window.pageData = {"stock":{"_id":3000000000197,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50100000","tickerId":50100000,"name":"富国基金管理有限公司"},"managers":[{"name":"朱征星","stockType":"fund_manager","stockCode":"db20777118","exchange":"fm","tickerId":262624201340}],"hotMetrics":{"fss":{"stockId":3000000000197,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9659,"f_ins_h_s_r_c_hy":0.01990000000000003,"f_ins_h_s_r_c_1y":0.01990000000000003,"f_ind_h_s_r":0.0341,"f_ind_h_s_r_c_hy":-0.019900000000000008,"f_ind_h_s_r_c_1y":-0.019900000000000008,"f_h_a":1970,"f_h_s_a":883553,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000000197,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.21919828395227242,"f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.2945675105485232,"f_p_r_m3_ssc":7500,"f_p_r_m3_ssrp":0.15108681157487666,"f_p_r_m6_ssc":7312,"f_p_r_m6_ssrp":0.19983586376692655,"f_p_r_y1_ssc":6831,"f_p_r_y1_ssrp":0.2597364568081991,"f_p_r_y2_ssc":5884,"f_p_r_y2_ssrp":0.32551419343872173,"f_p_r_y3_ssc":4902,"f_p_r_y3_ssrp":0.24056315037747397,"f_p_r_y5_ssc":3304,"f_p_r_y5_ssrp":0.3178928247048138,"f_p_r_y10_ssc":693,"f_p_r_y10_ssrp":0.4190751445086705,"f_cagr_p_r_fs_ssc":7282,"f_cagr_p_r_fs_ssrp":0.14833127317676142},"fp":{"stockId":3000000000197,"type":"fp","f_p_r_fys":0.01535374566322334,"f_p_r_m1":0.003413275846582353,"f_p_r_m3":0.010625672342323256,"f_p_r_m6":0.01682478418562483,"f_p_r_y1":0.027604168296118337,"f_p_r_y3":0.11294319141599551,"f_p_r_y5":0.18645070949079456,"f_cagr_p_r_fs":0.044914751896611316,"f_p_r_d1":-0.00036304229442729596,"f_p_r_y10":0.449753426403285,"f_p_r_y2":0.06101575348178301,"last_data_date":"2026-05-07T16:00:00.000Z"},"ff":{"stockId":3000000000197,"type":"ff","f_c_f":867630,"f_c_f_r":0.001,"f_m_c_f_d":"2024-08-13T16:00:00.000Z","f_m_a_c_f":5570560,"f_m_f":4702930,"f_c_fr":0.0005,"f_fr_d":"2025-11-10T16:00:00.000Z","f_mac_fr":0.0005},"f_nlacan":{"stockId":3000000000197,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.1171,"f_nv_cr":0.0000895255147714824},"f_as":{"stockId":3000000000197,"type":"f_as","f_tas":3069754123.9447,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8f8a31398d79843fff5df","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000000197,"stockCode":"260401","stockName":"26农发01","holdings":1300000,"marketCap":130545109,"netValueRatio":0.0425,"lastUpdated":"2026-04-22T16:34:43.516Z"},{"_id":"69e8f8a31398d79843fff5e0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000000197,"stockCode":"524180","stockName":"25国证03","holdings":860000,"marketCap":86861573,"netValueRatio":0.0283,"lastUpdated":"2026-04-22T16:34:43.520Z"},{"_id":"69e8f8a31398d79843fff5e1","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000000197,"stockCode":"200210","stockName":"20国开10","holdings":800000,"marketCap":86591736,"netValueRatio":0.0282,"lastUpdated":"2026-04-22T16:34:43.534Z"},{"_id":"69e8f8a31398d79843fff5e2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000000197,"stockCode":"180310","stockName":"18进出10","holdings":800000,"marketCap":85272306,"netValueRatio":0.0278,"lastUpdated":"2026-04-22T16:34:43.538Z"},{"_id":"69e8f8a31398d79843fff5e3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000000197,"stockCode":"210210","stockName":"21国开10","holdings":750000,"marketCap":83485541,"netValueRatio":0.0272,"lastUpdated":"2026-04-22T16:34:43.541Z"}]},"list":[{"_id":"69e8ea171398d79843fe8355","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000000197,"sao":"一季度基本面平稳，虽未有总量宽松政策落地，但央行持续购债且通过公开市场操作投放充足流动性，资金面延续宽松格局。本基金在久期和杠杆策略上均偏积极，取得了预期的效果。","lastUpdated":"2026-04-22T15:32:39.778Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二六年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e7","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000000197,"sao":"四季度经济基本面偏弱，央行重启购债但未有降准、降息政策落地，资金面维持宽松，机构行为对债市扰动加大，利率整体呈现震荡格局。本基金根据基本面、资金面和机构行为因素等灵活调整组合久期和杠杆，优化投资者持有体验。","lastUpdated":"2026-03-09T12:48:12.041Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二五年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1460995","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e6","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000000197,"sao":"三季度利率债整体呈现震荡上行的特征，“反内卷”政策和股债跷跷板效应压制债券市场，随后国债等债券利息收入恢复征收增值税政策等外部因素对债市机构行为造成了一定的扰动，加剧利率上行幅度。本基金根据基本面、资金面和机构行为因素等灵活调整组合久期和杠杆，力争优化投资者持有体验。","lastUpdated":"2026-03-09T12:48:12.037Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二五年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379486","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e5","date":"2025-06-29T16:00:00.000Z","stockId":3000000000197,"sao":"上半年基本面平稳，特朗普关税反复、降准降息、跨季流动性等影响债市行情，1-2月流动性偏紧，3月以后逐步转向，二季度维持了适度宽松的流动性环境。债券收益率一季度明显上行，二季度震荡下行。本组合灵活调整组合久期和杠杆，取得了预期的效果。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.033Z","mo":"二季度以来市场流动性、汇率压力、大行负债压力较一季度明显缓和，内外需仍然存在风险，下半年债市暂时不具备大幅调整基础。内需修复的持续性和中美谈判进展预计存在扰动，关注政策对冲、市场宽松预期波动和市场风险偏好变动。本组合将保持组合的流动性，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e4","date":"2025-03-30T16:00:00.000Z","stockId":3000000000197,"sao":"一季度受益于前期政策发力的支撑，经济实现平稳较好开局，资金面维持中性偏紧，利率先下后上，十年期国债活跃券收益率从年初1.67%下行近10bp至1.58%，随后逐步上行至最高1.9%后区间震荡。本基金根据市场情况变化灵活调整组合久期和杠杆，优化投资者持有体验。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.029Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二五年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e3","date":"2024-12-30T16:00:00.000Z","stockId":3000000000197,"sao":"2024年，收益率整体呈现出震荡下行的趋势。年初宏观经济弱修复、物价水平较低以及融资需求放缓，利率明显下行；二季度在“禁止手工补息”影响下，曲线陡峭化下行，中长端表现更佳，而后央行提示利率风险，收益率震荡上行；6月以后，资金面超预期宽松叠加基本面无明显起色，债券收益率逐渐再创新低，随后一揽子稳增长政策预期发酵引发债市调整，但政策落地后，收益率再度回归下行趋势。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上， 积极运用久期策略，灵活调整组合杠杆，力争为持有人获得较好的投资回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.024Z","mo":"展望2025年，宏观基本面在更加积极有为的宏观政策支持下预计将有所回升，但国内仍然面临需求不足、部分企业生产经营困难、群众就业增收面临压力等约束，产能过剩压力下预计通胀水平偏低，同时外部环境变化带来的不利影响加深，在物价合理回升的指引下，货币政策的基调适度宽松，债券收益率中期下行的趋势不变，但波动可能有所增大。本基金将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整 组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二四年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257114","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e2","date":"2024-09-29T16:00:00.000Z","stockId":3000000000197,"sao":"三季度经济动能仍弱，但政策预期有所增强，宽货币与稳增长预期交织，叠加市场流动性变化，收益率宽幅震荡。本基金根据市场情况变化调整了组合持仓机构，并灵活调整组合久期，争取做到平衡收益与风险，提升投资者持有体验。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.019Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二四年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e1","date":"2024-06-29T16:00:00.000Z","stockId":3000000000197,"sao":"一季度，经济有见底企稳迹象，但中长期预期仍偏弱，货币总量宽松政策落地，流动性维持稳健偏松格局。利率整体明显下行，形态上先平后陡。二季度经济动能较一季度有所增强，但整体呈现先强后弱的走势。货币政策维持稳健中性基调，资金面维持宽松。利率随经济和政策预期波动而震荡下行。本基金灵活调整组合久期和杠杆以增厚组合收益，取得了预期的效果。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.015Z","mo":"展望下半年，居民消费和企业投资的信心仍待提升，经济基本面修复弹性有限。海外通胀放缓，美联储降息也逐步进入视野，兼顾内外平衡指引下国内货币政策空间有所打开。广谱利率下行影响债市定价，存款脱媒带来的非银配置力量持续，利率反转的概率偏低。本基金将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二四年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1152949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36e0","date":"2024-03-30T16:00:00.000Z","stockId":3000000000197,"sao":"一季度，经济有见底企稳迹象，但中长期预期仍偏弱，货币总量宽松政策落地，流动性维持稳健偏松格局。利率整体明显下行，形态上先平后陡。本基金在一季度对债市持积极态度，维持偏高的久期和仓位。未来将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.011Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二四年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36df","date":"2023-12-30T16:00:00.000Z","stockId":3000000000197,"sao":"回顾2023年，债市利率震荡下行。具体来看，债市在年初交易经济回暖预期，天量信贷投放压缩银行间流动性，呈现一波快速上行，随后整体呈现下行态势。从转折点上看，春节前后是较为明显分水岭，节后公布春节数据不及预期，经济和政策预期回落，债市利率开始震荡下行。4月公布的一季度GDP超预期，但投资相对偏弱，多头情绪得到基本面因素的进一步支撑，叠加政治局会议稳增长意愿较低，债市大幅走强。基本面偏弱与政策预期主导债市三季度行情，政策落地速度和力度均超市场预期，7月政治局回应社会关切、表态偏积极，8月超预期降息前后利率达到低点，随后债市利率在政策加码预期下震荡上行。四季度特殊再融资债和增发国债前后落地，政府债供给压制下资金面紧平衡，债市利率震荡上行。12月债券供给压力边际消退，流动性有所转松，同时12月政治局会议和中央经济工作会议的通稿表述并未明显高于市场预期，跨年配置行情快速启动。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得较好的投资回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.007Z","mo":"展望2024年，预计利率中枢继续下移，关注货币和财政政策的配合。在地产增长模式先立后破、土地市场降温、新旧动能转换背景下，经济内生修复能力偏弱，债牛或存在长尾效应。当前货币政策仍处于2021年下半年以来的宽松周期中，人民币汇率对债市的压制逐渐减弱，今年预计央行可能还会有降息降息操作，货币和财政配合是今年债市走势的关键之一。本基金将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二三年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18cd4369c9c836d36de","date":"2023-09-29T16:00:00.000Z","stockId":3000000000197,"sao":"三季度经济先下后稳，基本面呈现筑底回升态势。7月底政治局会议部署了一系列稳增长政策，8月起稳地产、活跃资本市场相关政策陆续落地，市场预期改善，经济高频也逐步回暖。货币政策总量宽松超预期，8月降息、9月降准，但资金利率从8月中下旬开始逐渐上行，资金面波动有所加大。利率在降息后创下年内新低，但随着稳增长政策发力和资金利率抬升，利率从8月下旬起快速上行。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得长期可持续的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:12.003Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二三年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36dd","date":"2023-06-29T16:00:00.000Z","stockId":3000000000197,"sao":"一季度经济基本面表现超预期，但从4月开始经济基本面开始走弱。政策“弱预期”得到确认，4月底政治局会议再度确认了短期内无增量刺激政策出台。央行降息10BP，资金面持续宽松。利率整体下行，除了降息后的迅速回调，中途并未出现明显调整，10年国债利率从最高2.86%最低下行至2.60%附近，10年国开从最高3.03%最低下行至2.75%附近。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得较好的投资回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.999Z","mo":"虽然经济下行最快阶段已经过去，但V型反弹概率不大，下半年在缺乏大规模刺激政策支持下，经济或将继续筑底。货币政策维持稳健宽松，在经济基本面没有大幅好转前，央行主动收紧资金面和资金价格大幅上行的概率不大。本基金将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965596","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36dc","date":"2023-03-30T16:00:00.000Z","stockId":3000000000197,"sao":"一季度，疫情防控对经济活动的影响明显降低，经济呈现出复苏态势，经济面临的三重压力均有所缓解。但由于政策预期弱化，市场对于经济复苏的预期也有所降低。货币政策实现了从极度宽松到正常化的过程，资金利率中枢上行。理财规模趋稳，加上一季度信用债供给较少，信用债收益率大幅下行，利率债表现则明显弱于信用债。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得长期可持续的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.995Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885497","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36db","date":"2022-12-30T16:00:00.000Z","stockId":3000000000197,"sao":"2022年利率整体呈震荡形态，前三季度支撑主线是货币宽松、疫情扰动和地产疲弱：3月至6月多城疫情爆发，市场在经济预期和货币宽松的拉扯中持续震荡；7月疫情影响消退，而经济修复不及预期，加之8月央行超预期降息又酝酿出一轮做多行情；9月末地产需求端政策出台，拉升市场利率；而10月疫情影响下经济走弱，又带出一轮利率下行行情。 四季度前期支撑债市的三条主线遭受挑战，资金价格抬升、防疫政策优化、地产支持政策出台，市场悲观情绪大幅发酵，带动市场显著调整。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得较好的投资回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.991Z","mo":"展望2023年，债市交易仍将在预期与现实中博弈，2022年底收益率快速调整至高位，后续随着经济逐步企稳回升，对利率环境构成压制，利率底部逐渐抬高，但在此过程中，预期的反复仍然能够提供交易性机会。本基金将对宏观经济、货币政策和机构行为等因素进行深入研究，灵活调整组合久期和杠杆，力争继续为持有人获得长期可持续的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二二年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36da","date":"2022-09-29T16:00:00.000Z","stockId":3000000000197,"sao":"三季度，疫情在多个旅游城市扩散，房地产行业流动性危机延续。8月起，稳增长措施发力，政策性金融工具带动中长期贷款放量。货币政策进一步发力，8月央行下调逆回购和MLF利率，资金利率水平维持在较低水平。利率先下后上，信用利差压缩，信用债表现好于利率债。本基金在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，力争为持有人获得长期可持续的投资回报。三季度本基金在久期和杠杆策略上较积极，取得了预期的效果。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.987Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二二年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d9","date":"2022-06-29T16:00:00.000Z","stockId":3000000000197,"sao":"上半年经济面临需求收缩、供给冲击、预期转弱的三重压力，延续偏弱运行的态势。疫情在多个大城市爆发，经济活动遭受 2020 年以来最严重的冲击。为对冲经济下行压力，稳增长力度加大，国务院推出一揽子政策。货币政策宽松力度加大，资金利率大幅下行并维持低位。利率债收益率震荡下行，信用债表现更优，信用利差明显压缩。报告期内组合久期策略相对积极，并保持中性的杠杆，报告期内净值有所增长。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.983Z","mo":"下半年，稳增长缓慢兑现背景下债市或整体呈现“窄幅波动”格局，货币市场利率向常态回归叠加经济修复，可能导致债市出现调整，但由于基本面上行弹性不大，货币政策大概率维持宽松，债市调整幅度或有限。下半年10年期国债收益率波动区间或略有放大，整体维持震荡。下半年组合将根据市场情况灵活调整组合久期和杠杆，争取取得较好的投资回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二二年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d8","date":"2022-03-30T16:00:00.000Z","stockId":3000000000197,"sao":"一季度经济面临需求收缩、供给冲击、预期转弱的三重压力，延续偏弱运行的态势。内需方面，房地产行业流动性危机继续发酵，地产销售和投资继续下行；政策发力下，基建投资小幅回升；制造业投资维持较高景气度；消费端受疫情冲击低位徘徊，仍未回到疫情前水平。外需方面，出口链景气度有所下行，但出口增速仍较高，是经济运行的重要支撑。货币政策偏松且靠前发力，1月份降息幅度略超市场预期，2-3月未进一步降息降准，但资金面始终维持偏松格局。市场表现方面，受宽松预期推动，1月收益率大幅下行，10年国债最低下行至2.67%；2月在1月社融数据超预期、各地放松地产、PMI超预期等多重利空冲击下，收益率大幅上行；3月在2月社融数据低于预期、国内疫情反弹等利好推动下，收益率小幅下行。本基金主要配置中高等级信用债和利率债，在对宏观经济、货币政策、机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，并优选行业和个券，报告期内净值有所增长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.979Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二二年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d7","date":"2021-12-30T16:00:00.000Z","stockId":3000000000197,"sao":"2021年新冠疫情持续影响各国经济社会发展，全球供应链运转仍未恢复至疫情前水平，前期扩张性财政货币政策的影响则逐渐显现，供需错配下海外通胀压力高企。国内方面，一季度经济在2020年下半年带动下仍有向上惯性。但进入二季度后，经济动能开始趋弱。究其缘由，一方面各地疫情持续零散爆发，对居民消费意愿及收入预期产生影响；另一方面，政策重心在此期间更关注经济结构调整、垄断行业整治及稳定宏观杠杆率等中长期问题。时值四季度，政策方向重回稳增长，贯穿二、三季度的经济下滑过程开始有所趋缓。从结构上看，全年居民消费恢复低于年初预期，制造业投资表现较好，基建投资低位徘徊，地产投资下半年回落明显，对外贸易维持去年以来的高景气局面。具体数据上看，2021年全年GDP同比增长8.1%，两年平均增长5.1%。全国规模以上工业增加值两年平均增长6.1%，高技术制造业和装备制造业继续实现较快增长。固定资产投资比上年增长4.9%，两年平均增长3.9%。分领域看，基础设施投资增长0.4%，制造业投资增长13.5%，房地产开发投资增长4.4%。社会消费品零售总额两年平均增长3.9%，其中基本生活消费增势较好。对外贸易方面，全年进出口总值比2020年增长21.4%，首次突破6万亿美元关口，其中出口增长21.2%，进口增长21.5%。价格指数方面，CPI同比上涨0.9%，呈现出前低后高的走势；PPI同比上涨8.1%，在四季度有高位回落的迹象。海外经济方面，发达经济体陆续从疫情解封之后，PMI有所回落，不过绝对水平仍高于50，其中欧洲主要国家回落程度大于美国。新兴经济体表现与疫情传播情况有较大关联，二季度及四季度表现相对较好。流动性方面，随着美联储开始taper，全球货币宽松也逐渐迎来拐点。上述基本面背景下，今年财政政策力度相较去年有所减弱，上半年稳增长诉求不强，财政支出进度明显偏慢，下半年支出进度相对正常，但也并未明显发力。货币政策方面，全年大部分时候维持中性偏松。进入下半年后，两次调降存款准备金率，促使整体资金面平稳宽裕。市场走势方面，一季度在经济向上惯性及上游资源品价格上涨影响下，10年国债收益率一度升至接近3.30%。之后随着经济动能减弱，收益率在年中及四季度有两轮快速下行，低点至2.80%下方。信用债方面，中高等级品种表现良好，利差在上半年收缩后低位徘徊。中低评级品种不同行业表现大相径庭，上游周期行业受益于大宗商品价格上涨，盈利状况良好，利差收窄较为明显。而随着部分高杠杆房企信用事件频发，地产债利差明显走阔。转债品种，在部分中小市值标的大幅上涨及转股溢价率提升的双重驱动下，全年表现亮眼。基金投资策略回顾，2021年本基金在纯债投资方面以中高等级信用债为主要投资标的，上半年总体维持中性久期及杠杆，下半年适当提高组合久期，杠杆维持在合理水平。就结果而言，产品全年净值取得了一定的正增长。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.975Z","mo":"展望2022年，国内经济上半年在地产链拖累下仍有一定下行压力，消费复苏也尚需时日。基建投资可能会阶段性发力，同时货币财政政策均大概率偏向积极。进出口在初期尚有支撑，但往后看动能可能会有所减弱。进入下半年后，地产链预计在政策纠偏下将趋于平稳。若全球疫情防控形势能继续改善，则消费有望接替基建和外贸成为支撑经济的重要力量。物价方面，上半年CPI压力不大，且PPI同比回落概率较大，两者剪刀差有望收窄。下半年，若食品价格企稳回升，则CPI或有小幅上行压力。债券市场，无风险收益率在一季度可能会在低位徘徊。若年中地产企稳，则后期利率水平阶段性存在上行压力，但总体幅度可控。信用债短久期品种具备一定配置价值。总之，本基金将力争为持有人带来合理的风险调整后回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二一年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d6","date":"2021-09-29T16:00:00.000Z","stockId":3000000000197,"sao":"2021年三季度，国内经济运行压力较前期增大，供需两方面均存在一定制约。经济动能转换中的结构性问题与新冠疫情潜在中期影响相互交织，政策则更注重跨周期调节和中长期改革方向。从分项统计指标看，三季度出口仍表现出韧性，但受制于上游原材料及运输成本提升，相关企业的景气度预期并不高，9月中采PMI指数下探至50%以下。固定资产投资方面，制造业投资虽然有所修复，但提升幅度有限。基建投资三季度并未有起色，地产投资则有较为明显的回落。部分房企前期高杠杆经营的问题开始逐步暴露，叠加“房住不炒”定位下投资需求萎靡，使得地产链预期难言乐观，最新拿地与新开工数据均遇冷。社会零售消费整体延续较为疲软的态势。零星国内疫情对于服务类消费依然有影响。同时，收入增速未恢复到疫情前水平，也对居民消费意愿形成压制。产出端，“双控”政策叠加电煤趋紧，工业增加值增速较二季度下滑较为明显。物价方面，CPI目前整体处于温和区间，受到上游大宗商品涨价传导效应尚不显著。PPI在国内外多重因素扰动下，持续位于高位。金融数据方面，三季度社融及信贷数据均较前期趋弱，结构性政策实施效果相对有限。货币政策上，央行于7月普降存款准备金率0.5%，整个三季度也维持了相对宽裕的流动性环境。海外市场，欧美经济体表现好于新兴市场，景气度分化加剧。美联储大概率于年底进行Taper，美国国债收益率和美元指数均有所抬升。在上述背景下，国内债券市场收益率先上后下，利率曲线在三季度后期呈现陡峭化趋势。信用利差方面，整体仍处在历史较低分位数。9月随着债市出现调整，中低等级长期限债利差稍有拉大。在投资操作上，本组合在三季度初期加大对长久期利率债配置，适当提升组合久期。在后期则适当降低了组合久期和杠杆。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.971Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二一年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=658967","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d5","date":"2021-06-29T16:00:00.000Z","stockId":3000000000197,"sao":"2021年上半年国内经济整体仍处于疫情后恢复期，国内企业盈利及景气度大多处于扩张区间，海外发达经济体复苏继续提供一定外需支撑。经济指标从结构上看，工业增加值及出口表现较好。但与此同时，国内外疫情依然有所反复，服务业及居民消费反弹力量偏弱，地产调控持续高压，前期逆周期对冲政策效应渐退，诸多因素造成经济增长边际压力在逐步增大。分项数据方面，工业增加值在出口链及盈利预期改善双重带动下，保持较高同比增速，但进入二季度后增速回落趋势较为明显。PMI一季度有所波动，二季度紧贴荣枯线上方运行。固定资产投资方面，制造业投资表现较好，地产及基建投资在政策边际趋紧影响下表现疲软，二季度尤为明显。居民收入增速一季度增长较快，进入二季度有所放缓。社会消费品零售增速二年复合增长相较疫情前仍有差距。对外贸易方面，上半年整体仍维持一定韧性，但临近年中新订单指数开始走弱。物价方面，CPI在食品项向下拉动下，低位运行，总体呈现先低后高的走势。在各国疫情控制不同步的影响下，上游原材料供应出现一定的结构性缺口，叠加全球流动性宽裕，PPI上半年处于相对高位。金融数据方面，上半年货币信贷条件结构性特征较为明显，一般贷款增速以及对中小微企业的定向支持力度维持在较高水平，对于地产及融资平台相关的融资条件则呈现收紧态势。货币政策方面，央行上半年维持合理充裕的政策基调，临近半年末为促进综合融资成本稳中有降，全面降低存款准备金率。海外方面，全球防疫形势依然严峻复杂，各国修复速率与政策应对也存在较大差异。美国经济呈现一定滞涨初期特征，欧日宽松政策可能维持更长时间，新兴市场经济恢复与疫苗可得性关联紧密。在上述环境下，国内无风险利率上半年先上后下。10年期国债收益率一季度在基本面向好及大宗商品价格上涨担忧下，一度接近3.30%，后收益率逐步回落至接近3.00%。收益率曲线形态几经变化最终趋向于平坦化。中高等级债信用利差保持较低水平，部分低评级债利差扩大，信用环境总体较为稳定。本组合在上半年大部分时候保持了适中的久期及杠杆。临近半年末随着收益率较快下行，适当调降了久期及杠杆。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.967Z","mo":"展望下半年，国内经济在经历较快的恢复期后，环比增速可能趋缓。疫情目前在全球范围尚在传播且变异性较强，国内服务业复苏也阶段性受到影响。上半年对于平台及地产融资偏紧的政策指向，使得下半年基建及地产投资仍将承压。制造业投资虽有亮点，但其支撑整体经济的力度有待观察。消费增速受到收入增速预期及边际消费倾向的双重影响，较疫情前仍有差距。物价方面，无论消费品还是工业品，下半年在国内需求平缓环境下，大幅上行压力较小。上述基本面环境下，债券市场无风险利率仍有下行机会。信用债市场目前利差水平略低，部分品种配置价值尚可，交易空间不大，调整后可能会带来更好的参与机会。管理人始终力争为投资人带来风险调整后的合意回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二一年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636123","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d4","stockId":3000000000197,"sao":"2021年一季度，国内经济在前期复苏惯性及全球经济反弹支撑下，总体仍维持在较为合理的扩张区间。从结构上看，出口增速维持高位，带动国内生产和制造业投资表现较好。地产和基建投资回落，消费表现相对疲软。数据方面，中采PMI指数持续处于荣枯线以上，1-2月边际有所走弱，3月份企业生产加快恢复，景气度明显回升。工业增加值相较去年及2019年均出现较为明显的增长，但存在一定结构问题，外需导向部门增长较快，内需部分消费品行业尚未恢复到疫情前同期水平。固定资产投资方面，制造业投资短期有所回落，但上行趋势仍未结束。基建投资在对冲性政策退坡环境下延续弱势。经济调结构、金融防风险指导方针下，地产政策边际收紧，销售或将承压，进而对后续地产投资形成一定压力。社零增速距离疫情前水平仍有距离，而相较于商品消费，服务消费更加疲弱，关注后续国内外疫苗逐步接种后带来的正面影响。出口情况总体表现仍较强，但面临海外供需均上行情况下，收入效应与替代效应的交错影响。另外，部分大宗商品价格的快速上涨也可能对加工型企业盈利形成一定负面影响。物价方面，CPI位于温和区间，PPI面临一定输入性通胀压力。金融数据方面，社融保持内生动力，但在政策回归常态背景下，边际放缓或在所难免。货币政策上，央行操作总体较为平稳，与前期“不急转弯”的定调相一致。海外市场，全球疫情防控有所反复，各国也呈现一定分化。美英在疫苗接种上领先，新增确诊人数明显下降。而欧洲大陆及部分新兴市场国家则出现反复。但总体对于全球经济复苏的预期较强，美国长期国债收益率明显上行。在上述背景下，国内债券市场一季度收益率先下后上再下，呈现区间波动的特征。1月底至2月初资金面有所波动，加之局部信用事件影响，给部分品种带来一定压力。但后期随着流动性再度平稳，利率债及中高等级信用债走势趋强。在投资操作上，本组合在1季度前期纯债维持中性杠杆及久期，在季末适当降低仓位。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.963Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二一年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d3","stockId":3000000000197,"sao":"2020年在新冠疫情冲击下，全球经济波动显著加大，且影响仍在持续，各国政府对冲政策力度也为历史所罕见。国内来看，在较为严厉的疫情管控措施下，一季度经济活动受到较大影响。但之后随着防控效果显现，各地生产生活重启，叠加财政货币政策发力，二季度开始国内经济步入复苏通道。进入下半年，随着政策逐步回归常态化，经济恢复方向依旧，但斜率有所趋缓。同时，从结构上看前期起到托底作用的地产和基建投资边际走弱，消费和出口成为推动经济进一步向上的重要内生力量。具体数据上看，2020年全年GDP经初步核算增速为2.3%。全年规模以上工业增加值比上年增长2.8%，高技术制造业和装备制造业较快增长。固定资产投资增长2.9%，结构上地产投资较为平稳，基建投资微增，三季度开始部分制造业投资回升较为明显。社会消费品零售总额比上年下降3.9%，其中餐饮收入下滑较大，汽车消费有所好转。进出口总额比上年增长1.9%。其中，出口增长4.0%，成为全年经济亮点之一，进口则同比下降0.7%。价格指数方面，CPI上涨2.5%，较上年回落，且呈现前高后低的态势。PPI同比下降1.8%，下半年降幅逐步收窄。海外经济方面，世界主要经济体疫情爆发晚于国内，且控制效果欠佳，使得经济复苏时点及速度均较国内滞后。政府财政补贴政策推动居民商品消费较快恢复，但供给能力及服务消费仍相对疲弱。上述基本面背景下，上半年国内财政货币政策均发力，发挥了较好的逆周期调节效果。下半年经济恢复好于预期，在总体平稳基调下，积极财政政策力度有所减弱，同时货币政策也开始回归常态化。市场走势方面，一季度受益于货币政策宽松及避险需求，债券市场收益率显著下行，10年国债最低至2.50%附近。二季度之后随着经济复苏态势良好，收益率逐级回升，至年末长端无风险利率已回至疫情前水平。信用债方面，整体走势与利率债相近，高等级品种利差仍在历史较低分位数水平。下半年，点状信用事件重新开始爆发并发酵，低等级债利差维持高位且波动加大。转债市场，指数涨幅相对不高，但得益于权益市场结构性行情，部分品种带来较为明显的超额收益。国内经济恢复情况较好，同时部分行业得益于行业政策及海外供需缺口，叠加全球流动性宽裕，权益市场延续上一年良好的表现，结构上龙头公司更加突出。基金投资策略方面，2020年本基金以获取中高等级信用债票息收益为主，辅以久期主动管理。上半年总体维持中性略偏高的久期，下半年降低久期至中性水平，同时合理运用杠杆策略获得一定息差收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.959Z","mo":"展望2021年，国内经济在上半年仍有望延续2020年的复苏势头，特别是消费有进一步恢复的潜力。在疫苗接种工作不断推进下，海外疫情预计将逐步得到控制。国内外经济共振下，外贸惯性得以延续。国内政策目标可能逐步转向控风险，主要关注点还是前期政策带来的杠杆率快速提升。在此前提下，地产及基建投资增速在21年或将偏弱。物价方面，可能在某一时期有输入性通胀风险，但预计将限于局部领域。债券市场，无风险收益率可能阶段性有上行压力，但幅度可控。信用债具备一定配置价值。本基金将力争在控制风险的前提下，为持有人带来合理的回报。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二0年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=559845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d2","stockId":3000000000197,"sao":"2020年三季度，国内经济稳步恢复，但斜率较二季度稍有放缓。结构上看，前期表现较好的生产及地产基建投资基本维持，制造业投资改善较为明显，消费回升相对较慢，出口表现依然强劲。数据方面，中采PMI指数连续位于荣枯线以上，企业经营景气度向好。工业增加值同比逐步上行，高技术制造业表现尤为突出。固定资产投资累积降幅收窄明显，重回正增长指日可待。社会消费品零售同比增速8月开始小幅转正，汽车消费呈现筑底回升迹象。进出口方面，海外疫情虽有反复，但经济活动仍在复苏通道，全球产业链恢复有望继续支撑后续外贸表现。物价方面，CPI同比维持相对低位，食品项拉动效应较前期减弱。PPI在生产稳定，需求恢复环境下，环比连续数月保持正增长。金融数据方面，宽信用政策效应仍持续，社融总量及结构均向好。货币政策上，央行政策逐步回归常态化，货币市场利率继续抬升。海外市场，美欧等主要经济体疫情在三季度出现反复，但对经济复苏的实际影响减弱，全球经济弱共振复苏的概率增大。在上述背景下，国内债券市场在7月经历较大波动，收益率上行幅度一度较大，之后有所回落。8-9月市场震荡偏弱，收益率缓慢上行，曲线继续呈现平坦化趋势，信用利差维持较低水平。在投资操作上，本组合在三季度维持中性略低的久期水平，以票息策略为主，同时关注信用利差较低的潜在风险，以期提供风险调整后的合意回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.955Z","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二0年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493486","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec18bd4369c9c836d36d1","stockId":3000000000197,"sao":"2020年上半年，在新冠疫情影响下，国内外宏观经济环境发生较大波动，复苏节奏分化，整体不确定性上升。国内1-2月推行较为严厉的隔离防疫举措，一季度各项经济数据回落明显。进入3月之后，在疫情防控得力的背景下，经济进入加速恢复期。环比看，3-4月反弹最快，5-6月斜率略有放缓。工业增加值及固定资产投资同比增速在二季度均转正，基建及地产投资均表现出韧性。社会消费品零售同比仍在负值区间，但降幅逐月收窄。对外贸易方面，虽然整体外部环境较为严峻，但在部分防疫物资出口高增及替代作用下，上半年出口表现好于预期。物价方面，CPI涨幅呈回落态势，食品价格仍是结构性上涨的主要因素，核心CPI基本稳定。PPI同比多数月份徘徊在负值区间，环比于6月转正。金融数据方面，在强力逆周期政策调节下，上半年社融及M2同比均高增，为经济复苏奠定宽裕的货币环境。货币政策上，央行连续降准并调降公开市场操作利率，推动金融支持实体，降低实体企业融资成本。二季度中后期，货币政策逐步向常态化过渡。海外方面，主要发达经济体在3月先后爆发疫情，经济不可避免陷入停滞。二季度之后，欧日疫情控制相对较好，美国则出现反弹，复工节奏面临较大不确定性。其他发展中国家不同程度面临疫情威胁，全球形势仍较为严峻。在上述环境下，国内无风险利率上半年先下后上。10年期国债收益率由年初3.15%下探至4月下旬2.50%附近，后反弹至二季度末2.80%左右。收益率曲线形态在下行过程中呈现陡峭化趋势，相反在上行时呈现平坦化，中短端利率随货币政策调整波动更大。中高等级债信用利差保持较低水平，部分低评级债利差扩大，信用环境总体较为稳定。本基金持仓以中高等级信用债为主，一季度久期稍长，二季度有所降低。总体而言，上半年在风险可控的前提下，净值实现正增长。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:11.950Z","mo":"展望下半年，在国内疫情风险显著降低背景下，内需特别是居民消费有望进一步恢复。积极财政政策发挥效能，投资对经济托底作用延续。外贸形势在多变国际环境下，面临一定挑战，但国内供给端恢复较快，产业链相对完备的优势也构成有利因素。货币与信贷政策更加强调结构性措施。以上环境下，债券市场可能呈现区间震荡走势，投资策略以获取票息收益为主。","fund":{"_id":3000000000197,"__csrcFundId":3439,"stockCode":"000197","shortName":"富国目标收益一年期纯债债券(000197)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":197,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:23:35.570Z","status":"normal","inceptionDate":"2013-06-26T16:00:00.000Z","name":"富国目标收益一年期纯债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国目标收益一年期纯债债券","pinyin":"fgmbsyynqczzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国目标收益一年期纯债债券型证券投资基金二0二0年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464916","linkType":"PDF","source":"csrc_pdf"}}]}