window.pageData = {"stock":{"_id":3000000010255,"name":"嘉实丰年一年定期开放纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","stockCode":"010255","tickerId":10255,"shortName":"嘉实丰年一年定期纯债债券C","inceptionDate":"2021-06-06T16:00:00.000Z","fundCollectionId":4000050080000,"currency":"CNY","followedNum":0,"status":"normal","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":15452171.69,"setUpShares":15452171.69,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"jsfnyndqkfczzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50080000","tickerId":50080000,"name":"嘉实基金管理有限公司"},"managers":[{"name":"轩璇","stockType":"fund_manager","stockCode":"db20328837","exchange":"fm","tickerId":2424191160}],"hotMetrics":{"fss":{"stockId":3000000010255,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":1315,"f_h_s_a":2861,"f_ind_h_s_r_c_1y":0,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ins_h_s_r_c_hy":0,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000010255,"type":"fpr","f_p_r_fys_ssc":7470,"f_p_r_fys_ssrp":0.6931316106573838,"f_p_r_m1_ssc":7536,"f_p_r_m1_ssrp":0.5909754479097544,"f_p_r_m3_ssc":7467,"f_p_r_m3_ssrp":0.5247789981248325,"f_p_r_m6_ssc":7246,"f_p_r_m6_ssrp":0.6723257418909593,"f_p_r_y1_ssc":6779,"f_p_r_y1_ssrp":0.9104455591619947,"f_p_r_y2_ssc":5789,"f_p_r_y2_ssrp":0.6596406357982032,"f_p_r_y3_ssc":4855,"f_p_r_y3_ssrp":0.5436753193242686,"f_cagr_p_r_fs_ssc":7227,"f_cagr_p_r_fs_ssrp":0.6425408247993357},"fp":{"stockId":3000000010255,"type":"fp","f_p_r_fys":0.006216526396327859,"f_p_r_m1":0.00219089350352486,"f_p_r_m3":0.006890611541774616,"f_p_r_m6":0.010371650821089151,"f_p_r_y1":0.0066696506655579135,"f_cagr_p_r_fs":0.025975135779549463,"f_p_r_d1":-0.0010138248847924025,"f_p_r_y2":0.046244357281790105,"f_p_r_y3":0.08958553816713821,"last_data_date":"2026-04-09T16:00:00.000Z"},"ff":{"stockId":3000000010255,"type":"ff","f_m_f":1924069,"f_m_f_r":0.003,"f_c_f":641356,"f_c_f_r":0.001,"f_m_a_c_f":2565425,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-12-23T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-06-23T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000010255,"type":"f_nlacan","f_nv_d":"2026-04-09T16:00:00.000Z","f_nv":1.0521,"f_nv_cr":0.00019013214183849492},"f_as":{"stockId":3000000010255,"type":"f_as","f_tas":3919909.4392000004,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj"}],"bondHoldings":[{"_id":"69723af91987889646e7070c","date":"2025-12-30T16:00:00.000Z","fundId":3000000010254,"stockCode":"210017","stockName":"21附息国债17","holdings":1200000,"marketCap":128977524,"netValueRatio":0.1226,"lastUpdated":"2026-01-22T14:58:01.836Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af91987889646e7070d","date":"2025-12-30T16:00:00.000Z","fundId":3000000010254,"stockCode":"230208","stockName":"23国开08","holdings":1100000,"marketCap":113933389,"netValueRatio":0.1083,"lastUpdated":"2026-01-22T14:58:01.858Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af91987889646e7070e","date":"2025-12-30T16:00:00.000Z","fundId":3000000010254,"stockCode":"220019","stockName":"22附息国债19","holdings":1000000,"marketCap":106456243,"netValueRatio":0.1012,"lastUpdated":"2026-01-22T14:58:01.892Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af91987889646e7070f","date":"2025-12-30T16:00:00.000Z","fundId":3000000010254,"stockCode":"220017","stockName":"22附息国债17","holdings":700000,"marketCap":74897241,"netValueRatio":0.0712,"lastUpdated":"2026-01-22T14:58:01.898Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af91987889646e70710","date":"2025-12-30T16:00:00.000Z","fundId":3000000010254,"stockCode":"230018","stockName":"23附息国债18","holdings":500000,"marketCap":53041684,"netValueRatio":0.0504,"lastUpdated":"2026-01-22T14:58:01.903Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69ca7b447ecbd37c10afbd3f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000010254,"sao":"2025年，债券市场结束了连续两年的快速下行进入低位震荡，全年受政策调控、关税博弈、股债跷板效应三大主线驱动，债市收益率呈现“N型”走势运行，曲线陡峭化修复。10年期国债活跃券收益率从年初的1.61%上行至1.85%。具体而言：　　（1）1月初至3月末，央行主动收紧资金应对长债利率过快下行。2024年末的快牛余温带动，年初10年国债活跃券顺势下行突破1.60%，但随后央行暂停国债买卖并收紧资金，债市向正carry回归，叠加权益风偏压制，推动收益率回调至年内高点1.90%。　　（2）4月至6月，关税扰动与稳增长政策博弈。4月初美对华加征“对等关税”引发贸易摩擦升级，与此同时，国内稳增长压力凸显，央行降准降息等系列宽松政策落地，10y国债收益率快速消化关税影响后进入窄幅震荡区间，围绕1.65%附近运行。　　（3）7月至9月，股债跷板与新规触发调整压力。7月后外围扰动减弱，“反内卷”政策下股债跷板效应凸显，债市进入年内阶段性逆风期，收益率大幅上行，曲线熊陡，10y国债调整至1.8%附近。　　（4）10月至年末，货币宽松预期弱化与超长端供需结构压力提升。10月中美关税冲击后收益率下台阶，机构投资者大量赎回债基，11月央行买债规模不及预期、地产风险事件、超长债供给压力担忧等，非银机构交易情绪弱化，债市熊陡，收益率调整至1.85%，30年国债收益率上至2.27%附近。　　基金运作方面，组合主要通过利率债波段交易及曲线形态交易进行收益增厚。","lastUpdated":"2026-03-30T13:31:48.951Z","mo":"展望2026年，基本面条件与政策条件基本维持，弱修复环境中货币条件或维持“适度宽松”政策定调，债市难以走出显著的趋势行情，仍以区间震荡格局为主。边际上，股债跷板效应、外部贸易摩擦形势或对区间内的波段行情形成重要影响。　　操作上，重视区间震荡高点与赎回扰动时点，灵活把握品种板块与期限轮动顺序，进一步增厚组合收益。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1451877","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da129","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010254,"sao":"2025年三季度，受“反内卷”、股债跷板、基金费率新规影响，10年期国债利率由1.65%上行至1.8%左右，盘中高点达到1.836%。7月，中央财经委会议提及“推动落后产能有序退出”、雅江水电站项目落地，沪指突破3500点，“反内卷”预期反复对债市形成冲击，赎回潮推动10y国债盘中高点突破1.75%；8月，沪指突破3800点，“股债跷板”作用下债市持续承压， 10y国债盘中高点达到1.79% ；9月，受公募基金费率新规、稳增长政策发力、股债跷板反复等利空影响，债市情绪仍偏弱，10y国债盘中高点多次突破1.83%，央行积极维稳跨季流动性，后回落至1.8%附近。　　操作方面，7月份考虑债券市场波动性加大，整体调整了组合的久期和仓位水平，以票息策略为主。","lastUpdated":"2026-03-09T13:38:59.790Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1382432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da128","date":"2025-06-29T16:00:00.000Z","stockId":3000000010254,"sao":"回顾2025年上半年，在内部通缩压力未见改善以及外部关税袭扰加剧的背景下，债券市场整体波动较大。具体来看，1月初在年初的配置动力催化下，10年期国债迅速下探1.60%的低点，随后由于资金面收紧、权益市场风险偏好升温的影响，2-3月份出现较大幅度的调整，10年期国债上探至1.89%的高点。4月份在中美贸易冲突的影响下，收益率再次下行，而后10年期国债进入1.65%左右的区间震荡，在此期间，信用利差、品种利差、期限利差迎来了较大幅度的压缩。　　操作上，组合以高等级信用债为底仓，灵活调整久期水平，一季度整体保持低杠杆、低久期运作，二季度开始进行了仓位和久期的增配。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.787Z","mo":"展望下半年，基本面虽然仍存在较大压力，但政策层面的边际变化不容忽视。我们对财政发力、地产触底、反内卷带来的供给侧改革等方面保持高度关注。从当前情况来看，7月份PPI回正已是大概率事件，但是否能持续仍然面临挑战，年内债市仍存在配置机会。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1346557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da127","date":"2025-03-30T16:00:00.000Z","stockId":3000000010254,"sao":"一季度，央行对金融稳定的关注度上升，资金面维持贵而不紧，债市对“适度宽松”预期修正，两会明确全年增长目标偏积极、宏观政策靠前发力，1-2月经济实现“开门红”。债市收益率从低位向上调整，10年期国债收益率自1.60%低点上行至1.81%，10y国债活跃券最高触及1.8925%。　　一来，经济数据“开门红”，叠加AI等新兴产业催化，提振复苏预期。年初以旧换新、财政支出靠前发力，1-2月社零、基建增速有所提升，地产“小阳春”行情不弱、二手房成交保持去年以来的高位，出口对工增的拉动仍强，叠加AI新兴产业加速推进，提振宏观信心与权益表现，对债市情绪形成一定压制。　　二来，央行投放收敛，大行负债压力仍偏大，资金价格抬升呈现“贵而不紧”。一季度置换债发行节奏前置，叠加同业高息揽储压降影响持续、存贷差走扩、央行OMO净投放减少等影响，大行“缺负债”压力偏大，净融出降至季节性低位，银行体系资金价格偏贵，DR007持续运行在OMO高偏20bp以上，7D资金价格中枢由四季度的1.68%升至1.93%。　　三来，机构宽松预期交易由强至弱，债市逐步回归正carry。去年12月初央行定调“适度宽松”，宽松预期升温，叠加机构跨年抢跑行情，收益率快速下至1.6%低位。年初至今央行有意维持贵而不紧的资金环境，降准降息预期降温，机构从负carry向正carry逻辑回归，叠加3月大行卖出长债老券兑现浮盈，10y国债收益率调整，逐步回到资金价格上方，收益率曲线平坦化。　　组合在操作上以利率债波段策略为主，灵活调整组合久期配置。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.784Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278125","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da126","date":"2024-12-30T16:00:00.000Z","stockId":3000000010254,"sao":"2024年“资产荒”进一步演绎，同时化债之下财政收敛、经济基本面弱修复，收益率整体保持下行趋势，10y国债收益率从年初的2.56%下行至1.67%附近。分阶段看：　　第一阶段（2024年1月至4月22日）：2023年末存款利率调降所引发的降息预期延续，与此同时，化债主线下政府债券供给偏慢，债市“欠配”行情极致演绎，机构积极进行拉久期和票息挖掘，10年期国债收益率快速下行至2.23%。　　第二阶段（2024年4月23日至8月2日）：央行频繁关注长债风险，债市迎来第一轮上行调整；此后，伴随着特别国债发行计划平稳，地产政策加码，收益率围绕2.31%盘整后，在宽松预期的支撑下继续缓慢下行至2.13%。　　第三阶段（2024年8月5日至9月23日）：央行对长端利率的关注从指导转向实操层面，债市赎回演绎，先后经历利率主导上行和信用“负反馈”的两轮调整，随后央行公开市场买短卖长，收益率曲线陡峭化，收益率下行至2.04%。　　第四阶段（2024年9月24日至11月17日）：一揽子稳增长政策有效提振风险偏好，权益市场明显修复，债市承压，出现年内最大幅度调整。10月以来财政发力预期、股债跷板效应、央行工具创新等主导市场情绪，但经济刺激政策不及预期，债市情绪先弱后强。　　第五阶段（2024年11月18日至12月底）：置换债供给高峰扰动有限，非银同业活期存款压降，货币政策表态“适度宽松”打开降准降息想象空间叠加年末抢跑行情启动，债市出现极强的学习效应，收益率快速下行突破，最终收于1.67%附近。　　操作方面，组合从一季度提升了久期中枢水平，二季度阶段性调降，并于三季度重新提升；结构上积极挖掘地方债等品种策略机会。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.782Z","mo":"2025年是中国“十四五”规划的收官之年，内外部宏观经济环境仍面临诸多不确定性。外部环境存在诸多风险，如大国竞争加剧、地缘政治风险上升以及全球保护主义浪潮等，内部面临房地产调整仍处于寻底阶段、内需修复缓慢、外部贸易摩擦升级等挑战。　　债券市场方面，2025年债市有望延续震荡行情，双向波动范围可能加大。宏观经济温和复苏叠加货币政策宽松，债券收益率中枢可能继续震荡下行，但空间不及2024年。利率债市场在政策影响下仍具投资机会，而信用债市场将更加关注风险与机遇的平衡。总体市场波动可能较2024年加剧，主要关注波段操作机会，争取为投资者提供稳健持续的投资收益。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1250629","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da125","date":"2024-09-29T16:00:00.000Z","stockId":3000000010254,"sao":"三季度，债市供给压力上升，非银“钱多”有所弱化，长端压力测试、宏观调控加力之下，债市赎回扰动频现，季末降准降息幅度超预期、定价中枢下移，期间10年期国债收益率由2.24%下至2.15%，10y国债活跃券最低触及2.0%。　　一来，经济动能继续走低，季末稳增长政策加力。7-8月经济维持弱修复，外需、制造业投资保持韧性，工业生产略有转弱，消费、地产、基建、通胀弱势加剧，内需不足问题依然突出，三季度GDP增速预期下修、决策层对“5%”增长目标态度转向“努力完成”，基本面仍利好债市情绪。　　二来，央行国债买卖操作落地，强化长端利率管理。7-8月央行继续关注长端利率风险，通过指导大行卖债、交易商协会自律调查、国债“买短卖长”等方式对长端利率过快下行实施管控，加力推动收益率曲线陡峭化修复。　　三来，宽货币继续加码配合稳增长发力，幅度略超预期。一是，7月OMO调降10bp、MLF跟随调降20bp，强化新框架下OMO利率作为政策利率“锚”的定位。二是，季末一揽子稳增长举措推出、宽货币同步配合，降准50bp、降息20bp幅度略超预期，央行称年内仍有1-2次降准待落地，逆周期调节诉求加大、宽货币环境延续。　　四来，债市供给压力上升，非银“钱多”有所弱化。供给端伴随专项债发行提速，政府债券净融资从7月的0.6万亿攀升至8、9月的1.8万亿、1.5万亿，供给扰动放大；需求端缴款压力抬升，弱化非银“钱多”格局，叠加央行压力测试、理财赎回扰动下，三季度后半段债市波动放大，配置盘放缓进场。　　组合方面，组合7-8月久期偏长，9月份适当获利了结。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.779Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1178727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da124","date":"2024-06-29T16:00:00.000Z","stockId":3000000010254,"sao":"一季度，“稳投资”效果验证偏慢、经济内生增长斜率依然较缓，经济数据整体呈现“冷热分化”。机构“钱多”与政府债券供给偏慢的环境下“资产荒”极致演绎，叠加降息预期和风险偏好下降的因素触发，债券市场表现强势 ，10年期国债收益率由2.56%最低下行至2.2475%，后回到2.3%附近震荡。　　二季度，“稳地产”政策供需两端集中加码，基本面“弱修复”节奏延续，经济数据亮点不多，外需表现好于内需，结构分化特征显著 。制造业投资和出口具备一定韧性，但5月房地产投资累计同比降幅扩大，6月新房销售处于同期偏低，新政过后销售改善持续性有待观察；6月乘用车零售进一步走低，社零消费弹性偏弱；专项债发行偏慢，财政对基建的提振延迟体现。债市供需结构尚未逆转，“欠配”需求持续释放，尽管央行频繁提示长债风险，但收益率小幅波动后在基本面弱修复、宽松预期的支撑下，10年期国债收益率由2.29%再次下行至2.23%附近。　　组合操作上，以高等级信用债进行底仓配置，利率债进行久期调节，整体保持了中性偏高的久期水平。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.777Z","mo":"展望后市，应更为关注央行货币政策实操、政府债供给、权益市场的边际变化以及经济高质量发展进程中超预期修复等因素多重共振，重点关注央行操作，感知经济温度。 利率低波动环境下，研究应该做到更精细化，在市场底层逻辑发生变化时应跟踪更为紧密。 整体组合层面做好情景分析， 保持灵活操作。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1151035","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da123","date":"2024-03-30T16:00:00.000Z","stockId":3000000010254,"sao":"一季度机构“钱多”与政府债券供给偏慢的环境下“资产荒”极致演绎，叠加降息预期和风险偏好下降的因素触发，债券市场表现强势 ，10年期国债收益率由2.56%最低下行至2.2475%，后回到2.3%附近震荡。　　一来，“稳投资”效果验证偏慢、经济内生增长斜率依然较缓，经济数据整体呈现“冷热分化”，政策效果暂未完全体现。1-2月社零消费温和增长，但略不及同期；1-2月房地产前端投资收缩对竣工的拖累有所体现，3月以来二手房市场“小阳春”行情出现，但“以价换量”特征明显，需关注地产改善的持续性；出口弹性修复略超预期；制造业投资加快发力，斜率进一步走高。　　二来，降成本主线下宽货币预期不断演绎，资金整体平稳偏松。2023年年末大行存款挂牌利率下调后，一季度市场降息预期反复演绎，1月50bp降准超预期落地呵护跨节资金面，节后地方债发行偏慢、取现资金回流等因素支撑资金平稳宽松，3月央行多次提及降准，叠加政府债券缴款压力仍较小，税期和跨季资金平稳，推动短券行情修复。　　三来，年初供需错配格局显著，助力利率快速下行。供给端地方债在项目储备偏少、增发国债资金结转使用充裕的情况下节奏偏慢，拖累一季度债券供给；需求端年初银行、保险机构存在“开门红”，机构“欠配”格局显著，叠加宽松预期下交易盘追涨情绪较强，推动收益率快速下行至2.2475%的低点，极致的交易结构在宽信用扰动下出现回调，但配置资金充裕仍有保护，收益率调整至2.37%附近时重新迎来下行。　　组合在一季度以中高等级信用债为底仓，通过利率债拉长久期，获取了较好的久期资本利得。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.774Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=1065607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da122","date":"2023-12-30T16:00:00.000Z","stockId":3000000010254,"sao":"2023年，债券市场延续“低趋势、窄波动”特征，10年期国债收益率走势呈倒“N”型，利率中枢小幅下移。全年来看，10年期国债收益率波动区间2.54%-2.93%，年度利率中枢在2.72%，较2022年下移5bp，年末收至2.56%；1年期国债波动区间1.73%-2.40%，年末收于2.08%。具体而言：　　（1）1月，经济复苏预期较强，叠加资金边际收敛，债市收益率维持高位盘整。月初疫情形势明显好转，春节加持下高频快速回暖强化经济预期，中下旬跨节资金扰动增加，机构持券过节意愿不强，10y国债收益率继续上行至2.93%的年内高点。　　（2）2月至8月中上旬，经济预期转弱、两次降息带动债市走牛，收益率下行至2.54%的年内低点。2月配置盘进场，但资金波动较大，收益率震荡。3月经济修复放缓、海外银行风险事件、月末降准与财政支出抚平资金面，债市走牛。4-6月经济预期转弱，存款利率调降引发宽松预期，6 月降息落地，收益率下行至2.62%。7月政治局会议定调积极，债市情绪谨慎。8月MLF降息15bp、“宽信用”政策不及预期，10y国债下行最低触及2.54%。　　（3）8月末至11月，“宽信用”加速推进，政府债券发行放量导致资金收紧，收益率上行调整。9月稳地产政策密集落地，理财抛售基金回笼流动性，赎回摩擦放大债市波动；9月下旬降准落地，但缴款、季末、汇率扰动下，收益率继续上行至2.68%。10-11月，万亿国债增发带来宽信用扰动，银行配债规模高于季节性使其负债压力抬升，存单定价大幅上行，债市延续调整，收益率上行至2.71%。　　（4）12月，政府债券缴款资金回流及央行积极操作，跨年资金提前宽松，大行存款挂牌利率下调打开降息预期的交易空间，机构配置行情提前，年末10y国债收益率下行至2.56%。　　组合操作层面，全年以骑乘策略为主要方向，并利用利率债参与波段交易。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.771Z","mo":"展望来看，债券市场短期而言，长端利率已经充分定价基本面的疲软表现和稳增长政策的托而不举，在缺乏进一步利好刺激的情况下，已经行至低位的利率可能将保持震荡；中长期来看，实际利率偏高的环境之下，我国政策利率在今年仍有较大的下调空间，这也是推动通胀向正常水平回归的必要条件，待到降息落地后，债券收益率中枢或会随之进一步下行。债券组合的配置将以重点获取持有期收益为主，积极运用杠杆、骑乘、期限结构、类属等结构性策略，利用波段积极把握利率调整的机会，争取为投资者提供稳定持续的投资收益。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da121","date":"2023-09-29T16:00:00.000Z","stockId":3000000010254,"sao":"三季度，7月至8月上旬，政策预期逐渐降温，收益率横盘转为短暂下行，至7月末重要会议提前召开，政策定调明显超预期，收益率由震荡下行小幅向上反弹，债市总体处于震荡阶段；8月中旬至9月，新一轮政策脉冲开启，收益率随“宽货币”和“宽信用”的接替发力先下后上，至9月末10年期国债收益率收于2.6751%。　　分阶段来看，第一阶段，首次不对称降息落地，短暂打开长端交易空间。8月中旬， 公布的7月金融数据大幅不及预期，居民部门融资需求走弱，而经济数据继续筑底，且较6月多个分项出现“回踩”，“稳增长”压力下，政策利率首次非对称调降落地，债市交易行情开启，同时考虑银行息差带来的压力，LPR调整幅度弱于市场预期，为后续存量房贷调降预留政策空间，“宽货币”发力的同时“宽信用”担忧稍降。　　而后，央行提及“防范资金空转和套利”，资金中枢震荡上行，赎回摩擦放大资金和短端调整。银行间杠杆加速拆解，叠加税期扰动和政府债券供给放量、汇率走弱等多重因素扰动，资金价格显著上行，至9月初理财赎回再次加剧资金和短端调整幅度，虽降准一定程度上补充了银行体系的流动性，但季末资金延续偏紧，分层压力不断加大。　　第三阶段，宽信用政策预期升温，带动活跃券收益率盘中震荡上行突破2.7%。8月下旬以来，“宽信用”政策密集出台，范围覆盖股市、楼市，同时政策效力渐次生效推动基本面数据改善，债市情绪明显转弱；至9月末高频数据指向经济企稳修复的信号，叠加特别国债以及一线城市地产政策进一步放松的预期扰动，且机构持币过节意愿较强，长端表现偏弱，10年期国债活跃券收益率盘中上行突破2.7%。　　组合报告期维持了中性的杠杆水平，并灵活调整久期，以结构性策略创造超额收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.769Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983004","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da120","date":"2023-06-29T16:00:00.000Z","stockId":3000000010254,"sao":"2023年上半年，经济修复从“强预期”转向“弱现实”，资金面维持宽松，机构“钱多”的逻辑持续演绎，债牛趋势逐渐明朗，十年期国债收益率由年初的2.84%震荡下行至2.64%附近。　　一来，基本面修复动能放缓，经济从“强预期”转向“弱现实”。1-2月的基本面数据表现偏强，经济复苏预期升温，3月下旬-4月，高频数据从基建-地产-工业生产等多方面反应经济修复节奏放缓，“弱预期”开始主导市场。至5月初，经济、金融数据逐步验证修复进程放缓，基本面修复从“弱预期”转向“弱现实”，市场对于基本面的定价相对充分。　　二来，货币政策平稳偏松，存款利率调降导致市场降息预期不断升温。上半年货币政策平稳偏松，3月降准预期顺利兑现，4月自律机制新增对于“存款定价行为”的考核约束，中小行开始集中补降存款利率，叠加基本面修复弱化，市场对于降息的猜测不断升温；5月通知存款、协定存款加点上限下调，再度引发市场的降息预期；6月国有大行率先开启第二轮存款利率调降，市场对于总量宽松的想象空间进一步打开。至6月政策利率降息落地后，由于市场提前“抢跑”定价，收益率短暂触及2.62%的低位后，受止盈盘压力以及宽信用预期的扰动，逐渐回到2.65%-2.7%的区间波动。　　三来，资金面逐步宽松，机构“钱多”的逻辑不断演绎。1月跨节资金面收敛，带动收益率震荡上行。2-3月虽然公布的基本面数据表现强劲，但银行、保险等机构负债开门红，“钱多”环境下债市对基本面利空反应钝化。4月以来，融资需求超预期走弱，叠加银行理财的配置需求处于季节性高位，机构“钱多”成为债市收益率下行的重要支撑。此外，由于4月以来资金面长时间维持宽松，非银机构杠杆行为较为集中，银行间市场质押式回购日度成交量逐渐上行至8万亿元以上的高位。　　操作层面，组合保持了中性的久期水平，根据市场定价情况灵活调整久期。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.766Z","mo":"展望下半年，债市继续围绕“宽信用”政策预期和落地效果进行博弈，可能延续“低趋势、窄波动”的特征。三季度在政治局会议靴子落地后，短期内地产政策、化债方案的落地，政府债券供给放量，权益市场风险偏好的回升，或对债市形成扰动。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11f","date":"2023-03-30T16:00:00.000Z","stockId":3000000010254,"sao":"报告期内海外市场风云变幻，主要经济体加息持续，部分银行破产等引发的金融动荡一定程度上影响了加息进程，美债在三月初收益率触及高点后大幅下行。国内宏观经济“现实”和“预期”的矛盾成为影响资本市场的主要因素，市场对宏观经济预期调整较大，从“强预期弱现实”到“预期和现实走向弥合”到出现“较弱预期较弱现实”的担忧。具体来看，疫情影响消退后，市场通过对高频数据的跟踪，预期经济“强复苏”；春节之后，高频数据出现分歧，房地产复苏不及预期，但消费恢复较好，商旅出行等迎来报复性反弹，市场分歧加大，预期和现实逐步调整；两会定调5%后，市场不再期待政策“强刺激”，也再次调整了对复苏高度的判断。    报告期内资金面亦是影响债券市场的重要因素，整体波动加大中枢上移，年初由于“宽信用”对流动性的锁定、“强预期弱现实”下债市走弱带动存单利率上行、逆回购成为补充流动性重要工具从而市场对资金稳定性担忧等因素影响下，资金面偏紧，二月底流动性紧张加剧，资金利率大幅上行，国股存单接近甚至阶段性突破mlf利率水平。三月随着长期流动性补充，财政、MLF加量、降准，较好的补充了长期资金，逆回购量较二月高峰大幅回落，资金面重回平稳。    报告期内政策面整体平稳，稳经济、促消费等措施逐步出台，信贷投放积极，三月央行下调存款准备金率维稳资金面助力经济复苏。    报告期内，债市先抑后扬，春节前市场在“弱现实、强预期”压制下持续走弱，节后预期和现实逐步走向弥合，债市在复苏预期和当下配置压力之间摇摆，对利空反应有所钝化，期货走强但现货震荡，两会后经济增长目标5%、海外金融风险、央行超预期降准等多因素主导下债市走强。        报告期内组合继续构建纯利率债投资组合，政策性金融债为主要持仓。年初至二月较短久期较低杠杆，三月两会后组合拉长久期，提高杠杆，子弹型结构。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.763Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881197","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11e","date":"2022-12-30T16:00:00.000Z","stockId":3000000010254,"sao":"宏观层面：2022年是一个宏观风险频发的年份；国内外三大核心矛盾：内滞、 外胀、 中外货币政策背离影响资本市场，而这三大因素又因为俄乌战争、国内疫情、换届年的特殊性等因素而复杂化。整体经济内生动能很弱、托底政策不断加码，疫情的脉冲式冲击使得经济复苏屡次受阻，断贷事件后地产风波不断，国内经济下行压力远超最初的预期，企业盈利也受到很大影响。四季度最大的主要矛盾变化，防疫政策调整、地产维稳、美国通胀见顶，“强预期弱现实”形成。　　　　政策方面，为应对经济下行，托底政策不断加码，上半年地产刺激、松绑政策频出，但整体地产产业链整体依旧疲软，断贷事件叠加货币金融、经济数据全面低于预期，二季度政治局会议弱化经济增长目标；随后分别下调了mlf利率、lpr利率，货币金融数据有所恢复。财政政策方面留抵退税等政策，缓解企业压力。年末地产政策向保主体转变关注逆周期调节、疫情快速过峰随后稳经济诉求进一步提升，一揽子措施渐次出台。　　　　资金方面，稳增长政策下，资金面整体宽松，但结构略有不同，上半年财政方面留抵退税等因素明显，各种形式的托底政策实际上都会间接的使得银行间的短期流动性保持在比较充裕的水平，下半年财政因素减弱，叠加银行间杠杆有所提升，资金边际有所收紧，从极度宽松向适度宽松转变。年末债市调整引发的理财负反馈对流动性有所冲击，央行在事件冲击及关键时间均投放流动性维稳市场。　　　　　　债券市场全年维度先扬后抑，年度收益不高，上半年多空因素制衡，债市窄幅震荡，下半年超预期充裕的资金面、再度转弱的经济修复预期和8 月的超预期降息共同开启了2022 年内最大行情，十年国债触及2022年内低位，随后震荡上行，11 月中旬以来，防疫措施调整+稳增长政策密集出台，债市大跌，基金和理财赎回负反馈进一步催动债市调整，十二月中旬触及年内高点后回落。信用债亦同步走势，资产荒背景下短期交易拥挤，收益大幅下行，年末负反馈中波动放大，调整幅度超过利率债，随后由于性价比提升，配置力量推动收益下行。　　　　报告期内本基金以利率债为主体构建投资组合，关注骑乘策略的使用，灵活调整组合久期。较好的把握年中收益率下行的时点，提升组合收益，四季度出于对经济下行压力大的判断，相对久期略长，十一月中下旬理财负反馈中受伤明显，随后通过积极的结构调整有所提升，年末中等偏低久期，中性杠杆。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.761Z","mo":"国内经济：2023年宏观背景的最大的边际变化在于随着防疫政策的转变、中国经济正式进入后疫情时代。宏观经济最大的动能来源于疫情之后自发的私人部门需求的温和修复和企业生产经营的正常化。在政府换届完成后修复信心和稳定经济的诉求较强的大环境下，较大概率2023将是宏观周期和企业盈利的企稳复苏年，是“宏观温和复苏+盈利企稳+流动性平稳+风险偏好提升”的复苏环境。但也需要关注疫情防控政策转变之后，中国将面临其他先行放开国家类似经历的多轮疫情冲击（逐步减弱）、以及欧美经济下行带来的外需回落压力　　　　政策方面：聚焦“稳增长、稳就业、稳物价”，“推动明年经济运行整体好转，实现质的有效提升和量的合理增长，努力实现明年经济发展主要预期目标”，优化疫情防控措施；存量和增量政策叠加发力；货币政策“易松难紧”， “总量够、结构准”，为经济迅速复苏托底，短期内经济弱，降准、降息（调降LPR）概率均存在，为促进经济企稳，流动性会保持合理充裕，避免利率的大幅上行，长期关注通胀影响，下半年通胀或存在超预期上行风险，关注下半年货币政策或有收紧风险。　　　　债券市场：经济稳和复苏和稳增长下对债券相对不友好，考虑到系统性风险的担忧，货币政策整体仍维持相对宽松，杠杆策略相对稳定。而利率连续两年不对通胀定价，源于过去两年国内增长与广谱通胀间的趋势背离；2023年回归内需增长逻辑，增长与通胀间的同步性将加强，需要在定价上予以重视和警惕；未来一年，利率也将告别此前的低波动状态，波动率中枢或将迎来抬升。而随着稳和复苏的推进，信用风险边际缓解，叠加两次调整后有明显修复，中短久期信用债票息策略相对占优。　　　　本基金将继续以利率债为主题构建投资组合，年度整体对债市偏谨慎，时间节奏上，上半年债市环境相对尚可，收益暂无单边持续向上的风险，可灵活参与，并适当提升杠杆，下半年需要关注通胀、资金等情况，灵活调整。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=863499","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11d","date":"2022-09-29T16:00:00.000Z","stockId":3000000010254,"sao":"报告期内，海外通胀压力高企，美国强劲的就业市场、服务业复苏的强劲需求和俄乌战争持续且前景不明等带来的能源通胀等压力下，美持续加息，美元指数上涨，美债利率高位。  国内经济内生动能弱：疫情出现反复，8月末重新呈现小幅扩散态势，各地管控措施明显加强，对消费、投资、生产等环节重新造成影响；同时，在疫情反复冲击、断贷事件、收入下滑等多种因素影响下，地产销售、投资仍疲弱。疫情和地产的双重冲击使得经济恢复一波三折，三季度中后期受基建投资大幅向好，生产改善，消费边际转好等出现边际改善。   政策方面，八月公布的七月份货币金融、经济数据全面低于预期，二季度政治局会议弱化经济增长目标，弱化市场对政策强刺激的预期；随后分别下调了mlf利率、lpr利率，九月开启从大行到小行的存款利率下降。九月公布的八月份社融数据、经济数据超预期，货币金融数据有所企稳，人民币汇率贬值。  资金面，报告期内资金面边际收敛，但整体仍维持宽松的状态，DR007中枢价格稳步下行，季末时点利率小幅上行。  债券市场，报告期内债券市场各期限利率均下行，8月初开始，在流动性没有明显收紧的情况下，中长期利率下行更多，曲线趋于平坦，集中反应了从流动性宽松预期向经济下行预期的转变，9月跨季因素叠加外围利差倒挂压力，国债收益率有所上行。    报告期内，本基金以利率债为主体构建投资组合，关注久期策略和杠杆策略的使用。季度维度维持中等偏长久期，季末有所缩短。结构上关注骑乘效果好的期限做底仓，5、10、30年交易机会参与。出于对资金边际收紧担忧，整体维持中性杠杆。交易仓位哑铃向子弹转变，参与曲线平坦化机会。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.758Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=801137","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11c","date":"2022-06-29T16:00:00.000Z","stockId":3000000010254,"sao":"宏观层面：2022年是宏观大年，宏观因素在资本市场中的权重前所未有提高，上半年宏观环境的主要线索有三条：经济内生动能很弱、托底政策不断加码、美国通胀高企及随之而来的美联储加息预期攀升，除此之外还有疫情大幅反弹、俄乌冲突爆发两个黑天鹅事件影响，前者导致国内经济下行压力远超最初的预期，企业盈利也受到很大影响；后者导致全球通胀上行压力远超最初的预期，美联储加息预期因此快速上升。    政策方面，为应对经济下行，托底政策不断加码，经济活动得到了有限修复。货币政策方面，下调5年LPR利率15bp，同时地产刺激、松绑政策频出，但整体地产产业链整体依旧疲软，销售略有好转。财政政策方面留抵退税等政策，缓解企业压力。    资金方面，稳增长政策下，政策追求冗余，各种形式的托底政策实际上都会间接的使得银行间的短期流动性保持在比较充裕的水平，需求方面居民部门出现资产负债表衰退，政府部门缺少优质的投资项目，银行理财缺少好的配置性资产。“资产荒”再次成为资本市场热议点。    债券市场，报告期内走出先扬后抑再扬态势，年初在资金面宽松及贷款需求不足预期下收益率下行，春节后大超预期的社融数据引发债市调整，稳增长预期升温，叠加赎回冲击下收益率快速上行，随后再地缘政治、疫情、美债收益率突破上行等多因素制约下窄幅震荡。整体市场再充裕的流动性和未来经济回升预期的共同作用下，资金涌向短端特别是短端信用债，曲线陡峭，临近半年末时段，股债跷跷板效应明显，权益市场的反弹进一步弱化债市情绪。    报告期内，本基金以利率债为主体构建投资组合，注重杠杆和久期策略的应用。年初较长久期，随后有所下降，但仍在春节后的股债双杀调整受伤，二季度随着疫情影响加大经济下行预期增加，组合加大久期暴露，并阶段性提升杠杆水平。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.755Z","mo":"展望未来，核心关注点在于增长和通胀的力量对比。我们的判断年内通胀的压力不大，尽管整体CPI受猪价带动可能部分月份会小幅超过3%，但核心CPI的消费复苏乏力的情况下难有明显超预期上行。基建托底，地产投资恢复压力仍大，出口增速长期有下行压力，短期内仍有韧性，但难以重现2020年以后的火热状态。同时，居高不下的失业率，居民预期收入下降，叠加居民资产负债表受到疫情连续两年多的冲击，消费信心亦不足，虽部分细分结构略有亮点，但无法弥补宏观总量上的不足。    7月初房地产“停供断贷”事件逐步发酵，对于居民购房意愿存在进一步的打压，商品房销售没有延续6月的改善趋势，环比下行幅度超季节性均值，呈现“淡季更淡”特征。此后金融部门和地方政府开始出台政策进一步“保供”，此举对于地产施工和竣工端预计会有一定提振作用，但在没有更高层的刺激政策出台前，预计扭转不了整体房地产链条的疲弱。    政策方面，保持冗余度，因就业市场太弱，轻易不会收紧，目前推出的政策方案已经够多，有一些新增风险点，后续主抓落实。同时考虑到房贷利率较高等因素，不排除继续择机下调lpr等政策利率。      债券市场方面，整体仍有机会，短端受政策冗余影响资金面宽裕维持稳定，中长期由于经济基本面下行压力较大，存在预期差，久期策略仍有机会。    本基金继续以利率债为主构建投资组合，注重估值和经济的匹配度，关注拉长久期时点，并利用资金面相对宽松的窗口提升杠杆策略的应用。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=778516","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11b","date":"2022-03-30T16:00:00.000Z","stockId":3000000010254,"sao":"一季度宏观经济预期波动较大。1-2月份的固定资产投资和工业生产数据大幅超出了市场基于微观高频数据所形成的偏悲观预期，具体来看1-2月份的累计同比数据：固定资产投资12.2%，其中制造业投资20.9%、基建投资8.6%、房地产开发投资偏弱是3.7%，规模以上工业增加值7.5%。随着3月以来国内抗疫形势逐渐严峻，市场对经济修复进程的预期再度放缓。期间宽信用政策持续发力，金融数据方面，1-2月M2同比分别为9.8%和9.2%，新增社融6.18万亿和1.19万亿，存量同比从1月份的10.5%下降至2月份10.2%。  市场表现方面，整体一季度债券市场呈现出区间震荡的趋势10年期国债利率自2021年四季度表现先上后下，然后在震荡中回升至2.79%，信用债方面，收益率曲线形态陡峭化，银行资本补充工具信用利差走阔，城投信用利差继续收窄，地产债板块利差继续大幅扩大；截至3月31日，万得全A指数较上季度下跌13.92%，沪深300指数下跌14.5%，创业板指下跌20.0%，中证500指数下跌14.1%。  组合方面，整体保持了中性的久期水平和偏高的杠杆水平。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.753Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da11a","date":"2021-12-30T16:00:00.000Z","stockId":3000000010254,"sao":"2021年上半年国内经济在疫情有效控制与疫苗接种加速背景下，继续恢复，地产和出口成为需求端支撑，制造业和消费不均衡恢复特点突出；下半年“双控政策”、地产政策效应显现三因素成为影响经济的短期关键因素，在此背景下总量经济走弱。通胀方面，PPI上行压力抬升、随后通过行政手段控制高位回落，而CPI受制于猪肉价格大跌，低位企稳。  流动性宽松下的再通胀交易逻辑主导了上半年的大类资产表现。地方债供给低于预期，银行间流动性宽松体现为资金利率在政策利率附近低波动运行，也体现为套息策略下短久期信用债利差大幅压缩，并逐渐转移至1-3年期限；同时，美债利率、美元指数从四月初开始下行，显示风险偏好的提升，但通胀预期仍不低，体现为股债商同涨的局面。7月份的降准点燃市场做多热情，并在疫情扩散以及经济下行压力加大的预期下十年期国债一路下行至 2.8%附近，随后随着狭义流动性从宽松走向平衡短端利率上行，曲线平坦化，制约了长端利率的下行空间，叠加对通胀及宽信用预期，长端震荡偏弱。10月底随着经济形势偏弱及货币政策宽松的进一步确认，市场重新回到下行通道。  全年信用行情分化，高等级、“安全资产慌”明显，银行永续和二级录得较好回报，低等级债券在度过三四月份到期高峰后，边际压力放缓，在政策维稳的环境下利差有所收敛。  组合成立后面临7月初降准时利率的快速下行，操作方面迅速进行建仓操作、并维持中性的久期水平。由于整体杠杆能力有限，组合维持了中性的杠杆水平。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.750Z","mo":"展望2022年，需紧密关注宽信用政策节奏和效果，具体来看，宽信用对利率影响分为三个阶段。第一阶段：宽信用初期，需求偏弱，利率仍会下行；第二阶段：宽信用逐步发力，表现为社融增速逐步上行，但上行幅度较弱，社融会反复波动，宽信用预期会导致利率上行，此时需求仍偏弱，利率仍有机会，机会来源于货币政策的进一步放松和利率的超跌；第三阶段：宽信用促使经济上行，利率表现为波动上行。今年如何从第二阶段项第三阶段转换较为关键。信用方面，整体资产荒格局仍会持续；在宽信用的宏观背景下，信用债存在机会同时存在风险，需根据行业短、中、长期基本面变化动态进行调整。  组合操作上，将维持中性的久期中枢和杠杆水平，期间根据宽信用政策效果进行灵活调整。","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放纯债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=708228","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd737fea5b3eb04da119","date":"2021-09-29T16:00:00.000Z","stockId":3000000010254,"sao":"三季度宏观经济数据较为疲软，各项数据全面下滑。7月工业增加值同比从8.3%下降到6.4%，8月份进一步下滑至5.3%；消费品零售总额8月份由8.5%下滑至2.5%。消费增长疲软、企业投资意愿不足、商业银行放贷意愿不强、出口增长面临见顶回落，短期经济动能堪忧。与之形成对比是PPI持续走高，7、8月份分别为8%、9.5%；大宗商品生产国和需求国的供需错位是导致大宗商品价格上涨的动因之一，同时国内双碳目标导致的供给收缩影响也是导致国内煤、钢上涨的主要原因。  货币政策方面，6月初“市场利率自律机制”召开不定期会议，6月21日宣布调整市场利率上浮方式，7月初国常会提到降低法定存款准备金率，7月7日央行正式宣布全面降准50bps。实际资金面层面，7、8月份实际回购利率边际有所下降，而9月份触底回升。受到降准影响，债券市场大幅上涨，10年期国债收益率由3.09%下行最低下行至2.80%。7月末政治局会议明确提到要求专项债在今年底明年初形成“实物工作量”，各方面的信号也显示上半年发行缓慢的地方政府债在年底之前会加速发行；债券市场做多情绪有所减弱，利率震荡向上。  组合方面，三季度考虑货币政策维持偏宽松的概率较大，基础利率上行风险有限、杠杆策略确定性较强，组合整体保持了中性的久期水平和偏高的杠杆水平。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:59.747Z","fund":{"_id":3000000010254,"__csrcFundId":8878,"stockCode":"010254","shortName":"嘉实丰年一年定期纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10254,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:51.894Z","status":"normal","name":"嘉实丰年一年定期开放纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050080000,"inceptionDate":"2021-06-06T16:00:00.000Z","currency":"CNY","masterFundShortName":"嘉实丰年一年定期纯债债券","setUpDate":"2021-06-06T16:00:00.000Z","setUpAssetScale":229843341.88,"setUpShares":229843341.88,"pinyin":"jsfnyndqkfczzqxzqtzjj","managers":[{"stockCode":"db20328837","stockType":"fund_manager","exchange":"fm","tickerId":2424191160,"name":"轩璇"}]},"announcement":{"linkText":"嘉实丰年一年定期开放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=651500","linkType":"PDF","source":"csrc_pdf"}}]}