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年以来最严重的冲击。为对冲经济下行压力，稳增长力度加大，国务院推出一揽子政策。货币政策宽松力度加大，资金利率大幅下行并维持低位。利率债收益率震荡下行，信用债表现更优，信用利差明显压缩。报告期内组合久期策略相对积极，并保持中性的杠杆，报告期内净值有所增长。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.794Z","mo":"下半年，稳增长缓慢兑现背景下债市或整体呈现“窄幅波动”格局，货币市场利率向常态回归叠加经济修复，可能导致债市出现调整，但由于基本面上行弹性不大，货币政策大概率维持宽松，债市调整幅度或有限。下半年10年期国债收益率波动区间或略有放大，整体维持震荡。下半年组合将根据市场情况灵活调整组合久期和杠杆，争取取得较好的投资回报。","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=787721","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9627fea5b3eb0490b0e","date":"2022-03-30T16:00:00.000Z","stockId":3000000006134,"sao":"一季度经济面临需求收缩、供给冲击、预期转弱的三重压力，延续偏弱运行的态势。内需方面，房地产行业流动性危机继续发酵，地产销售和投资继续下行；政策发力下，基建投资小幅回升；制造业投资维持较高景气度；消费端受疫情冲击低位徘徊，仍未回到疫情前水平。外需方面，出口链景气度有所下行，但出口增速仍较高，是经济运行的重要支撑。货币政策偏松且靠前发力，1月份降息幅度略超市场预期，2-3月未进一步降息降准，但资金面始终维持偏松格局。市场表现方面，受宽松预期推动，1月收益率大幅下行，10年国债最低下行至2.67%；2月在1月社融数据超预期、各地放松地产、PMI超预期等多重利空冲击下，收益率大幅上行；3月在2月社融数据低于预期、国内疫情反弹等利好推动下，收益率小幅下行。本基金主要配置利率债，在对宏观经济、货币政策和机构行为等因素进行深入研究的基础上，灵活调整组合久期和杠杆，报告期内净值有所增长。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.791Z","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=729210","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9627fea5b3eb0490b0d","date":"2021-12-30T16:00:00.000Z","stockId":3000000006134,"sao":"2021年债券收益率整体呈现出震荡下行的走势，经济周期呈现出近似“过热-滞胀-衰退”的快速轮动特征。上半年市场对货币边际收紧有一定担忧，但实际上春节后货币政策维持中性偏宽松立场，债券收益率缓慢下行。7月份全面降准，紧缩担忧快速消除，货币乐观预期进一步发酵，利率曲线整体下移，但降准后资金利率中枢并未改变，乐观预期逐步落空，短端和长端利率先后调整。而四季度地产信用问题的爆发引发了对于地产和经济下行的担忧，经济下行和稳增长预期交织，债券收益率震荡下行。本基金灵活调整组合久期和杠杆，为投资者创造了较好的投资回报。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.788Z","mo":"展望2022年，房地产市场对经济的拖累将继续显现；基建投资有望发力，但受制于财政纪律约束，不具备大幅反弹的基础；消费增速受疫情防控政策影响较大，冬奥会后管控逐渐放松或推动消费向上修复。货币政策的主要目标转向稳增长和降低融资成本，收紧的可能性较低。财政政策基调积极，但受到的约束较多，不宜太过乐观。利率大概率维持低波动的格局，全年呈现震荡走势。本基金将灵活调整组合久期和杠杆，争取继续为投资者创造较好投资回报。","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=716474","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9627fea5b3eb0490b0c","date":"2021-09-29T16:00:00.000Z","stockId":3000000006134,"sao":"三季度经济下行压力增大，而以能源为代表的的工业品价格持续上行，呈现出滞胀的特征。央行在7月降准超出市场预期推动利率快速大幅下行，但8月和9月资金利率不降反升，利率震荡回升。报告期内，本组合根据市场情况灵活调整组合久期和杠杆水平，获得了较好的投资回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.786Z","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=6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均水平，但单季度同比已经表现较好，4季度GDP增速有望达到6%以上。国外经济则出现反复，欧洲爆发二次疫情，阶段性上重新封锁经济的担忧有所上升。此外地缘政治风险有所上升，亚美尼亚与阿塞拜疆直接出现武装冲突。相比于经济基本面，全球货币政策则维持宽松，但由于一方面宽松货币政策效用在不断递减，经济整体也度过了前期最黑暗的时刻，另一方面各国央行资产负债表扩张与财政压力并存，货币宽松的边际力度有所下降。相比于国外，由于国内经济基本面更加强健，央行引导货币政策走向正常化的步伐也更加坚决。在这种经济没有超预期，但政策托底力度有所下降的组合下，全球资本市场均呈现出震荡格局。国内债券市场由于央行将短端资金利率回调至去年水平，并要求银行进一步压降结构性存款，导致银行体系内流动性阶段性出现紧张，整个三季度债券利率整体上行，曲线呈现平坦化格局。权益市场则出现板块方面分化，估值成为资金流向的重要评判标准，高估值被抛售，低估值获得增量资金流入。在未来尚不明朗的情况下，整体纯债组合保持相对保守策略，票息为主，尽量规避利率波动风险与流动性风险。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.775Z","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=493554","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9627fea5b3eb0490b07","stockId":3000000006134,"sao":"今年以来受到疫情影响，经济基本面遭受较大幅度波动。从国内来看，经济低点主要出现在2~3月份，对应GDP也在一季度出现-6.8%的下行，超过了09年一季度金融危机水平，海外则主要在二季度。截止到二季度末，国内复工复产已接近正常水平，海外则差异化较大，相对而言，欧洲、日本已经度过最危险区间，但美洲国家则面临疫情二次爆发风险。在基本面风险下，各国也积极进行政策对冲，其中美国宽松政策超越历史历次救助计划，直接导致发达经济体超一半以上国家债券利率为负。相比海外，国内刺激政策相对克制，更倾向于在局部领域进行重点滴灌，既要防范经济断崖式下滑的风险，也要避免为解决短期问题而蕴藏长期风险。从结果来看，国内政策实施效果较好，政策目标基本能够达到预期。在经济基本面和政策面的扰动下，各类市场表现也呈现高波动性。首先债券市场在初期刺激政策的引导下，利率大幅下行，特别是银行间回购利率一度达到1%以下水平，带动市场人气不断攀升，除10年期品种以外，许多品种创下2015年以来的新低水平。但随后在基本面逐渐好转，政策宽松边际下降的影响下，债券利率也迅速出现反弹，截止到半年末，无风险利率水平基本回到甚至超过疫情前水平。权益市场则出现了两次高波动，一次是国内疫情爆发，市场在单日大幅下跌后在政策刺激的带领下迅速修复，指数创出新高；另一次则是海外疫情超预期蔓延，全球经济预期转向极度悲观，导致风险偏好下降，指数也刷新了由国内疫情风险带来的低点水平，不过国内经济韧性慢慢体现出来，市场最终走向修复。截止二季度末，权益市场重新转向乐观，特别是代表科技创新的创业板和深成指，已经刷新前期高点，表现更佳。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:38.772Z","mo":"从上半年各类资产波动来看，基本面仍然是指引市场走向的关键因素。展望未来，从上市公司给出的业绩指引来看，有望延续2季度良好的经济反弹态势，特别是行业内领先企业，其盈利增长率更是超出行业平均水平，一些国内具有自主品牌，同时更具有竞争优势的企业在不断巩固其产业地位。此外由于全球复工进度的差异化，国内企业在全球制造业中的份额也有阶段性提升。虽然中美经贸政治关系前景的不确定性在不断上升，但企业竞争力在全球再分配体系下的属性并未被阻挡。在这种竞争力属性被广泛认可的环境下，外部资金正在不断涌入，今年上半年海外资金流入A股市场超千亿，其持仓市值已经接近国内公募基金水平。与此同时，国内公募基金业绩连续两年超市场基准水平，也逐渐得到投资人认可，随着理财净值化时代的来临，资金流向专业化机构的步伐逐渐加快，整个上半年公募基金总体规模增长迅速。在政策端，习总书记确立了政策立足国内经济发展，鼓励创新领域的方向，预计总量刺激政策未来出台的概率较低，但针对高新技术、中小企业的减税降费力度有望进一步扩大，结构化改革深入程度会进一步加深。在这种基本面和政策面的环境背景下，我们认为债券市场方面虽然基本面趋势并不有利，但由于从4月份以来已经出现了较大幅度调整，基本回归到了合理定价水平，如果未来不出现通胀，则当前利率水平已经具有可配置价值。","fund":{"_id":3000000006134,"__csrcFundId":5568,"stockCode":"006134","shortName":"富国金融债债券型(006134)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6134,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:01:24.663Z","status":"normal","inceptionDate":"2018-09-13T16:00:00.000Z","name":"富国金融债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国金融债债券型","pinyin":"fgjrzzqxzqtzjj","managers":[{"stockCode":"db20777118","stockType":"fund_manager","exchange":"fm","tickerId":262624201340,"name":"朱征星"}]},"announcement":{"linkText":"富国金融债债券型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=464771","linkType":"PDF","source":"csrc_pdf"}}]}