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本面预期产生持续影响。展望未来，经济弱复苏态势预计延续，地产链条仍在磨底阶段，但已经具备一些边际改善迹象。　　债券市场方面，2025年，利率债由前期的单边牛市行情转向低位波动放大行情，10年国债收益率在1.6-1.9%间波动。　　2025年一季度，开年在资产荒预期驱动下，10年国债收益率一度下探至1.6%以下的年内低位。后续随着政府债供给前置、资金面由宽松转为适度偏紧、央行宣布暂停国债买入操作、AI爆发带动权益上涨等一系列冲击，债市收益率明显上行，3月达到接近1.9%的高点，这也构造了10年国债收益率全年波动的区间。整体来看，一季度在资金偏紧与供给前置的影响下，利率从开年低点明显抬升。　　2025年二季度，市场由关税冲击和降准降息等宽松措施驱动，债市阶段性修复，且反应速度较快。4月初，特朗普宣布对等关税，力度远超市场预期，全球风险资产大跌。市场开始交易避险逻辑与宽松预期，10年国债收益率剧烈反应，在短短几个交易日内大幅走低。5月降准降息政策落地，利好兑现，长端利率出现上行。整体来看，虽然二季度国债发行规模不低，但在关税冲击、宽松措施带动下，长端和短端债券利率先后下行，全季度短端下行幅度大于长端。　　2025年三季度，“反内卷”政策推动商品价格提升，股市也明显走强，风险偏好抬升、通胀预期升温，赎回新规征求意见发布加剧债市恐慌，利率持续上行。7月，中央财经委会议提出供给侧反内卷政策，多晶硅、碳酸锂、钢铁、水泥等前期弱势的上游工业品价格明显上涨，带动下半年CPI和PPI的回升。另外，股票市场走强，股债跷跷板效应明显，带动债券收益率提升。9月监管新规发布，提高短期赎回成本，进一步导致债基集中抛售。整体来看，长端收益率在三季度上行幅度明显大于短端，曲线走出熊陡态势。　　2025年四季度，风险偏好有所回落，债券收益率维持震荡走势。10月初，中美摩擦又起，压制风险偏好，资金回流。月底央行正式宣布恢复公开市场国债买卖操作，与宽财政协同，市场出现积极信号，收益率下行。11月，央行买债低于市场预期，对长端支撑有限，曲线更加陡峭化。后续，在公募新规预期反复、货币政策执行报告重提“跨周期调节”、债基赎回扰动等因素共同影响下，债市偏弱态势延续至年底。　　产品运作方面，本组合严控信用风险，主要投资于政府债券、政策性金融债券及中高等级信用债，并根据市场判断，进行利率债波段交易。　　权益市场方面，2025年A股市场表现强势，结构性行情突出。全年市场风险偏好显著提升，行情由科技主题驱动。从春节后的Deepseek主题，到贯穿全年的AI算力、机器人、低空经济、创新药、固态电池等概念反复轮动，成长风格及小微盘股明显占优。尽管期间受贸易摩擦升级等事件冲击，市场出现快速调整，但伴随预期改善及全球流动性外溢，增量资金持续入场，市场整体逐级走强。本基金的权益仓位积极把握了市场主线，全年持仓围绕“红利+周期+科技”三条主线展开，整体以周期板块如有色、化工为主，并辅以部分TMT行业配置，取得了良好的效果。　　转债市场全年与权益市场共振，表现强劲。上半年，受益于小微盘风格及热点概念带动，转债价格与溢价率双双拉升。尽管4月受股市调整冲击，但随后快速修复，配置需求旺盛。下半年，转债市场在权益牛市中继续冲高，但估值（价格与溢价率）持续处于历史极值水平，跟涨能力减弱，且供需格局因存量券赎回退市而趋紧，投资难度加大。本基金在25年少量配置转债标的。","lastUpdated":"2026-03-30T19:10:21.803Z","mo":"万家裕利自成立以来整体运作良好，取得了0.94%的正收益。展望2026年，作为“十五五”开局之年，政策重点仍将是“科技创新”与“扩大内需”，财政政策或将更加积极，靠前发力，货币政策将延续“适度宽松”，降准降息仍可期，但在地缘政治加剧摩擦的背景下，外需承压，地产、信贷及内需仍疲弱，基本面对债市仍有支撑，预计债市收益率将维持低位震荡格局。低利率环境下，需密切关注政策、股市及通胀预期的变化。股市在科技主题驱动下仍具备结构性机会，但需警惕高估值板块的波动。转债市场估值偏高，机会更多来自个券挖掘与跟随权益波动。债市则需在基本面、政策与供给等多重矛盾中寻找平衡。本基金将继续在大类资产配置模型的指导下，动态调整股债比例，坚持“高等级信用债底仓+利率债波段”的债券策略与“红利+周期+科技”三轮驱动的权益策略，紧密跟踪经济复苏与政策脉络，持续跟踪景气板块的机会，力求在有效控制回撤的前提下，为投资者获取长期稳健的回报。","fund":{"_id":3000000024106,"__csrcFundId":15629,"stockCode":"024106","masterFundShortName":"万家裕利债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":24106,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"万家裕利债券(024106)","lastUpdated":"2026-05-01T04:07:19.834Z","name":"万家裕利债券型证券投资基金","pinyin":"wjylzqxzqtzjj","fundCollectionId":4000050190000,"inceptionDate":"2025-09-29T16:00:00.000Z","setUpAssetScale":57301673.18,"setUpDate":"2025-09-29T16:00:00.000Z","setUpShares":57301673.18,"managers":[{"stockCode":"db20799877","stockType":"fund_manager","exchange":"fm","tickerId":42516213310,"name":"董一平"},{"stockCode":"db20912637","stockType":"fund_manager","exchange":"fm","tickerId":1904239520,"name":"石东"}]},"announcement":{"linkText":"万家裕利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=1452605","linkType":"PDF","source":"csrc_pdf"}}]}