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但同步引导市场降低对政策利率进一步下行的预期；财政政策持续积极发力，配合政府债券大规模供给，逐步成为影响市场情绪与利率定价的核心变量。在此背景下，债券市场未能延续2024年的单边下行趋势，整体呈现中枢震荡、收益率曲线上移的特征。机构交易行为对短期行情的影响权重显著提升，市场通过剧烈的预期调整，回吐了前期过度透支的宽松定价。截至年末，2年、10年、30年期国债收益率分别收于1.36%、1.85%和2.27%，较去年末上行22bp、17bp和36bp；信用债方面，AAA级短融中票1年、3年、5年期收益率分别收于1.72%、1.89%和2.01%，较去年末上行4bp、15bp和14bp。本组合于下半年成立。报告期内，在纯债投资方面，我们采取“中短期限信用债+中长期限利率债”的配置结构，久期暴露略偏积极，杠杆水平保持中性，旨在平衡股债资产布局，提升风险对冲效率。在可转债投资方面，我们评估认为当前转债资产的估值性价比并未显著优于正股，因此未主动增加转债敞口，以优化组合资金与风险敞口的配置效率。","lastUpdated":"2026-03-28T06:08:19.687Z","mo":"股票市场方面：对权益市场不悲观，仍然会有很多结构性机会。但因为过去一年多时间全A估值已经有所抬升，对选行业和个股的要求较高。我们会坚持不断完善自己的投资方法论，践行注重安全边际，均衡投资策略，优先选择现金流充裕、估值安全的标的。在公司股票定价考量上，估值排在质地前，质地排在短期景气度前，控制好组合波动率，争取实现相对稳健的投资回报，注重投资者体验。除了稳定价值类标的，我们还看好业绩改善的周期和出海比例高的高端制造标的，受益于政策刺激和估值修复的内需消费方向以及有产业趋势且业绩超预期兑现的个股机会。固收方面：站在2026年初展望全年，我们认为国内经济仍处于关键的筑底与巩固阶段。虽然政策支持持续且内生修复动力正在累积，但经济结构的调整与增速的回升预计将是一个曲折、渐进的过程，难以一蹴而就。一方面，前期稳增长政策的累积效应将继续释放，但其对微观主体信心和收入的传导效果仍待进一步观察；另一方面，海外主要经济体政策路径的高度不确定性，将持续通过外需、汇率与资本流动等渠道带来复杂的外溢影响，可能阶段性扰动国内修复节奏。在此环境下，2026年宏观政策预计将保持连续性与针对性，积极财政强调提质增效，兼顾短期需求支撑与中长期结构优化；稳健货币政策保持流动性合理充裕，价格型与结构性工具仍具运用空间，以护航经济巩固修复态势。对于债市而言，2025年机构间行为的交易博弈演绎较为充分，虽然从影响因素来看不同阶段各不相同，但本质上是财政积极发力背景下的，对货币政策协调目标的重新定价。短期来看，市场对于基本面因素定价的脱敏，这与2024年的走势构成镜像。但换言之，如果说2024年的预期透支带来的是2025年的风险积聚，那么2025年的主动调整和压力释放将对2026年的行情带来更好的开局。结合当前基本面仍处弱势修复以及整体政策环境收紧风险有限的宏观背景，本年度债券资产趋势性反转上行的风险相对可控，但在期限结构上的表现或略有差异：1、对于中短端品种，在目前货币政策利率低位平稳运行的背景下，套息收益确定性较为明确，但在货币当局更关注结构定向工具的背景下，整体收益的想象空间亦有所限制，适合作为底仓配置，为组合贡献确定性收益。2、对于中长端品种，在25H2尤其是Q4的行情调整驱动下，目前的绝对收益点位在类属和大类资产比价方面已有明显改善，且期限利差的点位水平亦来到历史相对高位。在此背景下，收益点位的交易修复行情或对组合带来较为可观的收益增厚。从大类资产配置管理角度，我们将持续关注货币当局与财政部门在目前积极财政、宽松货币政策格局下的协同协调目标的信号，主动平衡好债券久期与权益敞口弹性，力争为组合贡献中长期的稳健收益回报。","fund":{"_id":3000000024089,"__csrcFundId":15402,"stockCode":"024089","masterFundShortName":"银华钰丰债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":24089,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"银华钰丰债券(024089)","lastUpdated":"2026-05-01T04:06:52.922Z","name":"银华钰丰债券型证券投资基金","pinyin":"yhyfzqxzqtzjj","fundCollectionId":4000050140000,"setUpAssetScale":1031953236.8,"setUpDate":"2025-08-06T16:00:00.000Z","setUpShares":1031953236.8,"inceptionDate":"2025-08-07T16:00:00.000Z","managers":[{"stockCode":"8801373143","stockType":"fund_manager","exchange":"fm","tickerId":22426121520,"name":"贲兴振"},{"stockCode":"j101014833","stockType":"fund_manager","exchange":"fm","tickerId":232623250900,"name":"王中伟"}]},"announcement":{"linkText":"银华钰丰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=1449868","linkType":"PDF","source":"csrc_pdf"}}]}