window.pageData = {"stock":{"_id":3000000027940,"name":"鹏华永诚一年定期开放债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"027940","tickerId":27940,"currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2026-06-17T16:00:00.000Z","pinyin":"phycyndqkfzqxzqtzjj","fundCollectionId":4000050060000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50060000","tickerId":50060000,"name":"鹏华基金管理有限公司"},"managers":[{"name":"罗佳","stockType":"fund_manager","stockCode":"j101020163","exchange":"fm","tickerId":1210259870}],"hotMetrics":{"fpr":{"stockId":3000000027940,"type":"fpr","f_cagr_p_r_fs_ssc":7386,"f_cagr_p_r_fs_ssrp":0.9614082599864591},"fp":{"stockId":3000000027940,"type":"fp","last_data_date":"2026-07-09T16:00:00.000Z","f_i_d":"2026-06-17T16:00:00.000Z","f_cagr_p_r_fs":0.0007999999999999119},"ff":{"stockId":3000000027940,"type":"ff","f_fr_d":"2026-06-15T16:00:00.000Z","f_m_fr":0.003,"f_c_fr":0.001,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000027940,"type":"f_nlacan","f_nv_d":"2026-07-09T16:00:00.000Z","f_nv":1.0008,"f_nv_cr":0}},"masterSlaveFunds":[{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj"}],"bondHoldings":[{"_id":"69e7d7206201787ae12a4820","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000053,"stockCode":"102481748","stockName":"24格力MTN004","holdings":200000,"marketCap":20588750,"netValueRatio":0.0402,"lastUpdated":"2026-04-21T19:59:28.599Z"},{"_id":"69e7d7206201787ae12a4821","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000053,"stockCode":"102484742","stockName":"24中交租赁MTN001","holdings":200000,"marketCap":20399911,"netValueRatio":0.0398,"lastUpdated":"2026-04-21T19:59:28.602Z"},{"_id":"69e7d7206201787ae12a4822","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000053,"stockCode":"102483303","stockName":"24湖南建设MTN001","holdings":200000,"marketCap":20342164,"netValueRatio":0.0397,"lastUpdated":"2026-04-21T19:59:28.606Z"},{"_id":"69e7d7206201787ae12a4823","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000053,"stockCode":"240756","stockName":"24杭旅01","holdings":200000,"marketCap":20204969,"netValueRatio":0.0394,"lastUpdated":"2026-04-21T19:59:28.609Z"},{"_id":"69e7d7206201787ae12a4824","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000000053,"stockCode":"250208","stockName":"25国开08","holdings":200000,"marketCap":20166400,"netValueRatio":0.0393,"lastUpdated":"2026-04-21T19:59:28.612Z"}]},"list":[{"_id":"69e7d5626201787ae129eeb0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000000053,"sao":"2026年一季度，稳增长政策未有加码，但经济和通胀数据出现了一些积极信号。外需受益于全球AI产业链需求强劲叠加国内供应链安全稳定，维持较高增速；在原油输入性通胀与行业“反内卷”的共同带动下，物价上涨已呈现出向油气、有色、化工以外品种扩散的态势；生产与投资实现一季度季节性“开门红”，工业企业利润同步改善；地产在无大规模刺激政策的情况下走出“量升价稳”的小阳春行情，表现优于往年“以价换量”的弱修复，债市在资金面宽松及配置需求驱动下，呈现结构性行情。整体来看，一季度债市10年以内利率品种普遍下行4-15BP，10年以上品种上行2-8BP，曲线走陡，信用利差小幅压缩。  组合在一季度维持中性久期和偏高杠杆，品种上坚持中高等级优质信用债为底仓，择机参与了中长端利率债的波段交易。二季度组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","lastUpdated":"2026-04-21T19:52:02.365Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7a387ecbd37c10afbb66","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000000053,"sao":"2025年，外部环境面临一定挑战，“关税战”冲击全球秩序，地缘冲突多点爆发，中美之间大国博弈加剧。面对复杂的外部形势，国内宏观经济展现出较高的韧性，整体实现平稳运行，GDP实现预期增长目标，核心CPI温和改善，财政政策积极发力节奏前置，货币政策延续支持性立场，全年降息10BP，结构性工具降幅更大。由于2024年行情演绎过快，对基本面和货币政策空间有一定透支，一季度央行宣布暂停国债买卖对市场进行纠偏，叠加三季度“反内卷”政策预期升温，权益和商品市场进入主升浪提升市场风险偏好，2025年债市整体出现一定调整。全年来看，利率债各期限收益上行10-35BP，10年国债在1.6%-1.9%区间低位运行，波动加大；短端信用债表现较优，信用利差出现明显压缩。  报告期内，本产品以高等级信用债为基础配置，并择机使用高流动性标的进行波段操作增厚收益。2026年组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","lastUpdated":"2026-03-30T13:27:20.286Z","mo":"展望2026年，作为“十五五”规划的开局之年，经济稳增长诉求依然较强，面临化债的中期约束下，投资增速预计低位小幅回升，制造业和AI等新基建成为主要拉动力量，同时地产投资的拖累可能逐步收窄；中美经贸关系阶段性缓和，非美市场多元化布局加速，出口增长预计仍然保持高位；消费方面，国补政策透支部分耐用品需求，政策支持更多转向服务消费和新型消费领域，整体消费支出可能小幅抬升。2026年，预计国内经济基本面和物价水平温和回升，政策组合延续双宽格局，财政政策更加积极，货币政策适度宽松，债券市场在降息预期指引下预计仍有下行空间，但波动率或将明显提升。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放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=1452764","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0edf","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000000053,"sao":"2025年三季度，国内经济运行平稳，结构上较为分化，出口保持韧性，内需和地产链仍面临一定压力，物价水平温和改善，政策面逆周期调节加码，财政政策持续发力，货币政策精准调控，资金利率中枢缓慢下行。债市在政策预期及大类资产价格重估背景下，收益震荡上行，10年国债活跃券从低点1.64附近回调近20BP，曲线形态走陡。  组合在三季度久期和杠杆降至中性，品种上坚持中高等级优质信用债为底仓，低仓位参与了中长端利率债的波段交易。四季度组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","lastUpdated":"2026-03-09T12:47:26.678Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ede","date":"2025-06-29T16:00:00.000Z","stockId":3000000000053,"sao":"2025年上半年，债市收益先上后下，10年国债波动区间在1.6%-1.9%。一季度稳增长政策持续发力，财政定调积极且节奏前置，国内经济实现平稳开局。地产成交回暖，出口保持韧性，消费在以旧换新政策支持下家电和新能源车销售表现亮眼，货币政策阶段性以稳汇率和防风险为主，资金利率走高，债市出现一定调整。二季度，中美贸易摩擦加大，4月对等关税幅度超预期，同时基本面趋于走弱，央行在5月宣布降准降息支持实体经济，资金利率缓步下行，债市收益逐步修复。整体来看，上半年债市收益呈现结构性行情，5年内短端上行10-25BP，10年以上长端下行3-5BP，曲线走平；信用债整体表现优于利率债，信用利差压缩。  组合在一季度维持中性久期和杠杆，二季度逐步加仓至中性偏长久期，品种上坚持中高等级优质信用债为底仓，择机参与了中长端利率债的波段交易。下半年组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.675Z","mo":"展望下半年，财政前置和抢出口对经济的提振作用或有所退坡，在下一轮财政加码前，社零和基建增速进一步提升空间有限。地产周期处于震荡磨底阶段，居民杠杆率有待去化，通胀预计维持低位。外部来看，后续关税可能再生变数，受到上半年抢出口和海外经济趋弱影响，预计下半年出口增速可能回落。从政策端来看，上半年经济增速开局良好，财政和货币都不急于进一步加码，年内第二次降息或需等待三季度末。整体来说，经济小幅降速和宏观政策不急加码的环境对债市偏友好。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1339672","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0edd","date":"2025-03-30T16:00:00.000Z","stockId":3000000000053,"sao":"一季度流动性环境偏紧，银行间回购利率较上年末显著抬升，银行体系负债压力偏大，同业存单一级发行连续提价。央行在一季度停止了国债二级市场买入操作，短期限国债收益率逐步向政策利率回归。由于年初债市定价整体包含一定降息预期，收益率水平较低，流动性环境偏紧叠加股市上涨提振风险偏好，各类债券曲线收益率水平均有一定抬升。一季度经济基本面出现边际企稳信号，人工智能、机器人等领域的科技创新成果有效提振了市场风险偏好，权益类资产表现较好。一季度组合主要配置中高等级信用债，利用金融债、长期限国债灵活交易，积极利用可转债参与权益行情，力求做到攻守均衡，为投资者创造稳健的回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.672Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0edc","date":"2024-12-30T16:00:00.000Z","stockId":3000000000053,"sao":"2024年十年国债收益率每个季度均有所下行，全年下行幅度超过80bp；信用债一级发行期限整体拉长，票面利率整体下行，年末信用利差、期限利差处于偏低水平。收益率下行、利差压缩的背景是经济走向高质量发展，在转型过程中面临阶段性阵痛，体现在基本面数据上的是制造业PMI多数月份处于荣枯线以下、地产销售和开发同比下行、PPI月度同比持续为负、M1/M2增速差距偏大等。2024年央行两次下调OMO政策利率合计30bp，引导银行保险降低融资成本，货币政策持支持性态度。居民和企业对稳健投资产品需求旺盛，农商行积极参与债券市场，债市在广谱利率下行背景下呈现“资产荒”状态。由于利率阶段性下行过快，央行今年在4月、7月、8月分别利用预期引导、创设借券卖出工具等手段延缓利率下行趋势，在相关时点债市均出现了波动，甚至出现了资管产品负债端遭遇赎回的现象。整体看，2024年债市整体处于顺风环境中，但波动性较高，对管理人的主动管理能力形成较大考验。  报告期内，本产品以高等级信用债为基础配置，并择机使用高流动性标的进行波段操作增厚收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.669Z","mo":"展望2025年，经济向高质量发展模式转型的方向不变，经济运行中的一些结构性问题短期内仍将延续。央行表态将实施适度宽松的货币政策，在全年维度对债市偏友好，但在利率下行过快的时点也将采取措施纠偏。政府债发行将继续成为社融的重要组成部分，而社会内生融资需求或延续偏弱态势，值得关注的是，房地产市场止跌回稳后有望带动需求的回升。2025年国际关系中摩擦或将加剧，对汇率形成一定压力，进而限制央行货币政策宽松的空间。站在岁末年初，债市仍处偏顺风的环境，在楼市和股市出现确定性上行趋势之前，居民或仍将偏好固收类产品。由于年内不确定性因素较多，在重大政策、事件时间点市场或将出现大幅波动。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1249409","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0edb","date":"2024-09-29T16:00:00.000Z","stockId":3000000000053,"sao":"2024三季度，债市走势分化，呈现结构性行情。7月，基本面承压，央行宣布OMO和MLF利率分别调降10BP和20BP，债市收益大幅下行；8月，政府债供给放量，单月净融资超1.8万亿，叠加存单到期高峰，资金面脆弱性增加，债市收益小幅回调；9月，市场对于降准降息预期升温，24日央行宣布一揽子货币宽松政策，市场快速下行后转而上行。整体来看，三季度各期限利率债收益下行5-10BP左右，信用债在资金收敛和非银负债端扰动下收益上行10-30BP，表现弱于利率债。  组合在三季度维持中性偏高的久期和中性杠杆，在品种上坚持中高等级优质信用债为底仓，择机参与了中长端利率债的波段交易。四季度组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.665Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0eda","date":"2024-06-29T16:00:00.000Z","stockId":3000000000053,"sao":"2024上半年，债市收益率震荡下行。一季度基本面承压，权益市场探底，叠加政府债发行趋缓，债市收益流畅下行。二季度政策影响加大，5月地产政策出台，叠加央行多次提示长端利率风险，对债市收益形成扰动，但是在资金面宽松及配置盘驱动下，二季度延续震荡偏强格局，但下行斜率有所放缓。整体来看，上半年各期限利率债下行40-60BP不等，曲线形态走陡。  组合在上半年整体维持中性偏高的久期和杠杆，在品种上坚持中高等级优质信用债为底仓，并择机参与了中长端利率债的波段交易。下半年组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.662Z","mo":"下半年经济分化仍然存在，基建和地产投资增速承压，居民和企业部门风险偏好收缩，消费信心和民间投资待提振；制造业投资偏强、但面临产能矛盾，外需上半年偏强，下半年面临更多不确定性。价格因素更为关键，预期偏弱的扭转很大程度将依赖价格回升，下半年平减指数拖累可能有所收窄，但再通胀的迹象尚且不大。经济内部分化，外部面临不确定性的情况下，风险偏好下降还将延续，资金流向稳健资产，流动性对债市仍是利好。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143352","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed9","date":"2024-03-30T16:00:00.000Z","stockId":3000000000053,"sao":"2024年一季度，债市收益率震荡下行。1、2月份国内经济基本面承压，PMI连续2个月处于收缩区间，CPI处于低位甚至负值，叠加一级政府债发行趋缓，债市供需结构良好，收益大幅下行，3月两会提及将在今年及以后增加超长期国债供给，叠加高频数据显示经济有底部企稳特征，债市小幅调整。整体来看，今年一季度各期限利率债震荡下行20-40BP不等，曲线形态先牛平再陡峭。  组合在一季度整体维持中性偏高的久期和杠杆，在品种上坚持中高等级优质信用债为底仓，并择机参与了中长端利率债的波段交易。二季度组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.659Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed8","date":"2023-12-30T16:00:00.000Z","stockId":3000000000053,"sao":"2023年，国内经济发展面临需求收缩、供给冲击和预期转弱三重压力，货币政策整体保持稳健偏松，债市收益震荡下行3-50BP，长端下行幅度大于短端。一季度随着疫情达峰之后复产复工稳步推进，国内宏观经济呈现缓慢修复态势，PMI触底回升重返扩张区间，叠加银行信贷开门红的影响，债市收益率震荡上行；二季度基本面环比大幅走弱，PMI连续3个月回落至收缩区间，CPI连续3个月处于1%以内低位，债市利率大幅下行；三季度基本面数据触底小幅回升，8月年内第二次降息落地后债市收益快速触底创下年内低点后，在资金面收敛和银行信贷发力作用下收益率快速调整；四季度政府债发行提速，叠加防资金空转情绪升温，债市收益先上后下。具体来看，全年中短端下行3-35BP，长端和超长端下行30-50BP，曲线形态进一步平坦化。  组合在2023年整体维持中性偏高的久期和杠杆，在品种上坚持中高等级优质信用债为底仓，严控信用风险底线，并阶段性参与了中长端利率债和高等级信用债波段交易；组合在二季度适度增加久期跟上市场涨幅，在8月降息落地之后快速降低久期进行防守。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.656Z","mo":"展望2024年，国内经济内生复苏动力不足，地产和出口仍将拖累全年经济增速；实体融资需求不足，银行开年信贷开门红弱于往年；财政力度年初或偏保守，地方化债背景下，基建增速上半年可能稍弱，基本面环境对于债市整体顺风。组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051514","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed7","date":"2023-09-29T16:00:00.000Z","stockId":3000000000053,"sao":"2023三季度，债市收益率先下后上，整体上行为主。7月上旬流动性宽松叠加基本面偏弱债市收益率小幅下行，下旬会议定调积极，提及地产政策要适时优化引发市场调整；8月中旬央行宣布年内第二次降息，MLF利率调降节奏和幅度均超市场预期，债市收益快速下行，8月下旬税期资金面收紧，叠加地产放松以及印花税减半等活跃资本市场政策出台，债市收益率开始回调；9月资金面季节性收敛，叠加银行信贷发力以及机构赎回等利空因素共振，债市收益率继续震荡上行。具体来看，三季度各期限利率品种呈结构性行情，中短端上行5-15BP，长端上行1-3BP，超长端略有下行，曲线进一步走平。  组合在季初期维持中性偏高的久期和杠杆，在品种上坚持中高等级优质信用债为底仓，在资金平稳期间增厚了组合套息收益；8月在降息落地之后止盈中长久期信用债，并阶段性参与利率债博弈价差收益；9月债市收益率调整赔率提升，组合增加了对高等级信用债的配置。四季度组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.653Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986739","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed6","date":"2023-06-29T16:00:00.000Z","stockId":3000000000053,"sao":"2023上半年，债市收益率先上后下，整体震荡下行。1、2月份随着疫情达峰之后复工复产稳步推进，国内宏观经济呈现缓慢修复态势，PMI触底回升重返扩张区间，叠加银行信贷开门红的影响，资金面总体偏紧，资金中枢小幅抬升，债市利率震荡上行。3月份会议定调GDP增速落在市场预期下沿，叠加海外爆发银行危机，市场避险情绪升温，4月以来基本面环比大幅走弱，PMI连续3个月回落至收缩区间，CPI连续3个月处于1%以内低位，债市利率大幅下行。6月央行宣布降息10BP，由于市场对此已有充分预期，降息后债市收益小幅回调。整体来看，今年上半年各期限利率债震荡下行15-30BP不等。   组合在上半年整体维持中性偏高的久期和杠杆，在品种上坚持中高等级优质信用债为底仓，一季度在信用利差处于高位时加大了信用债的配置比例，二季度在信用利差压缩至低位时加大了利率债的配置比例。下半年组合将继续动态优化投资品种，灵活运用杠杆套息、波段交易等方式实现收益增厚，力争为持有人提供中长期稳健回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.650Z","mo":"展望三季度，国内经济基本面仍在底部企稳阶段，经济分项冷热不均但没有失速风险，地产、基建拖累明显，但工业生产和消费延续回暖趋势，政策方面在追求高质量发展的大背景下，政策思路延续底线思维和追求质的提升，后续强刺激的增量政策空间目前来看仍有限，但是债市收益率经过二季度的大幅下行后各期限均回落至历史较低分位数，市场对基本面和政策面定价较为充分，预计市场将陷入震荡，组合在延续稳健风格的基础上，计划维持中性久期和杠杆，以区间震荡思路应对市场波动。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=961269","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed5","date":"2023-03-30T16:00:00.000Z","stockId":3000000000053,"sao":"2023年1季度，随着春节之后复工复产稳步推进，国内宏观经济呈现缓慢修复态势，3月份两会定调GDP增速为5%叠加海外爆发银行危机，经济修复的强度和政策刺激力度均弱于市场预期。    1季度债市收益呈现分化，利率品种上行为主，10年期国债收益率先上后下，整体在2.80-2.95区间箱体震荡，收益率小幅上行2BP，1-3年短端品种上行幅度更大；信用品种则走出大幅下行的独立行情，3年和5年期中高等级信用债普遍下行超过20BP。    组合在1季度整体维持了中性久期和中性偏高杠杆，在品种上继续坚持中高等级优质信用债为底仓，并加大了优质信用债的配置比例，适度低仓位参与利率债波段交易。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.647Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=886512","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed4","date":"2022-12-30T16:00:00.000Z","stockId":3000000000053,"sao":"2022年一季度债市先涨后跌。1月随着央行下调MLF利率资金宽松，债市出现上涨，2月至3月随着宽信用加快，债市出现回调。二季度债市呈现震荡市。4-5月随着新冠疫情持续发酵，避险情绪不断增强，债市出现上涨，5月底随着疫情缓解，复工复产逐步开展，债市出现回调。三季度债市先涨后跌。7-8月随着楼市整体承压，债市出现上涨，9月随着汇率波动以及资金面收敛，债市出现回调。四季度季度债市先小幅上涨后大幅下挫随后企稳，11月份整体快速下跌，12月上中旬出现利率债走平、信用债快速大幅下挫的结构性分化行情。10月随着重要会议召开资金维持宽松，债市出现小幅上涨；11月随着资金面走紧，叠加双11走款、防疫政策和地产政策出现边际方向性转变，同时理财资金开始撤出债基，出现市场整体下跌；12月上中旬随着表外理财资金赎回加剧，集中连续的抛售信用债加剧了市价下挫和估值出现快速调整，进而对信用类债基净值产生明显冲击，同期由于利率配置为主的表内资金相对宽裕且稳定，利率债品种整体走平，因此造成信用类和利率类债基表现迥异；随着信用大幅非理性杀跌进入到极具价值的区域，12月中旬起，资金开始涌入市场抄底信用债，随着信用债估值逐步企稳回涨，信用类债基开始企稳并持续上涨进入净值修复通道。在债券的配置上，我们以高等级信用债持有为主，灵活运用中长久期利率债进行攻守。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.644Z","mo":"展望2023年，春节后疫情影响趋弱，开局之年对稳增长的诉求较强，国内经济回暖方向较为确定。货币政策上半年仍需为稳增长保驾护航，宽财政将继续发力，随实体融资需求修复，货币政策或增加对于通胀的权重，利率还有调整压力。但海外经济回落加深和国内政策不强刺激下，地产信用基本面的修复仍需相当的时间，国内经济基本面格局偏向弱修复。具体到债券市场而言，2023年一季度，国内经历首轮感染高峰，春节后生产和出行逐步恢复，货币政策呵护资金面，两会前后财政和宽信用政策继续落地，债市震荡偏熊。二季度至三季度，经济从衰退转为复苏，地产基本面或初现修复迹象，货币政策或由松转平，利率调整压力或加大。四季度，海外衰退形成，国内财政和宽信用政策力度或减弱，可以等待复苏至顶带来的超跌机会。  整体投资策略方面，我们认为上半年信用部位维持中高等级稳健票息,短久期加高杠杆策略较有可能会给投资者带来不错的收益体验。下半年关注若复苏至顶后超跌压力完全释放，则拉长久期布局进攻。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed3","date":"2022-09-29T16:00:00.000Z","stockId":3000000000053,"sao":"本季度债市先涨后跌。7-8月随着楼市整体承压，债市出现上涨，9月随着汇率波动以及资金面收敛，债市出现回调。在债券的配置上，我们以偏中短久期中高等级信用债持有为主，运用中长久期利率合理攻守，从而使得组合净值在本季度债市波动的情况下表现稳健。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.641Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金 2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=804008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed2","date":"2022-06-29T16:00:00.000Z","stockId":3000000000053,"sao":"上半年债市整体呈现震荡市。1月随着央行下调MLF利率资金宽松，债市出现上涨，2月至3月随着宽信用加快，债市出现回调。4-5月随着新冠疫情持续发酵，避险情绪不断增强，债市出现上涨。5月底随着疫情缓解，复工复产逐步开展，债市出现回调。在债券的配置上，我们以中高等级信用债为主，并运用部分仓位，在合适时点适度做攻守，从而使得组合净值在上半年度债市震荡的情况下表现稳健。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.638Z","mo":"2022年上半年，债券市场整体窄幅震荡。1月央行降息10BP，货币政策态度宽松，利率明显下行。春节后至3月上旬，社融和PMI数据明显好转，地产“因城施策”放松政策频出，市场对“宽信用”的预期发酵，利率最高上行至2.85%。3月中旬到4月底，深圳、上海和北京接连出现疫情并封城，货币宽松预期发酵，而美联储3月开始加息，对国内货币政策形成一定掣肘，央行四月降准0.25%低于预期，利率先下后上。5月资金持续宽松，总理召开全国稳定经济大盘会议，市场修正基本面预期至悲观，利率下行破2.7%。6月以来，北京和上海全面解封，疫情整体进入收尾阶段，政策在防疫和“稳增长”中边际向后者倾斜，疫情防控边际放松，数据上5月经济数据明显修复，下旬地产销量好转，利率快速调整。  整体判断上全国疫情仍有“长尾”但影响趋弱，经济从底部开始修复，地产偏向于弱复苏，消费恢复需要时日，财政扩张受限，整体判断本轮经济上行斜率较缓，下半年高点难以回到目标增速。货币政策维持中性偏宽松，但海外加息和国内通胀对降息仍有制约，财政和地产政策有小幅加码空间，但刺激强度弱于2020年，而下半年政府债供给缩量，供需格局偏利好。具体节奏上，2022年三季度，基本面渐进修复，实体融资边际改善，季初利率走势或震荡偏弱。三季度中后期，前期稳增长政策动力减缓，外需趋弱影响逐渐显现，叠加利率品种供给缩量，债券市场或再度迎来阶段性机会。利率策略上三季度初整体偏防守，组合久期中性偏低，但调整幅度或有限，可以保持一定交易仓位。三季度末到四季度初，经济修复斜率最快的时点过去，若市场前期出现明显调整，可择机布局参与，提高组合久期和杠杆。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金 2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782882","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed1","date":"2022-03-30T16:00:00.000Z","stockId":3000000000053,"sao":"本季度债市先涨后跌。1月随着央行下调MLF利率资金宽松，债市出现上涨，2月至3月随着宽信用加快，债市出现回调。在债券的配置上，我们以偏中短久期中高等级信用债持有为主，从而使得组合净值在本季度债市波动的情况下表现稳健。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.635Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金 2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723805","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ed0","date":"2021-12-30T16:00:00.000Z","stockId":3000000000053,"sao":"2021年债市先跌后涨,上半年先是在1月中旬前,受永煤事件影响，利率走出尖顶,随后央行通过加大逆回购和MLF投放释放流动性，债市情绪回暖, 3月到5月,资金面持续维持宽松,政府债节奏发行弱于预期，在稳货币紧信用的背景下,资产荒开始显现,叠加经济基本面修复偏弱,美债收益率冲高回落,债券市场利率开始震荡下行。6月上旬开始地方债供给放量预期有所抬升,叠加长期宽松的资金面与低于MLF的NCD利率下，银行间市场杠杆抬升，央行并未进行对冲呵护，资金面边际收紧导致利率小幅回调。下半年伊始，7月9日央行全面降准，宽松信号意义明显，市场开始产生对下半年经济下行压力较大和货币政策宽松的一致性预期，利率再次快速下行。随后8月底到9月底，市场对于宽货币和宽信用节奏产生分歧，利率在低位窄幅震荡。10月下旬开始，全球主要能源价格大涨，叠加央行再提四季度基本不存在流动性缺口，前期对货币宽松一致性预期有所打破，利率经过震荡市后开始回调。10月下旬开始，央行加大公开市场操作呵护市场，发改委采取行政性限价政策，动力煤期货价格腰斩，收益率开始下行。12月6日，央行以最快响应速度响应克强总理在12月3日提出适时降准，债市再次进入下行通道。在债券的配置上，我们以中高级信用债为主。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.631Z","mo":"展望2022年，从经济基本面来看，在“宽信用”政策保持克制的背景下，2022年上半年经济下行压力仍存，一方面，在海内外疫情反复的影响下，国内消费改善存在“瓶颈”，消费增速总体维持低迷；另一方面，在债务严控、房住不炒的大背景下，地产和城投等面临的趋势性回落压力尚未明显缓解；同时，随着时间的推进，出口需求回落的压力也将不断凸显。而下半年，随着上半年“稳增长”政策的持续发力，经济下行压力或有所缓解。货币政策方面， 2022年，随着国内政策调控，以及供需错位的缓解，通胀压力也将有所缓解，尤其是上半年，PPI同比高位回落，CPI同比小幅上行，但仍维持偏低水平。对于债市而言，2022年上半年债市环境总体仍偏友好，而下半年，随着经济“触底回升”，CPI低位反弹，以及美联储加息政策推进，债市或面临一定扰动。另外在地产行业大周期向下的趋势难以改变，地产企业信用风险难言出清,信用尾部风险仍存,且经过2021年的行情后，信用债收益率和信用利差都处于历史较低水平，安全边际较低。整体投资策略看，我们认为信用部位维持中高等级稳健票息,中等久期策略较有可能会给投资者带来不错的收益体验。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金 2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711713","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ecf","date":"2021-09-29T16:00:00.000Z","stockId":3000000000053,"sao":"本季度债市上涨后跌。7月初随着央行全面降准资金宽松，债市出现上涨，8月底至9月随着地方债发行力度加大，债市出现回调。在债券的配置上，我们先攻后守，前期以偏长久期利率做进攻，后期卖出利率债兑现收益、以偏中短久期中高等级信用债持有为主，从而使得组合净值在本季度债市波动的情况下表现稳健。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.628Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ece","date":"2021-06-29T16:00:00.000Z","stockId":3000000000053,"sao":"上半年债市整体先跌后涨。1-2月因商品价格带动通胀快速上行、央行收紧货币端以及市场风险偏好提升，债市出现一轮调整。2月下旬至年中，经济数据冲高回落，货币政策中性偏松，债市走好，收益率呈现下行态势。在债券的配置上，我们以中高等级信用债为主，从而使得组合净值在上半年度债市震荡整的情况下表现稳健。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.625Z","mo":"2021年以来，债券市场在资金面、供需错位等多种因素的共同影响之下，整体呈现区间震荡的格局，从具体节奏来看：2020年11月-2021年1月初，为应对信用风险事件的冲击，金融委定调“维稳”，央行加大流动性投放，资金面维持宽松，收益率小幅回落；1月下旬-2月中旬，信用市场情绪修复，权益市场、房地产市场价格快速上涨，进而引发监管层警惕，央行阶段性收紧流动性，市场紧缩预期升温，现券收益率快速上行；2月中旬-5月底，资金面持续维持宽松，政府债发行节奏弱于预期，叠加政策监管收紧的背景之下，信用债净融资缩量，非标融资进一步压缩，市场形成阶段性“资产荒”，现券收益率震荡回落；6月初，政府债供给担忧增加，叠加资金中枢小幅抬升，现券收益率小幅上行；6月中下旬，基本面数据边际趋弱，叠加美联储议息会议靴子落地，政府债供给边际缩量，现券收益率小幅回落。从基本面走势来看，上半年，在财政货币等总量政策保持“克制”的情形之下，经济基本面向上弹性明显不足；下半年，随着海外财政补贴的退坡、产能的逐步修复，出口端对于国内经济拉动作用边际趋缓，叠加地产投资高位回落，预计经济下行压力或有所加大，货币政策整体或维持稳健偏宽松的格局，债市环境仍偏友好；但是考虑到下半年以PPI为代表的结构性通胀水平仍处于高位，而美联储货币政策收紧预期也处于不断抬升的阶段，预计国内货币政策明显放松的概率也不大，叠加政府债供给压力仍存，预计债券收益率或继续维持偏震荡的格局。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=632419","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ecd","stockId":3000000000053,"sao":"本季度债市处于震荡市。1月初随着年初资金宽松，债市出现上涨，1月中下旬随着股市持续表现强势及央行资金收紧，债市出现连续回调，春节后随着资金逐步趋松，债市逐步再次开始上涨。在债券的配置上，我们以偏中短久期中高等级信用债为主，从而使得组合净值在本季度债市波动的情况下表现稳健。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.622Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ecc","stockId":3000000000053,"sao":"2020年债市先涨后跌，市场快速且巨幅变化，前面4个月因新冠疫情导致快速大牛市爆发，后面8个月由于国内疫情控制得当、央行货币政策紧随转向，出现连续较大幅度调整的熊市。1季度新冠疫情大规模扩散叠加原油价格大幅下挫等因素，收益率震荡下行。4月初随着央行下调超额存款准备金利率，债市持续冲高，中短端收益率下行幅度更大，呈现牛陡。4月底欧美新冠疫情逐步度过高峰，叠加国内逐步开始财政政策发力，债市开始进入到调整通道，5-6月债市出现快速巨幅调整。三季度债市震荡下跌。7月初随着权益类资产表现强势，呈现出股债跷跷板效应，债市快速大幅调整，7月中旬至8月中旬债市逐步超跌反弹，8月中旬之后由于利率债供给加快，资金面相对偏紧，债市再次进入到调整通道。四季度债市先跌后涨，11月初随着信用市场动荡，债市快速大幅调整，12月债市由于金融稳定委员会重磅发声和央行的超预期宽松市场回暖债市重回上涨轨道。在债券的配置上，我们以中高级信用债为主。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.619Z","mo":"2020年以来，债券市场的主线是新冠疫情演化，及逆周期调节政策的应对，从具体节奏来看：年初货币政策维持宽松，带动利率小幅下行；而后随着国内新冠疫情的爆发，国内货币政策配合式宽松，现券收益率快速下行；2月下旬，海外疫情爆发，金融市场震荡，全球货币政策宽松加码，国内政策层3月底定调“加大逆周期调节”，央行陆续“降息”、“降准”，同时调降超额存款准备金利率，资金利率明显回落，现券收益率“再度”下行；而4月底以来，随着全球疫情逐步趋缓，主要国家陆续“解封”，经济基本面步入复苏阶段，国内央行也陆续退出“临时性”宽松，叠加“天量”利率债供给，以及结构性存款的压降，资金面明显收敛，同业存单利率快速抬升，现券收益率震荡上行。2020年11月以来，信用违约事件持续发酵，债券市场面临流动性冲击，现券收益率快速调整；而11月下旬，随着金融委会议定调，“维稳”信用债市场，央行陆续加大流动性投放，债市谨慎情绪逐步平复，现券收益率小幅回落。2021年预计经济基本面整体延续修复，政策层“稳杠杆”基调之下，货币政策操作空间或相对有限，债券市场也难有较大空间的趋势性行情，更可能的还是在经济修复预期和政策调整变化中，重演2019年的区间震荡格局，10年国债利率区间全年的判断可能在2.90-3.50%，中枢运行可能在3.1-3.20%。目前整体信用利差为近几年较高水平，2021年随着经济持续恢复，政府层面的呵护，预计信用利差会逐步收缩。整体投资策略看，我们认为中高等级稳健票息策略较有可能会给投资者带来不错的收益体验。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0ecb","stockId":3000000000053,"sao":"本季度债市震荡下跌。7月初随着权益类资产表现强势，呈现出股债跷跷板效应，债市快速大幅调整，7月中旬至8月中旬债市逐步超跌反弹，8月中旬之后由于利率债供给加快，资金面相对偏紧，债市再次进入到调整通道。在债券的配置上，我们以偏短久期中高等级信用债为主，从而使得组合净值在本季度债市大幅波动的情况下表现良好。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.616Z","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec15ed4369c9c836d0eca","stockId":3000000000053,"sao":"上半年债市先涨后跌，市场快速大幅变化。1季度新冠疫情大规模扩散叠加原油价格大幅下挫等因素，收益率震荡下行。4月初随着央行下调超额存款准备金利率，债市持续冲高，中短端收益率下行幅度更大，呈现牛陡。4月底欧美新冠疫情逐步度过高峰，叠加国内逐步开始财政政策发力，债市开始进入到调整通道，同时今年以来市场上涨幅度较大，5-6月债市出现快速巨幅调整。在债券的配置上，我们以中等久期中高级信用债为主，从而使得组合净值在上半年债市大幅波动的情况下表现稳健。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:47:26.612Z","mo":"展望2020年下半年，随着国内疫情防控的进一步缓和，以及财政等刺激政策的进一步落地，预计经济数据大概率继续呈现“逐季”修复的状态。从经济结构来看，随着专项债和特别国债等财政资金的落地，基建投资增速继续回暖的确定性仍相对较高。而地产投资方面，在房企“集中”交房压力之下，竣工产业链带动地产投资增速边际修复，但是在“房住不炒”的总基调之下，总量宽松政策边际修正，地产销售、土地成交等数据改善的持续性有待观察。制造业投资方面，在外需压力尚难明显缓解，以及阶段性“通缩”压力之下，企业盈利修复相对偏弱，投资增速的恢复也明显滞后。社消方面，必选消费整体维持强劲，可选消费边际改善，但是在疫情“反复”，防控措施“常态化”的情况下，餐饮、旅游等“聚集性”消费大概率继续维持明显的负增长，社消增速维持温和修复状态。出口方面，海外主要经济体在4-5月份陆续放松管控措施，经济活动也逐步恢复，外需压力总体上或有所缓解；但是考虑到目前全球疫情仍处于“磨顶”阶段，部分经济体疫情再次出现“二次抬头”的迹象，而各国陆续放松防控也将加大疫情“反复”的风险，全球经济大概率以波折、缓慢复苏为主，外需对于出口的拉动作用相对偏弱。从货币政策方面，2020年4月中下旬以来，央行进一步宽松动作“一再落空”，叠加政府债发行放量，以及资金空转监管的加强，银行间流动性从此前的“过度宽松”向“宽松”回归，资金价格向政策利率明显收敛；6月1日，央行创设“直达工具”，货币政策宽松预期明显降温。  展望2020年下半年，经济基本面大概率“逐季”修复，货币政策进一步放松空间有限；尤其是在2008年刺激政策“后遗症”的警示之下，政策层更早的考虑前期刺激政策“何时退出”。目前货币政策维持“稳健的货币政策更加灵活适度”的基调，如果下半年，尤其是4季度，国内经济基本面在政策对冲，内外需求修复的情况下恢复至“正常”状态，或者新冠疫苗在年底或明年初确认“上市”，全球经济预期明显好转的情况下，也难排除前期刺激政策的“提前退出”。  从略长角度来看，2020年4季度，尤其是2021年1季度，在低基数影响之下，经济增速必然明显走高，且考虑到新冠疫苗有可能会在年底或明年初上市，届时经济预期或有明显改观，前期出台的刺激政策有可能会逐步退出，收益率仍面临阶段性突破区间上沿的风险。","fund":{"_id":3000000000053,"__csrcFundId":3391,"stockCode":"000053","shortName":"鹏华永诚一年定开债券(000053)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":53,"masterFundFlag":1,"lastUpdated":"2026-06-30T17:17:52.099Z","status":"normal","inceptionDate":"2013-05-02T16:00:00.000Z","name":"鹏华永诚一年定期开放债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永诚一年定开债券","memoNum":1,"pinyin":"phycyndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"}]},"announcement":{"linkText":"鹏华永诚一年定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460468","linkType":"PDF","source":"csrc_pdf"}}]}