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　　报告期内，组合以票息策略为主，根据市场变化灵活调整久期，本基金将继续密切跟踪经济和政策变化，优化组合结构，力争取得更好收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.288Z","mo":"接下来，考虑到经济内生动能偏弱，大幅刺激的可能性较低，收益率大概率仍将波动下行，期间或许会受到央行对长端利率的指导、政策密集出台、风险偏好摇摆等因素的干扰。","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利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=1150258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6507fea5b3eb0456071","date":"2024-03-30T16:00:00.000Z","stockId":3000000002274,"sao":"一季度，经济继续呈现出结构分化迹象。制造业稳中向好，PMI连续三个月超出市场预期，消费和旅游出行维持较高景气度，但与地产相关的领域依然比较低迷，商品房销售面积持续大比例负增、建筑业表现疲软，地产政策依旧集中在需求端，企业现金流状态没有实质性改善，舆情时有发生。政策方面，央行在2月初降低存款准备金率0.5%，流动性总体充裕，资金面分层现象有所缓解，资金利率不够便宜但相对稳定；财政方面，利率债发行进度偏慢，供给高峰大概率在二季度。　　市场方面，在关于经济长期走弱的宏大叙事以及有利的供需结构之下，无风险收益率曲线整体下行，平均下行幅度在25BP以上，超长端利率表现尤其亮眼，30年国债收益率截至3月底下行37BP，期间与10年国债收益率的利差一度压缩至12BP。3月中旬以来，随着经济数据呈现出一定的韧性、物价有所回升、风险偏好未明显回落，债券市场转入震荡局面，曲线受益于稳定的资金面有所陡峭。　　报告期内，组合以票息策略为主，根据市场变化灵活调整久期，本基金将继续密切跟踪经济和政策变化，优化组合结构，力争取得更好收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.285Z","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076733","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6507fea5b3eb0456070","date":"2023-12-30T16:00:00.000Z","stockId":3000000002274,"sao":"2023年实际GDP同比增长5.2%，实现既定目标，但考虑价格以后，当年GDP同比增长4.2%，较上年下降较多。经济结构内部表现分化，场景消费、出行旅游相关等持续维持高景气度；地产产业链仍是拖累，表现不佳，新房成交低迷、房企现金流困境没有得到实质缓解、拿地和新开工面积增速不容乐观。在此大环境下，微观感受较差，居民收入预期下降，风险偏好持续回落，银行存款定期占比继续提高。市场方面，年初经济经历了一波快速补库且资金面较紧，债市持续弱势运行至2月中下旬；随后经济恢复斜率放缓、央行持续降准降息，利率下行至8月中旬；此后，由于银行资负缺口扩大、地方政府再融资债和增发国债集中发行、以及央行防空转以及稳汇率的诉求增加，资金面持续紧张，成为主导债市运行的核心因素，中短端利率上行幅度较大。全年来看，30Y国债下行37BP，10Y国债下行28BP，一季度见顶之后震荡回落，1Y国债下行2BP，5-8月份出现一波阶段性下行，收益率曲线走平，久期越长表现越好；政金债表现类似，5-10Y表现较好，下行幅度均在30BP以上。资金方面，R001为1.75%、R007为2.23%，受制于汇率压力和防空转要求，中枢较2022年均有上行。本基金为利率债主动管理产品，报告期内跟随基本面、资金面变化灵活调整产品参数，积极把握波段交易机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.282Z","mo":"2024年仍是新旧动能转换的一年，由于投资、竣工调整相对滞后，地产大概率仍然承压；基建投资受到地方政府财力的限制，空间也会受到限制，总的来说基本面很可能仍要在底部徘徊，货币环境总体宽松，央行进一步降准降息仍有必要，债券市场运行的大环境依旧比较乐观，后续跟踪三大工程的落地力度、跟踪地产行业的恢复情况。产品策略上将以票息策略为主，充分利用杠杆收益，结合资金面和基本面变化灵活调整仓位和组合久期。","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利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=1051561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6507fea5b3eb045606f","date":"2023-09-29T16:00:00.000Z","stockId":3000000002274,"sao":"三季度，随着政策端不断加强对终端需求的支持，经济暂时出现企稳迹象，消费、投资、物价的读数大概率在7月份已经见底，名义和实际经济增长率有望回升；9月制造业PMI延续回升势头且超出市场预期，这种趋势大概率能够延续到10月份；由于地产恢复偏弱，倾向于认为经济回升过程应该还会有颠簸，后续关注是否有更多稳增长政策出台。资金方面，8月中旬以后，资金利率逐渐抬升，9月份总体偏贵，跨季后压力有望缓解，但难以出现明显下行，相对中性。报告期内，债券市场有所调整，曲线走平，信用利差小幅收窄；具体地，1年国开债收益率上行16BP，5Y上行5BP，10Y下行3BP。展望后市，需要观察利率能在底部徘徊多长时间，由于市场信心出现了一定程度的扭转，在底部等待过程中波动可能会加大，利率市场呈现的局面应该是整体机会不大、交易机会增多；鉴于资金利率很难持续偏贵，我们总体上仍是以票息和骑乘策略为主，同时增加对波段机会的把握。报告期内，组合以票息策略为主，根据市场变化灵活调整久期，本基金将继续密切跟踪经济和政策变化，优化组合结构，力争取得更好收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.280Z","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","ma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好，利率债表现偏强，本基金增配了长久期利率债，进一步提高组合流动性，取得了较好的效果。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.251Z","mo":"整体而言，2021年基本面仍处于复苏周期中，预期经济增速前高后低，在二季度前后可能出现较为明显的拐点。简要来说，投资方面：房地产投资虽逐步走弱但因存在惯性，在二季度之前韧性仍强，二季度后可能存在拐点；基建投资表现较弱，明年亦不会有明显起色；制造业投资和消费在二季度之前预期仍处于持续修复状态；贸易方面：供需错位、外需较强，出口在二季度之前保持韧性；金融数据中，社融在今年见顶，但结构仍然较好，随着逆周期调节政策退出明年将持续缓慢走弱；通胀方面，CPI明年同比小幅回升但受基数和猪周期影响，无太大上行压力；PPI随着商品价格走强，负增长持续收窄将在明年上半年转至正值，大概高点出现在二季度初左右。一般而言，PPI的高点领先于10年国债的高点一季度左右。货币政策保持中性紧平衡状态、“不缺不滥”、精准滴灌、以稳定宏观杠杆率为主要目的，防范系统性金融风险的发生。财政政策恢复常态化，降低赤字率、减少专项债或特别国债的发行。整体处于中性货币政策的信用收缩环境，政策不急转弯以稳为主。短期看，年初偏松的货币政策，叠加配置力度较强且债券供给不足，造成了去年12月下旬开始的一波行情，绝对收益和利差又拉回相对低位。同时，在信用冲击之后，监管层的一系列稳定市场措施使得信用情绪得到了较大的修复，在普遍的抢跑预期下，一季度前后，预期可能存在利率阶段性的回调，后续随着基本面逐步下探，利率可能出现震荡下行的趋势性行情。全年来看利率债投资存在大的波段机会。","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利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=545682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6507fea5b3eb0456063","stockId":3000000002274,"sao":"投资运作方面，2020年三季度，债券市场经历了一波较大幅度的调整，货币政策常态化，银行类机构结构性存款压降负债端压力较大，配置盘偏弱叠加供给放量带动市场收益率整体上行。基本面方面，经济仍处弱复苏进程，投资、出口持续偏强，消费复苏偏弱，整体看经济尚未恢复到疫情前状态，海外疫情仍处爆发期，债券市场维持弱势震荡格局。展望四季度，利率债供给高峰即将过去，但整体供给压力同比正常年份仍然偏大，经济持续处于弱复苏进程，美国大选的不确定性将在四季度落地，国内货币政策预期仍将维持中性，我们判断无风险利率走势仍然以区间震荡为主。策略上，我们维持了三季度以来的短久期低仓位策略，在资金波动时点适当参与3-5年利率债交易性机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.248Z","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利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=491960","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6507fea5b3eb0456062","stockId":3000000002274,"sao":"投资运作方面，2020年上半年，年初突如其来的疫情打破了去年四季度开始的弱复苏情形，为应对疫情冲击，货币政策和财政政策双松，资金面极端宽松，各类债券收益率在节后开市大幅下行，之后进入震荡区间。进入二季度以后，国内疫情控制效果显著，虽偶有零星爆发，但整体复工复产力度加强，并未影响经济基本面边际好转。同时积极财政政策下利率债供给同比大幅增多，央行政策关注点转向治理宽松后遗症及珍惜政策空间，货币政策重回正常化，债市情绪受到较大打压，债券收益率相较一季度低点大幅回升。市场普遍预期来看，海外疫情仍在恶化，国内经济复苏初期仍面临较多阻力，货币政策仍会维持相对宽松格局，且目前的经济基本面下债券收益率也很难大幅向上突破疫情前的位置。二季度以来，我们降低了长久期利率债的仓位，控制整体组合久期减少了回撤。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:32.246Z","mo":"2020年下半年，预计海外疫情仍将持续，欧洲恢复程度好于美国，弱美元周期下大宗商品的价格有一定的上行压力，但全球总需求仍受疫情影响处于低位，原油价格受地缘政治影响难以大幅上行，整体看PPI年内回正并对货币政策造成掣肘的可能性较小。国内方面，二季度复工复产的顺利进行使得货币政策重回常态化区间，工业生产恢复程度较好，但下半年经济基本面的复苏仍有较大阻力，CPI受去年高基数影响仍有下行空间，目前的经济复苏程度不足以带来收紧货币政策的压力，改善主要发生在逆周期和上游供给收缩领域，就业和消费等顺周期领域的复苏才是经济基本面恢复的核心。未来一段时间仍将处于政策观察期，资金面有望保持围绕公开市场价格中枢震荡格局，短端利率继续上行的空间较小，长端方面，常态化货币政策下利率债的短期供给放量仍将对长端利率的走势造成影响，但利率长端大幅高于疫情前的状态难以持续。","fund":{"_id":3000000002274,"__csrcFundId":4463,"stockCode":"002274","shortName":"中邮纯债聚利债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2274,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:39.102Z","status":"normal","inceptionDate":"2016-02-02T16:00:00.000Z","name":"中邮纯债聚利债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮纯债聚利债券","memoNum":1,"pinyin":"zyczjlzqxzqtzjj","managers":[{"stockCode":"db20864218","stockType":"fund_manager","exchange":"fm","tickerId":72608222740,"name":"郭志红"}]},"announcement":{"linkText":"中邮纯债聚利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=463617","linkType":"PDF","source":"csrc_pdf"}}]}