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保持充裕，债市顺势迎来修复，收益率逐步回落，中短端信用债凭借票息优势与资金面平稳的双重支撑稳定走强。进入2月，春节因素短暂扰动流动性，节后资金回流与MLF超额续作形成叠加效应，短端暖意延续，但长端收益率受权益市场阶段性反弹扰动，出现回调，当月收益率呈先下后上的震荡格局。3月上旬随着两会召开确认财政政策温和发力、货币政策精准有效，市场对基本面的担忧边际缓解，长端收益率在震荡中寻求新的均衡；3月起中东地缘战争持续升温，国际油价飙升引发通胀担忧，叠加国内权益市场回暖，长端收益率回调上行，而短端在充裕的流动性支撑下延续下行态势，长短端走势分化。全季度来看，资金面宽松与票息的确定性主导了短端利率的下行与信用债的走强，信用利差压缩显著；而长端则在权益扰动与地缘战争等多重因素交织下，演绎了收益率先下后上的震荡格局。　　报告期内，产品维持适当的久期与杠杆。","lastUpdated":"2026-04-22T15:36:34.031Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1476178","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cd673583a905a12b88cc12","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000008394,"sao":"2025年，债券市场步入高波动、宽幅震荡阶段，债券收益率整体呈现震荡上行走势。一季度，央行流动性投放相对谨慎、资金面偏紧，叠加风险偏好回升压制债市，债券收益率整体上行；二季度，中美开启关税拉锯战，经济高频数据偏弱，央行宣布降准、降息等一系列货币政策，资金面均衡偏松，债券收益率震荡下行；三季度基本面和资金面对债券市场形成一定支撑，但风险偏好抬升，供给压力集中释放两个结构性利空形成市场交易的主线，债券收益率震荡向上；四季度债市经历了宽松预期与供给冲击担忧的拉锯，收益率先下后上，在资金面整体宽松的背景下，债券收益率曲线走陡。全年来看，信用债表现好于利率债，信用利差全年低位运行。　　　　报告期内，产品维持适当的久期与杠杆。","lastUpdated":"2026-04-01T18:43:01.536Z","mo":"展望2026年，债券市场预计维持宽幅震荡，货币政策取向、经济基本面的变化、财政政策的力度、地缘政治等因素均会对债券市场收益率形成扰动。国内经济温和复苏的趋势未变，上半年市场交易的重点将围绕两会定调、年度赤字率、地方债供给等因素展开；进入下半年通胀的变化有望成为市场关注的重点。低利率环境下，市场的波动性将进一步加大，2026年组合将更加注重票息收益的获取，提高交易胜率，注重回撤的控制。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利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=1456819","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e7d","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008394,"sao":"三季度中国经济延续温和复苏，PMI持续在荣枯线以下，工业生产保持了增长但增速有所回落。1-8月固定资产投资累计同比增长1.6%，其中房地产投资的拖累依然较大，制造业投资结构分化，汽车制造、通用设备制造投资保持高增长。消费延续扩张，但是增速放缓，8月社零增速同比降至3.4%。出口韧性较强，虽然对美出口下降，但是对东盟和欧盟出口增速强劲。物价方面，CPI和PPI低位运行，反内卷的政策效果仍需观察。货币政策方面，央行通过买断式回购、公开市场操作和MLF续作的方式向市场投放了中短期流动性，银行间资金利率稳中有降。三季度基本面和资金面对债券市场形成一定支撑，但风险偏好抬升，供给压力集中释放两个结构性利空形成市场交易的主线，收益率震荡向上，中短端受益于资金面的支撑，表现好于长端和超长端。具体来看，1年国债上行3bp至1.37%，3年国债上行12bp至1.52%，5年国债上行9bp至1.60%，10年国债上行22bp至1.86%，30年国债上行40bp至2.25%。信用债的票息优势得以显现，以中短期票据为例，1年AAA信用债上行7bp至1.77%，3年AAA信用债上行20bp至2.01%，5年AAA信用债上行29bp至2.20%。　　报告期内，产品降低了久期中枢和杠杆水平，并根据市场行情的变化，积极参与波段交易。","lastUpdated":"2026-03-09T13:31:09.131Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e7c","date":"2025-06-29T16:00:00.000Z","stockId":3000000008394,"sao":"上半年，债券市场整体呈现波动较大，收益率曲线平坦化的特征，债券收益率呈现先上后下的走势。1月-3月上旬，央行流动性投放相对谨慎、资金面偏紧，叠加风险偏好回升压制债市，债券收益率整体上行，3月中旬，10年期国债收益率一度冲击1.9%，央行加大流动性投放力度，资金面边际好转，叠加权益市场调整，债市逐步企稳修复，4月-6月，中美开启关税拉锯战，经济高频数据偏弱，央行宣布降准、降息等一系列货币政策，资金面均衡偏松，债券收益震荡下行。整体来看，上半年，利率债方面，1-5年国开上行 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左右。　　报告期内，产品根据市场变化不断动态优化组合结构，维持适当的久期，获取了较好的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.128Z","mo":"展望后市，我们依旧比较看好债券资产的长期配置价值。上半年在财政政策的提前发力以及贸易形势变化的推动下，经济基本面数据有所改善，但是我国经济供需结构不匹配的特征依旧较为明显，由于流动性带来的风险偏好持续改善也需要时间去验证。从中长期视角观察，广谱利率仍处于下行通道，我国当前实际利率偏高，需要进一步降低广谱利率和政策利率，以支持经济增长，具体的货币政策宽松的节奏则取决于外部环境和内部经济修复的进度，因此，我们认为经济基本面和货币政策依旧对债市具有支撑。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e7b","date":"2025-03-30T16:00:00.000Z","stockId":3000000008394,"sao":"一季度影响债市的核心因素是资金面和风险偏好，债券收益率呈现震荡上行走势。1-2月，央行流动性投放相对谨慎、资金价格较高，叠加权益市场回暖，债券收益率整体上行，且波动加大，3月中上旬，存单价格维持高位，政府工作报告公布，经济增长目标和财政发力基本符合预期，叠加两会对消费、科技的有关提法，使得风险偏好回升压制债市，债券收益率向上调整，10年国债活跃券收益率一度触及1.90%。3月下旬，央行加大流动性投放力度，资金面边际好转，叠加权益市场调整，债市呈现企稳修复态势，10年国债活跃券收益率震荡下行至1.8%附近。整体来看，季度内，收益率曲线平坦化上移，利率债方面，1年国开上行44BP，3-5年国开上行29BP左右，10年国开上行11BP；信用债方面，以短融中票为例，AAA品种1-5年期上行26BP左右，AAA和AA+品种1年期上行20BP左右，3-5年期上行17BP左右。　　季度内，产品持续优化组合结构，维持适当的久期，获取了较好的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.125Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274915","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e7a","date":"2024-12-30T16:00:00.000Z","stockId":3000000008394,"sao":"2024年，经济呈现出缓慢修复的态势，分季度看，一季度经济增速较高，同比增长5.3%；一季度后，在消费增速放缓、投资增速增长乏力、地产压力尚未大幅缓解等因素的共同作用下，经济增速有所放缓，二季度经济增长为4.7%，三季度经济增长为4.6%；9月底，中央政治局会议对经济工作进行提前讨论，经济刺激政策连续发力，推动四季度经济增长为5.4%，最终实现了全年5%的GDP增速目标。货币政策方面，央行全年进行两次降准两次降息操作，并通过国债买卖和买断式逆回购操作投放流动性，资金面整体宽松。全年债券收益率呈现震荡下行的走势，并创历史新低，具体可以分为3个阶段：（1）1-9月下旬：在资金面宽松、权益市场表现偏弱、资产荒等因素的驱动下，债券收益率整体震荡下行；（2）9月底-11月中旬：9月底债市在市场风险偏好回升以及资管产品赎回潮等因素的影响下，收益率大幅回调，随后，股市表现和政策预期成为市场主线，债券收益率宽幅震荡；（3）11月下旬-12月：特殊再融资债集中发行，央行呵护流动性，市场承接力较好，货币宽松预期引发非银机构等抢跑利率债，债券收益率大幅下行。　　年内，产品以获取稳健的收益为目标，注重资产轮动，持续优化组合结构，获取了较好的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.122Z","mo":"2025年，我们认为国内在财政投资和消费补贴上将持续发力，地产或仍为拖累项，基建可能依旧是发力的关键，但海外方面，特朗普上台后的贸易战冲击仍存不确定性，出口或将面临较大压力，2025 年基本面走弱趋势可能放缓但难有很大起色，货币政策预计维持“适度宽松”的基调，化债背景下，“资产荒”的格局或将延续，债券资产仍然具有较好的配置价值。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利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=1255586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e79","date":"2024-09-29T16:00:00.000Z","stockId":3000000008394,"sao":"经济基本面在三季度存在一定的下行压力，整体呈现国内有效需求不足，外需温和修复的特征。其中受地产及夏季极端高温天气影响，工业生产增速放缓；固定资产投资增速延续回落，其中地产投资仍是主要拖累项，基建和制造业投资增速虽有放缓，但仍保持较高韧性；受收入增速放缓和消费意愿偏低的制约，消费增速依然乏力；海外补库存带动外需回暖，出口增速延续修复势头。季度内，央行实施降准降息政策，资金面整体宽松，但是波动加大。　　三季度，债券收益率整体呈现先下后上走势。7月份，经济刺激力度低于预期，叠加一系列降息举措点燃债市做多热情，现券收益率显著下行；8 月份，国有大行抛售中长期限国债，理财、基金赎回背景下信用债明显调整，央行加码流动性投放等因素的共同作用下，收益率呈现宽幅震荡走势，长久期国债流动性有所萎缩；9月份，市场宽货币预期升温，叠加多项经济数据表现偏弱，国债收益率下行至历史低位，临近月底，政治局会议对经济工作进行提前讨论，经济刺激政策出台的速度及力度超市场预期，市场风险偏好提升，债券利率快速上行。　　报告期内，基金维持中性久期和杠杆，并积极参与长久期利率债的波段交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.119Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e78","date":"2024-06-29T16:00:00.000Z","stockId":3000000008394,"sao":"上半年国内经济先企稳回升后再次转弱，外需是重要支撑，但国内需求明显不足。具体看，一季度国内经济出现了一定企稳迹象，部分数据较2023年四季度有所回升，3月制造业PMI指数时隔五个月重回50以上，需求、生产等分项指标也都明显改善。一季度GDP同比增长5.3%，高于2023年四季度及2023全年增速，明显好于市场预期。进入二季度，国内经济复苏动能转弱，虽然出口保持较快增长、制造业投资在设备更新带动下维持高增，都对经济形成重要支撑，但地产投资下行趋势仍未缓解，居民消费也明显偏弱，基建投资由于资金投放缓慢、缺乏优质项目，增速也开始逐步回落，且实物工作量明显更慢。最终二季度GDP同比增长仅4.7%，明显低于一季度，上半年累计增速5.0%，略低于市场预期。通胀方面，基数回落推动下，CPI同比由负转正，PPI同比跌幅收窄，但包括核心CPI、GDP平减指数等指标依然偏弱，价格低迷指向总需求偏弱依然是当前经济面临的主要矛盾，尤其国内需求总体较差。　　上半年债券市场表现较好，收益率显著回落。1-2月为经济数据的真空期，叠加市场供给较少、股票市场下跌带动市场风险偏好明显回落，收益率持续下行，尤其超长端收益率出现显著回落。进入3月经济数据边际回暖，市场对经济的悲观预期有所修正，叠加两会提出将新增1万亿特别国债，引发投资者对超长债券供给担忧，市场收益率结束持续下行趋势转为震荡。二季度经济数据再次转弱对债券市场形成支撑，收益率再次下行，但走势出现一定分化。信用债方面，经济转型背景下地产、城投融资需求显著回落，优质资产供给偏少，缺资产再次成为市场主要矛盾，叠加货币政策总体宽松、资金面保持平稳，因此信用债配置价值相对突出，收益率不断回落。利率债方面，二季度新增万亿特别国债及地方政府债大规模发行带来的供给压力预期扰动市场，更重要的是随着收益率回落，二季度以来央行多次提示长债利率风险，导致利率债走势有所反复，尤其是长久期、超长久期利率债波动明显加大。 　　报告期内，本产品继续以中短久期信用债及商业银行金融债投资为主，并适度提升了底仓债券久期水平，同时密切跟踪市场波动及预期变化，参与了部分中长久期利率债的波段交易。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.116Z","mo":"展望下半年，国内有效不足的局面仍有待缓解，包括地产投资、居民消费、基建投资等，外需将面临欧美加征关税导致的“抢出口”效应减退、美国补库存需求回落等不利因素，也存在回落风险。宏观政策如何发力解决总需求不足的问题将成为决定下半年经济走势的重要因素。　　债券市场方面，在经济没有真正企稳之前货币政策将维持相对宽松，下半年政策利率、存款利率仍然存在下调空间，叠加经济转型背景下资产荒继续对债券市场形成支撑，因此下半年债券市场机会仍然大于风险。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利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=1147945","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e77","date":"2024-03-30T16:00:00.000Z","stockId":3000000008394,"sao":"回顾一季度，国内经济出现了一定企稳迹象，部分数据较2023年四季度有所回升。1-3月制造业PMI指数震荡回升，3月数据时隔五个月重回50以上，需求、生产等分项指标也都明显改善。1-2月出口增速回升至7.1%，为2023年5月以来最高值，同样明显好于预期。投资方面，地产投资增速继续下跌，但制造业投资和基建投资增速处于高位，带动总体固定资产投资增速回升至4.2%，同样创2023年5月以来最高值。通胀方面，2月CPI回升至0.7%，时隔四个月再次转正。一季度经济确实呈现出一定复苏企稳迹象，但总需求不足的问题依然存在，尤其是地产下滑对经济的拖累依然较大，数据改善的持续性仍有待观察。　　债券市场方面，1-2月为经济数据的真空期，同时市场供给较少，叠加股票市场出现明显下跌、市场风险偏好明显回落，带动收益率持续下行，尤其超长端收益率出现显著回落，十年期国债收益率一度突破2.3%。随着收益率进入历史低位，市场波动开始加大。尤其进入3月以后，新公布的经济数据出现回升，市场对经济的悲观预期也有所修正，叠加两会提出将在未来每年新增1万亿特别国债，引发市场对超长债券供给担忧，市场收益率结束持续下行趋势，转为震荡。　　报告期内，本产品债券投资以中短久期信用债及商业银行金融债为主，并适度参与了中长久期利率债的波段交易。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.114Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076737","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e76","date":"2023-12-30T16:00:00.000Z","stockId":3000000008394,"sao":"2023年是三年新冠疫情防控转段后经济恢复发展的一年，全年GDP增速5.2%，实现了年初两会制定的增速目标。但2023年经济复苏也出现了多次反复，经济内生增长动能依然不足。一季度经济迎来疫情后的修复期，无论是宏观经济运行还是微观居民生活都逐步回归正常轨道，宏观经济数据逐步改善，消费、固定资产以及工业增加值增速都出现明显回升。稳增长政策不断发力，央行通过降准等方式释放流动性支持实体经济恢复。但进入二季度国内经济再次走弱，经济复苏明显乏力：一方面疫情对企业及居民的负面影响较大，消费及投资的可持续较差；另一方面二季度企业主动去库存，进一步拖累需求和生产；此外房地产投资跌幅加深，下行趋势依然没有缓解；最后，宏观政策定力较强，并未出台较大的经济刺激政策。虽然在基数作用下二季度部分经济数据同比增速出现回升，但剔除基数因素后经济走势弱于预期。三季度经济仍然呈现底部震荡走势，但已止住下滑趋势，且稳增长政策持续推出一定程度上提升了市场对于未来经济回升的预期。四季度国内经济稳步复苏，部分经济数据在基数效应下同比增速有所回升，但经济内生的增长动能依然不足：四季度PMI连续三个月回落，且持续处于荣枯线下方；房地产投资下行趋势仍然没有缓解，地产先行指标中销售、新开工面积继续大幅负增长。　　通胀方面，2023年国内价格指数普遍回落，全年CPI同比增速0.2%、PPI同比增速-3.0%，均较上年出现明显回落，同时GDP平减指数自二季度起连续三个季度同比负增长。价格低迷反映出国内经济复苏过程中主要面临的有效需求不足的问题。　　政策方面，为了支持疫后复苏，年初央行通过降准等方式释放流动性支持实体经济发展。二季度随着经济再次转弱，稳增长政策进一步发力，央行通过降准、降息等方式促进信用扩张，并推动加快地方政府债券发行、优化住房信贷及限购政策、加大个税抵扣力度等多种方式稳定经济增长，四季度进一步推出包括新增一万亿国债、下调存款利率等托底经济的政策，年底召开的中央政治局会议、中央经济工作会议同样提出要继续坚持稳中求进的政策基调。　　宏观经济走势以及对宏观经济的预期依然是主导全年资产价格走势的主要因素。债券市场方面，全年债券市场总体走牛，收益率明显回落。年初经济快速修复、市场对经济增长预期乐观导致债券市场收益率震荡上行，但随后经济增长动能趋弱，货币政策转向宽松，收益率自2月下旬开始显著回落，并一直持续到8月下旬。9月开始稳增长政策持续加码，尤其政府债券发行加快、发行规模较大，导致市场资金面边际收紧，对债市形成压制，市场收益率在三季度小幅回升后转入震荡阶段。12月中央政治局会议及中央经济工作会议对下一步宏观政策作出部署，继续强调高质量发展为首要任务，预示不会对经济进行大幅刺激，叠加年底财政资金投放、资金面再次转松，债券市场明显走强，收益率再次出现明显回落。截至2023年12月31日，10年期国债估值收益率较2022年底下行28个基点至2.56%。　　投资操作方面，报告期内本组合运作严控信用风险，主要投资于政府债券及政策性银行债券，并根据市场及收益率变化情况动态调整组合久期。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.111Z","mo":"展望2024年，中国经济有望延续稳步复苏的趋势，但面对复杂的国内外形势，也依然需要政策进一步发力。首先国内经济内生增长动能依然不足，老龄化加剧、地产下行趋势仍未缓解、地方政府债务化解等，都继续制约我国经济潜在增速。其次，CPI、PPI等价格指数负增长也会对名义经济增速形成拖累，并导致实际利率偏高，对消费和投资需求形成抑制。海外方面，虽然美联储大概率将结束加息，但降息时点仍存在较大不确定性，美债利率若长期处于高位也会对国内资本市场形成制约。不过当前稳增长政策仍在持续发力，预计随着两会召开，更多的稳增长政策将会推出，助力全年经济稳中向好。　　市场方面，2024年上半年经济基本面或将继续处于弱复苏格局，叠加央行引导利率下行、资金面维持稳健偏宽松，因此债券市场仍然具备走强基础。随着稳增长政策效果逐步显现，下半年债券市场或面临一定的调整压力。　　2024年本基金将在控制好信用风险和流动性风险的前提下，继续以政府债券及政策性银行债券投资为主，并根据市场及收益率变化情况动态调整组合久期。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":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组合，并加入适度的杠杆和骑乘操作策略，力求做到净值回撤最小化，为投资人带来稳定的收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.085Z","mo":"经济增长方面，上半年经济数据受去年同期低基数影响，同比呈现大幅上行，但下半年随着基数影响逐步消除，预计同比增速将逐步回落，目前看消费及投资增长较疫情前仍有差距，短期内或将较难回到疫情前水平，下半年经济增速超预期的概率较小。政策方面，在应对大宗商品价格上涨对企业生产经营的影响，决策层在坚持不搞大水漫灌的基础上，适时运用降准等货币政策工具，进一步加强对实体经济特别是小微企业的支持，促进综合融资成本稳中有降。债市方面，基于对经济增长及政策的判断，下半年无风险利率中枢较上半年下行的概率更大，利率债的配置机会将出现，信用债市场方面，需要重新看待收益率背后的风险，警惕信用风险冲击的出现，应对信用主体进行全面评价，选择现金流较好的中高等级主体，规避短期避偿债压力较大的主体。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利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=634863","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e6b","stockId":3000000008394,"sao":"回顾2021年第一季度，债券市场收益率整体上行，经济延续复苏趋势不变，开年债券收益率在资金宽松预期推动下行，但受到春节前资金超预期紧张打击又快速上行并突破年初高点，春节后随着资金面预期逐步修复，配置力量主导市场，债券收益率震荡下行。报告期内，针对当前债市的整体特点，组合通过配置短久期债券，降低久期方面的暴露控制净值波动，并通过适度杠杆水平获得稳定的票息收益，等待经济及政策面逐步明朗。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.082Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574248","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e6a","stockId":3000000008394,"sao":"2020年是我国经济社会发展及其不寻常的一年，经历了新冠疫情，国内经济在第一季度的大幅下跌，后续随着我国疫情防控取得重大进展经济发展逐步改善，全年取得了令全球瞩目的成绩。回顾2020年的债券市场，可谓一波三折，一季度在避险情绪和流动性呵护的利多影响下收益率快速下行，债券市场快速大幅上涨；二季度，随着央行维护正常收益率曲线的表态，债券收益率大幅上行，债市快速下跌；三季度震荡下跌，四季度逐步迎来超跌反弹的行情。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.080Z","mo":"展望2021年，虽然疫情短期内仍难以消除，但国内经济上半年预计将维持渐进式的复苏，不确定性在于海外宽松政策退出的节奏以及外围逐步复工后对国内出口的影响，通胀方面预计工业品价格逐步回升，需关注全球大宗商品价格大幅上涨带来的输入性通胀风险。随着经济增长恢复常态，货币政策将逐步从稳增长转向防风险，房地产及股市的表现将成为关注点。综上，我们认为在各种因素交织下利率趋势性下行概率不大，投资组合需控制好久期，提高票息收益及持仓品种流动性，并根据市场变化进行动态调整。","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-08T16:00:00.000Z","setUpAssetScale":301128972.3,"setUpShares":301128972.3,"pinyin":"fzfbhlczzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦恒利纯债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=553313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8e69","stockId":3000000008394,"sao":"回顾2020年第三季度，债券市场收益率呈现出明显下跌的态势。7月初在股市大涨的压力下，偏弱的债券市场快速下跌，之后止跌反弹走出了一波超跌反弹的行情。8月份资金面偏紧，中短期债券利率上行速度快于长期，收益率曲线熊平。9月份，资金面比8月份宽松并叠加经济持续改善，中短期表现比较抗跌，长端收益率明显上行。报告期内，为了适应债券市场新的形势变化，本基金通过控制组合久期来降低产品净值的波动，以期为投资者获得稳定的收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.077Z","fund":{"_id":3000000008394,"__csrcFundId":7568,"stockCode":"008394","shortName":"方正富邦恒利纯债(008394)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8394,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:13:54.366Z","status":"normal","inceptionDate":"2020-06-08T16:00:00.000Z","name":"方正富邦恒利纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦恒利纯债","setUpDate":"2020-06-0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