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速上涨下对通胀的担忧也有所提升，债券杠杆和久期都降至较低水平，使得对基本面利空因素的反应钝化，债券收益率处于窄幅震荡状态。展望二季度，经济动能较强，基本面因素已在价格中有部分反应，二季度的新增变量来自政府债供给的放量节奏以及央行的态度，同时密切关注债券市场加杠杆行为，不排除资金面阶段性收紧导致债券市场再次出现下跌。短期，持谨慎观望态度。丰泽基金为封闭式摊余成本法基金，配置策略主要为持有为主。目前基金以回购融资维持存量资产策略为主，对部分资产到期释放的资金进行重新配置。后续将维持现有操作。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:39.849Z","fund":{"_id":3000000007496,"__csrcFundId":6520,"stockCode":"007496","shortName":"农银丰泽定开债券(007496)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7496,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.291Z","status":"normal","inceptionDate":"2019-08-25T16:00:00.000Z","name":"农银汇理丰泽三年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050600000,"currency":"CNY","pinyin":"nyhlfzsndqkfzqxzqtzjj","masterFundShortName":"农银丰泽定开债券","managers":[{"stockCode":"db20668224","stockType":"fund_manager","exchange":"fm","tickerId":72625197580,"name":"郭振宇"}]},"announcement":{"linkText":"农银汇理丰泽三年定期开放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=572550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacb7fea5b3eb04a97cc","stockId":3000000007496,"sao":"2020年债券市场跌宕起伏。1-4月，突发的新冠肺炎疫情主导国内债券市场牛市行情，悲观经济预期和宽松货币政策下，债券收益率出现快速下行。5月后，经济数据逐步改善，国内宽松未能加码，资金面收敛和债券市场供需矛盾上升，债券市场下跌，并盘整了一段时间。10月下旬以来，弱国企信用风险暴露以及随后维稳背景下资金面宽松成为市场主线，叠加基本面无新增重大利空，12月债券收益率再次转为下行。丰泽基金为封闭式摊余成本法基金，配置策略主要为持有为主。上半年以回购融资维持存量资产策略为主，下半年对部分资产到期释放的资金进行了重新配置。后续操作主要为回购融资维持存量资产策略，在资产到期或付息时再择机继续建仓。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:39.846Z","mo":"经济复苏未中断，将逐步回到潜在增速。2021年1月中下旬，央行公开市场操作转向谨慎，叠加部分偏鹰派发言，引发市场对货币政策调整的担忧，资金面出现阶段性的明显收紧。防风险稳杠杆重要性提升，春节后流动性具有不确定性，且波动性可能加大。短期对债券市场保持中性偏谨慎观点，信用领域严控风险，不轻易下沉。","fund":{"_id":3000000007496,"__csrcFundId":6520,"stockCode":"007496","shortName":"农银丰泽定开债券(007496)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7496,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.291Z","status":"normal","inceptionDate":"2019-08-25T16:00:00.000Z","name":"农银汇理丰泽三年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050600000,"currency":"CNY","pinyin":"nyhlfzsndqkfzqxzqtzjj","masterFundShortName":"农银丰泽定开债券","managers":[{"stockCode":"db20668224","stockType":"fund_manager","exchange":"fm","tickerId":72625197580,"name":"郭振宇"}]},"announcement":{"linkText":"农银汇理丰泽三年定期开放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=552428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacb7fea5b3eb04a97cb","stockId":3000000007496,"sao":"三季度，债券市场下跌，信用债相对表现略好于利率债。国内经济继续渐进修复，出口也保持了较强韧性，7月股债跷跷板效应显著，8-9月叠加市场供需矛盾突出，同时低超储率以及缴税缴款等因素作用下资金价格中枢上移，债券收益率出现上行。往后看，经济基本面将继续改善，从前期基建和地产拉动逐步转向消费和制造业。基本面的边际变化来自于房地产，随着调控趋严，前端已经出现了一定压力，但短期内施工仍有韧性。政策层面，货币政策回归常态，结构性存款压降以及防风险基调下，若不发生重大的外部冲击，则资金面可能处于平衡状态。四季度利率债供给将明显下降，中美利差高位对境外机构具有一定吸引力，供需关系环比改善。整体看，债券市场尚未看到扭转行情的充分信号，预期处于弱势震荡。后续将重点关注美国大选对风险偏好的带动，以及央行动态。丰泽基金为封闭式摊余成本法基金，配置策略主要以持有为主。考虑到市场调整后，配置价值已有提升，三季度对部分资产到期释放的资金进行了重新配置。后续操作主要为回购融资维持现有资产策略，在资产到期或付息时再择机继续建仓。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:39.844Z","fund":{"_id":3000000007496,"__csrcFundId":6520,"stockCode":"007496","shortName":"农银丰泽定开债券(007496)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7496,"masterFundFlag":1,"lastUpdated":"2026-07-24T21:20:05.291Z","status":"normal","inceptionDate":"2019-08-25T16:00:00.000Z","name":"农银汇理丰泽三年定期开放债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050600000,"currency":"CNY","pinyin":"nyhlfzsndqkfzqxzqtzjj","masterFundShortName":"农银丰泽定开债券","managers":[{"stockCode":"db20668224","stockType":"fund_manager","exchange":"fm","tickerId":72625197580,"name":"郭振宇"}]},"announcement":{"linkText":"农银汇理丰泽三年定期开放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=489827","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecacb7fea5b3eb04a97ca","stockId":3000000007496,"sao":"2020年上半年债券收益率先下后上，整体收涨。前四个月，突发的新冠肺炎疫情主导国内债券牛市行情，在国内外疫情各自发酵阶段各国采取宽松货币政策，债券收益率出现快速下行。进入5月后，经济数据边际改善，货币宽松未能加码，资金面收敛和债券供给担忧上升，尤其是特别国债市场化发行进一步打击了市场情绪，导致债券连续两个月大幅回调。7月以来，权益市场的快涨行情引发股债跷跷板效应，加深债市下跌幅度，多数债券收益率已经恢复到甚至高于疫情前水平。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:39.841Z","mo":"国内基本面持续处于修复状态，基建发力，地产表现亮眼，部分消费也有回升，但整体恢复速度较慢，制造业投资偏弱，未来经济回升力度或将减缓。三季度，利率债和地方债发行量大，供给消化面临压力，同时宽信用降成本也需要稳定的货币环境支持。因此，政策层面根本转向概率较低，整体基调更可能是从前期极度宽松回归合理水平。考虑到货币政策强调直达实体经济、防范金融套利，资金成本不可能再回到前期低点。债券市场将处于宽幅震荡状态。未来将密切跟踪经济金融数据和央行动态。丰泽基金为封闭式摊余成本法基金，配置策略主要以持有为主，已经基本完成建仓。后续操作上，基金操作以回购融资维持现有资产策略为主。在资产付息或到期阶段，择机把握债券市场下跌中出现的配置机会。","fund":{"_id":3000000007496,"__csrcFundId":6520,"stockCode":"007496","shortName":"农银丰泽定开债券(007496)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7496,"masterFundFlag":1,"lastUpdated":"2026-07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