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年期国开债先上后下再上、整体小幅下行，年内最高2.87%、最低2.19%，年末下行至2.32%左右、较年初低约26bp；长期品种10年期国开债先上后下再冲高向下、整体显著下行，年内最高3.77%、最低3.07%，年末下行至3.08%左右、较年初低约50bp。报告期内，组合新增配置了2年以内的商业银行金融债，并根据实际资金面情况灵活调整融资期限结构。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:59.906Z","mo":"展望2022年，判断国内经济呈现“弱衰退”格局。具体来看，“房住不炒”背景下，中长期调控是主基调，短期放松只用来托底，地产进一步回落和基建的对冲决定了投资走向；出口在海外复苏趋缓和出口替代减少背景下难免回落，后疫情时代的消费复苏力度仍有待观察；宽信用政策的节奏和效果是决定明年经济走势的关键。PPI能否如期回落以及CPI下半年中枢上行幅度可能是超预期的点。“弱衰退”格局下，货币政策短期易松难紧，2022年年初降息落地也验证了这一点；进入二季度，海外大概率已启动加息，国内宽信用有望开始起效，通胀预期可能抬头，货币政策抉择环境会迎来新的变化。目前，基本面层面仍利好债市，但降息落地后货币政策宽松预期进一步发酵，乐观情绪有一定透支，这是“近虑”；市场对于稳增长的力度和节奏有分歧但方向预期是一致，这是“远忧”。全年维度上，利率债投资坚持边打边撤，重视绝对收益的策略；信用债绝对收益率处于历史相对低位区间、性价比不高，可适度关注品种下沉和强担保的弱主体。","fund":{"_id":3000000009523,"__csrcFundId":7990,"stockCode":"009523","shortName":"宝盈聚福39个月定开债(009523)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9523,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:55.207Z","status":"normal","inceptionDate":"2020-08-27T16:00:00.000Z","name":"宝盈聚福39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050120000,"currency":"CNY","masterFundShortName":"宝盈聚福39个月定开债","setUpDate":"2020-08-27T16:00:00.000Z","setUpAssetScale":5780054709.22,"setUpShares":5780054709.22,"pinyin":"byjf39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20872158","stockType":"fund_manager","exchange":"fm","tickerId":32506228460,"name":"程逸飞"}]},"announcement":{"linkText":"宝盈聚福39个月定期开放债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccbf7fea5b3eb04cd79b","date":"2021-09-29T16:00:00.000Z","stockId":3000000009523,"sao":"报告期内，海外经济复苏趋缓，国内受疫情汛情冲击等影响主要的经济指标同比增速有所回落但也保持了基本稳定。通胀方面，主要工业品价格显著上行，农产品价格也迅速上行，居民消费价格涨幅总体平稳。债券市场方面，短期品种1 年期国开债先下后上再下，3季度末回落到2.40%左右、较2季度末低11bp；长期品种10 年期国开债先下后震荡，3季度末回落至3.20%附近、较2季度末低29bp。报告期内，组合无新增配置，我们主要根据实际资金面情况灵活调整融资期限结构。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:59.903Z","fund":{"_id":3000000009523,"__csrcFundId":7990,"stockCode":"009523","shortName":"宝盈聚福39个月定开债(009523)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9523,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:55.207Z","status":"normal","inceptionDate":"2020-08-27T16:00:00.000Z","name":"宝盈聚福39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050120000,"currency":"CNY","masterFundShortName":"宝盈聚福39个月定开债","setUpDate":"2020-08-27T16:00:00.000Z","setUpAssetScale":5780054709.22,"setUpShares":5780054709.22,"pinyin":"byjf39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20872158","stockType":"fund_manager","exchange":"fm","tickerId":32506228460,"name":"程逸飞"}]},"announcement":{"linkText":"宝盈聚福39个月定期开放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=656588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccbf7fea5b3eb04cd79a","date":"2021-06-29T16:00:00.000Z","stockId":3000000009523,"sao":"报告期内，新型冠状病毒肺炎疫情形势逐渐好转、全球疫苗接种速度加快，海外经济逐步复苏，国内经济持续稳定恢复，稳中加固，稳中向好。通胀方面，主要工业品价格震荡上行、农业品价格宽幅震荡，居民消费价格温和上涨、仍处于近年来比较低的水平。债券市场方面，短期品种1 年期国开债先上后下、整体小幅下行，上半年最高2.87%，半年末下行至2.51%左右；长期品种10 年期国开债先上后下、整体小幅下行，上半年最高3.77%，半年末下行至3.49%左右。报告期内，组合无新增配置，我们主要根据实际资金面情况灵活调整融资期限结构。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:59.900Z","mo":"展望下半年，判断国内经济动能有所弱化但无失速风险。具体来看，海外经济复苏分化、出口边际放缓，制造业投资受益于利润好转将较快恢复，地产投资在建安支撑下保持韧性，基建投资有望受益于财政后置迎来改善，消费缓慢恢复但距离疫情前的水平仍有一段距离。PPI有望在今年4季度和明年趋于回落，CPI预计继续温和上涨但不会对货币政策形成约束。国内经济动能放缓和海外货币政策逐步正常化背景下，货币政策预计保持稳健、坚持自主性。基本面对利率偏利多，政策变化进一步确认，但当前利率已充分反应且后续地方债供给压力仍在，利率债预计维持震荡行情，整体向上风险有限；信用债绝对收益率仍处于历史相对低位区间、高等级信用利差接近历史底部，不看好高等级信用利差的进一步压缩；货币市场宽松格局有望维持，关注降准后资金利率的变化。","fund":{"_id":3000000009523,"__csrcFundId":7990,"stockCode":"009523","shortName":"宝盈聚福39个月定开债(009523)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9523,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:55.207Z","status":"normal","inceptionDate":"2020-08-27T16:00:00.000Z","name":"宝盈聚福39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050120000,"currency":"CNY","masterFundShortName":"宝盈聚福39个月定开债","setUpDate":"2020-08-27T16:00:00.000Z","setUpAssetScale":5780054709.22,"setUpShares":5780054709.22,"pinyin":"byjf39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20872158","stockType":"fund_manager","exchange":"fm","tickerId":32506228460,"name":"程逸飞"}]},"announcement":{"linkText":"宝盈聚福39个月定期开放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=635374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccbf7fea5b3eb04cd799","stockId":3000000009523,"sao":"报告期内，海外经济缓慢复苏，国内经济运行延续了去年以来的稳定恢复的态势。通胀方面，主要工业品价格震荡上行，农产品价格先上后下，2月的居民消费价格指数同比降幅有所收窄。债券市场方面，短期品种1 年期国开债先上后下，1季度末回落到2.76%左右，较去年末高20bp；长期品种10 年期国开债先上后下，1季度末回落至3.57%附近，较去年末高4bp。报告期内，本组合主要根据实际资金面情况灵活调整融资期限结构。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:59.897Z","fund":{"_id":3000000009523,"__csrcFundId":7990,"stockCode":"009523","shortName":"宝盈聚福39个月定开债(009523)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9523,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:55.207Z","status":"normal","inceptionDate":"2020-08-27T16:00:00.000Z","name":"宝盈聚福39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050120000,"currency":"CNY","masterFundShortName":"宝盈聚福39个月定开债","setUpDate":"2020-08-27T16:00:00.000Z","setUpAssetScale":5780054709.22,"setUpShares":5780054709.22,"pinyin":"byjf39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20872158","stockType":"fund_manager","exchange":"fm","tickerId":32506228460,"name":"程逸飞"}]},"announcement":{"linkText":"宝盈聚福39个月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=574507","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeccbf7fea5b3eb04cd798","stockId":3000000009523,"sao":"报告期内，新冠肺炎疫情冲击下，国内外经济形势复杂，国内加大了宏观政策的对冲力度，经济在一季度下降后逐季恢复，四季度经济增长指标已恢复至常态水平。通胀方面，主要工业品和农业品价格先下后上，整体上行，居民消费价格指数前高后低，全年物价走势基本平稳。报告期内，本基金严格遵守基金合同约定，建仓期，组合在一二级市场分批配置3年期附近的政策性银行金融债和商业银行金融债；正常运作期，组合以银行间隔夜质押式回购融资为主，并会结合实际资金面情况灵活调整融资期限结构。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:35:59.893Z","mo":"展望2021年，经济仍处于疫情冲击后的缓慢复苏中。具体来看，全球同步复苏背景下出口强势短期有望延续，制造业投资有望接棒基建和地产投资支撑经济，疫情缓解后消费尤其是服务性消费的复苏空间值得期待；CPI呈V型、中枢1.0%左右、底点位于1季度，PPI呈倒V型、中枢2.0%左右、顶点位于2季度；当前疫情变化和外部环境存在诸多的不确定性，稳健的货币政策会更加灵活精准、合理适度，继续保持对经济恢复必要的支持力度。基本面拐点未出现之前，长端利率难以趋势性下行，短期维持低久期，但宏观政策逐步退出叠加利率债供需条件的显著改善，下半年利率债存在机会；信用收缩和风险事件冲击背景下，信用债以高资质信用主体为主，注意防范尾部风险。","fund":{"_id":3000000009523,"__csrcFundId":7990,"stockCode":"009523","shortName":"宝盈聚福39个月定开债(009523)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9523,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:50:55.207Z","status":"normal","inceptionDate":"2020-08-27T16:00:00.000Z","name":"宝盈聚福39个月定期开放债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050120000,"currency":"CNY","masterFundShortName":"宝盈聚福39个月定开债","setUpDate":"2020-08-27T16:00:00.000Z","setUpAssetScale":5780054709.22,"setUpShares":5780054709.22,"pinyin":"byjf39gydqkfzqxzqtzjj","managers":[{"stockCode":"db20872158","stockType":"fund_manager","exchange":"fm","tickerId":32506228460,"name":"程逸飞"}]},"announcement":{"linkText":"宝盈聚福39个月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=559434","linkType":"PDF","source":"csrc_pdf"}}]}