window.pageData = {"stock":{"_id":3000000022684,"name":"创金合信尊泰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022684","tickerId":22684,"shortName":"创金合信尊泰纯债债券C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-11-25T16:00:00.000Z","pinyin":"cjhxztczzqxzqtzjj","fundCollectionId":4000050990000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50990000","tickerId":50990000,"name":"创金合信基金管理有限公司"},"managers":[{"name":"孙霄宇","stockType":"fund_manager","stockCode":"db20894659","exchange":"fm","tickerId":192425238330},{"name":"谢创","stockType":"fund_manager","stockCode":"db20605562","exchange":"fm","tickerId":2403180760},{"name":"王淦","stockType":"fund_manager","stockCode":"j101020253","exchange":"fm","tickerId":2307253090}],"hotMetrics":{"fss":{"stockId":3000000022684,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":26,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000022684,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.7966215310363319,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.9621571729957806,"f_p_r_m3_ssc":7500,"f_p_r_m3_ssrp":0.6154153887184958,"f_cagr_p_r_fs_ssc":7282,"f_cagr_p_r_fs_ssrp":0.8626562285400358,"f_p_r_m6_ssc":7312,"f_p_r_m6_ssrp":0.7814252496238545,"f_p_r_y1_ssc":6831,"f_p_r_y1_ssrp":0.8332357247437775},"fp":{"stockId":3000000022684,"type":"fp","f_p_r_d1":-0.0002984480700359837,"f_cagr_p_r_fs":0.01694387443161216,"f_p_r_m1":0.00039490571626021875,"f_p_r_fys":0.0071563462876451656,"f_p_r_m3":0.006156290338595438,"last_data_date":"2026-05-07T16:00:00.000Z","f_p_r_m6":0.008459394904458462,"f_p_r_y1":0.01095802048143546},"ff":{"stockId":3000000022684,"type":"ff","f_m_f":1546552,"f_m_f_r":0.003,"f_c_f":515517,"f_c_f_r":0.001,"f_m_a_c_f":2062069,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-11-25T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2026-04-14T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000022684,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.0133,"f_nv_cr":-0.0001973359644796835},"f_as":{"stockId":3000000022684,"type":"f_as","f_tas":1586299613.4944,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj"}],"bondHoldings":[{"_id":"69e5b1c88f1cb122fb545830","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000003289,"stockCode":"220208","stockName":"22国开08","holdings":6900000,"marketCap":714701243,"netValueRatio":0.4329,"lastUpdated":"2026-04-20T04:55:36.143Z"},{"_id":"69e5b1c88f1cb122fb545831","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000003289,"stockCode":"250202","stockName":"25国开02","holdings":1000000,"marketCap":101352630,"netValueRatio":0.0614,"lastUpdated":"2026-04-20T04:55:36.147Z"},{"_id":"69e5b1c88f1cb122fb545832","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000003289,"stockCode":"092280014","stockName":"22上海银行二级资本债01","holdings":700000,"marketCap":73509332,"netValueRatio":0.0445,"lastUpdated":"2026-04-20T04:55:36.150Z"},{"_id":"69e5b1c88f1cb122fb545833","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000003289,"stockCode":"2228006","stockName":"22中国银行二级01","holdings":700000,"marketCap":71363082,"netValueRatio":0.0432,"lastUpdated":"2026-04-20T04:55:36.153Z"},{"_id":"69e5b1c88f1cb122fb545834","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","fundId":3000000003289,"stockCode":"2228024","stockName":"22工商银行二级03","holdings":600000,"marketCap":63210164,"netValueRatio":0.0383,"lastUpdated":"2026-04-20T04:55:36.156Z"}]},"list":[{"_id":"69e5b1bd8f1cb122fb5454dd","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-19T16:00:00.000Z","stockId":3000000003289,"sao":"2026年一季度中国债券市场走势，长端利率窄幅震荡，小幅走弱。10年期国债收益率在1.75%到1.90区间波动。整体来看，利率债市场呈现明显陡峭化特征，短端受资金面宽松影响下行较多。信用债市场一季度表现相对较好，整体小幅上涨。年初流动性充裕，银行间资金成本维持低位，为债市提供较好的资金环境。机构欠配压力下，信用债配置需求旺盛。市场对央行降息降准仍有期待，政策预期支撑债市情绪。中东局势升级带来地缘风险，避险情绪有所升温。一季度地方债和国债发行加速，供给压力增大。大宗商品涨价，有色金属和原油价格上涨造成通胀预期边际升温。近期中东战事升级对债市形成双向影响，避险情绪升温推动资金流向无风险资产，A股波动加剧导致资金短暂分流至债市，利好收益率下行，但石油涨价带来输入性通胀担忧，对长端收益率形成一定利空。展望二季度，资金面预计维持宽松，降准预期仍存。通胀预期方面，大宗商品涨价带来边际升温压力。中东局势走向高度不确定，是最大外部变量。整体以震荡格局为主，利率债波动区间有限，信用债利差可能进一步压缩。产品一季度主要配置短期信用债，同时做空30年国债期货。","lastUpdated":"2026-04-20T04:55:25.408Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1467455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7a8a7ecbd37c10afbbf4","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000003289,"sao":"2025年债券市场利率整体趋势上行，但资金面仍然保持宽松态势，收益率曲线呈熊陡走势。股市表现良好，股债跷跷板表现较为明显，受资金再配置影响，部分资金从纯债配置流向权益和固收加市场；特别国债和地方债供给放量；超长债大幅调整；超长债配置力量有所缺位。一二季度经济增速较快，三四季度整体有所放缓，但总体依然达到预期目标；市场对未来经济预期也从年初的极度悲观趋向稳定，预期管理显示一定的效果。经济在经历了年初贸易战的短暂扰动之后，货币政策和财政政策开始加码，央行下调存款准备金率0.5%，下调公开市场操作利率10BP，并于10月份重启国债买卖。贸易战后债市绝对收益率仍偏低，收益率处于缓慢上行阶段。随着经济的缓慢复苏，年中出台反内卷政策，同时对国债、政金债、金融债恢复征收增值税等，机构进入观望行情，收益率再次加速上行。总结而言，经济基本面整体处于弱现实强预期阶段，以权益市场为代表的风险资产总体表现较好，市场风险偏好有明显改善，债市全年易跌难涨，机会有限，票息策略占绝对优势。本报告期内，本基金以信用持有策略为主，注重票息收入；阶段性的缩短债券期限，卖出部分信用债，适当保留盈利，减少久期和信用因子的暴露。","lastUpdated":"2026-03-30T13:28:42.774Z","mo":"展望2026年，我们认为宏观经济将呈现弱修复态势，GDP增速预计在4.5%–5.0%，对于实际增长的诉求没有去年这么明显，对于价格回升的诉求在提升，反内卷仍是今年的一大工作重点，投资消费等内需偏弱的态势仍会持续一段时间，地产在加速探底的过程中，进出口形势还是比较乐观，出口有韧性。大宗商品涨价潮大概率会从有色金属扩散到化工能源等行业，通胀有一定压力，CPI温和回升，政策维持宽松基调。财政政策和货币政策不会大刺激，以托底为主。上半年货币宽松诉求大于下半年，一季度若宏观调控政策整体发力，依然需要总量货币宽松的预期引导作用，降准降息落地的时间窗口可能在一季度末。债券市场偏震荡，十年期国债收益率或在1.7%–2.0%区间运行，上下空间均有限，全年以震荡为主，趋势性机会较少，交易窗口集中在政策落地或数据真空期。但“资产荒”延续支撑中短端高等级信用债表现，票息策略占优，信用利差低位震荡。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1448325","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656ce","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000003289,"sao":"2025年三季度债券市场利率整体趋势上行，但资金面仍然保持宽松态势，收益率曲线呈熊陡走势。超长债大幅调整，政金债和地方债调整幅度也较大，国债表现较为稳定。权益表现良好，正式步入科技牛阶段，股债跷跷板表现较为明显，受资金再配置影响，资金部分从纯债配置流向权益和固收加市场；特别国债发行和地方债发行供给放量；长债、超长债配置力量却有所缺位。一二季度经济增速较快，三季度整体有所放缓，但前三季度依然能够达到预期目标；政策刺激力度放缓，市场对未来经济预期偏稳定，货币宽松加码预期较低，仅会阶段性出现对于央行重启国债买卖的期望。总体处于落实前期已有政策，加强预期管理的阶段，债市绝对收益率仍偏低，收益率处于缓慢上行阶段。基于机构负债端压力、存单利率下行乏力、反内卷政策的深入、政金债金融债恢复征收增值税、公募基金赎回期限调整等，机构进入交易博弈行情中。总结而言，经济基本面整体处于弱现实强预期阶段，以权益市场为代表的风险资产总体表现较好，市场风险偏好有明显改善，共同影响三季度债券价格的调整。本报告期内，本基金以信用持有策略为主，注重票息收入；阶段性的缩短债券期限，卖出部分信用债，适当保留盈利，减少久期和信用因子的暴露。","lastUpdated":"2026-03-09T13:12:03.588Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1368741","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656cd","date":"2025-06-29T16:00:00.000Z","stockId":3000000003289,"sao":"2025年一季度利率整体趋势上行，资金面趋紧，收益率曲线呈熊平走势，主要原因在于经济总体复苏预期相对明确。一季度房地产市场表现有所企稳，房地产销售有所好转，二手房成交量释放；此外，消费增长在去年四季度的基础上进一步恢复，不过收入增长缓慢仍然对消费增长构成制约。一季度财政政策加力和去年四季度降准降息政策效果的延续。赤字率和财政支出增速明显提升，特别是国债发行和地方债发行供给放量；货币政策方面，一季度政策基调延续去年12月的中央经济工作会议，适度宽松，但实际执行当中资金价格偏贵，银行间市场资金紧张且价格偏贵，流动性压力很大。以权益市场为代表的风险总体表现较好，市场风险偏好有明显改善。总结而言，经济基本面有预期改善，流动性方面相较紧张，央行政策面上引导了长端利率上行，全市场风险偏好有所改善，共同影响了一季度债券价格的下跌。但情况在二季度迎来变化，4月初债市尚未从一季度调整余波中完全复苏，特朗普“对等关税”威压下，现券收益率3天内快速下行近20BP，10Y国债探至1.61%。在大幅下行之后，剩余时间债市回归震荡。5月后，央行降准降息，“双降落地”兑现后，后续政策加码想象空间收缩；资金短暂收敛后逐步逼近政策利率，债市“负carry”缓解；中美经贸会谈下，债市引发一波急跌，但对市场扰动已边际递减。关税影响下基本面的压力约束了利率上行空间，短端较高的利率水平与宽松货币尚未落地约束了利率下行空间。外部因素持续扰动、机构负债端压力、存单利率下行乏力等多空因素反复交织，机构进入利差博弈行情中。本报告期内，本基金以信用持有策略为主，注重票息收入；适当拉长久期，获取资本利得收入。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.585Z","mo":"2025年下半年，预计经济增长压力不大，债市预计延续低利率波动特征，但波幅会阶段性扩大。从债市环境来看，经济弱企稳、货币政策维持宽松，决定了债市利率下行有底；经济难以有效回升、货币政策收紧概率低，决定了债市上行有顶。降准降息等货币政策预期有所减弱，财政加码的必要性也不突出，债市配置力量相对较强，但是利率处于低位而且曲线偏平坦，中短端利率较有性价比，同时中长端利率交易氛围浓厚，因此在把握阶段性机会的同时，需要保持一定的谨慎乐观态度。投资策略上，底仓保持中性状态，阶段性参与交易机会。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1338172","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656cc","date":"2025-03-30T16:00:00.000Z","stockId":3000000003289,"sao":"2025年一季度债券市场利率整体趋势上行，资金面趋紧，收益率曲线呈熊平走势。构成一季度债市大幅回调的因素主要是：第一，经济总体复苏预期相对明确。一季度房地产市场表现有所企稳，房地产销售有所好转，二手房成交量释放；另一方面，消费增长在去年四季度的基础上进一步恢复，不过收入增长缓慢仍然对消费增长构成制约。第二，财政政策加力和四季度降准降息政策效果的延续。赤字率和财政支出增速明显提升，特别国债发行和地方债发行供给放量；货币政策方面，一季度政策基调延续12月的中央经济工作会议，适度宽松，但实际执行当中资金价格明显偏贵，银行间市场资金极为紧张，流动性压力很大。第三，央行有意识的引导资金价格上行，造成现券抛售压力加大，从而实现长端利率上行的最终目标。第四，以权益市场为代表的风险总体表现较好，市场风险偏好有明显改善。总结而言，经济基本面的预期改善，流动性的紧张，政策面上引导长端利率上行，全市场风险偏好改善，共同影响一季度债券价格的下跌。本报告期内，本基金以信用持有策略为主，注重票息收入；适当拉长久期，获取资本利得收入。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.583Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1265063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656cb","date":"2024-12-30T16:00:00.000Z","stockId":3000000003289,"sao":"2024年债券市场呈明显牛市特征，趋势下行，期限利差有所缩窄，信用利差压缩显著；长久期债券表现更优。2024年宏观经济及政策面对于债券市场比较有利。一季度经济在出口和开门红的支持下有所恢复，基建投资和出口相对较好，但相对缓慢增长的收入抑制了居民的消费意愿和能力，整体消费恢复的强度并不强劲；另一方面，房地产金融去杠杆进程的负面影响仍在延续，收入增长预期降低和房价震荡恢复不及预期，导致居民的购房需求相较疲软。房地产风险尚未出清，地产销售依旧不及预期，债务压力仍然沉重，难以开展规模化的开工投资建设。因此，2024年宏观经济基础总体相对薄弱，仍需宏观政策的支持。下半年，国家从宏观政策层面在化债、房地产、消费等领域推行了一系列措施，包括增发特别国债和专项置换债等财政刺激措施，用于减轻地方政府的债务压力；货币政策方面全年持续保持偏宽松的状态以支持经济恢复，三季度经济有所回落之后，加大力度降息，并大规模降低存量房贷利率，同时基本解除了除一线城市之外的几乎所有的地产限购限售政策，资金面给予经济较大程度的支持。相对有利的宏观基本面环境，债券市场利率整体趋势下行，主要调整期是9月底中央政治局会议对于经济表态的边际转向，使得收益率有一个短时间但是幅度较大的冲击，但在宽松的资金面以及更为宽松的预期下，配置力量不断抢配，收益率在最后2个月不断突破历史新低。整体而言，全年债市呈现牛市表现，长久期债券表现更优。本报告期内，本基金以信用持有策略为主，注重票息收入；同时，适当进行长久期利率债和AAA银行债券的波段操作，增加资本利得的贡献。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.580Z","mo":"相较2024年，2025年的整体宏观经济环境会有边际改善，在24年底政策的大力支持下，特别是化债政策的全面铺开，地方政府自发的债务紧缩的行为会有一定的改善，对于宏观经济有明显的利好，但同时消费和房地产所面临的中期因素尚未发生根本变化。消费方面，收入增长预期较低仍是制约消费较快恢复的关键因素，鉴于国内实施类似西方国家大规模财政补贴措施的可能性较低，收入增长平缓会一定程度制约消费；房地产方面，政策端已经进一步打开，中央经济工作会议也明确要尽快促进房地产止跌回稳，我们预计地产和消费的表现应该会好于24年，但是进出口方面，受关税和中美贸易摩擦的影响，对经济的拉动预计变弱，最后，今年是财政政策见效的关键年份，预计财政政策会加大力度，去年制定的化债方案也会逐步见效，货币政策更多的是起到配合作用。基于前述，2025年宏观经济变化会有所改变，债券市场会有一定的压力，但我们预计不会有趋势性的反转；不过，考虑到利率绝对水平，低利率环境下的波动会更快，幅度也会更小，预计2025年债券市场总体变动不大。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1246203","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656ca","date":"2024-09-29T16:00:00.000Z","stockId":3000000003289,"sao":"2024年三季度债券市场收益率整体呈现大幅波动走势，前期以下行为主，季末最后一周则大幅上行，利率债的期限利差整体呈陡峭化趋势，信用利差呈则明显走扩。进入三季度以来，国内各项经济、金融数据并未出现明显好转，多数指标仍在持续走弱。M1连续多月处于负增长区间，短期内转正的可能性不大。M2保持在低位。此外，M1与M2的剪刀差继续扩大，显示资金活力不足，融资需求总体偏弱。消费增速有持续放缓的趋势。房地产市场方面，尽管整体趋势呈现上行，尤其是在926新政发布后，商品房成交放量，但前期517新政以后商品房成交量迅速回落，使得前2个月30个大中城市商品房成交面积低于历史同期水平。北上广深四大一线城市节前出台限购调整政策，恰逢假期，从短期的成交量来看，明显放大，一手房二手房均明显恢复，但二手房价仍处于下跌过程中，政策效率得持续观察以验证房地产市场的恢复情况。财政方面，一般公共预算收入和政府性基金预算收入均同比下降，土地收入下降尤为明显反映出财政收入下滑的紧迫性，收入的减少制约了财政支出，影响了财政政策作为关键逆周期调节工具的效果。总的来说，从数据上看，整个三季度的经济数据和金融数据都不甚理想。不过，随着9月末一系列稳增长政策的出台，货币政策大幅加码，政治局会议超预期，财政政策也存在想象空间。 这些基调转变在一定程度上可能部分扭转当前的经济局势。但政策的传导落实需要时间，四季度的经济恢复情况仍有待观察。本报告期内，本基金以信用持有策略为主，注重票息收入；明显拉长了利率债的久期，获取了一定的资本利得收入，提升组合收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.577Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1169224","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c9","date":"2024-06-29T16:00:00.000Z","stockId":3000000003289,"sao":"2024年上半年债市整体趋势下行，呈现牛市特征，期限利差和信用利差均出现压缩状态。一季度债市走出牛市行情的因素主要是：第一，经济总体复苏相对弱势。一季度房地产市场表现有所企稳，房地产销售有所好转，但好转程度仍然相对有限，无法有效支持房地产整体开工投资的明显提升；另一方面，消费恢复较去年要好，不过收入增长缓慢仍然对消费增长构成制约。第二，财政政策温和和货币政策宽松。在当前更加注重高质量发展的基调下，国家并无意采取类似美国等西方国家实施的大规模刺激财政政策，而是推行更加注重支出结构的财政政策，加上地方债务风险处于化解阶段，广义财政支出增速难以提升；货币政策方面，一季度主要是从稳增长和促进物价回升的角度出发，政策方向总体宽松，实施降贷款利率、存款利率、降准等宽松政策以支持经济发展。第三，有效信贷资产不足和追逐收益行为下，银行资管机构的配置和交易力量双管齐下，将债券市场收益率曲线的各种利差进行压缩。而债市亦经历阶段性的震荡和调整，如一季度资金分层导致中短端震荡，3月初债市从偏热状态转为小幅调整，最后在配置和交易的作用下，快速修复完毕并延续下行态势。相比一季度，二季度债券市场震荡有所加剧，不过利率下行趋势未变。进入二季度，经济形势总体继续转弱。5-6月PMI维持在49.5，且持续低于50的分界线；同时，从消费、投资等数据来看，除了生产端走弱，需求端也同样表现弱势。不过，经济仍体现出韧性，尤其是对经济贡献较大的消费，居民消费意愿继续提升，支出水平保持了总体企稳的状态。经过首付比例降低、房贷利率下调的各项政策支持，房地产市场价格表现一般，但量有所回暖，尤其是一线和强二线城市。政策方面，财政政策基于高质量发展要求没有大规模刺激，同时受制于项目缺乏和地方债务管控的约束，广义财政扩张整体有限和克制；货币政策则延续支持经济复苏的基调，流动性整体保持充裕状态，同时为了降低社会融资成本，同步推动银行降低贷款利率、打击手工贴息行为等措施。此外，基于防范利率风险的角度出发，二季度央行多次在公开场合对中长期利率进行风险提示，以降低市场过度参与长债交易的热情，降低金融体系的风险。最后，由于整体银行理财持续扩张和银行欠缺信贷资产，债券市场出现一定的“资产荒”现象，也推动了信用利差持续压缩。运作期内，本基金保持适当的城投和高等级信用债仓位，在防范信用风险的同时，获取票息收入；另外，阶段性参与利率债交易。一季度保持中性状态，二季度央行多次提示长债利率风险后，总体投资保持相对谨慎态度。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.575Z","mo":"2024年下半年，预计经济将在底部保持弱企稳状态，债市预计延续低利率特征。从债市环境来看，经济弱企稳、货币政策不超宽松，决定了债市利率下行有底；经济难以有效回升、货币政策收紧概率低，决定了债市上行有顶。银行理财的扩张和银行自营的业绩压力，债市配置力量相对较强。不过需要注意的是，当前债市整体利率水平和利差水平均处于相对较低位置，同时中长端利率交易氛围浓厚，因此在把握阶段性机会的同时，需要保持一定的谨慎乐观态度。投资策略上，底仓保持中性状态，阶段性参与交易机会。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1142121","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c8","date":"2024-03-30T16:00:00.000Z","stockId":3000000003289,"sao":"2024年一季度债券市场利率整体趋势下行，呈现牛市特征，期限利差和信用利差均出现压缩状态。构成一季度债市走出牛市行情的因素主要是：第一，经济总体复苏相对弱势。一季度房地产市场表现有所企稳，房地产销售有所好转，但好转程度仍然相对有限，无法有效支持房地产整体开工投资的明显提升；另一方面，消费恢复较去年要好，不过收入增长缓慢仍然对消费增长构成制约。第二，财政政策温和和货币政策宽松。在当前更加注重高质量发展的基调下，国家并无意采取类似美国等西方国家实施的大规模刺激财政政策，而是推行更加注重支出结构的财政政策，加上地方债务风险处于化解阶段，广义财政支出增速难以提升；货币政策方面，一季度主要是从稳增长和促进物价回升的角度出发，政策方向总体宽松，实施降贷款利率、存款利率、降准等宽松政策以支持经济发展。第三，有效信贷资产不足和追逐收益行为下，银行资管机构的配置和交易力量双管齐下，将债券市场收益率曲线的各种利差进行压缩。而债市亦经历阶段性的震荡和调整，如一季度资金分层导致中短端震荡，3月初债市从偏热状态转为小幅调整，最后在配置和交易的作用下，快速修复完毕并延续下行态势。本报告期内，本基金以信用持有策略为主，注重票息收入；适当拉长久期，获取资本利得收入。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.572Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1066553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c7","date":"2023-12-30T16:00:00.000Z","stockId":3000000003289,"sao":"2023年债券市场总体表现牛市特征，趋势震荡下行，期限利差有所缩窄，信用利差压缩显著；信用债表现整体好于利率债。2023年宏观经济及政策面整体对于债券市场相较有利。受益于疫情结束的影响，一季度消费和生产场景都快速恢复，相关领域尤其是旅游、餐饮等行业表现较好，但相对缓慢增长的收入抑制了居民的消费意愿和能力，整体消费恢复的强度并不强劲；另一方面，房地产金融去杠杆进程的负面影响仍在延续，收入增长预期降低和房价震荡恢复不及预期，导致居民的购房需求相较疲软。对于生产端的房地产企业而言，一方面暂未得到销售端资金的有效回流，另一方面仍显著受制于债务压力，难以开展规模化的开工投资建设。因此，2023年宏观经济基础总体相对薄弱，仍需宏观政策的支持。下半年，国家从宏观政策层面在房地产、消费等领域推行了一系列措施，亦采取包括增发特别国债等财政刺激措施，以弥补总需求、提振经济表现；货币政策方面全年持续保持偏宽松的状态以支持经济恢复，三季度经济有所恢复后，曾短期内因汇率压力和金融空转问题而采取阶段性边际收紧措施，但在年底重回宽松状态。相对有利的宏观基本面环境，债券市场利率整体趋势下行，主要调整期是三季度央行边际收紧阶段和10-11月一级供给冲击阶段，而具备票息优势的银行二级债和永续债和中等评级债券在配置力量的驱动下，信用利差不断压缩。整体而言，全年债市呈现牛市表现，信用债投资回报好于利率债。本报告期内，本基金以信用持有策略为主，注重票息收入；同时，适当进行AAA银行债券的久期策略操作，增加资本利得的贡献。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.570Z","mo":"相较2023年，2024年的整体宏观经济环境未发生显著改变，消费和房地产所面临的中期因素尚未发生根本变化。消费方面，收入增长预期较低仍是制约消费较快恢复的关键因素，鉴于国内实施类似西方国家大规模财政补贴措施的可能性较低，收入增长平缓会一定程度制约消费；房地产方面，预计今年政策端会进一步推行积极的举措，在市场供求重新平衡后，房价企稳才有更坚实的基础，政策对需求的推动才可能更加有效；而政策对房地产企业的融资支持仍会延续，并继续推动如保障房、城中村改造等建设，相对来说，房地产开工投资有可能相对企稳；最后，在高质量发展的诉求下，财政刺激的强度预计仍保持相对温和。基于前述，2024年宏观经济变化未发生显著改变，债券市场的投资环境仍相对有利；不过，考虑到利率绝对水平 和利差水平压缩显著，行情的演绎空间相比去年要缩窄。预计2024年债券市场总体机会大于风险，波动幅度缩窄。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=1049704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c6","date":"2023-09-29T16:00:00.000Z","stockId":3000000003289,"sao":"2023年三季度债券市场整体行情震荡向上。7月中上旬，经济整体表现相对弱势，消费、房地产市场作为经济的主要复苏支柱，恢复均相对疲软；货币政策维持相对宽松状态。债券市场环境相对有利，市场利率延续了二季度的下行行情。7月下旬，中央政治局召开会议，强调了对经济复苏的支持基调，拟出台一系列经济刺激措施；8月房地产市场调控进一步放宽（包括降低房贷利率、首付比例、认房不认贷等），各地投放消费补贴，基建投资力度加大。基于对政策推动经济复苏的预期，债券市场利率出现小幅调整。8月底，市场利率继续调整：一方面，为防范资金套利空转和缓解汇率压力，银行间货币市场利率中枢水平有所提升，同时9月后国债发行量超预期加量，季末资金面明显紧张；另一方面，随着政策的陆续出台落实，经济恢复形势有所转好，PMI连续三个月回升。8月底到9月，利率债小幅调整10-15bp，信用债调整30-40bp，长端调整幅度少于短端，市场呈现曲线走平、信用利差扩大的特征。本报告期内，本基金以信用持有策略为主，注重票息收入；同时，7-8月适当降低AAA银行债，降低市场利率波动风险，9月调整后重新加仓。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.567Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=983677","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c5","date":"2023-06-29T16:00:00.000Z","stockId":3000000003289,"sao":"2023年上半年债券市场整体表现较好，利率水平总体趋于下行，信用利差有明显压缩。一季度，消费场景和生产加快恢复，宽松的金融条件和政策助力房地产企业融资，以及“保交楼”等一系列措施，房地产销售和开工投资都出现回升，经济短期表现良好，利率债表现较为震荡；信用债在货币政策偏宽松状态下，信用利差大幅压缩，尤其是受去年底理财流动性冲击的品种，如AAA银行二级债和银行永续债、AA+城投债等。步入二季度，经济复苏态势有所转弱，4月和5月的制造业PMI指数连续两个月维持在50分界线以下。在生产供给端整体正常情况下，PMI的弱势表明了需求端目前处于偏不足的局面。各种消费场景虽然都已恢复，但居民的消费意愿提升和收入恢复程度要弱于预期；在金融条件宽松支持和“保交楼”等有利措施下，房地产市场延续回暖，但程度仍有待提高；基建投资发挥逆周期作用，保持个位数增速。相比之下，制造业投资表现相对较好。在经济复苏力度不足预期的情况下，二季度货币政策维持偏宽松状态，并在6月中旬进一步宽松，进行降息操作，支持经济复苏。6月底，市场预期刺激政策可能集中出台，债市短期出现震荡表现。二季度在经济复苏表现一般、货币政策宽松的有利环境下，债券市场利率整体下行。本报告期内，本基金以信用持有策略为主，注重票息收入；同时，适当增加AAA银行债券的久期策略操作，提升资本利得的贡献。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.564Z","mo":"向前看，2023年宏观经济表现有望好于上半年，从而完成全年5%的GDP目标。一方面，伴随6月降息等货币政策宽松措施，以及其他相关刺激措施出台，如基建投资力度的加大，保障性租赁住房投资的投入，对新能源车等消费领域的补贴刺激，房地产金融条件宽松对房地产销售开工投资的支持，三四季度经济表现将环比逐步企稳回升；另一方面，随着经济复苏形势的变好，经济内生增长动力提高，居民对未来收入增长预期以及企业对未来前景的信心增强，消费投资也有望得到增强。下半年货币政策预计还将维持偏宽松状态，以继续支持经济的恢复发展。整体而言，在经济向常态水平逐步恢复和货币政策偏宽松环境下，债券市场总体机会和风险均不显著，震荡的可能性更大。信用方面，当前中央高度重视地方政府的隐性债务化解，城投债出现系统性风险的概率很低；但短期区域仍可能出现分化，对于弱区域的信用下沉需要保持谨慎态度。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=957330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c4","date":"2023-03-30T16:00:00.000Z","stockId":3000000003289,"sao":"2023年一季度债券市场呈现分化，利率债表现偏于震荡，信用利差有明显压缩，因此信用债表现明显好于利率债，尤其是在2022年底因理财流动性冲击的品种，如AAA银行二级债和银行永续债、AA+城投债等。一季度宏观经济趋于复苏：一方面，各种消费场景得到快速恢复，尤其是前期受影响较大的接触型消费，如餐饮、旅游、公众娱乐等。虽然1-2月汽车消费相对弱势，但这主要跟前期汽车政策刺激消退有关，剔除汽车后的消费增速表现仍相对较好。另一方面，经过近一年多的政策放松，房地产市场也有回暖。宽松的金融条件和政策助力房地产企业融资，以及“保交楼”等一系列措施，房地产销售和开工投资都出现回升。不过，一二线城市表现要好于三四线城市，显示房地产市场总体回暖仍需要继续关注。外需方面，考虑到医药类和电子类出口的持续明显负增长，以及欧美经济的下行压力，出口表现相对弱势。在推动经济向常态增速回归的过程中，一季度货币政策维持中性偏宽的状态。基于上述经济和政策环境，一季度债券市场呈现了利率债震荡而信用债表现强势的局面。本报告期内，本基金以获取票息收入的信用债持有策略为主，以获取资本利得的利率债波段策略为辅助。信用债投资在适度下沉的情况下，严控信用风险暴露。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.562Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=881963","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c3","date":"2022-12-30T16:00:00.000Z","stockId":3000000003289,"sao":"2022年债券市场利率水平大幅震荡，信用利差在四季度出现明显的扩张。1-2月份，在前期政策扶持下，经济出现短期的弱复苏态势，宏观经济金融数据呈现好转，债券市场出现短期无风险利率上行调整；在资金利率水平总体宽松和信用利差较高的情况下，信用债趋于下行，信用利差趋于压缩。3-6月份，由于奥密克戎变异毒株的高传染性，国内的生产消费总体受到不利影响；鉴于经济表现转弱和恢复的不断变化，3-6月份债券市场表现震荡。步入三季度，由于经济下行压力有所加大，央行货币政策的宽松程度较前期提升，隔夜回购利率水平DR001维持在低位水平，带动整体债券市场走出一波下行行情，信用利差和期限利差都出现明显压缩。四季度，疫情防控政策整体优化后，经济生产消费等活动逐渐恢复，房地产市场也在政策扶持下有所回暖，经济回暖预期提升，债券市场开始调整。银行理财由于净值破净，导致赎回流动性面临压力，被迫抛售资产，加剧了市场的调整幅度，信用利差因此明显扩张。本报告期内，本基金秉着稳健投资的风格，在震荡环境中，灵活调节产品久期水平，谨慎防御，控制产品净值回撤水平，管理好产品的负债端稳定性，最大限度地降低债券市场调整对产品收益的负面冲击。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.559Z","mo":"2023年债券市场总体利率水平趋于震荡上行。主要原因是经济处于复苏态势。一方面，疫情对国内经济的影响将逐渐弱化，消费生产等各项经济活动将恢复正常。另一方面，宏观政策也在继续实施促进经济恢复的措施，致力于改善居民收入水平，提升经济实体的未来预期和信心。除了消费较2022年有明显提升之外，房地产市场的改善也值得关注。2022年，房地产政策主要着力于供给端，如债券、股权等多方面支持房地产企业的融资恢复，推动贷款支持“保交楼”等，防止房地产市场的下行；除了供给端，在“房住不炒”的基调下，2023年政策还会在改善居民自住和改善需求上继续用力。因此，伴随消费和房地产市场两大经济主力的改善，今年经济总体趋于恢复；对于债券市场而言，利率水平趋于震荡上行。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=864619","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c2","date":"2022-09-29T16:00:00.000Z","stockId":3000000003289,"sao":"2022年三季度债券市场利率整体震荡下行，信用债表现总体强于利率债，期限利差有所扩大，信用利差延续压缩。上半年债市在疫情短期反复和政策宽松刺激下，利率水平变化偏于震荡；三季度后，经济维持偏弱的状态，而货币政策为支持经济增长向常态水平修复，延续了偏宽松的银行间资金面状态，隔夜回购利率DR001保持在1.2%附近，7天回购利率DR007保持在1.6%附近。短期利率中枢水平下移，带动债券市场总体收益率曲线重新定价并下移，短端下行快于长端，期限利差扩大；而资金成本便宜，使得信用利差得以继续压缩。步入9月份，已根据偏宽松环境定价的债券市场利率，缺乏经济增长和政策宽松的更多利好，基于美联储大幅加息和人民币汇率贬值压力以及预期9月份金融数据转好，市场利率出现10bp左右的普遍上行，利率债上行幅度多于信用债。整个三季度信用债表现要强于利率债。2022年四季度债市仍将处于震荡的环境。第一，常态核酸可以相对有效应对疫情，疫情总体得控，再度出现对经济短期深度冲击的概率下降，但消费领域的恢复时间预计会有所延长；第二，经过上半年政策持续的放松，地产的恢复形势预计会比上半年要好，同时考虑基数原因，同比数据持续转好的概率提高；基建方面也有新的政策落地，如政策性金融支持等。因此，下半年的经济恢复预计是要好于上半年的。对应到货币政策而言，在经济增长向常态水平修复过程中，货币政策大概率维持总体偏宽松，短期市场利率水平预计也会相应有所抬升，DR007的均值水平预计会从当前1.6%附近的偏低水平向政策利率逐渐靠拢。通胀问题会制约货币政策过于宽松，但还不足以让货币政策因此大幅抬升。下半年通胀压力将更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定。因此，鉴于经济的继续恢复和货币政策潜在的边际微调，债市缺乏明显的机会，但经济恢复并不强劲，也会限制债市的调整风险，四季度债券市场可能总体延续震荡局面。债券投资策略上需继续保持中性偏防御的状态，不宜过度激进；票息策略优于久期策略。三季度本基金延续稳健的投资风格，以配置策略为主，获取票息收入，同时底仓信用债注重防范信用风险；此外，组合通过适当参与利率债的择时，力求适当增厚收益。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.556Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯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=803106","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c1","date":"2022-06-29T16:00:00.000Z","stockId":3000000003289,"sao":"2022年上半年债券市场整体趋势下行，呈现信用债表现强于利率债，期限利差扩大和信用利差压缩的局面。年初基于经济下行担忧和政策宽松预期，债券市场利率明显下行；但2月份之后，经济金融数据短期表现良好，债券市场普遍出现20-30bp的上行调整；而步入4-5月份，上海等地疫情对短期国内经济形成较大的负面冲击，货币政策也跟随调整，维持偏宽松的货币市场利率水平，隔夜回购利率水平从2.1%附近下降，并持续维持在1.6%左右。资金成本的低廉、市场对收益的追逐，加之疫情冲击的短期性质和经济恢复趋势不变，导致中短期债券利率下行和信用利差压缩，而长端品种维持小幅震荡。步入6月后，上海等地疫情总体得到控制，债券市场重新回归至经济恢复的主线上，而对短期偏低的市场利率水平重新回归政策利率的预期抬升，债市出现一定幅度的利率上行。整体来看，利率债在疫情冲击和政策刺激的预期反复中表现震荡，信用债则在资金利率持续维持在低位水平下，表现强劲，信用利差总体明显压缩。    报告期内，本基金秉承稳健运作的投资风格，严控信用风险，久期灵活调节，适度使用杠杆提升组合收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.552Z","mo":"2022年下半年债市仍将处于震荡的环境。第一，常态核酸可以相对有效应对疫情，疫情总体得到控制，再度出现对经济短期深度冲击的概率下降，而防控适度放松的概率在提高，这有利于消费领域的恢复；第二，由于上半年政策持续的放松，地产的恢复形势预计会比上半年要好，基建方面也有新的政策落地，如政策性金融支持等。因此，下半年的经济恢复预计是要好于上半年的。对应到货币政策而言，短期市场利率水平预计也会相应有所抬升，DR007的均值水平预计将会从当前1.6%附近的偏低水平向政策利率靠拢。通胀问题会制约货币政策过于宽松，但还不足以让货币政策因此大幅抬升。下半年通胀压力将更多来自猪价因素，而非总需求因素，核心CPI有望保持稳定。因此，鉴于经济的继续恢复和货币政策潜在的边际微调，基于短期资金利率持续偏低带动的债市行情，利率下行的可持续性仍是需要关注的。来自基本面的利多因素趋于弱化，而利空因素有可能在积累力量。债券投资策略上需继续保持中性偏防御的状态，不宜过度激进；票息策略优于久期策略。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779842","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656c0","date":"2022-03-30T16:00:00.000Z","stockId":3000000003289,"sao":"2022年一季度债券市场利率水平呈现先下后上的震荡行情，短端利率表现相对好于长端。市场的主线是经济的筑底和政策的靠前发力刺激。面对地产销售低迷和疫情反复对经济的负面影响，国内经济总体呈现增长乏力状态；对于全年要实现5.5%GDP增长的政策目标，一季度开局的压力较为显著。因此，政策总体延续去年四季度的宽松，包括财政和货币政策，甚至是有所加码的。财政方面，提前下发地方债，提升财政支出增速，央行上缴万亿利润等，财政政策成为发力的重要点；而面对持续低迷的房地产市场，因城施策推动全国多地城市实行降首付、降贷款利率等房地产放松政策，以提振房地产销售；货币政策方面，一季度也进行了降息降准，银行间流动性较为充裕。综合施力下，经济下滑的态势有所稳住，1-2月经济金融数据总体表现超出预期，虽然持续性仍存疑；这也成为2月后债市出现调整的主要因素。相比之下，货币政策维持偏宽松的预期较为稳定，因此短端利率表现总体要好于长端。信用债方面，由于资金利率整体便宜且预期稳定，信用利差整体处于低位；但低等级信用品种，在地产违约持续的环境下，风险偏好仍较低，评级利差处于较高水平。最后，由于股票市场持续下跌导致固收+产品赎回压力加剧，银行类债券被迫抛售，利差扩张要大于其他品种。报告期内，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.550Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656bf","date":"2021-12-30T16:00:00.000Z","stockId":3000000003289,"sao":"2021年全年债券市场利率水平呈现震荡向下行情，同时出现显著的结构性信用风险。在房地产融资收紧和疫情延续的环境下，房地产销售投资在二季度后出现持续下行，消费增长在疫情持续反复下一直维持偏弱局面，经济下行压力贯穿全年；因疫情、能耗政策、长期产能不足等导致大宗商品价格持续上涨，PPI工业品价格持续上升，但由于总需求总体相对不足，以及传导机制缓慢，CPI总体维持低位，尤其是核心CPI。相应地，货币政策也维持了相对偏宽松的立场，市场利率也总体围绕政策利率小幅波动。市场利率也仅在1月出现有明显的上升，但央行也快速向市场投放了充足的流动性。10年国债利率从3.12%最低下行至2.78%，而银行间回购利率DR007维持2.2%中枢水平窄幅变动。信用方面，房地产融资的系统收缩，部分房企出现违约，市场风险偏好大幅下降，加剧了地产融资的自我循环问题；四季度央行及相关部门相应做出缓解地产融资的措施，改善购房和开发贷款等，但地产控杠杆的趋势仍未变化。    报告期内，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.547Z","mo":"2022年，经济总体仍主要处于地产、疫情所带来的负面影响，地产投资可能即将度过最坏的阶段，但在房住不炒的大基调下，对于地产领域的政策刺激将十分克制。对于消费而言，在外部病毒变种较多，全民接种虽已较高，但对外全面放开出入，对内放松管控的可能性仍不大，疫情对消费的负面影响将延续，但对出口的正面影响仍存。面对地产、消费的总体低迷，基建投资因为财政扩张相对有限、地方债务风险，难以出现明显的回升，总体预计保持在个位数增长，不能有效对冲；制造业投资的表现良好部分，也更多在新兴经济领域，但占比不够高。因此，货币政策全年预计仍维持偏宽松，根据经济形势变化做出边际调整，通胀因素可能会更加弱化。当前利率水平总体偏低，债券市场预计表现震荡；信用方面，部分地产公司的信用风险仍未解除，而城投债总体风险可控，但需要规避尾部风险。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656be","date":"2021-09-29T16:00:00.000Z","stockId":3000000003289,"sao":"2021年三季度债券市场利率水平呈现先下后上的行情。长端方面，10年国债利率在央行降准操作的带动下，从7月初3.05%附近的平台下行至9月末2.85%附近的平台，短端方面，三季度7天回购利率DR007平均值为2.16%，与二季度基本持平，也与央行稳健中性的货币政策的基调相匹配。三季度债券市场行情的主要驱动力在于央行7月份意外降准的行为带动了市场宽松预期的提升，从而带来了收益率曲线的整体下行。随后则是市场在逐步修正过度宽松的货币政策预期，市场收益率逐步向上修复到合理水平附近。往后展望，经济仍呈现弱恢复，主要压力仍在于地产领域，消费和工业生产在疫情和能耗双限政策修复下会有所恢复，但工业领域价格上涨压力仍较大；货币政策仍难有大松大紧的基础；四季度债券市场存在一定的分化压力，在理财净值化转型的背景下，利率债表现大概率强于信用债，短债表现大概率强于长债。报告期内，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.545Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656bd","date":"2021-06-29T16:00:00.000Z","stockId":3000000003289,"sao":"2021年上半年宏观经济延续恢复节奏，继续向潜在增速靠拢；结构表现仍保持分化、冷热不均，未有过热的风险，其中房地产市场和外需产业链保持较高景气度，消费则受疫情影响离完全恢复仍有距离。通胀仍是结构性特征，CPI受猪价大跌带动下行，核心CPI恢复但总体低位；国内外需求总体旺盛和供给约束双重作用下，PPI快速上涨，但向CPI传导尚不显著。政策方面，基于通胀的结构特征和支持经济继续恢复，上半年央行维持“稳”字当头基调，货币市场利率维持低位，7天DR007利率维持在2.2%附近波动，流动性总体维持偏宽松状态。债券市场方面，在偏宽松流动性的支撑下，上半年债市维持偏牛格局，中间震荡主要源自资金面波动，发生于1月底和6月末。市场曲线总体呈现牛陡特征，信用利差压缩；利率债及高评级品种绝对利率和利差水平处于历史相对低位，相比之下，中低等级品种因市场信用风险偏好回归缓慢，维持相对较高利差，配置价值相对较优，但仍需要注意防范信用风险、精选个券。    报告期内，本基金结合当前及未来宏观政策形势变化的判断，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.542Z","mo":"向前看，下半年宏观经济维持恢复态势，出现明显的过热风险或下行压力的概率均不高，通胀结构性压力将有所缓解，PPI预计从高位回落。货币政策方面，预计将继续维持偏宽松局面以支持经济向潜在增速恢复，而社融增速总体平稳回落和宏观杠杆率稳定，来自防风险的大幅收紧可能性较低。对于债市而言，预计仍是偏震荡的局面，在当前利率和高等级品种总体水平和利差偏低的情况下，主要机会仍在中低等级信用债的信用利差压缩，但仍需防范弱资质产业主体的违约风险。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630342","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656bc","stockId":3000000003289,"sao":"2021年一季度宏观经济方面，经济仍在持续恢复，但预计全年大超预期的概率较低；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱；通胀预计有所上行但可控。市场方面，利率债供给有一定压力，但发行节奏预计将较为平滑。货币政策方面，高层会议定调，政策需维持连续性、稳定性和可持续性，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言，接下来机遇与风险并存，市场波动幅度总体较2020年明显降低。    报告期内，本基金结合当前及未来宏观政策形势变化的判断，灵活调整组合久期水平，控制信用风险暴露情况，控制组合杠杆总体水平，以稳健的投资风格力争为投资者获取良好的投资回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.539Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656bb","stockId":3000000003289,"sao":"2020年债券市场大幅波动，1-4月利率水平大幅下行，5月之后大幅上行。新冠疫情是去年行情变化的主线。1-4月阶段：1月底新冠疫情爆发及3月海外疫情蔓延，国内封城等严厉防控措施出台，经济活动总体出现停摆并大幅下挫，逆周期政策启动，财政政策积极并额外发行一万亿特别国债，货币政策利率明显下行，隔夜回购利率最低到1%以内，债券市场利率跟随大幅下行，10年国债最低至2.5%左右；5月之后，国内疫情得控，海外疫情严重，国内经济活动快速恢复，尤其是生产和投资活动，基于防风险诉求的货币政策开始转向，回购利率重新向常态水平回归，债券市场利率重新大幅上行。回购利率回归到政策利率以上，10年国债利率最高达到3.3%。此外，7月股市大幅上涨、8-9月国债供给压力导致一级市场、11月产业国企永煤违约等，都加剧了债券市场的上行压力。直到11月底金稳会定调维稳债券市场，央行重新引导货币市场利率下行，债券市场获得短期喘息。信用债则在永煤事件之后，出现持续性的信用分化表现。报告期内，本基金秉承稳健的投资风格，注重票息策略，灵活调整久期，严控信用风险，同时在回购利率整体稳定的环境下，适当增加杠杆获取套息收益。此外，根据基金自身特性，做好信用债的信用分布，平衡好收益性、安全性和流动性，有效满足组合自身的流动性需求。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.537Z","mo":"向前看，2021年债券市场震荡下行的概率仍较大，信用分化仍将延续。宏观经济方面，疫情对中国出口和低端消费的影响仍在延续，但预计不会导致今年中国经济有明显的变化；在防风险的融资约束下，房地产表现今年将较2020年有所转弱，基建投资也将维持偏弱，但考虑政策的连续稳定性，这种弱势出现大幅恶化的概率较低。因此，2021年中国经济预计仍在向潜在增速复苏的路径上，过热的风险相对较低。货币政策方面，2020年中央经济会议定调，政策需维持连续性、稳定性和可持续性，不急转弯，并保持对经济恢复的支持力度，从基调上来说，货币政策总体是中性的，不会有大松大紧的波动，边际变化仍看经济表现和防风险之间调整。对于债券市场而言， 预计震荡幅度总体较2020年明显降低，在经济表现总体可能转弱的环境下，利率有一定的下行空间。信用方面，市场化改革方向决定未来产业国企的违约方向未变，而由于融资总体仍处于收缩状态，低等级城投仍存在可能的点状风险事件。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656ba","stockId":3000000003289,"sao":"2020年三季度债券市场呈现整体上行的行情。10年国债利率整体上行33bp右，10年国开债利率显著上行64bp，7天DR007回购利率中枢较二季度继续回升50bp左右。7月初，伴随股票市场的连续大幅上涨，在经济基本面恢复的预期下，市场对政策收紧预期的担忧加剧，债券市场利率相应大幅上行，股债跷跷板效应显著。而货币政策也伴随经济复苏，边际上有所收紧，体现为资金面总体的紧张。7月中旬后，股债跷跷板效应减弱，债市有所修复，但在资金面总体偏紧，同业存单利率同时上行的环境下，债市一级市场利率频频发高，并带动二级市场利率上行。短端市场利率，最终回归到政策利率水平附近。在此之后，市场利率总体呈现震荡形势。向前看，经济继续逐步向潜在增速恢复，但恢复速度未超预期。一方面，疫情对经济的压制已不显著，但之前受疫情打击较大的领域，如中低收入群体消费，这部分恢复速度相对偏慢。国庆期间，旅行出游表现较之前有明显恢复，但同比只恢复了七八成；重点企业零售餐饮日均销售增速同比4.9%，较8月限额以上社消4.4%未有明显提升。另一方面，伴随经济恢复，逆周期力量减缓，基建投资增速下降，房地产开启调控。在内生动力逐步恢复和逆周期力量对应减缓的情况下，经济的表现趋于恢复，但还难以过强。由于经济内生动力还不够强劲，回归潜在增速还需要政策的继续扶持，因此政策总体来说还是偏积极的。对于货币政策而言，基调仍是中性偏宽松的，DR007也基本围绕2.2%附近小幅波动，较为平稳。但基于\"稳增长和防风险的长期均衡\"，\"尽可能长时间实施正常货币政策\"，政策利率短期下行的可能性较小。降低远期售汇准备金，以逆周期手段来防止人民币汇率的顺周期过度升值，减少了利率政策的约束。当前债市所面临的市场环境相对温和，经济不冷不热、政策中性偏宽松，市场利率水平相对合理。债市趋于震荡，策略适于中性偏保守。 本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.534Z","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb04656b9","stockId":3000000003289,"sao":"2020年上半年债券市场呈现先下行后大幅上行的行情。10年国债利率整体上行5bp右，最低下探至2.5%附近，隔夜回购利率中枢从2%以上下降到1%以内，5月后又重新上行至2%附近。1月底新冠疫情开始爆发，经济停摆，政策为了稳增长持续宽松；2月中下旬，国内疫情总体得控，但3月底海外疫情开始愈演愈烈的，受超预期下调超额存款准备金率和定向降准的影响，债券收益率继续大幅下行。4月中下旬开始，金融、经济数据边际改善，两会召开时间确定，并提出防范资金套利空转问题，预示着经济基本面探底回升势头良好，国内疫情防控取得较好成效，监管层开始重视宽松货币政策带来的\"后遗症\"， 央行货币政策开始进入\"观测期\"，叠加利率债供给压力，资金价格不断抬升，5月份至6月份，债市进入上行态势。二季度债市的变化核心在于央行撤出应对疫情的危机模式，更加注重保增长和防风险的平衡，货币政策出现边际收紧。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.532Z","mo":"向前看，经济延续回暖，但恢复速度有所放缓，供需不平衡继续，货币政策的宽松基调未变，稳增长仍是重要目标，政策短期难转向，但也难以回到3-4月份的宽松状态。外部方面，欧洲疫情得控和经济重启，经济表现逐渐恢复，美国疫情因重启及抗议活动，再度爆发，恢复前景暗淡。外需总体偏弱。内部方面，经济持续改善，但很可能已走过最快的复苏阶段，且疫情对餐饮旅游服务等相关领域的压制仍存在，经济仍运行在潜在增速以下。因此，在经济持续恢复和仍面临不确定性环境下，货币政策出现实质转向的可能性较低；短期，基于防范金融风险的要求，货币政策也难以重新回到之前的超宽松时期，后续将进入观察期。债市总体进入震荡期，票息策略优于久期策略。资金成本仍较为便宜，杠杆套息仍可以适当提升投资收益。本基金将继续结合宏观政策形势变化，适时进行久期调节，注重票息收益，严控信用风险，力争为投资者赚取良好的投资回报。","fund":{"_id":3000000003289,"__csrcFundId":866,"stockCode":"003289","shortName":"创金合信尊泰纯债债券(003289)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3289,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:14.136Z","status":"normal","inceptionDate":"2016-10-20T16:00:00.000Z","name":"创金合信尊泰纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信尊泰纯债债券","pinyin":"cjhxztczzqxzqtzjj","managers":[{"stockCode":"db20894659","stockType":"fund_manager","exchange":"fm","tickerId":192425238330,"name":"孙霄宇"},{"stockCode":"db20605562","stockType":"fund_manager","exchange":"fm","tickerId":2403180760,"name":"谢创"},{"stockCode":"j101020253","stockType":"fund_manager","exchange":"fm","tickerId":2307253090,"name":"王淦"}]},"announcement":{"linkText":"创金合信尊泰纯债债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464327","linkType":"PDF","source":"csrc_pdf"}}]}