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、存贷款利率相比具备较好的配置价值，可以择机配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:44.397Z","fund":{"_id":3000000008761,"__csrcFundId":7073,"stockCode":"008761","shortName":"南方骏元中短期利率债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8761,"masterFundFlag":1,"lastUpdated":"2025-04-23T07:14:51.642Z","status":"normal","inceptionDate":"2020-02-26T16:00:00.000Z","name":"南方骏元中短期利率债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方骏元中短期利率债债券","setUpDate":"2020-02-26T16:00:00.000Z","setUpAssetScale":221148739.61,"setUpShares":221148739.61,"pinyin":"nfjyzdqllzzqxzqtzjj","managers":[{"stockCode":"db20894854","stockType":"fund_manager","exchange":"fm","tickerId":231804234700,"name":"王润栋"}]},"announcement":{"linkText":"南方骏元中短期利率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=1180723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfc7fea5b3eb04bf9dd","date":"2024-06-29T16:00:00.000Z","stockId":3000000008761,"sao":"上半年国内经济运行总体平稳，稳中有进。受益于海外需求回暖，制造业呈现温和复苏态势，产业链主体呈现强劲韧性。逆周期政策继续积极发力，为经济复苏保驾护航。央行适时下调存款准备金率、5年期贷款市场报价利率，降低实体融资成本。特别国债和地方政府专项债项目加速落地，拉动基建投资。大规模设备更新和以旧换新政策，进一步促进内需投资与消费。地方政府根据因城施策原则，陆续调整地方房地产政策，提升居民置业信心。海外层面，上半年美联储维持利率不变，市场普遍预期下半年或将开始降息周期，助力全球库存周期的开启，从而进一步支持国内经济复苏。从市场反应来看，上半年债券市场呈现出收益率下行的趋势，其中中短端下行幅度超过长端，信用债表现好于同期限利率债。投资运作上，组合持仓继续以中短期利率债为主，阶段性拉长久期，博弈收益率下行的资本利得。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:44.394Z","mo":"展望未来，预计下半年逆周期政策仍然较为积极，助力经济固本培元、实现高质量发展。后续需密切关注美联储降息时点，跟踪其对全球需求周期的影响，同时也需关注日本央行加息节奏对全球资金再平衡的冲击。债券策略方面，下半年流动性预计继续维持充裕，政策措施对于利率的影响可能逐步体现，整体波动性将有所增强。市场预期差中可能出现更多的交易机会，组合将继续积极把握，争取为持有人创造超额收益。组合持仓主要为中短期利率债，抵御风险能力较强；除此之外，将继续阶段性拉长久期，博弈资本利得。","fund":{"_id":3000000008761,"__csrcFundId":7073,"stockCode":"008761","shortName":"南方骏元中短期利率债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8761,"masterFundFlag":1,"lastUpdated":"2025-04-23T07:14:51.642Z","status":"normal","inceptionDate":"2020-02-26T16:00:00.000Z","name":"南方骏元中短期利率债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方骏元中短期利率债债券","setUpDate":"2020-02-26T16:00:00.000Z","setUpAssetScale":221148739.61,"setUpShares":221148739.61,"pinyin":"nfjyzdqllzzqxzqtzjj","managers":[{"stockCode":"db20894854","stockType":"fund_manager","exchange":"fm","tickerId":231804234700,"name":"王润栋"}]},"announcement":{"linkText":"南方骏元中短期利率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=1153760","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfc7fea5b3eb04bf9dc","date":"2024-03-30T16:00:00.000Z","stockId":3000000008761,"sao":"一季度经济稳中有升。国内方面，经济保持了回升向好的态势，政策端也在继续加力，年内除了3%的赤字安排，还将发行1万亿特别国债，支持完成全年的经济增长目标。海外方面，美联储按兵不动，预计下半年将开启降息周期，届时海外需求将有望逐步筑底，或对外需形成一定拉动。货币政策保持稳健，一季度央行降准0.5%，同时下调5年期LPR25BP，流动性环境整体充裕。市场层面，一季度债券收益率快速下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，一季度组合积极提升久期，博弈收益率下行机会。展望未来，预计全年的经济政策仍然较为积极，经济复苏的持续性较强。海外方面，关注美联储的降息时点，以及海外需求的筑底。利率债策略：流动性预计维持充裕，中短端品种具备较好的配置价值，长端品种的期限利差处于较低水平，以交易价值为主，关注供给压力。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:44.392Z","fund":{"_id":3000000008761,"__csrcFundId":7073,"stockCode":"008761","shortName":"南方骏元中短期利率债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8761,"masterFundFlag":1,"lastUpdated":"2025-04-23T07:14:51.642Z","status":"normal","inceptionDate":"2020-02-26T16:00:00.000Z","name":"南方骏元中短期利率债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方骏元中短期利率债债券","setUpDate":"2020-02-26T16:00:00.000Z","setUpAssetScale":221148739.61,"setUpShares":221148739.61,"pinyin":"nfjyzdqllzzqxzqtzjj","managers":[{"stockCode":"db20894854","stockType":"fund_manager","exchange":"fm","tickerId":231804234700,"name":"王润栋"}]},"announcement":{"linkText":"南方骏元中短期利率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=1076982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbfc7fea5b3eb04bf9db","date":"2023-12-30T16:00:00.000Z","stockId":3000000008761,"sao":"23年全年经济保持平稳复苏。国内方面，受到地产和出口下行压力的影响，年中经济增长有一定放缓，不过全年在政策的大力支持下，仍然保持了平稳运行的态势。海外方面，美联储全年加息幅度较大，海外经济出现了一定衰退的迹象。政策上，全年财政政策较为积极；随着房地产供需格局的变化，地产政策也出现一定放松；货币政策保持精准有效，央行全年多次降准降息，保持了流动性的合理充裕。市场层面，全年债券市场收益率震荡下行，其中长端下行幅度超过短端，信用债表现好于同期限利率债。投资运作上，组合以市场中性久期为中枢进行配置，持续优化持仓利率债结构，寻找票息+骑乘的最优结合，同时阶段性调整久期敞口暴露，根据政策预期变化、高频数据波动，把握利率债的短期交易性机会。年末适当增加久期，并提高杠杆率，在年底收益率曲线陡峭化下行中获得一定资本利得增厚。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:44.389Z","mo":"展望未来，预计24年政策端稳中求进、以进促稳，保障经济复苏的平稳和持续。海外方面，关注美联储何时开启降息，海外经济仍然面临一定衰退压力。利率债策略：流动性预计维持充裕，中短端品种仍具备一定配置价值，长端品种以交易价值为主。","fund":{"_id":3000000008761,"__csrcFundId":7073,"stockCode":"008761","shortName":"南方骏元中短期利率债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8761,"masterFundFlag":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投资运作上,组合以投资中短期限利率债为主，根据曲线变化精细择券获取骑乘收益，择机进行长端利率债波段操作。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:44.332Z","mo":"展望未来，下半年经济将在内需发力和外需波动之中缓慢修复，修复的过程存在一定不确定性。利率债方面，当前收益率已经回到了相对合理的水平，预计整体以震荡为主。","fund":{"_id":3000000008761,"__csrcFundId":7073,"stockCode":"008761","shortName":"南方骏元中短期利率债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8761,"masterFundFlag":1,"lastUpdated":"2025-04-23T07:14:51.642Z","status":"normal","inceptionDate":"2020-02-26T16:00:00.000Z","name":"南方骏元中短期利率债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050020000,"currency":"CNY","masterFundShortName":"南方骏元中短期利率债债券","setUpDate":"2020-02-26T16:00:00.000Z","setUpAssetScale":221148739.61,"setUpShares":221148739.61,"pinyin":"nfjyzdqllzzqxzqtzjj","managers":[{"stockCode":"db20894854","stockType":"fund_manager","exchange":"fm","tickerId":231804234700,"name":"王润栋"}]},"announcement":{"linkText":"南方骏元中短期利率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=466200","linkType":"PDF","source":"csrc_pdf"}}]}