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,"source":"csrc_pdf"}},{"_id":"69ca7c467ecbd37c10afbf37","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000022657,"sao":"2025年全年，受全球地缘政治波动加剧的冲击，国内政策的节奏以及预期的博弈对宏观经济走势的影响较为显著。上半年在经济“开门红”以及“抢出口”的影响下，经济增速高于全年既定目标。进入下半年，随着中美关税谈判的超预期以及政策方向转为结构调整，经济增长的动能有所下降，全年GDP增速录得5%的同比涨幅。投资方面，2025年全国固定资产投资同比增速为-3.8%，比上半年回落6.6个百分点。年内地产销售高开低走，二季度后地产投资维持负增长且跌幅持续走扩，全年增速-17.2%，对于经济增长的拖累较为显著；基建投资层面，随着下半年稳增长诉求的下降而有所下滑，全年增速仅为-2.2%；制造业投资层面，受到全球贸易摩擦的不确性以及国内需求偏弱的拖累，全年累计增速仅为0.6%，比上半年增速下滑6.9个百分点。消费方面，受到2024年下半年消费补贴政策带来的高基数效应影响，2025年全年社会消费品零售总额同比增长3.7%，增速相比于上半年增速回落1.3个百分点。进出口方面，2025年全年进出口总额同比增长3.2%，增速较上半年回升1.5个百分点。其中二季度中美直接贸易额波动较大，从季度初的“抢出口”到5月达成贸易协定后的大幅下降，受关税事件的冲击较为显著。进入四季度后，随着中美关系的缓和以及海外需求的回暖，出口表现再度好转。整体看，地缘政治的博弈对于国内政策、经济走势的影响较为显著。上半年经济增长的强劲以及对于未来不确定性的担忧，带来政策在下半年转向 “反内卷”为代表的产业结构调整与资源的优化，以及对于经济高质量增长的诉求。　　通胀方面，2025年物价水平整体偏弱。年内消费者价格指数（CPI）先下后上，全年维持在0-0.5%区间波动。食品项方面，年内猪肉价格虽有阶段性反弹，但总体依然维持下行趋势；非食品项方面，原油价格因地缘冲突影响的弱化以及OPEC+增产等原因呈现中枢的下行，核心CPI表现出一定韧性但也回升有限。工业生产者出厂价格指数（PPI）层面，虽然全年同比下降2.6%，但受到“反内卷”政策的带动，下半年PPI相比上半年回升0.2个百分点。年初大宗商品供需失衡且与价格下行预期形成负循环，叠加后续关税冲击，价格较为低迷。三季度后随着“反内卷”政策的出台，虽然商品价格在快速上涨后显著分化，但价格的负循环预期有所扭转，大宗价格整体企稳。进入四季度后，受益于美元走弱以及AI需求拉动，有色金属价格出现快速上涨，带动PPI整体回暖。　　货币政策方面，年内人民银行整体维持稳健偏宽松的货币政策。除了一季度因减少公开市场投放，叠加商业银行融出不足导致资金利率中枢显著抬升外。在4月关税冲击后资金面开始转松，此后资金利率一直维持低位波动的特征。总量政策方面，央行在5月调降公开市场逆回购利率10bp，以及1年期、5年期LPR利率10bp，并进行了一次50BP的降准操作，维持了社会融资成本的低位运行。汇率方面，受美国大幅降息以及国内权益市场强于美股带来资本流入等影响，全年人民币兑美元汇率显著升值。具体来看，即期汇率从年初的7.2988升值到年末的6.9890，升值幅度为4.24%。　　受此影响，全年债券收益率先下后上。年初因较强的降息预期，推动债券收益率持续下行创历史新低。随着资金面超预期收紧，带来一季度债券市场的调整。二季度初，受关税事件冲击，债市收益率快速下行后转为震荡回升。三季度 “反内卷”政策提升市场风险偏好，权益市场的上涨引发债市资金流出以及债券收益率的上行，随后受基金销售新规的冲击，收益率再度上行。直至四季度央行恢复购买国债，债市情绪在10月小幅修复，随后在机构的预期博弈中维持震荡格局。整体看， 2025年末10年国开债收益率相比于2024年末上行27BP到2.00%，而1年期国开债则上行35BP，利率债期限利差利小幅收窄。但三季度以来受机构赎回债基的影响，中长期信用债因流动性较弱，信用利差的走阔较为显著。2025年A股整体呈“科技驱动、结构分化”特征，上证指数时隔十年重返4000点，AI、机器人、新能源等硬科技领涨，电子信息产业市值首超银行，杠杆资金加速布局科技赛道。2026年料延续“慢牛”，上市公司盈利修复成核心动力。预计科技（AI、算力、商业航天）仍为主线，消费复苏、高股息资产处于配置窗口。　　回顾全年的基金管理工作，组合延续了中短久期信用债的票息策略，精选个券、积极操作。面对年内波动加剧的债券市场，债券组合维持偏灵活的操作思路。一季度降低杠杆水平以应对资金面的波动，进入二季度提升杠杆、久期参与突发事件下的交易行情。下半年在债市调整过程中再度降低组合的久期与杠杆以控制回撤，但由于三季度遭遇规模较大的赎回，在收益率震荡上行过程中出现一定的净值波动。四季度后整体维持中性的杠杆水平并调整组合结构，在全年债券收益率的震荡过程中获取了一定的投资回报。股票组合方面，判断3月底资金面紧张，市场可能会出现调整，基金一直保持空仓状态，6月底之后在市场行情的配合下，逐渐开始建仓，前期以红利风格为主，积累安全垫，后期适度配置成长风格追上市场涨幅。","lastUpdated":"2026-03-30T13:36:06.679Z","mo":"展望2026年，在地缘摩擦升温的全球背景下，不论贸易维度亦或热战维度出现超预期事件的概率均在提升，这些不确定性将对各国政策以及资产价格产生较大的影响。海外方面，中东地缘冲突的走势以及美联储降息的节奏，将成为全球大宗商品价格以及风险偏好的重要影响因素。国内方面，政策的方向仍将以科技突破为核心，维持中国制造业在全球的领先地位。在产业升级、经济转型的大背景下，保持经济合理且高质量的增长。预计“反内卷”政策将持续推进，并有效改善工业产出品的价格以及下游制造业企业的盈利。而适时推出的地产与消费刺激政策，将提振居民投资与消费意愿，成为经济转型格局下，对冲外部不确定性的重要抓手。在此背景下，经济的温和增长或维持货币政策的适度宽松，降准、降息等总量政策依然可以预期。因此，我们对2026债券市场持谨慎乐观态度。组合管理方面，在继续控制信用风险的前提下积极操作，择机调整组合久期与杠杆水平，密切跟踪宏微观数据边际变化带来的投资机会，并关注因风险事件、监管政策变化引发收益率波动所带来的交易性机会。股票市场方面，今年政策“反内卷”与“十五五”深化，叠加全球流动性宽松，或推动业绩驱动转型，多主线轮动可期。　　本基金2026年将在严控各类风险的前提下，坚持风险适度原则，采取相对稳健与均衡的投资策略，精选个券，力求为持有人获得稳定的回报。","fund":{"_id":3000000022657,"__csrcFundId":14728,"stockCode":"022657","masterFundShortName":"建信丰融债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22657,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"建信丰融债券(022657)","lastUpdated":"2026-05-01T03:35:58.924Z","name":"建信丰融债券型证券投资基金","pinyin":"jxfrzqxzqtzjj","fundCollectionId":4000050500000,"setUpAssetScale":2133214466.79,"setUpDate":"2025-02-26T16:00:00.000Z","setUpShares":2133214466.79,"inceptionDate":"2025-02-27T16:00:00.000Z","managers":[{"stockCode":"8801465941","stockType":"fund_manager","exchange":"fm","tickerId":1206175830,"name":"李峰"},{"stockCode":"db20473486","stockType":"fund_manager","exchange":"fm","tickerId":2412160900,"name":"薛玲"}]},"announcement":{"linkText":"建信丰融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=1451999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3d07fea5b3eb0541b4f","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000022657,"sao":"2025年三季度，宏观经济在内需偏弱的影响下，出现一定的下行压力。但受反内卷政策的影响，商品价格开始出现改善，企业与居民的信心也有所恢复。同步指标方面，制造业采购经理人指数（PMI）在7-9月分别录得49.3%，49.4%和49.8%，虽然低于荣枯线，但环比的持续回升印证了实体经济筑底的趋势。投资方面，贸易摩擦对于外需预期的冲击依然显著，叠加内需偏弱、企业扩张意愿不足，制造业投资与地产投资均出现一定的下滑，导致三季度固定资产投资增速相较于上半年回落2.3个百分点。消费方面，1-8月社会消费品零售总额同比增长4.6%，但相比2025年上半年回落0.4个百分点，内需走弱对经济增长形成拖累。总体看，三季度经济增长动能在总量政策不足的影响下有所回落，其中投资、消费的下滑幅度较大，生产端仅小幅下行，经济结构的转型仍在持续。　　通胀方面，三季度通胀整体偏弱，居民消费价格指数（CPI）与工业生产者出厂价格指数（PPI）仍未转正。受猪肉价格拖累，食品项整体偏弱的走势影响了CPI的反弹，1-8月 CPI同比仍在-0.1%，与2025年上半年持平。从工业品价格指数上看，受反内卷政策的提振， 8月PPI同比录得-2.9%，相比二季度末有所回升。　　货币政策方面，三季度中国人民银行加大对于流动性的呵护，资金利率维持低位。虽然季度内央行并未进行降准、降息操作，但通过中期借贷便利（MLF）以及买断式逆回购净投放流动性合计8000亿元。资金利率中枢来看，7天质押式回购利率（R007）整体波动区间在1.4%-1.6%，资金价格预期稳定。汇率方面，三季度人民币汇率总体偏升值，9月末人民币兑美元即期汇率收于7.1186，较上半年末升值0.66%。　　债券市场方面，三季度受反内卷政策发酵、权益市场走强以及《公开募集证券投资基金销售费用管理规定》的出台等冲击，债券收益率整体震荡上行，信用债创出年内高点。季度内1年期国开债收益率上行13BP至1.60%，而10年期国开债则上行35BP至2.04%，期限利差显著走扩。权益市场方面，以上证指数为代表的权益资产表现强劲，呈现震荡上行趋势，累计上涨超过12%，市场情绪明显回暖。　　回顾三季度的基金管理工作，由于遇到较大比例的赎回，叠加大类资产配置上看好权益资产，组合整体控制债券仓位并保持偏高的权益持仓。债券投资方面，持续卖出各期限信用债以控制久期、杠杆，并应对流动性需求。权益投资方面，组合抓住市场回暖机会，加快建仓步骤，完成了建仓。但由于市场过快上涨，增量资金不足等原因，市场呈现出一定的抽水效应。科创、创业板块上涨过程中，红利板块出现滞涨甚至微跌。本基金坚持固收加产品的投资策略，以红利价值作为产品的股票底仓，适度参与成长股，获取相对收益。","lastUpdated":"2026-03-09T14:06:08.571Z","fund":{"_id":3000000022657,"__csrcFundId":14728,"stockCode":"022657","masterFundShortName":"建信丰融债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22657,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"建信丰融债券(022657)","lastUpdated":"2026-05-01T03:35:58.924Z","name":"建信丰融债券型证券投资基金","pinyin":"jxfrzqxzqtzjj","fundCollectionId":4000050500000,"setUpAssetScale":2133214466.79,"setUpDate":"2025-02-26T16:00:00.000Z","setUpShares":2133214466.79,"inceptionDate":"2025-02-27T16:00:00.000Z","managers":[{"stockCode":"8801465941","stockType":"fund_manager","exchange":"fm","tickerId":1206175830,"name":"李峰"},{"stockCode":"db20473486","stockType":"fund_manager","exchange":"fm","tickerId":2412160900,"name":"薛玲"}]},"announcement":{"linkText":"建信丰融债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1371564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3d07fea5b3eb0541b4e","date":"2025-06-29T16:00:00.000Z","stockId":3000000022657,"sao":"2025年上半年，宏观经济受全球贸易政策的影响显著，但在政策发力叠加抢出口的拉动下，经济增长展现出较强的韧性与动能，上半年国内生产总值(GDP)的同比增长5.3%，较2024年同期回升0.3个百分点。投资方面，上半年全国固定资产投资累计同比增长2.8%，比去年全年增速小幅回落。其中，在海外需求偏强以及内部稳增长政策发力的背景下，制造业投资增速与基建投资增速保持了一定的韧性；而房地产投资增速的同比降幅在二季度有所走阔，依然对上半年的经济增长形成一定的拖累。消费方面，受补贴政策的拉动，上半年社会消费品零售总额同比增长5.0%，增速相比于去年全年增速回升1.5个百分点。进出口方面，受到美国大幅加征关税的影响，在抢出口效应的拉动下，上半年外贸进出口总额同比增长1.8%，其中出口同比增长5.9%。整体看，上半年在外部事件冲击以及内部政策对冲的背景下，出口以及基建投资等方面体现出较强的韧性，对冲了地产需求不足对于经济的拖累，宏观经济运行平稳。　　通胀方面，受消费品价格以及工业品价格下行的影响，2025年上半年，消费者价格指数（CPI）同比增速下降0.1%。其中一季度通胀受节假日服务价格的扰动而波动，二季度后因食品价格走势强于季节性，通胀水平小幅抬升。考虑到下半年基数偏低，CPI有望继续上行。货币政策方面，上半年资金面总体前紧后松。从公开市场操作上来看，一季度人民银行先在年初停止购买国债，又减量续作MLF，大行融出资金不足导致资金利率显著上行。进入二季度后，央行开始增量续作MLF，并通过买断式逆回购投放资金，资金利率再度转为下行。此外，央行在5月降息10bp、降准0.5个百分点，并同步调降1年期、5年期LPR10bp，有效降低了全社会的融资成本。汇率方面，上半年受国内AI技术突破，以及稳增长政策的实施，使得人民币相对于美元走强，中间价从年初的7.2988升值到上半年末的7.1656，升值幅度为1.82%。　　在此背景下，债券市场方面，上半年债市收益率围绕货币政策预期以及事件冲击波动加剧。一季度债券收益率开年后先快速下行再大幅回升，二季度受到关税冲击后短期大幅下行，随后转为震荡。整体看10年国开债收益率相比2024年年末下行4BP到1.69%，而1年期国开债相较于去年末上行27BP至1.48%，收益率曲线显著平坦化。权益市场方面，在经济弱复苏背景之下，市场经历了预期和现实的不断交织，上证指数微涨收关。2025年初受到企业盈利、市场情绪的影响，市场经历了一波下跌之后，震荡上行。在4月初受到关税政策扰动的情况下，国内股票市场大幅回调。在此之后市场震荡上行，上证指数区间累计上涨超过3%。银行板块涨幅超过10%。从估值角度上考虑，股票市场整体估值处于合理位置。　　回顾上半年的基金管理工作，债券方面组合先以中短久期信用债建仓，获取稳定的票息收入以积累安全垫。进入二季度后，随着资金面的好转以及超预期事件冲击，债券收益率出现显著下行，组合提升久期与杠杆水平。权益方面，4月中旬基金打开申购之后，开始逐步建仓，建仓期间整体操作思路仍以绝对收益为主，到6月底基金基本建仓完成。整个建仓期间，基金最大回撤7bp，实现了较好的风险收益比。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:08.568Z","mo":"展望下半年，贸易战引发的全球产业链重塑以及地缘风险升级带来的不确定性将对资产价格形成较大的扰动，国内政策的核心依然是如何刺激内需以及部分行业“反内卷”政策的实施。海外方面，贸易谈判的后续推进、演化以及美联储是否会在三季度开启降息，将成为全球风险偏好的重要影响因素。国内方面，随着雅鲁藏布江水电站项目为代表的重大项目开工，基建投资的发力依旧是拉动经济增长的重要力量；随着“反内卷”政策的进一步推进，工业产出品的价格以及下游制造业企业的盈利均有望得到改善，进而稳定就业与制造业投资；随着消费刺激政策的适时推出，内需的提振将有效对冲因前期抢出口带来的外需下滑。在此背景下，货币政策预计仍将保持适度宽松，降准、降息的落地在下半年依然可以预期。因此，我们对下半年债券市场持乐观态度。权益方面，目前经济仍然在探底过程中，实体经济数据短时间大幅好转的可能性不大。少数交易板块由于资金的堆积，交易结构相对脆弱。预计指数将在区间内反复震荡，交易中将重点选择盈利有支撑、估值尚且合理的板块。组合管理方面，在继续控制信用风险的前提下积极操作，择机调整组合久期与杠杆水平，密切跟踪宏微观数据边际变化带来的投资机会，并关注因风险事件、监管政策变化引发收益率波动所带来的交易性机会。　　本基金下半年将在严控各类风险的前提下，加强组合投资的灵活性，合理调节债券持仓的久期、杠杆，力求为持有人获得较好的投资回报。","fund":{"_id":3000000022657,"__csrcFundId":14728,"stockCode":"022657","masterFundShortName":"建信丰融债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22657,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"建信丰融债券(022657)","lastUpdated":"2026-05-01T03:35:58.924Z","name":"建信丰融债券型证券投资基金","pinyin":"jxfrzqxzqtzjj","fundCollectionId":4000050500000,"setUpAssetScale":2133214466.79,"setUpDate":"2025-02-26T16:00:00.000Z","setUpShares":2133214466.79,"inceptionDate":"2025-02-27T16:00:00.000Z","managers":[{"stockCode":"8801465941","stockType":"fund_manager","exchange":"fm","tickerId":1206175830,"name":"李峰"},{"stockCode":"db20473486","stockType":"fund_manager","exchange":"fm","tickerId":2412160900,"name":"薛玲"}]},"announcement":{"linkText":"建信丰融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=1345420","linkType":"PDF","source":"csrc_pdf"}}]}