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，债市回吐了全年涨幅，信用债、银行二级资本债、银行永续债的跌幅远超利率债。报告期内，账户持仓主要以中高等级信用债为主，根据宏观经济和债券市场情况灵活调整久期及仓位。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.784Z","mo":"基本面正处于经济探底后逐步好转的阶段，由于预期提前反映，因而影响债市的关键是预期差。当前央行对资金面展现出明显的呵护态度，2023年年初资金面边际收敛的趋势不变，但整体仍大概率维持宽松。春节后，对债券不利的因素可能会逐渐显现：经济修复、信贷开门红、政策陆续出台、通胀阶段性走高、债券供给增加、风险偏好提升股市走强等。2023年债券市场资本利得的机会可能相对较小，但是年底信用债经过充分调整，或已具备一定的票息价值。整体来看，2年内信用债或有一定的配置价值，债券收益率调整后票息策略的性价比提升，久期策略相对风险较大。未来，本基金将继续以持有高等级信用债为主，以期获得稳定的票息收入，谨慎博弈资质下沉，并择机进行利率债波段操作。","fund":{"_id":3000000003837,"__csrcFundId":1062,"stockCode":"003837","shortName":"东方臻享纯债债券(003837)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3837,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:01:03.363Z","status":"normal","inceptionDate":"2016-11-27T16:00:00.000Z","name":"东方臻享纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方臻享纯债债券","pinyin":"dfzxczzqxzqtzjj","managers":[{"stockCode":"db20744486","stockType":"fund_manager","exchange":"fm","tickerId":31814202120,"name":"车日楠"},{"stockCode":"j101019716","stockType":"fund_manager","exchange":"fm","tickerId":323243220,"name":"程旺"}]},"announcement":{"linkText":"东方臻享纯债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=864181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7847fea5b3eb046c3ea","date":"2022-09-29T16:00:00.000Z","stockId":3000000003837,"sao":"三季度债券收益率先下后上，收益率整体下行。7月国内疫情反复，市场对经济预期不佳，资金面极度宽松，收益率下行。7月中旬后资金价格下行至年内新低，1年期国股行存单及高等级中短期票据利率创新低，收益率曲线陡峭。8月中旬经济数据表现弱于预期，7天逆回购利率和1年期MLF利率均下调了10bp，债券收益率大幅下行，10年国债突破2.6%。9月债市则总体以回调为主。随着国内疫情的边际好转，8月经济小幅修复，汇率承压，中美利差走阔，季末资金面边际收紧收益率上行加快。信用债方面，受资金面宽松影响，三季度多数品种信用利差继续收窄。报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并继续深入挖掘城投债的价值，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.782Z","fund":{"_id":3000000003837,"__csrcFundId":1062,"stockCode":"003837","shortName":"东方臻享纯债债券(003837)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3837,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:01:03.363Z","status":"normal","inceptionDate":"2016-11-27T16:00:00.000Z","name":"东方臻享纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方臻享纯债债券","pinyin":"dfzxczzqxzqtzjj","managers":[{"stockCode":"db20744486","stockType":"fund_manager","exchange":"fm","tickerId":31814202120,"name":"车日楠"},{"stockCode":"j101019716","stockType":"fund_manager","exchange":"fm","tickerId":323243220,"name":"程旺"}]},"announcement":{"linkText":"东方臻享纯债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809014","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7847fea5b3eb046c3e9","date":"2022-06-29T16:00:00.000Z","stockId":3000000003837,"sao":"年初在降息以及经济悲观预期推动下，收益率快速下行，10年期国债一度向下突破2.7%。春节后，受海外通胀发酵、美债利率上行、1月社融大幅超预期、1-2月经济数据超预期、稳增长政策陆续出台等因素影响，债券利率快速回调，10年期国债一度回到2.85%。3月下旬，疫情影响加重，基本面走弱和宽货币的预期进一步强化，市场情绪逐渐好转，收益率呈现下行态势，截至一季度末10年国债收益率回到年初水平。4月中-5月中，降准幅度不及预期，宽货币预期消退，同时上海疫情出现拐点，长端利率再度上行，同时资金面泛滥，短端利率下行，曲线陡峭化。5月中-5月底，由于4月社融数据不佳，债市做多情绪大幅升温，在资金面宽松的持续加持下，收益率再度下行。6月，受疫情收尾，基本面修复预期上升影响，利率缓慢回升。报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并对城投债进行了适度资质下沉，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.779Z","mo":"今年以来，债券收益率波动区间收敛，上半年十年期国债的波动区间在2.7%至2.85%，预计下半年债市低波动状态或仍将延续。首先疫情后微观主体活力不足，地产低位盘整，出口份额呈现萎缩，经济缺少上行空间；其次，下半年货币政策或仍将在稳增长稳就业、国际收支平衡、控制通胀等多目标之间平衡，预计维持宽松，上下调整空间有限；第三，机构欠配情况仍在，结构性资产荒难以真正缓解，导致利率向上调整的空间有限。另一方面，美联储加息缩表，以及通胀压力等也会对国内债市有牵制，利率下行缺乏空间。总体来说下半年债券市场或仍呈现窄幅震荡的格局。未来本基金将继续以信用债为底仓，择机配置利率债进行波段操作，力争在获取稳定的票息收入的同时增厚组合收益。","fund":{"_id":3000000003837,"__csrcFundId":1062,"stockCode":"003837","shortName":"东方臻享纯债债券(003837)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3837,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:01:03.363Z","status":"normal","inceptionDate":"2016-11-27T16:00:00.000Z","name":"东方臻享纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方臻享纯债债券","pinyin":"dfzxczzqxzqtzjj","managers":[{"stockCode":"db20744486","stockType":"fund_manager","exchange":"fm","tickerId":31814202120,"name":"车日楠"},{"stockCode":"j101019716","stockType":"fund_manager","exchange":"fm","tickerId":323243220,"name":"程旺"}]},"announcement":{"linkText":"东方臻享纯债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=787121","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7847fea5b3eb046c3e8","date":"2022-03-30T16:00:00.000Z","stockId":3000000003837,"sao":"年初在降息以及经济悲观预期推动下，收益率快速下行，10年期国债一度向下突破2.7%。春节后，受海外通胀发酵、美债利率上行、1月社融大幅超预期、1-2月经济数据超预期、稳增长政策陆续出台等因素影响，债券利率快速回调，10年期国债一度回到2.85%。3月下旬，疫情影响加重，基本面走弱和宽货币的预期进一步强化，市场情绪逐渐好转，收益率呈现下行态势，截至一季度末10年国债收益率回到年初水平。信用方面，中长久期信用利差上行，短久期基本持平，收益率曲线变陡，产业债中除房地产行业外其他行业信用利差多有所收窄，城投债涨跌互现，各省城投利差走势差异较大。 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益率波动下行，机构抱团中短久期、资质良好的信用债，相应带动其利差压缩；评级行业新规之下，监管加强，上半年评级下调数量明显增多，已接近2020年全年发生的评级下调企业数量；城投债打破刚兑担忧情绪加重，地产行业风险暴露期舆情频现，机构面临的信用风险点较多，预计机构下半年风险偏好易紧难松。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.768Z","mo":"6月底央行官媒评论指出无需过度担忧流动性，不宜误导市场预期，人为制造波动；结合月底央行小幅提高逆回购操作规模，稳定半年末资金面所释放的政策信号来看，央行整体表态偏中性偏积极，后续资金面或难大幅收紧，政策基调友善，资金价格中枢稳定。稳定的货币政策制约利率上行，同时经济增长中长期中枢性下行压力仍在，对债券市场形成支撑。另一方面，三季度地方债供给、MLF到期量大、美联储QE退出等风险点，对债券市场仍存在一定影响。预计三季度债券收益率呈现一个宽幅震荡，利率中枢下行的态势。信用债方面，高等级等信用利差保持低位，在风险偏好提升的背景下，预计未来仍会维持低位，山西、河南、天津的近期表态，加快这些区域的估值修复，也带动了低资质信用债的成交。但交易所发债限制、地方隐性债务约束、财政与城投资金切割都对尾部城投不利，地产政策高压不改，三道红线、土地两集中政策将推动行业集中度加速集中，地产债将出现新一轮分化。预计机构下半年风险偏好易紧难松。具体投资策略方面，本基金将继续以持有高等级、中性久期的信用债为主，以获得稳定的票息收入，谨慎博弈资质下沉，并择机进行利率债波段操作。","fund":{"_id":3000000003837,"__csrcFundId":1062,"stockCode":"003837","shortName":"东方臻享纯债债券(003837)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3837,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:01:03.363Z","status":"normal","inceptionDate":"2016-11-27T16:00:00.000Z","name":"东方臻享纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方臻享纯债债券","pinyin":"dfzxczzqxzqtzjj","managers":[{"stockCode":"db20744486","stockType":"fund_manager","exchange":"fm","tickerId":31814202120,"name":"车日楠"},{"stockCode":"j101019716","stockType":"fund_manager","exchange":"fm","tickerId":323243220,"name":"程旺"}]},"announcement":{"linkText":"东方臻享纯债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=627952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7847fea5b3eb046c3e4","stockId":3000000003837,"sao":"永煤违约事件后央行明显加大了对流动性的呵护力度，年初资金面延续2020年末的宽松走势，债券收益率继续下行，这强化了市场对流动性宽松将会持续至春节后的预期，也助长了金融机构加杠杆的行为。1月缴税时点前后，央行虽然有投放，但量明显不够，市场资金利率逐渐攀升，临近月末，在资金面预期已经转向悲观的背景下，央行依然大规模回笼流动性，引发了月末的资金紧张，R001加权利率一度飙升至6.59%。2月跨节，央行仍维持审慎的操作态度，央行跨春节流动性呵护工具仅有逆回购，且集中在节后首个交易日到期。央行表示出对于去年宏观杠杆率上升较快、股市房市涨幅较大的关注，在央行连续“地量”操作逆回购、缩量续做MLF后，市场对流动性产生担忧，收益率上行，1月下旬至2月上旬春节前的下跌行情，与2020年11月到1月初上涨行情形成镜像，主因都是资金面的驱动。春节后首个交易日海外再通胀交易升温、美债上行超预期，现券利率开盘即上行4-6bp，10Y国债利率逼近3.3%，全月来看，2月流动性没有进一步收紧，长端反应基本面偏强和海外通胀预期，利率债收益率表现分化，短端下行长端上行，10Y-1Y国债期限利差走阔。3月债市情绪回暖，资金面平稳和配置力量偏强，市场对利空反应钝化，在政治摩擦、欧洲疫情反复、风险资产下跌的共同作用下，避险情绪带动长端利率下行，3月中旬以来资金面维持平稳偏松，短端利率也有较大降幅。后期来看，4月或将迎来重要观察窗口，地方新增债券发行存在放量可能，缴税压力放大较为确定，临近月中资金面波动风险或将放大，4月中旬召开的政治局会议是上半年重要的政策观察窗口，利空因素或仍将有所释放，但在基本面趋势的验证仍不充分的情况下，震荡行情预计很难被打破，票息策略仍是优先选择。具体投资策略方面，本基金将继续以持有高等级、中性久期的信用债为主，以获得稳定的票息收入，谨慎博弈资质下沉，并择机进行利率债波段操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.765Z","fund":{"_id":3000000003837,"__csrcFundId":1062,"stockCode":"003837","shortName":"东方臻享纯债债券(003837)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":3837,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:01:03.363Z","status":"normal","inceptionDate":"2016-11-27T16:00:00.000Z","name":"东方臻享纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050390000,"currency":"CNY","masterFundShortName":"东方臻享纯债债券","pinyin":"dfzxczzqxzqtzjj","managers":[{"stockCode":"db20744486","stockType":"fund_manager","exchange":"fm","tickerId":31814202120,"name":"车日楠"},{"stockCode":"j101019716","stockType":"fund_manager","exchange":"fm","tickerId":323243220,"name":"程旺"}]},"announcement":{"linkText":"东方臻享纯债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=568774","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7847fea5b3eb046c3e3","stockId":3000000003837,"sao":"2020年受疫情影响，收益率一度下行至历史低位。国内凭借着高效的抗疫政策，相较于海外，经济基本面快速恢复，货币政策也随之恢复常态，债市牛熊切换突然，当前债券市场正处在跟随基本面和政策面进一步恢复常态化的过程中。2020年初央行全面降准以及呵护跨年流动性，流动性的宽松带动资金价格和债券收益率的下行，年初10年国债收益率震荡下行突破3%，2-4月受国内疫情扩散、海外疫情发酵以及货币政策宽松的影响，债券收益率大幅下行，10年国债收益率下行幅度逾50bp。由于国内疫情控制情况较好，基本面修复，同时货币政策由应急回归常态，债市开启牛熊转换，债券收益率快速回调。同时，地方债和特别国债的大量集中发行，对市场形成进一步冲击，DR007加权利率从前期低位逐步回升至政策利率2.2%附近波动，现券收益率上行最高逾50bp，回吐前期盈利。三季度，国内经济数据持续修复，但斜率有所放缓，但货币政策回归常态，流动性环境维持紧平衡；监管层对于银行结构性及存款创新产品的整改力度影响逐步显现，银行负债压力增加，银行存单供需失衡，存单利率持续抬升，受短端利率制约，长短利率持续调整，截至11月15日，十年国债收益率已经达到了3.27%，突破年内高点。信用事件持续发酵，市场抛盘情绪加重，11月19日，十年国债收益率一度突破3.35%，再度创下年内新高。年末央行跨年流动性投放显著放量，同业存单发行价格从前期高点回落，市场对跨年资金平稳预期抬升，资金面明显宽松，债券收益率反弹，基本回到年初水平。报告期内，基金规模波动较大，为应对账户规模变化以及债券市场波动，账户持仓主要以中高等级信用债为主，保证账户流动性，并降低了账户杠杆和久期。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:40.762Z","mo":"2021年债券市场主线依然是疫情之后的经济修复和政策常态化，当前市场对于经济数据和债市趋势的判断一致性预期较强，但是疫情后经济修复的程度存在一定不确定性，政策也将跟随经济修复情况相机抉择，对债券市场难言乐观，全年依旧很难看到趋势性的行情，预计整体呈现震荡的走势。基本面方面，2021年，随着疫苗普及，全球经济复苏，国内经济预计将进一步回归常态化。受2020年上半年低基数影响，2021开年经济增速将大幅走高，市场对此已经有所预期，影响债券收益率的主要是经济增速的预期差。就消费而言2021年汽车消费或仍维持强势，但剔除基数效应后餐饮消费和石油及其制品类消费或难恢复至疫情前水平；制造业投资增速整体或高于疫情前水平对债市形成压制；房地产投资单月增速或逐步下行，但累计增速或仍偏高；疫苗对我国明年出口影响较大，出口增速前高后低，整体维持在较高水平。政策方面，随着经济增速向潜在增速修复，“稳增长”压力减缓，政策更加倾向于“防风险”、“稳杠杆”，11月央行行长易纲金融街论坛发言和工作论文中，论及的主题均是宏观杠杆率，明确表达了“稳杠杆”的政策取向。在“稳杠杆”的政策背景下，宏观调控政策对于信用扩张的支持力度大概率不会大幅缩减，以维持政策支撑领域信用投放的政策连续性。货币政策方面，2020年宽松货币政策退出较早，“紧货币”已经实现，又不诉求进一步的大幅“紧信用”，货币政策或维持“紧平衡”状态，但收紧的节奏可能尚未结束，取决于基本面的修复进度。流动性方面，央行“锁长放短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