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进入4季度，部分信用债发行主体出现了信用违约事件，尤其是永煤事件在11月初爆发，引发了市场对地方政府对弱资质国企偿债意愿的担忧，部分债券基金遭遇了赎回，进而引发债券市场的流动性风险，债券收益率再次出现了大幅调整，11月下旬金穏委开会稳定了市场预期，央行也在公开市场释放了缓和的信号，收益率从11月底开始修复，直至年底。与此同时，在宏观趋势之外，我们在研究当中加入了较多的机构行为分析，19年以来，基金负债端被银行资金表外化行为占据，该行为一方面增强了传统配置资金的交易属性，另一方面由于有大量摊余成本法债基，也加强了债券基金的负债端，在此情况下，我们在投资中更加注重基金的仓位情况与银行的季节性行为。报告期内，年初判断疫情类比03年非典的冲击，果断提高了组合久期，提高了长端利率债的持仓占比；3月初国内复工进程加快后，获利了结了组合中的长久期债券品种，4月份债券收益创新低后，判断久期的性价比下降后，但不确定市场的拐点，在资金宽松背景下，仅通过短久期信用债加杠杆提高了组合的仓位，并未牺牲组合的流动性；5月底，担忧香港立法问题带来避险情绪的上升，会促使长端利率下行，博弈了部分利率债仓位，但是6月初市场并未为此定价，变现了利率债的仓位；在6月份确认央行转向后，大幅降低了组合的杠杆和仓位，规避了3季度的大幅回撤；4季度为了应对潜在信用风险，调整了组合隐含评级的信用债，对组合带了一定的冲击成本，永煤事件后判断收益率超调，在央行态度缓和后，重新加仓了利率债和长久期信用债，提高了组合的杠杆和久期。整体在控制风险的前提下，获得与风险相匹配的持有期收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:22.726Z","mo":"展望2021年，宏观基本面趋势确定性向上，市场关心的信用拐点、出口份额下降，在上半年对宏观经济不会形成实质性的拖累，但是PPI趋势向上，尤其是主要生产国的产能偏紧，需求边际上的刺激，对价格都产生较大的压力；在PPI环比持续改善的环境下，央行的货币政策放松的概率偏低。PPI环比持续改善对债券市场方向仍然不利，从估值角度看，经历2020年11-12月份收益率的下行，估值保护逐步弱化，后续收益率有震荡上行的压力。但是类比过去13年和17年的债券熊市而言，21年调整压力要明显小于过去两轮，因为本轮货币政策收紧更早，在2020年3季度已经明确收紧，且收益率出现了大幅的调整，后续货币政策整体基调是“不缺不溢”，尚看不到加息的迹象，债券市场仍有票息价值。 另一方面，银行依然主导基金的负债端，在21年当中，机构行为分析仍会成为影响债券中短周期波动的主要因素。","fund":{"_id":3000000007220,"__csrcFundId":6302,"stockCode":"007220","shortName":"天弘华享三个月定开(007220)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7220,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:36:13.140Z","status":"normal","inceptionDate":"2019-06-18T16:00:00.000Z","name":"天弘华享三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘华享三个月定开","pinyin":"thhxsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20546311","stockType":"fund_manager","exchange":"fm","tickerId":251225170470,"name":"尹粒宇"}]},"announcement":{"linkText":"天弘华享三个月定期开放债券型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca7e7fea5b3eb04a4773","stockId":3000000007220,"sao":"本季度，疫情后经济恢复势头良好，货币政策再回复常态后保持偏中性水平，在此环境下，我们将组合久期放在相对较低位置，同时长端根据机构行为变化采取波段操作思路。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:22.723Z","fund":{"_id":3000000007220,"__csrcFundId":6302,"stockCode":"007220","shortName":"天弘华享三个月定开(007220)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7220,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:36:13.140Z","status":"normal","inceptionDate":"2019-06-18T16:00:00.000Z","name":"天弘华享三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘华享三个月定开","pinyin":"thhxsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20546311","stockType":"fund_manager","exchange":"fm","tickerId":251225170470,"name":"尹粒宇"}]},"announcement":{"linkText":"天弘华享三个月定期开放债券型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492287","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca7e7fea5b3eb04a4772","stockId":3000000007220,"sao":"上半年，纯债市场波动较大，一季度，由于疫情爆发，货币政策进行了较大的对冲，收益率全线下行，我们在操作上也较早的提升了组合杠杆和久期。五月市场开始出现回调，其最主要原因在于货币政策从非常时期的宽松状态退出，经济方面，国内复工良好，内外需都较为稳定，也给货币政策恢复常态提供了支持。另一方面，4月债市火热程度达到高峰，市场预期十分一致，我们从检测的市场拥挤指标判断市场已经到了极端水平，从而进行了部分减仓操作。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:22.720Z","mo":"对于下半年的展望方面，我们认为，当前货币政策阶段性收紧已经结束，银行间资金利率水平已经回到政策利率水平附近，在这个水平上，央行也可以较为灵活的展开货币政策调整，同时在疫情后经济尚未完全恢复叠加海外不确定因素较多情况下，进一步大幅收紧货币政策可能性较小。另一方面，经历了两个多月的回调，债市机构整体仓位较轻，进一步下跌空间有限，但在当前宏观经济抬升的大趋势下，债市也难有趋势性机会，更多或以结构性机会和交易性机会为主。","fund":{"_id":3000000007220,"__csrcFundId":6302,"stockCode":"007220","shortName":"天弘华享三个月定开(007220)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7220,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:36:13.140Z","status":"normal","inceptionDate":"2019-06-18T16:00:00.000Z","name":"天弘华享三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘华享三个月定开","pinyin":"thhxsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20546311","stockType":"fund_manager","exchange":"fm","tickerId":251225170470,"name":"尹粒宇"}]},"announcement":{"linkText":"天弘华享三个月定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=461938","linkType":"PDF","source":"csrc_pdf"}}]}