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开收益率在50BP范围内波动。报告期内，货币政策呈现稳健偏宽松状态，资金价格处于低位，银行间隔夜、7天质押式回购加权利率均值分别为1.54%和1.95%，杠杆收益明显。报告期内，本基金在资产配置上以3、5年期利率债和高等级信用债为主，根据市场情况灵活使用杠杆。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:38.465Z","mo":"对于经济基本面，预计2023年政策仍会继续发力，经济有所恢复，但经济恢复幅度和进程有待观察；从通胀来看，预计全年通胀难以大幅上升、整体压力可控；从货币政策来看，当前“稳增长”仍是首要目标，货币宽松仍是大方向，资金面显著收紧的概率较低，预计银行间资金仍处于相对宽松状况。因此，从影响债券市场的主要因素来看，一方面，“稳增长”阶段流动性仍将处于相对宽松状态，有利于债券市场，另一方面，经济刺激政策的推出和经济有所恢复可能对债券市场形成牵制。","fund":{"_id":3000000012947,"__csrcFundId":9763,"stockCode":"012947","shortName":"百嘉百利一年定开纯债债券发起式(012947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12947,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:19.967Z","status":"normal","exchange":"jj","name":"百嘉百利一年定期开放纯债债券型发起式证券投资基金","fundCollectionId":4000051830000,"inceptionDate":"2021-08-03T16:00:00.000Z","followedNum":1,"masterFundShortName":"百嘉百利一年定开纯债债券发起式","setUpDate":"2021-08-03T16:00:00.000Z","setUpAssetScale":2564978583.34,"setUpShares":2564978583.34,"pinyin":"bjblyndqkfczzqxfqszqtzjj","managers":[{"stockCode":"db20775817","stockType":"fund_manager","exchange":"fm","tickerId":1217219470,"name":"李泉"}]},"announcement":{"linkText":"百嘉百利一年定期开放纯债债券型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=863881","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb67fea5b3eb05010f9","date":"2022-09-29T16:00:00.000Z","stockId":3000000012947,"sao":"2022年三季度利率债收益率全线下行，其中季初至8月18日债市收益率下行幅度较大，主要由于银行间资金宽松、疫情、中国人民银行下调MLF利率和公开市场操作逆回购利率等因素的影响，而8月19日至季末债券收益率震荡上行，主要受人民币贬值、地产新政等因素的影响。全季度来看，10年国开活跃券收益率下行约9BP，5年国开收益率下行约17BP，3年国开收益率下行约28BP，各期限债券收益率全线下行。报告期内，货币政策呈现稳健偏宽松状态，资金价格处于低位，银行间隔夜、7天质押式回购加权利率均值分别为1.29%和1.64%，杠杆收益明显。报告期内，本基金主要围绕着“宽货币”市场环境下收益相对确定的3年期、5年期中短端债券进行投资，在资产配置上以3年期、5年期利率债和高等级信用债为主，开放期内根据资金申赎情况灵活使用杠杆。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:38.463Z","fund":{"_id":3000000012947,"__csrcFundId":9763,"stockCode":"012947","shortName":"百嘉百利一年定开纯债债券发起式(012947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12947,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:19.967Z","status":"normal","exchange":"jj","name":"百嘉百利一年定期开放纯债债券型发起式证券投资基金","fundCollectionId":4000051830000,"inceptionDate":"2021-08-03T16:00:00.000Z","followedNum":1,"masterFundShortName":"百嘉百利一年定开纯债债券发起式","setUpDate":"2021-08-03T16:00:00.000Z","setUpAssetScale":2564978583.34,"setUpShares":2564978583.34,"pinyin":"bjblyndqkfczzqxfqszqtzjj","managers":[{"stockCode":"db20775817","stockType":"fund_manager","exchange":"fm","tickerId":1217219470,"name":"李泉"}]},"announcement":{"linkText":"百嘉百利一年定期开放纯债债券型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb67fea5b3eb05010f8","date":"2022-06-29T16:00:00.000Z","stockId":3000000012947,"sao":"一季度，债券收益率呈震荡态势：1月份在经济下行压力大、宽松预期背景下收益率继续下行；2月份在金融数据超预期、部分城市放松房地产政策冲击下收益率有所上行；进入3月份，公布的1-2月经济数据超预期、基金和理财产品被赎回等问题导致债市收益率继续上行，在3月16日召开的国务院金融委会议后，叠加深圳、上海疫情的冲击，债市情绪有所回暖。一季度来看，10年国债活跃券收益率从12月底的2.775%上行到3月底的2.815%左右水平，上行约4BP；3年、5年国开债活跃券收益率分别上行约4BP、2BP。二季度，10年国债活跃券收益率在20BP内波动：由于3月底上海封控，4月初债券收益率继续下行；但随着中美利差倒挂，债券收益率有所反弹；4月15日中国人民银行决定下调金融机构存款准备金率0.25个百分点，不及市场预期，债券收益率进一步上行；随后在人民币贬值、美联储加息缩表、央行下调首套房贷款利率下限等因素影响下，债券收益率处于高位震荡状态；5月下旬北京疫情管控区扩大，债券收益率有所下行；进入6月，上海解封、美联储加息75BP、防疫隔离时间缩短等因素使得债券收益率有所上行。二季度来看，10年国债活跃券收益率上行约7BP，5年国开收益率基本持平，3年国开收益率下行约6BP。上半年来看，10年国债收益率上行约10BP，5年国开收益率上行约4BP，3年国开收益率下行约4BP，中短债表现相对较好。报告期内，货币政策呈现稳健偏宽松状态，资金价格平稳，银行间隔夜、7天质押式回购加权利率均值分别为1.75%和2.07%，杠杆收益明显。报告期内，本基金主要围绕着“宽货币”市场环境下收益相对确定的3、5年期中短端债券进行投资，在资产配置上以3、5年期利率债和高等级信用债为主，并在运作中灵活使用杠杆。","declarationDate":"2022-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:38.460Z","mo":"展望2022年下半年，经济仍在疫情后修复的路上，经济修复的速度可能较为缓慢，经济仍面临一定的下行压力；从货币政策来看，稳增长压力下，预计流动性继续保持合理充裕，流动性仍处于宽松状态，银行间资金利率处于低位，债券仍有一定的杠杆收益。","fund":{"_id":3000000012947,"__csrcFundId":9763,"stockCode":"012947","shortName":"百嘉百利一年定开纯债债券发起式(012947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12947,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:19.967Z","status":"normal","exchange":"jj","name":"百嘉百利一年定期开放纯债债券型发起式证券投资基金","fundCollectionId":4000051830000,"inceptionDate":"2021-08-03T16:00:00.000Z","followedNum":1,"masterFundShortName":"百嘉百利一年定开纯债债券发起式","setUpDate":"2021-08-03T16:00:00.000Z","setUpAssetScale":2564978583.34,"setUpShares":2564978583.34,"pinyin":"bjblyndqkfczzqxfqszqtzjj","managers":[{"stockCode":"db20775817","stockType":"fund_manager","exchange":"fm","tickerId":1217219470,"name":"李泉"}]},"announcement":{"linkText":"百嘉百利一年定期开放纯债债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb67fea5b3eb05010f7","date":"2022-03-30T16:00:00.000Z","stockId":3000000012947,"sao":"总体上来看报告期内债券收益率呈震荡态势：1月份在经济下行压力大、宽松预期背景下收益率继续下行；2月份在金融数据超预期、部分城市放松房地产政策冲击下收益率有所上行；进入3月份，公布的1-2月经济数据超预期、基金和理财产品被赎回等问题导致债市收益率继续上行，在3月16日召开的国务院金融委会议后叠加深圳上海疫情的冲击债市情绪有所回暖。从全季度来看，10年国债活跃券收益率从12月底的2.775%上行到3月底的2.815%左右水平，上行约4BP；3年、5年国开债活跃券收益率分别上行约4BP、2BP。报告期内，货币政策呈现稳健偏宽松状态，资金价格平稳，银行间隔夜、7天质押式回购加权利率均值分别为2%和2.29%，杠杆收益明显。报告期内，本基金主要围绕着“宽货币”市场环境下收益相对确定的3年期、5年期中短端债券进行投资，在资产配置上以3年期、5年期利率债和3年期高等级信用债为主，在2月份进行了适当的减仓应对市场的调整，运作中适当利用杠杆提升组合收益，力争使基金资产稳健增值。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:38.457Z","fund":{"_id":3000000012947,"__csrcFundId":9763,"stockCode":"012947","shortName":"百嘉百利一年定开纯债债券发起式(012947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12947,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:19.967Z","status":"normal","exchange":"jj","name":"百嘉百利一年定期开放纯债债券型发起式证券投资基金","fundCollectionId":4000051830000,"inceptionDate":"2021-08-03T16:00:00.000Z","followedNum":1,"masterFundShortName":"百嘉百利一年定开纯债债券发起式","setUpDate":"2021-08-03T16:00:00.000Z","setUpAssetScale":2564978583.34,"setUpShares":2564978583.34,"pinyin":"bjblyndqkfczzqxfqszqtzjj","managers":[{"stockCode":"db20775817","stockType":"fund_manager","exchange":"fm","tickerId":1217219470,"name":"李泉"}]},"announcement":{"linkText":"百嘉百利一年定期开放纯债债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfb67fea5b3eb05010f6","date":"2021-12-30T16:00:00.000Z","stockId":3000000012947,"sao":"总体上来看2021年下半年债券收益率呈下行状态：7月上旬在央行宣布降准后债券收益率快速下行，随后呈震荡状态，10月中上旬在降准降息等宽货币预期落空、PPI超预期等利空因素下收益率急速上行约15BP，随后在央行公开市场投放量增加流动性呵护下，叠加发改委表示“将促进煤炭价格回归合理区间“使得通胀担忧下降，债券收益率重回下行趋势，直至12月的降准实施”宽货币“预期的兑现以及中央经济工作会议对经济下行压力的担忧、降准加息预期加持下，债券收益率再下一城，12月30日绝大部分期限债券收益率达到年内低点。从2021年下半年来看，10年国债收益率从6月底的3.08%下行到12月底的2.78%左右水平，下行约30BP。下半年货币政策呈现稳健偏宽松状态，银行间质押式回购利率平稳，银行间隔夜、7天质押式回购利率分别围绕着2%-2.2%附近波动，杠杆收益明显。报告期内，本基金主要围绕着“宽货币”市场环境下收益相对确定的3年期、5年期中短端债券进行投资，在资产配置上以3年期、5年期利率债和3年期高等级信用债为主，同时充分利用回购利率稳定杠杆收益明显的杠杆效应提升组合收益，力争使基金资产稳健增值。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:38.454Z","mo":"从经济基本面来看，2021年中央经济工作会议首次提出我国经济发展面临需求收缩、供给冲击、预期转弱三重压力，经济下行压力大，但预计2022年整体经济刺激力度温和，托而不举，经济基本面对债市较为有利。从通胀来看，预计CPI仍将保持低位，剪刀差收窄，通胀不足以成为影响2022年债市的主要因素。从货币政策来看，经济下行压力较大，流动性易松难紧，货币政策存在进一步宽松的空间。因此，从影响债券市场的主要因素来看，一方面，经济下行压力大，流动性易松难紧，有利于债券市场，另一方面，“宽信用”托底经济的措施、美联储加息预期等外围因素可能对债券市场形成牵制。","fund":{"_id":3000000012947,"__csrcFundId":9763,"stockCode":"012947","shortName":"百嘉百利一年定开纯债债券发起式(012947)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":12947,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:33:19.967Z","status":"normal","exchange":"jj","name":"百嘉百利一年定期开放纯债债券型发起式证券投资基金","fundCollectionId":4000051830000,"inceptionDate":"2021-08-03T16:00:00.000Z","followedNum":1,"masterFundShortName":"百嘉百利一年定开纯债债券发起式","setUpDate":"2021-08-03T16:00:00.000Z","setUpAssetScale":2564978583.34,"setUpShares":2564978583.34,"pinyin":"bjblyndqkfczzqxfqszqtzjj","managers":[{"stockCode":"db20775817","stockType":"fund_manager","exchange":"fm","tickerId":1217219470,"name":"李泉"}]},"announcement":{"linkText":"百嘉百利一年定期开放纯债债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710955","linkType":"PDF","source":"csrc_pdf"}}]}