window.pageData = {"stock":{"_id":3000000008363,"stockCode":"008363","shortName":"广发民丰一年定期开放债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50300000","tickerId":50300000,"name":"广发基金管理有限公司"},"managers":[{"name":"高翔","stockType":"fund_manager","stockCode":"db20579474","exchange":"fm","tickerId":724187780},{"name":"古渥","stockType":"fund_manager","stockCode":"j101019859","exchange":"fm","tickerId":723240390}],"hotMetrics":{"fss":{"stockId":3000000008363,"type":"fss","f_s_s_d":"2023-12-30T16:00:00.000Z","f_ins_h_s_r":1,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":0,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":251,"f_h_s_a":1934416,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000008363,"type":"fpr","f_p_r_fys_ssc":7435,"f_p_r_fys_ssrp":0.10882432068872747,"f_p_r_m1_ssc":7657,"f_p_r_m1_ssrp":0.08529258098223616,"f_p_r_m3_ssc":7557,"f_p_r_m3_ssrp":0.12744838538909475,"f_p_r_m6_ssc":7434,"f_p_r_m6_ssrp":0.1091080317503027,"f_p_r_y1_ssc":6974,"f_p_r_y1_ssrp":0.1799799225584397,"f_p_r_y2_ssc":6058,"f_p_r_y2_ssrp":0.4277695228661053,"f_p_r_y3_ssc":4993,"f_p_r_y3_ssrp":0.5406650641025641,"f_cagr_p_r_fs_ssc":7207,"f_cagr_p_r_fs_ssrp":0.6691645850679989,"f_p_r_y5_ssc":3437,"f_p_r_y5_ssrp":0.6071012805587893},"fp":{"stockId":3000000008363,"type":"fp","f_p_r_fys":0.024549801490690415,"f_p_r_m1":0.0030529840456960944,"f_p_r_m3":0.014316461899060773,"f_p_r_m6":0.024549801490690415,"f_p_r_y1":0.029902792651198773,"f_p_r_d1":-0.0018994301709486239,"f_p_r_y2":0.051104811493793756,"f_p_r_y3":0.08542033255144554,"last_data_date":"2026-07-02T16:00:00.000Z","f_p_r_y5":0.14915212153515545,"f_i_d":"2020-08-06T16:00:00.000Z"},"ff":{"stockId":3000000008363,"type":"ff","f_m_f":1534737,"f_m_f_r":0.003,"f_c_f":255789,"f_c_f_r":0.0005,"f_m_a_c_f":1790526,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2025-03-05T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2026-06-04T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000008363,"type":"f_nlacan","f_nv_d":"2026-07-02T16:00:00.000Z","f_nv":1.0185,"f_nv_cr":-0.0001963286541669662},"f_as":{"stockId":3000000008363,"type":"f_as","f_tas":413700921.606,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8f9c41398d7984300133a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008363,"stockCode":"102483895IB","stockName":"24济南轨交MTN002","holdings":200000,"marketCap":20627249,"netValueRatio":0.0498,"lastUpdated":"2026-04-22T16:39:32.560Z"},{"_id":"69e8f9c41398d7984300133b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008363,"stockCode":"102482985IB","stockName":"24青岛地铁MTN001A","holdings":200000,"marketCap":20620926,"netValueRatio":0.0498,"lastUpdated":"2026-04-22T16:39:32.564Z"},{"_id":"69e8f9c41398d7984300133c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008363,"stockCode":"241062","stockName":"24鲁信02","holdings":200000,"marketCap":20620206,"netValueRatio":0.0498,"lastUpdated":"2026-04-22T16:39:32.567Z"},{"_id":"69e8f9c41398d7984300133d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008363,"stockCode":"102483749IB","stockName":"24合建投MTN004","holdings":200000,"marketCap":20500235,"netValueRatio":0.0495,"lastUpdated":"2026-04-22T16:39:32.570Z"},{"_id":"69e8f9c41398d7984300133e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008363,"stockCode":"102581999IB","stockName":"25相城市政MTN002","holdings":200000,"marketCap":20484418,"netValueRatio":0.0495,"lastUpdated":"2026-04-22T16:39:32.574Z"}]},"list":[{"_id":"69e8eb011398d79843fe8dbd","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000008363,"sao":"2026年一季度，债券收益率整体震荡下行，收益率曲线继续走陡。具体来看，债市2025年年末以来的调整延续至2026年1月上旬，随着权益市场降温、年初配置盘力量增强和政府债供给压力缓解，债券收益率持续下行至2月下旬，收益率曲线走平。进入3月，受经济数据整体超预期，以及美以伊冲突引发海外类滞胀风险的影响，长久期利率债面临一定抛压，短端则受益于资金面宽松，收益率窄幅震荡，收益率曲线明显走陡。整体来看，一季度中短端表现良好，但超长期限利率债继续承压，曲线进一步陡峭化。报告期内，本产品密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望2026年二季度，预计债券市场的主线在于基本面、政策以及海外地缘冲突等。随着物价回升和经济内生动能改善，需关注名义增长回升的态势。二季度财政政策预计将继续发力，新型政策性金融工具也将逐步落地，密切关注企业部门信贷投放、地方债发行节奏等。美以伊冲突仍存在较大不确定性，以及其对外需、通胀以及资金风险偏好的影响有待持续观察。总体来看，二季度债市继续下行的动力有限，可能延续震荡态势。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面的变化，做好套息操作，优化持仓结构，力争为投资人带来理想的回报。","lastUpdated":"2026-04-22T15:36:33.362Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1470852","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7b127ecbd37c10afbce6","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000008363,"sao":"2025年，债券市场结束了长达四年的收益率下行趋势，整体先上行后震荡，全年可大致分为四个阶段：1月至3月中旬，央行货币政策宽松节奏出现变化，资金面明显收紧，降息预期节奏有所修正，债券市场调整幅度较大，各期限收益率先后上行。3月下旬至6月底，中美贸易摩擦加剧，央行呵护流动性，债券市场逐步修复，超长端收益率接近年初低点，而中短端收益率较年初低点仍有一定距离，曲线平坦化。三季度随着反内卷政策逐步显效，股债跷跷板效应显现，收益率快速上行。四季度，经济基本面数据变化，银行久期风险指标面临压力以及超长债供需关系恶化，收益率区间震荡，中短端利率有所下行，但超长端利率进一步上行，曲线陡峭化。报告期内，本组合密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值较为平稳增长。","lastUpdated":"2026-03-30T13:30:58.539Z","mo":"展望2026年，AI资本开支的确定性降低，海外货币宽松步入后半程。在此背景下，外需动能将主要取决于两方面因素：一是海外财政宽松的力度，二是贸易摩擦及地缘政治等不确定性因素能否实质性缓解。国内方面，物价回升正在逐步确认，但主要由供给侧推动，循环是否顺畅还有待观察；财政保持必要力度下信用周期稳中略降、流动性保持宽松。以上多空因素交织下，预计2026年债市从2025年的震荡走弱转为区间震荡。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，继续进行适度套息操作，增强操作的灵活性，同时做好持仓券种梳理，优化持仓结构，力争为投资人带来较好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449073","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8608","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008363,"sao":"2025年三季度，债券收益率整体上行，收益率曲线明显走陡。具体来看，7月至8月，随着反内卷政策逐步显效，市场对物价回升的预期有所强化，叠加权益市场持续上涨，资金风险偏好持续走强，股债跷跷板效应显现，债券收益率陡峭化上行，其中10年期国开债和30年期国债利率上行幅度最大。9月，市场对央行货币宽松预期升温，中短端利率有所企稳，但长端和超长端利率债仍有波动。整体而言，三季度债券收益率呈现曲线陡峭化上行特征，债市表现较为弱势。报告期内，本产品密切跟踪市场动向，主要持仓利率债，灵活调整持仓券种结构、组合杠杆和久期分布，净值较为平稳。展望四季度，预计债券市场的主线在于资金风险偏好和流动性等。二季度以来，股市的持续强势对债市形成一定压力，若后续股市上涨趋势变化，资金风险偏好可能降低，对债市的压力逐渐减弱。进入四季度之后，宏观经济增长可能较上半年有所减缓，货币宽松政策有落地的可能。总体来看，四季度债市收益率继续明显调整的风险不大。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，继续进行适度套息操作，增强操作的灵活性，同时做好持仓券种梳理，优化持仓结构，力争为投资人带来较好的回报。","lastUpdated":"2026-03-09T13:31:01.698Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372894","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8607","date":"2025-06-29T16:00:00.000Z","stockId":3000000008363,"sao":"2025年上半年，债券市场波动加大，收益率整体先上后下，大致可分为两个阶段：1月至3月中旬，央行货币政策宽松节奏出现变化，资金面明显收紧，降息预期节奏有所修正，债券市场调整幅度较大，各期限收益率先后上行。3月下旬至6月底，中美贸易摩擦加剧，央行呵护流动性，债券市场逐步修复，超长端收益率接近年初低点，而中短端收益率较年初低点仍有一定距离，曲线平坦化。报告期内，本产品主要持仓利率债，密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值出现一定波动。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.695Z","mo":"展望下半年，预计债券市场的主线在于资金面、物价和基本面修复情况。二季度以来，除了外部形势变化扰动市场预期外，基本面内生动能承压、物价水平仍待进一步合理回升、央行呵护市场流动性等也是驱动利率逐步下行的重要因素。在增量财政政策出台前，利率下行趋势仍有一定延续性，但需要关注“反内卷”对物价的影响，以及权益市场持续好转带来的资金风险偏好变化。考虑到当前债券市场交易拥挤度较高，波动预计将有所加大。未来本产品将持续跟踪经济基本面、货币政策等方面的边际变化，继续进行适度套息操作，增强操作的灵活性，更加注重收益和波动的平衡，同时注意做好持仓券种梳理，优化持仓结构，力争为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1342807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8606","date":"2025-03-30T16:00:00.000Z","stockId":3000000008363,"sao":"2025年一季度，债券收益率整体上行。具体来看，1月，央行货币政策宽松节奏变化，资金面明显收紧，中短端利率大幅上行，长端利率小幅下行。2月至3月中旬，资金面超预期持续偏紧，经济及金融数据好于预期，市场修正降准降息预期节奏，长端利率也出现较大幅度的上行，债券收益率全面上行。3月下旬，央行开始呵护流动性，收益率有所回落。全季来看，债市调整幅度较大，收益率曲线平坦化上行。 报告期内，本产品主要持有利率债，净值存在一定波动。 展望二季度，预计债券市场的主线在于基本面和资金面变化。一季度末，流动性紧张情绪有所缓和，但资金价格中枢仍明显高于政策利率，需关注后续央行货币政策操作和资金价格中枢的走向。受美国关税政策的影响，二季度将密切关注经济基本面尤其是出口部门的变化，有增长压力加大的可能。整体来看，债券市场预计整体偏震荡，后续方向有待资金面偏紧的格局出现变化。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，灵活适度地采取套息操作，同时注意做好持仓券种梳理，优化持仓结构，力争为投资人带来更好的回报。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.692Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265912","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8605","date":"2024-12-30T16:00:00.000Z","stockId":3000000008363,"sao":"2024年，债券收益率整体震荡下行，下行的幅度较2023年有所扩大，10年国债收益率下行近90bp。具体来看，一季度资金面偏宽松，债券收益率有所下行，超长利率债表现抢眼。二季度，存款手工补息调控落地，存款存在“搬家”现象，非银机构配置需求明显上升，推动债券收益率再度下行。三季度，多项政策利率下调，债市收益率一度大幅下行。9月下旬，多项稳增长政策落地，市场风险偏好明显提升，债券收益率转为快速上行。四季度，地方债发行情况好于预期，货币政策宽松预期再度升温，年末债券收益率再度快速下行。报告期内，本产品以净值平稳增长为目标，以适度杠杆和中性久期为全年基本策略，以利率债为主要持仓品种。本产品密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.690Z","mo":"展望2025年，财政政策转向后，宏观经济的系统性风险降低，但物价和经济弹性的修复仍然需要时间，货币政策整体维持“适度宽松”的基调。债券市场主线或聚焦于债市供求关系的变化、宽信用情况以及全年资金价格水平等。当前债券票息绝对水平较低，套息空间有限，整体投资操作难度加大。债券存在潜在供给冲击，预计债市将会面临一定调整的压力。在适度宽松的货币政策基调下，债市大幅调整的风险或许较低。未来本产品将持续跟踪经济基本面、货币政策、债券供给等多方面的边际变化，增强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，灵活参与市场波段机会，严控风险，力争为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250724","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8604","date":"2024-09-29T16:00:00.000Z","stockId":3000000008363,"sao":"2024年三季度，债券收益率延续二季度走势，整体继续震荡下行。具体来看，7月初，市场对国债交易结构有所担忧，债券市场一度出现明显调整，但随后政策刺激担忧打消、央行货币政策超预期宽松等因素主导了债券市场，收益率持续震荡下行，关键期限利率创下新低。9月末，宽松货币政策组合落地，对股市有定向支持，资金风险偏好情绪点燃，股市大幅上涨，而债市一致性预期过强，反而出现利好兑现大幅调整。全季来看，债券市场震荡下行，走势出现较明显波折。报告期内，组合主要持有了利率债，密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望四季度，预计债券市场的主线在于基本面修复情况和宏观政策的落地实施。9月底以来，宏观政策着手提振经济信心，货币和财政政策力度均较大，经济基本面修复预期出现边际变化，资金风险偏好有所波动，债券收益率下行基础逐步动摇，延续了近一年的收益率下行趋势面临结束的可能。本组合将持续跟踪经济基本面、货币政策以及宏观政策等方面的变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.687Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8603","date":"2024-06-29T16:00:00.000Z","stockId":3000000008363,"sao":"2024年二季度，债市收益率整体震荡下行。具体来看，4月，存款“手工补息”被规范，大量资金由银行转移至非银机构，非银机构配置力量强劲，债市收益率延续一季度下行态势；但月末央行指导长端利率，收益率一度快速上行。5月，基本面数据对市场造成一定扰动，房地产政策加码宽松，超长期特别国债发行计划落地，债市窄幅震荡。6月，经济和金融数据表现反映融资需求有待提升，市场对货币政策宽松预期再起，多个关键期限利率创下新低。全季来看，债市偏强格局延续，但相比一季度有所弱化，长端信用债和中短端利率债表现最好。报告期内，组合主要持有了利率债，密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望三季度，预计债券市场的主线在于基本面修复情况和资金面政策导向。制造业周期有望延续上行趋势，但外需对内需的传导效果有待观察。财政政策或将成为内需的关键变量，预计三季度政府债券发行会有所加快，但财政政策对总需求的支撑力度预计有限。政府债券发行加快、人民币汇率压力等因素或将对资金面产生一定压力；但考虑到物价偏低，货币政策预计会维持支持性的基调，资金面偏宽松的格局可能不会有明显变化。整体来看，三季度债市面临的扰动因素有所增多，考虑到市场一致性预期较强，交易偏拥挤，债市波动预计会有所加大，但债券市场震荡偏强的格局难以发生根本性改变。本组合将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，力争为投资人带来更好的回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.683Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8602","date":"2024-03-30T16:00:00.000Z","stockId":3000000008363,"sao":"2024年一季度，债市收益率先大幅下行，随后转为窄幅震荡。具体来看，1月至2月，债市收益率延续2023年底以来的趋势，持续下行，长端收益率创下历史新低。此外，年初权益市场一度大幅调整，央行降准50BP、五年期LPR降息25BP，资金面平稳偏宽松，避险情绪和债券贷款比价效应促使资金大量涌入债市。进入3月，债市止盈情绪较为强烈，收益率进入窄幅震荡格局。全季来看，债市较为强势，超长端和长端的利率债表现最好。报告期内，本产品持仓以利率债为主，密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望二季度，预计债市主线在于财政政策节奏和基本面恢复情况。基本面或将延续修复态势，若财政节奏加快，则微观数据与宏观数据预计会走向收敛，基本面对债市的影响预计也会显性化。但我国房地产市场正在从过去的高速发展转向平稳发展，在一定程度上制约了基本面向上的弹性，利率上行空间较为有限，债市预计整体呈现震荡格局。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，努力为投资人带来理想回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.681Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065262","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8601","date":"2023-12-30T16:00:00.000Z","stockId":3000000008363,"sao":"2023年，债券收益率整体震荡下行，信用利差和期限利差均明显压缩，全年可大致分为四个阶段：1月至3月，随着市场对未来基本面复苏的预期升温，利率债收益率窄幅震荡上行，信用债收益率则明显下行，信用利差大幅压缩；3月至8月，伴随经济温和复苏、财政政策收敛和货币政策释放宽松信号，债券收益率明显下行；8月下旬至10月末，一线城市地产政策逐步放松，财政政策发力，同时货币政策重心转向稳汇率、防资金空转，收益率震荡上行，中短端收益率上行幅度较大，期限利差出现明显压缩；10月末到12月，经济恢复斜率放缓，权益市场下跌，风险偏好低迷，收益率再度下行。报告期内，本组合以净值平稳增长为目标，以适度杠杆和中性久期为全年基本策略，以利率债为持仓主体，密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，组合净值平稳增长。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.678Z","mo":"展望2024年，地产政策在需求端逐步放开限制后，对经济拖累有所弱化，同时财政政策持续发力支持稳增长。外需出现企稳迹象，出口与制造业部门有望回暖。但我国房地产市场正在从过去的高速发展转向平稳发展，财政政策节奏有待观察，经济复苏力度需客观看待。综合以上因素，收益率绝对水平处于较低位置，期限利差亦处于低位，继续明显下行动力可能不足，预计债券市场整体处于震荡格局，需要密切关注资金面的波动情况。未来本产品将持续跟踪经济基本面、货币政策等方面的边际变化，继续进行适度套息操作，增强操作的灵活性，更加注重收益和波动的平衡，注意做好持仓券种梳理，优化持仓结构，严控风险，争取抓住市场机会，力争为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1051896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b8600","date":"2023-09-29T16:00:00.000Z","stockId":3000000008363,"sao":"本季度，债市收益率先下后上，整体呈震荡走势。7月至8月中上旬，宏观需求不足，经济基本面承受一定压力，流动性偏宽松，收益率震荡下行。金融数据亦反映出信贷走弱，央行8月超预期降息，带动了债市收益率的明显下行。在降息之后，稳增长政策开始逐步加快落地，包括房地产行业认房认贷政策放松、政府债券加快发行等，基本面预期有所变化，收益率下行的基础开始动摇，资金利率中枢反而出现上行，债市情绪波动较大，收益率承压上行。全季来看，债市表现先强后弱，收益率区间震荡。报告期内，本组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，地产政策、通胀预期等因素可能对债市形成扰动，但出口受海外需求回落承压，信用周期扩张可能力度不足，国内外经济形势仍较为复杂。在连续两次降息之后，人民币汇率波动幅度加大，进一步降息的难度也随之增大。整体来看，边际变化因素对债市略偏不利，预计呈现震荡格局。本组合将持续跟踪经济基本面、货币政策以及监管政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.675Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85ff","date":"2023-06-29T16:00:00.000Z","stockId":3000000008363,"sao":"上半年，债券市场收益率整体震荡下行，长端利率达到了2022年低点附近，收益率曲线先平坦化后陡峭化。具体来看，1月至2月，受积压需求集中释放、信贷投放靠前发力等因素影响，基本面数据出现改善，对利率债形成一定压力；3月之后，经济刺激政策预期落空，叠加积压需求基本释放完毕，宏观经济逐步进入主动去库存阶段，经济下行压力加大，央行货币政策也再度宽松，收益率明显下行，直至6月央行超预期降息，收益率下行至年内低点。报告期内，本产品以净值平稳增长为目标，以适度杠杆和中性久期为基本策略，主要持有利率债，密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.673Z","mo":"展望下半年，债券市场的主线预计取决于基本面修复情况与稳增长政策落地情况。基本面方面，地产下行或仍对基本面造成一定拖累，外需下滑压力仍存，关键需求尚未出现明显修复的迹象，有待继续观察。政策方面，7月政治局会议释放较为积极的稳增长信号，需要关注后续政策的实际落地情况，可能对基本面预期产生较大影响。债市经历上半年的收益率下行之后，息差、信用利差等方面均明显弱化，交易结构呈现一定程度的拥挤化特征。综合以上因素，预计下半年债券市场机会较上半年或有所减少。未来本产品将持续跟踪经济基本面、货币政策等方面的边际变化，继续进行适度套息操作，增强操作的灵活性，注重收益和波动的平衡，同时注意做好持仓券种梳理，优化持仓结构，严控风险，为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=954989","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85fe","date":"2023-03-30T16:00:00.000Z","stockId":3000000008363,"sao":"2023年一季度，债市收益率走势分化，利率债收益率震荡上行，信用债收益率震荡下行。1月至2月，年初银行信贷投放动力较强，消费需求集中释放，同时资金面呈现偏紧态势、存单提价，利率债收益率震荡上行。但与此同时，信用债收益率整体震荡下行，特别是中低等级信用债，信用利差大幅压缩，主要原因在于理财规模逐步企稳，混合估值理财和债基建仓，导致信用债配置力量强劲。进入3月，央行超预期降准，基本面和资金面转为利好债市，收益率小幅下行。全季来看，利率债收益率震荡上行，信用债收益率震荡下行，中低等级信用利差大幅压缩，信用债表现好于利率债。报告期内，本产品密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，国内基本面的渐进修复仍在持续，力度和节奏趋缓，央行超预期降准标志着货币政策整体稳健，流动性处于合理充裕水平。债券市场预计是震荡的格局，需要密切关注资金面的波动情况。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面的变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.670Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85fd","date":"2022-12-30T16:00:00.000Z","stockId":3000000008363,"sao":"2022年，债券收益率先震荡下行后快速上行，大致可以分为三个阶段：1月至3月，稳增长政策靠前发力，叠加美联储加息落地，美债利率快速上行，央行货币政策进入了观察期，市场情绪较弱，收益率在降息落地后，震荡中小幅上行；4月至10月，疫情的反复对基本面形成扰动，叠加地产风险释放，导致宽信用政策效果不明显，市场资金较为充裕，收益率整体震荡下行；11月至12月，疫情防控政策和房地产政策相继出现调整，市场对未来基本面复苏的预期明显升温，伴随着理财产品赎回压力的出现，市场情绪恶化，加剧了收益率上行速度和幅度，信用利差大幅走阔。报告期内，本组合以净值平稳增长为目标，以适度杠杆和中性久期为全年基本策略，以利率债为持仓主体，密切跟踪市场动向，在一定范围内灵活调整了持仓券种结构、组合杠杆和久期分布，净值平稳增长，在收益和净值波动中取得了较好的平衡。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.667Z","mo":"展望2023年，宏观政策预计将全面转向扩内需、稳增长、提振市场信心，基本面渐进修复的方向较为明确。但信用恢复受限于地产压力，以及海外经济减缓施压于出口，整体复苏力度可能有限。在经历了2022年年末的快速调整之后，债券收益率与政策利率的利差回归中性水平，继续大幅度上行的风险亦有限。综合以上因素，预计债券市场整体处于偏弱震荡格局，需要密切关注资金面的波动情况。未来本组合将持续跟踪经济基本面、货币政策等方面的边际变化，继续进行适度套息操作，增强操作的灵活性，更加注重收益和波动的平衡，注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，严控风险，为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864482","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85fc","date":"2022-09-29T16:00:00.000Z","stockId":3000000008363,"sao":"本季度，债市收益率整体先下后震荡，主要分为两个阶段：第一阶段为7月初至8月中下旬，地产风险释放直接影响了居民和房企对房地产市场的信心，再次冲击了6月份以来房地产市场的修复和经济的弱复苏，带动收益率下行，且7月经济数据走低触发了8月份央行的意外降息，债市情绪进一步升温，各期限利率均创下本轮利率下行周期以来的新低。第二阶段为8月下旬到9月底，随着国内稳增长政策加码、资金面收敛，以及美联储加息背景下的美债收益率大幅上行，国内债市收益率维持窄幅震荡。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，组合净值平稳增长。展望下季度，利率下行至低位后预计扰动因素会有所增多，出口下行压力将逐步显现，内需的修复依然会受到疫情和地产的约束，经济基本面整体仍有利于债券市场。从货币政策来看，在私人部门预期偏弱、经济基本面下行压力较大的背景下，尽管海外主要经济体加息进程可能对我国造成一定约束，但预计央行会坚持“以我为主”基调，资金面整体仍将保持合理充裕的局面，回购利率中枢持续低于政策利率。综合以上因素，预计四季度债券市场有望延续震荡偏强格局，需要密切关注资金面的波动情况。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面的变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.664Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85fb","date":"2022-06-29T16:00:00.000Z","stockId":3000000008363,"sao":"2022年上半年，债券市场呈窄幅震荡走势，关键期限利率分化，短端下行明显，而长端利率走平，收益率曲线明显陡峭化。具体来看，宏观政策着力于稳增长和宽信用，疫情的反复对基本面形成扰动。在海外货币政策紧缩的背景下，央行强调“以我为主”、靠前发力，1月初下调政策利率，4月至5月疫情冲击基本面，央行下调存款准备金率，并通过上缴利润、再贷款等结构性工具使得流动性维持在合理充裕并略高的水平。在资金面持续较为宽松的环境下，杠杆息差策略确定性较高，中短端利率明显下行，而稳增长预期对中长端利率有所压制。报告期内，本产品以净值平稳增长为目标，以适度杠杆和中性久期为基本策略，以利率债为持仓主体，组合密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长，在收益和净值波动中取得了较好的平衡。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.661Z","mo":"展望下半年，疫情逐步得到控制，生产和需求或将有一定回补，基本面的渐进修复仍是主基调，基建项目有望加快落地。从货币政策来看，受制于潜在通胀压力、海外货币政策紧缩节奏超预期等因素，央行进一步放松的空间有限。但从中期来看，海外经济弱化迹象愈发明显，出口回落趋势较为明确，叠加国内房地产仍处于下行周期，基本面的修复力度薄弱，货币政策也难以大幅紧缩，资金面或将维持偏宽松状态。综合以上因素，预计债券市场整体仍将处于震荡格局，需要密切关注资金面的波动情况。未来本产品将持续跟踪经济基本面、货币政策等方面变化，特别是边际变化，继续进行适度套息操作，增强操作的灵活性，更加注重收益和波动的平衡，同时注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，严控风险，力争为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780024","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85fa","date":"2022-03-30T16:00:00.000Z","stockId":3000000008363,"sao":"本季度，债市收益率先下后上。1月央行MLF和OMO降息10BP，同时关于“避免信贷塌方”、“走在市场曲线的前面”、“降准还有一定的空间”等表述激发了市场对于货币政策加码宽松的预期，收益率创下2021年下行周期以来的新低。但春节过后，债市收益率逐步缓慢上行，主要原因在于商业银行加大信贷投放力度，1月的金融数据和经济基本面表现均较好，市场对于稳增长效果有所期待，再叠加美联储加息落地，美债利率快速上行，央行货币政策进入了观察期，市场情绪较弱。全季来看，债市收益率整体先下后上，收益率曲线先走陡后走平。报告期内，本产品密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，本轮新冠疫情反复，且扩散面和持续期增加，预计将对基本面修复带来影响。同时，在1月份社融大幅放量后，信贷投放出现弱化迹象，实体融资需求依然偏弱，稳增长仍然需要政策放松保驾护航。在经历了前期的利率上行之后，债券的静态价值有所修复，拥挤交易也有所缓解，债市具备一定的参与价值。但从中期来看，随着国内稳增长措施的强化，基本面企稳修复，海外主要经济体纷纷进入货币政策收缩期，债券收益率上行，也会压制国内政策空间，给债市带来一定压力。综合以上因素，预计债券市场整体仍将处于震荡格局，需要密切关注资金面的波动情况。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，争取为投资人带来更好的回报。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.659Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85f9","date":"2021-12-30T16:00:00.000Z","stockId":3000000008363,"sao":"2021年，债券市场收益率在年初小幅上行，随即趋势性震荡下行，年末收于全年低点，全年呈现牛市行情。具体来看，本年度利率走势大致可以分为四个阶段：1月至2月，地产、股票等资产出现价格泡沫，货币政策逐步收紧，利率上行约20bp；2月底之后，尽管投资者一度担心货币持续收紧，但债券利率却悄然见顶，稳健中性的货币政策对市场形成支撑，收益率平稳下行；7月宏观经济运行压力逐步显现，央行超预期降准，利率趋势性大幅下行；10月份，因担忧货币政策可能收紧，利率出现明显波动；随后央行通过平稳的货币政策操作打消了市场担忧，加之经济下行压力明显加大，收益率重新回归下行趋势。报告期内，本产品以净值平稳增长为目标，以中性久期为全年基本策略，持仓以利率债为主。组合密切跟踪市场动向，在一定范围内灵活调整持仓券种结构和久期分布，净值取得了平稳增长，在收益和净值波动中取得了较好的平衡。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.656Z","mo":"展望2022年，基本面下行压力仍然存在，但中央经济工作会议释放强力稳增长信号，定调“以经济建设为中心”，基本面有望在政策的协同发力下逐步企稳回升。同时“房住不炒”的基调依然维持、地方政府隐性债务管控不放松，难以给予经济增长幅度过高的期待。考虑到货币政策重心转向稳增长，在基本面企稳前，货币政策可能将维持偏宽松的基调。综合来看，短期内债券市场仍将处于震荡偏强格局之中，伴随着基本面逐步企稳回升，债券市场的压力可能逐步加大。未来本产品将持续跟踪经济基本面、货币政策等方面的变化特别是边际变化，增强操作的灵活性，并更加注重收益和波动的平衡；同时注意做好持仓券种梳理，优化持仓结构，争取把握市场机会，严控风险，努力为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707539","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85f8","date":"2021-09-29T16:00:00.000Z","stockId":3000000008363,"sao":"本季度，央行进行超预期降准操作，市场反应剧烈，7月债市收益率下行超20BP。一方面，降准根本性地扭转了投资者对于货币政策紧缩的担忧，存单等短端利率的下行空间得以打开；另一方面，降准加剧了投资者对基本面下行的担忧，7月基本面的高频数据出现明显弱化。8月以来，债券市场总体再次进入窄幅震荡格局，原因在于尽管基本面走弱的趋势仍在，但财政后置、信贷政策边际调整等因素导致宽信用预期升温，此外，降准后的资金利率中枢没有出现趋势性下行，反而在局部时点出现资金面紧张的情况。全季来看，债市收益率整体下行幅度较大，收益率曲线先陡后平。报告期内，本产品密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，经济基本面走弱的压力依然存在，尤其是疫情冲击下的消费以及政策限制下的地产链条仍存在压力，但建筑业施工改善、信贷政策边际调整，有助于降低基本面失速下行的风险。在基本面下行压力下，货币政策预计将保持稳健偏宽松的基调，但国内疫情可控、失业风险有限，政策利率调整的概率不大。整体来看，基本面将是债券市场的最大支撑，但低位利率叠加宽信用预期，令利率向下突破存在阻力。综合以上因素，预计债券市场整体仍将处于震荡格局，需要密切关注资金面的波动情况。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时继续做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.653Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85f7","date":"2021-06-29T16:00:00.000Z","stockId":3000000008363,"sao":"2021年上半年，债券市场利率呈现先快速上行、后缓步下行的趋势：1月至2月中旬，利率快速上行的主要原因在于货币政策操作偏紧，春节后，货币政策传递稳定信号，资金面维持中性偏宽松，债市预期逐步修正，收益率震荡下行。和去年末相比，利率债收益率小幅下行，期限利差变化不大，而信用债收益率下行幅度相对较大，信用利差出现明显压缩。本产品以净值平稳增长为目标，以中性久期为基本策略，以利率债为持仓主体。组合密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.650Z","mo":"展望下半年，经济基本面将继续缓步下行，结构化不平衡的局面短期难以扭转。下半年伊始，央行全面降准超市场预期，显示政策关注点的重心变化，重点加大对小微企业支持力度，侧重于结构化目标，宏观总量数据的指向性弱化。通货膨胀预期短期压力下降，预计未来一段时间内货币政策维持中性偏宽松的基调，债市收益率中枢可能震荡下移。未来本产品将持续跟踪经济基本面、货币政策等方面变化，特别是边际变化，继续进行适度套息操作，增强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，严控风险，为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628744","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85f6","stockId":3000000008363,"sao":"本季度，债市收益率先上后下，整体窄幅震荡，收益率曲线小幅走平。由于经济数据面临高基数问题，本季度债市的核心影响因素是资金面的波动和配置性力量。年初，市场沉浸在去年末央行防止信用风险扩散的宽松环境中，1月中旬，央行调整政策态度为边际收紧，资金面回归中性，收益率平坦化上行。3月，资金面整体平稳，市场对利空消息逐步钝化，加上地方债供给缺位，收益率曲线整体小幅下行。全季来看，利率债收益率曲线变平，超长端利率小幅下行，其余关键期限收益率平坦化上移；信用债收益率以下行为主，信用利差明显压缩。本产品报告期内，密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，当前基本面走势仍未明显走弱，并且通胀压力逐步显现，基本面整体对债市偏不利，而短期影响债市的主要因素仍是货币政策的边际变化方向，需要密切关注资金面的波动情况。信用利差较窄，需要防范走扩风险。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时做好持仓券种梳理，优化持仓结构、规避信用风险。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.648Z","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年定期开放债券型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568422","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb957fea5b3eb04b85f5","stockId":3000000008363,"sao":"2020年，债券市场大幅波动，收益率总体呈“V”型走势，年底市场情绪有所好转。全年来看，利率走势大体可以分为三个阶段：1月至4月，新冠疫情的意外冲击使2019年四季度开始的周期复苏迹象中断，政策进入危机应对模式，债券利率大幅陡峭化下行，期间随着市场对新冠疫情冲击的认识深入，对于经济和金融的预期异常悲观，对政策维持宽松应对的一致预期较强；5月至11月，国内凭借制度优势率先控制住疫情，预期中的出口崩溃并未出现，经济基本面持续改善，尤其是出口项超预期增长，货币政策向中性回归，收益率大幅调整，从牛陡转向熊平；12月以来，在超预期信用事件的冲击下，货币政策维稳，短端资金利率较为宽松、存单利率见顶回落，加上债市对基本面的反应钝化、利率债一级市场供给压力下降等，多因素共振令市场做多的热情再度高涨，收益率出现了5月以来最大幅度的一轮下行。本产品下半年成立，采用防守策略，净值平稳增长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:01.645Z","mo":"展望2021年，基本面上行走势仍未逆转，但领先的金融数据已经开始走弱，中性货币政策在稳增长与防风险之间取得微妙平衡，同时通胀压力掣肘政策进一步宽松。综合来看，短期内市场可能仍然以震荡走势为主，票息价值的确定性更高。未来本产品将持续跟踪经济基本面、货币政策等方面的变化（特别是边际变化），增强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，抓住市场机会，控制风险，力争为投资人带来更好的回报。","fund":{"_id":3000000008363,"__csrcFundId":7572,"stockCode":"008363","shortName":"广发民丰一年定期开放债券(008363)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8363,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:06.200Z","status":"normal","inceptionDate":"2020-08-06T16:00:00.000Z","name":"广发民丰一年定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发民丰一年定期开放债券","setUpDate":"2020-08-06T16:00:00.000Z","setUpAssetScale":499999200.02,"setUpShares":499999200.02,"pinyin":"gfmfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101019859","stockType":"fund_manager","exchange":"fm","tickerId":723240390,"name":"古渥"}]},"announcement":{"linkText":"广发民丰一年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=554309","linkType":"PDF","source":"csrc_pdf"}}]}