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25BP，市场的货币宽松预期进一步升温。但是央行始终未调降OMO和MLF政策利率，资金利率总体围绕政策利率波动，未有明显下行。全季来看，债市较为强势，久期策略明显占优。报告期内，组合基于信用利差赔率的情况，适度增加利率债与金融债仓位，整体保持中性久期与杠杆操作。展望二季度，预计债券市场的主线在于财政政策节奏和基本面恢复情况。基本面或将延续修复态势，若财政节奏加快，则微观数据与宏观数据预计会走向收敛，基本面对债市的影响预计也会显性化。因此，二季度需要关注财政和信贷脉冲等对债市的扰动。但我国房地产市场正在从过去的高速发展转向平稳发展，在一定程度上制约了基本面向上的弹性，利率上行空间预计也较为有限，债市预计整体偏震荡，此时赔率和筹码分布的分析更为重要。具体操作方面，预计资金面将延续平稳态势，组合将继续以票息策略为主，综合考虑利差赔率，灵活调节组合杠杆。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.405Z","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510245040,"name":"姚晶"}]},"announcement":{"linkText":"广发添财90天滚动持有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=1065256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb57fea5b3eb0500faf","date":"2023-12-30T16:00:00.000Z","stockId":3000000012941,"sao":"2023年，债券利率整体震荡下行，全年可大致分为三个阶段：1月至8月，债券利率在走高后大幅下行，主要驱动因素在于经济恢复斜率放缓、财政政策收敛和货币政策宽松；8月底到10月底，利率震荡上行，中短端利率上行幅度较大，主要驱动因素在于一线城市地产政策放松、财政政策发力，与此同时，货币政策重心转向稳汇率、防空转；10月底到12月，利率再度转为下行，核心原因在于经济基本面恢复放缓，风险偏好低迷。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.403Z","mo":"展望2024年，美债利率大幅下行后，外需出现边际企稳迹象，出口与制造业部门有望率先回暖。内需方面，地产政策在需求端放开限制，对经济拖累有所弱化，财政政策适度发力支持稳增长。因此，2024年债券市场可能会逐步由利率快速下行进入震荡阶段。债市再次回到胜率仍在、赔率不足的格局，组合操作上将进一步提高精细化管理，密切跟踪市场机构动向，寻找预期差交易机会。在整体利差偏低的情景下，提高持仓结构的流动性，防范风险。","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510245040,"name":"姚晶"}]},"announcement":{"linkText":"广发添财90天滚动持有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=1052040","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb57fea5b3eb0500fae","date":"2023-09-29T16:00:00.000Z","stockId":3000000012941,"sao":"2023年三季度，债券收益率先下后上，呈现“V”型走势，关键驱动因素在于复杂的基本面形势、降息和稳增长政策的落地以及止盈压力之下的负债端扰动。基本面方面，受多事件影响，7月基本面面临复杂形势，中下游需求受影响较大。8月央行降息，带动债市收益率明显下行。降息之后，稳增长政策开始加快落地，包括一线城市认房认贷政策放松、政府债券加快发行、地方化债等。此外，降息之后资金利率中枢出现上行，债券赔率进一步下降。9月债券市场受政策扰动以及赎回冲击，整体收益率明显回调。全季来看，债市表现先强后弱，受制于资金利率抬升，中短端整体利率抬升明显。报告期内，基本面在预期内企稳，组合以票息策略为主，在8月回购利率有所上行后降低了杠杆仓位以应对季末潜在的流动性冲击。随着中短端资产调整至价值区域，整体杠杆仓位回归中性水平。展望下季度，临近年底流动性压力仍在，预计货币政策仍将保持合理充裕，为稳增长保驾护航。中短端存在一定修复空间，但需要密切跟踪回购利率情况，注重套息品种的性价比。组合将继续以票息策略为主，做好组合流动性管理，灵活调节杠杆仓位以增厚组合收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.400Z","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510245040,"name":"姚晶"}]},"announcement":{"linkText":"广发添财90天滚动持有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=984016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb57fea5b3eb0500fad","date":"2023-06-29T16:00:00.000Z","stockId":3000000012941,"sao":"2023年上半年，债券市场表现较好，收益率整体震荡下行。债券市场在负债端冲击结束后先呈现了利差修复行情，随后在基本面复苏偏弱的背景下进入了久期行情，利差与收益率均回归至前期低位水平。具体来看，1月至2月，受积压需求集中释放、信贷投放靠前发力等因素影响，基本面数据出现了改善，对利率债形成一定压力，信用债在信用利差修复行情下相对表现占优。3月初之后，经济刺激政策预期落空，叠加积压需求基本释放完毕，宏观经济逐步进入主动去库存阶段，经济修复斜率放缓，央行货币政策也再度宽松。6月中，央行超预期降息，长端和超长端利率突破了2022年低点。总结来看，上半年债市收益率整体下行，收益率曲线先平坦化后陡峭化，信用利差整体收窄，信用利差与久期均有较好表现。报告期内，组合积极配置中短久期高等级信用债，根据市场资金面情况灵活调节杠杆，增厚套息收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.397Z","mo":"展望下半年，债券市场的主线或主要受基本面修复情况与稳增长政策落地情况影响。基本面方面，6月中旬以来，实体经济主动去库存出现企稳迹象，基本面因素开始对债市偏不利，但目前尚未观察到关键需求明显修复的迹象，对于量变能否引发质变，我们后续将保持关注。政策方面，6月以来一揽子稳增长政策相继落地，政策底已经出现。若下半年政策力度超预期，则基本面弹性可能强化。此外，从债市结构来看，息差、信用利差等机会均明显弱化，交易结构呈现拥挤化特征。综合以上因素，我们预计下半年债券市场机会较上半年或有所减少，组合操作方面将以赔率优先，以票息策略为主。","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510245040,"name":"姚晶"}]},"announcement":{"linkText":"广发添财90天滚动持有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=954974","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb57fea5b3eb0500fac","date":"2023-03-30T16:00:00.000Z","stockId":3000000012941,"sao":"本季度，债市收益率走势分化，利率债收益率先上后下，信用债收益率持续震荡下行。1月至2月，利率债收益率震荡上行，主要原因在于年初银行信贷投放动力较强，消费需求集中释放；同时资金面呈现偏紧态势、存单提价，也进一步助推了利率债收益率的上行。但与此同时，信用债收益率整体震荡下行。进入3月，基本面和资金面转为利好债市，利率债和信用债收益率同步下行。一方面，今年无强刺激政策的预期对利率上行空间形成制约；另一方面，央行在3月17日公告降准，存单利率开始见顶回落。全季来看，如年初预期，信用债的表现好于利率债。报告期内，组合积极参与信用利差修复行情，优选信用品种，灵活调节组合仓位，注重持仓资产的票息保护。展望下季度，国内基本面的渐进修复仍在持续，但中期逻辑开始往对债券有利的方向演绎，例如政策可能无强刺激、美欧银行风波加大了市场对海外经济衰退的担忧等。从货币政策角度来看，央行超预期降准标志着货币政策可能维持稳健偏宽松，流动性预计处于合理充裕水平。因此，债券市场预计是偏震荡的格局，大幅转熊的风险下降，在震荡的格局下，赔率和筹码分布的分析更为重要。考虑到债市的绝对价值处于中性水平、机构交易尚不拥挤，债券市场投资机会尚在，但需要关注安全边际。继续看好票息策略占优，预计资金面平稳，未来组合将继续以中短久期信用票息策略为主，积极套息增厚组合收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.395Z","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510245040,"name":"姚晶"}]},"announcement":{"linkText":"广发添财90天滚动持有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=879655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb57fea5b3eb0500fab","date":"2022-12-30T16:00:00.000Z","stockId":3000000012941,"sao":"2022年，债券利率先震荡下行后快速上行。本年度大致可以分为三个阶段：1月至3月，债市收益率在央行降息落地后震荡中小幅上行，主要驱动因素在于稳增长政策靠前发力，同时固收混合类产品面临赎回压力，加大了利率调整压力；3月下旬至10月底，利率整体震荡下行，主要驱动因素在于疫情的扰动，叠加地产风险释放，导致宽信用政策“有心无力”，资金淤积于银行间市场；11月初至12月，债市收益率大幅上行，核心原因在于防疫政策和地产政策明显调整，债券牛市的根基受到了一定影响，理财产品赎回压力加剧了债市的波动。报告期内，组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:37.392Z","mo":"展望2023年，宏观政策预计将全面转向扩内需、稳增长、提振市场信心，基本面渐进修复的方向明确。此外，居民部门预期边际修复，资产配置再均衡，对债市需求力量形成约束。如果2023年经济主要是依靠疫情政策调整后服务业的修复拉动，信用周期预计仅是温和修复，海外经济衰退仍然施压于中国出口，综合内外需来看基本面强复苏概率较低。同时，在经历了2022年11月至12月的快速调整之后，债市收益率与政策利率的利差回归中性水平，部分品种已经回到2019年最高点水平。因此，债市需要关注短期稳增长政策脉冲和居民资产配置再均衡的冲击，但中期大幅转熊的风险有限。综合来看，债券市场预计整体震荡偏弱，更多以票息价值为主。组合将以赔率优先，密切跟踪市场变化积极调整组合持仓，在震荡市场中灵活切换交易仓位，捕捉结构性交易机会以增厚组合收益。","fund":{"_id":3000000012941,"__csrcFundId":9629,"stockCode":"012941","shortName":"广发添财90天滚动持有债券(012941)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12941,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:08.785Z","status":"normal","exchange":"jj","name":"广发添财90天滚动持有债券型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2021-08-16T16:00:00.000Z","followedNum":4,"masterFundShortName":"广发添财90天滚动持有债券","setUpDate":"2021-08-16T16:00:00.000Z","setUpAssetScale":42104179.21,"setUpShares":42104179.21,"pinyin":"gftc90tgdcyzqxzqtzjj","managers":[{"stockCode":"db20759920","stockType":"fund_manager","exchange":"fm","tickerId":191717205910,"name":"宋倩倩"},{"stockCode":"j101018487","stockType":"fund_manager","exchange":"fm","tickerId":2510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