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年期收益率降至 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d":3000000012611,"sao":"4月资金面整体平稳，月中公布的社融和经济数据表现较强，但债市对其反应钝化，背后可能是市场对于强消费、弱生产的经济弱复苏格局的强预期。同时月中部分中小银行存款利率调降压低银行负债端成本，为债市打开一定空间，叠加股债跷跷板效应，市场避险情绪提振，债市延续2月以来的强势走势，月末10年期国债收益率向下突破2.8%关键位置。5月资金面维持宽松，下旬资金利率小幅抬升，整体压力较小。月内各项宏观数据继续走弱，带动债市继续走牛，10年期国债一度突破2.7%，之后在2.7%点位上方维持窄幅震荡。5月份信用债发行量和净融资较上月下降明显，供需矛盾下信用债收益率整体下行，但信用利差有所走阔。6月上旬公布的出口、通胀数据偏弱，债市整体走强；中旬OMO超预期降息推动现券收益率大幅下行，随后SLF、MLF都相继调降，但市场止盈压力开始显现，叠加稳增长政策出台信号，现券明显回调，之后维持震荡；月末央行连续加大净投放力度维护资金面，PMI仍处于收缩区间，债市情绪转好，10年国债下行至2.64%。债券收益率二季度波动下行，报告期内产品持仓以信用债为主，并保持一定的杠杆和久期，以期获得稳定的票息收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.280Z","mo":"进入三季度以来，经济仍处于去库存阶段，弱复苏的趋势不变但节奏偏缓，需求端延续疲弱，继续对生产端形成拖累，消费整体保持低位，货币政策易松难紧，债券市场整体风险不大。另一方面，债市估值已经对基本面环比走弱充分定价，市场拥挤度正在提升，交易难度增加，需要增量货币政策宽松下资金价格下行，才能打开利率进一步向下的空间，整体上债券市场或仍延续近年来窄幅震荡的格局，套息策略仍可行。未来本基金将继续以信用债为底仓，保持一定的杠杆和久期，择机配置利率债进行波段操作，力争在获取稳定的票息收入的同时增厚组合收益。","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善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=966556","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f7","date":"2023-03-30T16:00:00.000Z","stockId":3000000012611,"sao":"一季度债券收益率先上后下整体窄幅波动，信用债表现好于利率债。1月债市在经历了短暂修复行情之后再次进入调整，尤其长端利率上行幅度较大，十年国债再度突破2.9%，利率上行更多由基本面带动，反映的是对地产政策和疫后经济复苏的担忧。2月资金利率持续收敛，利率债长端收益率稳定，信用债走强。3月经济数据涨跌互现，市场对基本面预期回归，债市配置热情较高，利率债小幅回落，信用债表现更优，信用利差持续压缩。报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并对城投债进行了适度下沉，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.277Z","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善纯债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888240","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f6","date":"2022-12-30T16:00:00.000Z","stockId":3000000012611,"sao":"2022年前十个月，利率整体窄幅震荡，利率中枢下行。最后两个月，在基本面预期逆转和理财赎回风波双重冲击下，债市回吐了全年涨幅，信用债、银行二级资本债、银行永续债的跌幅远超利率债。报告期内，账户持仓主要以中高等级信用债为主，根据宏观经济和债券市场情况灵活调整久期及仓位。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.274Z","mo":"基本面正处于经济探底后逐步好转的阶段，由于预期提前反映，因而影响债市的关键是预期差。当前央行对资金面展现出明显的呵护态度，2023年年初资金面边际收敛的趋势不变，但整体仍大概率维持宽松。春节后，对债券不利的因素可能会逐渐显现：经济修复、信贷开门红、政策陆续出台、通胀阶段性走高、债券供给增加、风险偏好提升股市走强等。2023年债券市场资本利得的机会可能相对较小，但是年底信用债经过充分调整，或已具备一定的票息价值。整体来看，2年内信用债或有一定的配置价值，债券收益率调整后票息策略的性价比提升，久期策略相对风险较大。未来，本基金将继续以持有高等级信用债为主，以期获得稳定的票息收入，谨慎博弈资质下沉，并择机进行利率债波段操作。","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善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=864077","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f5","date":"2022-09-29T16:00:00.000Z","stockId":3000000012611,"sao":"三季度债券收益率先下后上，收益率整体下行。7月国内疫情反复，市场对经济预期不佳，资金面极度宽松，收益率下行。7月中旬后资金价格下行至年内新低，1年期国股行存单及高等级中短期票据利率创新低，收益率曲线陡峭。8月中旬经济数据表现弱于预期，7天逆回购利率和1年期MLF利率均下调了10bp，债券收益率大幅下行，10年国债突破2.6%。9月债市则总体以回调为主。随着国内疫情的边际好转，8月经济小幅修复，汇率承压，中美利差走阔，季末资金面边际收紧收益率上行加快。信用债方面，受资金面宽松影响，三季度多数品种信用利差继续收窄。报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并继续深入挖掘城投债的价值，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.272Z","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善纯债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806090","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f4","date":"2022-06-29T16:00:00.000Z","stockId":3000000012611,"sao":"年初在降息以及经济悲观预期推动下，收益率快速下行，10年期国债一度向下突破2.7%。春节后，受海外通胀发酵、美债利率上行、1月社融大幅超预期、1-2月经济数据超预期、稳增长政策陆续出台等因素影响，债券利率快速回调，10年期国债一度回到2.85%。3月下旬，疫情影响加重，基本面走弱和宽货币的预期进一步强化，市场情绪逐渐好转，收益率呈现下行态势，截至一季度末10年国债收益率回到年初水平。4月中-5月中，降准幅度不及预期，宽货币预期消退，同时上海疫情出现拐点，长端利率再度上行，同时资金面泛滥，短端利率下行，曲线陡峭化。5月中-5月底，由于4月社融数据不佳，债市做多情绪大幅升温，在资金面宽松的持续加持下，收益率再度下行。6月，受疫情收尾，基本面修复预期上升影响，利率缓慢回升。报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并对城投债进行了适度资质下沉，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.269Z","mo":"今年以来，债券收益率波动区间收敛，上半年十年期国债的波动区间在2.7%至2.85%，预计下半年债市低波动状态或仍将延续。首先疫情后微观主体活力不足，地产低位盘整，出口份额呈现萎缩，经济缺少上行空间；其次，下半年货币政策或仍将在稳增长稳就业、国际收支平衡、控制通胀等多目标之间平衡，预计维持宽松，上下调整空间有限；第三，机构欠配情况仍在，结构性资产荒难以真正缓解，导致利率向上调整的空间有限。另一方面，美联储加息缩表，以及通胀压力等也会对国内债市有牵制，利率下行缺乏空间。总体来说下半年债券市场或仍呈现窄幅震荡的格局。未来本基金将继续以信用债为底仓，择机配置利率债进行波段操作，力争在获取稳定的票息收入的同时增厚组合收益。","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善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=788093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f3","date":"2022-03-30T16:00:00.000Z","stockId":3000000012611,"sao":"年初在降息以及经济悲观预期推动下，收益率快速下行，10年期国债一度向下突破2.7%。春节后，受海外通胀发酵、美债利率上行、1月社融大幅超预期、1-2月经济数据超预期、稳增长政策陆续出台等因素影响，债券利率快速回调，10年期国债一度回到2.85%。3月下旬，疫情影响加重，基本面走弱和宽货币的预期进一步强化，市场情绪逐渐好转，收益率呈现下行态势，截至一季度末10年国债收益率回到年初水平。信用方面，中长久期信用利差上行，短久期基本持平，收益率曲线变陡，产业债中除房地产行业外其他行业信用利差多有所收窄，城投债涨跌互现，各省城投利差走势差异较大。 报告期内产品以持有中性久期的信用债为主，保持一定杠杆水平，并对城投债资质进行了适度下沉，以期获得稳定的票息收入，同时择机进行了波段操作以增厚产品收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.267Z","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善纯债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722068","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf7a7fea5b3eb04fd1f2","date":"2021-12-30T16:00:00.000Z","stockId":3000000012611,"sao":"2021年，基本面利好和流动性呵护之下，债券市场震荡慢牛。经济基本面修复斜率整体呈现前高后低的特征，基建投资见底、制造业投资疲弱、地产链条下行压力逐渐显现；通胀方面，PPI持续攀高，但下游生产和居民需求持续偏弱，通胀预期阶段性冲高，年末伴随行政控价措施的陆续出台，大宗涨价趋势有所缓解；货币政策温和宽松的态势维持，二季度之后资金面维持平稳，三季度后降准落地，宽松加码，流动性是驱动全年债市行情的主要驱动因素。报告期内，账户持仓主要以中高等级信用债为主，根据宏观经济和债券市场情况灵活调整久期及仓位。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:38.264Z","mo":"从目前来看，宽货币利好尚未出尽，市场博弈的重点是政策何时加码，以及稳增长何时见效。预计2022年国内GDP增速呈V字形，上半年减速下半年增速回升，经济动能由出口向财政等切换。受制于疫情防控因素，消费增速中枢提升幅度有限。基建投资会再度企稳，地产销售和投资低位企稳，制造业增速有望继续走高。出口逐步放缓。PPI向下、CPI向上的趋势改善下游利润空间。债券市场的整体表现预计一季度好于二季度，三季度或四季度或再次迎来收益下行，债券利率整体预计呈现倒V走势。面临经济下行压力，2022年增速前低后高。从产出缺口和信贷脉冲看，当前我国经济稳增长压力较大，保持经济稳定增长仍将是2022年上半年的主要方向。实际GDP在基数影响下，同比呈现V型走势。具体而言：房地产投资增速或于2022年一季度见底，后缓慢复苏；基建缺项目问题依旧，难有突破性反弹；出口维持韧性，但表现很难超越2021年；消费、制造业仍将修复，但空间有限。预计2022年PPI大幅回落，CPI缓慢回升，工业品方面，保供稳价政策压制价格涨幅，考虑到全球复苏放缓，油价或高位震荡。消费品方面，猪肉价格目前已在周期底部，2022年或波动回升，带动CPI上行。货币政策易松难紧，海外因素和通胀影响节奏，比较确定的是2022年上半年货币政策对债市形成利好。未来，本基金将继续以持有高等级信用债为主，以获得稳定的票息收入，谨慎博弈资质下沉，并择机进行利率债波段操作。","fund":{"_id":3000000012611,"__csrcFundId":9929,"stockCode":"012611","shortName":"东方臻善纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12611,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:30.802Z","status":"normal","exchange":"jj","name":"东方臻善纯债债券型证券投资基金","fundCollectionId":4000050390000,"inceptionDate":"2021-09-16T16:00:00.000Z","followedNum":1,"masterFundShortName":"东方臻善纯债债券","setUpDate":"2021-09-16T16:00:00.000Z","setUpAssetScale":1892945706.62,"setUpShares":1892945706.62,"pinyin":"dfzsczzqxzqtzjj","managers":[{"stockCode":"8801436543","stockType":"fund_manager","exchange":"fm","tickerId":120310160970,"name":"刘长俊"}]},"announcement":{"linkText":"东方臻善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=706379","linkType":"PDF","source":"csrc_pdf"}}]}