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度，名义GDP增速可能温和改善，债券利率大概率仍将维持震荡格局。经济方面，1-2月经济总体奠定开门红局面，同时从短期的高频数据看，当前经济运行平稳态势持续。全年来看，维持出口维持强劲、消费低位震荡、投资边际改善的格局判断，季度间读数波动相比2025年更加平缓。同时由于年初以来工业品价格延续上涨、原油价格加速这一进程，平减指数跌幅收窄方向确定，名义增长表现将较25年修复。货币政策方面，在输入性因素主导的通胀压力下预计货币政策将坚持“支持性”的政策立场，且在“财政金融协同”框架下将保持流动性充裕以支持政府债券发行，但政策表态较为克制保守，降息操作仍需等待。债券市场方面，当前经济基本面和流动性均处平稳状态，利率从年初高点向下修复后进入震荡期，市场短期关注焦点是伊朗冲突，中长期仍将回归基本面，具体走势还需关注通胀回升情况、政策发力的节奏、风险资产表现及债券供给结构等因素。　　基于如上分析，后续本组合将采取适度杠杆和久期，在严格控制信用风险的前提下，持续对组合配置进行优化调整。","lastUpdated":"2026-04-21T19:52:54.641Z","fund":{"_id":3000000023640,"__csrcFundId":14901,"stockCode":"023640","masterFundShortName":"银华季季丰90天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23640,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"银华季季丰90天滚动持有债券(023640)","lastUpdated":"2026-05-01T03:56:05.823Z","name":"银华季季丰90天滚动持有债券型证券投资基金","pinyin":"yhjjf90tgdcyzqxzqtzjj","fundCollectionId":4000050140000,"setUpAssetScale":265403225.66,"setUpDate":"2025-04-13T16:00:00.000Z","setUpShares":265403225.66,"inceptionDate":"2025-04-13T16:00:00.000Z","managers":[{"stockCode":"db20794926","stockType":"fund_manager","exchange":"fm","tickerId":208218330,"name":"边慧"},{"stockCode":"j101019039","stockType":"fund_manager","exchange":"fm","tickerId":251325244960,"name":"杨沐阳"},{"stockCode":"db20670147","stockType":"fund_manager","exchange":"fm","tickerId":1112197730,"name":"阚磊"}]},"announcement":{"linkText":"银华季季丰90天滚动持有债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469378","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c7705169b11a867413e1bd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000023640,"sao":"回顾2025年，市场风险偏好显著抬升，叠加央行阶段性收紧流动性及公募基金负债端波动的影响，债市收益率整体震荡上行。其中：一季度国内资金面、央行政策态度及市场风险偏好为逻辑主线，虽年初宽松预期升温提振情绪，但随后受稳汇率、流动性收紧、经济金融数据及股市表现整体较强的影响，债市收益率整体震荡上行。二季度中美贸易战打响，谈判进程反复摩擦，市场风险偏好受挫，叠加经济数据转弱与宽货币政策的共同推动，债市收益率整体震荡下行。三季度债市整体震荡偏空，中美贸易战持续缓和，国家级超大基建项目叠加 “反内卷”抬升市场风险偏好，股债跷跷板效应显著，债市持续承压，9月市场对公募基金负债端波动的担忧增加，债券利率进一步上行。四季度以来，虽经济基本面整体偏弱，权益市场积极情绪有所调整，但股债跷跷板效应多空反馈不对称，中央经济工作会议对货币政策表态相对中性，市场仍维持偏谨慎态度，债市收益率整体小幅震荡。2025年全年来看，1Y国债收益率曲线上行25bp，10Y国债收益率曲线上行17bp，2YAAA中票收益率曲线上行9BP，3YAAA中票收益率曲线上行15BP。　　2025年，本产品根据市场情况灵活调整组合杠杆和组合久期，同时根据不同品种的表现优化了持仓结构。","lastUpdated":"2026-03-28T06:08:17.252Z","mo":"展望2026年，名义GDP增速可能温和改善，债券利率大概率仍将维持震荡格局。基本面方面，预计2026年实际GDP增速相比2025年可能略有回落，而由于基数原因+“促进物价合理回升”的政策诉求，GDP平减指数降幅适度收窄，名义GDP增速可能温和改善。节奏上看，预计2026年季度间读数波动相比2025年更加平缓，可能呈现“Q1略强、Q2-Q3逐步走弱，Q4等待政策发力”的特征；其中，由于2025年的部分政策效应可能在2026年初滞后显现，且考虑到需要给十五五开局年奠定良好基础，“开门红”仍有一定诉求，Q1增速大概率有所改善。政策方面，2026年稳增长的迫切性有所下降，政策基调从“超常规”“逆周期”转为“逆周期跨周期结合”。具体看：①财政方面：预计狭义赤字率、地方专项债、特别国债规模可能大致持平，广义赤字率小幅回落；②货币方面：降准、降息仍可期待，但央行态度偏谨慎，若无额外超预期冲击，降准、降息幅度可能有限，结构性政策工具仍是重点。综合来看，在经济内生动能仍弱和流动性宽松的大背景下，预计债券利率将继续低位震荡，具体走势还需关注通胀回升情况、政策发力的节奏、风险资产表现及债券供给结构等因素。　　基于如上分析，后续本组合将采取适度杠杆和久期，在严格控制信用风险的前提下，持续对组合配置进行优化调整。","fund":{"_id":3000000023640,"__csrcFundId":14901,"stockCode":"023640","masterFundShortName":"银华季季丰90天滚动持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":23640,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"银华季季丰90天滚动持有债券(023640)","lastUpdated":"2026-05-01T03:56:05.823Z","name":"银华季季丰90天滚动持有债券型证券投资基金","pinyin":"yhjjf90tgdcyzqxzqtzjj","fundCollectionId":4000050140000,"setUpAssetScale":265403225.66,"setUpDate":"2025-04-13T16:00:00.000Z","setUpShares":265403225.66,"inceptionDate":"2025-04-13T16:00:00.000Z","managers":[{"stockCode":"db20794926","stockType":"fund_manager","exchange":"fm","tickerId":208218330,"name":"边慧"},{"stockCode":"j101019039","stockType":"fund_manager","exchange":"fm","tickerId":251325244960,"name":"杨沐阳"},{"stockCode":"db20670147","stockType":"fund_manager","exchange":"fm","tickerId":1112197730,"name":"阚磊"}]},"announcement":{"linkText":"银华季季丰90天滚动持有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=1449724","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3ed7fea5b3eb0542fc7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000023640,"sao":"2025年三季度，“反内卷”政策落地改善价格预期，市场风险偏好抬升，债券收益率震荡上行。基本面方面，三季度经济供需两端虽延续偏弱，但是价格端有所改善，其中1）供给端边际走弱、但有韧性，工业增加值同比增速从二季度的6.2%降至8月的5.2%，服务业生产指数增速也从6.1%降至5.6%。2）需求端看，除出口仍有韧性外，内需相关指标均显著走弱，7-8月固定资产投资同比分别降至-5.2%、-6.3%，地产、基建、制造业投资连续2个月全线负增，社零消费延续走弱。3）价格端，核心CPI中枢有所抬升，从二季度的0.60%升至0.85%；同时，由于基数回落、“反内卷”政策落地等因素影响，8月PPI同比降幅收窄至-2.9%，市场对于经济持续低物价的预期有所弱化。政策与资金面方面，央行在现有框架下相对宽松的态度未变，三季度资金面整体保持平稳宽松的状态。债券市场方面，7月份以来股票走势偏强，“股债跷跷板”成为债市的核心制约，叠加非银负债端波动等因素影响，债券利率普遍上行，期限利差显著走阔；三季度1年期国债曲线上行3BP，10年期国债曲线上行约20BP，2年期、3年期、5年期AAA中票曲线分别上行约10BP、20BP和30BP。　　2025年三季度，本产品根据市场情况灵活调整组合杠杆和组合久期，同时根据不同品种的表现优化了持仓结构。　　展望2025年四季度，预计利率仍以震荡为主。四季度国内经济仍存下行压力，预计GDP增速相比三季度可能进一步下降；物价方面，CPI将在低基数下温和回升，PPI同比跌幅或继续收窄，但需求侧走弱可能制约其回升力度、仍在负区间运行。在经济内生动能偏弱的情况下，资金面没有大幅收紧的基础，因此基本面和流动性环境仍对债市形成支撑；但利率走势还需关注股票市场走势、国内稳增长政策应对节奏及机构行为的影响。　　基于如上分析，后续本组合将采取适度杠杆和久期，在严格控制信用风险的前提下，持续对组合配置进行优化调整。","lastUpdated":"2026-03-09T14:06:37.718Z","fund":{"_id":3000000023640,"__csrcFundI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