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ent":{"linkText":"长城集利债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c77fea5b3eb0532e6e","date":"2024-12-30T16:00:00.000Z","stockId":3000000018601,"sao":"2024年国内经济展现较强韧性，虽有结构调整等压力，但仍实现了预期增长目标，同比增长5.0%，四季度增速回升至5.4%。经济增长的主要驱动力包括出口的阶段性高增、高技术制造业的快速扩张，以及四季度政策发力下内需的边际改善。9月下旬，针对经济发展过程中遇到的痛点和难题，政策层面做了一系列改革和部署，对房地产政策、地方债务问题、资本市场等领域采取了一系列有力的刺激政策，国内经济触底反弹，资本市场和投资者重拾信心。在货币政策和财政政策方面，2024年全年保持稳健偏宽松的货币政策以及积极的财政政策。在经济面临改革期的背景下，12月召开的政治局会议强调，要实施更加积极的财政政策和适度宽松的货币政策，充实完善政策工具箱，加强超常规逆周期调节。央行全年下调了包括存款准备金率及OMO、MLF、LPR、房贷利率等，债券市场收益率大幅下行，10年期国债收益率年内下行至历史低位。　　股票市场方面，A股全年走势先抑后扬，分化较大：年初，小微盘暴跌导致市场向下波动，随后在5月中下旬反弹，之后一直处于下跌状态直至9月中下旬。9月24日资本市场改革后，A股暴力反弹，一周之内各主要指数均上涨20%以上，其中引领市场上涨的主要为超跌反弹及高贝塔板块，市场成交量也迅速放大。进入四季度，成交量仍旧维持在1.2万亿之上，市场投资机会增加。　　2024年，本基金的债券持仓继续以高等级、中短久期的债券为主；股票方面，我们积极动态调整了组合的仓位和结构，组合净值表现较好。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:43.340Z","mo":"2025年，我们对中国经济和资本市场持积极乐观态度：首先，经济的改革持续加速和升温，一系列促进经济增长的政策将会持续出台，产业升级及高质量发展稳健前行；其次，资本市场改革持续深化，投融资关系得以更加理顺；最后，尽管外部面临全球化的逆风，但部分国内公司凭借自身竞争力，仍将在全球市场快速拓展。","fund":{"_id":3000000018601,"__csrcFundId":13009,"stockCode":"018601","shortName":"长城集利债券发起式(018601)","masterFundShortName":"长城集利债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18601,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:01.980Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-21T16:00:00.000Z","name":"长城集利债券型发起式证券投资基金","setUpDate":"2023-09-21T16:00:00.000Z","setUpAssetScale":15330392.89,"setUpShares":15330392.89,"pinyin":"ccjlzqxfqszqtzjj","managers":[{"stockCode":"db20352061","stockType":"fund_manager","exchange":"fm","tickerId":1317150010,"name":"马强"}]},"announcement":{"linkText":"长城集利债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c77fea5b3eb0532e6d","date":"2024-09-29T16:00:00.000Z","stockId":3000000018601,"sao":"三季度，在国内经济增长仍较为疲弱的背景下，政策果断应对，多部门协同推出系列政策以重振经济及市场信心，包括促进房地产的止跌回稳政策、出台民营经济促进法、加大财政货币政策的逆周期调节力度等。在批量政策的支持下，经济企稳回升的概率料将逐渐提升。　　货币政策方面，在大的指导方针和原则下，9月下旬，央行下调存款准备金率0.5%，下调7天逆回购操作利率20bp，并引导银行降低存量房贷利率，政策的针对性和有效性均不断加强。三季度，国内债券收益率整体下行， 10Y国债收益率下行5bp至2.15%。　　国内股市在三季度大部分时段持续承压，但随着来自于央行、金融监管总局以及证监会对资本市场部署实施一系列支持政策，9月下旬A股迎来暴力反弹，成交量迅速放大，其中非银金融、房地产、TMT等板块涨幅领先。各指数年内收益均回正。　　三季度，本基金继续基于追求绝对收益的思路进行操作。债券部分的持仓以高等级、中短久期的债券为主；股票方面，我们根据市场变化及时调整股票仓位及结构，股票仓位中枢抬升，结构向成长方向倾斜，组合净值实现稳健上涨。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:43.337Z","fund":{"_id":3000000018601,"__csrcFundId":13009,"stockCode":"018601","shortName":"长城集利债券发起式(018601)","masterFundShortName":"长城集利债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18601,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:01.980Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-21T16:00:00.000Z","name":"长城集利债券型发起式证券投资基金","setUpDate":"2023-09-21T16:00:00.000Z","setUpAssetScale":15330392.89,"setUpShares":15330392.89,"pinyin":"ccjlzqxfqszqtzjj","managers":[{"stockCode":"db20352061","stockType":"fund_manager","exchange":"fm","tickerId":1317150010,"name":"马强"}]},"announcement":{"linkText":"长城集利债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c77fea5b3eb0532e6c","date":"2024-06-29T16:00:00.000Z","stockId":3000000018601,"sao":"上半年，外需持续向好趋势，带动GDP实现5%增速，但消费端和投资端依旧承压，地产数据继续下行，国内陆续出台相关政策，如放松房地产的限购、降低首付比例、推出消费补贴，政策效果逐步显现。　　货币政策方面，上半年国内仍保持稳健宽松的货币政策环境，央行降低了包括OMO、MLF、LPR和存款准备金率等重要利率和准备金率，同时，鉴于MLF与市场利率偏离较大，央行开始推动形成新的货币政策框架，将强化7天逆回购利率作为新的政策利率。伴随着政策利率及存款利率的持续下调，债市走出全面牛市，上半年，国内长端债券收益率大幅下行。　　权益市场方面，上半年国内股市大幅波动：一季度经历大幅下跌后迎来反弹，随后在5月下旬见顶，此后一路回调。风格上，大盘股和红利股表现占优，小盘股表现较差；行业层面，银行、公用事业、能源及有色涨幅靠前，而TMT、地产链、消费等行业跌幅较多。　　上半年，本基金继续坚持控制回撤追求绝对收益的总体目标进行运作，债券部分的持仓继续以高等级、中短久期的债券为主，股票方面，继续在行业结构上进行优化。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:43.334Z","mo":"展望下半年，我们对国内经济和资本市场的看法相对乐观。首先，当前极低的市场估值，已经反映了投资者相当悲观的预期，未来的价格边际变化将更多反映经济基本面的边际变化；其次，宽松的货币政策为宏观经济提供了有利的政策环境，尤其进入下半年后，外围经济体的增长动能逐渐转弱，将纷纷开启降息周期；第三，国内稳增长和促需求的政策正在不断发力，从发行超长特别国债，到推动设备更新和消费品以旧换新等政策的推出，都有望扭转当前国内弱需求的现实。","fund":{"_id":3000000018601,"__csrcFundId":13009,"stockCode":"018601","shortName":"长城集利债券发起式(018601)","masterFundShortName":"长城集利债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18601,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:01.980Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-21T16:00:00.000Z","name":"长城集利债券型发起式证券投资基金","setUpDate":"2023-09-21T16:00:00.000Z","setUpAssetScale":15330392.89,"setUpShares":15330392.89,"pinyin":"ccjlzqxfqszqtzjj","managers":[{"stockCode":"db20352061","stockType":"fund_manager","exchange":"fm","tickerId":1317150010,"name":"马强"}]},"announcement":{"linkText":"长城集利债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1154285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c77fea5b3eb0532e6b","date":"2024-03-30T16:00:00.000Z","stockId":3000000018601,"sao":"一季度，国内经济企稳回升，韧性显现，多个指标开始转暖：3月制造业PMI时隔5个月重回扩张区间，达到50.8；1-2月规模以上工业企业利润同比增长10.2%，生产端动能进一步提升；2月份的CPI同比增长0.7%回到正值。货币政策继续保持宽松，一季度央行降准一次。长端和超长端利率下行幅度较大，收益率均创下历史新低。美国方面，在经济数据和就业数据的催化下，降息预期不断下行，10年美债利率上行超过30bp。　　股市方面，一季度国内股市经历大幅下跌后快速反弹，主要指数均回归到年初的位置。板块间分化较大，以煤炭、有色、石油石化为代表的资源股以及银行、家电、公用事业等涨幅居前，而地产链及计算机、电子等跌幅居前，概念上表现突出的包括光模块、传媒、及低空经济。　　一季度，本基金债券组合继续维持高等级、中短久期；股票组合在中枢以下维持灵活的仓位水平，并适当把握了TMT及红利资产的机会，在控制回撤的基础上实现了正回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:43.332Z","fund":{"_id":3000000018601,"__csrcFundId":13009,"stockCode":"018601","shortName":"长城集利债券发起式(018601)","masterFundShortName":"长城集利债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18601,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:01.980Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-21T16:00:00.000Z","name":"长城集利债券型发起式证券投资基金","setUpDate":"2023-09-21T16:00:00.000Z","setUpAssetScale":15330392.89,"setUpShares":15330392.89,"pinyin":"ccjlzqxfqszqtzjj","managers":[{"stockCode":"db20352061","stockType":"fund_manager","exchange":"fm","tickerId":1317150010,"name":"马强"}]},"announcement":{"linkText":"长城集利债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1074984","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2c77fea5b3eb0532e6a","date":"2023-12-30T16:00:00.000Z","stockId":3000000018601,"sao":"2023年，国内经济经历了曲折的复苏过程，困难主要来自于内外需求较为疲弱，以及地产投资下滑，但最终仍旧完成了年初制定的目标，全年GDP增速达到5.2%。年底召开的中央经济工作会议，对2024年的经济工作定下了“稳中求进、以进促稳、先立后破”的总基调，相信将会有更多有力的促增长的政策出炉，实现经济的高质量发展。通胀方面，全年CPI同比上涨0.2%，较为温和。货币政策也较为宽松，年内存款和LPR利率均有下行，10Y国债收益率由2.85%下行30bp至2.55%。　　权益市场方面，2023年A股经历了较好的开局，年初消费、医药、TMT等都有不错表现。在AI的加持下，通信、传媒、计算机等板块在上半年涨幅巨大。但随着下半年经济复苏节奏放缓，市场也随之走弱。全年来看，通信、传媒、能源、计算机等板块涨幅较大，而地产产业链、新能源及消费产业链跌幅居前。　　本基金三季度末成立，建仓过程中，债券部分的持仓以高等级、中久期的债券为主，为组合贡献了相对确定性高的收益；股票操作方面，面对市场的大幅波动，我们缓步建仓，并注重个股的分散，降低组合回撤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:43.329Z","mo":"展望2024年，我们对中国经济和资本市场较为乐观。经历了近两年的下跌和2024年年初的快速下行，A股各个主要指数的估值水平均已触达历史最低区间，悲观情绪得到充分释放，而积极的因素则不断累积，市场正在经历估值修复的第一阶段；此外，国内经济有望走出2023年的弱需求和弱预期的环境，年初以来，央行相继降低了存款准备金率和LPR的利率，接下来财政政策也有望发力，为2024年的经济高质量增长保驾护航；最后，资本市场的改革也将会是2024年的重头戏，一系列促进融资端和投资端的改革有望落地，市场信心和流动性也有望好于2023年。","fund":{"_id":3000000018601,"__csrcFundId":13009,"stockCode":"018601","shortName":"长城集利债券发起式(018601)","masterFundShortName":"长城集利债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18601,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:03:01.980Z","status":"normal","exchange":"jj","fundCollectionId":4000050150000,"inceptionDate":"2023-09-21T16:00:00.000Z","name":"长城集利债券型发起式证券投资基金","setUpDate":"2023-09-21T16:00:00.000Z","setUpAssetScale":15330392.89,"setUpShares":15330392.89,"pinyin":"ccjlzqxfqszqtzjj","managers":[{"stockCode":"db20352061","stockType":"fund_manager","exchange":"fm","tickerId":1317150010,"name":"马强"}]},"announcement":{"linkText":"长城集利债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056941","linkType":"PDF","source":"csrc_pdf"}}]}