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，市场风格切换开始出现，高景气赛道股板块大量筹码拥挤，成长风格高度集中并触发成长板块的调整。四季度预计权益市场将继续围绕政策博弈进行交易。  考虑到信用债的配置价值和宽松的资金面，我们继续增配风险可控、具备一定收益的中短期信用品种，提升了组合静态收益率并择机参与利率债交易操作。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.997Z","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809323","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb046573d","date":"2022-06-29T16:00:00.000Z","stockId":3000000003290,"sao":"2022年一季度，年初经济增速企稳向好，但疫情冲击下基本面承压。继中央经济工作会议后，政府工作报告再次退出稳增长的政策取向，并提出5.5%的经济增速目标。在稳增长政策的推动下。一季度经济开局较好，1-2月经济数据大超预期，生产、消费、投资均大幅好于去年12月，经济基本面企稳向好。但3月疫情多点扩散，全国的生产、消费和物流都受到严重影响。  二季度，受疫情反复影响，国内经济增速放缓。二季度上旬PMI、社融、进出口等经济数据整体低于市场预期，经济基本面承压，宽货币及宽信用政策并行，LPR超预期下调，宽信用再度加码，降准进一步释放流动性，资金面整体维持宽松。二季度下旬以来，疫情冲击减弱，经济探底修复，整体修复力度温和，制造业投资改善，地产销售环比增速拐点出现，出口增速超预期回升，城镇调查失业率小幅回落。随着复工复产持续推进，经济继续爬坡，宽信用政策继续加码，社融增速有望继续回升。  2022年一季度，债券市场先涨后跌，而后维持震荡，整体震荡。1月份在前期央行降准和月中央行下调 MLF 操作利率的带动下，市场被宽货币预期主导，收益率下行至低点，十年期国债一度下降到2.67%。2月，美国通胀大超预期，节后在美联储紧缩预期下美债利率上行，叠加1月社融数据超预期带来宽信用担忧，收益率逐步上行，2月下旬在俄乌冲突、广州房贷利率下调等因素影响下，收益率冲高回落。3月央行上缴结存利润、重点领域项目建设、多地放宽购房政策等宽信用政策频频落地，2月社融数据低于预期，而经济数据大超预期，市场在宽信用和宽货币之间反复摇摆，叠加疫情和地缘冲突的扰动，利率整体呈现震荡走势。二季度，债券市场窄幅震荡，整体小幅下跌。4月市场宽松预期增强，中旬降准幅度不及预期，中央政治局会议后稳增长政策措施加快落地，长端收益率先下后上，整体上行；5月份经济基本面承压，资金面持续宽松，市场宽货币预期再起，长端收益率有所下行；6月高频数据显示生产需求进一步修复，经济基本面边际改善，受跨季等因素影响，资金利率小幅上行，债券收益率震荡调整。  一季度权益市场指数层面整体重现震荡下跌态势，上证指数下跌10.65%，创业板指下跌19.96%。从行业表现来看，市场风格从新能源等赛道股重新回到价值股，稳增长标的有所表现。从细分领域看，煤炭以及房地产、银行、建筑等与稳增长相关的标的表现良好。4月份在上海疫情爆发的影响下，股市再次大幅调整。4月底开始，疫情逐渐好转叠加促汽车、家电消费等政策密集出台，风险偏好回升，权益市场大幅反弹，反弹行业一开始集中在风光储和电动车，后来消费和医药也有所表现。  一季度，组合以持有策略为主，个券持仓上做了调整，并保持组合一定的静态收益率。二季度，考虑到信用债的配置价值和宽松的资金面，我们增配了风险可控、具备一定收益的中短期信用品种，提升了组合静态收益率并择机参与交易操作。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.994Z","mo":"展望下半年，国内经济方面，货币政策预计将继续保持宽松，财政政策会继续发力，重点关注几个方面：地产销售能否起来，地方基建能否明显上量，疫情对消费的负向扰动能否缓解。海外宏观方面，在通胀没有明显缓解的情况下，预计各国央行还会继续收缩流动性，欧美经济是否会很快进入衰退也取决于美联储收紧的力度和节奏。基准情形下，假设没有突发疫情或其他特殊因素的影响，我们预计下半年国内经济将触底回升，但复苏的力度可能不会太强，企业盈利也会见到改善。大类资产配置上，我们认为权益、商品等资产可能好于债券和货币类资产。","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳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=787551","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb046573c","date":"2022-03-30T16:00:00.000Z","stockId":3000000003290,"sao":"2022年一季度，年初经济增速企稳向好，但疫情冲击下基本面承压。继中央经济工作会议后，政府工作报告再次退出稳增长的政策取向，并提出5.5%的经济增速目标。在稳增长政策的推动下。一季度经济开局较好，1-2月经济数据大超预期，生产、消费、投资均大幅好于去年12月，经济基本面企稳向好。但3月疫情多点扩散，全国的生产、消费和物流都受到严重影响。  房地产方面，1-2月地产投资、施工面积同比转正，新开工、销售同比为负。3月下行压力持续，TOP100房企销售同比降幅进一步加大，由于行业风险仍未出清，在债务违约背景下房地产融资仍未有回暖。当前虽然政策有所缓和，当前距离房地产销售转正还需要一定时间。消费方面，3月份国内疫情对供应链带来一定扰动，对消费和部分接触型服务业的恢复带来影响。生产方面，制造业和非制造业PMI指数环比回落，反映出疫情的拖累。投资方面，制造业和基建投资增速提升，但地产投资继续下行。进出口方面，一季度出口同比在高基数下依然保持了两位数的增长，显示出口依然强劲。进口增速保持高位，但主要是价格上涨的贡献。通胀方面，受俄乌危机持续推升大宗价格影响，PMI价格数据持续上升，3月PPI同比维持8.3%高位；CPI同比小幅上升，反映出疫情影响下超季节性需求。社融方面，3月份社融同比多增大超预期，基建需求多增，但是社融结构仍然欠佳，短贷和政府债券是主要贡献，而居民贷款同比少增。  针对当前我国经济情况，预计稳增长政策将持续发力。财政政策方面，预期财政支出进度继续提速，专项债使用范围扩大，退税减税政策进一步落实。货币政策方面，外部压力下仍将维持稳健偏宽松态势。稳增长政策有望恢复市场信心，但在疫情冲击下，消费或将进一步恶化，生产预计高位回落，出口增速也将承压，而投资将在政策驱动下成为拉动经济增长的重要抓手，但进一步上行也面临压力，重点关注房地产政策走向。疫情冲击下，经济基本面下行压力仍存，需要进一步观察基本面是否出现触底反弹的趋势。  2022年一季度，债券市场先涨后跌，而后维持震荡，整体震荡。1月份在前期央行降准和月中央行下调 MLF 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atus":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb0465739","date":"2021-06-29T16:00:00.000Z","stockId":3000000003290,"sao":"2021上半年，国内经济延续复苏趋势，但二季度以来增速有所放缓。年初以来，国内外需求恢复明显，出口带动下工业生产增速上行，国内生产端持续维持较高景气度。受供给收缩以及需求复苏影响，大宗商品价格大幅上涨，PPI持续攀升，通胀预期压力增大。需求端，剔除基数效应后，基建地产增速有所放缓，但消费增速逐步抬升，随着疫情影响的消退，消费有望进一步改善，同时受全球需求增长总量推动以及海外生产恢复较慢等因素推动，上半年出口仍较强劲。上半年社融增速拐点已现，整体增速趋势性放缓，信用供给压缩，而市场配置需求仍较强，加之货币政策整体宽松，资金面维持宽裕，利率债供给整体发行节奏平稳，债券市场整体上涨。2021上半年，债券收益率先上后下，整体呈震荡下行趋势。一季度，受流动性冲击以及通胀等因素影响，债券收益率大幅上行，此后资金面维持合理宽松，叠加股市大幅回调，市场避险情绪浓厚，债券收益率下行。二季度，债券市场受资金面影响窄幅波动，利率债供给压力不及市场预期，叠加社融增速如期放缓、大宗商品价格中旬以来大幅回调，债券收益率整体下行。一季度股市表现分为两个阶段，第一阶段是春节前，再通胀交易升温，大宗商品、全球股市大幅快速上涨，第二阶段是春节后，通胀预期下，市场开始担忧美联储提前收紧货币政策，美债收益率继续上行，全球股市大跌。二季度中后期，大宗商品价格高位回落，市场对通胀的担忧逐渐缓解，国内货币政策维持维持宽松，美联储态度偏鸽，美债收益率也震荡回落，在上述背景下，全球权益市场大幅反弹。考虑到债市的配置价值，我们精选个券，做了结构调整，关注风险可控，收益较高的中短期品种，保持组合一定的静态收益率。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.978Z","mo":"我们认为，下半年宏观经济和股债市场走势取决于财政政策力度，预计可能出现两种情形，第一种是，就业形势尚可，政策有定力，继续稳/降地方融资平台和地产的杠杆，融资需求持续低迷，货币政策中性维稳，债市收益率低位震荡无大机会，预计权益市场回报较优，风格偏成长。第二种是，持续信用收缩背景下经济回落风险加大，同时对就业带来扰动，货币保持宽松，财政政策发力，地方债和平台融资需求上升，地产强压政策暂缓。这种情形下，通胀可能在四季度呈现阶段性压力，债市收益率先下后上，权益市场将呈震荡格局，价值和周期风格有阶段性机会。目前很难判断哪种情形概率更大，只能从节奏来看，短期应该延续情形一，但是三季度末或四季度可能将呈现情形二。总体上，我们认为在流动性合理充裕的情况下，股债市场系统性风险不大，下半年有望出现阶段性和结构性的机会，我们将继续通过大类资产配置和自下而上的方法管理好产品，规避风险，抓住机会，力争实现组合的预期回报。","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳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=636774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb0465738","stockId":3000000003290,"sao":"一季度国内经济延续修复趋势，但整体增速放缓，海外经济在疫苗注射和财政刺激下持续复苏。生产端受就地过年等政策影响，仍维持较高增速，工业增加值同比增速达到35.1%，目前海外需求恢复较好，出口带动下工业生产增速仍有望维持。需求端，剔除基数效应后，固定资产投资增速有所放缓，其中基建及制造业投资增速低于去年年末，房地产调控趋势仍严，但年初以来房地产销售情况较强，房地产投资增速仍有一定韧性，消费数据整体仍较弱，随着疫情影响进一步消退，消费有望进一步改善。社融增速拐点已现，社融增速大概率下行，信用环境整体收缩。一月中旬央行超预期回笼流动性，资金面大幅收紧，此后货币政策维持合理宽松，资金面情况整体平稳。一季度股债市场表现分为两个阶段，第一阶段是春节前，再通胀交易升温，大宗商品、全球股市大幅快速上涨，债市调整明显，第二阶段是春节后，通胀预期下，市场开始担忧美联储提前收紧货币政策，美债收益率继续上行，全球股市大跌。从大类资产表现来看，一季城投债债最优，其次是利率债，创业板表现最差。我们整体对债市维持中性看法，久期偏防守，组合主要通过票息和杠杆获利。我们整体对债市维持中性看法，久期偏防守，组合主要通过票息策略获利。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.971Z","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575327","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb0465737","stockId":3000000003290,"sao":"2020年新冠疫情主导了全球经济，资本市场风险偏好先抑后扬，债券收益率先下后上。年初疫情冲击全球经济，各国货币政策纷纷转向宽松，市场流动性宽裕，债券牛市全面开启，债券收益率大幅下行；进入二季度后，海外流动性冲击，国内债市小幅调整，随着国内疫情得以控制，经济复苏速度增快，央行货币政策逐步回归正常，流动性开始收敛，债券市场由牛转熊；三季度，国内疫情进一步好转，工业生产及外贸等经济数据延续回暖态势，债券收益率整体上行；四季度国内需求持续复苏，海外需求也在疫苗出台和强财政刺激下复苏动力进一步增强，12月受信用风险事件冲击，央行超预期投放MLF，货币政策再次转向边际宽松，债券收益率大幅下行。信用方面，全年来看信用基本面大部分时间平稳，信用利差则随债券市场调整被动走扩及压缩，3、4月份，利率债收益率下行使得信用利差被动大幅上行，5月份开始，债市开始走熊，信用利差也逐步压缩，在11月份信用风险冲击过程中，信用利差大幅走扩，最终超过年初水平。随着信用风险事件冲击逐步减退，整体信用债收益率跟随利率债下行，但信用等级分化仍持续，信用债估值调整缓慢，信用利差整体走扩。权益方面，超预期的疫情冲击导致权益市场开局不利，全球股市在一季度大幅下跌。为了对冲疫情负面影响，全球货币和财政政策纷纷放松，权益资产从二季度开始触底回升，虽然中途有波动，但是整体涨势维持到了年底，虽然热点板块有所轮动，但是全年涨幅居前的基本都是盈利稳定、疫情受益或者符合未来经济社会发展方向的行业和个股。组合操作方面，纯债部分主要从基本面和货币政策出发，保持了合理的仓位和久期，提升组合静态收益的同时择机交易获利，组合净值取得了一定的增长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.968Z","mo":"展望2021年，虽然有疫情的阶段性干扰，全球经济仍有望延续复苏态势，主要几个原因：第一，经过2020年的疫情防控，各国积累了相关经验，随着疫苗接种的铺开，疫情影响大概率可控；第二，全球制造和房地产行业库存处于相对低位，一旦疫情缓解，经济整体需求将得到明显释放，经济内生向上的动力较充足；第三，至少在可预期的将来，经济复苏基础还不太稳固，全球尤其欧美国家货币政策宽松力度暂时不会减弱，这将支撑经济有效复苏。具体到市场，我们认为虽然经济基本面利好风险资产，但是考虑到权益市场估值已经偏贵，而且国内货币政策的回归常态也不利于利率敏感型行业或个股，预计2021年权益资产的整体回报将低于2020年，更多需要寻找结构性机会。相反，如果债市收益率在通胀影响下被推升至一个更高的水平，相对风险资产的价值将更加突出，届时固收资产将迎来系统性的配置或交易机会，值得重点关注。","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳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=559727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb0465736","stockId":3000000003290,"sao":"三季度，国内疫情进一步好转，前期宽松政策实施落地并带来一定积极效果。从PMI、工业增加值、发电量、投资增速、外贸和汽车销量等经济数据来看，基本面延续回暖态势。从欧美近期数据来看，经济也在复苏过程中，但是由于疫情防控措施不够理想，9月开始，若干国家新增确诊病例数明显上升，带来市场对二次疫情的担忧。由于国内疫情防控得力，经济复苏相对较快，国内货币政策延续了5月以来中性偏紧的态度。基于自身经济复苏力度和节奏，欧美经济体依然保持了较为宽松的货币和财政政策。但是总体来讲，无论中国还是海外，宏观调控政策边际最宽松的阶段已经过去。综上所述，三季度整体环境不利于债市而相对有利于股市，债市收益率整体继续上行，其中10年国开上行62bp，10年国债上行33bp，1年国股同业存单收益率上行64bp。A股7月初迎来周期股大涨，然后指数高位震荡并调整，结构上，新能源、军工、旅游和汽车等行业和相关个股表现突出。考虑到整体环境依然不利于债市，我们本季度继续保持组合较低的久期暴露，主要通过票息策略获利，并适当把握交易性机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.964Z","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳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=492570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7237fea5b3eb0465735","stockId":3000000003290,"sao":"一季度，在突发疫情影响下，全球经济活动受到冲击，基本面弱复苏预期被打破。1-2月份，各项经济数据大幅下滑，逆周期政策下，随着专项债额度的提升以及赤字率可能调整，后续基建有望加码托底经济，但海外疫情的失控以及市场对全球衰退预期的担忧，制造业投资整体不容乐观。为了对冲疫情负面冲击，国内货币政策进一步宽松，债市收益率明显下行。随着国内疫情逐渐得到控制，政府出台各项刺激政策，利率债有所调整，3月随着海外疫情开始蔓延扩散，全球央行货币政策持续宽松，债市收益率再次下行。受疫情影响，权益和商品市场均明显下跌。二季度，随着国内疫情得到阶段性控制，基本面数据也逐渐企稳回升，货币政策从疫情期间的大幅宽松逐渐恢复至常态，股债汇和商品市场经历了比较大的波动。4月份，货币政策维持宽松，债牛延续。5-6月，货币政策边际收紧，债市各期限品种收益率明显上行。随着风险偏好上升，全球商品和权益市场在二季度也取得较好回报。上半年，我们主要基于疫情变化、经济基本面的起伏和事件冲击对市场的影响来制定组合大类资产配置策略和久期策略，同时通过仓位和交易控制净值波动。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:12:03.960Z","mo":"展望下半年，从基本面来看，我们认为经济企稳回升的方向大概率会持续，考虑到严控地产和海外复苏的不确定性，下半年经济回升的斜率可能弱于二季度；从资金面来看，目前全球经济复苏的基础并不牢固，货币政策短期内应该不会转向；从需求角度看，低利率时代下，市场资金对权益资产的关注度在持续提升。基于上述看法，如果没有外部超预期冲击，我们预计下半年股票和可转债的回报大概率将好于纯债。","fund":{"_id":3000000003290,"__csrcFundId":975,"stockCode":"003290","shortName":"长城久稳债券(003290)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3290,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:50:18.882Z","status":"normal","inceptionDate":"2016-11-10T16:00:00.000Z","name":"长城久稳债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050150000,"currency":"CNY","masterFundShortName":"长城久稳债券","pinyin":"ccjwzqxzqtzjj","managers":[{"stockCode":"db20874170","stockType":"fund_manager","exchange":"fm","tickerId":230225228450,"name":"吴冰燕"},{"stockCode":"db20755918","stockType":"fund_manager","exchange":"fm","tickerId":2310202900,"name":"魏建"}]},"announcement":{"linkText":"长城久稳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=463324","linkType":"PDF","source":"csrc_pdf"}}]}