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f"}},{"_id":"69aec1a4d4369c9c836d4a45","date":"2023-09-29T16:00:00.000Z","stockId":3000000000277,"sao":"回顾三季度，市场先在经济磨底和超预期降息的催动下10年国债创年内以来的新低。步入8月下旬后，伴随资金面超预期偏紧、地产政策密集落地叠加机构赎回行为，债市整体步入调整期。全季度看债市整体走出熊平格局，10年国债活跃券一度向上盘中突破2.70%。短期市场交易主线仍在资金面和稳增长政策。资金面而言，短期跨季后部分季节性因素会消退但仍会阶段性受到债券供给、汇率压力等因素的影响，不过经济内生修复动力不足的背景下货币政策不会贸然转向。政策而言，三季度由政策博弈走向政策落地而后进入效果观察期，后续地产政策走向有赖于行业表现。此外，四季度由于临近年末且重要会议较多，通常还会受到机构行为和政策预期的扰动，预计整体波动或有加大。不过中期视角而言，经济基本面弹性减弱，经济仍处于新老动能切换的阶段，且化债也需要维持相对低利率环境，债券收益率中枢系统性下移的趋势仍未变。组合策略上，仍维持信用精选策略，并通过利率波段操作增厚业绩。信用方面严控信用资质，通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.982Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=987566","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a44","date":"2023-06-29T16:00:00.000Z","stockId":3000000000277,"sao":"回顾今年，年初市场交易重心在于疫情达峰后经济恢复强预期和地产政策持续加码，长端利率调整后步入窄幅震荡，基本面不支持走强，但市场配置力量也导致难以下跌。信用债由于去年四季度赎回潮冲击后价值凸显，伴随信用利差均值回归，成为一季度表现最亮眼的品类。二季度以来，经济在历经年初脉冲式修复后内生动能减弱、环比修复进程放缓。PMI数据在1-2月快速回升后，3月放缓，4月以来重回收缩区间。伴随市场由强预期走向弱现实，政策强调高质量发展，叠加资金面相对宽松和配置力量支撑，市场做多情绪逐步释放，推动收益率整体下行。组合策略上，仍维持信用精选策略，并通过利率波段操作增厚业绩。信用方面严控信用资质，通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。一季度提升信用仓位，二季度整体保持积极的久期和仓位运作，取得一定成效。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.977Z","mo":"往后看，短期市场处于政策观察期。政治局会议后关注具体细分政策出台和落地效果，力度和节奏的预期差或将引起市场波动。中期看，首先，经济基本面仍处于磨底阶段，需求不足是当前经济主要特征，整体缺乏加杠杆的动力。政策方向上坚持高质量发展，难回老路，中央政府也尚未展现显著的加杠杆动作。其次，当前阶段货币政策保驾护航易松难紧，难以形成紧缩性力量，总量货币政策工具尚可有期待。再次，机构配置需求仍在，资产荒深化利多债市。综合考虑经济内生动能、流动性条件和机构配置力量，债市仍未到实质性拐点，系统性风险不大。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=962829","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a43","date":"2023-03-30T16:00:00.000Z","stockId":3000000000277,"sao":"2023年一季度，信用品类表现亮眼。经过去年四季度大幅调整后信用品类票息价值凸显，在供需逐步好转的环境下开启持续的轮动压利差行情，表现强于利率品类。利率整体熊平，短端伴随资金利率向政策利率回归出现一定程度的调整，后伴随降准资金落地、资金面预期逐步稳定，在3月中旬之后出现快速下行。长端则在年初快速下行后迎来调整，市场交易重心在于疫情达峰后经济恢复预期和政策持续加码。随后步入窄幅震荡，基本面不支持走强，但市场配置力量也导致难以下跌。3月以来，经济目标设定、降准、海外银行风险事件等分别修正市场对增长和政策的预期、稳定市场对资金面的预期、影响市场的风偏变化，长端步入下行。考虑当前货币政策基调“精准有力”，短期不具备大幅收紧基础，短端风险可控。长端整体仍缺乏趋势，市场焦点在经济修复的强度上，但高频数据看仍有分歧，后续重点关注经济修复的斜率和持续性、政治局会议前后相关政策，持续性行情有待增量信息推动。组合采用信用精选策略，并通过利率波段操作增厚业绩。信用方面严控信用资质，以城投为主，规避区域债务负担过重、非标占比高的尾部平台。通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。利率操作上则通过灵活管理争取交易性机会。23年一季度重视票息价值，提升信用仓位，取得一定成效。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.972Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=887828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a42","date":"2022-12-30T16:00:00.000Z","stockId":3000000000277,"sao":"回顾2022年，债券市场的核心矛盾是疫情防控和地产链收缩推动的经济下行。疫情防控政策约束了消费需求，并对居民收入形成较大负面影响，影响了居民部门加杠杆的积极性；而地产链的收缩一方面推动经济下行，另一方面加剧高息资产萎缩。叠加对地方城投平台实施的“隐债不增”政策进一步加剧了资产荒格局。11月初以来，伴随防疫和地产政策几乎同时发生边际变化，叠加理财赎回推波助澜，债市迎来大幅调整，尤其信用品类跌幅较大。组合采用信用精选策略，并通过利率波段操作力争增厚业绩。信用方面严控信用资质，以城投为主，区域上以中东部更具备安全边际的省份为主，规避区域债务负担过重、非标占比高的尾部平台。通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。利率操作上则通过灵活管理争取交易性机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.967Z","mo":"展望2023年，宏观格局可以概括为：“两个放松”+“一个退坡”+“中央政府加杠杆”，这三个变量的强弱，决定了2023年的整体格局。“两个放松”下消费和地产或有修复，出口链大概率退坡，同时中央政府加杠杆的概率较高。货币政策方面，我们认为货币政策整体将继续维持宽松，但资金利率最宽松的时候已经过去了，资金利率将向政策利率回归。财政政策的力度不会太弱，关注货币政策与财政政策的配合。总的来看，预计 2023年的利率中枢或将有所上行，但上行的空间有限。在居民部门缺乏趋势性加杠杆动力，居民房贷利率和实体经济回报率偏低的大背景下，利率中枢上行的空间是有限的。在理财净值化的大背景下，信用利差可能会面临重估，2023年的信用利差较之2022年会有所上行，信用利差整体将呈分化之格局，同时经过本轮冲击，机构流动性管理意识也会进一步提升。组合信用底仓将聚焦中高等级中短久期，重点把握类属信用品种的轮动周期，利率以把握超调机会为主，力求增厚组合业绩。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=867474","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a41","date":"2022-09-29T16:00:00.000Z","stockId":3000000000277,"sao":"2022年三季度债券市场波动有所放大，收益率呈现先上后下再上的形态，整体受益于央行意外降息和地产修复弱于预期，收益率整体下行，赚钱效应较好。7月初央行超预期缩量OMO操作，市场对资金面收紧产生恐慌，收益率有所上行；但中旬地产行业再次出现恶化，市场对经济修复的预期进一步恶化，资金面也进一步宽松，收益率开始震荡下行；8月15日央行超预期降息，引发市场的做多热情，收益率快速下行，但10年国债收益率在下行至2.6%附近的心理点位后开始震荡盘整，其间受疫情反弹而有所反复；9月下旬海外环境变幻莫测，人民币汇率加速贬值，国内资产普遍承压，同时市场开始担心地产政策发力，收益率在9月末快速反弹，其中10年国债收益率低点反弹近18bp。整个三季度来看，10年国债收益率下行6bp，3年国开收益率下行22bp，10年国开收益率下行12bp；信用利差依然保持低位震荡。从指数看，三季度中债总财富指数上涨1.54％，中债国债总财富指数上涨1.61％，中债企业债总财富指数上涨了1.67％，中债短融总财富指数上涨了0.66％。三季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对，保持合适杠杆，组合久期根据市场判断灵活调整，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.963Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=806040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a40","date":"2022-06-29T16:00:00.000Z","stockId":3000000000277,"sao":"2022年二季度债券市场整体仍呈震荡态势，波动幅度有所放大，赚钱效应偏差。二季度初的市场博弈主线为疫情防控升级后的政策应对，回顾看可分为三个阶段：4月份市场在博弈经济压力加大下的货币政策发力，但央行降准首次出现25bp，幅度显著限于市场预期，债市在四月下旬快速调整，10年国债上行到2.85%压力位，但资金面却格外宽松，短端利率下行，期限利差走阔；5月份在北京疫情后市场继续博弈经济下行以及货币政策空间，长端利率整体呈震荡下行态势，月底的经济动员会透露出真实的经济压力，10年国债最低下行到2.7%，资金面持续宽松，中短端快速下行，期限利差继续拉大；6月份上海复工复产后经济开始确定性地进入修复状态，资金面仍宽松，但地产销售和票据利率均开始低位反弹，利率在月初和月末均出现快速调整，10年国债上行到2.82%，中短端也开始调整。信用债在宽松资金面的呵护下二季度表现突出，各等级各期限信用利差全面下行，套息策略显著占优，信用利差维持在历史低位。从指数看，二季度中债总财富指数上涨0.93％，中债国债总财富指数上涨0.91％，中债企业债总财富指数上涨了1.71％，中债短融总财富指数上涨了0.83％。二季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对，保持合适杠杆，久期灵活调整。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.958Z","mo":"下半年，稳增长依然是宏观政策的主基调，但应该看到，本轮稳增长周期不会使用“超大规模刺激”政策，叠加疫情影响的长尾效应和外围环境不确定加剧，本轮经济复苏的弹性预计仍弱于之前几轮周期。这意味着，货币政策大概率仍会在相当一段时间内保持合理充裕的政策导向，助力稳增长政策落地并发挥效能，而实体融资需求修复速度偏慢则使得债券市场“资产荒”的格局仍会延续，通胀目前短期内尚不会构成明显掣肘，但货币进一步宽松的空间也有限，债市预计会在资产荒格局中继续演绎“上有顶，下有底”的区间震荡格局，整体环境对债市相对有利。组合依然保持积极配置的思路，维持合适的杠杆，久期保持灵活，加强左侧交易，争取收益增厚。信用债珍惜票息价值，提高信用仓位流动性水平。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=786267","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a3f","date":"2022-03-30T16:00:00.000Z","stockId":3000000000277,"sao":"2022年一季度债券市场先涨后跌，波动放大，赚钱效应偏差。一季度的行情在“宽货币”和“宽信用”间踟蹰，1月中旬央行下调OMO和MLF利率，收益率出现快速下行；1月底市场观测票据利率快速上升，担忧金融数据超预期，利率开始调整；2月中旬公布的1月社融数据总量大超预期，收益率出现快速上行，尤其是之前一直下行的短端收益率也开始触底回升；2月下旬到3月上旬，权益市场出现大幅调整，部分资管产品面临赎回压力，导致收益率持续上行，尤其是3-5年品种跌幅更大；3月中旬公布的2月社融数据总量大幅低于预期，收益率出现快速下行，随后市场在博弈央行降准降息、稳增长政策加码、疫情扩散、美联储加息等诸多因素影响下窄幅震荡。整体看一季度债券市场波动幅度明显加大，10年国开收益率整体下行4bp，5年国开收益率上行2bp，1年国开收益率下行4bp。信用债走势与利率债相近，长期限信用债自1月底以来持续调整，但利差上行幅度有限，短久期信用债表现更稳健。从指数看，一季度中债总财富指数上涨0.6％，中债国债总财富指数上涨0.65％，中债企业债总财富指数上涨了0.89％，中债短融总财富指数上涨了0.8％。一季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对，保持合适杠杆，久期灵活调整，信用债投资在守住信用风险的基础上强化精细化管理。展望二季度，短期看在疫情扩散和地产销售偏弱的环境下，货币政策仍有进一步宽松的空间，利率下行仍有一定的博弈空间，但交易空间狭窄，交易难度较大。中期看，政策定调下依然坚持5.5%的增长目标，预计后续会有更多的稳增长政策出台，疫情终将会有效控制，经济内生增长仍有动力，叠加海外通胀压力下的加息和缩表压力，债券收益率在经济触底后会有较大的上行压力，届时应以防御为主。信用债方面，中高等级信用利差将跟随无风险利率波动，大幅走阔的可能性不大，短久期票息策略仍占优，但信用市场依然面临有效资产供给不足的问题。本组合以信用债和利率债配置为主，在流动性较为宽松的环境下合理利用杠杆，组合久期敞口保持谨慎，在坚决防范信用风险的基础上继续加大信用债投资的精细化管理，并以灵活交易的心态积极参与利率债波段机会，合理控制组合回撤。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.954Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=725542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a3e","date":"2021-12-30T16:00:00.000Z","stockId":3000000000277,"sao":"2021年的债券市场走出了超出市场预期的牛市行情，全年10年国债下行36bp，中高等级信用利差则压缩至历史低位，市场呈现波动率收敛态势。具体来看行情可以分为五个阶段：1、2021年初，信用风险事件的情绪冲击仍弥漫，资金面偏紧，再加上2020年的基数效应使得市场对靓丽的经济数据下央行会回收因风险事件而释放的宽松流动性而担忧，市场出现一波约20bp的调整，中高等级信用债则相对稳健，信用利差被动压缩；2、春节后，通胀未成掣肘，货币面持续稳定，地方债发行慢于预期，市场开始演绎“资产荒”逻辑，利率债和信用债双双走牛，走出一波20-30bp的牛市行情，市场各类机构普遍“踏空”；3、7月中旬央行意外降准，点燃市场做多情绪，市场逐渐意识到经济下行压力超过预期，走出一波下台阶行情，10年国债再次下行20bp到2.8%低位，信用利差维持低位震荡；4、10月份市场对再次降准的预期落地，加上前期快速下行后市场脆弱性提升，出现一波超过20bp的快速调整；5、11月以后，市场再次关注经济的衰退压力，房地产严控力度不减，宽货币和信用难企稳的环境加速演绎，中央经济工作会议重提稳增长也难改市场预期，市场强势走牛，10年国债年底突破2.8%的低点，信用债则表现平稳，分化加剧，弱资质城投估值调整压力仍较大，中高等级信用利差低位徘徊。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.950Z","mo":"展望2022年，“稳增长”的力度和节奏是影响市场走势的最重要变量。当前虽然政策导向上确立了稳增长的方向，但“房住不炒”和“隐债不增”的政策框架是难以动摇的，中长期改革决心坚定，宽信用短期难有抓手，货币政策在经济企稳前仍将保持宽松。预计市场波动加大，在货币宽松的利好兑现或者宽信用的明显信号出现后，债市可能就进入快速调整期，因而对利率债应保持积极灵活的交易心态。信用债方面，中高等级信用品利差短期仍有压缩空间，但预计会随着利率债波动而大幅调整，低等级信用债仍会有一定的估值扰动，但短久期票息策略仍有空间。本组合将以信用债配置为主，在流动性较为宽松的环境下合理利用杠杆，在严控风险基础上做好信用挖掘，提高票息保护，并以灵活交易的心态积极参与利率债的波段机会，合理控制组合回撤。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=709821","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a3d","date":"2021-09-29T16:00:00.000Z","stockId":3000000000277,"sao":"2021年三季度债券市场呈现出收益率快速下行后震荡走平，信用利差维持低位震荡，信用债的期限利差和等级利差略有收敛的态势。7月初央行意外降准，加剧了市场对于下半年经济加速下行的担忧，短端利率维持相对稳定，长端利率则充分演绎经济下行预期倒逼货币宽松的逻辑，在降准落地后快速下行。8月和9月份，尽管经济下行的趋势明确，但货币政策的总量宽松却迟迟未至，市场开始担忧宽信用政策转向、通胀上行、美债利率反弹等利空，由于市场整体仍处于“结构性资产荒”格局，因而长端利率呈窄幅震荡态势。中高等级信用债利差已经处于历史低位，三季度等级利差略有收窄，分化格局略有收敛，理财整改对永续债和二级资本债冲击较大，民营地产债受政策严控及负面舆情冲击而遭到抛售，城投债整体表现较好但部分弱资质区域仍出现流动性紧张状况，整体看三季度信用利差维持低位震荡。从指数看，三季度中债总财富指数上涨2.02%，中债国债总财富指数上涨2.22%，中债企业债总财富指数上涨1.78%，中债短融总财富指数上涨0.84%。三季度，本基金基于对市场预期，保持中高久期和适度杠杆的操作，报告期内本基金回报率2.03%，同期业绩基准回报率0.7%。展望四季度，国内经济在“地产严控+出口转弱”的格局下面临较大的下行压力，而在出口链出现明显下行后或许将倒逼宽信用政策的转向，市场或经历从“宽信用+紧信用”向“宽货币+稳信用”甚至“宽货币+宽信用”的演变。同时，供给不足引致的大宗商品价格高企短期内或难解决，通胀压力会限制货币政策的总量空间。另一方面，理财产品加快净值化整改也将冲击市场，尤其是长久期信用债，推动债券市场系统性的重定价。因而，我们对四季度的债券市场持谨慎态度，长端利率和信用利差都存在走阔的风险，本组合将遵循定开债的投资理念，以信用债配置为主，在流动性较为宽松的环境下合理利用杠杆，在严控风险基础上做好信用挖掘，提高票息保护，并适度参与长端利率的交易性机会，合理控制组合回撤。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.946Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836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2021年二季度，本基金基于对市场预期由乐观逐步调整为中性，逐步缩短久期，并保持适度杠杆的操作。 展望后市：二季度逐步上行的通胀压力和基本面改善的趋势使得经济基本面仍然对债券不利，同时利率债供给压力也将提升，但市场可能仍然存在结构性供需不匹配的情况，即信用紧缩环境下市场对于低风险资产的需求较大，收益率难以大幅调整。二季度主要关注资金面是否持续维持宽松以及利率债供给压力的扰动。本组合遵循定开债的投资理念，投资思路上保持谨慎乐观，以信用债配置为主，在流动性较为宽松的环境下，合理利用杠杆，在严控风险的基础上做好价值挖掘，提高票息保护，并进行适度的利率债波段操作，合理控制组合回撤。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.937Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572967","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a3a","stockId":3000000000277,"sao":"2020年是债券市场大幅震荡的一年，全年经历了疫情冲击、政策调整和信用风险冲击，收益率下行至历史低位后大幅调整，年初和年末收益率基本持平，信用利差走扩。一季度国内疫情扩散，经济活动停滞，经济数据大幅下行，央行降准降息，债券收益率持续下行。3月海外疫情超预期扩散，市场陷入恐慌情绪，全球央行密集出台超宽松的货币政策稳定市场预期。4月国内流动性极度宽松，隔夜资金利率下行至1%以内，带动债券收益率大幅下行，但同时国内疫情已经得到有效控制，逐步复工复产，市场对经济复苏预期较强，导致短端利率下行幅度远大于长端，期限利差走扩至历史极高水平。随着经济数据企稳回升，5月末央行逐步退出极度宽松的应急性货币政策，引导短端利率回归到政策利率附近，短端利率上行幅度约100bp，期限利差和信用利差被动压缩，长端债券利率基本回升至接近疫情前水平。7月上旬国内风险偏好快速提升，再度带动债券利率大幅调整，7月下旬后，风险偏好阶段性回落，货币政策保持稳定，基本面逐步复苏，收益率震荡上行。4季度政府债券供给压力仍大，银行压降结构性存款导致缺乏长期负债，利率债和存单利率震荡上行，但信用债供给相对较小，供需结构较好，信用利差，尤其中低等级短久期信用利差持续压缩至历史低位。11月永煤违约超出市场预期，并且AAA大型国有企业违约触发了市场对信用风险担忧，赎回导致市场出现流动性冲击，信用利差快速走扩至历史较高水平。11月末央行提前操作MLF扭转了市场对流动性预期，同时12月资金极度宽松的环境让市场情绪大幅改善，利率债和高等级信用债收益率大幅下行至年初水平，但中低等级收益率修复较小，并且区域、主体分化进一步扩大。从指数看，全年中债总财富指数上涨3.07％，中债国债总财富指数上涨2.65％，中债企业债总财富指数上涨了3.98％，中债短融总财富指数上涨了3％。 2020年全年，本基金基于对市场预期由乐观逐步调整为中性，逐步缩短久期，并保持适度杠杆的操作。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.933Z","mo":"展望后市：2021年一季度，在永煤违约事件冲击后，信用债情绪仍在修复过程中，一级发行难度较大，央行预期仍将维持宽松的货币环境以缓解信用风险。同时冬季国内疫情有所反复，春节防疫难以加大，多地提倡企业职工在当地过年，预计会对春节期间的市场需求产生负面影响，对债券市场相对利好，中高等级信用利差可能进一步修复。节后重点关注央行操作和基本面恢复情况。本组合遵循定开债的投资理念，投资思路上保持谨慎乐观，以信用债配置为主，在流动性较为宽松的环境下，合理利用杠杆，在严控风险的基础上做好价值挖掘，提高票息保护，并进行适度的利率债波段操作，合理控制组合回撤。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=558888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a39","stockId":3000000000277,"sao":"2020年前三季度，债券市场大幅波动。一季度国内疫情扩散，经济活动停滞，经济数据大幅下行，央行降准降息，债券收益率持续下行。3月海外疫情超预期扩散，市场陷入恐慌情绪，全球央行密集出台超宽松的货币政策稳定市场预期。4月国内流动性极度宽松，隔夜资金利率下行至1%以内，带动债券收益率大幅下行，但同时国内疫情已经得到有效控制，逐步复工复产，市场对经济复苏预期较强，导致短端利率下行幅度远大于长端，期限利差走扩至历史极高水平。5月资金利率维持低位，经济数据继续改善，同时地方政府债券供给压力集中释放，债券市场出现较大幅度调整，但期限利差仍然维持高位。随着经济数据企稳回升，5月末央行逐步退出极度宽松的应急性货币政策，引导短端利率回归到政策利率附近，短端利率上行幅度约100bp，期限利差和信用利差被动压缩，长端债券利率基本回升至接近疫情前水平。7月上旬国内风险偏好快速提升，带动债券利率大幅调整，7月下旬后，风险偏好阶段性回落，货币政策保持稳定，基本面逐步复苏，政府债券供给压力仍大，债券收益率震荡上行。从指数看，中债总财富指数上涨1.44％，中债国债总财富指数上涨1.3％，中债企业债总财富指数上张了3.06％，中债短融总财富指数上涨了2.17％。 2020年三季度，本基金基于对市场中性预期，保持中短久期和适度杠杆的操作。2020年四季度市场核心关注点仍然为基本面和货币政策。在疫情得到控制以后，国内经济二季度开始触底回升，并且修复趋势仍在延续。在经济增长逐步恢复到潜在增长附近的过程中，四季度央行的政策态度非常关键。若央行继续维持目前政策，则债券利率可能仍处于震荡区间，围绕政策利率附近波动，同时受到基本面、风险偏好、流动性、债券供给等多重因素影响。若央行在四季度进一步收紧货币政策，则市场可能再度出现大幅调整。目前海外疫情出现反复，国内经济距离疫情前正常水平仍有距离，央行短期内进一步收紧货币政策概率不大，收益率可能仍然维持区间震荡的格局，需要持续跟踪观察。本组合遵循定开债的投资理念，投资思路上保持谨慎乐观，以信用债配置为主，在流动性较为宽松的环境下，合理利用杠杆，在严控风险的基础上做好价值挖掘，提高票息保护，并进行适度的利率债波段操作，合理控制组合回撤。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.928Z","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付债券型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489882","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec1a4d4369c9c836d4a38","stockId":3000000000277,"sao":"2020年上半年，债券市场大幅波动。一季度国内疫情扩散，经济活动停滞，经济数据大幅下行，央行降准降息，债券收益率持续下行。3月海外疫情超预期扩散，市场陷入恐慌情绪，全球央行密集出台超宽松的货币政策稳定市场预期。4月国内流动性极度宽松，隔夜资金利率下行至1%以内，带动债券收益率大幅下行，但同时国内疫情已经得到有效控制，逐步复工复产，市场对经济复苏预期较强，导致短端利率下行幅度远大于长端，期限利差走扩至历史极高水平。5月资金利率维持低位，经济数据继续改善，同时地方政府债券供给压力集中释放，债券市场出现较大幅度调整，但期限利差仍然维持高位。随着经济数据企稳回升，5月末央行逐步退出极度宽松的应急性货币政策，引导短端利率回归到政策利率附近，短端利率上行幅度约100bp，期限利差和信用利差被动压缩，长端债券利率基本回升至接近疫情前水平。从指数看，中债总财富指数上涨2.66％，中债国债总财富指数上涨2.75％，中债企业债总财富指数上涨了2.42％，中债短融总财富指数上涨了1.47％。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:48:36.923Z","mo":"展望后市：2020年3季度市场核心关注点已经逐步转为基本面。一方面，虽然全球疫情防控形势仍然严峻，但是结构性特征明显，国内基本已经完全控制，疫情影响最大的阶段已经过去，短期内二次爆发的风险不大；另一方面，3-4月密集出台了大量的应急性政策，随着经济逐步复苏，这些应急性政策已经逐步退出。但是政策继续转向尚需要基本面数据支撑，三季度大概率进入政策观察期，短期内政策稳定性相对二季度提升。在经历过最快的复苏阶段以后，经济回升速度放缓，需求和就业问题仍然存在，市场对基本面可能存在分歧。同时，在流动性宽松和经济复苏的推动下，风险偏好持续提升，权益资产价格上涨，对债券收益率形成压力。总体来看，三季度疫情、政策的确定性相对二季度都有所增强，预计债券波动下降，票息成为主要收益来源。需要密切关注基本面数据、风险资产和大宗商品的价格表现。本组合遵循定开债的投资理念，投资思路上保持谨慎乐观，以信用债配置为主，在流动性较为宽松的环境下，合理利用杠杆，在严控风险的基础上做好价值挖掘，提高票息保护，并进行适度的利率债波段操作，合理控制组合回撤。","fund":{"_id":3000000000277,"__csrcFundId":3478,"stockCode":"000277","shortName":"博时双月薪债券(000277)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":277,"masterFundFlag":1,"lastUpdated":"2026-04-30T17:25:45.865Z","status":"normal","inceptionDate":"2013-10-21T16:00:00.000Z","name":"博时双月薪定期支付债券型证券投资基金","exchange":"jj","followedNum":9,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时双月薪债券","pinyin":"bssyxdqzfzqxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时双月薪定期支付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=458546","linkType":"PDF","source":"csrc_pdf"}}]}