window.pageData = {"stock":{"_id":3000000013931,"stockCode":"013931","shortName":"博时富恒一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50050000","tickerId":50050000,"name":"博时基金管理有限公司"},"managers":[{"name":"颜灵珊","stockType":"fund_manager","stockCode":"db20523662","exchange":"fm","tickerId":251219178040}],"hotMetrics":{"fss":{"stockId":3000000013931,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":1,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":0,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":213,"f_h_s_a":4500635,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000013931,"type":"fpr","f_p_r_fys_ssc":7460,"f_p_r_fys_ssrp":0.9112481565893551,"f_p_r_m1_ssc":7589,"f_p_r_m1_ssrp":0.9163152345809172,"f_p_r_m3_ssc":7505,"f_p_r_m3_ssrp":0.8566098081023454,"f_p_r_m6_ssc":7316,"f_p_r_m6_ssrp":0.9306903622693097,"f_p_r_y1_ssc":6836,"f_p_r_y1_ssrp":0.902121433796635,"f_p_r_y2_ssc":5901,"f_p_r_y2_ssrp":0.9564406779661017,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.7586699306405549,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.6469135802469136},"fp":{"stockId":3000000013931,"type":"fp","f_p_r_fys":0.005611025966924199,"f_p_r_m1":0.0011764705882353343,"f_p_r_m3":0.003044684518638041,"f_p_r_m6":0.00472119220095224,"f_p_r_y1":0.009168467323942497,"f_cagr_p_r_fs":0.02605940530838824,"f_p_r_d1":-0.00019640577432966655,"f_p_r_y2":0.027906978848497133,"f_p_r_y3":0.07432059669047852,"last_data_date":"2026-05-11T16:00:00.000Z"},"ff":{"stockId":3000000013931,"type":"ff","f_m_f":1723152,"f_m_f_r":0.003,"f_c_f":574384,"f_c_f_r":0.001,"f_m_a_c_f":2297536,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000013931,"type":"f_nlacan","f_nv_d":"2026-05-11T16:00:00.000Z","f_nv":1.0212,"f_nv_cr":0.00009793360101850723},"f_as":{"stockId":3000000013931,"type":"f_as","f_tas":500282.811,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69723b251987889646e7123a","date":"2025-12-30T16:00:00.000Z","fundId":3000000013931,"stockCode":"250208","stockName":"25国开08","holdings":1000000,"marketCap":99982273,"netValueRatio":0.0999,"lastUpdated":"2026-01-22T14:58:45.740Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b251987889646e7123b","date":"2025-12-30T16:00:00.000Z","fundId":3000000013931,"stockCode":"012581005","stockName":"25大横琴SCP003","holdings":500000,"marketCap":50661794,"netValueRatio":0.0506,"lastUpdated":"2026-01-22T14:58:45.743Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b251987889646e7123c","date":"2025-12-30T16:00:00.000Z","fundId":3000000013931,"stockCode":"012581101","stockName":"25广州高新SCP001","holdings":500000,"marketCap":50627643,"netValueRatio":0.0506,"lastUpdated":"2026-01-22T14:58:45.746Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b251987889646e7123d","date":"2025-12-30T16:00:00.000Z","fundId":3000000013931,"stockCode":"2520019","stockName":"25杭州银行01","holdings":500000,"marketCap":50410649,"netValueRatio":0.0504,"lastUpdated":"2026-01-22T14:58:45.749Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723b251987889646e7123e","date":"2025-12-30T16:00:00.000Z","fundId":3000000013931,"stockCode":"012500484","stockName":"25蜀道投资SCP005","holdings":500000,"marketCap":50063356,"netValueRatio":0.05,"lastUpdated":"2026-01-22T14:58:45.754Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69e8eba51398d79843fe950a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000013931,"sao":"2026年以来，外需依然较强，国内基本面延续复苏态势，CPI及PPI持续回升，海外动荡导致油价快速上涨进一步引发市场对输入性通胀的担忧。央行通过逆回购、MLF等工具保持流动性充裕，货币市场资金利率持续维持低位，市场围绕中短端票息等确定性收益布局。一季度债券市场走势有所分化，10Y以内品种总体下行，超长端上行。信用利差持续压缩。2026年一季度，本基金主要以中短端配置为主，组合整体保持一定杠杆，以少量仓位参与超长端利率债交易，力争通过资本利得增厚组合收益。","lastUpdated":"2026-04-22T15:39:17.917Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44f","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000013931,"sao":"2025年四季度，外需强劲，我国经济运行总体平稳。央行延续适度宽松的货币政策，资金中枢维持低位且波幅收敛，结构性货币政策工具发挥重要作用。经济基本面及资金利率决定短端利率维持在低位，风险偏好和供需矛盾持续影响超长端。本季度扰动因素较多，债券收益率先下后上。经过三季度调整后，债券收益率赔率改善。受益于资金利率低位运行及央行重启国债买卖，10年及以内小幅下行。在风险偏好中枢抬升、市场交易结构拥挤、负债端缺乏新增配置力量以及政策变化等影响下，超长债小幅上行，期限利差走阔。债券市场总体偏震荡，债券期限利差水平小幅抬升，曲线走陡。组合操作上，本基金主要采用哑铃型策略，以中短端配置为主，长端及超长端利率交易策略。未来，组合将继续遵循稳健投资理念，策略上积极主动，合理控制久期中枢，重视品种轮动和票息资产价值，灵活把握阶段性的波段操作机会，努力提升组合业绩回报。","lastUpdated":"2026-03-09T13:51:31.802Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1454911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44e","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000013931,"sao":"2025年三季度，央行货币政策执行报告中的表述由“择机降准降息”调整为“灵活把握政策实施的力度和节奏”，降准降息预期延后，市场对货币政策总量宽松预期减弱。“反内卷”政策的提出，市场对PPI、CPI改善预期提升，提升风险偏好及压制债市情绪。9月开始公募新规预期逐步发酵并影响市场。总体来看，三季度市场受预期引导的影响，债券收益率全线上行，长端上行幅度大于短端，曲线总体呈现熊陡走势。本基金基于对市场行情研判，三季度组合操作上主要采取防守反击策略，久期摆布上总体偏防守，在市场调整中寻找机会，积极增加长端利率交易仓位，增加久期弹性，力争通过资本利得增厚组合收益。","lastUpdated":"2026-03-09T13:51:31.800Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44d","date":"2025-06-29T16:00:00.000Z","stockId":3000000013931,"sao":"2025年上半年，在绝对收益率处于低位的环境下，债券市场呈现宽幅震荡。一季度，在宏观叙事出现积极变化、资金面紧平衡和多重政策博弈的影响下，债券收益率先下后上。经济数据在稳增长政策下保持弱修复，财政政策明显发力，基本面预期逐渐回暖。货币政策的重心逐步转向防风险、防空转以及稳汇率转变，资金中枢出现小幅抬升。同时，随着风险偏好有所抬升，债券市场情绪受到一定压制。债券收益率曲线呈现平坦化趋势，信用利差位于低位。10年国债收益率最低触及1.58%，上行至1.90%后回落至1.82%附近，全季度振幅约30BP。二季度，在外部环境面临较大挑战、基本面内生动能仍待修复、货币政策适度宽松的影响下，债券收益率明显下行，随后窄幅震荡。经济数据在稳增长政策下保持弱修复，财政政策持续发力，基本面预期不确定因素增加。货币政策的重心逐步转向稳增长，资金中枢明显下行，央行通过降息降准进一步释放流动性，降低社会综合融资成本。与此同时，风险偏好对债券市场情绪有一定牵制，机构行为一致性放大了市场波动，债市拥挤程度偏高。债券收益率曲线总体显著平坦化，中短端较一季度小幅走陡，票息资产受到追捧，信用利差位于低位。10年国债收益率由1.80%下行至最低触及1.63%，随后上行至1.72%又回落至1.68%附近，季度振幅约17BP。本基金基于对市场行情研判，一季度组合操作上主要采取防守反击策略，久期摆布上总体偏防守，在市场调整中寻找机会，二季度逐步提升组合久期，增加交易仓位，增加久期弹性，力争通过资本利得增厚组合收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.797Z","mo":"展望后市，基本面对债市预计仍不构成利空，但“反内卷”政策及其执行预计将成为下半年政策重点，若有效贯彻执行的情况下，价格水平有望修复，有利于提升市场风险偏好，为债券收益率下行带来压力。下半年央行货币政策预计仍以结构性政策为主，市场资金利率总体围绕政策利率波动。总体来看，债券市场预计以震荡为主，下行空间依赖于央行货币政策利率下行，组合将继续采用震荡市场思维操作。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341223","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44c","date":"2025-03-30T16:00:00.000Z","stockId":3000000013931,"sao":"2025年以来，债市持续调整行情，背后是受资金面、权益市场表现、经济基本面等多重因素的交织影响，债市波动加大，市场情绪也逐渐趋于谨慎。2025年一季度，各类型、各期限债券收益率全面上行，上行幅度均在10BP以上，短端上行幅度大于长端。信用债收益率上行幅度不及利率债。\t2025年一季度，本基金采用中短端信用配置以及利率债波段交易策略，基于对市场行情研判，组合操作上主要采取防守反击策略，久期摆布上总体偏防守，在市场调整中寻找机会，增加交易仓位，增加久期弹性，力争通过资本利得增厚组合收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.793Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270395","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44b","date":"2024-12-30T16:00:00.000Z","stockId":3000000013931,"sao":"2024年，债市收益率整体大幅下行，各期限、各类型债券均有80-110BP左右下行，利率债短端下行幅度稍大于长端，信用债短端下行幅度略小于长端，长期限债券信用利差有所压缩。整体看，2024年货币政策两度降息和降准，坚持支持性立场，央行改革货币政策框架，强化政策利率传导。经济整体呈现终端需求偏弱的状态。对经济支撑较强的主要是出口、制造业投资以及基建投资，拖累较重的主要是房地产投资和消费。受益于相对宽松的流动性环境，以及基本面改善幅度不强的支撑，2024年国内债券市场表现较为亮眼。年内大部分时间债市处于优质资产稀缺的环境中，久期策略成为占优策略。我们基于对市场行情研判，认为各类资产中债券仍具有稳健性和收益性特征，组合以中短期商金债及信用债为底仓，利率债采用震荡市场思路运作，久期波动幅度增大，但整体应保持偏进攻姿态，总体上维持一定久期和偏高仓位，通过资本利得力争增厚组合收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.782Z","mo":"展望后市，2025年货币政策基调为“适度宽松”，流动性环境大概率稳定偏松，货币政策预计不会长时间成为债券市场掣肘。基本面方面，在人口老龄化加剧、居民杠杆率偏高的背景下，明年房地产市场仍然面临较大的不确定性。在海外不确定性增大的背景下，外需不确定性较大，内需将是支撑经济的重点，中央经济会议也提出了促进消费、加大财政支出力度、促进两新、两重等稳内需措施。总体而言，2025年经济支撑主要体现为政策支持的消费和基建行业，通胀也处于较低位置，经济仍然在走向复苏的过程中。市场行为方面，理财规模波动和风险偏好变化可能阶段性影响债市。总体来看，回调至政策利率之上的中短端利率确定性较强；受债券供给、风险偏好、基本面数据等因素影响，长端利率波动预计增大，组合将继续采用震荡市场思维操作。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254311","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c44a","date":"2024-09-29T16:00:00.000Z","stockId":3000000013931,"sao":"三季度，债市走势有所分化，利率债收益率整体下行，下行幅度3-23bp，其中5Y内的国债中短端下行最多，曲线陡峭化。长端及超长端受央行调控及稳经济政策逐步出台影响，波动幅度较大，整体小幅下行。信用债呈V型走势，季度区间整体上行，各期限相较于二季度末上行10BP以上，信用利差有所走阔。整体看，三季度基本面预期波动且稳增长政策逐步出台背景下，尽管央行开展了降准降息操作，但市场资金利率持续偏高未跟随政策利率下行，导致信用及利率走势分化，利率债呈现宽幅震荡、区间整体小幅下行走势；信用债先下行后上行，信用债收益率曲线整体上行。三季度，我们基于对市场行情研判，组合操作上逐步减仓低流动性、低性价比信用债；久期摆布以震荡市场思路运作，利率仓位整体应保持偏进攻姿态，总体上维持一定久期和偏高仓位，通过资本利得力争增厚组合收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.774Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c449","date":"2024-06-29T16:00:00.000Z","stockId":3000000013931,"sao":"2024年上半年，债市收益率整体下行，幅度35-85bp，其中利率债中短端下行幅度略大于长端及超长端，曲线陡峭化;信用债继续压缩信用利差和期限利差走势，下行幅度高于利率债，长端下行幅度大于短端。整体看，2023年4季度到2024年一季度，债市上涨的核心逻辑是资产端的逻辑，即地产的快速下行，导致了利率，尤其是超长端利率的快速下行。但2024年3月以来，负债端的逻辑开始主导市场，二季度中短端品种表现好于超长债。随着禁止存款补息政策的推进，大量资金涌入非银和表外，非银和表外青睐的品种表现尤其出色。资产端逻辑主要影响长端，负债端逻辑主要影响中短端。上半年，我们基于对市场行情研判，认为各类资产中债券仍具有稳健性和收益性特征，组合以中短端信用债配置、利率债波段操作为主，总体上维持一定久期和偏高仓位，通过资本利得力争增厚组合收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.772Z","mo":"展望后市，三中全会的召开，为未来经济建设定调，年内经济增速目标确定，预计政策执行层面仍保持相对积极态势，仍有一定稳增长诉求，但具体措施及效果可能仍有一定滞后性。海外大选形势为国内贸易及经济增长趋势带来较多不确定性。海外主要国家经济和通胀有所回落，汇率压力有所缓解。稳增长需求及国际形势发展均需国内财政政策及货币政策配合，下半年预计财政政策、货币政策均有空间。当前债券收益率处于偏低水平，下半年利率债确定性的发行放量，偏长久期资产供给增加，一定程度上将影响债券市场节奏。总体来看，债券市场没有到反转拐点，但收益率低位运行，波动将加大，组合将继续采用震荡市场思维操作。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144694","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c448","date":"2024-03-30T16:00:00.000Z","stockId":3000000013931,"sao":"一季度，债市延续去年底以来的行情走势：利率债收益率整体下行，幅度20-40bp，其中超长端下行最多，曲线平坦化；信用债继续压缩信用利差和期限利差，下行幅度高于利率债。整体看，一季度在基本面温和复苏，央行降准降息和机构年初抢配资产驱动下，债券呈现牛市格局。一季度，我们基于对市场行情研判，认为各类资产中债券仍具有稳健性和收益性特征，组合应保持进攻姿态，总体上维持一定久期和偏高仓位，通过资本利得增厚组合收益。展望后市，国内经济复苏势头延续，海外主要国家经济和通胀粘性较强，内部保持物价温和回升，外部保持人民币汇率稳定，二季度财政政策发力空间似乎大于货币政策。当前债券收益率处于偏低水平，10年国债低于MLF政策利率超过20bp，二季度特别国债可能启动发行，地方政府债和证金债供给增加；另外，权益类资产在经济复苏和政策呵护下可能会有相对表现。总体来看，债券市场没有到反转拐点，不过二季度风险点略多，我们认为可以适度降低债券收益预期，组合上择机减久期降仓位，等待市场调整带来更好的交易机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.769Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1070849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c447","date":"2023-12-30T16:00:00.000Z","stockId":3000000013931,"sao":"2023年债券市场表现走势较好。上半年在央行3月降准6月降息驱动下，收益率曲线全线下移，信用利差持续压缩。下半年，在时隔两个月之后，央行8月份超预期降息，国债收益率进一步下行至年内低点。之后在宽信用预期升温、房地产政策放松和利率债大幅供给冲击下，市场出现了持续2个月左右的调整，中短端调整幅度更大，收益率曲线走平，信用利差维持低位。11月之后，随着美国降息预期升温，人民币贬值压力减弱，万亿国债增量发行落地，短端流动性趋松，收益率开始重新进入下行通道，超长债表现尤其显眼。全年来看，信用债受益于年初利差较高和全年无风险利率下行，表现最优，尤其是中低资质城投债，有明显超额收益。利率债中短端呈现过山车行情，体验一般，长端和超长端下行更多，结构性特征明显。我们基于对市场偏乐观预期，总体维持积极的久期和杠杆运作。去年市场业绩的分化更多来自久期和仓位结构差异，我们在后续操作中，力争进一步完善投资框架，抓住结构性机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.766Z","mo":"展望2024年，宏观经济维持稳定，债券收益率虽处于历史低位，预计仍有震荡下行空间。一方面，在美联储降息预期下，人民币汇率压力大为减轻，国内货币政策空间和力度有望加大，这对债市形成支撑。另一方面，为了稳定房地产市场，各项限制性政策会进一步放松，鼓励和激励性措施会进一步强化；同时，财政政策发力时点和力度对债市的影响会进一步加大。总体来看，在发力稳定经济增长的大环境下，债市行情仍可期待，不过节奏较难把握，需要根据经济数据、政策预期和机构行为来综合分析。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052955","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c446","date":"2023-09-29T16:00:00.000Z","stockId":3000000013931,"sao":"三季度，债券市场震荡偏弱，尤其9月份出现年初以来最大幅度调整。虽然总量货币政策维持宽松，8月份有超预期降息，9月份季末及时降准，但无风险利率总体维持震荡偏弱，中短端收益上行较多。跟季初相比，1年上行30bp，10年上行近5bp，收益率曲线显著走平。究其原因，收益率曲线整体上行，主要是受经济企稳好转、地产政策放松和预期财政加码；而短端上行较多，则是受资金面、汇率和供给因素影响更大。展望后市，先行指标PMI重回扩张区间，国庆假期消费出行数据大幅回暖，地产销售数据有所改善，总体看经济复苏动能有所恢复，债券市场虽然有一定反应，但定价稍显不足。短期博弈重点是跨季后资金面和经济复苏持续性。四季度扰动因素较多，内部重点关注财政政策力度和明年GDP赤字率等目标，外部则是美元美债走势。总量货币政策需要做好内外部均衡，若后期国内经济压力加大，稳增长诉求提高，或者汇率压力减弱，不排除四季度还有降息空间。从这个角度看，预计债券市场四季度仍有不错的配置和交易机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.764Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987351","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c445","date":"2023-06-29T16:00:00.000Z","stockId":3000000013931,"sao":"今年上半年，债市表现较好。整体来看，无风险利率显著下行，信用利差压缩，信用债表现优于利率债，长久期资产好于中短久期。一季度市场对疫后经济复苏力度抱有较大期待，信贷增长强劲，存单等短端资产大幅上行，利率债走势偏弱，信用债由于利差优势表现较强；二季度经济复苏动能有所下降，总需求走弱，物价走低，信贷需求放缓，央行采取降息等宽松措施应对，债市表现强劲。我们根据市场行情研判，匹配上半年市场走势，整体维持偏高久期和杠杆运作，同时抓住时点性和事件性波动机会，加大交易波段操作，尽量提升组合收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.761Z","mo":"展望后市，国内经济潜力大韧性强，企稳向好基本面不会发生改变，预计全年能够实现年初两会制定的经济增长目标。当然，从二季度来看，经济增长也面临一些内外客观因素制约，导致总需求出现下滑势头，有必要采取措施提振信心，稳住经济。7月下旬中央政治局会议对此已经做出全面部署和安排，后续各个部委会有具体措施跟进落实。预计在未来几个月，市场会持续博弈具体稳增长举措和实际效果。在经济没有大幅好转和降低实体融资成本诉求下，货币政策仍会维持宽松，下半年还有降准降息等总量政策。高层定调稳增长避免经济失速，短期制约收益率下行空间；经济缺乏强刺激动力，财政政策如果不加大力度基本限制了收益率上行空间。从基本面和资金面角度，预计债券收益率维持震荡行情，交易波段操作尤为重要。下半年要密切留意机构止盈和投资者行为分析，提前谋划好仓位机构和流动性应对。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962389","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c444","date":"2023-03-30T16:00:00.000Z","stockId":3000000013931,"sao":"市场回顾：1月份，由于疫情的影响逐步消退，经济步入复苏阶段，基本面的边际修复导致市场整体表现偏弱，利率债收益率在1月份整体上行。春节后，经济复苏处于正常状态，没有超预期表现，整个2月份利率债收益率震荡整理，窄幅波动下市场波段机会不多也较难把握，但信用债逐步进入利差修复行情，收益率稳步下行。2月下旬市场担心信贷投放继续强劲，无风险利率又有一波小幅上行。3月份，市场对“两会”增长目标出现一定分歧，在3月初增长目标6%传闻的影响下，收益率出现上行，各期限利率债品种创下1季度收益率高点。但随后召开的“两会”公布经济增长目标5%左右，低于市场预期，市场对强刺激的预期明显回落，叠加央行3月下旬公告降准25bp，因此中下旬开始利率债收益率震荡下行。一季度来看，利率债主要在10-20bp内横盘震荡，而信用债由于利差分位数较高和结构性欠配行情，收益率下行顺畅，从一月份高点下来幅度普遍超过40p，信用利差收窄；利率品和信用品之间走势出现显著分化，信用组合净值表现大幅好于利率组合。我们总体把握住了不同品种之间的分化行情，保持灵活久期、杠杆和仓位操作，但在攻防的节奏转换和进攻时点选择上有进一步优化提升空间，后续力争在这两点上做出更多改进，提升组合收益。展望后市：两会后高层的表态更加注重经济发展的质量，政策方面强刺激的预期有所修正，高频数据显示地产在春节后销量改善，但是进入3月份之后复苏力度有一定减弱，复苏力度面临较大不确定性。外围市场面临大幅加息后金融市场动荡和实体经济下行风险，对我们出口不利。短期看债券市场整体风险不大，无风险利率跟当前基本面比较匹配，信用利差大多在中位数附近，修复行情告一段落，还是一个偏震荡的格局。中期来看经济复苏的方向依然是确定的，在这样的背景下无风险利率的中枢会较2022年有所上移，当然我们认为上行的幅度不会很大，资金利率在经济逐步复苏的背景下大概率会向政策利率回归，且波动性会加大，市场今年不会是单边市，中间会有不小波折。操作上更需要灵活调整久期和杠杆，以逆向思维进行波段操作。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.758Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c443","date":"2022-12-30T16:00:00.000Z","stockId":3000000013931,"sao":"回顾2022年，债市整体呈现震荡，利率和信用走势分化。在疫情冲击和资产荒格局下，前三季度信用债表现较好，四季度出现大反转，信用利差大幅走扩。具体来看：全年走势可以分为三阶段。第一阶段是年初到6月份，利率债收益率窄幅震荡，信用利差持续压缩。这段时间市场主线逻辑切换较快，交易上较难把握。其中1月份有降息，2月份社融大超预期，3、4月份部分大城市受疫情冲击，驱动收益率短暂下行，期间受汇率贬值、俄乌战争、海外通胀高企等因素影响，市场持续反复震荡，缺乏方向。第二阶段是7月份到11月份，最大事件是7月份地产集中断供和8月份央行超预期降息，同时叠加银行间流动性非常宽裕，这几方面因素影响下，债券收益率出现年内最大一波的顺畅下行，资产荒推动下信用利差也持续压缩至历史极低位置。第三阶段是11月份至年底，防疫政策快速放松及地产救助政策的密集出台动摇了债市走牛的两大根基，市场预期迅速扭转，叠加理财负反馈带来的冲击，债券收益率快速上行，其中信用债收益率上行幅度远大于利率债，信用利差快速走阔。组合操作上，我们顺应市场行情变化，灵活调整组合久期、杠杆和仓位结构。1月份整体维持偏高久期，获取降息带来的资本利得机会，2-6月份，虽然有疫情冲击，但市场对疫后经济复苏有担忧，收益率窄幅波动，我们维持市场中性久期。7月份，基于流动性宽松和地产断供影响，逐步拉长久期，8月份央行降息后，适当降低了久期和杠杆。年末最后两个月市场大幅波动，时点上比较超预期，我们虽然做了进一步的减仓和降杠杆动作，但组合还是出现了不小回撤。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.754Z","mo":"展望后市，疫情的影响逐步淡去，疫后经济复苏力度和节奏是影响各种资产变动的核心因素。内需方面，消费在过去几年疫情压制下，今年的表现值得期待，但居民部门资产负债表受损后，修复需要时间，年内大概率难以出现超预期增长。地产也是影响经济的核心变量，虽然各种呵护政策层出不穷，政策底已经出现，但行业基本面反转仍需要观察，政策效果是否可以真正提振居民的购房信心，销量能否回暖并具有持续性，这可能较大程度上决定了今年债券市场调整的幅度和时间。外需来看，海外经济在加息和高通胀影响，总需求会出现下降态势，我国去年出口基数较高，今年难以维持高增长，甚至不排除会有负贡献。总体来看，今年内需上，外需下，国内经济温和复苏下，收益率中枢可能会有所抬升，但是受各种因素掣肘经济难以显著高于潜在增长，收益率向上的空间比较有限。相对于利率债，信用类资产在去年底出现超调，信用利差很宽，性价比及绝对收益率水平已经具备了配置价值，预计表现优于利率债。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放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=865219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c442","date":"2022-09-29T16:00:00.000Z","stockId":3000000013931,"sao":"三季度，债券市场收益率先下后上，整体偏震荡下行。7月，虽然有央行逆回购缩量影响，但资金面非常宽松，叠加地产“断供断贷”事件发酵，收益率稳步下行。8月中旬，央行降息超市场预期，债券市场大涨，普遍下行超10BP。9月份市场震荡上行，主要原因一个是美联储急速加息、美债破4%和人民币汇率急贬，市场担心会影响国内货币政策宽松，第二个是地产政策在总量层面开始出现进一步放松举措，市场担心地产会出现显著修复，收益率快速上行，中长端利率回到降息前水平。      展望四季度，债券市场风险不大，预计偏震荡格局。外围方面整体偏利空：美联储加息进程没有结束，11月份加息75BP概率很大，美元指数还可能继续上冲，发达国家无风险利率还有冲高可能；俄乌冲突加剧可能导致原油、食品和大宗价格走高，全球通胀进一步承压。国内方面：高层稳增长态度非常坚决，各种措施一直发力；但基本面仍偏弱，从国庆假期的旅游消费和电影票房数据能看出来，疫情反复冲击导致居民收入预期下降和出行受阻，四季度预计疫情散发状态仍会延续；地产方面具有较大不确定性，9.30政策从按揭利率和个税返还等方面做了精准放松，金九银十销量数据是一个重要观察窗口，在“房住不炒”的大背景下，全面刺激政策预计难以出台。另外，我们人均住房面积不低，人口拐点和地产周期向下，在这些约束条件下，即使出来大范围刺激政策，地产投资恐怕也难以出现强劲增长。      值得关注的是，目前欧美PMI等先行指标已经临近或者低于50荣枯线，随着欧美急剧大幅加息，叠加能源和食品价格走高，会导致全球经济增长疲软，甚至不排除出现经济衰退苗头。国外债券收益率短期大幅上行，对一些风险承受能力较低，习惯了低利率环境的国家和金融机构，可能会产生严重影响。这些因素，对风险偏好形成打压，如果在四季度某个时点这些风险因素集中爆发，对债券总体是偏有利的。      总体来看，我们认为四季度经济在各种稳增长和松地产政策影响下，经济可能会延续修复态势，但力度不强。在疫情散发、外部衰退或事件性影响下，债券市场交易机会值得把握。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.752Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c441","date":"2022-06-29T16:00:00.000Z","stockId":3000000013931,"sao":"上半年，债券市场整体震荡下行，信用债表现优于利率债，曲线短端优于长端。影响市场的核心因素，主要是疫情、货币政策和市场对稳增长发力的预期。一季度经济数据大幅好于预期，市场出现显著调整。二季度受疫情影响，经济数据疲软，货币政策维持宽松，回购利率低位运行，短端收益率大幅下行，中长利率债先下后上，基本持平于一季末水平，收益率曲线呈现陡峭化。      运作期内，本基金根据市场走势变化，灵活调整组合久期、杠杆和仓位结构，主要配置中短端债券品种，灵活参与长端交易。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.749Z","mo":"展望后市，下半年经济基本面处于疫后复苏阶段，但受疫情散发和地产投资不振影响，预计复苏力度难以大幅超预期，债市可能呈现震荡走势。新的变异病毒传染性和隐蔽性增强，对我们防控提出更大挑战，近期全球病例进一步增加，国内散发状态也有所扩散。宽信用稳增长政策持续推进，但主要政策已经在上半年推出，后面更多的是政策落实见效和观察期。如果下半年没有特别国债和上调赤字率等更多宽财政政策出台，经济短期大幅上行动能不足，更多是向疫情前逐步修复和靠拢。货币政策有必要维持一定的宽松力度，以呵护经济复苏。总体来看，基本面不支持收益率大幅上行，货币政策也不会主动收紧，这制约了债券市场调整空间。如果个别时点市场出现超预期的大幅调整，则是给我们提供了更好的配置和交易机会，可以积极主动参与波段行情。","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放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=785699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0637fea5b3eb050c440","date":"2022-03-30T16:00:00.000Z","stockId":3000000013931,"sao":"一季度，债券市场呈现震荡行情，收益率在1月中旬央行降息后快速下行，随后行情反转并展开了2个月左右的调整。具体来看，由于经济下行压力较大，1月份央行降息，市场做多热情高涨，收益率持续下行延续到春节前。但在2月份超预期信贷数据出炉后，市场对宽信用的悲观预期开始迅速纠正，债券出现显著调整。同时，资金面维持紧平衡，资金利率的上行也带动了整条收益率曲线的抬升，市场情绪偏弱一直持续到了3月中。随后在2月份信贷社融数据不及预期影响下，市场对降准降息预期又起，债市波动显著加大。另外，3月份新冠疫情在一线城市有所扩散，阳性人数居高不下，经济短期承压。虽然有全球通胀预期和美债收益率大幅上行，但国内债券收益率仍有所下行。展望后市，目前收益率处于低位，但在疫情和地产拖累之下，经济短期难有明显起色。信用周期已经开启，但仍需要宽货币呵护，而且实体部门信用扩张意愿不强，抓手不足，预示着本轮信用周期可能会一波三折。二季度是各部门各地区大干快干的重要窗口期，总量货币政策进一步宽松，以提振信心，推动经济增长，应该是应有之义。不过，在疫情受控之后，经济复苏的力度和斜率，对二季度债券市场会产生巨大影响。基于目前经济和信用周期所处阶段，我们对债券不悲观，但同时也要看到经济下行压力增大也意味着政策对冲力度也会加大，宽信用虽有波折但方向确定；另一方面，全球通胀预期大幅升温，主要国家纷纷进入加息缩表周期，出于维护币值稳定的考虑，央行降息面临一定制约。从这个角度来讲，博弈收益率下行短期可参与，但空间可能较为有限，最重要的是要把握好波段操作的节奏。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:31.746Z","fund":{"_id":3000000013931,"__csrcFundId":10268,"stockCode":"013931","shortName":"博时富恒一年定开债发起式(013931)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":13931,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:59:50.556Z","status":"normal","exchange":"jj","name":"博时富恒纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"inceptionDate":"2021-11-24T16:00:00.000Z","masterFundShortName":"博时富恒一年定开债发起式","followedNum":0,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":2510127288.94,"setUpShares":2510127288.94,"pinyin":"bsfhczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20523662","stockType":"fund_manager","exchange":"fm","tickerId":251219178040,"name":"颜灵珊"}]},"announcement":{"linkText":"博时富恒纯债一年定期开放债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725189","linkType":"PDF","source":"csrc_pdf"}}]}