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    在三季度末市场对财政扩张政策的强烈预期下，推动权益市场大幅上行，带动资金从债券市场赎回，推动收益率大幅上行，目前这一现状的维持需要市场预期的政策落地，但是短期兑现难度较大，四季度债券市场可能进入区别波动态势。","declarationDate":"2024-10-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.434Z","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=1168702","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00a7fea5b3eb05069f6","date":"2024-06-29T16:00:00.000Z","stockId":3000000013408,"sao":"上半年，国内基本面仍然延续一季度稳和二季度边际走弱的特征，在经济脱离传统周期特征之下，虽然按进度完成半年度经济增长计划，但是平减指数持续为负，实际利率高企对基本面压制力度较大，出口部门的刚性需求和制造业投资较高增速是少有的支撑结构性经济转型的亮点，其他部门表现持续孱弱。海外风险资产表现亮眼，降息预期支撑风险情绪，同时企业盈利和资本开支在科技产业带动下表现较好。在这种环境下，整体上人民币表现弱势，债券收益率强势下行，非银资管机构负债扩张推动债券再配置需求，叠加基本面弱势持续压低各类债券品种的期限利差和品种利差。权益资产在危机模式下反弹后开始进入二季度的震荡期，并且在地产政策效应释放后开始重新进入调整阶段。本产品上半年保持债券整体偏多的策略思路，获取较好的运作收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.431Z","mo":"二季度，海外多个国家已经在通胀水平边际走弱的背景下开始降息，在国内政策定调适度转向稳增长的基调下，预期三季度开始全球流动性将在美联储降息的背景下得到改善，国内在前两个季度较为弱势的背景下可能会迎来政策边际增加力度，推动周期性弱反弹的可能，政策着力点在于持续调降金融体系负债成本，从而达到降低实体实际融资利率的目的，推动信用端适度扩张。","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=1144124","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00a7fea5b3eb05069f5","date":"2024-03-30T16:00:00.000Z","stockId":3000000013408,"sao":"一季度，各类市场表现较为均衡。国内基本面处于底部盘整状态，传统总量经济部门仍然持续调整，地产销量在托底政策持续出台的背景下表现依然弱势，但是出口部门意外改善提升和制造业部门投资增长表现对冲了总量的下滑，为结构性经济增长目标提供了实践支撑，预计一季度整体增长符合全年目标进度。在资产表现上则对应的是权益资产超跌后反弹，修正了年初的悲观预期，债券收益率大幅下行，期限利差和信用利差都显著收敛。     海外资产表现强势，欧美各国权益指数新高，降息预期支撑风险情绪，叠加美国强劲的就业数据反应其内在需求稳定，超预期的通胀推迟了年初市场预期的降息路径。整体美元指数处于较高位置，美债收益率波动中枢上移，人民币汇率跟随美元指数小幅贬值，幅度基本相当。     海外货币政策的外溢影响下，国内货币市场利率保持平稳。一季度债券收益率的大幅下行后基本上市场整体的组合杠杆率都较为低下，骑乘和短久期套息策略暂时失效，但是长久期债券在机构配置力量的推动下大幅下行，城投化债和财政扩张力度克制导致机构资产稀缺，收益率曲线走平明显，资产荒的问题是主要推动因素。本产品在一季度整体债券风险敞口暴露较多，较大幅度提升久期并保持杠杆稳定，收益较为可观。     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时就业保持稳定，海外整体股指都出现了显著的上涨同时债券收益率保持稳定，对比之下国内的人民币汇率则表现出了被动式、内生性的贬值压力，有利对冲了出口需求走弱的风险。这种宏观环境下债券市场整体在二季度表现出收益率趋势性的下行态势，货币市场在质押式回购成交量规模不断抬升的背景下，依然保持了货币市场利率的整体稳定性，为收益率在大幅下行提供了必要条件。产品运作方面，本产品上半年通过较为精准跟踪和择时策略，获取了一定的超额收益。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.418Z","mo":"展望未来，海外整体处于就业保持强势，通胀边际回落速度降低但是核心通胀很难继续下行的阶段。科技产业资本开支维持高景气度，一定程度上消化了加息周期尾部情况下的高成本冲击，虽然整体制造业景气度处于弱势震荡，我们认为未来美元指数和美债收益率都将在时间维度上存在超预期高位盘整可能。展望国内，国内环境对出台稳增长政策的迫切性在持续增强。我们目前经济处于转型期，追求高质量发展，不再通过房地产刺激经济，短期将会承受房地产产业链萎缩的阵痛，看似表观经济增速下降，实际上是优化产业结构和修复居民企业资产负债表的必备过程，不过，房地产的过快衰退也可能造成风险，7月政治局会议定调“适时优化调整房地产政策”，对政策进行优化，有望进一步缓释风险并增进经济活力，我们目前等待政策的逐步落地。总体看，在房地产政策优化的基础上，3季度我国工业去库存阶段有望接近结束，叠加PPI等基数降低，经济增速有望适度回升，但是可能在趋势性难以对债券资产形成威胁，3季度可能会仍然以局部震荡为主，我们将持续优化持仓。","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=958568","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00a7fea5b3eb05069f1","date":"2023-03-30T16:00:00.000Z","stockId":3000000013408,"sao":"2023年一季度，基本面的复苏趋势较为明确，但是因为对复苏的节奏分歧较大，复苏路径可能较为曲折，导致之前对复苏较为乐观的市场情绪在3月份出现了显著的修正。债券市场则因为年初大量的信贷投放导致机构存款大量增加，机构负债成本抬升配置力量较强，同时货币市场在3月中下旬的降准也较大的缓解了市场的流动性掣肘，所以整体上一季度债券收益率在利率债品种上是先上后下。而在信用债的品种上收益率一季度持续的下行，理财赎回冲击消退后配置力量推动收益率下行明显，在节奏上则是由短到长，由高等级向中低等级持续压缩利差。本基金两会之前整体采取偏防守策略，久期偏低，两会后逐步增加久期至中性略偏高。后续我们认为在外围国家加息进入尾声阶段，海外流动性将进入持续改善的市场环境，汇率保持稳定。在周期复苏初期流动性保持宽松将维持债券收益率整体保持稳定，而由于此轮周期下信贷政策的结构性分化，长债并没有定价基本面边际改善的逻辑，而是通过比对信贷资产收益率的逻辑压低了长久期债券资产整体收益率波动中枢。后续我们将灵活调整短久期利率债和杠杆，适当参与中长久期利率债，争取获取一定超额收益。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.416Z","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=879940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00a7fea5b3eb05069f0","date":"2022-12-30T16:00:00.000Z","stockId":3000000013408,"sao":"2022年，海外经济体整体处于通胀持续超预期带来的加息周期，推动欧美主要经济体债券收益率暴涨，对风险资产形成较大的打击的同时，经济基本面情况开始不断走弱并且在三季度后对未来货币政策持续收缩形成威胁。国内基本面在去年一波三折，经受了一季度稳增长、二季度疫情冲击和地产“断贷”冲击、三季度需求不足和四季度的周期反转，各类资产波动较大。虽然人民币汇率的大幅贬值一定程度缓解了内外周期不同步带来的困境，央行也通过降息、降准和大量结构性货币政策工具对冲经济下行压力，但是国内货币政策的宽松和债券收益率在十一月份之前的下行幅度仍然受到了外围加息周期的掣肘。进入四季度后，海外进入通胀边际筑底但是就业数据依然保持韧性的状态，美元指数出现顶部回落，基本面指标先于政策开始转向后带动市场预期转向，而就业数据本身虽然绝对水平仍然较高，但是强度也出现了走弱，这种状况下整体带动美债收益率显著下行。而国内环境下，十一月份在疫情优化政策和地产政策强力支持的预期下，风险情绪强力扭转，一改10月份整体市场因为需求不足带来的萎靡情绪，对应离岸美元兑人民币出现了快速的升值现象，债券收益率在四季度内的反转上行也契合了这种大类资产切换的逻辑，在10月底创下年内的最后一波下行后开始快速反弹，并且在理财净值化赎回的推波助澜下走出了一波较大的利率上行行情。十二月中旬开始，伴随这种赎回冲击的结束，市场情绪小幅修复，收益率略有下行。本基金主要通过久期和杠杆等策略作为收益来源。产品运作在十一月之前整体因为基本面较为悲观保持一定的风险敞口，随后进入防守阶段以规避周期反转导致的债券市场大幅波动。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.413Z","mo":"展望2023年，伴随能源价格增速下行，海外逐渐进入通胀磨顶阶段，但是其就业情况稳健，市场交易未来加息路径和降息斜率，超预期坚挺的就业状态和超预期的通胀数据，不断降低市场对年中停止加息的预期，但海外状况对人民币汇率影响较为中性，进而对国内政策的掣肘性较低。国内市场将处于需求修复和政策发力的共振阶段，但是结构性的不均衡问题较为突然，通胀短期内将维持低位，货币政策总量上对债券市场而言难以出现显著收缩的威胁，货币市场利率的波动性增加将为利率未来潜在的下行提供空间。","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和债券型证券投资基金2022年年度报告","linkUrl":"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海外通胀超预期引发的全球波动局势持续加码，欧美通胀连续超预期导致其政策不断大幅度加息，各国央行纷纷进入加息周期，美债十年收益率波动中枢从3%抬升到4%，本质是市场预期未来美联储的加息路径朝向较高的政策利率并维持更长的时间，这一矛盾点在边际上对国内权益和债券市场的负面影响在三季度末呈现逐渐加码的态势并最终形成冲击。国内市场上，自季度初开始，市场开始不断对二季度基本面改善的持续性预期进行修正，叠加局部疫情的持续爆发和房地产“断贷”事件冲击，权益市场在八月上半月短暂修复后，延续七月的弱势持续下滑至季末，成长板块首当其冲几乎破位四月末的低点。债券市场则在七月初央行OMO小幅投放引发的收益率反弹达到阶段性高点之后，也开始进入由基本面疲弱、货币市场宽松驱动的利率下行趋势，并在八月中旬央行超预期降息的背景下达到了多头情绪的峰值，随后在9月中因8月份欧美持续超预期的通胀改变原有市场预期路径，各类资产纷纷受挫，离岸美元兑人民币大幅贬值，叠加季末的资金供求矛盾因素整体抬升了季末的资金波动率，令季末国内债券收益率出现一波小幅调整。展望四季度，在汇率冲击阶段性告一段落后，我们认为市场将重新回归国内基本面建设的大逻辑之中，货币市场在配合明年稳增长建设方面仍然需要保持低位，等待信用扩张的进一步确认。但是内生性需求不足仍然是困扰目前基本面环境的主要因素，在出口因为海外加息导致需求持续走弱的背景下，稳增长的紧迫性进一步提升，市场分歧焦点在于政策推动下的地产需求改善路径能否达到预期效果。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.410Z","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=802752","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed00a7fea5b3eb05069ee","date":"2022-06-29T16:00:00.000Z","stockId":3000000013408,"sao":"2022年上半年，基本面在原本就面临稳增长发力疲弱的基础上，叠加外部地缘政治不稳定冲击和国内疫情影响，经济失速下滑明显。二季度开始，在政策加码推动下，人民币汇率大幅贬值叠加货币政策在总需求不足的情况下维持宽松，房地产需求不足成为较大的约束条件，但是基建成为了最大抓手，出口也超预期地带动经济适度改善、地产政策纠偏迎来底部改善，制造业投资保持适度增速，但是经济改善程度的绝对水平不高，信用扩张绝对强度不够，六月份社融和信贷在强力推动下出现井喷，后续可能面临短期乏力状态。外部环境整体也是不断走弱，伴随着海外通胀在二季度不断超预期走高，海外央行的加息节奏被动提高强度，从而对其需求打击较大，但是其绝对水平尚未发生严重威胁，需求保持韧性，基本面在前期货币扩张推动的高热度下逐步退出，收缩性的外部环境下考验的是政策退出的节奏对基本面走弱路径的影响。国内政策将持续保持提振需求的节奏，并持续对特定产业的收缩性政策进行修正，但在地产需求政策缺失的背景下，目前看作用尚不明显，本基金成立于一季度末，成立以来以纯利率债资产为主，通过杠杆和久期策略的灵活调整获取稳健的产品回报，目前整体表现较好。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:50:02.407Z","mo":"展望下半年，基本面处于十分重要的观察期之中。经济整体处于环比改善修复的路径下，但是环比相对改善的趋势在绝对水平上对经济增长的推动力有限，政策上的着力点仍然是在结构上针对新经济的方向加大投入，同时落实持续出台的财政和产业政策以力图拉动总需求抬升，在出口整体上存在一定韧性但边际走弱和制造业投资维持一定增长比例的情况下，预计全年的增长目标仍能达到可控的区间。货币政策降保持定力难以出台更多增量宽松政策，以防控下半年由于猪周期带来的潜在通胀风险，但是信用端仍有可能通过降低存款利率和LPR等工具来帮助实体企业降低融资利率。不确定性主要在于海外进入边际走弱之后其货币政策收缩依然无法消化高通胀的困局，以及新冠病毒在国内表现出的扩散态势对基本面的影响。但因去年受制于上游原材料价格高企对企业利润侵蚀的问题预计下半年将得到一定程度的缓解，整体上，我们对下半年的债券市场持有中性波动的预期，经过前期收益率的快速下行后，更为关注债券资产静态收益相对其他资产的性价比。","fund":{"_id":3000000013408,"__csrcFundId":10831,"stockCode":"013408","shortName":"蜂巢丰和债券(013408)","masterFundShortName":"蜂巢丰和债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13408,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:46:01.626Z","status":"normal","exchange":"jj","name":"蜂巢丰和债券型证券投资基金","fundCollectionId":4000051420000,"inceptionDate":"2022-03-15T16:00:00.000Z","followedNum":0,"setUpDate":"2022-03-15T16:00:00.000Z","setUpAssetScale":200281636.43,"setUpShares":200281636.43,"pinyin":"fcfhzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰和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=780941","linkType":"PDF","source":"csrc_pdf"}}]}