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认房不认贷等政策刺激下见底且出现有限度回升，制造业投资、消费修复边际减弱，通胀数据有见底可能但回升压力较小。报告期内因非政府部门信用仍小幅回落，尽管政府部门信用回升，但总信用仍在筑底。政策面上，货币、财政及产业政策均有发力。降息降准落地但由于信贷阶段性回升及汇率、债券供给压力下资金成本在季末较大幅度上行。债券市场表现上，7、8月份在基本面及资金宽松驱动下收益率继续下行至历史低位，信用利差也行至年内低点，累积了一定的估值风险。因此在8月中下旬、9月份地产等稳增长政策持续出台之下，利率出现明显回调，信用利差出现回升。在一揽子化债背景下，高收益城投类资产表现更优。报告期内，组合配置以高等级信用债为主，适度调整组合久期及持仓结构。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.463Z","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=988527","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea74","date":"2023-06-29T16:00:00.000Z","stockId":3000000006893,"sao":"2023年上半年，中国经济面临着复杂的内外部环境。海外方面，疫情期间欧美央行采取了超宽松的货币政策和财政政策，叠加俄乌冲突后，全球供应链冲击加剧，海外通胀持续高企，美联储、欧央行均转向紧缩的货币政策。在连续加息的背景下，美国和欧元区通胀压力有所缓和，但经济也受到紧缩货币政策影响出现分化，制造业下滑态势明显，服务业表现出较强的韧性。美国方面，以Open AI为代表的科技企业引领了一场人工智能的新浪潮，纳斯达克指数2023年上半年涨幅高达31.73%，股市的财富效应也带动了居民可支配收入的增长，对消费和服务业就业起到了积极的支撑作用，美国经济软着陆的可能性有所增加。国内方面，2023年上半年，中国经济平稳运行。疫后消费稳步复苏，节假日旅游行情火爆，累积的消费需求正在逐步释放。房地产领域，一季度销售明显回暖，二季度有所回落，目前销售与投资均面临一定的下滑压力。基建领域，增速相对平稳，对经济起到了一定的托底作用。整体看，2023年上半年，中国经济表现平稳，但仍面临着内生增长动能不足的问题。政策方面，2023年上半年，积极的财政政策加力提效，货币政策精准有力，为实体经济复苏保驾护航。本报告期内，在经济基本面和资金面的支持下，债券收益率震荡下行。具体看，10年国债下行20bp，10年国开下行22bp，3年AAA中票下行39bp，5年AAA中票下行44bp，3年AA+中票下行53bp，5年AA+中票下行54bp。本报告期内，本基金根据市场预判和流动性预判，配置了优质的短久期信用债，并灵活调整了组合久期和杠杆，优化了组合结构。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.458Z","mo":"展望2023年下半年，在积极财政政策和货币政策的协同发力下，中国经济有望边际改善。一系列稳增长政策有望出台，积极的财政政策加力提效，专项债等工具有望加速推进，提振基建投资。但考虑到经济可持续发展的长远目标，预计稳增长政策的力度相对有限。消费方面，随着经济复苏，居民收入预期有望改善，消费将持续恢复。房地产方面，保交楼继续推进，地产竣工有望改善。货币政策方面，预计将维持稳健灵活，积极配合财政和产业政策，保持流动性合理充裕。债券市场方面，受到基本面边际企稳回升影响，利率下行空间有限，但考虑到经济复苏的斜率有限，且货币政策精准有力的态度并未改变，流动性仍将保持充裕，债券市场低利率环境仍有支撑，阶段性的利率上行将成为良好的加仓时机。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=963140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea73","date":"2023-03-30T16:00:00.000Z","stockId":3000000006893,"sao":"本报告期内，中国经济在稳增长政策支持下呈现出复苏迹象。国内方面，1-2月金融数据连续超预期，中采制造业PMI升至荣枯线以上，地产销售2月明显反弹。受海外需求减弱影响，出口继续呈现走弱态势。整体看，本报告期内，国内经济基本面稳中向好。政策方面，本报告期内，积极的财政政策继续推行，对改善经济预期起到了积极作用。货币政策精准有力，流动性维持合理充裕。本报告期内，债券收益率呈现震荡格局，信用利差大幅压缩。具体看，10年国债上行2bp，10年国开上行3bp，3年AAA中票下行11bp，5年AAA中票下行20bp，3年AA+中票下行38bp，5年AA+中票下行37bp。本报告期内，本基金根据市场预判和流动性预判，维持了适度的久期和杠杆，并精选个券，优化了组合结构。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.443Z","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=880584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea72","date":"2022-12-30T16:00:00.000Z","stockId":3000000006893,"sao":"本报告期内，中国经济面临着复杂的内外部环境。海外方面，俄乌冲突爆发，商品价格飙升，海外通胀高企，叠加美联储加息，美国经济陷入衰退风险。国内方面，受疫情散点状爆发影响，消费持续低迷，地产销售与投资均明显回落，上半年出口表现亮眼，四季度开始呈现走弱迹象。整体看，报告期内，受内外部环境影响，中国经济面临一定的下行压力。政策方面，本报告期内，货币政策与财政政策均更加积极有为。货币政策通过降准降息，降低融资成本，支持实体经济。财政方面，专项债发行前置、减税降费延续、财政支出提速，体现了较强的保主体、稳就业的态度。四季度，金融十六条出台，中央经济工作会议强调扩大内需，稳增长重要性进一步抬升。本报告期内，债券收益率呈现震荡走势，信用利差有所扩大。一季度受天量信贷影响，债券利率有所上行，二、三季度受疫情和弱势基本面影响，利率震荡下行，四季度在稳增长政策发力和资金利率上行的背景下，债券市场大幅调整，收益率明显上行，信用利差扩大。具体看，10年国债上行6bp，10年国开下行9bp，3年AAA中票上行26bp，5年AAA中票上行23bp，3年AA+中票上行44bp，5年AA+中票上行38bp。本报告期内，本基金根据市场预判灵活调整了久期，并根据组合流动性变化，维持了适度的杠杆，优化了组合结构。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.437Z","mo":"展望2023年，经济进入修复期，消费明显反弹，地产在保交楼政策下，竣工预计有所抬升，但地产投资能否持续恢复仍取决于地产销售的情况，需持续跟踪，进出口受到外需走弱影响面临一定下行压力。整体看，经济边际回暖，但是否企稳尚需时间确认，在此之前，预计货币政策仍需维持精准有力，支持实体经济修复。对债券市场而言，经历了去年四季度的大幅调整，短端利率处于相对合理的水平，考虑到货币政策短期内仍会呵护经济，流动性维持充裕，资金利率相对稳定，中短端利率有望维持震荡。对于长端利率而言，2023年经济以修复为主，长端利率中枢预计有所抬升。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=870727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea71","date":"2022-09-29T16:00:00.000Z","stockId":3000000006893,"sao":"三季度，中国经济面临着更加复杂的内外部环境。海外通胀高企，美联储加快加息步伐，美元指数与美债利率持续飙升，对全球金融市场产生重大影响。国内方面，疫情散点状爆发制约消费恢复，个别区域烂尾楼事件对民企地产销售持续产生拖累。7月经济数据和金融数据明显下行。8月在政策发力与低基数效应的共同作用下，经济数据有所改善。9月中采制造业PMI重回荣枯线以上。但考虑到地产销售有所下滑、消费表现相对乏力等因素，三季度经济修复的程度相对有限。政策方面，三季度货币政策与财政政策更加积极有为。货币政策继续在总量和结构上双重发力。央行8月15日全面降息，进一步引导实体融资成本下行，流动性保持了合理充裕略高水平。财政政策方面，专项债、政策性银行专项建设基金等相继发力，减税降费继续加码，体现了较强的稳经济、稳就业的态度。三季度债券收益率呈现下行态势，信用利差进一步缩窄。具体看，10年国债下行6bp，10年国开下行12bp，3年AAA中票下行28bp，5年AAA中票下行35bp，3年AA+中票下行29bp，5年AA+中票下行26bp。报告期内，本基金根据基金规模变化和市场预判，灵活调整了组合结构，增配了优质短久期债券，维持了适度的久期和杠杆。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.430Z","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=807941","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea70","date":"2022-06-29T16:00:00.000Z","stockId":3000000006893,"sao":"2022年上半年，中国经济面临需求收缩、供给冲击、预期转弱的三重压力。海外方面，俄乌冲突爆发，商品价格飙升，通胀高企，叠加美联储加快加息步伐，美国经济陷入衰退风险，欧洲也面临着滞涨风险。国内方面，地产销售同比连续负增，企业拿地和投资意愿下降，各地因城施策，局部区域限购限贷有所放松，二季度末销售环比有所改善，但随着个别烂尾楼断贷事件的发酵，未来销售能否持续回暖还需进一步观察。另一方面，疫情继续散点状爆发，对经济形成阶段性扰动。6月随着疫情逐步平复，生产经营恢复正常化，经济各项指标明显回暖。消费方面，居民收入与就业出现一定下滑，消费复苏相对缓慢。总体看，2022年上半年中国经济面临着复杂的内外部环境冲击，稳增长压力有所加大。政策方面，为确保经济平稳增长，上半年采取了积极的财政政策和货币政策。1月MLF、OMO等政策利率均出现下调，5月五年LPR下调15bp，流动性持续宽松。财政政策方面，专项债发行前置、减税降费超预期、财政支出明显提速，体现了较强的保主体、稳就业的态度。在此背景下，2022年上半年债券收益率整体呈现震荡格局，不同品种走势有所分化。报告期内，本基金根据基金特性和流动性变化精选个券，严控风险，维持了适度的杠杆水平。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.422Z","mo":"展望2022年下半年，随着积极财政政策和货币政策的协同发力，中国经济有望出现环比改善。而随着基本面好转，宽松的货币政策也可能出现边际变化，引导短端利率向政策利率回归。经济改善对债券市场偏负面，但考虑到项目前置背后的需求约束和财政压力可能在中期显现，利率中枢下行趋势和低利率环境持续的格局难以改变，阶段性的利率上行将成为较好的加仓机会。策略上，根据本基金特性，下半年将维持适当的久期和杠杆，精选个券，严控风险，把握利率波动的机会。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=785296","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea6f","date":"2022-03-30T16:00:00.000Z","stockId":3000000006893,"sao":"一季度国际环境依然错综复杂，欧美发达国家的通胀持续超预期，美联储加息之路正式开启，俄乌战争的持续也给全球经济复苏蒙上阴影。国内情况来看，社融和信贷数据反复，宽信用成效并不显著，房地产投资和成交依然低迷，项目开工和资金到位情况困难，经济开门红略低于预期。一季度货币政策维持宽松基调，央行在一月份对MLF和公开市场操作利率进行了10BP的下调，财政政策也在基建、减费降税方面继续发力。债市表现为区间震荡格局，MLF利率下调之后债券收益率快速下行，春节前形成低点，2月底开始持续调整，3月中下旬企稳，与上个季末相比，债券收益率普遍持平或小幅下行，1年国债下行约12BP至2.13%，10年国债下行约2BP至2.78%。本基金在报告期内规模有所增长，投资运作中注重控制组合的风险和回撤幅度，并进行了积极的波段操作，2月底降低久期和杠杆，随着3月中下旬调整接近前高拉长组合的久期。在评级分布上，持仓比例主要集中于AA+和AAA等中高评级债券，尽量规避资质较差的民企和城投，降低组合的风险敞口，并做到精选个券，分散投资。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.413Z","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=726078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea6e","date":"2021-12-30T16:00:00.000Z","stockId":3000000006893,"sao":"2021年疫情的反复和局部管控贯穿全年，也导致消费、旅游、航空等服务行业的恢复较为迟缓，出口高位下行，但整体依然较为亮眼，房地产投资在“房住不炒”的政策基调下高开低走，对经济的拖累在三四季度愈发明显，总体来看经济增长呈现前高后低走势。另一方面，由于疫情导致全球需求与供给错位，表现为大宗商品价格快速上涨，对于中下游制造业的利润造成较大冲击，2021年PPI单月同比高点超过13%。政策方面，财政政策在政府隐性债务管控、基建投资项目可行性等诸多条件制压下，发力较慢；货币政策全年较为积极，资金面保持宽松状况，央行于7月份和12月份分别下调存准率50BP。经济稳增长的诉求在四季度逐步变得强烈，相应政策的出台也较为频繁。 截止报告期末，10年国债收益率收在2.77%位置，较前一年下行35BP左右，1年国债2.24%，较前一年下行23BP左右，收益率明显下行。本基金报告期内规模有所增长，策略上偏积极，并保持了较高的杠杆，以增厚组合收益；在个券的选择上，集中投资于评级为AA+-AAA的中高评级债券，规避有信用风险或者估值风险的主体，以保障资产的安全性和净值的稳定性。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.410Z","mo":"2022年外部市场环境进一步复杂化，以欧美为代表的发达国家在长期的货币政策刺激下，经济步入复苏通道，尤其是美国通胀水平屡创新高，薪资和就业数据靓丽，引发联储退出QE并考虑正式进入加息周期，对全球流动性、汇率和资产配置产生重大影响，反观国内从去年下半年以来经济增速放缓，预计政策节奏较去年会明显前置，国债和专项债在一季度发行力度较强，基建和新动能仍然是抓手，货币政策也依然有降息降准的空间，在政策跨周期调节的配合下，我们认为2022年经济有逐步向好的动能。债券市场仍然需要关注企业的债务风险，在严控隐债、土拍市场趋冷的环境下，民营地产的流动性危机尚未见底，城投平台的债务化解压力依然很重，对债券市场而言，机会和风险并存。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=713421","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea6d","date":"2021-09-29T16:00:00.000Z","stockId":3000000006893,"sao":"三季度经济延续“类滞胀”格局，出口高点渐过，后疫情时代的消费及投资均较为低迷，信贷和社融也逐步下行，反映出经济反弹动能不足，另一方面，以大宗商品、上游产业为主导的PPI仍处于高位，但受制于需求的疲弱以及猪周期的供给恢复，CPI依然保持较低水平。政策方面，为保持经济增长动能和充分就业，三季度货币政策较为宽松，央行在七月份进行了全面降准，并通过MLF续作和公开市场操作持续投放资金，机构配置需求强烈，导致债券收益率持续下行，与二季末相比，债券收益率普遍小幅下行，1年国债下行约10BP，10年国债下行约20BP，10年国债收益率收在2.87%位置。本组合在报告期内规模有所上升，操作上较之前更为积极，久期维持在中性水平，注重票息的确定性收益以及息差贡献，投资重心在于精选个券，并维持较高杠杆水平。在信用债投资策略上，注重分散和尽量规避资质较差的中低等级信用债。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.399Z","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短债债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655107","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea6c","date":"2021-06-29T16:00:00.000Z","stockId":3000000006893,"sao":"上半年经济“类滞胀”格局逐步清晰：一季度海外疫情仍较为严重，但国内抗疫效果较好，经济延续复苏势头，出口保持韧性，以房地产和基建为代表的固定资产投资增速也维持高位，国内消费增速接近疫情前水平；二季度经济动能开始走弱，出口和固定资产投资增速有所下滑，非制造业边际改善不显著，另一方面，由供需失衡引起的大宗商品涨价导致PPI一路走高，并创下新高，中下游企业利润面临较大压力，反映出经济恢复的基础尚不牢固，经济发展的不均衡也较为突出。政策方面：为保持经济增长动能和充分就业，货币政策强调不急转弯，央行仍通过MLF续作、公开市场操作等方式投放资金。除一月份资金面呈现极松到极紧的转变，上半年其它时点资金面均较为宽松，此外专项债发行节奏偏慢，配置型机构需求未能得到充分满足，导致债券收益率缓慢下行，债券市场走出小牛市行情，与去年末相比，债券收益率普遍小幅下行，1-10年国债下行约5BP，10年国债收益率收在3.08%位置。本组合在报告期内规模有显著上升，投资策略也相应有所变化，一季度投资策略较为中性，久期较短，主要是考虑到规模的变动预测难度较大，同时也为了较好地控制回撤，二季度操作上较之前更为积极，久期适当拉长，同时注重票息的确定性收益以及息差贡献，组合杠杆维持在130-135%的较高水平。在信用债投资策略上，注重分散和尽量规避资质较差的中低等级信用债。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:01.382Z","mo":"从近几个月的PMI走势来看，出口有见顶回落的风险，叠加房地产行业的调控从严，财政政策的发力较晚，下半年经济表现差强人意，不过PPI短期内难以快速下行，企业利润仍有一定的内生动能。从最新的政治局会议政策定调来看，决策部门对于疫情的反复、国际形势的复杂性较为担忧，但调控总体思路的总体表述由“不急转弯、把握好时效度”转变为“做好宏观政策的跨周期调节”、“统筹好今明两年宏观政策衔接”，意味着政策着眼于中长期，并不会因为对下半年的担忧而立刻发力，更多是留好充足弹药应对后续风险，对于政策空间仍然较为珍惜。预计财政政策力度大于货币政策，下半年专项债的发行节奏会明显加快，货币政策依然稳字当头，考虑到MLF到期的数量不小，四季度降准仍然值得期待，但更多是流动性对冲的工具。外部环境如美联储退出QE政策的力度和节奏依然对于全球资产价格、汇率和国内流动性产生巨大影响，国内货币政策也会相机抉择，边走边看。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短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=635735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca2d7fea5b3eb049ea6b","stockId":3000000006893,"sao":"一季度海外疫情仍较为严重，国内局部地区也有反复，总体来看随着疫苗的产能扩大和接种人群的逐步扩大，疫情对经济的拖累已经接近尾声，全球经济进入后疫情时代的复苏阶段，国内经济表现仍较为亮眼，出口保持韧性，以房地产和基建为代表的固定资产投资增速也维持高位，国内消费增速已接近疫情前水平。政策方面：为保持经济增长动能和充分就业，货币政策强调不急转弯，央行仍通过MLF续作、公开市场操作等方式投放资金。但是全球货币政策放松的后遗症也开始显现，今年年初以来大宗商品、黑色金属等上游资源品连创新高，国内房价也报复性反弹，央行对此也较为关注和警惕，反映在一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未到可以退出的阶段，降低企业融资成本、融资直达实体是下半年货币政策的重心，考虑到银行体系超储率处于低位，下半年降准或者调降MLF的操作仍可期待，债市难以出现上半年的暴涨暴跌行情。","fund":{"_id":3000000006893,"__csrcFundId":5882,"stockCode":"006893","shortName":"汇添富丰利短债债券型证券投资基金A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6893,"masterFundFlag":1,"lastUpdated":"2026-05-01T21:10:40.792Z","status":"normal","inceptionDate":"2019-01-17T16:00:00.000Z","name":"汇添富丰利短债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰利短债","pinyin":"htffldzzqxzqtzjj","managers":[{"stockCode":"db20599478","stockType":"fund_manager","exchange":"fm","tickerId":231117180300,"name":"温开强"}]},"announcement":{"linkText":"汇添富丰利短债2020年度第2季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=366899","linkType":"PDF","source":"csrc_pdf"}}]}