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型分化特征或将延续。国内货币政策整体或将保持审慎基调，降准、降息空间有所收敛，结构性货币政策工具将成为主要发力方向；若后续经济修复力度持续不及预期，稳增长托底政策存在加码空间。债市方面，三季度大概率维持震荡格局，四季度或出现机构提前抢跑行情，国债收益率存在触及年内低点的可能性。本基金将延续审慎运作思路。底仓配置方面，重点关注高等级中短久期信用债，筑牢组合安全边际、保障整体流动性充裕；同时积极把握行情机会，加强利率债、二级资本债的波段交易，增厚组合收益，提升整体资产收益率。","fund":{"_id":3000000025975,"stockCode":"025975","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":25975,"currency":"CNY","status":"normal","exchange":"jj","shortName":"前海联合弘利债券A","lastUpdated":"2026-09-03T01:44:03.068Z","name":"新疆前海联合弘利债券型证券投资基金","pinyin":"xjqhlhhlzqxzqtzjj","fundCollectionId":4000051160000,"inceptionDate":"2025-11-23T16:00:00.000Z","masterFundShortName":"前海联合弘利债券","__csrcFundId":16095,"managers":[{"stockCode":"db20876838","stockType":"fund_manager","exchange":"fm","tickerId":131219223270,"name":"孟令上"},{"stockCode":"j101018752","stockType":"fund_manager","exchange":"fm","tickerId":2413269750,"name":"徐铭"}]},"announcement":{"linkText":"新疆前海联合弘利债券型证券投资基金2026年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1570230","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69e8ecc11398d79843fea1b8","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000025975,"sao":"2026 年第一季度，国内经济呈现温和复苏态势。固定资产投资增速保持稳定，消费市场逐步回暖，出口具备较强韧性。通胀低位小幅回升，PPI 同比降幅有所收窄。债市整体呈现震荡格局，收益率曲线陡峭化；信用债及中短久期利率债收益率稳步下行，超长端利率债收益率震荡上行。债市核心定价逻辑由年初的 “宽松预期”，逐步转向 “经济韧性 + 通胀扰动 + 外部冲击 + 货币政策定力”。年初权益市场走强、风险偏好抬升，叠加债市供给冲击扰动，10 年期国债收益率上行至 1.9% 附近，30 年期国债收益率上行至 2.335% 附近。后续央行持续释放宽松信号，市场宽松预期升温，叠加配置资金进场，债券收益率重回下行通道，10 年期国债收益率回落至 1.78% 附近，30 年期国债收益率下行至 2.22%。春节后，1—2 月国内经济数据超预期，海外地缘冲突引发原油价格大幅上涨，进一步推升通胀预期，利率债收益率再度上行。但受资金面持续宽松支撑，信用债与中短端利率债表现相对稳健，30 年期国债收益率回升至 1 月高点附近。季末，跨季资金利率维持低位，市场提前博弈二季度资金面宽松，债券收益率再度下行。（数据来源：Wind） 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