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免信贷塌方”、“靠前发力”等表述激发了市场对于货币政策加码宽松的预期。但1月超预期信贷数据公布后，债市收益率快速上行，叠加美联储加息落地，央行货币政策进入了观察期，3月因权益市场暴跌，机构负债端的压力导致了股债市场出现负反馈。全季来看，债市收益率整体先下后上，收益率曲线先走陡后走平。报告期内，组合在1月份通过相对较高的久期策略捕捉到了资本利得收益，2月至3月在经历了市场的快速调整后，灵活调整了持仓券种结构、组合杠杆和久期分布，组合久期和杠杆回到相对中性的水平。展望下季度，本轮疫情的反复超出市场预期，将对经济造成冲击，但预计财政政策和产业政策会加大对基本面的呵护，货币政策预计依然会保持合理充裕的状况。在经历了前期的利率上行之后，债券的静态价值有所修复，拥挤交易也有所缓解，但中期来看，政策稳增长的决心较为明确，年内基本面的渐进修复依然可期，且疫情见顶后基本面会有补偿性修复，利率下行空间有限。综合以上因素，预计债券市场整体将处于震荡格局，具体操作将以赔率优先，更加注重安全边际。本组合未来将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性；同时注意做好持仓券种梳理，优化持仓结构。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:51.978Z","fund":{"_id":3000000003223,"__csrcFundId":1033,"stockCode":"003223","shortName":"广发景丰纯债(003223)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3223,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:48:47.144Z","status":"normal","inceptionDate":"2016-11-22T16:00:00.000Z","name":"广发景丰纯债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发景丰纯债","pinyin":"gfjfczzqxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发景丰纯债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=721147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7177fea5b3eb04648e7","date":"2021-12-30T16:00:00.000Z","stockId":3000000003223,"sao":"2021年，债券利率先上后下，1月至2月，利率整体上行近20bp，核心原因在于开年天量信贷投放和货币超预期收紧；2月后，债市开启震荡下行的行情，核心原因在于紧信用对宏观经济尤其是地产链条的影响开始显现；央行在7月份超预期降准，开启货币政策的宽松周期，债券市场进入牛市。报告期内，本组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，全年较好地把握住市场机会。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:51.975Z","mo":"展望2022年，中央经济工作会议释放强力稳增长信号，定调“以经济建设为中心”，基本面有望在政策的协同发力下逐步企稳回升。然而“房住不炒”的基调依然维持、地方政府隐性债务管控不放松，意味着难以给予经济上行幅度过高的期待。同时，货币政策在基本面企稳前，易松难紧，预计将维持宽松基调。综合来看，短期内债券市场仍将处于震荡偏强格局之中。未来组合将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性，做好持仓券种梳理，优化持仓结构，争取把握市场机会，严控风险，力争为投资人带来理想的回报。","fund":{"_id":3000000003223,"__csrcFundId":1033,"stockCode":"003223","shortName":"广发景丰纯债(003223)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3223,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:48:47.144Z","status":"normal","inceptionDate":"2016-11-22T16:00:00.000Z","name":"广发景丰纯债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发景丰纯债","pinyin":"gfjfczzqxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发景丰纯债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=707416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7177fea5b3eb04648e6","date":"2021-09-29T16:00:00.000Z","stockId":3000000003223,"sao":"本季度央行进行了降准操作，扭转了投资者对于货币政策紧缩的担忧，短端利率下行空间得以打开，但降准后的资金利率中枢没有出现趋势性下行，使得短端利率下行空间有限。另一方面，财政后置、信贷政策边际调整等因素导致宽信用预期升温。全季来看，债市收益率整体下行幅度较大，7月债市收益率下行超20BP，8月以来呈窄幅震荡的走势，收益率曲线先陡后平。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。展望下季度，经济基本面走弱的压力依然存在，尤其是疫情冲击下的消费以及地产链条面临较大压力，货币政策预计将保持稳健偏宽松的基调。但基建发力、建筑业施工改善、信贷政策边际调整，有助于降低基本面失速下行的风险。整体来看，低位利率叠加宽信用预期使得利率向下突破存在阻力，预计债券市场整体仍将处于震荡格局。未来本基金将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性；同时注意做好持仓券种梳理，优化持仓结构，赔率优先，注重安全边际。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:51.972Z","fund":{"_id":3000000003223,"__csrcFundId":1033,"stockCode":"003223","shortName":"广发景丰纯债(003223)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3223,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:48:47.144Z","status":"normal","inceptionDate":"2016-11-22T16:00:00.000Z","name":"广发景丰纯债债券型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发景丰纯债","pinyin":"gfjfczzqxzqtzjj","managers":[{"stockCode":"db20745147","stockType":"fund_manager","exchange":"fm","tickerId":2304207110,"name":"吴迪"}]},"announcement":{"linkText":"广发景丰纯债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=650310","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7177fea5b3eb04648e5","date":"2021-06-29T16:00:00.000Z","stockId":3000000003223,"sao":"2021年上半年，国债和国开债利率呈现先快速上行、后缓步下行的趋势：1月至2月中旬货币市场资金利率飙升导致利率快速上行，春节后权益资产快速调整导致追求稳健收益的资金涌入债市，之后资金面持续超预期宽松，货币政策传递稳定信号，债市预期逐步修正。和去年年末的点位相比，利率债利率小幅下行，期限利差变化不大，而信用债利率下行幅度相对较大，信用利差出现明显压缩。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:51.970Z","mo":"展望下半年，经济基本面出现边际走弱的迹象，国内财政政策存在相机抉择的可能性，且近期国常会明确提及降准后，央行火速落实，奠定了货币政策未来一段时间内合理充裕的基调，债券利率震荡、中枢小幅下移的概率较大。组合未来将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，增强操作的灵活性。","fund":{"_id":3000000003223,"__csrcFundId":1033,"stockCode":"003223","shortName":"广发景丰纯债(003223)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3223,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:48:47.144Z","status":"normal","inceptionDate":"2016-11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