window.pageData = {"stock":{"_id":3000000023239,"stockCode":"023239","masterFundShortName":"大摩恒安30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23239,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大摩恒安30天持有期债券A","name":"摩根士丹利恒安30天持有期债券型证券投资基金","pinyin":"mgsdlha30tcyqzqxzqtzjj","fundCollectionId":4000050230000,"setUpAssetScale":104558786.38,"setUpDate":"2025-08-06T16:00:00.000Z","setUpShares":104558786.38,"inceptionDate":"2025-08-07T16:00:00.000Z","followedNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50230000","tickerId":50230000,"name":"摩根士丹利基金管理（中国）有限公司"},"managers":[{"name":"吴慧文","stockType":"fund_manager","stockCode":"j101015887","exchange":"fm","tickerId":230823242140}],"hotMetrics":{"fss":{"stockId":3000000023239,"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":260},"fpr":{"stockId":3000000023239,"type":"fpr","f_cagr_p_r_fs_ssc":7237,"f_cagr_p_r_fs_ssrp":0.7750138197899392,"f_p_r_m1_ssc":7540,"f_p_r_m1_ssrp":0.0997479771853031,"f_p_r_m3_ssc":7468,"f_p_r_m3_ssrp":0.16110887906789875,"f_p_r_fys_ssc":7470,"f_p_r_fys_ssrp":0.26710402999062793,"f_p_r_m6_ssc":7248,"f_p_r_m6_ssrp":0.25996964261073546},"fp":{"stockId":3000000023239,"type":"fp","last_data_date":"2026-04-13T16:00:00.000Z","f_cagr_p_r_fs":0.021597840215978437,"f_p_r_m1":0.0057092233487554545,"f_p_r_m3":0.010783537791848596,"f_p_r_fys":0.011283777095912662,"f_p_r_m6":0.01702170017917548},"ff":{"stockId":3000000023239,"type":"ff","f_fr_d":"2026-03-30T16:00:00.000Z","f_m_fr":0.002,"f_c_fr":0.0005,"f_mac_fr":0.0025},"f_nlacan":{"stockId":3000000023239,"type":"f_nlacan","f_nv_d":"2026-04-13T16:00:00.000Z","f_nv":1.0217,"f_nv_cr":0.0013721454474175943},"f_as":{"stockId":3000000023239,"type":"f_as","f_tas":18235342.1599,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000023240,"name":"摩根士丹利恒安30天持有期债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"023240","tickerId":23240,"shortName":"大摩恒安30天持有期债券C","currency":"CNY","__csrcFundId":15347,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-08-18T07:59:55.281Z","inceptionDate":"2025-08-07T16:00:00.000Z","pinyin":"mgsdlha30tcyqzqxzqtzjj","fundCollectionId":4000050230000}],"bondHoldings":[{"_id":"6970e478022f6000e3fdc375","date":"2025-12-30T16:00:00.000Z","fundId":3000000023239,"stockCode":"102480089","stockName":"24云建投MTN001","holdings":50000,"marketCap":5187252,"netValueRatio":0.071,"lastUpdated":"2026-01-21T14:36:40.923Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e478022f6000e3fdc376","date":"2025-12-30T16:00:00.000Z","fundId":3000000023239,"stockCode":"102482120","stockName":"24青岛世园MTN001A","holdings":50000,"marketCap":5160253,"netValueRatio":0.0706,"lastUpdated":"2026-01-21T14:36:40.926Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e478022f6000e3fdc377","date":"2025-12-30T16:00:00.000Z","fundId":3000000023239,"stockCode":"102580735","stockName":"25湖北广电MTN002","holdings":50000,"marketCap":5139926,"netValueRatio":0.0703,"lastUpdated":"2026-01-21T14:36:40.930Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e478022f6000e3fdc378","date":"2025-12-30T16:00:00.000Z","fundId":3000000023239,"stockCode":"042580426","stockName":"25鲁商CP002","holdings":50000,"marketCap":5054065,"netValueRatio":0.0692,"lastUpdated":"2026-01-21T14:36:40.933Z","declarationDate":"2026-01-20T16:00:00.000Z"},{"_id":"6970e478022f6000e3fdc379","date":"2025-12-30T16:00:00.000Z","fundId":3000000023239,"stockCode":"102584435","stockName":"25邯郸城投MTN003A","holdings":50000,"marketCap":5039757,"netValueRatio":0.069,"lastUpdated":"2026-01-21T14:36:40.936Z","declarationDate":"2026-01-20T16:00:00.000Z"}]},"list":[{"_id":"69c61a0d5315f995c600a83f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000023239,"sao":"2025年债券市场走势震荡上行格局，节奏上政策预期反复博弈，基本面弱复苏但缺乏弹性，机构行为分化明显。十年和三十年国债全年在1.6%-1.9%区间宽幅震荡，但是在2024年底长端透支的情况下，2025年整体呈现上行，年末分别收于1.85%和2.15%附近。　　分阶段来看，一季度，央行暂停公开市场国债买卖操作，释放防风险信号，资金面边际超预期收紧，市场对前期过度乐观的降息预期进行修正。两会定调全年GDP增速目标5%左右，财政赤字率维持4%，政策力度符合预期但缺乏超预期刺激。经济数据呈现弱复苏特征，但市场对\"政策克制\"的担忧升温，机构配置力量减弱，交易盘减仓，十年期国债收益率从年初1.59%快速上行至1.90%附近，单季度调整幅度超30BP。二季度，外部冲击成为主导变量——4月初美国对华加征\"对等关税\"，贸易摩擦升级引发避险情绪急剧升温，收益率快速下探至1.61%附近。随后降准降息\"双降\"落地（降准50BP、降息10BP），但市场反应平淡，政策利好出尽。中美关税谈判出现缓和迹象，避险情绪降温，叠加二季度政府债供给加速，收益率震荡回升至1.65%附近。监管机构持续提示长债利率风险，但市场在\"外部冲击\"与\"政策对冲\"之间反复博弈。三季度，政策上反内卷的提出，改变了市场对通缩的中期预期，再通胀预期抬头。同时，7-8月权益市场走强，科技、消费板块表现亮眼，股债跷跷板效应强化，债市资金分流明显。经济数据呈现\"生产强、需求弱\"特征，叠加资金面边际收紧，十年期国债收益率再次上行至1.90%附近，触及年内高点。市场对后续政策力度预期分化，机构行为更趋谨慎。四季度，政策预期再次修正，10月央行宣布重启国债买卖操作市场预期改善，但实际落地规模不及市场预期。中央经济工作会议定调2026年政策，强调\"保持必要财政力度\"，但市场对财政发力节奏的期待弱于预期。经济数据延续弱复苏，通胀温和，基本面支撑仍在。年末机构配置需求有所释放，但保险、理财等机构风险偏好仍低，交易盘以波段交易为主。十年期国债收益率在1.75%-1.85%区间弱势震荡，年末收于1.85%附近，全年呈现\"牛短熊长、波动加剧\"的特征。　　本产品建仓期积极布局底仓，同时捕捉市场交易性机会。","lastUpdated":"2026-03-27T05:47:57.388Z","mo":"2026年债市的核心矛盾在于经济弱复苏、财政长期限债发行需要低利率环境支撑与财政发力、通胀温和回升制约利率下行空间之间的平衡。在\"基本面弱、政策面稳、机构行为分化\"的组合下，债市难以走出单边行情，更可能呈现\"下有底、上有顶\"的震荡格局。需降低趋势性收益预期，转向精细化择券、波段交易和结构挖掘，在震荡中把握确定性机会。　　2026年经济预计延续\"K型复苏\"格局——新经济（AI、半导体、新能源）保持较强活力，但传统经济（地产、基建）拖累仍在，整体呈现\"弱现实、强预期\"特征。GDP增速目标或维持在5%左右，名义GDP增速有望企稳回升，但向上弹性有限。CPI和PPI价格中枢回升是共识，但是幅度和节奏是会有预期差的点，在三季度低基数之后是否仍然能够改善会极大影响下半年资产价格。　　纵观全年，股债的单边弹性都相比过去一年会下降，期间既要视市场情况平衡资产的比例，也需要把握节奏和挖掘结构来提高组合收益。","fund":{"_id":3000000023239,"__csrcFundId":15347,"stockCode":"023239","masterFundShortName":"大摩恒安30天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23239,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"大摩恒安30天持有期债券A","lastUpdated":"2025-08-22T18:05:17.456Z","name":"摩根士丹利恒安30天持有期债券型证券投资基金","pinyin":"mgsdlha30tcyqzqxzqtzjj","fundCollectionId":4000050230000,"setUpAssetScale":104558786.38,"setUpDate":"2025-08-06T16:00:00.000Z","setUpShares":104558786.38,"inceptionDate":"2025-08-07T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"j101015887","stockType":"fund_manager","exchange":"fm","tickerId":230823242140,"name":"吴慧文"}]},"announcement":{"linkText":"摩根士丹利恒安30天持有期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=1447572","linkType":"PDF","source":"csrc_pdf"}}]}