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、内需温和修复的结构性特征。宏观数据显示，1-2月规模以上工业增加值同比增长6.3%，固定资产投资同比增速由负转正至1.8%，社会消费品零售总额同比增长2.8%，货物进出口总额同比高增18.3%，经济内生增长动能正逐步巩固。从行业结构来看，景气度分化显著：受益于全球AI产业趋势加速，科技制造领域维持高景气度；受地缘政治冲突引发的输入性通胀预期影响，石化、煤炭等周期资源板块价格上行；而房地产产业链仍处于筑底阶段，消费板块则呈现必选强、可选弱的结构性分化。　　债市方面，一季度债市整体呈现震荡局面，期限和品种有所分化。1月，在供给冲击与降息预期博弈下，利率先上后下，10年期国债收益率一度上行至1.9%；中下旬，随着央行流动性投放趋于充裕，市场对供给担忧缓和，叠加权益市场降温，配置盘力量推动市场情绪修复。春节前，10年期国债收益率临近1.75%，止盈盘涌现引发利率回调。3月两会召开，明确了全年政策基调，尽管政策力度略低于市场预期，但良好的经济开局数据亦使市场下调了后续政策加码的预期。地缘冲突爆发后，原油价格飙升加剧了通胀担忧，但在央行呵护资金面的背景下，债市出现显著分化，收益率曲线陡峭化趋势明显：超长端利率债因通胀预期而调整，10年以内利率债则震荡下行；同时，中短端信用债因资产荒逻辑而备受追捧，信用利差进一步压缩。　　报告期组合维持了中性偏高的杠杆水平，中性久期水平，积极参与了利率债的波段交易。","lastUpdated":"2026-04-22T15:36:13.141Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1482319","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2cd","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000007716,"sao":"宏观经济方面，2025年第四季度国内经济整体呈现“温和复苏、结构分化”的特征，全年GDP增长目标（约5%）大概率实现，但四季度单季增速有所放缓。其中工业生产保持韧性：1-11月规模以上工业企业工业增加值同比增长约6%，高技术制造业表现亮眼，增加值同比增长9.2%，新质生产力相关产业保持高速增长。消费市场温和复苏：1-11月社会消费品零售总额同比增长约4%，服务消费表现优于商品消费，服务零售额同比增长5.4%。以旧换新政策带动家电、汽车等消费升级类商品增长，但居民消费信心修复仍需时间。投资结构持续优化：1-11月固定资产投资同比下降2.6%，其中房地产投资降幅较大，但制造业投资仍保持同比正增长，投资结构向高端化、智能化转型趋势明显。物价水平温和回升：11月CPI同比涨幅扩大至0.7%，PPI同比降幅收窄至-2.2%。　　债券市场方面，在经历三季度单边上行后，债券收益率呈现“弱修复震荡”的走势。10月末央行宣布恢复国债买卖操作一度提振市场信心，收益率迎来较大幅度下行。权益及大宗商品上涨带来风险偏好扰动，债券基金（尤其是中长期利率债基）遭遇大规模赎回压力，债券收益率尤其是30年国债呈现宽幅震荡，整体先下后上的走势。货币政策方面继续维持适度宽松，央行通过买断式逆回购、MLF、国债买卖等工具维持流动性合理充裕，以2年国债收益率为代表的短端收益率四季度下行超10bp，整体曲线呈熊陡走势。　　信用债方面，进入四季度信用债情绪有所修复，信用利差有不同程度压缩，普信债表现优于二永债。　　报告期，组合降低了杠杆和久期，并择机参与了波段交易。","lastUpdated":"2026-03-09T13:28:28.836Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451931","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2cc","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000007716,"sao":"三季度经济走势相对平稳，关税扰动放缓，但国内宏观指标边际走弱，其中高新技术发展较快，推动经济高质量发展，但内需偏弱格局延续。PMI处于收缩区间，通胀指标表现低迷，实体部门信贷数据表现较弱，消费与投资增速进一步放缓，整体反映了国内有效需求不足的问题仍较为严重。但另一方面，上半年经济增速5.3%，从全年经济目标来看完成度较好，市场对财政和货币政策加码的预期有所降低。　　三季度债市在多重利空影响下遭遇较大调整，反内卷政策引发通胀预期升温，权益市场大幅走强并屡创新高，股债跷跷板逻辑下债市情绪受到压制，叠加上半年经济数据较好，市场对货币政策宽松预期降温；监管态度方面，国债、地方债和金融债利息收入恢复征收增值税，以及公募基金销售费用管理规定征求意见稿增加了债券基金的短期交易成本，均表明了监管态度边际收紧，多重利空共振作用下导致债基整体呈现净赎回，共同推动了债券收益率快速上行。另一方面，央行持续呵护资金面均衡宽松，三季度以来7-9 月 DR001 的均值分别为 1.39%，1.35%，1.39%，DR007 的均值分别为 1.52%，1.48%，1.50%，资金市场整体表现为供给较为充足，资金价格较二季度持续回落。宽松的资金面下短端收益率较为平稳，三季度债市最终走出熊陡格局。1年国债收益率在1.35%-1.4%窄幅波动，10年国债活跃券收益率从1.65%上行至1.80%，最高点到1.83%。信用债利差方面，也伴随市场调整整体走扩。　　报告期组合整体方向为降仓，维持杠杆水平中性，降低了组合久期水平。","lastUpdated":"2026-03-09T13:28:28.834Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"stockCode":"db20773618","stockType":"fund_manager","exchange":"fm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收益率急速上行，10年国债收益率一度上行至2.25%附近。随后股市回调降温，债券收益率呈现震荡走势，后市场机构配置“抢跑”情绪发酵，推动十年期国债收益率下至1.7%。　　回顾2024年，全年组合维持了相对较高的久期水平，上半年在流动性较为充裕的环境下，组合也采取了较高的杠杆水平，三季度组合降低杠杆水平，并在四季度再度提高仓位。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.826Z","mo":"2025年，债市或面临“经济弱修复+资产荒持续+政策宽松受限”的复杂环境。利率债方面，预计在稳增长政策扰动和基本面偏弱现实的影响下，债市呈现区间震荡下行的局面，但长端利率对降息交易较充分，2025年收益率下行空间或有所收窄，策略上更关注波段交易带来的机会。随着收益率大幅下行，信用债票息策略优势降低，需关注无风险利率调整、机构行为和申赎变化带来的信用利差交易机会。","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250418","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2c8","date":"2024-09-29T16:00:00.000Z","stockId":3000000007716,"sao":"三季度债券收益率呈“V型”走势，且表现出“慢牛快熊”特征，监管调控力度为交易主线。基本面来看，经济延续弱修复态势，CPI同比温和回升，食品项为主要推动力量，结构上外需、制造业投资和基建投资保持韧性，但消费、地产投资等延续弱势。政策方面，货币政策支持性立场不变，央行于7月、9月两次降息，7天逆回购利率下调至1.50%，同时9月降准50bp，释放长期资金约1万亿元。地产方面，一系列政策密集出台，9月24日国新办会议提出下调存量房贷利率，预计平均降幅约为0.5个百分点，同时二套房首付比例最低下调至15%，\"金融16条\"与经营性物业贷款政策延期两年，保障房再贷款政策央行资金支持比例提升至100%等。除此之外，央行新设两个结构性工具支持股票市场，包括证券、基金、保险公司互换便利和股票回购、增持再贷款。财政政策方面，今年以来财政发力谨慎克制，尽管三季度政府债发行明显提速，但广义财政支出明显慢于往年。9月26日政治局会议召开，时点及表述均超出市场预期，释放出极强的稳增长信号，会议提出“加大财政货币政策逆周期调节力度”，未来增量政策推出预期明显升温。市场方面，央行买卖国债及监管对长期国债的指导使得市场在7月及8月上旬出现短暂调整，但基本面偏弱叠加宽松货币政策的支持下债券收益率在9月中旬前整体震荡下行，10年、30年国债利率持续刷新前低，9月下旬政策组合拳落地，市场风险偏好反转，债券收益率快速上行，机构赎回影响下信用利差大幅走阔。全季度来看，10年国债利率下行约5bp，5年期国债下行约13bp，一年期存单利率下行约4bp，整体曲线呈现出陡峭化下行。　　组合在三季度维持中性杠杆策略，久期策略以更为灵活的仓位参与长久期的波段交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.823Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178845","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2c7","date":"2024-06-29T16:00:00.000Z","stockId":3000000007716,"sao":"今年一季度经济基本面呈现弱修复特征，经济结构冷热不均。外需修复带动出口表现亮眼，设备更新等拉动制造业投资继续反弹；消费增长相对缓慢，居民消费信心与能力仍未得到明显改善；相对较弱的主要是地产板块，新开工面积与销售面积同比降幅扩大。二季度经济弱修复态势延续，通胀同比温和回升，结构上依旧体现出外需偏强，内需偏弱的特征。政策面更多聚焦“稳经济，化风险”，出台设备更新和消费升级政策拉动总需求，同时通过财政手段如发行超长期特别国债和房地产政策来稳定房地产市场。上半年受益于货币政策宽松，债券收益率整体呈陡峭下行。　　组合在上半年维持中性杠杆策略，久期策略以更为灵活的仓位参与长久期的波段交易。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.821Z","mo":"展望后市，经济内生动能偏弱、有效需求不足的现状短期内没有改变，央行货币政策“支持性”定位暂难以改变，同时央行也在积极调整货币政策框架，包括将在二级市场买卖国债操作纳入货币政策工具箱。下半年美国大选临近，外部不确定性增加，二十届三中全会提出“坚定不移实现全年经济社会发展目标”，料后续稳增长政策将持续发力。美国经济近期出现放缓迹象，9月降息概率提升，汇率压力如有阶段性缓解，国内货币政策或将有较大操作空间。","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150876","linkType":"P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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":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债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=863540","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2c0","date":"2022-09-29T16:00:00.000Z","stockId":3000000007716,"sao":"三季度债券市场走出V型走势，10年国债振幅较上半年走阔，最低到2.58%最高到达2.84%。三季度影响债市的事件较多，7月初房地产风波叠加疫情对国内经济基本面造成的负面影响，央行和财政投放的双重呵护下资金面超预期宽松，隔夜利率水平大幅低于公开市场操作利率，债券利率进入下行通道；7月底政治局会议对经济增长目标弱化，且增量政策不及预期，使得债券市场延续牛市情绪。8月15日央行通过公开市场超预期降息，7天逆回购利率和1年期MLF利率均下调了10bp，将债市情绪推向最热阶段，10年国债利率向下最低突破2.60%至2.58%。8月中下旬到9月底，债券市场整体震荡调整，一方面逆周期政策落地效果明显，新增两批政策性金融工具落地较快对信贷增速形成支撑，单月基建投资增速也突破两位数，对经济形成托底；另一方面，支持地产行业的政策密集出台，地产销售高频数据在9月底出现企稳反弹的迹象。海外方面，通胀情况严峻，加息节奏加快，人民币兑美元汇率承压一度突破7.2的重要关口，对国内货币政策的宽松预期或形成一定制约。资金利率在9月出现边际收紧，加权水平走高20bp左右。在上述因素影响下，债券市场在8月下旬到9月下旬震荡调整，并于9月下旬，在汇率破位、高频数据改善等因素影响下快速调整10-15bp，大部分期限利率水平回到降息前。  本基金在三季度上旬整体维持了相对较高的杠杆和久期水平，以活跃利率债作为交易标的，积极参与波段交易，并在降息后逐步获利了结，逐步降低组合久期到中性水平。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.803Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801323","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2bf","date":"2022-06-29T16:00:00.000Z","stockId":3000000007716,"sao":"回顾上半年，全球资本市场在中美经济周期错位、美联储加息、俄乌战争等事件影响下经历了巨大的波动。国内来看，1月公布的去年四季度GDP同比增长4%，需求端地产与消费尚未企稳，房地产的相关核心指标销售、投资、价格等均在下滑。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，疫情冲击下3月PMI又回落至荣枯线下方。2季度上海疫情加剧并向全国扩散，导致多地区生产、消费受阻，供应链局部出现断裂；叠加地产投资加速下滑，经济下行压力在2季度显著加剧，从金融数据来看，宽信用进程也受到疫情打断，社融增速4月出现严重回落，虽然政策力度不断加码，但社融、信贷结构较差，短贷和票据融资占比提升，中长期贷款余额增速持续走低，反映了2季度实体有效需求不足的问题仍较为严重。货币政策方面，1月17号央行公布下调MLF利率10bp至2.85%，之后并没有进一步降息动作，4月下旬降准25bp,虽略不及预期，但受央行利润上缴的影响，2季度银行间资金利率整体维持低位，4月中旬到6月底前隔夜利率水平在1.3-1.5%震荡。海外方面，上半年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。美联储正式开启加息缩表周期，美国通胀仍没有拐头向下趋势，全球资本市场开启衰退交易。  上半年债券市场整体震荡运行，10年国债在2.65%-2.85%区间震荡。市场主线在宽货币和稳增长之间不断切换。一方面市场交易货币宽松资金利率较低，杠杆增厚效应较明确；另一方面，国内随着疫情得以较好的控制，经济逐步走出疫情后修复态势，货币政策宽松的可持续性存疑。短端整体受益于资金宽松，整体震荡下行，收益率曲线呈现陡峭化走势。  本基金在上半年采取了相对灵活的杠杆和久期，在一季度整体组合杠杆久期相对较低，二季度维持了较高的杠杆水平和中性久期敞口，并在季末逐步降低杠杆水平。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.800Z","mo":"展望三季度，从经济基本面来看，2022二季度GDP同比增长0.4%。二季度在多地疫情影响较重，海外通胀高企的情况下实现正增长。下半年经济大概率将反弹。基建和出口下半年预计仍将是主要拉动项，而居民部门6月已出现较为显著的改善，如失业率已降至5.5%，消费整体回升也超市场预期。目前比较不确定的是地产投资，近期地产领域出现一些风险事件，可能会减缓地产投资复苏的进程，这也是决定3季度经济恢复斜率的主要因素。货币政策来看，央行7月13日金融数据发布会表示，当前DR007维持1.6%附近，低于政策利率，表明流动性较合理充裕略微偏多，以巩固经济复苏。我们认为后续继续降准降息可能性不大，但央行三季度整体还是会维持偏宽松的货币政策，以减小经济恢复过程中各种不确定因素的影响。在宽货币与宽信用并举下，债券收益率有望继续维持区间震荡行情。","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","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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。  组合操作方面，组合采取中性杠杆和久期策略，投资利率债和高等级优质信用债，并根据市场环境进行波段交易。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.793Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华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=651672","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2bb","date":"2021-06-29T16:00:00.000Z","stockId":3000000007716,"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":"2026-03-09T13:28:28.790Z","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":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华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=629844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecafc7fea5b3eb04ad2ba","stockId":3000000007716,"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，资金面整体较为平稳，债券呈现震荡局面。  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":"2026-03-09T13:28:28.787Z","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实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的政策工具，以实现政策对中小企业的支持和金融向实体经济让利的目的；财政政策方面加大力度，甚至一度引起财政货币化的激烈争论，但是总体还是保持相对克制，主要包括地方债额度再度提前下达，另外两会也提出1万亿抗疫特别国债，提高赤字率至3.6%以上等举措。在宽松的融资环境和对冲性政策下，政府、企业、居民部门杠杆率均有所上升，特别是在鼓励信贷和信用债发行下，企业部门杠杆率上升最为明显，一季度上升近10%至161%，居民和政府部门杠杆率上升2个百分点左右。二季度专项债加快发行，特别国债启动，政府杠杆率进一步抬升。  债券市场表现来看，1月底至4月中，疫情在海内外迅速扩散，从供给、需求和金融等多个角度重挫全球经济，推动全球货币政策放松，国内债市上演“牛陡”行情，短端利率下行至接近2008年的水平。4 月中以来，国内疫情继续好转，欧美等国疫情也见顶回落，海外经济也渐进重启，经济与债市都开始向常态回归，国内债市上演“熊平”行情。  报告期内本基金继续本着稳健投资原则，在风险和收益之间进行平衡。保持整体组合相对较低久期，但仍然因为收益率曲线的熊平给组合带来的负面冲击。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:28.779Z","mo":"下半年展望来看，我们认为新冠疫情之后的经济仍在修复向上的过程中。全球主要经济体，不论是积极防控还是重视复工，对于应对疫情方面都已经积累了一定的经验和对策，人类对与疫情的恐惧和无措逐渐减弱。经济本身短期来看还很难恢复到疫情前的高效运转，这也使得全球的需求和供给都很难大幅修复，但逐渐回归正常运转的趋势将继续延续。中国作为防控最为高效、大数据辅助疫情防控最为得力的经济体，修复趋势可能更为确定。  目前国内经济仍具备弹性，居民储蓄率仍高且储蓄增速在2018年后明显回升，使得未来经济的修复并非只有政府加杠杆一种模式，温和的居民和企业部门杠杆率提升，能够帮助一定程度上恢复经济的运转。疫情背景下，各国控制不力引发经济风险大幅增加，货币政策用到极致，而国内受益于疫情控制得当，货币和财政政策均有抵御进一步风险的空间。短期来看货币进一步放松的空间不大，但快速转向收紧的概率可能更低，更有可能维持一个相对宽松的流动性环境，逐步根据经济恢复的确定性提升而适当退出。这使得风险偏好还将保持高位，整体估值水平维持偏高。债券市场二季度经历了V型反转，收益率快速下行后以更快的速度反弹，下半年经济继续修复以及风险偏好的波动可能会对债券继续构成不利的扰动，但当前的收益率水平从中长期看已经开始具备一定的配置价值，未来若继续调整可能会带来不错的配置机会。","fund":{"_id":3000000007716,"__csrcFundId":6826,"stockCode":"007716","shortName":"嘉实致华纯债债券(007716)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7716,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:52:38.154Z","status":"normal","inceptionDate":"2019-11-06T16:00:00.000Z","name":"嘉实致华纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050080000,"currency":"CNY","masterFundShortName":"嘉实致华纯债债券","pinyin":"jszhczzqxzqtzjj","managers":[{"stockCode":"db20773086","stockType":"fund_manager","exchange":"fm","tickerId":231217208410,"name":"王立芹"},{"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":"嘉实致华纯债债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464591","linkType":"PDF","source":"csrc_pdf"}}]}