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合净值有所增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.706Z","mo":"展望未来，“反内卷”从主题走向主线，股债商汇均会演绎各自在主线逻辑下的边际变化。从基本面环境来看，预期下半年信贷需求偏弱，且上半年GDP完成度较好，下半年快速出台刺激政策的必要性不强，这使得债市调整的向上空间也比较有限。供需环境来看，今年债市整体上驱动收益率向下的配置力量不及2024年，市场参与机构再投资再配置的需求呈现均衡态势。因此，维持震荡市行情的判断，下半年10年国债中枢或围绕1.70%。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1350597","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbf2","date":"2025-03-30T16:00:00.000Z","stockId":3000000005171,"sao":"2025年一季度，债市收益率先下行、再大幅调整、后转入震荡。开年市场在做多惯性中追逐久期资产，10年国债收益率最低下探至1.58%。随后资金面收敛，机构降杠杆，短端率先调整，但长债并未受明显影响，仍维持窄幅震荡。直到2月春节假期后，资金价格继续上行，长端收益率与资金成本倒挂加深，市场开始逐步定价风险偏好积极和中期基本面、通胀复苏超预期的可能性，长债大幅调整，过度平坦的曲线得到修正，期间个券流动性溢价也普遍抬升。3月，赎回压力下，10年国债收益率在触及1.9%后进入震荡。前期市场过热的风险部分释放，收益率水平也不再明显低于银行综合负债成本，赔率改善，市场重新博弈关税战、基本面变化、二季度理财规模增长及降准降息的可能性。今年债市行情的演绎可能与去年差别较大，单边牛市不再。一方面，政府债供应较快、资金利率较高且同业存款搬家、风险资产表现较强等因素共同作用，很大程度缓释了资产荒体感，反而令负债端承压。另一方面，财政发债节奏积极也降低了经济超预期下行的风险。在绝对收益仍处于相对偏低的环境中，套息空间和票息保护一般，债市可能呈现偏震荡的格局，期限间、品种间的强弱轮动依据资金利率和机构行为的变化而变化。密切关注基本面运行和政策对国内外不确定性形势的应对和发力情况。报告期内，我们依据基本面、政策面和资金面的边际变化，降低了组合的风险暴露。未来我们将保持组合的流动性和灵活性，注重优选票息资产，及时调节久期、杠杆水平和配置结构，适应低利率环境，稳健投资，控制回撤，力争为持有人创造满意的回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.704Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1276410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbf1","date":"2024-12-30T16:00:00.000Z","stockId":3000000005171,"sao":"2024年是固定收益市场见证历史的一年。10年国债收益率全年下行近90bp，利率刷新历史低点。开年宽货币预期升温叠加配置力量较强，收益率下行，直到3月基本面数据改善、财政发力预期加强，止盈盘出现，债市进入震荡。二季度整顿手工补息和各类债券发行偏慢在需求和供给两端同向加剧了资产荒体感，理财负债端流入较多，收益率继续下探，信用利差压缩。不过在利率快速下行后，央行提示长债风险，债市在季度内出现快调，然后修复。下半年，行情波动加大：两次利率高点分别出现在8月活跃券抛售和9月政治局会议之后，对应短期供需矛盾上升与预期的逆转；低点出现在年底，震荡幅度达60bp。期间行情经历三波下行：前两次是对降息预期和现实的不断定价，第三次则是适度宽松的货币政策基调令市场打开降息幅度的想象空间。回顾全年的主线，上半年交易缺资产，下半年交易货币政策，久期行情和利差压缩行情交替演绎。我们延续了稳健的管理风格，在2024年初超配了二永债，二季度逐步降低二永债仓位并增配中高等级信用债，三季度将部分信用久期切换为利率久期，提高组合流动性并控制回撤，四季度及时调整久期策略。报告期内净值有所增长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.701Z","mo":"当前债券收益率已经降至较低水平，虽然债牛的长期趋势可能暂未结束，但票息价值下降、净价波动上升加大了管理难度，也较以往高票息的阶段隐含了更大的风险。展望2025年，货币政策和财政政策将继续发力，维护国内经济平稳复苏的状态，也为化债周期营造相对低利率的有利环境，同时应对海外风高浪急的不确定性。对于组合来说，票息收益贡献占比降低，势必要向其他方面要收益：比如更加频繁的久期切换和品种轮动，以及对曲线平陡的判断。我们将做好研究分析和市场跟踪工作，适应低利率、高波动的新环境，对影响债券定价的边际变化迅速做出反应，把握投资交易节奏，灵活调仓，防范风险，力争为持有人获得长期稳健的投资回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1257268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbf0","date":"2024-09-29T16:00:00.000Z","stockId":3000000005171,"sao":"2024年三季度，债市震荡加剧。7月，央行在对国债长期利率做出风险提示后，月内进行了降息，市场做多情绪被点燃，10年国债收益率向下冲破前期2.2%的阻力点位，自高点回落15bp。8月，利率债的波动主要来自央行的长债的卖出操作，收益率由低点快速上行超15bp，但偏弱的高频数据带动预期转弱，收益率又重回下行。9月债市未脱离季节性魔咒，月初因美联储降息临近，国内降息交易开启，后续OMO降息幅度20bp落地叠加宽财政预期升温，市场走出利好出尽行情，10年国债收益率自低点大幅反弹超过25bp。低利率环境中，市场波动加大，品种间轮动变得更加频繁、剧烈。8月开始，受到理财负债端流入减速影响，叠加市场对流动性风险有一定担忧，被压至低位的信用利差开始反弹，信用债走势持续弱于利率债，中低等级、长久期信用债调整最为明显。报告期内，在投资操作上，我们久期调节与品种选择并重，将部分信用债久期转换为利率品久期，提升组合资产流动性；在投资风格上，我们保持稳健，密切关注市场资金流动的状况，审慎使用杠杆，控制回撤，降低尾部风险。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.698Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1178187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbef","date":"2024-06-29T16:00:00.000Z","stockId":3000000005171,"sao":"2024年上半年，纯债市场延续2023年11月启动的牛市行情，节奏迅猛。在半年末时点，收益率与年初相比，10年国债由2.55%下行至2.2%，30年国债由2.83%下行至2.43%，下行幅度与2023年全年相当。一季度，债券收益率先下行后震荡。年初宽货币预期较强叠加配置力量强劲，做多情绪浓厚，市场无惧历史新低，收益率整数关口先后被有效突破，10年国债收益率最低下探至2.24%。随后3月公布的一系列经济数据出现边际改善迹象，叠加政策加码、供给冲击预期升温，止盈盘出现，10年国债收益率由快速下行转为以2.3%为中枢上下波动。二季度，行情一波三折，整体继续走牛。4月资金面宽松，在整顿手工补息、理财资金超季节性地大幅净流入叠加利率债供给节奏偏慢的大背景下，市场呈现资产荒局面。4月下旬，央行提示长债风险，收益率快速回调。进入5月，地产增量政策出台叠加资金面宽松，债市震荡整理，曲线走陡，信用债强于利率债。6月市场对经济数据的预期有所转弱，配置需求依然较强，在信用利差压至低位后，利率债走出补涨行情，10年国债收益率再度试探创造新低。回顾上半年，资金与债券的供需关系成为行情的主线。风险偏好较低、债券发行偏慢使得市场资金较为充裕，因此每次行情回调的速度飞快，配置盘一直处于较为欠配的状态。另一方面，存贷款利率的持续压降又使得再投资压力和存款脱媒压力加大，非银机构与银行的资金分层现象逐渐缓解甚至消失，信用类资产的等级利差、品种利差均被压至低位。而回购市场资金利率保持在政策利率附近，套息空间收窄，全市场的杠杆水平主动下降，又令每次的回调风险得以缓释。应对利率中枢下移的趋势，久期选择成为制胜关键，在品种间轮动切换也是增厚收益、控制回撤的重要举措。我们在2023年底调整了组合持仓结构，在2024年初超配了二永债，又在四月利差压缩后逐步降低二永债仓位，同时增配其他中高等级信用债，止盈并尽力控制住回撤。此外，组合在平衡风险收益的前提下适当参与了利率债和超长信用债的波段交易。期间，组合保持久期在市场中等偏上水平。未来本基金将继续侧重中高等级信用债、金融债的投资交易，自上而下择时与自下而上择券相结合，依据相对价值灵活调节久期和资产配置结构，积极运用各类投资策略。报告期内净值有所增长。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.696Z","mo":"在全年经济增长的目标之下，2024年下半年，稳增长的政策将继续支持基本面温和复苏。一方面，待发政府债券金额较大，将对各类经济活动形成支撑；另一方面，支持性的货币政策工具箱依然灵活多样，也将为经济发展创造友好的流动性环境，出现转向的概率较低。作为资金的需求方，地产、基建、制造业等领域的景气度需持续跟踪观察。在高质量发展的框架下，复苏的过程可能是渐进式的，需更多关注预期层面的变化。时点性的债券供给冲击亦是行情波动可能的来源。在低利率、低利差的环境中，提升持仓资产的流动性能增加组合防范风险的能力。此外，理财资产配置中存款占比仍高、到期再投资压力较大，意味着信用利差低位的状况可能继续一段时间，但需密切关注理财规模的边际变化。本基金将根据市场变化及时调整仓位，适当运用杠杆，力争为投资者获取长期稳健的投资回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1153036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbee","date":"2024-03-30T16:00:00.000Z","stockId":3000000005171,"sao":"2024年一季度，债券收益率先下行后震荡。年初宽货币预期升温叠加配置力量强劲，做多情绪延续，10年国债收益率台阶式下行，2.5%、2.4%、2.3%的平台先后被有效突破，最低下探至2.24%。随后3月公布的一系列经济数据出现边际改善迹象，止盈盘出现，收益率由快速下行转为以2.3%为中枢上下波动。具体来看，1-2月债市虽然反复博弈MLF降息，但在降息落空后反而均走出快速上涨行情，对利空相对免疫。一方面，欠配资金积压，信用债收益率几乎无调整、单边向下；另一方面，权益资产下跌、楼市成交未全面回暖等因素也压制风险偏好。在此期间，超长国债走出超额。3月债市进入震荡。月初重要会议结束后做多情绪被点燃，10年国债收益率创历史新低。随后超长特别国债供给预期升温、经济数据有所回暖、公开市场操作规模单日缩量至20亿，止盈盘带动收益率反弹。下旬跨季资金面均衡偏松，理财配置需求旺盛，市场又逐步企稳。回顾2024年一季度的行情，多数信用债资产绝对收益率和利差水平均处于偏低位置，久期成为收益贡献的最重要因素。此外，把握券种间的轮动节奏亦能创造超额：比如1-2月二永债较利率债弹性更好，但进入3月后，季末资本新规合规要求又使得二永债利差主动走扩。我们保持了相对稳健的投资风格，动态调整组合的资产配置结构，灵活调节组合久期。报告期内净值有所增长。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.693Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1075385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbed","date":"2023-12-30T16:00:00.000Z","stockId":3000000005171,"sao":"2023年全年，债券总体呈现表现不错。开年，风险偏好回升压制债市情绪，收益率有所上行。而后经济复苏的态势并未显著超出市场预期，货币政策延续宽松。虽然市场对上一年末的急跌仍心有余悸，但债券尤其是信用债的绝对收益水平处于相对高位，在配置盘加持下，收益率在犹豫中震荡下行。行至8月，央行年内二度降息，10年国债收益率下探至2.54%后，住宅“认房不认贷”、地方再融资债启动发行、赤字率上调等一系列政策的出台增强了市场对于稳增长的信心，叠加货币市场利率中枢抬升，债市情绪出现拐点，交易盘止盈、降低仓位，10年国债最高上升至2.73%附近。10月下旬起，央行对流动性更加呵护，但利率债供给扰动仍对资金面造成摩擦；同时基本面的回暖是渐进式的，高于政策利率20bp的10年国债显示出了较高的配置价值。曲线牛平，长端行情更为顺畅。利率策略方面，极致抢跑、超长债利差压缩是最大特色，3-4月加久期、8月降久期、11-12月重新加久期是最佳选择，久期贡献优于杠杆。信用策略方面，亦有两条主线：以银行资本债为代表的高等级信用债做交易、“化债”主题下的城投债优选做配置，无论是票息策略还是久期策略，都能收获不错的效果。我们在2022年底调整了组合持仓结构，在2023年年初超配了优质信用债，二季度起适当参与利率债的波段交易，并在8月底明显调降组合久期、11月初又调高组合久期，并调节了持仓券的期限结构，较好地抓住了波段收益、超额利差压缩和曲线走平的机会。本基金将继续保持稳健的投资风格，侧重投资级信用债的投资策略，综合考量个券与类属资产的相对价值，合理评估风险收益，灵活调整组合久期、杠杆和资产配置结构，及时应对市场的边际变化，抓住超额收益机会。报告期内净值有所增长。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.691Z","mo":"展望2024年，产业转型升级、新旧动能切换仍将是经济发展的主线。在政府债券及PSL资金支出的撬动下，在“三大工程”的助力下，国内经济可能温和复苏。复苏的斜率是否超预期、价格弹性是否恢复、预期和信心是否出现实质变化是影响债券收益率的关键，其中的核心变量仍是房地产。在通胀有明显回暖之前，货币政策或将维持宽松，财政政策可能更加积极。“宽货币、宽财政”的政策组合意味着债券收益率仍有下行空间，但经历了一段时间的下行之后，纯债资产的绝对收益和各类利差都处于历史较低水平，收益率或将在预期的形成和修正的过程中频繁震荡。此外，利率债供给、资本新规的执行可能成为扰动因素，而信用债在信用利差低位的环境下更要重视信用风险的防范，重点关注中小银行、城投行业政策、弱资质区域和主体的风险暴露。本基金仍将侧重投资于中高等级信用债，践行分散化投资理念，并将积极寻找信用风险可控、利差水平合理的资产，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=1059346","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbec","date":"2023-09-29T16:00:00.000Z","stockId":3000000005171,"sao":"2023年三季度，债券收益率呈现先下后上走势，8月中旬10年国债从2.65%中枢附近探至2.55%以内，随后在宽信用预期和流动性边际偏紧驱动下出现反弹。具体而言，7月份流动性环境宽松，经济基本面的悲观预期反应较为充分，市场处于窄幅震荡环境。7月24日政治局会议定调政府债务和房地产领域风险化解，政策力度超出市场预期，不过债市反应相对平淡。进入8月份，央行宣布非对称降息，“宽货币”政策落地，10年国债进一步下探至近一年以来低点。然而，随着7月末美联储宣布继续加息25bp，人民币对美元汇率贬值压力上升，境内狭义流动性环境边际收紧，DR007持续高于最新的7天OMO政策利率。尽管央行在9月份宣布年内第二次降准25bp，流动性预期短暂改善，但进入9月以后，房地产限购限贷政策调整，一揽子化债政策路径逐步清晰，“宽信用”政策密集落地驱动债市收益率逐步走高。信用债方面，随着发行地方政府特殊再融资债置换部分高息隐性债务，从而化解地方政府短期债务压力的路径逐步清晰，弱资质城投债一举成为市场焦点。中低等级城投债信用利差显著收窄，成为三季度重要的超额收益来源。回顾2023年三季度的行情，把握住利率债的交易节奏以及及时调整信用债风险偏好成为胜负关键。债市投资者结构的深刻变化，也对流动性管理提出了更高的要求。我们保持了稳健的投资风格，积极调整投资策略，适应市场环境变化，报告期内净值有所增长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.688Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=992252","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbeb","date":"2023-06-29T16:00:00.000Z","stockId":3000000005171,"sao":"2023年年初以来，银行信贷投放速度较快，新增贷款利率水平偏低，带来了银行主动负债压力较大，息差水平收窄的矛盾。银行主动负债需求上升，使得NCD供需环境弱化，资金利率回归至政策利率附近。NCD价格上行带动其他短端资产调整。而一季度经济呈现出的复苏态势并未显著超过市场预期，配置资金抢筹中长端资产，对长端收益率形成压制。一季度利率中枢变化不大，但曲线形态平坦变化，杠杆策略的表现弱于久期策略。另一方面，2022年四季度市场剧烈调整之后，随着理财规模企稳，配置盘需求旺盛，信用债供需重新回归平衡，最终在策略表现上，信用策略的表现优于利率策略。二季度伴随着房地产市场表现疲弱，经济基本面修复动能边际放缓，货币政策宽松预期升温，债券收益率自4月下旬开始逐步走低，10年期国债突破2.85%平台。5月初通知存款和协定存款利率自律上限下调，6月公开市场政策利率降息落地，1年期MLF利率从2.75%下调至2.65%，从而进一步驱动债市收益率下行，其中10年期国债收益率下探到2.65%附近位置。二季度信用债的供需环境相对较为有利，但也存在类属资产表现上的结构性差异。其中，城投非标和票据风险事件增多，弱资质城投信用利差收窄放缓，但以二永为代表的高流动性品种受到市场青睐，信用利差收窄幅度较为显著。考虑资本利得后，高等级信用债的投资收益不逊于中低等级票息品种。但是更大的投资机会是适时调整久期策略，应对利率中枢下移的行情。我们在2022年底调整了组合持仓结构，在2023年年初超配了优质信用债，二季度以后适当参与了利率债的波段交易，期间保持市场中等的杠杆率水平和久期水平。本基金继续侧重投资级信用债投资策略，自下而上精选个券，关注类属资产的相对价值，灵活调整组合久期和资产配置结构，积极运用杠杆策略，报告期内净值有所增长。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.686Z","mo":"2023年下半年宏观基本面可能会迎来政策面支撑下的筑底环境，但是经济修复的过程将会较为曲折复杂。房地产和城投领域的风险释放和化解仍然是市场焦点。而居民端负债成本的降低是可能的应对手段之一。若如此，银行业则面临更大息差压力，需要货币政策层面进一步出台宽松政策予以配合。不过，债市对于基本面和政策面已经有比较充分的预期，交易利率中枢变化的空间不是太大。进入三季度之后，机构行为可能会主导曲线形态和品种利差的变化。资金从银行体系表内存款腾挪到表外的理财产品的过程依旧会周期性发生。债市投资策略可能会在中短端出现拥挤，下半年投资策略上需要更多考虑流动性的风险。此外，商业银行资本新规预计在下半年落地，可能会带来债市供需层面的变化，值得注意。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","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年四季度，随着疫情防控措施和房地产行业政策导向出现变化，前期支撑债市走牛的基本面逻辑打破，11月开始利率债率率先调整。随之而来的是大资管行业面临较大的业绩回撤和赎回压力，信用债供需矛盾突出，流动性风险暴露，债市的调整一直延续到了 12月下旬，信用债晚于利率债企稳，信用利差重新回到历史高位。操作上，我们前三季度保持了偏高的杠杆水平和较为灵活的久期水平，通过优化组合持仓，坚守住违约风险底线，并取得了一定的超额收益。我们在三季度末降低了持仓债券久期水平和杠杆水平，但是市场调整的剧烈程度超过了前期预判，使得基金净值出现了较明显的回撤。总体上，本基金报告期内净值有所增长，年底我们重新调整持仓结构和杠杆水平，以应对后续市场变化。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.680Z","mo":"展望2023年，债券行情将在经济修复的确定性和经济修复斜率的不确定性中展开，利率中枢预计较2022年中枢有所抬升。预计财政政策积极，货币政策温和，流动性环境较2022年有所收敛，回购利率中枢回归七天公开市场操作利率附近。由于债市2022年底的调整已经释放了部分市场风险，即便基本面条件偏不利的环境下，债券收益率进一步上行的空间也是可控的。考虑到信用利差在去年底处于历史分位数的高位，绝对收益率水平具备吸引力，因此我们判断信用债票息策略由于利率债久期策略。信用债配置策略上，供需层面的总量性和结构性变化仍然需要着重关注。基本面上需要关注城投行业本身和相关领域弱资质主体风险暴露。本基金将依旧侧重投资于中高等级信用债，践行分散化投资理念，并将积极找寻信用风险可控、利差水平合理的资产，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=872102","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe8","date":"2022-09-29T16:00:00.000Z","stockId":3000000005171,"sao":"2022年三季度，经济环境受到内外部双重压力。海外地缘政治矛盾升级，美联储为压低通胀激进加息，加剧全球经济衰退预期，我国出口增速放缓。境内方面，房地产周期下行压力加大，停工停贷风波不断，并且疫情扰动下消费和就业持续遭受冲击，居民贷款持续低迷，企业投资信心不足，基建继续成为托底经济主要抓手。三季度债券收益率呈现先下后上走势，中枢下移。三季度央行货币政策保持宽松态势，银行间市场回购利率保持远低于政策利率水平。杠杆策略依旧是债市的主流策略，银行间市场回购成交量和回购余额进一步上升。债券收益率走势上，7月份流动性宽松和8月初央行超市场预期降低MLF操作利率，催化债券收益率中枢下移，市场多头情绪浓烈，10年国债收益率一度从2.8%左右水平下探至2.6%以内。8月中旬以后，政策性金融工具扩容、首套房贷利率下调、购房税收优惠加码等“稳增长、宽信用”政策密集推出，加之人民币兑美元汇率快速贬值突破7，债市做多情绪收敛，10年国债收益率重新回到2.7%上方。信用债市场2022年三季度延续结构性“资产荒”行情，收益率总体上呈现下行趋势，信用利差持续保持在历史低位。房地产行业信用风险进一步释放，投资者风险偏好愈加保守，金融类信用债成交活跃，银行资本补充债券利差收窄。当前，信用债市场存在着信用基本面弱化而结构性资产荒持续的矛盾，获取超额收益难度加大。本基金侧重中高等级信用债配置策略，自下而上精选个券，同时灵活调整组合久期，积极运用杠杆，报告期内净值有所增长。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.678Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=809719","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe7","date":"2022-06-29T16:00:00.000Z","stockId":3000000005171,"sao":"2022年上半年，多个大城市受到疫情影响，经济活动受到明显冲击，年初温和复苏态势被打断，二季度基本面各项数据显著走弱，房地产领域风险加速暴露。为应对经济下行压力，政策层面先后运用存量留底退税和降准降息等财政和货币政策工具托底。上半年债市流动性环境宽松，资管行业进入全面净值化时代，短久期资产需求极为旺盛。具体来看，债券收益率曲线形态呈现陡峭化趋势，中长端在比较窄的区间内小幅震荡，而短端则在资金利率中枢不断下移的驱动下，显著下行。其中，10年国债上半年维持2.70%~2.85%的震荡区间，1年期国债则从2.25%左右下行至2.00%附近。与利率债资产相比，信用类资产收益率波动区间更大，二季度以后信用利差进一步压缩，整体表现优于利率债。非银机构踊跃参与金融机构资本补充债券的交易，同时也经历了房地产行业主体的风险释放，总体上风险偏好愈加保守，对城投类资产的偏好进一步提升。本基金侧重中高等级信用债配置策略，自下而上精选个券，同时灵活调整组合久期，积极运用杠杆，报告期内净值有所增长。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.675Z","mo":"宏观环境层面，2022年下半年稳经济诉求强烈，房地产企业和房地产领域的风险化解将是市场焦点。总体看，我们认为疫情反复对经济修复的斜率依旧会产生不利影响，房地产行业的困境需要通过一揽子政策协调统筹，提升居民和企业信心至关重要。预计下半年宏观环境总体上对债市比较有利，不过经历了二季度流动性超常态宽松以后，若资金利率逐步回归政策利率附近，债市阶段性震荡调整不可避免。信用债配置策略上，供需层面的总量性和结构性变化仍然需要着重关注。基本面上需要关注房地产行业本身和相关领域弱资质主体风险暴露。我们将灵活配置利率债和信用债，践行分散化投资理念，并将积极找寻信用风险可控、利差水平合理的资产，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=787695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe6","date":"2022-03-30T16:00:00.000Z","stockId":3000000005171,"sao":"回顾2022年一季度，债市行情主要分为三个阶段。21年底至22年初，经济动能趋弱，市场主体信心不足，地产投资和消费需求疲弱。央行在1月中加量操作MLF并且降低MLF利率10bp，市场宽货币预期兑现，债市收益率突破下行。10年期国债1月下旬最低成交在2.68%左右。政策靠前发力指导下，2月份公布的1月信贷数据实现开门红，同时各地房地产需求刺激政策频出，宽信用预期升温，春节以后债市随之出现一波调整，10年期国债迅速回升至2.80%中枢水平附近。进入3月，在海外地缘政治因素和美联储加息落地影响下，股债两市均承受一定的资金流出压力。随之而来的是以银行理财为代表的“固收+”产品面临较大的赎回冲击，股债同跌。债市方面，2月份社融数据超预期转弱，对利率债走势形成一定支撑，整体收益率上行幅度相对温和。而信用债方面则出现了明显分化，短久期票息资产需求稳定，但银行资本补充债券为代表的高等级长久期信用债遭遇非银机构抛售，信用债等级利差收窄而期限利差走阔。3月末，债市悲观情绪亦随着理财产品集中赎回压力缓解而改善，信用利差逐步得到修复，利率债收益率也小幅下行，但未脱离2.75%~2.85%的中枢水平。总结来看，一季度利率债先下后上总体上相比于21年底陡峭化小幅下行。信用债层面，类属资产表现分化明显，短久期城投类资产需求旺盛，对组合业绩形成超额贡献，而长久期金融类资产波动大且收益率有所上行，拖累组合业绩表现。本基金报告期内，继续突出中高等级信用债投资风格，灵活调整组合持仓结构，及时应对市场环境变化和组合流动性需求，报告期内净值有所增长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.672Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=729167","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe5","date":"2021-12-30T16:00:00.000Z","stockId":3000000005171,"sao":"2021年开年，疫苗接种加速推进，海外经济复苏势头明显，国内经济延续2020年下半年的复苏动力，并且大宗商品价格攀升,货币市场流动性阶段性收紧，令市场产生了货币政策转向预期，非银机构久期和杠杆偏好下降。然而工业品涨价等因素并未影响央行货币政策取向，加之地方债供给节奏偏缓慢，债券市场流动性保持宽松格局，债券收益率在1月底短暂冲高之后，在春季呈现缓慢下行趋势。传统配置型机构在非标、地产城投等以往高息资产供给不足、信用风险担忧上升的环境下，对地方债和长久期信用债的配置需求释放，是推动长端资产收益率下行的主要力量。二季度随着资金面稳定且持续低于OMO政策利率水平，市场流动性预期修正，同时经济边际动能出现转弱迹象，债券收益率曲线进一步呈现陡峭化下行趋势。信用债方面，中高等级信用利差趋于压缩，金融类信用债的板块机会受到关注。进入 2021 年下半年，央行于7月初宣布全面降准 0.5%，降准时点和降准力度均超出市场预期，10年期国债收益率在此后1个月时间内从3.10%附近下行至2.80%的年内低位，下行幅度可观。进入8月中下旬，监管指导银行理财加快净值化转型，金融企业资本补充类债券的利差猛烈走扩，利率债收益率也从底部回升，直到10月中旬10年期国债重新回升到3.0%整数关口之上。与此同时，由于房地产领域融资条件全面收严，部分高杠杆房企出现流动性危机，地产销售加速下行，土地一级市场冷却，经济基本面预期快速回落，10年利率债调整后重新下行。12月初国常会再度提及降准，10年国债下行突破年内2.80%低点。信用债市场受到部分高杠杆房企违约影响，行业和等级利差显著分化。其中银行和券商资本补充类债券，在充分消化释放监管政策带来的利空以后，市场配置需求旺盛，信用利差重新收窄。回顾2021年，债券市场收益率呈现震荡下行走势，10年期国债从年初的3.15%左右中枢下行至年末的2.8%左右,累计下行幅度超过35bp。信用类资产中，金融企业资本补充类债券利差压缩幅度显著，成为全年表现最为突出的品种。本基金侧重中高等级信用债配置策略，自下而上精选个券，同时灵活调整组合久期，积极运用杠杆，报告期内净值有所增长。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.670Z","mo":"宏观环境层面，2022年经济增长诉求强烈，财政政策积极性有望提升，宽信用未见成效前货币政策宽松预计不会过早退出。宏观积极政策带动经济呈现企稳复苏态势，利率债中枢水平可能上移。信用债配置策略上，金融类信用债会是主要供给增量来源，组合配置上将相应提升该类资产占比。产业类信用债市场有望扩容，但信用资质稳定且信用利差具备吸引力的产业债较为稀缺，很难提供系统性的投资机会。城投债净发行规模将保持稳定，但区域结构上或将更显著的分化。我们关注城投企业信用特征变化，适当防范部分主体的再融资风险。需求层面上，资管新规理财净值化落地，业绩表现待考验，风险偏好有进一步收敛的趋势，理财资金的交易属性增强会带来信用利差波动性的上升。我们将灵活配置利率债和信用债，践行分散化投资理念，并将积极找寻信用风险可控、利差水平合理的资产，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=716446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe4","date":"2021-09-29T16:00:00.000Z","stockId":3000000005171,"sao":"进入 2021 年下半年，央行于 7 月初宣布全面降准 0.5%，降准时点和降准力度均超出市场预期，10年期国债收益率在此后1个月时间内从3.10%附近下行至2.80%的年内低点，下行幅度较为可观。降准主要目的在于实施跨周期调节，降低实体融资成本，降准释放的资金部分用于对冲下半年大量 MLF到期，货币市场流动性整体将保持宽松稳定。下半年以来国内经济存在下行压力，地产和城投行业再融资受约束，传统托底经济的地产和基建投资表现冷淡，能耗双控背景下大宗商品价格快速上涨，PPI同比进一步攀高。目前国内政策着力促进经济结构转型，强调跨周期调节，因而政策实施更加精细化，也更注重总量政策和监管政策配合来应对。进入8月中下旬，监管指导银行理财加快净值化转型，金融次级类债券的利差猛烈走扩，随之也带动了信用债市场出现明显的调整，利率债收益率也底部小幅回升。本基金报告期内，为应对市场环境变化和组合流动性需求，我们积极调整组合持仓结构，报告期内净值有所增长。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.667Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=659019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe3","date":"2021-06-29T16:00:00.000Z","stockId":3000000005171,"sao":"回顾2021年上半年，债券收益率整体呈现下行趋势。地方债发行供给节奏偏缓慢，使得市场产生流动性预期差，工业品涨价因素也并未影响央行货币政策保持稳定宽松，非银机构偏好中短端资产。配置盘机构在非标、地产城投等以往高息资产供给不足、信用风险担忧上升的环境下，对地方债和长久期信用债的配置需求释放也推动长端资产收益率下行。从市场节奏上看，一季度疫苗接种加速推进，海外经济复苏势头明显，国内经济延续去年下半年的复苏动力，并且大宗商品价格攀升，使得市场产生货币政策转向预期，整体收益率先下后上，曲线略走平。二季度市场担心的地方债供给持续低于市场预期水平，并且央行货币政策依旧保持稳定宽松态势，市场流动性预期改善，同时经济边际动能转弱，债券收益率曲线重新呈现陡峭化下行。信用债方面，中高等级信用利差趋于压缩，金融类信用债的板块机会挖掘充分。本基金侧重中高等级信用债配置策略，自下而上精选个券，同时灵活调整组合久期，积极运用杠杆，报告期内净值有所增长。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.660Z","mo":"进入2021年下半年，央行于7月9日宣布全面降准0.5%，降准时点和降准力度均超出市场预期，债券收益率全面下行。我们认为本次降准主要目的在于降低实体融资成本，降准释放的部分资金或将用于对冲下半年大量MLF到期。目前经济修复动能虽有所弱化，但稳增长压力可控，短期内货币政策进一步宽松的必要性不大，资金利率中枢应该依旧会维持在当前政策利率水平附近。目前国内政策着力促进经济结构转型，强调跨周期调节，政策实施更加精细化，对于地产、城投等债务风险因素，或将更多采用监管手段来应对。传统托底经济的基建和地产投资若因为降杠杆和释放行业风险过程受到一定程度的抑制，国内经济可能存在一定的下行风险。下半年通胀虽仍有压力，但暂时难以构成对货币政策的制约。此外，地产和城投再融资受到约束，信用债缺资产行情有望继续演绎，中高等级利差将维持低位。总体看市场环境有利于债券收益率下行。下半年投资策略上，我们将灵活配置利率债和信用债，践行分散化投资理念，并将积极找寻信用风险可控、利差水平合理的资产，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=636165","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe2","stockId":3000000005171,"sao":"2021年一季度，随着全球新冠疫苗接种推进，经济修复确定性增强。美联储维持宽松政策，拜登政府推出1.9万亿美元财政刺激计划，推升全球通胀预期，美债长端收益率大幅上升，回到疫情前水平，期限结构陡峭化，中美10年国债利差收缩，人民币小幅贬值。国内经济延续去年下半年以来的复苏动力，外需保持强劲，内需边际走弱。房地产政策收紧，一季度地产销售的强劲表现或将难以持续。国内通胀温和回升，大宗商品价格攀升，预计PPI同比在二季度达到年内高点。随着经济修复，宏观政策也逐步回归正常化。货币政策侧重稳杠杆和防风险，除一月末债市流动性短期意外收紧外，银行间市场流动性保持宽裕，7天回购利率加权围绕央行逆回购政策利率附近。财政政策突出提质增效和可持续，赤字率降至3.20%，地方债一季度发行进度较往年缓慢。一季度债券市场整体走势震荡，1月中上旬债市整体收益率变化不大，但是受到月底资金面波动的影响，市场预期发生一定的变化，春节前收益率有所走高，不过春节后随着资金市场回归平稳宽松，债券供给的季节性错位，在配置力量带动下收益率重新开始下行。信用债市场则分化加剧，投资者风险偏好显著收缩。优质主体利差进一步缩窄，交投热情进一步蔓延至金融类主体的次级债券，瑕疵主体以及部分行业和地区的债券流动性则显著弱化。投资策略方面，本基金报告期内继续优化持仓结构，为应对市场环境变化和组合流动性需求，我们降低了组合仓位水平，报告期内净值有所增长。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.658Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=575452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe1","stockId":3000000005171,"sao":"2020年债券收益率呈现“耐克型”走势，经历了一轮先下后上的过山车行情，2020年底收益率水平略高于2019年年末。2020年春节前后，因为新冠疫情导致全球社会生产停顿，国内及时采取降息、降准等政策手段对冲经济下行风险，市场风险偏好下降，资金涌入债券市场，债市收益率持续下探，曲线形态陡峭化下行，四月份10年期国债收益率下行突破近十年的低点。而随着五月份初夏季节到来，国内疫情防控常态化进行和复工复产的持续推进，经济复苏预期升温，货币政策也开始收敛，回购利率中枢从显著低于1.0%快速向OMO价格靠拢。结构性存款监管导致部分银行负债端结构调整压力加大，同时叠加利率债供给高峰到来，债券供需环境出现逆转，债券市场收益率随即出现了一波猛烈的上行，曲线形态呈现平坦化。2020年下半年国内生产生活基本恢复正常，而欧美主要经济体则伴随着疫情扩散开启复工复产，疫苗研发取得了一些积极进展，包括美国大选在内的政治事件也牵动着全球资本市场走势。国内经济基本面从春节后地产和基建支撑，下半年逐步转向制造业和消费加快修复，同时海外需求强劲带动进出口数据持续超预期好转，信贷和社融保持较高增速，经济复苏势头良好。债券市场在三季度继续经历逆风行情，二季度以来的不利因素持续制约债市表现，曲线形态进一步平坦化上行，1年期国股NCD价格逐步向1年期MLF收益率靠拢，托举长端收益率也大幅调整。四季度债市可谓跌宕起伏，11月初多家大型国有企业触发实质违约，引发投资者风险偏好和流动性偏好剧烈收缩，信用债收益率大幅上行至年内高点，信用利差也显著走扩，曲线形态呈现熊平态势，个券利差分化显著。而后随着金稳委发声稳定市场预期，央行超预期在11月末投放MLF，市场信心逐步好转，信用债成交回暖，债券收益率也逐步回落。投资策略上来看，本基金报告期内优化持仓结构，择机调整组合久期和杠杆率水平，以应对市场环境变化和组合流动性需求，报告期内净值有所增长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.655Z","mo":"2021年随着海内外铺开疫苗接种，新冠疫情因素对海内外宏观经济影响预计将逐步削弱，全球经济有望进入疫后修复阶段。央行货币政策可能会适当收敛，关注通胀因素带来的制约和扰动。债务违约高峰往往滞后于经济下行周期，2021年需要尤其关注信用风险防范。债券市场风险和机遇并存，需要把握全年投资节奏。本基金将侧重信用债券配置策略，精选个券，控制组合久期，力争为持有人获得长期可持续的投资回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=559955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbe0","stockId":3000000005171,"sao":"2020年三季度，随着人类应对新冠疫情经验的不断积累，尽管全球确诊病例数量继续上升，但死亡率明显下降，并且疫苗研发取得了一些积极进展。国内虽然出现疫情小范围反弹，但在科学应对和防控常态化的保障下，百姓生产生活已基本恢复正常。欧美主要经济体则伴随着疫情扩散开启复工复产，特别是美国经济在三季度出现持续修复。同时，全球政治经济格局依旧存在较大的不确定性，包括中美竞争、美国大选、英国脱欧、日本换相等事件持续扰动全球资本市场。 国内经济基本面从春节后地产和基建支撑，到三季度制造业和消费加快修复，而且进出口表现超预期，PMI持续站在荣枯线以上，信贷和社融保持较高增速，经济复苏势头良好。在这样的背景下，货币政策回归正常化，央行公开市场净投放量有所收敛，回购利率中枢上移。并且监管开始打击资金空转套利行为，要求商业银行压降结构性存款规模。随之而来的是商业银行负债端压力显现，偏低的超储率以及大量供给的利率债造成了债券市场的供需矛盾成为市场的主线逻辑。整体看，三季度1年期NCD价格逐步向1年期MLF收益率靠拢，利率债一级发行价格带动二级市场收益率不断向上调整。国债收益率曲线平坦化上行，短端上行50bp左右，而长端上行幅度在35bp上下，政策性金融债调整幅度更为剧烈。投资策略上来看，本基金报告期内优化持仓结构，降低组合久期和杠杆率水平，以应对市场环境变化和组合流动性需求。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.653Z","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=493533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8677fea5b3eb047dbdf","stockId":3000000005171,"sao":"2020年上半年，债券收益率大幅震荡，经历了一轮过山车行情。春节以后因为新冠疫情导致全球社会生产进度停顿，国内采取降息、降准等政策手段对冲经济下行风险，市场风险偏好下降，资金涌入债券市场，债市收益率持续下探，期间10年期国债收益率下行突破近十年的低点。而随着二季度疫情防控常态化进行和复工复产的持续推进，经济复苏预期升温，货币政策也开始边际收敛，债券市场收益率随即出现了一波猛烈的上行。总体看，债券收益率在今年上半年经历了陡峭化下行和平坦化上行两个阶段，截止6月末，整体收益率水平仍然低于2019年底。本基金侧重中高等级信用债配置策略，自下而上精选个券，同时灵活调整组合久期，积极运用杠杆，报告期内净值有所增长。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:27.650Z","mo":"今年二季度是经济修复斜率最陡峭的阶段，在投资和进出口拉动下，二季度单季度GDP增速由负转正，略超市场预期。2020年下半年往后看，经济环比改善幅度将有所放缓，同时外部环境还将存在诸多未知和不确定性。投资方面，下半年地方政府债和国债加快发行，财政支出力度加大，从基建和房地产拉动向基建拉动为主倾斜，成为托底经济的主要抓手。消费方面，由于疫情阻隔，小微企业面临生存压力，带来居民收入和失业率问题。随着国内疫情缓解，消费增速指标有望继续回暖，但依旧存在疫情二次爆发的隐忧。进出口方面，国内先于全球恢复经济，上半年出口韧性较强，但中美摩擦不断升级，也给下半年的外贸形势和产业链风险带来较大不确定性。政策层面来看，货币政策将回归正常化，虽然不会比上半年更加宽松，但错综复杂的国内国际形势也并不支持货币政策大幅收紧。投资策略上，利率债收益率已经调整到接近去年底的水平，信用利差也得到显著修复。与此同时，银行间回购利率中枢仍然显著低于去年四季度水平，流动性整体宽松的态势仍在延续。债券在大类资产中的相对性价比已得到改善，重新进入配置价值区间。考虑到下半年债券市场面临的有利和不利因素错综复杂，市场可能呈现区间震荡的走势。信用债收益率调整充分，绝对收益率和信用利差回归到近年来的合理区间，结合回购利率中枢较低，信用债的投资性价比优于利率债。同时，信用违约风险往往滞后于经济周期暴露，仍然需要对信用基本面保持关注。本基金侧重中高等级信用债配置策略，自下而上精选个券，注重票息价值，灵活运用杠杆，力争取得稳健的收益回报。","fund":{"_id":3000000005171,"__csrcFundId":4827,"stockCode":"005171","shortName":"富国景利纯债债券(005171)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":5171,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:28:47.750Z","status":"normal","inceptionDate":"2017-11-08T16:00:00.000Z","name":"富国景利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国景利纯债债券","pinyin":"fgjlczzqxfqszqtzjj","managers":[{"stockCode":"8801609458","stockType":"fund_manager","exchange":"fm","tickerId":261314199780,"name":"朱梦娜"}]},"announcement":{"linkText":"富国景利纯债债券型发起式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=464723","linkType":"PDF","source":"csrc_pdf"}}]}