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月下旬至年底累计下行超过40bp。报告期内，本基金在严控信用风险的提前下，根据各债券品种的风险收益比价进行资产配置，并通过收益率曲线形态变化及个券利差进行个券选择。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:14.657Z","mo":"展望2025年，经济增长方面出口预计会承受压力，内需拉动会成为明年的主要驱动力。而价格变化方面，预计2025年的整体生活品价格变化仍然相对温和，而工业品的价格有可能仍然会处于较低增长的区间，这对企业盈利会产生一定的压力。政策端，货币政策预计将会继续进行降准和降息的操作，降低实体融资利率水平，财政政策将会更积极可为起到更好的托底作用。汇率方面，预计阶段性压力会对国内货币政策实施的节奏形成一定干扰，但总体贬值压力可控，对国内利率的中长期影响相对有限。在此背景下，债市具备一定的投资价值，但需要注意低利率环境下市场波动加大，相比2024年，投资者更多需要进行风险收益的平衡。","fund":{"_id":3000000006731,"__csrcFundId":5767,"stockCode":"006731","shortName":"方正富邦富利纯债(006731)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6731,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:19:38.522Z","status":"normal","inceptionDate":"2018-12-04T16:00:00.000Z","name":"方正富邦富利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦富利纯债","pinyin":"fzfbflczzqxfqszqtzjj","managers":[{"stockCode":"j101020437","stockType":"fund_manager","exchange":"fm","tickerId":2625255970,"name":"郑瑛"}]},"announcement":{"linkText":"方正富邦富利纯债债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9fe7fea5b3eb049b635","date":"2024-09-29T16:00:00.000Z","stockId":3000000006731,"sao":"三季度债市整体大幅震荡，7月初到8月中旬，海外经济数据弱化令汇率走强，央行进行了公开市场操作利率调整，同时将公开市场7天期逆回购操作方式调整为固定利率数量招标，在货币政策支撑和基本面的带动下，各期限利率都出现较快的下行。进入8月下旬，央行开始提示长债收益率下行过快带来的风险并进行收益率曲线控制操作，债市进入阶段性的调整。9月初长债收益率重回下行趋势，并在降息的预期下不断创新年内低点，但信用债收益率并未跟随利率债收益率下行，信用利差走扩。9月下旬央行发布会议公布降息及降准操作计划，收益率创下年内低点后，随着股票市场快速拉升出现一波急剧的反弹。报告期内，基金主要使用利率债投资策略，根据收益率曲线形态变化及个券利差进行择券。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:14.654Z","fund":{"_id":3000000006731,"__csrcFundId":5767,"stockCode":"006731","shortName":"方正富邦富利纯债(006731)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6731,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:19:38.522Z","status":"normal","inceptionDate":"2018-12-04T16:00:00.000Z","name":"方正富邦富利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦富利纯债","pinyin":"fzfbflczzqxfqszqtzjj","managers":[{"stockCode":"j101020437","stockType":"fund_manager","exchange":"fm","tickerId":2625255970,"name":"郑瑛"}]},"announcement":{"linkText":"方正富邦富利纯债债券型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9fe7fea5b3eb049b634","date":"2024-06-29T16:00:00.000Z","stockId":3000000006731,"sao":"2024 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报告期内，基金主要采用金融债投资策略，在严控信用风险的前提下，根据经济增长预期变化及收益率曲线形态变化进行组合久期调整，并在组合久期目标控制下，根据个券利差进行择券。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:14.644Z","mo":"展望2024年，在年底中央经济工作会议强调坚持稳中求进、以进促稳基调下，GDP增速目标设定预计将偏向积极。在积极的GDP目标下，央行维持偏宽松的货币政策概率较大，同时实体融资需求在居民部门就业和收入预期转弱以及政府债发行量加大的情况下将维持偏弱增长，叠加全球紧缩性货币政策转向预期带来的资本外流及人民币贬值压力缓解，债市收益率中枢预计将继续下移，但空间将相较于2023年收窄。在低利率、发债更趋严格以及资产供给相对不足延续逻辑下，债券的信用利差、期限利差总体将维持低位，各品种信用利差波动及城投再定价区域带来的交易机会将成为组合超额收益的重要来源。","fund":{"_id":3000000006731,"__csrcFundId":5767,"stockCode":"006731","shortName":"方正富邦富利纯债(006731)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6731,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:19:38.522Z","status":"normal","inceptionDate":"2018-12-04T16:00:00.000Z","name":"方正富邦富利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦富利纯债","pinyin":"fzfbflczzqxfqszqtzjj","managers":[{"stockCode":"j101020437","stockType":"fund_manager","exchange":"fm","tickerId":2625255970,"name":"郑瑛"}]},"announcement":{"linkText":"方正富邦富利纯债债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1060512","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9fe7fea5b3eb049b631","date":"2023-09-29T16:00:00.000Z","stockId":3000000006731,"sao":"三季度债券收益率总体先下后上，7月上旬央行公布的上月金融数据显示居民中长期贷款增长低迷，进入中旬统计局公布的6月和二季度经济数据低于市场预期，叠加市场对政策加码预期逐步减弱，债市做多力量主导，驱动债券收益率震荡下行。7月末中央政治局会议政策定调较为相对积极，市场对后续稳增长政策出台预期升温，一度带动收益率出现短暂调整。但紧接着8月上中旬公布的信贷、通胀和经济数据均低于市场预期，叠加月中央行宣布降息，10年期国债利率快速下行至2.54%的年内低点。但降息落地后，银行间回购利率反而边际回升，加上政府债券发行量不断加码及房地产优化政策密集出台，债市带来利空扰动，10年国债收益率从低位回升至季末2.7%附近位置。报告期内，基金延续利率债和金融债的配置策略，在严控信用风险的前提下，根据收益率曲线形态变化及个券利差进行择券。　　展望四季度，虽然地产改善仍存在不确定性，但在各项政策逐步落地推动下，全年经济增长目标完成概率较大，因此四季度政策加力的迫切性不高。通胀方面，四季度PPI同比离转正预计仍有距离，CPI同比预计维持1%以下的较低水平。银行间资金面方面，四季度央行货币政策预计将维持中性偏松的基调，但受到汇率压力的影响，资金利率波动幅度可能增大。在此背景下，债券收益率预计将继续保持下行的趋势，重点关注外需，商品房销售及政府债供给情况的变化。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:14.642Z","fund":{"_id":3000000006731,"__csrcFundId":5767,"stockCode":"006731","shortName":"方正富邦富利纯债(006731)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6731,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:19:38.522Z","status":"normal","inceptionDate":"2018-12-04T16:00:00.000Z","name":"方正富邦富利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦富利纯债","pinyin":"fzfbflczzqxfqszqtzjj","managers":[{"stockCode":"j101020437","stockType":"fund_manager","exchange":"fm","tickerId":2625255970,"name":"郑瑛"}]},"announcement":{"linkText":"方正富邦富利纯债债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991330","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9fe7fea5b3eb049b630","date":"2023-06-29T16:00:00.000Z","stockId":3000000006731,"sao":"上半年经济在一季度触底回升后二季度开始环比回升幅度放缓，二季度主要经济指标大多低于市场预期，其中工业增加值同比见顶回落，房地产投资增速降幅进一步扩大拖累投资增速走弱，出口增速降至负值，融资需求边际下降导致金融数据走弱，都令市场投资者对经济增长修复预期降温。债市方面，上半年收益率整体走势先扬后抑，1-2月在经济增长复苏脉冲的带动下债市走弱，10年国债收益率一度突破2.9%关口，但随着两会对经济增长目标的定调、二季度经济增长数据比下行幅度超过市场预期，以及央行宣布降低公开市场操作利率水平，10年国债收益率从高点快速回落并突破2.6%关口。报告期内，基金延续利率债和金融债的配置策略，在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:14.639Z","mo":"展望下半年，由于需求端的制约，经济去库存周期短期难以扭转，经济增长环比动能大幅提升概率较低，而经济旧动能的减速将压制原材料价格的回升幅度，通胀预计仍将维持低增长的水平。货币政策方面，上半年存款利率市场化改革推进，为政策利率调降打下基础，而海外方面在发达国家经济、就业及通胀降温趋势已基本确立下，加息的终点已接近，我国货币政策宽松约束有望下降，下半年降低政策利率预计仍是可选项。在此背景下，债券市场在下半年面临利多因素仍将占主导，收益率的波动中枢有望继续下行。","fund":{"_id":3000000006731,"__csrcFundId":5767,"stockCode":"006731","shortName":"方正富邦富利纯债(006731)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6731,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:19:38.522Z","status":"normal","inceptionDate":"2018-12-04T16:00:00.000Z","name":"方正富邦富利纯债债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦富利纯债","pinyin":"fzfbflczzqxfqszqtzjj","managers":[{"stockCode":"j101020437","stockType":"fund_manager","exchange":"fm","tickerId":2625255970,"name":"郑瑛"}]},"announcement":{"linkText":"方正富邦富利纯债债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9fe7fea5b3eb049b62f","date":"2023-03-30T16:00:00.000Z","stockId":3000000006731,"sao":"一季度经济触底回升，从已披露的经济数据看，1-2月生产、消费、投资等主要经济指标全面回升，经济修复的趋势得到确认，但修复的强度仍在市场预期范围内。债市在弱现实强预期的逻辑驱动下走势分化，在配置力量的推动下，信用债在经历去年四季度较大幅度的收益率上行后一季度有所修复，而利率债在一季度收益率延续上行。报告期内，基金延续利率债和金融债的配置策略，在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券。　　展望二季度，国内经济在去年的低基数下同比将继续呈现回升态势，主要的拉动因素在于内需层面，但《政府工作报告》中指出今年经济增速目标设定为 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