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三季度股强债弱。策略上，本基金始终做好流动性管理，在规模增长阶段积极配置各类资产，尽力保持债券久期相对平稳。权益部分继续在保持低波风格情况下阶段性积极运作，继续以股票为主，转债为辅。股票部分在行业适度均衡的基础上总体继续以估值合理、未来基本面确定性较强的龙头公司为主，并把握符合新兴产业方向的科技成长类公司投资机会，维持较高的港股通比例，港股中重点关注估值更加具有吸引力的中国企业标的和具有稀缺性的恒生科技标的；行业上在互联网平台、机械电子通信等新质生产力方向以及非银金融、有色、医药、军工等行业相对超配，适当降低银行等行业配置比例；可转债本季度继续以偏估值比较的思维参与，在估值偏高阶段进行减仓；纯债方面以信用债为主要投资方向，重点关注中短期限高等级信用债的配置机会，保持较高的静态收益率，努力在不承担过多信用风险前提下维持适当的收益并控制波动风险，适时进行资产轮动调整，不断优化调整债券组合，借此提升基金的业绩表现。","lastUpdated":"2026-03-09T14:06:27.249Z","fund":{"_id":3000000023275,"__csrcFundId":14736,"stockCode":"023275","masterFundShortName":"中银淳利三个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23275,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中银淳利三个月持有债券(023275)","lastUpdated":"2026-05-01T03:47:02.584Z","name":"中银淳利三个月持有期债券型证券投资基金","pinyin":"zyclsgycyqzqxzqtzjj","fundCollectionId":4000050400000,"setUpAssetScale":4536645155.85,"setUpDate":"2025-02-19T16:00:00.000Z","setUpShares":4536645155.85,"inceptionDate":"2025-02-20T16:00:00.000Z","managers":[{"stockCode":"db20318823","stockType":"fund_manager","exchange":"fm","tickerId":323148240,"name":"陈玮"},{"stockCode":"db20817531","stockType":"fund_manager","exchange":"fm","tickerId":122502210050,"name":"林炎滨"}]},"announcement":{"linkText":"中银淳利三个月持有期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=1376908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3e37fea5b3eb0542807","date":"2025-06-29T16:00:00.000Z","stockId":3000000023275,"sao":"1.宏观经济分析国外经济方面，关税扰动导致全球工业生产和商品贸易前置，经济活跃度提振，但服务业延续放缓态势。全球通胀粘性逐渐消退，关税取而代之成为全球通胀的新主线。美国2025年6月制造业PMI较2024年12月读数下降0.3个百分点至49%，2025年6月服务业PMI较2024年12月回落3.3个百分点至50.8%，2025年6月CPI同比增速较2024年12月回落0.2个百分点至2.7%，2025年6月失业率较2024年12月持平在4.1%，美联储上半年未调整政策利率。欧元区经济表现分化，2025年6月欧元区制造业PMI较2024年12月抬升4.4个百分点至49.5%，2025年6月服务业PMI较2024年12月回落1.1个百分点至50.5%，2025年6月欧元区调和CPI同比增速较2024年12月回落0.4个百分点至2.0%，2025年5月欧元区失业率为6.3%，与2024年12月读数持平，上半年欧央行四次降息共100bps。日本2025年6月CPI同比较2024年12月下降0.3个百分点至3.3%，2025年6月制造业PMI较2024年12月回升0.5个百分点至50.1%，2025年6月服务业PMI较2024年12月回升0.8个百分点至51.7%，上半年日央行上调政策利率25bps。国内经济方面，上半年经济整体保持良好态势，消费和出口动能较为强劲，投资增速有所回落。价格方面，CPI与PPI在低位徘徊。具体来看，中采制造业PMI方面，2025年 6月值较2024年12月值下降0.4个百分点至49.7%。2025年6月工业增加值同比增长6.8%，较2024年12月值回升0.6个百分点。从经济增长动力来看，消费增速加快，2025年 6月社会消费品零售总额增速较2024年12月值抬升1.1个百分点至4.8%。投资中基建、制造业投资保持较高增速，房地产投资延续负增长，2025年 6月固定资产投资累计同比增速较2024年12月值回落0.4个百分点至2.8%。通胀方面，CPI保持稳定，2025年 6月同比增速0.1%，与2024年12月值持平。PPI负值小幅走阔，2025年 6月同比增速较2024年12月值回落1.3个百分点至-3.6%。2.市场回顾上半年债市整体上涨，结构上信用债表现好于利率债。其中，中债总财富指数上涨0.74%，中债银行间国债财富指数上涨0.85%，中债企业债总财富指数上涨1.35%。在收益率曲线方面，国债收益率曲线走势平坦化。其中，10年国债收益率从1.68%下行2.83bps至1.65%，10年期国开收益率从1.73%下行3.63bps至1.69%。股票市场方面，上半年上证综指上涨2.76%，代表大盘股表现的沪深300指数上涨0.03%，中小板综合指数上涨7.57%，创业板综合指数上涨8.78%。可转债方面上半年中证转债指数上涨7.02%。3.运行分析上半年债券先跌再涨，股票轮动走强。本基金成立后逐步建仓。策略上，我们在满足流动性管理需求的同时逐步提升杠杆率至较高水平，权益部分在保持低波风格情况下仓位逐步提升，总体以股票为主，转债为辅。股票行业总体继续以估值合理、未来基本面确定性较强的龙头公司为主均衡持仓，积极配置港股中估值更加具有吸引力的中国企业标的和具有稀缺性的科技龙头公司，行业上金融、通信、医药等方向相对超配；可转债主要以偏估值比较的思维参与，考虑估值偏高，仅阶段性投资部分平衡型标的，并在转债个券估值走扩阶段逐步减仓；纯债方面保持适当久期，重点投资中短期限高等级信用债，努力在不承担过多信用风险前提下维持适当的收益并控制波动风险，积极根据利差变化选择较优品种择优投资并适时进行资产轮动调整，不断优化调整债券组合，借此提升基金的业绩表现。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:27.233Z","mo":"展望下半年，海外宏观方面，基准情形下特朗普政策不确定性将走向收敛，随着有利于增长的减税和监管放松等措施逐步落地，美国经济在周期惯性下继续走弱但不至于衰退，通胀将出现一轮一次性和结构化的上行过程，叠加以降息为代表的货币宽松仍在路上，呈现“增长温和放缓，通胀阶段性上行”状态。国内宏观方面，预计能顺利完成全年增速目标，经济节奏前高后低，通胀读数预计有所抬升。政策重心转向提升增长的“质”，主要路径为调结构、防风险和补短板，对应全国统一大市场建设与“反内卷”协同推动、化债进程较快推动财政循环能力有所恢复、补外需缺口和内需短板。中美摩擦缓和使外需暂获喘息之机，中长期看我国将促开放积极构建全球产业链新格局，预计全年出口小幅正增。服务消费或将成为下一阶段促内需消费的重要抓手，预计消费维持较高增速。债务压力缓解，央地合力有望抬升基建增速水平，预计基建保持较高增速。在反内卷和外需回落背景下，预计制造业投资增速小幅回落。全年地产销售降幅边际收窄，节奏前高后低。地产投资在GDP占比持续下降，拖累减轻。预计三季度整体债市震荡偏强。基本面整体弱复苏、央行货币政策保持宽松仍是支撑债市的核心逻辑，社会综合融资成本仍有进一步下降空间，货基利率继续平稳下行支撑债市，供需关系改善等因素也对债市有一定利好；但需要关注部分潜在扰动因素，包括反内卷相关政策推进、中美贸易冲突变化、机构行为变化、市场风险偏好以及监管力度变化等因素对债市造成的阶段性影响。综合来看预计债市整体风险可控，下行趋势或仍将延续，曲线中短端的确定性更强。信用债利率可能跟随利率中枢小幅下移，供需端对信用债仍有支撑，但中短端票息压缩较为极致，高等级信用债需在中长端寻找利差压缩机会，中短久期更注重适当挖掘高票息个券。权益方面，三季度国内经济增长动能可能边际下滑，但整体保持平稳，预计企业盈利延续筑底走势，下半年增速边际小幅回升。我们继续看好分母端因素对市场的驱动，政策支持下无风险利率与股市风险溢价的降低将继续引发居民与非银机构对权益资产配置的提升，中长期资金有望进一步入市，预计微观资金面将保持充裕。短期市场在流动性的支撑下有望维持高位震荡，后续伴随美联储重启降息以及中美谈判协议的进一步达成，市场在经历震荡后有望进一步上涨。港股表现可能整体由于A股。可转债溢价率目前达到历史高位，对于未来转债整体涨幅有一定透支。但股票市场保持强势，债券收益率维持低位，在此背景下，转债市场调整空间也很有限。我们将继续努力把握权益市场机会，股票重点关注估值合理、盈利预期稳定的龙头公司的投资机会，适当参与未来企业基本面继续上行的成长股机会，根据估值波动灵活开展可转债投资。我们仍将坚持从自上而下的角度预判市场走势，并从自下而上的角度精选标的、严防信用风险。我们将坚持将波动控制在目标范围作为投资前提，对估值较高的标的更加谨慎，借此提升基金的业绩表现。作为基金管理者，我们将一如既往地依靠团队的努力和智慧，为投资人创造应有的回报。","fund":{"_id":3000000023275,"__csrcFundId":14736,"stockCode":"023275","masterFundShortName":"中银淳利三个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23275,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"中银淳利三个月持有债券(023275)","lastUpdated":"2026-05-01T03:47:02.584Z","name":"中银淳利三个月持有期债券型证券投资基金","pinyin":"zyclsgycyqzqxzqtzjj","fundCollectionId":4000050400000,"setUpAssetScale":4536645155.85,"setUpDate":"2025-02-19T16:00:00.000Z","setUpShares":4536645155.85,"inceptionDate":"2025-02-20T16:00:00.000Z","managers":[{"stockCode":"db20318823","stockType":"fund_manager","exchange":"fm","tickerId":323148240,"name":"陈玮"},{"stockCode":"db20817531","stockType":"fund_manager","exchange":"fm","tickerId":122502210050,"name":"林炎滨"}]},"announcement":{"linkText":"中银淳利三个月持有期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=1343540","linkType":"PDF","source":"csrc_pdf"}}]}