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报告期内，基金主要投资于金融债及城投债，在严控信用风险的前提下，根据经济增长预期变化及收益率曲线形态变化进行组合久期调整，并在组合久期目标控制下，根据个券利差进行择券。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.132Z","mo":"展望2024年，在年底中央经济工作会议强调坚持稳中求进、以进促稳基调下，GDP增速目标设定预计将偏向积极。在积极的GDP目标下，央行维持偏宽松的货币政策概率较大，同时实体融资需求在居民部门就业和收入预期转弱以及政府债发行量加大的情况下将维持偏弱增长，叠加全球紧缩性货币政策转向预期带来的资本外流及人民币贬值压力缓解，债市收益率中枢预计将继续下移，但空间将相较于2023年收窄。在低利率、发债更趋严格以及资产供给相对不足延续逻辑下，债券的信用利差、期限利差总体将维持低位，各品种信用利差波动及城投再定价区域带来的交易机会将成为组合超额收益的重要来源。","fund":{"_id":3000000014870,"__csrcFundId":11025,"stockCode":"014870","shortName":"方正富邦稳丰一年定开债券发起(014870)","masterFundShortName":"方正富邦稳丰一年定开债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14870,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:23:55.430Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"inceptionDate":"2022-03-28T16:00:00.000Z","name":"方正富邦稳丰一年定期开放债券型发起式证券投资基金","followedNum":0,"setUpDate":"2022-03-28T16:00:00.000Z","setUpAssetScale":2509999500,"setUpShares":2509999500,"pinyin":"fzfbwfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20759919","stockType":"fund_manager","exchange":"fm","tickerId":170403217870,"name":"区德成"}]},"announcement":{"linkText":"方正富邦稳丰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=1060519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516678","date":"2023-09-29T16:00:00.000Z","stockId":3000000014870,"sao":"三季度债券收益率总体先下后上，7月上旬央行公布的上月金融数据显示居民中长期贷款增长低迷，进入中旬统计局公布的6月和二季度经济数据低于市场预期，叠加市场对政策加码预期逐步减弱，债市做多力量主导，驱动债券收益率震荡下行。7月末中央政治局会议政策定调较为相对积极，市场对后续稳增长政策出台预期升温，一度带动收益率出现短暂调整。但紧接着8月上中旬公布的信贷、通胀和经济数据均低于市场预期，叠加月中央行宣布降息，10年期国债利率快速下行至2.54%的年内低点。但降息落地后，银行间回购利率反而边际回升，加上政府债券发行量不断加码及房地产优化政策密集出台，债市带来利空扰动，10年国债收益率从低位回升至季末2.7%附近位置。报告期内，基金主要使用中高评级信用债投资策略，在严格控制信用风险的前提下通过收益率曲线形态变化及个券利差进行择券。　　展望四季度，虽然地产改善仍存在不确定性，但在各项政策逐步落地推动下，全年经济增长目标完成概率较大，因此四季度政策加力的迫切性不高。通胀方面，四季度PPI同比离转正预计仍有一定难度，CPI同比预计维持1%以下的较低水平。银行间资金面方面，四季度央行货币政策预计将维持中性偏松的基调，但受到汇率压力的影响，资金利率波动幅度可能增大。在此背景下，债券收益率预计将继续保持下行的趋势，重点关注外需，商品房销售及政府债供给情况的变化。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.129Z","fund":{"_id":3000000014870,"__csrcFundId":11025,"stockCode":"014870","shortName":"方正富邦稳丰一年定开债券发起(014870)","masterFundShortName":"方正富邦稳丰一年定开债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14870,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:23:55.430Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"inceptionDate":"2022-03-28T16:00:00.000Z","name":"方正富邦稳丰一年定期开放债券型发起式证券投资基金","followedNum":0,"setUpDate":"2022-03-28T16:00:00.000Z","setUpAssetScale":2509999500,"setUpShares":2509999500,"pinyin":"fzfbwfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20759919","stockType":"fund_manager","exchange":"fm","tickerId":170403217870,"name":"区德成"}]},"announcement":{"linkText":"方正富邦稳丰一年定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991339","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516677","date":"2023-06-29T16:00:00.000Z","stockId":3000000014870,"sao":"上半年经济在一季度触底回升后二季度开始环比回升幅度放缓，二季度主要经济指标大多低于市场预期，其中工业增加值同比见顶回落，房地产投资增速降幅进一步扩大拖累投资增速走弱，出口增速降至负值，融资需求边际下降导致金融数据走弱，都令市场投资者对经济增长修复预期降温。债市方面，上半年收益率整体走势先扬后抑，1-2月在经济增长复苏脉冲的带动下债市走弱，10年国债收益率一度突破2.9%关口，但随着两会对经济增长目标的定调、二季度经济增长数据比下行幅度超过市场预期，以及央行宣布降低公开市场操作利率水平，10年国债收益率从高点快速回落并突破2.6%关口。报告期内，基金主要使用中高评级信用债投资策略，在严格控制入库主体的信用风险前提下通过收益率曲线形态变化及个券利差进行择券。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:08.126Z","mo":"展望下半年，由于需求端的制约，经济去库存周期短期难以扭转，经济增长环比动能大幅提升概率较低，而经济旧动能的减速将压制原材料价格的回升幅度，通胀预计仍将维持低增长的水平。货币政策方面，上半年存款利率市场化改革推进，为政策利率调降打下基础，而海外方面在发达国家经济、就业及通胀降温趋势已基本确立下，加息的终点已接近，我国货币政策宽松约束有望下降，下半年降低政策利率预计仍是可选项。在此背景下，债券市场在下半年面临利多因素仍将占主导，收益率的波动中枢有望继续下行。","fund":{"_id":3000000014870,"__csrcFundId":11025,"stockCode":"014870","shortName":"方正富邦稳丰一年定开债券发起(014870)","masterFundShortName":"方正富邦稳丰一年定开债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14870,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:23:55.430Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"inceptionDate":"2022-03-28T16:00:00.000Z","name":"方正富邦稳丰一年定期开放债券型发起式证券投资基金","followedNum":0,"setUpDate":"2022-03-28T16:00:00.000Z","setUpAssetScale":2509999500,"setUpShares":2509999500,"pinyin":"fzfbwfyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20759919","stockType":"fund_manager","exchange":"fm","tickerId":170403217870,"name":"区德成"}]},"announcement":{"linkText":"方正富邦稳丰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=966712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1007fea5b3eb0516676","date":"2023-03-30T16:00:00.000Z","stockId":3000000014870,"sao":"一季度经济触底回升，从已披露的经济数据看，1-2月生产、消费、投资等主要经济指标全面回升，经济修复的趋势得到确认，但修复的强度仍在市场预期范围内。债市在弱现实强预期的逻辑驱动下走势分化，在配置力量的推动下，信用债在经历去年四季度较大幅度的收益率上行后一季度有所修复，而利率债在一季度收益率延续上行。报告期内，基金主要使用中高评级信用债投资策略，在严格控制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