window.pageData = {"stock":{"_id":3000000022660,"name":"永赢宏泰短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022660","tickerId":22660,"shortName":"永赢宏泰短债D","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-11-21T16:00:00.000Z","pinyin":"yyhtdzzqxzqtzjj","fundCollectionId":4000050880000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50880000","tickerId":50880000,"name":"永赢基金管理有限公司"},"managers":[{"name":"徐沛琳","stockType":"fund_manager","stockCode":"db20767931","exchange":"fm","tickerId":241612204820}],"hotMetrics":{"fss":{"stockId":3000000022660,"type":"fss","last_data_date":"2025-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":3,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0},"fpr":{"stockId":3000000022660,"type":"fpr","f_p_r_fys_ssc":7435,"f_p_r_fys_ssrp":0.641377454936777,"f_p_r_m1_ssc":7664,"f_p_r_m1_ssrp":0.35260341902649095,"f_p_r_m3_ssc":7560,"f_p_r_m3_ssrp":0.5803677735150152,"f_cagr_p_r_fs_ssc":7392,"f_cagr_p_r_fs_ssrp":0.7478013800568258,"f_p_r_m6_ssc":7436,"f_p_r_m6_ssrp":0.6161398789509078,"f_p_r_y1_ssc":6981,"f_p_r_y1_ssrp":0.4955587392550143},"fp":{"stockId":3000000022660,"type":"fp","f_p_r_d1":0,"f_cagr_p_r_fs":0.02233808419303762,"f_p_r_m1":0.0015794162022457758,"f_p_r_fys":0.011818574882231925,"f_p_r_m3":0.00544231149811969,"last_data_date":"2026-07-08T16:00:00.000Z","f_p_r_m6":0.01151876595248047,"f_p_r_y1":0.01713073436465673,"f_i_d":"2024-11-21T16:00:00.000Z"},"ff":{"stockId":3000000022660,"type":"ff","f_m_f":7782616,"f_m_f_r":0.003,"f_c_f":1297102,"f_c_f_r":0.0005,"f_m_a_c_f":9079718,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2024-11-21T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2026-06-29T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000022660,"type":"f_nlacan","f_nv_d":"2026-07-08T16:00:00.000Z","f_nv":1.0112,"f_nv_cr":0},"f_as":{"stockId":3000000022660,"type":"f_as","f_tas":250.62879999999998,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj"},{"_id":3000000015833,"name":"永赢宏泰短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"015833","tickerId":15833,"shortName":"永赢宏泰短债C","currency":"CNY","__csrcFundId":11457,"exchange":"jj","lastUpdated":"2025-01-04T00:32:18.443Z","fundCollectionId":4000050880000,"inceptionDate":"2022-07-21T16:00:00.000Z","followedNum":0,"status":"normal","setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":11366679.04,"setUpShares":11366679.04,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"yyhtdzzqxzqtzjj"},{"_id":3000000021307,"name":"永赢宏泰短债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021307","tickerId":21307,"shortName":"永赢宏泰短债E","currency":"CNY","__csrcFundId":11457,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:31.196Z","fundCollectionId":4000050880000,"pinyin":"yyhtdzzqxzqtzjj","inceptionDate":"2024-04-16T16:00:00.000Z"}],"bondHoldings":[{"_id":"69e8fae31398d79843002bdd","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015832,"stockCode":"250211","stockName":"25国开11","holdings":700000,"marketCap":70633586,"netValueRatio":0.0562,"lastUpdated":"2026-04-22T16:44:19.224Z"},{"_id":"69e8fae31398d79843002bde","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015832,"stockCode":"2128028","stockName":"21邮储银行二级01","holdings":600000,"marketCap":61695767,"netValueRatio":0.0491,"lastUpdated":"2026-04-22T16:44:19.228Z"},{"_id":"69e8fae31398d79843002bdf","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015832,"stockCode":"250016","stockName":"25附息国债16","holdings":600000,"marketCap":60160160,"netValueRatio":0.0479,"lastUpdated":"2026-04-22T16:44:19.231Z"},{"_id":"69e8fae31398d79843002be0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015832,"stockCode":"102381438","stockName":"23绍兴轨交MTN001","holdings":500000,"marketCap":51476983,"netValueRatio":0.041,"lastUpdated":"2026-04-22T16:44:19.234Z"},{"_id":"69e8fae31398d79843002be1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015832,"stockCode":"102100881","stockName":"21海南发展MTN001","holdings":500000,"marketCap":51256298,"netValueRatio":0.0408,"lastUpdated":"2026-04-22T16:44:19.238Z"}]},"list":[{"_id":"69e8ebd31398d79843fe9717","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000015832,"sao":"一季度经济实现开门红，出口在机电产品拉动下表现亮眼，并带动工业生产维持高位。地产小阳春结构分化，消费增速低位持稳，固定资产投资增速显著回升。通胀方面，CPI受春节消费支撑边际回升，3月地缘冲突推升油价中枢，带动PPI转正时点前置，但后续需关注企业利润以及价格传导情况。政策方面，货币政策延续适度宽松基调，财政政策总量持平、结构优化。  利率债方面，一季度债市收益率震荡下行。节奏上，年初受风险偏好及机构行为压制，十年国债收益率阶段性冲高至1.9%附近，随后在配置力量支撑下开启震荡修复，并下破1.8%关键点位。3月地缘冲突推升油价中枢，输入性通胀担忧升温，债市长端承压，短端在资金宽松支撑下逐步下行，收益率曲线陡峭化。  信用债方面，一季度无新增违约展期主体，信用风险保持低位。在资金面宽松和机构配置力量支撑下，信用债行情演绎流畅，仅在1月初和2月下旬经历小幅短暂调整，其余时间均保持曲线平坦化下行，受利率债走陡影响，信用利差涨跌互现，高等级、中短久期信用债利差小幅走阔，而低等级和中长久期品种利差压缩幅度更大。  产品操作方面，本产品主要运用票息及杠杆策略，配置中短期限高等级信用债，主体选择以优质平台为主，在票息基础上择机通过利率债波段交易以期增厚整体组合收益。","lastUpdated":"2026-04-22T15:40:03.280Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债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=1474205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e678","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，基本面延续供强需弱格局，内需相关的投资、消费表现趋缓，信贷需求趋缓，经济核心支撑来自出口韧性。整体通胀水平降幅收窄，四季度反内卷对PPI的影响边际减弱，CPI受低基数支撑边际修复。政策方面，年末政治局会议、中央经济工作会议落地，货币政策延续适度宽松定调、财政保持必要强度。  利率方面，四季度机构行为对债市定价影响提升，收益率震荡上行。节奏上，10月受关税摩擦、央行重启买债支撑，利率震荡下行修复。11月机构止盈情绪升温，利率转为震荡。12月机构赎回情绪进一步走高，叠加年末大行久期指标压力，债市利率震荡上行。  信用方面，信用债收益率和信用利差呈现整体下行但结构分化特征，1至5年期信用债下行幅度更大，1年内和5年以上信用债表现相对偏弱。节奏上，10月在关税摩擦、资金面宽松影响下，债市修复，期间信用债表现优于利率债，信用利差收窄；11月中下旬以来，债市整体情绪偏弱，信用利差波动走阔。  产品操作方面，本产品主要运用票息及杠杆策略，配置中短期限高等级信用债，主体选择以优质平台为主，在票息基础上择机通过利率债波段交易增厚整体组合收益。","lastUpdated":"2026-03-09T13:56:13.332Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债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=1454885","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e677","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，三季度经济延续平稳运行，出口-生产链条的强韧性仍是经济重要支撑，但内需相较外需偏弱，消费增速边际趋缓、投资增速明显回落。在反内卷政策以及低基数支撑下，PPI同比降幅逐步收敛，物价预期明显改善。政策方面，央行延续对流动性呵护态度，资金价格维持低位，9月末5000亿政策性金融工具落地，有助于推动扩大有效投资。  利率方面，基本面和资金面对债市仍构成支撑，但受风险偏好提升等因素影响，三季度利率债收益率震荡上行。7月初中央财经委会议提及“推动落后产能有序退出”，反内卷交易带动权益市场情绪升温，8月股债跷跷板持续演绎，债市收益率延续调整。9月市场风险偏好虽有所降低，但部分机构资金出现了止盈行为；同时市场对央行重启国债买卖博弈升温，债市表现波动率加大。  信用方面，三季度信用债整体调整，信用利差涨跌互现，受资金面均衡宽松影响，中短久期信用债相对抗跌，长久期信用债上行幅度较大，曲线陡峭化。节奏上，7月中上旬，在资金面宽松及信用债ETF集中上市扩容影响下，信用债呈现一定的独立行情；7月下旬以来，信用债走势整体跟随利率债，信用利差波动走阔。  产品操作方面，底仓为中高等级短期信用债，通过波段交易增厚整体组合收益。主体选择以优质平台及产业龙头为主，同时根据利率交易框架内指标的观察和判断择机进行波段交易增厚组合收益。","lastUpdated":"2026-03-09T13:56:13.330Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债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=1370073","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e676","date":"2025-06-29T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，上半年我国经济仍具有较强韧性。结构上，出口整体平稳运行支撑工业生产、制造业投资维持高位；地产年初温和小阳春，随后销售热度有所降温，地产投资仍旧低位徘徊；信贷投放在年初开门红后边际回落，内生性融资需求有待进一步改善；消费在以旧换新政策延续支持下温和修复。政策方面，随着外围环境的复杂性和不确定性提升，宏观政策更加注重稳定市场、稳定预期。5月降准降息落地，资金价格中枢逐步回落，体现央行对流动性的呵护态度。  从市场表现来看，年初央行暂停国债买入且流动性投放相对克制，资金面收敛带动短端出现调整。春节后权益市场风险偏好回升、基本面数据回暖，叠加市场修正对“适度宽松”的理解，收益率明显调整，10年国债活跃券最高触及1.9%，随后逐步修复。4月初对等关税落地后，市场避险情绪大幅升温，带动收益率大幅回落。二季度央行降准降息落地、资金中枢下移，日内瓦会议后中美关税大幅调降，但均未带动收益率突破窄幅震荡区间。信用债市场来看，2025年上半年信用风险缓和，收益率整体延续震荡下行走势，但低利率环境下波动有所加大。其中一季度受资金面收紧影响出现明显调整；3月下旬以后，随着资金面转松及理财规模增长，信用债收益率转为下行，各品种利差均有不同幅度压缩，低等级中短久期信用利差压缩幅度相对更大。产品操作方面，本产品底仓为中高等级短期信用债，通过利率债波段交易增厚整体组合收益。根据市场变化对组合久期及结构动态调整。","declarationDate":"2025-07-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.326Z","mo":"展望下半年，经济基本面与货币政策对债市仍有支撑，收益率预计延续震荡态势。7月政治局会议已平稳落定，在上半年经济韧性支撑下，实现全年经济目标难度不大。物价在反内卷政策以及基数支撑下预计中枢回升，对经济名义读数形成支撑，货币政策预计也延续适度宽松。整体上，在低利率环境下债市向下空间虽受限，但调整压力亦可控，需要更加注重交易节奏把握，关注基本面、资金面、机构行为共振带来的交易机会，同时也要关注风险偏好扰动。信用债市场而言，下半年票息类资产供给仍面临压力，预计信用债收益率和利差中枢维持低位。  产品操作方面，将结合市场判断，兼顾票息和保持组合较好的流动性应对市场环境变化。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债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=1338713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e675","date":"2025-03-30T16:00:00.000Z","stockId":3000000015832,"sao":"宏观环境方面，一季度经济整体平稳运行，同时呈现结构分化特征。地产市场实现温和小阳春，地产投资延续低位；“以旧换新”政策靠前发力支撑社零小幅回升，工业生产表现偏强，基建、制造业投资维持高位。同时物价走势延续疲弱，信贷投放节奏起伏，存在一定冲量特征。政策方面，年初央行暂停国债买入操作，MLF操作调整为多重价位中标，政策利率属性进一步淡化。从市场表现来看，一季度债市出现调整，一季度末10年国债活跃券收益率相对去年四季度末上行近14bp。节奏上，年初央行暂停国债买入且流动性投放相对克制，资金面收敛带动短端出现调整，长端横盘震荡，曲线呈平坦化运行。春节后资金面延续偏紧，权益市场风险偏好回升、基本面数据回暖，市场逐步修正对“适度宽松”的理解，带动长端持续调整到1.9%附近。伴随央行加大流动性投放，叠加权益市场情绪降温，债市情绪逐步修复，收益率在季末回到1.8%附近。信用方面，一季度信用债收益率整体多上行，但跌幅弱于利率债，信用利差收窄。节奏上，1月份资金面趋紧，负carry压力下，中短端信用债上行幅度较大，但长端相对抗跌；2月份长端信用债补跌，信用债曲线平坦化上行；3月份资金面压力逐渐缓解，信用债收益率先上后下，中短端率先修复全月下行，但长端收益率仍较月初上行。产品操作方面，本产品结构为哑铃型，底仓为中高等级短期信用债，通过利率债波段交易增厚整体组合收益。信用债主体主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.322Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债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=1266943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e674","date":"2024-12-30T16:00:00.000Z","stockId":3000000015832,"sao":"宏观经济方面，2024年经济呈现U型走势，全年经济增速目标顺利实现。从结构上看，我国经济增长仍面临供强需弱的态势，地产投资低位徘徊，社零增速小幅回落，基建和制造业投资维持韧性，出口是全年经济重要拉动力量。政策方面，全年货币政策彰显支持性态度，财政收支相对平衡，9月末随着经济下行压力加大，宏观政策组合拳密集落地，年末中央经济工作会议进一步释放稳定预期的积极信号。利率债方面，利率整体下行，10年期国债收益率全年下行近90bp。分阶段看，年初至4月中上旬，机构配置推动利率逐步下行。4月起央行释放长债调控信号，市场出现多次回调，随后基本面增速放缓及资产荒压力继续推动收益率曲线下行。8 月央行调控由指导转向实操，债市赎回扰动频现，9月末政策基调转向推动风险偏好回升，利率再度明显上行。10月随着风险偏好边际回落，债市情绪修复，年末货币政策定调\"适度宽松\"释放积极信号，机构抢跑推动收益率曲线快速下移。信用债方面，信用债收益率和利差整体下行。节奏上，1-7月，资产荒逻辑推动信用债顺畅下行，信用利差一度达到历史极值分位数水平；8-10月，受宏观政策加码、股债跷跷板效应和资管产品赎回等因素影响，信用债经历一定回调，利差走阔，其中低等级长久期债券调整幅度最大；10月中旬后随着负债端逐渐企稳，信用债转向下行。产品操作方面，本产品底仓为中高等级短期信用债，通过利率债波段交易增厚整体组合收益。信用债主体主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.320Z","mo":"展望2025年，宏观环境方面预计基本面表现平稳，物价温和修复，对企业盈利、居民收入等微观体感修复存在正向支撑。随着外部环境的不确定性上升，政策积极态度仍将延续，地方化债对财政支出的掣肘减弱，货币政策适度宽松配合。节奏上，外需承压程度决定了稳定内需的迫切性，二、三季度是重要观察节点。信用债方面，关注城投转型和产业债带来的新增供给和机会。总体来看，紧平衡的供需格局对信用债行情仍形成支撑。引导实体融资成本下行仍是长期政策诉求，低利率环境下票息对调整空间的安全垫较薄，预计市场在波动中运行，整体操作难度加大，将保持较高流动性以及操作灵活度。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1247820","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e673","date":"2024-09-29T16:00:00.000Z","stockId":3000000015832,"sao":"从基本面来看，2024年三季度经济整体处于总需求不足的状态。PMI持续处于50荣枯线下方，工业生产同比增速回落，产需不平衡的矛盾有待改善；社零增速处于偏低水平，居民消费意愿不足；投资板块中地产延续弱势，制造业与基建起到对冲作用。融资方面，内生融资需求仍有待改善。通胀环境整体温和，总需求不足的影响在价格端也有所体现。政策方面，三季度政策整体发力提速，政策表态更加积极。8-9月政府债券融资提速，单月净融资放量；货币政策整体基调维持宽松，7月、9月两次调降政策利率，并于9月末降准50bp。9月底政治局会议罕见讨论经济形势，释放明显积极信号，并首次提及促进地产市场止跌回稳，随后一线城市地产限购政策进一步放松。从利率债走势来看，三季度利率先下后上。节奏上，7月下旬降息落地带动债市走强，8月初央行引导大行卖出长债，利率快速走高；随着卖债力度减弱、经济数据落地偏弱，市场出现回暖。9月初央行相关发言人在国新办发布会上谈及降准，利率进一步下行并触及历史低点。月底国新办会议、政治局会议表述积极，虽有双降落地，但风险偏好影响下利率快速回升。三季度末10年国债收益率相对二季度末下行5.4bp。从信用债走势来看，三季度信用债收益率先下后上，流动性偏弱的信用债调整时长和幅度均显著高于利率债，信用利差和等级利差全面走阔，其中3-5年低等级上行幅度更大。7月收益率维持下行且触及年内低点，8月整体调整，9月前三周略有修复，最后一周受权益风险偏好抬升，信用债大幅调整。产品操作方面，本产品结构为哑铃型，底仓为中高等级短期信用债，通过利率债波段交易增厚整体组合收益。信用债主体主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.317Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e672","date":"2024-06-29T16:00:00.000Z","stockId":3000000015832,"sao":"回顾上半年，实体经济层面，经济增长同比增速前高后低，实物工作量及实体部门预期均有待修复。经济结构呈现一定分化：地产投资低位徘徊；基建投资受地方化债影响未见明显动力；消费缓慢回补但缺乏弹性；制造业投资在设备更新等政策支持下表现相对强势；出口在外需和基数影响下同比增速提升。货币金融层面，受实体信贷需求相对不足、政府债发行节奏后置的影响，融资增速受到拖累。政策层面，三中全会围绕中国式现代化目标推进全方面改革举措；特别国债、设备更新及消费品以旧换新、地产去库存等稳增长支持政策出台显示对实体经济的呵护态度；货币政策兼顾内外平衡，政策利率及广义存贷款利率稳中有降。利率债方面，上半年债券收益率震荡下行，10年期国债收益率累计下行约35bp。其中，一季度利率单边下行，超长债表现亮眼，收益率曲线扁平化；二季度利率走势波动加大，受利差空间压缩、央行提示长债风险等因素影响，收益率曲线整体呈现陡峭化。信用债方面，上半年广义基金规模增长显著，对信用债配置力量较强，信用债收益率整体下行、各品种利差均有不同幅度压缩，其中低等级长久期债券收益率下行幅度更大。产品操作方面，本产品以信用债打底为基础，利率债波段交易增厚整体组合收益。信用债主体主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.314Z","mo":"展望下半年，利率债或延续强势格局，但波动或有所加大。一方面，国内经济仍呈现有效需求不足、预期偏弱的问题。在资产荒延续、社会广谱利率下行的背景下，预计利率仍然维持震荡下行方向。另一方面，从空间和波动性来看，在汇率压力较大，外围降息尚未兑现的环境下，短端资金利率难见显著回落，而长端与短端利差已明显压缩，利率下行的空间受到约束。信用债方面仍处于地方化债周期中，且信用资产荒格局未发生变化，预计信用债收益率和利差中枢维持低位，但利率市场波动节奏、拥挤的机构行为等因素或将放大行情的波动性。产品操作方面，将结合市场判断，兼顾票息和保持组合较好的流动性应对市场环境变化。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142577","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e671","date":"2024-03-30T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，一季度经济延续23年以来的修复态势，修复动能有所回升。结构上出口、生产、消费表现均好于预期，政策支撑下基建和制造业保持韧性，房地产投资仍然低迷。社融与信贷年初投放尚可，在节奏平滑以及高质量发展的政策导向下，预计后续表现平稳。通胀受春节错位影响波动较大，CPI、PPI表现分化，和消费出行相对火热、地产工业偏冷的经济结构相匹配。一季度货币政策维持宽松基调，年初央行降准、结构性降息操作释放较强稳预期信号。年初以来资金价格表现平稳，整体贴合政策利率中枢波动。利率债方面，一季度债牛行情延续，市场收益率整体下行。节奏上，1-2月在实物工作量落地进度偏慢、货币政策宽松博弈以及风险偏好较弱等多重因素助推下，10年国债收益率连续下行，先后突破2.5%、2.4%等关键点位。进入3月，利率下行动能减弱且波动加大，月初在交易情绪带动下触及年内低点，反弹后呈区间震荡态势。整体上，一季度末10年国债活跃券收益率相比去年末下行近26bp。信用债方面，一季度信用债收益率震荡下行，等级利差和期限利差显著收窄，信用利差除短久期高等级小幅走阔外其他整体下行。节奏上，1-2月份，资产荒叠加年初配置需求较强，信用债表现较强，各利差水平基本压缩至历史低位；3月以来信用债相对跑输利率债，信用利差震荡小幅走阔，主要受信用债供给边际增加、收益率和利差低位后机构止盈情绪升温以及季末资金回表等因素影响。操作方面，本产品以信用债票息策略打底为基础，利率债波段交易增厚整体组合收益。信用债主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.311Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072000","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e670","date":"2023-12-30T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，2023年经济全年呈现N型走势，全年GDP增速5.2%。2023年经济整体处于疫后修复期，但修复过程仍有曲折，总需求不足、居民与企业预期偏弱是制约经济向上弹性的主要因素。从经济结构上看，地产投资仍在低位徘徊，消费缓慢回补、制造业投资相对稳定，基建投资在稳增长政策支撑下维持高增速，出口年初脉冲后全年整体偏弱。实体以外，社融信贷年内投放节奏前置、增速前高后低，通胀中枢整体下移。利率方面，债市表现上，利率全年震荡下行，收益率曲线整体平坦化。节奏上，年初经济脉冲上行，信贷开门红带动资金边际收敛，利率出现小幅调整。春节后经济修复动能开始转弱，3月央行降准25bp带动资金价格和波动率双双下降，在基本面和资金面助推下，利率开启震荡下行，接连突破2.8、2.7、2.6等整数关口，并在8月降息后创下年内低点。9月后地产认房不认贷、活跃资本市场等政策陆续落地，万亿国债增发、地方特殊再融资债发行带动资金面边际收敛，债券收益率开始震荡调整，但因为基本面修复斜率偏缓，整体调整幅度有限。年末在机构配置、宽松预期抢跑等因素带动下，收益率再度下行，十年国债活跃券全年下行近28bp。信用方面，2023年债券市场违约仍主要集中在非国有地产，违约率处于近年来低位。无风险利率下行、资产荒以及城投化债利好决定了全年牛市行情，信用利差、等级利差和期限利差悉数收窄，信用债录得自2020年以来的最好收益。操作方面，本产品以信用债票息策略打底为基础，利率债波段交易增厚整体组合收益。信用债主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.309Z","mo":"展望2024年宏观环境，“经济弱修复、中央加杠杆、货币宽松配合”是基本格局组合。经济基本面将延续修复态势，在基数主导下全年GDP走势或将呈现N型。结构上，在信贷结构优化调整、盘活存量资金的导向下，制造业投资预计表现平稳；基建投资是财政发力核心抓手，重点在于实物工作量落地效果。消费弹性受到收入预期、消费意愿约束，预计延续弱复苏态势。需求端可能弹性来源于出口，关注海外周期回升对外需的拉动作用。通胀方面，CPI、PPI中枢有望小幅抬升，整体仍处于偏低位置。在高质量发展基调下，政策提效是关键，财政扩张有赖于中央加杠杆，货币政策在配合思路下将延续宽松基调，年内宽松操作仍可期待。对债券市场而言，广谱利率下移仍是长期趋势，利率中枢仍处于下行通道，由于金融机构负债端成本对下行幅度存在一定牵制，需在基本面和政策节奏中把握交易机会。信用方面，2024年宏观环境仍有利于无风险利率中枢下移，票息类资产供给仍面临压力、信用资产荒的程度或较2023年更为显著。需求方面，贷款投放节奏平滑背景下，银行信用债配置需求或有所增加，居民较低的风险偏好也有利于固收类产品规模稳中有增，保费持续增长及非标收缩也有利于险资加大债券配置。整体来看，预计2024年信用债收益率和利差中枢继续下降，但信用环境、政策变化和机构行为等因素放大信用债的波动性，预计全年呈震荡下行趋势。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1048115","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e66f","date":"2023-09-29T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，三季度经济主线是筑底修复，实体、通胀、融资等各项经济指标陆续企稳回升，经济修复的弹性和持续性是后续核心关注点。实体方面，代表经济景气度的PMI数据回归至荣枯线上方，地产销售前期表现低迷，随着放松政策落地整体回暖，消费仍处于改善通道。信贷表现存在较强冲量透支效应，债券发行对社融总量存在明显支撑，真实融资需求仍待进一步修复。通胀方面，CPI、PPI分别在7月、6月触底，后续将呈现震荡回升态势。政策方面，三季度稳增长政策进一步加码，呈现节奏快、力度强的特征。货币政策延续宽松基调，8、9月降息降准陆续落地，资金价格围绕政策利率中枢波动。在货币宽松先行后，存款利率调降、存量房贷利率调降、认房不认贷等财政、地产政策密集出台。从利率债表现来看，三季度市场收益率先下后上，7月市场呈现横盘震荡，8月中旬央行非对称降息后，债市利率快速下行并触及年内最低点，后随着稳增长政策进一步落地、经济数据企稳改善、资金面边际收敛，债市收益率震荡回升。三季度末10年国债活跃券收益率相比二季度末上行近4BP。从信用债表现来看，季度层面，收益率涨跌不一，受益于地方“一揽子化债”推进，市场风险偏好边际修复，低等级表现优于中高等级，信用利差和等级利差多数收窄。节奏上，7月至8月中旬，经济复苏低于预期，资金面宽松，信用债整体下行；8月下旬-9月中旬，受资金中枢上移、地产政策放松，债市止盈盘和预防性赎回影响，市场走弱，短期限品种收益率上行幅度更大，9月下旬信用债收益率小幅下行。从组合操作方面来看，三季度产品操作上以信用债票息策略打底为基础，利率债波段交易增厚整体组合收益。信用债主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据利率交易框架内指标的观察和判断择机操作增厚组合收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.306Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e66e","date":"2023-06-29T16:00:00.000Z","stockId":3000000015832,"sao":"宏观经济方面，上半年市场交易主线逐步从疫后“强复苏”转向“弱复苏”，板块上消费表现强于投资、服务业表现强于制造业。具体节奏上，年初伴随疫情解封、消费场景快速复苏，工业企业生产回补，地产销售迅速回暖，信贷开门红表现强劲。3月地产销售景气度仍维持高位，但产业端开始出现需求不及预期的迹象，经济修复斜率开始放缓。进入二季度，年初的经济脉冲效应进一步退潮，地产销售转弱、信贷投放回落，经济内生性需求偏弱的症结显现。政策方面，以3月降准为时间节点，上半年货币环境经历了先紧后松的过程。年初伴随信贷大量投放，资金面延续去年末以来的边际收敛态势，DR007价格上行到政策利率附近。3月降准之后，资金价格和波动率双双回落，资金面进入实质偏松环境。6月央行降息落地，在操作时点上相对靠前，体现了货币政策对于稳经济、稳预期的紧迫性。货币宽松先行后，市场对稳增长政策出台预期升温，政策博弈成为阶段性主线。利率市场方面，上半年债市收益率整体下行，半年末10年国债收益率相比去年末下降近20BP。节奏上，年初进入疫后修复期，市场对经济复苏预期偏强，叠加资金面边际收敛，债市利率出现小幅调整。3月开始伴随经济修复动能开始转弱，内生性需求不足逐渐成为市场共识，“资产荒”逻辑继续演绎，债市收益率呈现阶梯式下行，整数关口利率往往出现横盘震荡状态，一致预期变化后则迅速突破点位至下一区间。信用环境方面, 23年上半年债券实质违约较少，但尾部城投负面舆情较多，市场风险偏好有一定下降。信用债供需延续偏紧状态。一方面由于信贷分流，但更主要是地产周期弱化和城投债务强管控的信用扩张乏力。分类看，城投净融资规模较22年同期小幅下滑，产业债负增，是主要拖累。信用债收益率整体下行，信用利差和等级利差均有不同幅度的压缩，期限方面，低等级陡峭化，中高等级则被压平。节奏上， 1-4月的信用债收益率和利差快速下行，5-6月受阶段性止盈、降息等影响，信用债收益率降幅收窄，表现不及利率债。操作方面，本产品上半年以信用债票息策略打底为基础，利率债波段交易增厚整体组合收益。信用债主要选择经济发达地区承担重要职能的主平台；利率债波段交易则根据对资金利率、同业存单和1yIRS的价格预判及对基本面复苏情况的观察和判断进行交易，通过高频获利了结控制组合净值回撤，增厚组合收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.303Z","mo":"宏观方面，在内生性需求偏弱的背景下，经济整体处于磨底状态，以PMI趋势值为代表的经济周期指标上升斜率偏缓，物价、融资数据低位震荡。政策方面，货币政策基调预计维持宽松，进一步宽松动作亦可期待；财政政策边际加码，三季度债券发行节奏明显加快。在高质量发展的核心诉求下，政策基调仍旧维持定力，政策出台大概率呈现节奏密集、幅度克制、侧重中长效的组合拳特征。信用方面，下半年机构止盈和防风险诉求提高，对弱资质主体投融资或收紧，局部区域信用风险有上升可能。供需角度来看，信用资产荒逻辑仍在，但当前估值和利差优势下降，信用债较难走出独立行情，可关注波段和骑乘机会。方向上，短端票息品种的确定性较强，中长久期关注中高等级、流动性好的资产。行业方面，城投区域分化，投资上聚焦财政实力强、债务负担不重的区域；鼓励民企发债背景下，CRMW产品或供给增加，关注配置价值。操作策略方面，基于基本面处于磨底过程的预判，债券方面预计在筑底过程，票息策略安全边际或更高，将兼顾票息和保持组合较好的流动性应对市场环境变化。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958725","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e66d","date":"2023-03-30T16:00:00.000Z","stockId":3000000015832,"sao":"2023年一季度经济整体处于修复初期，确认疫后企稳回升态势。实体方面，代表经济景气度的PMI表现强劲，企业复工复产温和推进，地产销售持续回暖。融资方面，社融和信贷总量表现亮眼，结构上“企业强、居民弱”格局未改，内生融资需求仍待改善。年初通胀环境整体温和，PPI低位震荡，核心CPI表现相对偏弱。政策方面，去年推出的一揽子稳经济政策继续发挥效能，带动一季度基建、制造业维持高景气。两会公布的经济增速目标落于市场预期下沿，财政政策力度较去年边际收敛，政策性金融工具的使用是后续关注重点。货币政策继续强调精准有力，资金利率中枢逐步向政策利率回归，为补充银行中长期流动性缺口，3月下旬央行宣布全面降准25bp。一季度利率市场先上后下，整体呈现窄幅震荡格局。节奏上，年初市场对经济复苏存在较强预期，带动利率震荡向上。春节后虽经济表现相对强劲，但由于市场定价已较为充分，利率持续横盘震荡。进入三月，经济修复斜率有所放缓，市场对修复持续性亦存在较大分歧，带动利率出现小幅回落。整体上，一季度末10年国债收益率相对去年年末上行1.75bp。一季度信用债方面，信用利差普遍压缩，但基于对信用风险及负债稳定性的担忧，机构普遍在资质下沉和拉长久期方面较以往有所克制。季度来看，短端中低等级债券表现最好，年初至今1Y隐含评级AA(2)利差下行119BP，信用利差达16%分位数（自2016年），但同期限隐含评级AA-信用利差仍为63%分位数。产品操作方面，本季度产品以票息策略、杠杆策略及利率债波段交易为主。整体操作为底仓配置1y内中高等级优质产业及城投债维持较优的组合静态收益，在此基础上结合对短期基本面复苏情况、资金利率及同业存单走势的预判进行利率债波段交易力争增厚组合收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.300Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883683","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e66c","date":"2022-12-30T16:00:00.000Z","stockId":3000000015832,"sao":"宏观方面，2022年经济全年呈现倒N型走势，一至四季度GDP增速依次录得4.8%、0.4%、3.9%、2.9%，全年实际GDP同比3.0%。在地产周期回落、疫情扰动压制下，经济内生动能疲弱是贯穿全年的主线。经济结构上呈现出显著的分化特征：反映内需的消费、居民信贷、地产投资、核心通胀等数据持续疲弱，外需下半年伴随积压订单的消耗也转为下行。与此同时，稳增长政策继续发力，地产放松政策密集落地、准财政工具积极扩容、货币政策配合宽松，带动基建投资一枝独秀，制造业也因产业政策、贷款政策支持力度加大而维持较高增速，对经济总量形成托底效应。实体以外，通胀表现符合预期，PPI高位回落、CPI小幅回升，通胀水平整体处在温和区间。债市表现上，利率全年以震荡为主，货币政策维持宽松态势，但稳增长、宽信用进程连续受疫情冲击或地产断供风波扰动。以十年国债活跃券作为衡量，上半年利率整体在2.70-2.85%区间窄幅震荡，下半年伴随央行降息，国债利率打破区间下沿，创下年内最低2.61%，随后伴随资金价格回升、地产支持政策加码、疫情防控优化等措施落地，以及理财负反馈影响，国债利率节节攀升，最高触及2.99%点位，并于年末回落至2.84%水平。信用方面，全年来看，信用债收益率上行，信用利差、等级利差普遍走阔，其中3Y隐评AA+中短票的估值、信用利差分别上行45.6BP和49.4BP，受益于票息贡献，信用债全年回报正。受监管政策收紧、理财赎回等影响，22年非金信用债发行和净融资规模下降，其中净融资同比减少1万亿左右。操作回顾来看，本产品成立于22年7月，整体操作策略为配置高评级、流动性好的优质主体短债，在此基础上适度仓位择机进行利率债波段操作，获取较为稳定的票息收益和资本利得。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.297Z","mo":"展望2023年宏观环境，复苏是全年经济的主基调，修复幅度取决于内外需对冲结果，节奏上全年经济将大致呈“N”型，一季度仍旧偏弱、二季度脉冲上行、三四季度回归至常态化修复。从需求侧来看，今年外需整体承压，出口下行压力将进一步加大，扩大内需是稳增长的核心重点，其中上半年经济的抓手关键在于基建、制造业投资，下半年关键在于消费和地产投资。通胀方面，预计今年PPI低位震荡、CPI先下后上，整体通胀环境相对温和。在稳增长诉求下，今年财政政策仍需保持积极，准财政工具大概率进一步加码，对广义财政形成重要补充；货币环境整体仍偏宽，但边际上将较2022年收敛，狭义流动性极度宽松的状态难以再现。对债券市场而言，2023年经济复苏对利率构成压制，同时净值化改革后的理财市场易阶段性放大市场波动。宏观环境不利的背景下，寻求做多机会需要选择合适的时间窗口，把握基本面预期差和宽松交易带来的交易机会。展望23年信用环境，预计随着经济基本面的逐步回暖，货币宽松环境可能出现边际变化，资金利率波动增加，债券融资环境面临边际收紧局面。在信用债投资方向上，利率波动增强的环境下，长期持有的骑乘策略以及中高等级波动交易的操作难度增大，中高等级及短端品种确定性较强，而弱资质及中长期信用债配置需求承压。从具体行业和品种选择来看，高流动性品种优先关注中短端大行及头部股份制银行的二债以及其他金融债；短端票息品种关注优质区域的城投债、优质央国企地产债以及钢铁、煤炭及高速等产业债。","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e66b","date":"2022-09-29T16:00:00.000Z","stockId":3000000015832,"sao":"2022年三季度的宏观主线是“冲击-修复”。具体而言，7月经济在疫情反复、高温限电、地产断贷风波的冲击下整体走弱，PMI回落至49，融资需求明显恶化，总量和结构表现双弱；8-9月随着前述约束因素消减及稳增长政策持续发力，经济呈弱修复态势，PMI连续两月改善，9月反弹至50.1，融资需求边际改善，基建实物工作量相关高频明显回暖。通胀在基数影响下CPI整体震荡、PPI显著回落，核心CPI延续低迷。政策方面，三季度稳增长政策持续加码。货币政策继续发力，三季度流动性延续宽松，8月中旬MLF利率调降10bp，8月下旬1年期、5年期LPR分别调降5bp和15bp。准财政政策再度加码，国常会追加3000亿元以上政策性开发性金融工具额度；明确依法用好5000多亿元专项债地方结存限额，10月底前发行完毕。产业政策方面，中央密集出台松地产组合拳，对符合条件城市放宽住房贷款利率下限、下调住房公积金贷款利率、换购住房个人所得税退税。整体而言，三季度各方面政策全面发力，稳经济诉求加大。债券方面，三季度利率债突破上半年的窄幅震荡区间；节奏上，7月-8月上旬，在地产断贷风波、疫情反复、高温限产的叠加作用下，利率持续下行；8月中旬，央行超预期降息带动市场做多情绪集中释放，利率陡峭下行并突破震荡区间，低点下探至2.6%；8月下旬至9月末，稳增长政策持续发力叠加实物工作量效果逐步兑现，市场止盈避险情绪渐起，利率震荡调整。整体上，三季末10年期国债收益率较二季末下行6bp。信用债收益率在三季度表现为快速下行后低位震荡。7月受益于宽松资金面和结构性“资产荒”，低等级和长久期信用债表现最好，市场追逐票息资产，中部省份中低资质城投债成交活跃度明显提升。8月以MLF缩量降息为节点：降息前风险偏好较上半年有所收敛，5Y的国股大行二级资本债持有收益较好；降息后市场又转向追逐5Y中低等级债券，但在极致的交易情绪下，信用风险定价更为拥挤；8月下旬受资金中枢上移，叠加地产政策放松预期影响，市场震荡走弱。9月以来信用债收益率跟随利率债先下后上，在疫情和地产政策、汇率调整等边际利空影响下，当前市场阶段性止盈情绪渐浓，但受益于信用债票面利息高和供给减少，信用债相较利率债表现出一定抗跌性。9月前三周宏观利空因素增加，叠加资金面边际收敛，4-5Y中等资质城投及5Y大行二级资本债表现更好。9月最后一周，在宏观因子的驱动下，信用债估值压力开始显现。操作方面，本产品主要运用票息和杠杆策略，配置中短端优质信用债提升组合静态收益，在此基础上通过利率债波段交易贡献资本利得，为投资者提供稳健回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.295Z","fund":{"_id":3000000015832,"__csrcFundId":11457,"stockCode":"015832","shortName":"永赢宏泰短债(015832)","masterFundShortName":"永赢宏泰短债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15832,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:03.787Z","status":"normal","exchange":"jj","name":"永赢宏泰短债债券型证券投资基金","inceptionDate":"2022-07-21T16:00:00.000Z","fundCollectionId":4000050880000,"followedNum":0,"setUpDate":"2022-07-21T16:00:00.000Z","setUpAssetScale":336316126.14,"setUpShares":336316126.14,"pinyin":"yyhtdzzqxzqtzjj","managers":[{"stockCode":"db20767931","stockType":"fund_manager","exchange":"fm","tickerId":241612204820,"name":"徐沛琳"}]},"announcement":{"linkText":"永赢宏泰短债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=807432","linkType":"PDF","source":"csrc_pdf"}}]}