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　　基本面方面，1-3月制造业PMI呈\"前低后高\"走势，1-2月PMI受春节因素影响位于荣枯线下方。3月PMI反弹至50.5%，重回荣枯线上方，验证了年初开局较好的经济走势，最大带动项在于价格分项的大幅上行，同时成本端涨幅大于出厂端涨幅，出口表现较强，企业呈现主动补库。物价方面，1-2月CPI累计同比上涨0.8%，高于2025年同期，但消费需求相对不足，且价格反弹的持续性尚需观察。3月数据受低基数及原油、有色金属价格上涨推动PPI转正，但CPI环比转负，显示价格上涨向生活资料传导力度不足。 　　政策层面，货币政策呈\"结构性宽松+总量审慎\"的特征。央行自1月19日起下调再贷款、再贴现利率0.25个百分点，央行明确表示\"降准降息还有一定空间\"，但全面降准降息迟迟未落地，体现出审慎的相机抉择的政策节奏。资金面上，一季度央行流动性呈现收短放长特征，其中买断式逆回购和MLF净投放1.65万亿，国债买卖2000亿元，DR001多数时间位于OMO下方，银行间资金面整体偏宽松。财政政策方面，财政扩张力度并未显著超出市场预期，宽信用大幅提速的可能性不高。 　　产品运作方面，本基金在1-2月持续加仓7Y以内品种，特别是曲线凸点部分的品种，赚取了票息和曲线陡峭化带来的资本利得，3月在长端及超长端调整时小幅参与长端波段操作。","lastUpdated":"2026-04-22T15:42:50.125Z","fund":{"_id":3000000023026,"__csrcFundId":14862,"stockCode":"023026","masterFundShortName":"大成景苏利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23026,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成景苏利率债(023026)","lastUpdated":"2026-05-01T03:41:03.544Z","name":"大成景苏利率债债券型证券投资基金","pinyin":"dcjsllzzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":5990023702.73,"setUpDate":"2025-03-19T16:00:00.000Z","setUpShares":5990023702.73,"inceptionDate":"2025-03-20T16:00:00.000Z","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"},{"stockCode":"j101019884","stockType":"fund_manager","exchange":"fm","tickerId":624248410,"name":"范昕"}]},"announcement":{"linkText":"大成景苏利率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=1478400","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542285","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000023026,"sao":"1. 市场回顾 　　四季度债市收益率呈先下行后修复的走势，期限利差走阔。具体来看：国庆假期中美关税摩擦再度升级，十年国债收益率下台阶，随后受中美政策博弈、新规预期扰动等围绕1.83%附近震荡，月末央行重启国债买卖、权益兑现前期政策利好等驱动收益率下探到1.8%附近，进而震荡幅度持续收窄。11月下旬至12月，市场担忧超长债在新年初的供给压力，虽央行在季末持续呵护资金面，但十年国债收益率仍然由10月下旬的1.79%上行至12月末1.85%，且呈现曲线显著走陡的趋势。 　　四季度的月度PMI缓步抬升，在12月经济运行的传统淡季， PMI呈现超预期的不降反升，继3月之后首次重返荣枯线。整体看，新订单、生产有所改善，是PMI回升的主要动力。 一方面有2026年宏观政策靠前发力的影响，另一方面也受到出口持续较强影响，原材料购进价格和出厂价有所改善。 　　季度内的政策层面事件较为频密，10月28日“十五五”规划公布，对扩大内需着墨较多，强调大力提振消费、扩大有效投资、全国统一大市场建设等。12月4日《金融时报》文章《构建科学稳健的货币政策体系和覆盖全面的宏观审慎管理体系》，其中提及“要始终保持货币政策的稳健性”，“关注跨周期平衡，避免政策大放大收，防止政策过度导致效果衰减和长期副作用”等，在货币政策操作方面，央行维持流动性充裕的态度并未变化。一方面央行继续通过买断式逆回购和MLF投放中长期资金，另一方面宣布重启国债买卖操作，10-11月国债买卖分别投放200亿、500亿。机构行为方面，大行净融出回升，至12月末回升至5.2万亿，资金面宽松，DR001进一步突破至1.25%下方。 　　2. 组合操作回顾： 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　　从影响因素来看，季度内债市仍然主要受到风险偏好情绪影响，尤以商品价格及权益市场表现高涨时最为承压，以及中美谈判、销售服务费及赎回费率改革尚在征求意见中、中美关税调整、央行缩量投放等市场因素的影响，弱势思维延续并略有强化，同时交易性因素和机构行为等方面导致配置量能萎缩，放大了空头情绪。 　　从利率债收益率曲线上来看，1Y/3Y/5Y/10Y国开债分别变动+13bp/+20bp/+23bp/+35bp；仅余9月末节前几个工作日带动持券过节资金入市提振了债券资产吸引力，伴随央行通过超量续作的买断式回购缓和市场情绪，收益率曲线的陡峭化上行暂时告一段落。 　　债市做多因素还是围绕着央行重启国债买卖预期、货币基调宽松等叙事展开但反弹幅度较弱；经历7月末以来的调整，当前债市估值修复且上调空间有限，处于中期较有性价比的配置点位。组合操作方面，暂时保持中性偏积极的仓位和久期，利用市场调整机会、在跌幅逐步加大时以倒金字塔结构建仓；保持区间震荡，逢调整做多的思路参与，来到四季度债市或更偏顺风。 　　从宏观层面来看，对债市的利空较少，行业领域消息面等短期叙事也可能令市场逐渐对科技类风偏事件脱敏，且四季度债市的供求关系比较有利于资产荒逻辑的加强——供给端，四季度超长债发行接近尾声，超长债供给或将断崖式减少，且国债和地方债的净供给规模也明显低于历史同期水平；需求端，配置力量趋于稳定，尤其是保险资金可能将提前为明年初行情做准备，并且在预定利率下调之后，保险资金负债端的成本压力缓和，也能够有更高的对资产收益率的容忍度。","lastUpdated":"2026-03-09T14:06:19.762Z","fund":{"_id":3000000023026,"__csrcFundId":14862,"stockCode":"023026","masterFundShortName":"大成景苏利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23026,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成景苏利率债(023026)","lastUpdated":"2026-05-01T03:41:03.544Z","name":"大成景苏利率债债券型证券投资基金","pinyin":"dcjsllzzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":5990023702.73,"setUpDate":"2025-03-19T16:00:00.000Z","setUpShares":5990023702.73,"inceptionDate":"2025-03-20T16:00:00.000Z","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"},{"stockCode":"j101019884","stockType":"fund_manager","exchange":"fm","tickerId":624248410,"name":"范昕"}]},"announcement":{"linkText":"大成景苏利率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=1376423","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3db7fea5b3eb0542283","date":"2025-06-29T16:00:00.000Z","stockId":3000000023026,"sao":"25年上半年经济呈现修复特征，GDP实现5.3%的增长，高于5%的增长目标，但平减指数下滑，GDP平减指数从一季度的-0.8%降至-1.3%附近，显示经济仍然是需求不足的格局。地产方面一季度经历小阳春，而后量价均回落，固定资产剔除地产后的增速6月开始回落。出口韧性较强，在4月的关税战后因抢出口而一度大超预期，5-6月边际回落。社融增速在政府债支撑下仍保持较快增涨，M1有所回升，显示“严格账期”和股市带动下存款有所活化。 　　货币政策方面，一季度央行出于稳汇率的考量持续收缩货币供给，将公开操作部分转为买断式回购，造成DR007持续高于政策利率。在外部环境面临不确定性的情况下，央行于5月落地年内首次双降，并在随后维持适度宽松的基调。DR007向OMO利率靠拢，6月两次投放买断式逆回购，超量续作MLF，使得银行间资金面整体宽松，大行净融出亦回升至5万亿的历史高位。财政政策和消费相关刺激政策并未超出年初预定框架。但近期中央财经委重提“反内卷”，仍需警惕后续相关政策加码对物价走势的波动。 　　债券市场表现一波三折，一季度债市在央行持续紧货币、科技股行情提振风险偏好、3月大行止盈等利空和外部关税加码预期的利多影响下，收益率先上后下，十年国债由年初的1.60%上行至1.89%，后于3月中旬下行至1.8%。4月在外部关税战反复、经济数据转弱、央行超预期降息呵护资金面的利多支撑下，十年国债继续下行至1.62%的低点；虽因日内瓦会议框架落地略反弹至最高1.72%，伴随经济数据回落，十年期国债再度转为下行，至半年末收益率回落到1.64%。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:19.759Z","mo":"上半年经济目标超预期完成的情况下，预计三季度内出台稳增长刺激政策的概率不高，短期内需关注7月政治局会议通稿，中美第二轮经贸磋商的进展。 短期内债市的利多在于央行仍然维持宽松的货币政策，且短期内实体经济融资需求仍然不旺。10年国债或维持区间震荡格局，利率品种亦保持交易思维，通过波段交易和择券博取收益。","fund":{"_id":3000000023026,"__csrcFundId":14862,"stockCode":"023026","masterFundShortName":"大成景苏利率债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23026,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大成景苏利率债(023026)","lastUpdated":"2026-05-01T03:41:03.544Z","name":"大成景苏利率债债券型证券投资基金","pinyin":"dcjsllzzqxzqtzjj","fundCollectionId":4000050090000,"setUpAssetScale":5990023702.73,"setUpDate":"2025-03-19T16:00:00.000Z","setUpShares":5990023702.73,"inceptionDate":"2025-03-20T16:00:00.000Z","managers":[{"stockCode":"db20772626","stockType":"fund_manager","exchange":"fm","tickerId":610208410,"name":"冯佳"},{"stockCode":"j101019884","stockType":"fund_manager","exchange":"fm","tickerId":624248410,"name":"范昕"}]},"announcement":{"linkText":"大成景苏利率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=1346394","linkType":"PDF","source":"csrc_pdf"}}]}