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的2.20%先上行至2.28%、再下行至2.12%；8月上旬，银行持续卖出长端利率债，叠加银行理财的预防性赎回，10年国债收益率上行至2.24%，后随着降息预期的升温市场又震荡下行，最低下行至2.03%；9月24日央行通过新闻发布会公布了降准、降息、降存量房贷利率、创设新的货币政策工具支持股票市场稳定发展等多项政策，9月26日中央政治局会议提出促进房地产市场止跌回稳、努力提振资本市场等，股票连续多日大幅上涨、市场风险偏好快速转变，10年国债收益率大幅上行至季末的2.16%。季末多部委配合出台了多项刺激性政策，尤其是房地产方面，降低二套首付比例，统一调降存量房贷利率，四个一线城市均出台放松或取消限购政策、降低首付比例等政策，带动一、二手房销售在十一期间有大幅改善，但持续性仍待观察。全季度来看，10年国债从2.21%下行至2.15%，1年国债从1.54%下行至1.37%。展望四季度，随着美联储开启降息周期，国内宏观政策面临的外部约束和汇率端的压力均得到一定缓解，有望看到一揽子宏观刺激政策的出台，宽货币政策已逐步落地，后续主要关注宽信用政策的落地及其效果。季末债市调整后，长端利率债的收益率已上行至震荡区间的上沿附近，博弈胜率较高；短端利率债预计将随着跨季后资金面的转松而转向下行；信用债的信用利差和银行二永债的条款利差较前期大幅走阔，逐步具备配置价值。本产品操作上计划一方面维持中短期品种的基础配置仓位，另一方面把握市场调整后的配置机会，同时关注政策落地的节奏和实际效果，关注基本面和政策之间出现预期差时的交易性机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.961Z","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债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=1174863","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c45b","date":"2024-06-29T16:00:00.000Z","stockId":3000000002650,"sao":"回顾2024年上半年，市场一直处于对基本面预期较弱、对资金宽松预期较强的状态中，即使在上半年出口强劲、一季度经济数据偏强的情况下，市场对于数据的持续性一直存疑，而对于降息的预期一直较强。期间市场最大的波动则来自4月底央行提示长期收益率风险。上半年十年国债收益率从年初2.56%下行至2.21%。信用债也跟随下行，且信用利差的压缩更为极致，3年AAA从2.71%下行至2.14%，其与3年国开债的利差从年初37BP进一步压缩至20BP。本产品在债券配置上精选个券，同时适时调整了组合久期和杠杆，争取稳定的收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.958Z","mo":"虽然基本面尚不构成债市的风险，市场欠配压力仍在；但交易维度上，已处于低位的市场波动将加剧。一方面关注8月中旬过后市场流动性是否有短期潜在收紧的压力，另一方面关注未来政策面是否会继续发力。此外，债券供给加速、央行卖债操作的落地等都或造成市场的波动。本产品仍将维持精细化操作，同时积极关注未来市场波动带来的交易性机会，把握好节奏。","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债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=1147227","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c45a","date":"2024-03-30T16:00:00.000Z","stockId":3000000002650,"sao":"一季度收益率下行明显。一方面，虽然1月份降准落地、2月LPR大幅下调25BP，而调整MLF的预期一再落空，也不影响市场持续交易降息的预期；另一方面，3月政府工作报告对于今年经济目标的设定符合市场预期，而超长特别国债等政策的落地时间、发行方式尚不确定，市场做多情绪持续。全季度来看，10年期国债收益率从2.55%下行至2.29%，1年期国债收益率则从2.07%下行至1.72%。展望二季度，经济基本面在经历一季度较强的表现后，或需观察前期宏观政策的落地效果对经济的实际提振作用。短期内房地产市场出现V型反转的可能性仍然不大，内需或仍面临需求不足等问题，货币和财政政策持续发力的可能性仍然较大，债券市场仍有一定博弈空间。同时需要关注在当前收益率低位的情况下，超长特别国债等供给的增加所带来的市场波动。此外美联储降息时点预期一再后移，短期对于央行降息操作也存在一定的约束，或导致当前情况下利率继续大幅下行的空间受阻。从债券品种上，我认为在信用利差较低的情况下，利率债优于信用债。因此本产品操作上将关注基本面和政策预期差带来的波段交易性机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.955Z","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债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=1071538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c459","date":"2023-12-30T16:00:00.000Z","stockId":3000000002650,"sao":"回顾2023年债券市场，交易的主线主要围绕经济预期和政策预期。上半年从春节前对经济较强的复苏预期，到春节后对复苏持续性产生分歧，再到二季度对经济动能走弱充分定价，债券收益率从一季度的窄幅震荡走势转为二季度之后明显回落，再加上8月央行超预期降息后，十年期国债一路走低至2.54%附近。而随后由于8月经济数据边际企稳、各项稳增长政策密集出台、四季度市场以流动性压力为核心矛盾，市场高位震荡。直到进入12月跨年资金转松叠加降息预期升温，才迎来年末转机，十年1期国债回落至2.55%附近。全年来看，十年期国债收益率从年初2.82%下行至2.55%，而三十年国债表现更为强劲，从年初3.19%下行至年底2.83%，期限利差压缩。信用债也跟随下行，3年AAA从3.14%下行至2.71%附近。本产品在债券配置上精选个券，有效防范信用风险，同时适时调整了组合久期和杠杆，力争获取稳定的收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.952Z","mo":"展望未来，经济基本面整体弱复苏的可能性较大，短期内房地产市场出现V型反转的可能性不大，内需短期仍面临需求不足、信心偏弱等问题。我判断宏观政策继续逆周期调节的可能性较大，货币政策大概率则保持宽松，降息周期未尽。债券市场仍有一定政策博弈空间，同时需关注可能的超预期稳增长政策带来的债市调整。因此市场短期大概率区间震荡为主。而短端品种则受益于货币市场资金宽松，曲线陡峭化行情或持续，息差仍有可套空间。中期来看，目前LPR和MLF利差处于历史极值位置，后期待美联储降息预期升温后MLF或仍有下调空间，值得关注的是全国两会的定调以及稳增长政策的出台。从债券品种上，我认为在信用利差较低的情况下，利率优于信用。","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债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=1051962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c458","date":"2023-09-29T16:00:00.000Z","stockId":3000000002650,"sao":"三季度收益率先下后上。7月至8月中旬，经济基本面磨底、政策博弈、资金面平稳偏松、央行超预期降息之下，10年期国债收益率从2.64%最低下行至2.54%。8月下旬以来，经济数据边际企稳，随着一、二线城市的房地产刺激政策密集出台，市场预期转向，叠加季末资金面收紧和阶段性理财赎回压力，10年期国债收益率从低点2.54%上行至2.7%附近，一年期国债收益率从1.84%最高上行至2.22%。　　展望四季度，经济基本面有可能进入筑底回升阶段，需关注后续政策出台情况及落地效果，短期或有一定的调整压力。但考虑到地产数据仍然较弱，经济复苏的力度仍然不强，且市场对于政策面的预期较为充分，债券市场上行风险仍相对可控。因此本产品操作上仍以票息策略为主，同时关注市场调整带来的配置机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.950Z","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990006","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c457","date":"2023-06-29T16:00:00.000Z","stockId":3000000002650,"sao":"回顾2023年上半年债券市场，从春节前对经济较强的复苏预期，到春节后对复苏持续性产生分歧，再到二季度对经济动能走弱充分定价，债券收益率从一季度的窄幅震荡走势转为二季度之后明显回落。期间也受益于央行降准、降息的操作，资金面持续宽松，十年国债收益率从年初2.93%附近最低下行至2.59%附近，接近去年8月的低点。信用债也跟随下行，3年AAA从3.26%最低下行至2.66%附近。本产品在债券配置上精选个券，有效防范信用风险，同时适时调整了组合久期和杠杆，力争获取稳定的收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.947Z","mo":"展望未来，短期来看基本面仍然有一定的压力，一方面国内制造业仍然处于主动去库阶段，景气度的回升有赖于后续从主动去库向被动去库的切换；另一方面受海外市场影响，出口仍然承压。上半年消费场景的恢复虽然很好，但消费需求的明显回升还有赖于就业预期的改善。而地产销售的下滑仍然是市场的关注点。随着社融、信贷及其他经济数据的明显走弱，未来货币和财政政策加大实施力度的必要性提升，6月央行的降息也初步显示了政策面托底经济的意图。虽然在经济重启扩张之前，宏观环境上仍有利于债市，但需要警惕市场或对利空的敏感性提升，即市场对于稳增长政策的博弈或带来波动加大，尤其是市场对于地产政策的反应会更为敏感。但后期需要跟踪政策落地的力度以及落地后的效果，可能存在预期差带来的市场下行机会。考虑到货币政策大概率仍然保持稳定宽松，杠杆策略仍然有效。本产品仍将维持精细化操作，防范信用风险；后期操作上以票息策略为主，同时积极关注未来市场调整后带来的配置机会。","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6a57fea5b3eb045c456","date":"2023-03-30T16:00:00.000Z","stockId":3000000002650,"sao":"一季度债券市场整体维持窄幅震荡走势，十年国债收益率在2.81%至2.93%区间运行。1月市场在较强的经济复苏预期下一路上行；2月春节后市场对复苏的持续性产生分歧，但受制于资金面持续偏紧，十年国债在2.9%附近盘整；3月因为两会对GDP目标的定调以及降准操作，使得市场资金面宽松、资金利率有所下行，十年国债收益率也下行至2.85%附近。展望二季度，地产和消费能否持续改善是政策和市场的关注点。而债券市场目前的定价已一定程度上体现了经济弱复苏的预期。我们认为，整体而言，二季度经济复苏的趋势仍然确定，经济数据或仍然较好。且考虑到资金价格中枢的抬升，债券市场当前利差已处于较低的位置，息差空间有所收窄，整体性价比有所下降。本产品操作上仍以票息策略为主，关注未来市场波动中带来的配置机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:09:57.944Z","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj"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跌后，配置价值提升，但防范信用风险仍是重中之重。操作上我们仍将维持个券精细化操作，努力寻求稳健的收益。","fund":{"_id":3000000002650,"__csrcFundId":2701,"stockCode":"002650","shortName":"东方红稳添利纯债A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2650,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.638Z","status":"normal","inceptionDate":"2016-05-12T16:00:00.000Z","name":"东方红稳添利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红稳添利纯债","pinyin":"dfhwtlczzqxfqszqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红稳添利纯债债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461223","linkType":"PDF","source":"csrc_pdf"}}]}