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高水平，并于8月末调整至中性久期。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:18.585Z","fund":{"_id":3000000006958,"__csrcFundId":6006,"stockCode":"006958","shortName":"鹏华永融一年定期开放债券(006958)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6958,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:27:12.967Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"鹏华永融一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永融一年定期开放债券","pinyin":"phyryndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"},{"stockCode":"j101020749","stockType":"fund_manager","exchange":"fm","tickerId":262610266340,"name":"张子健"}]},"announcement":{"linkText":"鹏华永融一年定期开放债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca3e7fea5b3eb049fc0d","date":"2023-06-29T16:00:00.000Z","stockId":3000000006958,"sao":"一季度，国内经济基本面持续改善，债市收益率先上后下。具体节奏上：1-2月，全国疫情达峰节奏较快，居民出行迅速恢复，地产政策陆续出台，信贷开门红预期发酵。货币政策方面央行对疫情放开之后的经济展望较为积极。在强预期和资金面收敛的共振下，债市有所调整。3月初两会召开，5%GDP增长目标处于预期下沿，债市修正增长预期，叠加3月中旬海外风险事件频发，避险情绪上升，3月17日央行宣布降准0.25个百分点，资金面边际好转，债市情绪向好，债市收益率下行。二季度，经济基本面继续走弱，社融增速下滑，市场对稳增长政策的预期在4月政治局会议后转弱，债市整体表现较强。6月央行降息，降息后的止盈需求，叠加理财机构赎回，市场出现调整；后随着负债端的稳定，在经济仍未走出下行通道之前，短期交易逻辑回归到资金面，债市继续走牛。  报告期内，组合保持中高久期、中性杠杆，持仓品种以中短久期、中高等级信用债为主，阶段性参与长端利率和银行次级债波段操作。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:18.582Z","mo":"下半年中国经济仍面临下行压力，核心是地产投资和销售仍在下行，消费和出口维持偏弱，政策着力“稳增长”但力度有限。三季度”稳增长“政策有加码空间，节奏上看经济动能可能在三季度反弹，四季度再现乏力。市场会对正在落地的政策展开交易，因为力度可能低于市场期望，债市总体仍处于胜率较好，但赔率有限的状态。","fund":{"_id":3000000006958,"__csrcFundId":6006,"stockCode":"006958","shortName":"鹏华永融一年定期开放债券(006958)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6958,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:27:12.967Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"鹏华永融一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永融一年定期开放债券","pinyin":"phyryndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"},{"stockCode":"j101020749","stockType":"fund_manager","exchange":"fm","tickerId":262610266340,"name":"张子健"}]},"announcement":{"linkText":"鹏华永融一年定期开放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=961360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca3e7fea5b3eb049fc0c","date":"2023-03-30T16:00:00.000Z","stockId":3000000006958,"sao":"一季度，国内经济基本面持续改善，债市收益率先上后下。具体节奏上：1-2月，全国疫情达峰节奏较快，居民出行迅速恢复，地产政策陆续出台，信贷开门红预期发酵。货币政策方面央行对疫情放开之后的经济展望较为积极，对通胀的担忧边际缓和，政策态度逐步回归中性。在强预期和资金面收敛的共振下10Y国债利率向上调整至2.93%。3月初两会召开，5%GDP增长目标处于预期下沿，债市修正增长预期，叠加3月中旬海外风险事件频发，避险情绪上升，3月17日央行宣布降准0.25个百分点，资金面边际好转，债市情绪向好，10Y国债利率下行至2.85%。一季度信用债市场走势分化，中低等级整体表现好于高等级，中长端整体表现好于短端。收益率方面，高等级短端收益率上行6bp，中长端下行7-16bp；中等级各期限收益率下行13-35bp；低等级各期限收益率下行30-50bp，信用利差全面收窄，期限利差和评级利差以压缩为主。  报告期内，组合保持中性久期、中性杠杆，持仓品种以中短久期、中高等级信用债为主，阶段性参与长端利率和银行次级债波段操作，总体来看组合在报告期内获取了较好的收益回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:18.580Z","fund":{"_id":3000000006958,"__csrcFundId":6006,"stockCode":"006958","shortName":"鹏华永融一年定期开放债券(006958)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6958,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:27:12.967Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"鹏华永融一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永融一年定期开放债券","pinyin":"phyryndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"},{"stockCode":"j101020749","stockType":"fund_manager","exchange":"fm","tickerId":262610266340,"name":"张子健"}]},"announcement":{"linkText":"鹏华永融一年定期开放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=886556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca3e7fea5b3eb049fc0b","date":"2022-12-30T16:00:00.000Z","stockId":3000000006958,"sao":"2022年一季度债市先涨后跌。1月随着央行下调MLF利率资金宽松，债市出现上涨，2月至3月随着宽信用加快，债市出现回调。二季度债市呈现震荡市。4-5月随着新冠疫情持续发酵，避险情绪不断增强，债市出现上涨，5月底随着疫情缓解，复工复产逐步开展，债市出现回调。三季度债市先涨后跌。7-8月随着楼市整体承压，债市出现上涨，9月随着汇率波动以及资金面收敛，债市出现回调。四季度季度债市先小幅上涨后大幅下挫随后企稳，11月份整体快速下跌，12月上中旬出现利率债走平、信用债快速大幅下挫的结构性分化行情。10月随着重要会议召开资金维持宽松，债市出现小幅上涨；11月随着资金面走紧，叠加双11走款、防疫政策和地产政策出现边际方向性转变，同时理财资金开始撤出债基，出现市场整体下跌；12月上中旬随着表外理财资金赎回加剧，集中连续的抛售信用债加剧了市价下挫和估值出现快速调整，进而对信用类债基净值产生明显冲击，同期由于利率配置为主的表内资金相对宽裕且稳定，利率债品种整体走平，因此造成信用类和利率类债基表现迥异；随着信用大幅非理性杀跌进入到极具价值的区域，12月中旬起，资金开始涌入市场抄底信用债，随着信用债估值逐步企稳回涨，信用类债基开始企稳并持续上涨进入净值修复通道。在债券的配置上，我们以高等级信用债持有为主，灵活运用中长久期利率债进行攻守。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:18.577Z","mo":"展望2023年，春节后疫情影响趋弱，开局之年对稳增长的诉求较强，国内经济回暖方向较为确定。货币政策上半年仍需为稳增长保驾护航，宽财政将继续发力，随实体融资需求修复，货币政策或增加对于通胀的权重，利率还有调整压力。但海外经济回落加深和国内政策不强刺激下，地产信用基本面的修复仍需相当的时间，国内经济基本面格局偏向弱修复。具体到债券市场而言，2023年一季度，国内经历首轮感染高峰，春节后生产和出行逐步恢复，货币政策呵护资金面，两会前后财政和宽信用政策继续落地，债市震荡偏熊。二季度至三季度，经济从衰退转为复苏，地产基本面或初现修复迹象，货币政策或由松转平，利率调整压力或加大。四季度，海外衰退形成，国内财政和宽信用政策力度或减弱，可以等待复苏至顶带来的超跌机会。  整体投资策略方面，我们认为上半年信用部位维持中高等级稳健票息,短久期加高杠杆策略较有可能会给投资者带来不错的收益体验。下半年关注若复苏至顶后超跌压力完全释放，则拉长久期布局进攻。","fund":{"_id":3000000006958,"__csrcFundId":6006,"stockCode":"006958","shortName":"鹏华永融一年定期开放债券(006958)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6958,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:27:12.967Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"鹏华永融一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永融一年定期开放债券","pinyin":"phyryndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"},{"stockCode":"j101020749","stockType":"fund_manager","exchange":"fm","tickerId":262610266340,"name":"张子健"}]},"announcement":{"linkText":"鹏华永融一年定期开放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=868927","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca3e7fea5b3eb049fc0a","date":"2022-09-29T16:00:00.000Z","stockId":3000000006958,"sao":"本季度债市先涨后跌。7-8月随着楼市整体承压，债市出现上涨，9月随着汇率波动以及资金面收敛，债市出现回调。在债券的配置上，我们以偏中短久期中高等级信用债持有为主，运用中长久期利率合理攻守，从而使得组合净值在本季度债市波动的情况下表现稳健。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:18.574Z","fund":{"_id":3000000006958,"__csrcFundId":6006,"stockCode":"006958","shortName":"鹏华永融一年定期开放债券(006958)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6958,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:27:12.967Z","status":"normal","inceptionDate":"2019-03-11T16:00:00.000Z","name":"鹏华永融一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050060000,"currency":"CNY","masterFundShortName":"鹏华永融一年定期开放债券","pinyin":"phyryndqkfzqxzqtzjj","managers":[{"stockCode":"j101020163","stockType":"fund_manager","exchange":"fm","tickerId":1210259870,"name":"罗佳"},{"stockCode":"j101020749","stockType":"fund_manager","exchange":"fm","tickerId":262610266340,"name":"张子健"}]},"announcement":{"linkText":"鹏华永融一年定期开放债券型证券投资基金 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