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价格大幅上涨之后更为显著。信用债因主要期限在5年以内而受到市场资金追捧，信用利差进一步收窄。本报告期内组合认为股票市场经过去年大幅上涨之后波动性可能显著增加，而债券市场收益率总体上将维持区间振荡，中短端的收益确定性高于长端；因此在策略上需要继续坚持稳健风格取向，对股票资产持谨慎态度，进一步提高组合的防守性而坚持空仓等待，对债券资产则坚持以票息策略为主，重点加强久期控制与性价比个券选择；总体上讲，本报告期内较好地控制了组合波动，提升了组合持有收益。","lastUpdated":"2026-04-22T15:42:45.298Z","fund":{"_id":3000000022668,"__csrcFundId":14732,"stockCode":"022668","masterFundShortName":"尚正正达债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22668,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正达债券(022668)","lastUpdated":"2026-05-01T03:36:07.870Z","name":"尚正正达债券型证券投资基金","pinyin":"szzdzqxzqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":203051236.62,"setUpDate":"2025-03-05T16:00:00.000Z","setUpShares":203051236.62,"inceptionDate":"2025-03-06T16:00:00.000Z","tradingAbnormalDate":"2025-03-16T16:00:00.000Z","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正达债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1473911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cbc8a8381dd95da7df4c6b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000022668,"sao":"2025年中国经济在内部需求保持平稳、外部形势多变的格局下实现了全年同比增长5.0%，在全球贸易冲突加剧、世界各国经济放缓的大背景下仍保持相对领先实属不易。分季度来看，一季度单季同比增长5.4%，二三季度逐级回落至5.2%、4.8%，最终四季度单季增长4.5%，虽然逐季降低但韧性十足，总体仍在合理范围内波动。从三驾马车来看，对外出口仍保持了较高的对整体经济贡献率，成为推动经济成功达成预期目标的火车头，其中出口国别进一步均衡，对“一带一路”沿线国家贸易增长显著，对欧盟出口占比保持稳定，出口产品结构持续优化，机电产品、新能源汽车、锂电池等“新三样”出口保持较高增长。其次，国内消费温和复苏，对整体经济增长起到了较好的压舱石作用，其中服务消费、数字消费增长较快；最后，固定资产投资全年负增长，为近年来首次转负，其中主要拖累项来自于房地产开发投资，但基建投资与制造业投资成为主要支撑项，其中高技术产业投资保持活跃，表明产业转型正在良性推进，经济结构正进一步得到优化。本报告期内国内股市表现强势，各指数均出现不同幅度的上涨，上证指数上涨18.41%。市场行业与风格结构分化特点较为明显，代表成长风格与行业的指数上涨幅度相对更大，如科创创业50指数上涨60.86%。各行业作为新旧动能的不同代表，涨幅不同体现了经济结构调整下不同的主导逻辑，代表新质生产力的人工智能、通信、半导体、新能源汽车等行业，以及供需格局良好的有色板块、“反内卷”预期下的化工板块等表现突出；而以房地产、建材等为代表的“旧动能”行业则涨幅远远落后。债券市场各期限、各品种呈现结构分化走势。以国债为代表的利率债品种，各期限均呈现宽幅波动上行的走势，如1年期国债中债估值利率年初为1.0693%，年末则达到1.3372%，但30年期国债1.8397%上行至2.2674%，上行幅度大于1年期，国债收益率曲线呈典型的熊陡变化。信用债表现分化，中短端走势相对稳健，全年呈M型走势，年末利率水平与年初相比小幅上行，幅度远小于1年期国债，如1年期AAA级中票、1年期AAA级证券公司债、1年期国股银行二级资本债，上行幅度约为7-9BP；3、5年期AAA级中票与公司债也有10-20BP的利率上行，但5年期银行二级资本债波动较大，上行幅度较大已经与30年国债相当。综合来看，推动利率上行的因素，首先是2024年底及2025年初对宽松政策的过度预期，导致利率空间已被透支，其次是贸易冲突后经济总体受损程度小于预期，基本面韧性较强，从而减小了宽松政策进一步出台的必要性，最后，风险资产表现较好，既体现了市场对中长期前景的乐观，也吸引了部分资金从债券市场流出。本基金成立于2025年3月6日，在成立初期偏向稳健操作，以短久期、高等级债券品种为主进行配置，对偏权益类资产相对谨慎，力争在组合运作初期积累盈利安全垫。在进入二季度后，综合考虑性价比后，组合开始逐步增加以沪深300成份股为代表的权益持仓，在三、四季度的市场上涨过程中获取一定的相对收益。最后在四季度中后阶段，为了降低收益的波动性，组合逐步降低权益持仓直到完全清仓。","lastUpdated":"2026-03-31T13:14:16.973Z","mo":"预计未来中国经济将继续体现稳健与韧性，经济增长维持在合意的区间内，虽然存在短期困难与外部干扰因素，但国内政策将继续以积极应对为基调，通过落实更加积极的财政政策与适度宽松的货币政策，预计能够有效化解与克服各种困难，最终能够达到全年经济增长预期目标。股票市场在经历2025年的大幅上涨之后，整体估值从各个宽基指数来看均已达近5年的中上水平，部分已经达到高位水平；而对于去年大幅上涨的个股与行业，今年将是兑现业绩预期、检验估值成色的一年，如果最终预期落空，那么不可避免的可能出现相应的估值重估。所以，预计股市可能仍有机会，但波动相对将显著增加，行业热点可能切换。债券市场未来主导因素目前基本保持中性水平，资金面总体温和宽松，经济基本面以稳为主，增长大起大落尚不可能，投资者情绪经过了去年的过度乐观后保持相对平静，因此预计债券市场利率将维持中枢基本稳定、走势宽幅振荡波动的格局。","fund":{"_id":3000000022668,"__csrcFundId":14732,"stockCode":"022668","masterFundShortName":"尚正正达债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":22668,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"尚正正达债券(022668)","lastUpdated":"2026-05-01T03:36:07.870Z","name":"尚正正达债券型证券投资基金","pinyin":"szzdzqxzqtzjj","fundCollectionId":4000051960000,"setUpAssetScale":203051236.62,"setUpDate":"2025-03-05T16:00:00.000Z","setUpShares":203051236.62,"inceptionDate":"2025-03-06T16:00:00.000Z","tradingAbnormalDate":"2025-03-16T16:00:00.000Z","managers":[{"stockCode":"db20840419","stockType":"fund_manager","exchange":"fm","tickerId":41008226150,"name":"段吉华"},{"stockCode":"j101020414","stockType":"fund_manager","exchange":"fm","tickerId":2306256810,"name":"王飞"}]},"announcement":{"linkText":"尚正正达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=1454165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3d07fea5b3eb0541b84","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000022668,"sao":"2025年三季度以来，中国经济总体上仍延续了二季度的边际回落、结构分化走势。工业增加值同比增速可能较二季度略有回落，但高技术制造业维持在高于平均的水平且保持平稳；固定资产投资动能进一步减弱，其中房地产投资增速进一步下降；消费增速放缓，可能源于补贴政策退坡以及相关支持政策效果边际减弱；出口保持韧性，其中对美出口是主要拖累项，但对东盟与欧盟出口仍相对积极。总体看，经济整体处于企稳回升过程中，宏观政策继续保持发力，财政贴息、结构性货币政策工具持续使用，但政策效果显现仍需时间，预计未来政策力度将根据需要可能进一步加大以提高经济增长内生动力。国内股票市场在报告期内整体呈现上涨趋势，主要宽基指数涨幅显著，尤其是中小盘及科技成长类指数表现突出，涨幅远超传统大盘蓝筹，显示出市场对科技创新和新兴产业的高度认可。股市上涨主要来自于政策、资金、基本面等多重因素驱动。债券市场收益率在三季度出现不同程度的上行，长端与超长端收益率上行幅度大于短端，收益率曲线呈现陡峭化运行。整体上看，债券市场的表现并未与基本面因素完全一致，究其可能的原因，一是与三季度管理层重点推动的反内卷政策有关，二是股票市场表现较好，提高了资金的风险偏好，使得债券投资机构调整股债比例配置。组合坚持稳健定位，兼顾流动性与持有期收益，权益类资产在8月初快速提升以分享股市上涨收益，固收类资产稳健配置，严格控制信用风险和久期风险以增加稳定持仓收益。","lastUpdated":"2026-03-09T14:06:08.996Z","fund":{"_id":3000000022668,"__csrcFundId":14732,"stockCode":"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