焦于稳汇率、防范资金空转、防范单边利率趋势风险，银行体系的流动性持续偏紧，短端资产收益率快速上行，1Y国股存单上行20bp至1.75%，1Y与10Y国债利差较12月末收敛近50bp。2月资金面依然偏紧，叠加Deepseek引发的“科技权益牛”，市场风险偏好回升，债券市场承压。受制于较高的资金利率水平，短端资产收益率大幅上行，银行负债端的压力也逐步显现，带动一级存单不断提价，1Y国债触及1.50%，存单收益率全线攀升至2.0%以上。3月中上旬，重要会议释放的积极信号推动市场风险偏好回升，降息预期的短期落空使得债市修正先前的资产定价，收益率大幅上行，10Y国债收益率最高触及1.90%。3月中下旬，央行投放力度加大，市场流动性预期有所好转，1Y国债收益率下行至1.54%，1Y国股存单收益率下行至1.88%，10Y国债收益率修复至1.80%附近。二季度，4月初，美国宣布对全球加征“对等关税”，避险情绪推动债市收益率快速下行，10Y国债从月初1.81%下行至1.63%，随后收益率维持窄幅震荡。5月初，“双降”带动资金中枢整体下移，DR007加权利率中位数由1.71%降至1.59%，短端资产收益率迅速下行，长端在“双降”落地触发止盈行为收益率先下后上。5月中旬，中美经贸判断出现积极信号，10Y国债利率回调至1.68%位置后窄幅波动。5月下旬，银行调降存款利率，负债压力提升，大行存款吸收与存单发行提价积极，带动存单收益率上行。银行大量抛售债券，债市收益率进一步上行。6月初，央行提前公告买断式逆回购操作，释放了流动性呵护信号，整体收益率下行。6月下旬，地缘局势缓和，全球风险偏好提升，上证指数放量上涨突破关键点位，股债跷跷板对债市形成制约，长端收益率回调，短端变化不大。操作上，本基金坚持组合的风险收益特征，延续稳健的操作思路，根据市场变化灵活运用杠杆和久期策略，主要配置短久期、中高等级品种，在严控组合信用风险和流动性风险的前提下为持有人获取稳定回报，实现组合净值稳步增长。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:06.926Z","mo":"国际方面，中美关税博弈仍然对国内出口带来不确定性扰动，美国经济短期总体情况良好，特朗普政府着手提前提名下一任联储主席，市场对降息的预期有所升温。国内方面，中国经济展示出一定韧性，更注重质量和可持续性发展，政策上对居民消费的扶持或延续。房地产方面，稳地产政策或继续推进，地产销售降幅有望进一步收窄，但房价和地产投资的企稳仍面临商品房库存偏高、房企资金不足等挑战，投资增速可能仍然相对低迷。债市后市主要将围绕经济修复的斜率变化展开交易，重点观察7月底政治局会议上政策储备的相关线索，以及下半年房地产销售和消费代表的经济内生动能修复情况。货币政策方面，适度宽松的货币政策有望延续，推动经济持续回升向好的总思路不变。总量型货币政策预计会继续发力，广谱利率仍有调降空间，流动性将维持合理充裕。我们将采取稳健的投资策略，倾向于采用短久期、中高等级信用债的配置策略，辅以灵活的杠杆策略、品种策略、波段操作等来增厚收益，坚持组合的风险收益特征，精细化管理组合，力求在控制回撤的前提下提供持续稳定的组合净值表现。","fund":{"_id":3000000022611,"__csrcFundId":14547,"stockCode":"022611","masterFundShortName":"国泰利添120天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰利添120天滚动持有债券A","lastUpdated":"2025-01-24T17:10:11.957Z","name":"国泰利添120天滚动持有债券型证券投资基金","pinyin":"gtlt120tgdcyzqxzqtzjj","fundCollectionId":4000050010000,"setUpAssetScale":2518010.28,"setUpDate":"2025-01-06T16:00:00.000Z","setUpShares":2518010.28,"inceptionDate":"2025-01-09T16:00:00.000Z","managers":[{"stockCode":"db20888172","stockType":"fund_manager","exchange":"fm","tickerId":32510222780,"name":"陈育洁"},{"stockCode":"db20555622","stockType":"fund_manager","exchange":"fm","tickerId":2018202780,"name":"陶然"}]},"announcement":{"linkText":"国泰利添120天滚动持有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=1347807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ce7fea5b3eb0541a04","date":"2025-03-30T16:00:00.000Z","stockId":3000000022611,"sao":"一季度债券市场各期限和品种收益率主要呈震荡上升格局，市场主要围绕资金面、两会政策、AI科技浪潮、特朗普关税政策等展开交易，整体来看，短端表现优于长端、信用债表现优于利率债。1月随着央行将政策重心聚焦于稳汇率、防范资金空转、防范单边利率趋势风险，银行体系的流动性整体偏紧，MLF净回笼近8000亿元，央行阶段性暂停买入国债，债券市场呈震荡走势。存款类机构融出净余额由月初的4万亿元逐渐降至1.5万亿元，显著低于季节水平。同时银行体系的融出价格较高，资金面的波动加剧，由此带动短端资产收益率快速上行，1Y国股存单上行20bp至1.75%，1Y与10Y国债利差较12月末收敛近50bp。2月资金面依然偏紧，大行融出有限，央行未开展国债买卖操作，公开市场逆回购投放较为克制，DR007维持在较高水平。Deepseek引发的科技牛浪潮袭来，带动权益市场表现亮眼，市场风险偏好回升，叠加经济数据显示基本面有一定修复，多重因素共振下使债券市场承压。受制于较高的资金利率水平，短端资产收益率大幅上行，银行负债端的压力也逐步显现，带动一级存单不断提价，1Y国债触及1.50%，存单收益率全线攀升至2.0%以上。3月资金情绪较2月边际缓和，银行负债端压力有所缓解，但银行和非银出现流动性分层现象。3月中上旬，重要会议释放的积极信号推动市场风险偏好回升，降息预期的短期落空使得债市修正先前的资产定价，收益率大幅上行，10Y国债收益率最高触及1.90%，1Y国股存单最高触及1.99%。3月中下旬，央行对税期及跨季流动性的投放释放暖意，叠加MLF超预期地采取多重利率招标被市场解读为积极信号，各期限收益率自高位回落，1Y国债收益率收于1.54%，1Y国股存单收益率大幅下行至1.88%，10Y国债收益率修复至1.80%附近。操作上，本基金采取稳健的操作思路，根据市场变化灵活调整组合仓位和策略，力求在严控组合信用风险和流动性风险的前提下为持有人获取稳定回报，实现组合净值稳步增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:06.914Z","fund":{"_id":3000000022611,"__csrcFundId":14547,"stockCode":"022611","masterFundShortName":"国泰利添120天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22611,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"国泰利添120天滚动持有债券A","lastUpdated":"2025-01-24T17:10:11.957Z","name":"国泰利添120天滚动持有债券型证券投资基金","pinyin":"gtlt120tgdcyzqxzqtzjj","fundCollectionId":4000050010000,"setUpAssetScale":2518010.28,"setUpDate":"2025-01-06T16:00:00.000Z","setUpShares":2518010.28,"inceptionDate":"2025-01-09T16:00:00.000Z","managers":[{"stockCode":"db20888172","stockType":"fund_manager","exchange":"fm","tickerId":32510222780,"name":"陈育洁"},{"stockCode":"db20555622","stockType":"fund_manager","exchange":"fm","tickerId":2018202780,"name":"陶然"}]},"announcement":{"linkText":"国泰利添120天滚动持有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=1271051","linkType":"PDF","source":"csrc_pdf"}}]}