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年期国债收益率较去年年末下行约2.5bp至1.65%。1年国债收益率较去年年末上行26bp至1.34%。报告期内，我们基本维持组合的纯债类资产配置，持仓品种以利率债为主。组合加权久期控制在中等偏高水平，投资策略以利率波段为主，在力求获取稳定的票息的基础上以期取得超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.975Z","mo":"展望2025年下半年，海外贸易政策影响或阶段性减退，基本面影响可能开始显现，流动性充裕环境有望延续，关注国债买卖重启进度和后市利率表现。组合操作上将根据市场波动，适当提高波段操作频率，以追求更佳回报。","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType":"fund_manager","exchange":"fm","tickerId":2508203910,"name":"杨翰"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信恒利三个月定期开放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=1344374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffb7fea5b3eb0505b4d","date":"2025-03-30T16:00:00.000Z","stockId":3000000013325,"sao":"2025年一季度中国经济实现“开门红”，就业物价总体稳定。整个一季度，利率震荡上行。流动性与货币政策方面，央行通过买断式逆回购和MLF净投放保证了资金面整体充裕，暂停了国债买卖，对短端形成一定影响。总体而言，2025年一季度利率债收益率以上行为主。截至2025年3月末，10年期国债收益率录得1.81%，较2024年末上行约14bp。利率低点出现在年初，之后不断突破年内高点上行。报告期间，组合以利率债投资为主，整体维持了中性的久期水平。整体回顾，组合操作相对灵活，久期根据市场变化灵活调整，在收益率上行期间仍然通过积极交易增厚了收益。后期组合将继续关注财政政策边际变化、债券供需对比、央行货币政策节奏以及资本市场风险情绪变化，根据宏观基本面和流动性变化及时调整久期、杠杆，同时将继续通过波段交易力争提升组合收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.972Z","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType":"fund_manager","exchange":"fm","tickerId":2508203910,"name":"杨翰"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信恒利三个月定期开放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=1273742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffb7fea5b3eb0505b4c","date":"2024-12-30T16:00:00.000Z","stockId":3000000013325,"sao":"2024年全年，经济增长完成年初的目标值。 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月，市场在经济偏弱和降息预期的带动下，收益率下行；降息后，随着其他稳增长政策的陆续出台，债市出现回调。截至2023年9月28日，10年国债收益率2.68%，10年国开债收益率2.74%，较2023年半年末分别上行4BP和下降4BP。报告期间，基金以利率债投资为主，考虑到利率处于相对偏低区域，组合杠杆和久期均处于中性偏低位置。季度中开放赎回期间，久期和杠杆短期内被动上升，重新进入封闭期再度将杠杆和久期维持在偏防御区间。后期仍将采取相对防御的策略，根据流动性和市场预期变化做好波段操作。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.955Z","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType":"fund_manager","exchange":"fm","tickerId":2508203910,"name":"杨翰"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信恒利三个月定期开放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=989621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffb7fea5b3eb0505b46","date":"2023-06-29T16:00:00.000Z","stockId":3000000013325,"sao":"2023年上半年债券市场表现较好，除年初基本面及政策有较强预期，利率有所上行，其余阶段政策预期波动较大，而经济基本面维持弱复苏节奏，利率整体呈下行走势。尤其是进入二季度后疫情修复脉冲效应逐步消退，经济增速斜率放缓，同时市场资金面持续维持宽松，货币政策宽松的预期也不断强化，市场利率基本走出单边下行走势直至6月中旬降息落地。此后市场在利率相对低位开始盘整，接近去年历史低位水平。报告期间，组合以利率债投资为主，基于对经济复苏弱预期、流动性维持宽松的判断，一季度初组合维持了相对较高的久期，杠杆上也维持中等偏高水平。因此在一季度前半程收益率上行期间，组合收益表现较弱。3月份市场对经济修复预期调整后，组合收益有所修复。由于一季度信贷投放力度较大，担忧二季度在低基数情况下经济或有较好的同比表现，因此二季度初适当降低了久期，组合整体维持了相对中性久期策略。二季度末组合进入开放期，为应对潜在的流动性要求，提前降低了杠杆，久期也进一步下降。二季度组合整体久期和杠杆上都相对偏低，二季度收益表现一般。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.952Z","mo":"展望下半年，经济修复仍需要宽松的货币政策支持，负债成本下降也是支持实体经济复苏的重要条件，在没有见到经济有效企稳前，债券市场整体面临的风险或不大。但随着下半年财政政策发力、地产政策放松及其他稳增长政策出台，经济库存拐点、价格拐点、盈利拐点可能相继出现，利率下行空间有待观望。对下半年利率走势整体维持区间震荡判断，具体操作上还是维持中性久期，适当考虑逆向波段操作，通过对经济基本面和政策预期边际变化的跟踪，动态调节久期和杠杆， 以期提高组合投资收益。","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType":"fund_manager","exchange":"fm","tickerId":2508203910,"name":"杨翰"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信恒利三个月定期开放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=964017","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffb7fea5b3eb0505b45","date":"2023-03-30T16:00:00.000Z","stockId":3000000013325,"sao":"2023年一季度利率市场主要经历了四个阶段。第一阶段：年初收益率上行至春节，为期一个月。第二阶段：春节后收益率开始震荡下行至二月中旬，为期两周。第三阶段：二月中旬后收益率短期快速上行至二月末，为期两周。第四阶段：三月初开始收益率震荡下行至月末，为期一个月。第一阶段收益率上行的主要原因如下：1）\t去年四季度的债市调整后，债券性价比升高，收益率开始从高位回落，利率债进一步下行空间相对有限，收益率转为上行。2）\t市场预期的一月份降息预期未能兑现，利率转为上行。3）\t市场对于一月份信贷开门红预期较强，对一季度经济复苏的预期也较强，对债市产生一定压力。第二阶段收益率转为下行，但是幅度不大的主要原因如下：1）\t春节过后，数据显示需求不及预期，经济是弱复苏状态，利率开始转为下行。2）\t同业存单供给和同业存单利率仍在高位；资金利率没有明显回落，市场对二月份的贷款预期依然很高，所以利率尽管已开始转势，但是下行空间有限。第三阶段收益率短期快速上行的原因如下：1）\t二月初资金超预期紧张，叠加税期，资金利率和波动性都明显变高。2）\t二月中旬，商业银行资本管理办法征求意见稿公布，市场收益率整体大幅上行。第四阶段收益率开始明显下行的原因如下：1）\t数据显示经济复苏力度一般，且未有超预期政策。2）\t进入3月后，央行持续回收流动性，逆回购存量持续减少，但是资金利率没有明显上行，超出市场预期，二月份资金紧张的担忧有所缓解。3）\t市场普遍认为降准会发生在二季度，但是央行在三月份超预期降准，收益率下行。报告期间，组合以利率债投资为主，基于对经济复苏节奏可能弱于市场预期、流动性维持宽松的判断，组合维持了相对较高的久期，杠杆上也维持中等偏高水平。因此在一季度前半程收益率上行期间，组合收益表现较弱。3月份市场对经济修复预期调整后，组合收益有所修复。后期组合将继续密切跟踪市场对经济修复预期及流动性波动情况，动态调整组合久期和杠杆水平，争取获得更好的投资收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.949Z","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType":"fund_manager","exchange":"fm","tickerId":2508203910,"name":"杨翰"},{"stockCode":"j101020031","stockType":"fund_manager","exchange":"fm","tickerId":171019243250,"name":"乔健生"}]},"announcement":{"linkText":"申万菱信恒利三个月定期开放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=881714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecffb7fea5b3eb0505b44","date":"2022-12-30T16:00:00.000Z","stockId":3000000013325,"sao":"2022年受疫情、地产拖累影响，全年经济表现较弱，利率债市场虽然从全年来看利率水平变化不大，但年中波动较大，期间先后经历了两次较小的波动及一次较大的震荡。具体来看，年初降息操作等宽松预期带来利率显著下行，但随后地产政策放松等稳增长政策加码带动利率从低位回调至年初水平。3、4月份疫情蔓延推动利率再度下行触及1月份低点，随着5、6月份疫情缓解，利率再度回升至前高。而8月份超预期的降息带来了利率年内最大一波下行，货币政策进一步放松预期及超宽松的资金面带动利率在9、10月份触及年内低点，但11月份起防疫政策变化、地产宽松政策加码扭转市场对经济的悲观预期，利率转头向上，理财产品净值下跌引发赎回，进一步加剧了市场下行，到12月份中旬各期限利率品种达到前高或创出年内新高。信用债走势在前三个季度表现一直优于利率债，在持续的配置压力下，信用利差被不断压缩，而在四季度市场调整过程中，理财产品赎回负反馈导致信用债剧烈调整，信用利差迅速被拉大至近几年的高位水平。报告期间，组合以利率债投资为主，根据市场变化动态调整久期和杠杆水平，全年获得了相对较好的回报。具体来看，1月份利率下行后降低了组合久期，3、4月份积极增加久期，以及7、8月份再度降低久期，均较好的预判了市场变化。但操作上也有不足之处，如8月份开始过早降久期，没有能完全把握9、10月份利率行情，而在10月底利率处于年内低位水平时，虽然进行了压降久期的操作，但久期压缩不够坚决，同时在11月市场调整后提升久期的操作也略偏左侧，期间基金净值波动均较前期有所提升。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:47.946Z","mo":"展望2023年，经济修复的预期较强，但实际增长需要数据不断的印证。从流动性角度看，经济修复过程中，稳健的货币政策需要配合积极的财政政策，流动性将维持合理宽松，但与2022年相比货币市场利率中枢和波动水平可能将有所抬升，在较强的复苏预期下，利率市场也可能将有所抬升。但经济修复过程也可能有所波折，地产投资和出口下滑可能一定程度上影响2023年经济表现，财政收入增速下降也可能限制基建投资托底经济的能力，这些因素都可能会限制利率的上行空间。同时从降低实体经济融资成本角度看，市场利率也不宜上行过高过快。因此即使2023年对利率市场略微谨慎，但也不用过度悲观，预计利率上行的空间或将较为有限。全年来看，利率可能将在一个相对较窄的区域内波动。根据这样的市场判断，本基金在操作上将注重寻找性价比，降低盈利预期，提高交易的频次，通过动态跟踪宏观政策和流动性预期变化，结合利率波动区间和市场预期兑现情况，动态调整组合久期，通过适度的波段交易来力争增厚组合回报。","fund":{"_id":3000000013325,"__csrcFundId":9939,"stockCode":"013325","shortName":"申万菱信恒利三个月定期开放债券(013325)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13325,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:43:49.877Z","status":"normal","exchange":"jj","name":"申万菱信恒利三个月定期开放债券型证券投资基金","fundCollectionId":4000050340000,"followedNum":0,"inceptionDate":"2021-10-14T16:00:00.000Z","masterFundShortName":"申万菱信恒利三个月定期开放债券","setUpDate":"2021-10-14T16:00:00.000Z","setUpAssetScale":4700009754.45,"setUpShares":4700009754.45,"pinyin":"swlxhlsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20745986","stockType"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