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稳步恢复，生产供给持续增加，但进入二季度后，经济增长斜率有所放缓，内生动力不强，需求驱动力减弱。从经济数据来看，4月PMI读数回落至50以下，并在5月延续环比走弱，6月边际改善但仍处于荣枯线下水平，其他月度经济数据、金融数据和高频数据也逐步走弱，特别是地产销售在一季度的小阳春后也出现了显著遇冷态势；商品价格也随之调整，通胀压力显著降温。　　债券市场，一季度市场出现分化行情，利率债由于宏观基本面复苏和资金面收紧曲线呈现熊平态势，信用债由于理财赎回潮逐渐平息，利差修复明显，收益率整体下行。二季度伴随经济增速环比动能放缓，银行信贷投放缩量，流动性环境更加宽松，利率债出现快速下行，10年国开收益率突破历史低点。　　报告期在一季度维持了中性的杠杆和久期，在3月中下旬开始，组合杠杆策略上整体采取了较为积极的操作思路，久期上重点把握了长久期利率债波段交易的机会。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.270Z","mo":"展望后市，政策面可能会是短期市场博弈的焦点。7月下旬政治局会议上对地产、消费等政策的表述一定程度提振了市场信心，市场期待后续需求端政策的推出。但另一方面，“调结构”、“防风险”的整体基调延续，政策定力依然较足，短期大规模刺激政策出台概率不大。债券市场方面，或受制于点位较低赔率不足及政策预期带来的情绪冲击，收益率或面临小幅调整压力，但政策实际落地效果仍待时间验证，短期经济内生动能偏弱态势难以快速扭转，经济修复仍是曲折式前进的过程，保持流动性合理充裕仍是货币政策主基调，利率大幅上行空间有限。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享纯债债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955257","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a9","date":"2023-03-30T16:00:00.000Z","stockId":3000000006841,"sao":"一季度，债券市场出现了较为明显的分化行情，利率债由于宏观基本面复苏和资金面收紧曲线呈现熊平态势，信用债由于理财赎回潮逐渐平息，利差修复明显，收益率整体下行。元旦后至春节前，随着新冠感染高峰逐渐过去，交通出行等高频经济数据明显改善，市场风险偏好回升,“股债跷跷板”特征显现，债券市场承压。春节后至2月末，受缴准以及春节后资金回笼偏慢等因素影响，资金面超预期紧张带动短端利率趋势上行，但在配置盘加大力度进场等因素的影响下，长端利率维持窄幅震荡。3月以来，基本面方面两会公布的经济增长目标低于预期，高频数据显示经济环比1-2月有走弱迹象，欧美银行事件引发风险偏好受到压制，资金面方面央行3月17日宣布降准，跨季资金平稳，债市整体环境转向利好，收益率曲线陡峭化下行。    报告期，组合整体采取了中性久期和杠杆水平来运作，杠杆端重点参与了2月资金利率边际抬升导致中短端债券利率上行的行情；久期端整体谨慎，以超跌反弹的思路参与了波段交易。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.268Z","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享纯债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881151","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a8","date":"2022-12-30T16:00:00.000Z","stockId":3000000006841,"sao":"回顾2022年全年，债券市场主要分为四个阶段。　　第一阶段，一季度债市在稳增长和宽货币的博弈情绪中震荡调整，虽然1月中旬超预期降息带动债券收益率出现一波快速下行，但政策靠前发力，经济、金融数据改善较快，整体一季度债市呈现震荡格局。　　第二阶段，3月底至7月初，宏观基本面出现超预期变量，上海疫情爆发，俄乌冲突升级带动资本市场风险偏好快速降低，货币政策呵护下资金利率快速回落低于政策利率水平，本阶段受益于宽松的资金面中短端债券利率显著下行。然而随着稳增长一揽子政策密集出台，市场对经济增长预期并未较年初显著下修，债市长久期品种并未走出显著的债牛行情。　　第三阶段，7月初至10月底，地产问题持续发酵，加上疫情在全国多地爆发，经济面临向下的压力进一步增加，7月底政治局会议淡化年初增长目标，货币政策继续呵护资金面，并在8月中旬超预期降息，本阶段长端利率出现了一波顺畅的下行，收益率曲线呈现牛平。　　第四阶段，进入11月，债市急转直下，前期持续低位的资金利率出现了快速抬升，动摇了市场对后市货币政策的信心，同时伴随着存单一级发行提价，债市出现调整。债市调整过程中银行理财赎回形成负反馈进一步加剧机构的抛售行为，情绪面扰动下市场剧烈波动，债市出现年内最猛烈的一轮下跌，各期限收益率冲到年内高点，收益率曲线呈现熊平形态。　　回顾22年全年操作，一季度组合维持中性杠杆和久期；进入二季度捕捉到资金利率降低这一关键信号，组合快速提高了杠杆水平并维持运作，使得组合取得了较好的回报；三季度组合再度提高组合久期运作；四季度面临市场的快速调整，组合降低了杠杆和久期，但依然出现了一定的净值回撤。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.265Z","mo":"展望未来，随着疫情影响消退，基本面特别是消费的改善，从预期层面料将带来利率调整压力，但如果后续政策力度或基本面表现不及预期，利率走势仍有波折。考虑到地产拖累、外需回落和消费改善的不确定性，今年基本面弱复苏的可能性较大。在经济确定性回归到合理增长区间之前，预计货币政策稳中偏松的基调不变，流动性环境有望延续“合理充裕”。节奏上，一季度收益率冲高仍有交易机会，下半年更关注通胀走势对货币政策的影响。 传统上一季度经济有开门红的诉求，政策层面会较为积极，叠加12月疫情过峰，距离第二波大规模感染预计有3-6个月平静期，这个窗口期的消费复苏的确定性较强，基本面修复趋势难以证伪，利率走势偏谨慎，冲高上行后有机会博弈后续因内生问题导致经济复苏不及预期的交易机会。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","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靠前发力，1月17号央行公布下调MLF利率10bp至2.85%。宽松政策的效果在2月公布的1月金融数据上得到验证，社融同比增速回升至10.5%,M2同比增长9.8%。宽信用政策方面，春节后各地纷纷出台地产放松政策，从低能级城市扩散至中高能级城市，因城施策下，首套、二套贷款利率、放款周期、首付比例、公积金比例都有显著放松。3月两会将全国GDP增长目标定为5.5%左右，之后公布的1-2月经济数据比较亮眼，但微观高频数据来看，经济动能有走弱的趋势，且3月全国疫情加剧蔓延，深圳上海等经济发达城市陆续为控制疫情短暂封锁，目前全国确诊病例加无症状感染人数整体还在上升期，疫情冲击下3月PMI又回落至荣枯线下方，无疑加大了实现全年GDP增长目标的难度。海外方面，俄乌冲突成为黑天鹅事件，大大加剧了全球资本市场的波动性。美联储正式加息25bp，市场预计年内还将多次加息，10年期美债收益率大幅上行，期限利差收窄，2年/10年收益率已出现倒挂，衰退担忧有所加剧。  债券市场来看，1月降息之后，收益率曲线继续定价短时间将会有再次宽松，曲线进一步陡峭化。1月24号触及整个1季度的收益率低位，10年国债收益率低至2.67%。之后随着1月金融数据大超预期、地产政策的局部放松、基金及银行理财等产品户业绩不达预期大量赎回等事件冲击债券市场，收益率开始大幅调整，3月中上旬达到阶段性高点，10年国债收益率达到2.86%，上行幅度约20bp。3月16日金稳委会议回应了市场关切，再度强调积极出台对市场有利的政策，慎重出台收缩性政策，对稳定市场预期起到了关键作用，股票和债券市场波动率有所下降。  本基金在一季度较四季度降低了久期和杠杆水平，并在一季度末收益率调整之际小幅加仓，参与波段交易。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.257Z","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享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=721434","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a4","date":"2021-12-30T16:00:00.000Z","stockId":3000000006841,"sao":"回顾2021年，上半年经济上总量上显示出韧性，主要是由于出口和地产的高景气度对经济形成支持，但经济结构问题也比较突出，消费修复缓慢、基建和制造业投资偏弱，大学生、农民工等就业压力升温，经济增长的环比动能也呈现一定的下行势头。下半年经济整体进入滞胀环境，经济下行压力加大，地产企业信用崩塌带动地产投资各分项快速回落，基建投资也整体低迷，内需整体走弱；且能耗双控的政策性下，大宗商品涨价卷土重来，煤炭为主的上游原材料价格暴涨，对中下游企业利润空间形成挤压，四季度在各部委协调下大宗商品价格出现回落。政策方面，全年财政发力较慢，货币政策上半年基调整体以稳为主，下半年边际宽松，分别在7月和12月降准两次投放流动性，支持中小微企业，并对冲经济的下行压力。年底召开的中央经济工作会议对于明年宏观经济各方面工作的部署，强调以经济建设为中心，表达了较为强烈的稳增长决心。  债市在上半年走势较为焦灼，一方面是基本面韧性较强，货币政策也没有给出显著的宽松信号，但因信用风险偏好显著回落，地方债发行不及预期等因素，导致利率债、银行永续债等无或低信用风险的资产受到资金追捧，利率整体震荡下行20bp左右。下半年在央行超预期降准的影响下利率开启牛市行情，除了10月中旬市场的宽松预期落空导致收益率回调15bp左右，其他时间段债市整体做多热情高涨。全年来看，收益率曲线呈现牛平变化，1年期下行25bp左右，3-5年下行35-40bp，10年下行45bp左右。  回顾2021年，一季度我们认为经济韧性较强，货币政策目标更多聚焦于在于防范资金空转、化解债务压力等，同时从供需角度来看，也担心地方债发行会对债券市场形成冲击，因此我们在年初持续采取了较为防守的组合久期和杠杆水平。进入二季度，我们通过不断研究和复盘，调整了对经济基本面和货币政策态度的判断，经济复苏根基不牢、货币政策态度更偏宽松，且信用风险偏好难以快速修复，安全资产荒会持续较长时间；因此组合快速加仓5年和10年国开债，并积极挖掘1年多和3年多骑乘收益较明显的政金债，提高了组合的久期和杠杆，并在下半年整体维持了较高的仓位运作，全年来看，组合的净值获得了较好地增长。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.254Z","mo":"展望未来，经济面临 “供给冲击、需求收缩、预期转弱”的三重压力，中央经济工作会议后明确了国内政策以“稳增长”作为工作重心，各部委都需要“谨慎出台收缩性政策”。外部环境更趋复杂和严峻，短期来看出口仍有一定支撑，但随着海外供应恢复，出口份额下降也将带动净出口对经济增长的支撑随之下行。对债券市场而言，经济基本面仍处于下行势头，货币政策的宽松基调难以改变，因此利率牛市的环境仍未结束；中期来看，需要密切关注2022年信贷数据改善的持续性，以及经济数据是否更加明确的出现了企稳的证据，届时货币政策宽松的必要性会有所下降，债券市场则需要更加关注利率的上行风险。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享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=708147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a3","date":"2021-09-29T16:00:00.000Z","stockId":3000000006841,"sao":"与二季度相比，经济基本面在三季度出现了较为明显的下行势头，主要原因：一是短期的疫情和多地区洪涝影响，拖累消费增速大幅下滑，缺芯等问题也拖累汽车消费；二是受限购和贷款政策严格影响，地产销售大幅放缓，同时对新开工、资金来源形成拖累，个别房企风险暴露加大，对地产行业融资进一步形成打击；三是PMI新出口订单连续下行，出口对经济的拉动力量也开始减弱；四是9月以来能耗双控对生产端也形成显著拖累。另一方面，8月中旬开始，在能耗双控的政策影响下，大宗商品涨价卷土重来，以煤炭为主的上游原材料价格暴涨，并对中下游企业利润空间形成挤压。整体来看，经济逐渐确立了“滞胀”格局。  随着三季度经济下行压力加大，央行货币政策边际上有所变松，7月初超预期全面降准支持中小微企业，并对经济潜在的下行压力进行对冲。7月末召开政治局会议，要求做好宏观政策跨周期调节，整体来看政策基调是较为稳健的。  债券市场，7月份降准带动收益率快速下行25bp-30bp，且短端下行幅度更大，收益率曲线呈现陡峭变化。9月开始，大宗商品价格快速上涨，PPI单月破10%，同时地方债供给压力逐渐加大，资金面波动加大，且前期因债券市场对经济下行和货币宽松交易较为充分，因此利率在9月以来反弹，长端利率震荡上行3-5bp左右。  本基金作为被动管理的指数基金，在控制风险的前提下保持对标的指数的跟踪，进行优化抽样复制，力争控制跟踪误差。  组合操作方面，组合采取中性杠杆和久期策略，并根据市场环境进行波段交易。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.251Z","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享纯债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a2","date":"2021-06-29T16:00:00.000Z","stockId":3000000006841,"sao":"回顾我国上半年经济形势，总量上显示出韧性，主要是由于出口和地产的高景气度对经济形成支持，但经济结构问题也比较突出，消费修复缓慢、基建和制造业投资偏弱，大学生、农民工等就业压力升温，经济增长的环比动能也呈现一定的下行势头。同时社融增速快速下行，一方面与地方债发行不及预期有关，另一方面随着对地产监管进一步收紧和地方隐形债务的压降，上半年实质上展现出紧信用的格局。  就债券市场而言，虽然经济数据显示出韧性，大宗商品价格持续上涨，通胀预期快速升温，但债市整体情绪保持乐观，并未显著交易通胀因素，原因主要是两点：一是，国内货币政策始终传递出“稳定”的信号，政治局会议和央行报告都明确表态，经济复苏基础不牢固，政策不会急转弯，资金面也维持宽松环境。二是，信用风险偏好回落，非标资产严监管，地方债发行不及预期，整体形成了对安全债券资产，如利率债、银行永续债、优质区域城投债的追捧，产生了 “安全资产荒”的现象。  回顾上半年，资金面除了1月下旬超预期紧张外，整体维持稳定略偏宽松的局面，短端利率也随之震荡下行5bp左右。长端利率交易情绪则比较焦灼，1月中旬到2月初，在通胀预期和货币紧缩预期的不断升温下，10年国债最高冲高至3.3%以上，后随着情绪修复，逐渐震荡下行至3.10%附近。信用债方面，一季度信用债情绪较差，弱资质城投、过剩产能产业债遭到市场抛售，市场风险偏好延续极低的水平；后续随着3、4月份信用债到期高峰度过，情绪有一定的修复，但由于信用债直接融资未见显著修复，信用分化格局仍未扭转。  组合操作方面，组合采取中性杠杆和久期策略，并根据市场环境进行波段交易。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.248Z","mo":"展望后期，短期内经济基本面在总量上仍有望维持韧性，但随着大宗商品涨价对中下游和中小微企业成本的推升，经济中结构性问题也愈加严峻。7月的普遍降准政策也主要是为了支持中小微企业，并对经济潜在的下行压力进行对冲。考虑到降准后债券市场快速下行了15bp-20bp，债券市场对经济的下行压力和货币政策的放松有较为充分的定价，短期内利率进一步快速下行的空间和动力有限。但是拉长来看，随着海外疫苗接种推进，供给能力恢复，我国出口的高增速也将有所回落；社融增速回落的环境下，内需大概率也会逐显疲态。再考虑到我国仍面临较高的债务压力，难以承受融资利率的大幅上行，因此债券利率也不具备显著的上行的空间；在经济基本面给出更加明确的走弱信号后，利率债有望进一步打开下行空间。  操作上，我们会密切把握三季度的市场机会，如果因为地方债供给放量、资金面波动加大的等因素使得市场的悲观情绪发酵，则会积极把握交易机会，提高组合的久期敞口；如果市场维持窄幅震荡格局，组合则会维持中性久期和杠杆水平运作。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致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=629853","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a1","stockId":3000000006841,"sao":"回顾2021年一季度，债券市场走势较为震荡。  元旦跨年之后，银行间流动性水平仍然受益于去年11月份部分国企债券违约后的货币环境，资金面呈现极度宽松的局面，市场交易情绪热烈，债市收益率延续去年11月中旬以来的下行趋势，短端下行更加显著，利率曲线呈现陡峭化。1月税期过后，央行公开市场回笼加快，叠加市场高杠杆等特性，资金面迎来“钱荒式”纠偏，从“极松”转向“极紧”，债市也结束了收益率下行趋势转而震荡上行。  春节期间，海外发达经济体疫苗接种顺利叠加拜登财政刺激政策落地，通胀预期快速升温，原油价格一度突破70美元/桶，美国10年期TIPS隐含通胀水平超过2.5%，美债收益率也快速上行。受此影响，国内债市春节后收益率出现快速上行，10年期国债最高上行至3.35%。但随后海外通胀交易降温，原油价格也逐步回落，资金面较为平稳，债券市场整体呈现震荡局面。  组合操作方面，组合采取中性杠杆和久期策略，并根据市场环境进行波段交易。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.245Z","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致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=570488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d8a0","stockId":3000000006841,"sao":"回顾2020年，债券市场在新冠疫情冲击及修复的主线逻辑下分为了三个阶段。  第一阶段是年初至4月底，疫情爆发冲击经济基本面、全球范围内通过超宽松货币政策对冲，驱动各类资产价格上涨，债券收益率大幅下行，1年国债下行130BP、10年下行65BP，收益率曲线呈现极度“牛陡”形态。信用利差被动走阔，但在流动性充裕的环境中，信用风险并未随经济基本面下行而明显暴露。  第二阶段是从5月中旬到11月下旬，我国率先走出疫情困局，复工复产效率显著，基建地产投资快速修复，消费呈逐步复苏态势。与国内高效控制疫情并复工复产相比，海外疫情失控全球生产链断裂，我国成为重要生产供应能力来源，同时受益于海外大规模货币财政刺激，需求表现并不弱，综合促进了我国出口份额显著提升，出口增速反超疫情前水平。与此同时，国内货币政策重心调整，“防风险”这一目标的重要性显著提升，操作上逐步回笼公开市场超额流动性压低超储率，并通过压降银行结构性存款打击资金空转套利，导致同业存单利率快速上行，叠加利率债供给压力高峰，此阶段债券市场快速走熊，1年国债上行165BP，10年上行70BP。信用利差被动收窄，随着政策退潮，弱资质企业信用风险逐渐显露。  第三阶段由永煤信用风险爆发开启，为防止风险无序扩散，货币政策边际转松，公开市场投放力度明显加大。12月中央政治局会议定调21年政策“不急转弯”也进一步坚定了市场对货币政策温和的预期。此期间虽然经济仍表现出复苏势头，但市场预期较为充分，加上资金利率中枢下行，供给压力减弱等因素影响，债券市场收益率出现明显下行，利率曲线呈现陡峭变化。  组合操作方面，组合在上半年整体采取高杠杆长久期策略，并根据市场环境进行波段交易。下半年在确认央行货币政策转向后，逐渐降低组合久期和杠杆，较好的控制了净值回撤。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.243Z","mo":"展望2021年，全球经济对疫情反应“钝化”，海外需求提振但供给能力恢复相对较慢对我国出口形成支撑；投资方面，地产和基建短期内韧性较强，制造业在盈利改善驱动下有望继续反弹，疫苗推行有助于提振消费；整体看来短期内经济修复动能不弱。货币政策态度中性，但对资产价格快速上涨表现出担忧，且全球来看政策刺激叠加库存低位，存在高通胀的压力，因此去年11月以来货币政策的维稳节奏或将放缓，资金利率中枢有望进一步抬升，对利率债难言利好，短期内债券趋势做多的行情尚需等待。  另一方面，我国目前企业部门和地方政府债务负担较重，难以承担融资利率大幅上行，且社融增速见顶回落，二季度后期随着经济脉冲式修复接近尾声，经济基本面的下行压力将逐渐显露。届时货币或将转向维稳基调，债市面临的环境预计将逐渐友好，有望迎来阶段性机会。  综合判断债市在21年将呈现区间震荡格局，利率中枢先抬升后下移。操作上组合短期内会控制久期和杠杆在中性偏低的水平；二季度后密切跟踪经济基本面、政策态度以及疫情发展态势，择机调整久期，积极把握波段交易的机会。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享纯债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d89f","stockId":3000000006841,"sao":"回看三季度，市场延续了二季度开始的收益率上行，整体以调整为主，长端利率债上行30bp左右，短端信用债上行幅度更为显著，在50bp左右，其中7月中旬收益率有所回落，但幅度、持续时间都相对有限。  基本面方面，国内的经济逐渐从疫情影响中修复，投资分项中，地产的修复最为显著，在低利率环境的背景下，地产的销量持续保持在高位，带动拿地、新开工等指标也明显好转；由于前期财政政策的支持，基建投资也有起色，但幅度相对优先。海外方面，虽然疫情持续，但出口对于国内的总需求负面影响明显低于市场预期，究其原因主要有两方面：一是来自于防疫物资的支撑，而是国内疫情最早得到控制，对供给能力的影响最小，可以更好的满足境外的需求。在这样的背景下，国内外的需求在三季度形成了一定的共振，使得疫情导致的二季度的库存累计显著去化，同时伴随着工业品价格显著上升，叠加在二季度就已经有所收紧的货币政策，债券市场在这样融资需求上升、融资供给稳中有降的背景下持续承受压力。  组合操作方面，我们在三季度保持组合低久期，低杠杆、我们参与了7月初的市场反弹，但由于中期的市场观点依旧谨慎，参与力度较为有限。后续我们将保持较低的久期和杠杆操作，并积极寻找潜在投资机会。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.240Z","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019-01-27T16:00:00.000Z","name":"嘉实致享纯债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致享纯债债券","pinyin":"jszxczzqxzqtzjj","managers":[{"stockCode":"db20601463","stockType":"fund_manager","exchange":"fm","tickerId":260725187760,"name":"赵国英"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm","tickerId":262310228410,"name":"张文佳"},{"stockCode":"db20543706","stockType":"fund_manager","exchange":"fm","tickerId":31923175480,"name":"崔思维"}]},"announcement":{"linkText":"嘉实致享纯债债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca1a7fea5b3eb049d89e","stockId":3000000006841,"sao":"组合操作方面，延续了以往的投资风格，在控制组合的回撤风险的前提下，力争取得有竞争力的收益，因此在4-5月债券市场泡沫化的过程，我们主动降低了组合的久期风险暴露，尤其较为显著的减持了风险收益比更差的信用债，在经历了5-6月收益率水平的大幅反弹后，我们适度提高组合的债券仓位。截止二季度末，我们依旧保持中性偏低久期，中性水平杠杆。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:42.237Z","mo":"对于下半年的经济，我们整体认为还是会有缓慢的修复，基建的发力仍在持续，在低利率低库存的背景下，地产的销售和投资都还有一定支撑。在没有进一步外部冲击、疫情没有二次大爆发的基础假设下，库存周期的向上仍是比较确定的。此外，在全球货币增速明显增加的背景下，我们需要关注潜在的通胀风险，价量有可能形成阶段性的共振，进而比较显著的制约货币政策的宽松空间，甚至会使得货币政策重回偏紧的状态。  基于这样的判断，我们对下半年的债券市场仍偏谨慎，主要的机会可能来自与阶段性超跌后的反弹，尤其是市场对于基本面过于乐观的时点，会有阶段性的投资机会，此外中美的关系的波动也会对市场产生阶段性的影响，但并不太会成为主线逻辑。投资上需要动态评估基本面和收益率水平的匹配度，在规避市场主要风险的前提下，把握投资机会。力争在控制回撤的前提下，取得有竞争力的收益。","fund":{"_id":3000000006841,"__csrcFundId":5913,"stockCode":"006841","shortName":"嘉实致享纯债债券(006841)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6841,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:23:17.531Z","status":"normal","inceptionDate":"2019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