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体波动率显著降低，产品运作策略切换到以中性为主。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.653Z","mo":"在美联储降息预期不断增加、多个国家都有增加财政开支预期的背景下，有可能全球需求将与国内的“反内卷”政策共振，国内的政策空间可能也会进一步打开，从而支撑流动性驱动行情延续，对应债券市场可能出现曲线适度走陡的需求，修正上半年市场对于基本面过度悲观的预期。","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba6a","date":"2025-03-30T16:00:00.000Z","stockId":3000000015487,"sao":"得益于去年四季度稳增长的政策措施、一季度抢出口以及科技和消费领域的进步提振了国内风险情绪，国内宏观基本面在一季度整体保持稳定弱复苏状态。央行自1月中旬开始收缩货币市场流动性，抬升了整体货币市场的价格中枢及波动率，推动短久期品种调整上行。长久期债券则在三月中旬进一步调整到位，曲线适度走陡对应风险情绪持续改善引发的市场预期修正。一季度收益率的调整，基本上是对前期收益率快速下行过程的修正，对应幅度基本等于市场过度交易的降息预期幅度。海外美国基本面数据相对稳定，但是由于市场担忧关税可能引发的通胀问题，导致预期和信心进入下行周期，导致美元指数和美股下跌，成长股尤其受挫。展望二季度，川普2.0贸易战升级落地增加了全球经济形势的不确定性。对国内征收的高额的关税比例或将对基本面产生负面影响，中美经常项目面临脱钩风险。因此缺口部分需要国内总量及结构性工具进行对冲，货币政策进一步放松概率加大，财政政策可能需要提前发力，待视经济状况后决定是否进一步增加财政刺激力度，整体有利于未来债券市场。未来需要密切关注美国关税政策的动态及国内政策对冲路径的变化情况。操作上整体对债券资产仍然保持偏积极的策略。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.647Z","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268865","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba69","date":"2024-12-30T16:00:00.000Z","stockId":3000000015487,"sao":"2024年债券市场整体呈现震荡下行趋势，核心逻辑为“资产荒”与机构负债扩张推动的配置需求。全年收益率曲线持续走平，短端利率因央行价格型调控与流动性宽松下行明显，长端利率在基本面疲弱、机构欠配及政策预期下屡创新低。一季度，市场延续2023年末的修复势头，但经济数据“强预期、弱现实”特征明显。债券收益率下行，期限利差收敛，资产荒逻辑强化，机构增配长久期利率债。海外风险资产持续走强，人民币汇率承压，国内货币政策保持稳定。二季度政府债券供给偏慢加剧资产荒，短端利率因流动性宽松快速下行。期间地产政策放松未提振基本面预期，市场转向避险资产。央行虽多次喊话长债风险，但配置需求仍主导市场，10年国债一度跌破2.3%。三季度，央行启动降息及“买短卖长”曲线管理，短端利率与资金成本倒挂，非银负债扩张推动收益率进一步下行。海外美联储降息落地，但国内权益市场表现疲弱，债券市场持续走牛。市场在央行发布会后对财政扩张政策预期升温，政治局会议对经济定调后，债券收益率因权益市场超强表现而小幅反弹。四季度政治局会议定调“超常规逆周期调节”，市场抢跑降息预期，收益率加速下行至历史低位。10年国债一度触及1.6%。产品运作方面，本基金采取以利率和商金债为底仓，适度利率波段的运作方式，根据基本面、资金面、市场主要矛盾点等灵活调整。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.643Z","mo":"中长期来看，在货币宽松、融资需求偏弱和居民风险偏好降低的大环境下，利率或仍处于震荡下行趋势。城投债在一揽子化债政策下风险可控，信用利差更多受流动性溢价影响，未来需关注赎回和股市资金分流等因素的影响。短期来看，在基本面逐渐筑底、银行存在负债缺口和稳汇率诉求之下，货币宽松节奏的不确定性有所增加，在平坦收益率曲线形态下，哑铃型策略或更为占优，同时未来需观察社融信贷回暖的持续性和股市风险偏好改善的影响。","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253409","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba68","date":"2024-09-29T16:00:00.000Z","stockId":3000000015487,"sao":"三季度，美国开始进入基本面数据下滑、失业率上升的局面后，海外资产经历了日元加息和美国降息的双重影响，套息反转交易的直接影响是短暂打击海外风险情绪，带动离岸人民币的快速升值。但是可以看到这种升值对提振国内风险资产作用较小，核心还是缺失国内需求端刺激的措施。在货币政策上的影响是推动央行在7月份进行了价格型调控的改革举措并开始进行降息操作，并且在8月份对债券收益率因为降息的操作导致的下行进行修正，同时开始进行“买短卖长”的曲线管理操作，正式进入财政-货币相协同的政策阶段。由于从货币端开启到信用端的传导链条不畅通，权益市场整体仍然表现孱弱，市场在8月经历过两周的调整之后，债券类资产再度受到市场追捧，收益率突破年内低点后，在9月底快速反转回到三季度市场波动中枢的较高位置。本产品在三季度整体灵活操作，7月份降息后和9月份整体债券风险敞口暴露较多，8月份为防守性操作，整体季度收益较为稳健。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，四季度可能债券市场进入区别波动态势。","declarationDate":"2024-10-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.640Z","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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=1168666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba67","date":"2024-06-29T16:00:00.000Z","stockId":3000000015487,"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。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":"2026-03-09T13:55:31.637Z","mo":"二季度，海外多个国家已经开始在通胀水平边际走弱的背景下开始降息，以及国内政策定调适度转向稳增长的基调下，预期三季度开始将在美联储降息的背景下全球流动性得到改善，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":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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=1144104","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba66","date":"2024-03-30T16:00:00.000Z","stockId":3000000015487,"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。在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。展望二季度，关注两会定调下财政支出的计划落地对信用扩张的支持力度，以及持续的外围需求对国内出口的提振，叠加去年二季度整体经济基数较低，基本面增速预计较为稳定，货币和财政整体均以稳为主，进一步发力的空间不大。预期权益市场仍然表现为结构性的机会，债券收益率维持底部盘整的态势。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.634Z","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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=1071569","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba65","date":"2023-12-30T16:00:00.000Z","stockId":3000000015487,"sao":"2023年基本面在一季度初延续疫情后修复势头略有改善，市场对各类资产在经济复苏预期上表现出的“强预期、弱现实”的现象，但是进入二季度各类基本面代理变量出现快速的调整，尤其是社融信贷数据经过一季度的快速上涨后，在二季度开始进入休整模式。海外则在美债十年利率冲高4%导致硅谷银行事情冲击后，在科技股带动下风险情绪从局部到全面的改善，叠加美国财政支出的发力，推动了超预期的经济景气度在年内持续上行。三季度海外流动性的冲击对国内资产的扰动表现为自8月底开始的境内融资成本抬升，继而导致各类资产表现均差强人意。体现在国内的债券市场上则是收益率曲线被动压窄，离岸人民币市场货币收紧传导至在岸市场，资金面持续超预期紧张推动短久期债券收益率快速反弹。叠加信贷数据改善，地产政策、地方化债等稳增长措施边际力度不断增加，共同推动债券收益率反弹较多，但是曲线整体仍然走平为主，市场对经济持续扩张的预期较弱。进入四季度虽然海外压力减轻，但是伴随美元指数下跌，国内债券市场在12月初利空出尽，市场预期年底资金面会出现较大缓和的判断下，央行大量公开市场投放和机构抢跑配置力量，推动收益率快速下行，曲线适度走陡修正。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.632Z","mo":"展望未来，在去地产化的结构性调整之中，国内经济目前仍然处于经济增长动力的切换期，在需求动力不足的情况下，总量的政策空间及其有限，但针对结构性重点方向的信用支持政策不断出台，基本面将表现出逐步弱式震荡复苏的状态。但是在地产化债政策的叠加因素下，机构的资产配置需求预计将持续主导市场焦点，债券市场预计年内将先下后上，整体表现为震荡行情。本产品将中性略偏高久期运作，采取波动式操作应对市场变化。","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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=1050599","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba64","date":"2023-09-29T16:00:00.000Z","stockId":3000000015487,"sao":"2023年三季度，海外在中后期走出了超预期的经济景气度上行，引发市场出现美国高利率情景将维持更长时间的市场预期，导致美债收益率曲线倒挂缓解，美元指数达到了年内的新高。海外流动性的冲击对国内资产的扰动表现为自8月底开始的境内融资成本抬升，继而导致各类资产表现均差强人意。体现在国内的债券市场上，则是收益率曲线被动压窄，离岸人民币市场货币收紧传导至在岸市场，资金面持续超预期紧张推动短久期债券收益率快速反弹，叠加信贷数据改善，地产政策、地方化债等稳增长措施边际力度不断增加，共同推动利率债品种和二永债品种反弹较多，但是曲线整体仍然走平为主，市场对经济持续扩张的预期较弱。信用债整体因为配置力度稳定，表现相对平稳。 后续海外情况对人民币汇率的压力可能有所减轻，短期外部流动性冲击过后国内将回归内循环的逻辑，预计资金面会有一定波动但不会边际上继续收紧。后续基本面和融资情况将继续改善，可能对长债不利，但分歧点在改善路径上。整体看目前债券已有不错安全边际，定价比较充分，具备一定程度的配置价值。本产品在三季度中由进攻转为防守，四季度将维持中性运作。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.629Z","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990425","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba63","date":"2023-06-29T16:00:00.000Z","stockId":3000000015487,"sao":"本报告期内，丰泰产品以利率债和商业银行金融债配置为主，通过对宏观、政策和货币市场等角度主动灵活调整产品配置结构、久期和杠杆，提高产品在杠杆和波段上的收益增强。回顾2023年上半年，市场主线主要是围绕基本面由强到弱的走势展开，带动债券收益率先上后下。\t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。进入二季度，高频数据和总量数据上自4月份开始掉头往下，基本面在一季度强势改善背景下出现了快速的调整，社融信贷数据在一季度突飞猛进过后进入二季度的休整令经济的环比数据下行超出市场普遍预期，但是同比数据则由于去年的低基数表现尚可，但是二季度央行仍然通过降息和保持流动性宽松来适当对冲边际走弱的宏观压力。海外则进入了科技股带领下风险情绪从局面到全面的改善，在加息周期尾声的背景下通胀数据快速走低同时就业保持稳定，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，整体风险暴露较多，适当提升久期和杠杆获取超额收益。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.626Z","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":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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=959518","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051ba62","date":"2023-03-30T16:00:00.000Z","stockId":3000000015487,"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。结构上保持一定比例的商金债和存单类资产，获取一定的静态配置收益。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。后续我们将保持目前非利率债的持仓结构，并且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":"2026-03-09T13:55:31.623Z","fund":{"_id":3000000015487,"__csrcFundId":11755,"stockCode":"015487","shortName":"蜂巢丰泰三个月定开债券(015487)","masterFundShortName":"蜂巢丰泰三个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15487,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:46.641Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰泰三个月定期开放债券型证券投资基金","inceptionDate":"2022-11-02T16:00:00.000Z","setUpDate":"2022-11-02T16:00:00.000Z","setUpAssetScale":2260074990.56,"setUpShares":2260074990.56,"pinyin":"fcftsgydqkfzqxzqtzjj","managers":[{"stockCode":"db20659869","stockType":"fund_manager","exchange":"fm","tickerId":120820191840,"name":"李海涛"}]},"announcement":{"linkText":"蜂巢丰泰三个月定期开放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_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