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可能再生变数，但关税高度或可控，受到上半年抢出口和海外经济趋弱影响，预计下半年出口增速呈现下降态势。从政策端来看，目前经济尚处在5%以上，财政和货币都不急于进一步加码，目前财政侧重于落地已有政策，央行侧重于维持流动性充裕。整体来说，经济预期略有下调和宏观政策不急加码的环境对债市偏利好，我们认为下半年债券走势呈现震荡偏强格局。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1339861","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff541","date":"2025-03-30T16:00:00.000Z","stockId":3000000012797,"sao":"一季度国内经济出现一定的自发修复，包括信贷、工业增加值等经济数据整体呈现良好走势，政策层面，货币政策强调灵活性，银行间回购利率有一定抬升；财政支出有所前置，国债地方债发行节奏偏靠前。债市关注点在回购利率抬升和关税提高之间切换，权益市场在科技进步和内需支撑之间切换；临近二季度，出口压力在增加，持续一季度的宏观叙事可能就此发生变化，从一季度经济企稳、宏观政策择机加码，转向外部压力加大、基本面压力加大、一揽子政策对冲，不过政策反应需要时间，二季度将着重关注官媒发言和4月政治局会议。基于前述关于贸易谈判复杂性来看，经济基本面可能会经历些许波折。  债市节奏把握的重要性提升，向下进入无人区，关注央行降准降息节奏，以及国内对冲力度。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.140Z","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1269588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff540","date":"2024-12-30T16:00:00.000Z","stockId":3000000012797,"sao":"24年债券市场出现了较为明显的下行，短端下行幅度更高，信用利率方面则是压缩为主，信用风险大幅降低，市场对明年年内的降息预期大幅提升，irs等反应降息预期的工具，均出现了明显的降息预期；同时，经济转好的迹象也逐渐增加，宏观政策不断推出，央行提示债市可能的风险。  在此期间组合久期中枢较往年出现了一定抬升，并根据市场运行情况进行了波段交易，债券选择上以高等级信用债、政策性银行债、地方债为主，产品未做“下沉”交易，并阶段性参与利率品种。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.137Z","mo":"回顾2024年，市场对降息预期发酵/博弈较为集中，对宽财政政策的预期一致，但幅度有所分歧；我们认为一季度中国宏观政策仍围绕中央提出的“稳增长”方向，处于宽财政和宽货币阶段，决定债券走势的是基本面走势及对降息的理解。外需方面，我们预计关税可能带来外需贡献下降0.3-0.5个百分点。内部来看，房地产周期仍在，观察房价企稳情况，居民消费中枢亟需提升，政策将发力提振内需，倾斜消费，预计广义财政支出增速回升。对财政给予厚望的同时，发力方向及持续性仍值得关注；物价略显低迷，地方政府和实体部门加杠杆的空间偏有限。整体来说，我们认为相对于实物工作量的恢复，名义经济增速的水平值得探讨，经济向上的空间和动能值得探讨，货币政策延续宽松态度，对omo和lpr的降息所有期待，债券市场底色仍略偏牛市。但是2025年利率下降速度或放缓，主要原因在于：一是政策转向稳增长，后续仍有加码空间。二是有效政府债供给增加，债市供需两旺，较难出现24年上半年“缺供给”的局面，利率下行速度预计将慢于2024年。  债市节奏把握的重要性提升，从预判角度来说，1月20日美国政府换届，开启对外部压力的观测和应对，如果引起货币加码，利率可能呈现下移。二季度和三季度观察基本面成色，政策在再度加码有可能要在数据之后，不排除利率走势可能呈现先下后上。  策略维度，整体或仍存机会，地方债具有性价比，信用品也存在阶段性机会，供给节奏平稳后可考虑介入。  利率的上行风险包括，央行调控，供给节奏过于集中，财政加码力度超预期，基本面反弹幅度超预期等。利率的下行风险包括，关税压力超预期，地产销售和房价下滑超预期等。  展望2025年，我们认为国内宏观政策持续发力，经济预期有望延续回升。但是面对外部的不确定性，整个社会的风险偏好提升大概率是一波三折以及需要持续的政策和基本面好转的催化，最终形成共识，社会风险偏好得到全面提升。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1249696","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53f","date":"2024-09-29T16:00:00.000Z","stockId":3000000012797,"sao":"3季度以来，国内工业生产、固定资产投资、消费增速有所回落，出口增速相对稳定，经济下行压力有所增加。通胀方面，在基数等因素影响下，CPI同比增速延续温和修复，而PPI同比跌幅则略有扩大，“通缩”压力仍有待缓解。货币政策方面，7月份OMO调降10BP，MLF利率调降20BP；9月份OMO调降20BP，MLF利率调降30BP，同时调降存款准备金率50BP，货币政策宽松明显加码。债券市场方面，7月份，债券收益率“先上后下”：上旬，央行公布借入国债细节，市场担忧央行“卖债”压力，收益率出现快速调整；中下旬，国内三中全会召开，稳增长诉求明显提升，央行意外调降OMO和MLF利率，市场做多情绪明显提振，收益率快速回落。8月份，债券收益率“先上后下”：上旬，央行指导大行“卖出国债”，叠加限制部分券种的做市交易，以及农商行严监管，市场做多情绪明显降温，收益率出现快速调整；中下旬，大行“卖债”力度减弱，“买债”力度明显增加，叠加央行加大流动性投放，市场谨慎情绪有所消退，收益率震荡回落。9月份，债券收益率“先下后上”：中上旬，央行公告8月份国债合计“净买入”，市场乐观情绪有所延续，叠加美联储“首次”降息预期下，国内货币政策宽松预期明显升温，收益率快回落；下旬，国新办发布会上央行官宣降息、降准等一系列重磅政策，随后9月政治局会议讨论经济议题，释放出强烈的稳增长信号，国内经济预期出现一定程度的扭转，叠加权益市场的大幅反弹，债券市场受到“压制”，收益率快速调整。整体来看，3季度，信用品种和利率品种收益率走势有所分化，其中利率债收益率震荡略有所回落，信用债收益率出现小幅上行。  本报告期内基金以持有利率债为主，总体维持略偏中性的久期和杠杆水平，并根据市场变化灵活调整。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.134Z","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1171698","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53e","date":"2024-06-29T16:00:00.000Z","stockId":3000000012797,"sao":"2024年上半年，国内经济延续修复，1季度，在出口偏强等因素带动之下，经济数据边际改善，而进入2季度，受基建放缓等因素拖累，经济修复动能略有放缓。通胀方面，上半年在基数等因素影响下，PPI同比跌幅明显收窄，CPI同比温和抬升，“通缩”压力持续缓解。货币政策方面，国内政策基调总体偏积极，1月份降准50BP，2月份5年期LPR调降25BP，资金面维持均衡偏松格局。债券市场方面，2024年上半年，债券收益率曲线明显下移。1月份，权益市场震荡下挫，市场风险偏好回落，叠加资金面维持宽松，降准政策“靴子”落地，收益率快速下行；2月份，政府债发行持续弱于预期，叠加5年期LPR大幅调降25BP，保险资管存款纳入同业存款等因素影响下，“资产荒”逻辑进一步演绎，收益率进一步下行；3月份，“两会”政策基本符合预期，而超长债供给信息持续扰动市场，叠加1-2月份经济数据，以及跨季因素扰动下，收益率总体偏震荡；4月份，在经济融资数据转弱，“手工补息”整改，地产政策放松传言，以及央行“提示利率风险”等因素影响下，收益率“先下后上”；5月份，在经济金融数据偏弱、特别国债“平滑”发行，以及地产政策放松落地等因素影响下，收益率整体偏震荡；6月份，在经济金融数据继续走弱，权益市场震荡下行，以及央行流动性呵护下，跨季资金面均衡偏松等因素影响下，债市情绪明显走强，收益率震荡下行。  本报告期内基金以持有利率债为主，基于经济基本面、货币政策和机构行为等因素，灵活调整组合久期和杠杆，力争为投资人创造中长期持续稳健回报。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.131Z","mo":"从经济基本面来看，2024年以来，国内经济延续波折式修复，结构走势明显分化，其中，出口、制造业领域相对偏强，基建、消费板块有所放缓，地产链条维持疲弱。往后看，下半年广义财政资金加速落地、设备更新贷款财政贴息政策对于基建和制造业投资存在一定支撑，而地产和消费或延续温和修复，出口链条则在海外大选、政治震荡等因素影响下不确定将明显增加。对于债市而言，从短期角度来看，人民币汇率等因素约束下，国内货币政策面临一定掣肘，叠加央行短期维稳市场的背景下，“借券卖出”等政策风险尚未充分释放，债券市场或面临一定扰动。而从略中期角度来看，在国内经济下行压力尚未明显缓解的背景下，后续随着海外货币政策的明显放松，国内货币政策仍存在放松的空间，债券市场或再度迎来阶段性机会。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1143510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53d","date":"2024-03-30T16:00:00.000Z","stockId":3000000012797,"sao":"1季度以来，在出口、消费等因素带动之下，国内经济数据边际改善。通胀方面，PPI同比继续维持低位，CPI同比小幅抬升，“通缩”压力略有缓解。货币政策方面，政策基调总体偏积极，1月份降准50BP，2月份5年期LPR调降25BP，资金面均衡偏松。  债券市场方面，1月份，权益市场震荡下挫，市场风险偏好回落，叠加资金面维持宽松，降准政策“靴子”落地，收益率快速下行；2月份，政府债发行持续弱于预期，叠加5年期LPR大幅调降25BP，保险资管存款纳入同业存款等因素影响下，“资产荒”逻辑进一步演绎，收益率进一步下行；3月份，“两会”政策基本符合预期，而超长债供给信息持续扰动市场，叠加1-2月份经济数据，以及跨季因素扰动下，收益率总体偏震荡。整体来看，1季度，收益率曲线整体明显下移。  本报告期内基金以持有利率债为主，总体维持中性偏高的久期和杠杆水平，并根据市场变化灵活调整。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.128Z","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069025","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53c","date":"2023-12-30T16:00:00.000Z","stockId":3000000012797,"sao":"2023年以来，国内经济在疫情消退、政策发力等因素作用下，总量上呈现“波浪式”修复，结构上仍延续分化，其中，消费增速在疫情消退影响下边际改善，出口增速先下后上，整体维持偏低水平，地产投资增速延续疲弱，基建、制造业投资增速整体维持韧性。通胀方面，CPI同比和PPI同比跌幅有所扩大，“通缩”压力略有增加。货币政策方面，总体基调偏宽松，降息、降准政策落地。  债券市场方面，2023年以来，国内债券收益率整体呈现震荡回落走势。1月份，国内疫情影响明显消退，经济修复预期增强，货币政策宽松“落空”，债市情绪转弱，收益率小幅上行。2月中上旬，节后复苏未能明显超预期，经济修复预期放缓，叠加权益市场震荡走弱，债市情绪有所修复，收益率震荡回落；2月下旬，资金面边际收紧，存单利率上行，收益率小幅回升。3月份，国内经济修复边际放缓，叠加海外风险事件“爆发”，国内降准政策落地，资金面边际转松，债券市场情绪走强，收益率震荡回落。4月份，3月通胀数据明显走低，引发市场对于通缩的担忧，叠加商业银行存款利率的下调，市场情绪明显提振，收益率震荡下行。5月份，4月经济金融数据明显放缓，货币政策宽松预期升温，收益率加速下行。6月份，降息政策“超预期”落地,宽信用政策博弈加强，收益率呈现倒“N”走势。7月中上旬，基本面延续弱势，收益率略有下行；7月下旬，政治局会议召开，地产政策放松预期升温，收益率小幅调整。8月上旬，市场情绪相对平淡，收益率维持窄幅震荡；8月中旬，央行超预期调降政策利率，叠加经济金融数据弱于预期，收益率快速下行；8月下旬，地产政策加速放松，叠加资金面边际收敛，债市情绪走弱，收益率震荡调整。9月份，地产放松政策进一步加码，叠加政府债发行加速、汇率压力、季末效应等因素影响下，资金面持续收紧，债市延续调整。10月份，特殊再融资债券供给压力超预期，叠加万亿国债政策冲击下，收益率震荡上行。11月上旬，跨月后资金面明显转松，收益率快速回落；11月中旬，基本面“弱现实”，政策“强预期”背景下，收益率震荡盘整；11月下旬，资金面边际收敛，叠加稳地产政策“频出”，收益率再度调整。12月份，中央经济工作会议召开，政策强刺激信号弱于预期，叠加商业银行存款利率调降，政策利率调降预期明显发酵，收益率震荡回落。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.125Z","mo":"展望2024年，预期地产链仍会对国内经济形成拖累，出口、基建、制造业和消费也同样面临多方面“约束”，国内经济修复动能有待巩固和提升。货币政策方面，政策力度仍受到汇率、银行息差等因素掣肘，但是总体基调或维持偏宽松格局。债券市场方面，在经济基本面下行压力仍存，货币政策维持宽松的背景下，债券市场环境仍偏友好，系统性调整风险仍可控。  组合将基于经济基本面、货币政策和机构行为等因素，灵活调整组合久期和杠杆，力争为投资人创造中长期持续稳健回报。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=1051204","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53b","date":"2023-09-29T16:00:00.000Z","stockId":3000000012797,"sao":"3季度以来，国内经济下行压力略有缓解，经济底部特征有所显现。通胀方面，CPI同比温和回升，PPI同比跌幅有所收窄。货币政策方面，政策基调维持偏宽松的格局，降息、降准政策进一步落地，市场流动性边际收敛，资金中枢小幅抬升。  债券市场方面，7月中上旬，基本面延续弱势，收益率略有下行，7月下旬，政治局会议召开，地产政策放松预期升温，收益率小幅调整；8月上旬，市场走势相对平淡，收益率维持窄幅震荡，8月中旬，央行超预期调降政策利率，叠加经济金融数据弱于预期，收益率快速下行，8月下旬，地产政策加速放松，叠加资金面边际收敛，债市情绪走弱，收益率震荡调整；9月份，地产放松政策进一步加码，叠加政府债发行加速、汇率压力、季末效应等因素影响下，资金面持续收紧，债市延续调整。整体来看，3季度，收益率先下后上，收益率曲线呈现一定平坦化。  本报告期内基金以持有利率债为主，总体维持中性略高的久期和杠杆水平，并根据市场变化灵活调整。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.122Z","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=986941","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff53a","date":"2023-06-29T16:00:00.000Z","stockId":3000000012797,"sao":"2023年上半年，国内经济修复动力边际放缓，经济下行压力有所加大。1季度国内疫情影响明显减退，经济基本面总体延续修复，而进入2季度，国内经济修复动能有所衰减，经济下行压力明显加大。通胀方面，PPI同比跌幅有所扩大，CPI同比维持低位，国内通胀压力相对有限。货币政策方面，降准政策在1季度末落地，降息政策在2季度末落地，资金面总体“先紧后松”，流动性总体维持充裕。  债券市场方面，2023年上半年，债券收益率先上后下，收益率曲线整体呈现陡峭化下行。1月份，国内疫情影响明显消退，经济修复预期增强，货币政策宽松“落空”，债市情绪转弱，收益率小幅上行；2月中上旬，节后复苏未能明显超预期，经济修复预期放缓，叠加权益市场震荡走弱，债市情绪有所修复，收益率震荡回落；2月下旬，资金面边际收紧，存单利率上行，收益率小幅回升；3月份，国内经济修复边际放缓，叠加海外风险事件“爆发”，国内降准政策落地，资金面边际转松，债券市场情绪走强，收益率震荡回落。4月份，3月通胀数据明显走低，引发市场对于通缩的担忧，叠加商业银行存款利率的下调，市场情绪明显提振，收益率震荡下行；5月份，4月经济金融数据明显放缓，货币政策宽松预期升温，收益率加速下行；6月份，降息政策“超预期”落地,宽信用政策博弈加强，收益率呈现倒“N”走势。  本报告期内基金以持有利率债为主，基于经济基本面、货币政策和机构行为等因素，灵活调整组合久期和杠杆，力争为投资人创造中长期持续稳健回报。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.119Z","mo":"从经济基本面来看，2023年以来，随着国内疫情影响的明显减退，经济基本面在1季度出现明显修复，而进入2季度，随着疫后修复动能的边际放缓，经济下行压力明显加大。往后看，随着国常会定调“针对经济形势的变化，必须采取更加有力的措施，增强发展动能，优化经济结构，推动经济持续回升向好”，预期“一揽子政策措施”或将持续落地见效，经济下行压力也将有所缓解，但是考虑到“高质量发展”、“不搞强刺激”的政策总基调，预期相关政策力度总体或有限，经济向上弹性也将相对不足。对于债市而言，从短期角度来看，随着宽信用政策集中落地，经济悲观预期将出现边际缓解，叠加政府债发行节奏可能加速，债市或面临一定扰动；而从略中期角度来看，后续随着国内宽信用政策效力的减缓，海外经济下行压力的增加，叠加政府债供给压力的缓解，债券市场或再度迎来阶段性机会。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId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2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=724047","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff534","date":"2021-12-30T16:00:00.000Z","stockId":3000000012797,"sao":"2021年债市先跌后涨,上半年先是在1月中旬前,受永煤事件影响，利率走出尖顶,随后央行通过加大逆回购和MLF投放释放流动性，债市情绪回暖, 3月到5月,资金面持续维持宽松,政府债节奏发行弱于预期，在稳货币紧信用的背景下,资产荒开始显现,叠加经济基本面修复偏弱,美债收益率冲高回落,债券市场利率开始震荡下行。6月上旬开始地方债供给放量预期有所抬升,叠加长期宽松的资金面与低于MLF的NCD利率下，银行间市场杠杆抬升，央行并未进行对冲呵护，资金面边际收紧导致利率小幅回调。下半年伊始，7月9日央行全面降准，宽松信号意义明显，市场开始产生对下半年经济下行压力较大和货币政策宽松的一致性预期，利率再次快速下行。随后8月底到9月底，市场对于宽货币和宽信用节奏产生分歧，利率在低位窄幅震荡。10月下旬开始，全球主要能源价格大涨，叠加央行再提四季度基本不存在流动性缺口，前期对货币宽松一致性预期有所打破，利率经过震荡市后开始回调。10月下旬开始，央行加大公开市场操作呵护市场，发改委采取行政性限价政策，动力煤期货价格腰斩，收益率开始下行。12月6日，央行以最快响应速度响应克强总理在12月3日提出适时降准，债市再次进入下行通道。组合运作策略方面，本年度持续关注基本面数据变化和货币政策运作情况，加强仓位的精细化管理和灵活进行波段操作。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.100Z","mo":"展望2022年，从经济基本面来看，在“宽信用”政策保持克制的背景下，2022年上半年经济下行压力仍存，一方面，在海内外疫情反复的影响下，国内消费改善存在“瓶颈”，消费增速总体维持低迷；另一方面，在债务严控、房住不炒的大背景下，地产和城投等面临的趋势性回落压力尚未明显缓解；同时，随着时间的推进，出口需求回落的压力也将不断凸显。而下半年，随着上半年“稳增长”政策的持续发力，经济下行压力或有所缓解。货币政策方面， 2022年，随着国内政策调控，以及供需错位的缓解，通胀压力也将有所缓解，尤其是上半年，PPI同比高位回落，CPI同比小幅上行，但仍维持偏低水平。对于债市而言，2022年上半年债市环境总体仍偏友好，而下半年，随着经济“触底回升”，CPI低位反弹，以及美联储加息政策推进，债市或面临一定扰动。另外在地产行业大周期向下的趋势难以改变，地产企业信用风险难言出清,信用尾部风险仍存,且经过2021年的行情后，信用债收益率和信用利差都处于历史较低水平，安全边际较低。整体投资策略看，我们认为中等久期策略较有可能会给投资者带来不错的收益体验。","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=712217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff533","date":"2021-09-29T16:00:00.000Z","stockId":3000000012797,"sao":"本季度债市上涨后跌。7月初随着央行全面降准资金宽松，债市出现上涨，8月底至9月随着地方债发行力度加大，债市出现回调。在债券的配置上，我们先攻后守，前期以偏长久期利率做进攻，后期卖出利率债兑现收益、以偏中短久期中高等级信用债持有为主，从而使得组合净值在本季度债市波动的情况下表现稳健。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.097Z","fund":{"_id":3000000012797,"__csrcFundId":9721,"stockCode":"012797","shortName":"鹏华丰宁债券(012797)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12797,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:29:09.391Z","status":"normal","exchange":"jj","inceptionDate":"2021-07-26T16:00:00.000Z","name":"鹏华丰宁债券型证券投资基金","fundCollectionId":4000050060000,"followedNum":0,"masterFundShortName":"鹏华丰宁债券","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":5100031203.88,"setUpShares":5100031203.88,"pinyin":"phfnzqxzqtzjj","managers":[{"stockCode":"db20766318","stockType":"fund_manager","exchange":"fm","tickerId":2311208220,"name":"汪坤"}]},"announcement":{"linkText":"鹏华丰宁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=653365","linkType":"PDF","source":"csrc_pdf"}}]}