window.pageData = {"stock":{"_id":3000000015747,"name":"博时四月享120天持有期债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"015747","tickerId":15747,"shortName":"博时四月享120天持有期债券C","currency":"CNY","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"status":"normal","setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":349985126.72,"setUpShares":349985126.72,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"bssyx120tcyqzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50050000","tickerId":50050000,"name":"博时基金管理有限公司"},"managers":[{"name":"倪玉娟","stockType":"fund_manager","stockCode":"db20162698","exchange":"fm","tickerId":142510182680}],"hotMetrics":{"fss":{"stockId":3000000015747,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":135114,"f_h_s_a":30323,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000015747,"type":"fpr","f_p_r_m1_ssc":7585,"f_p_r_m1_ssrp":0.8603639240506329,"f_p_r_m3_ssc":7496,"f_p_r_m3_ssrp":0.7115410273515677,"f_p_r_m6_ssc":7294,"f_p_r_m6_ssrp":0.693815987933635,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.6251463700234192,"f_p_r_y2_ssc":5884,"f_p_r_y2_ssrp":0.9024307326194119,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.6168724279835391,"f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.7781053195765778,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.7019583843329253},"fp":{"stockId":3000000015747,"type":"fp","f_p_r_fys":0.0071824711337391545,"f_p_r_m1":0.0015369315613413814,"f_p_r_m3":0.005263157894736636,"f_p_r_m6":0.009109127345600099,"f_cagr_p_r_fs":0.02663629017383995,"f_p_r_d1":0.00009215740484735946,"f_p_r_y1":0.016330275229357705,"f_p_r_y2":0.034360410830998944,"last_data_date":"2026-05-05T16:00:00.000Z","f_p_r_y3":0.07899094185253719},"ff":{"stockId":3000000015747,"type":"ff","f_m_f":8471193,"f_m_f_r":0.002,"f_c_f":2117798,"f_c_f_r":0.0005,"f_m_a_c_f":10588991,"f_m_a_c_f_r":0.0025,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2025-06-29T16:00:00.000Z","f_m_fr":0.002,"f_mac_fr":0.0025},"f_nlacan":{"stockId":3000000015747,"type":"f_nlacan","f_nv_d":"2026-05-05T16:00:00.000Z","f_nv":1.1078,"f_nv_cr":0},"f_as":{"stockId":3000000015747,"type":"f_as","f_tas":2458930883.1967998,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8fae01398d79843002b95","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015746,"stockCode":"242480003","stockName":"24广州农商行永续债01","holdings":1200000,"marketCap":125528028,"netValueRatio":0.0438,"lastUpdated":"2026-04-22T16:44:16.848Z"},{"_id":"69e8fae01398d79843002b96","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015746,"stockCode":"2228029","stockName":"22中国银行永续债02","holdings":1000000,"marketCap":105574000,"netValueRatio":0.0368,"lastUpdated":"2026-04-22T16:44:16.852Z"},{"_id":"69e8fae01398d79843002b97","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015746,"stockCode":"312510007","stockName":"25交行TLAC非资本债02A(BC)","holdings":1000000,"marketCap":101423145,"netValueRatio":0.0354,"lastUpdated":"2026-04-22T16:44:16.855Z"},{"_id":"69e8fae01398d79843002b98","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015746,"stockCode":"232580056","stockName":"25广发银行二级资本债01BC","holdings":1000000,"marketCap":101347671,"netValueRatio":0.0353,"lastUpdated":"2026-04-22T16:44:16.859Z"},{"_id":"69e8fae01398d79843002b99","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000015746,"stockCode":"2420019","stockName":"24徽商银行01","holdings":900000,"marketCap":92428767,"netValueRatio":0.0322,"lastUpdated":"2026-04-22T16:44:16.862Z"}]},"list":[{"_id":"69e8ebd11398d79843fe9702","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000015746,"sao":"2026年一季度，流动性宽松环境下，信用债表现好于利率债，中短端债券表现好于长债、超长债，债券收益率曲线陡峭化。1月，债券收益率冲高回落。受权益市场表现强势、供给担忧与机构赎回扰动影响，月初债券收益率快速上行，30年国债收益率最高到达2.33%附近，10年国债收益率最高接近1.9%。债券收益率提高后，配置型机构买入力量偏强，月中债券收益率逐步下行。2月，债券收益率整体震荡下行。央行公开市场继续净投放呵护跨节资金面，机构配置需求偏强，春节前10年期国债收益率向下突破1.8%。春节后，机构止盈行为和月末地缘冲突爆发成为交易主线，债券收益率先上后下。3月，收益率曲线陡峭化。流动性宽松格局下，中短端债券收益率延续下行趋势。中东战争推升油价，长端利率在通胀预期和风险偏好影响下，整体延续震荡格局。报告期内，组合在中性久期附近摆布，精选信用债作为底仓品种，积极运用杠杆套息策略，把握票息资产配置行情。展望后市，美伊战争具有极强不确定性，原油价格影响海外通胀及增长预期。但从历史经验看，输入性通胀对国内货币政策制约较小，国内预计仍将延续支持性货币政策导向。同时，伴随二季度机构对信用债配置需求增强，信用利差有望进一步收窄。组合策略上，组合采取中性久期，以票息策略为主，择机参与利率波段交易。","lastUpdated":"2026-04-22T15:40:01.192Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1473094","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db56","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000015746,"sao":"2025年四季度，债市主线为货币宽松预期和机构行为。收益率呈现先下后上，区间震荡格局。曲线持续陡峭化，短端下行、长端震荡、超长端上行的结构特征突出。10月，在机构行为、资金宽松和政策预期配合下，债券收益率震荡下行。经历三季度市场调整后，10月初基金久期下降，利率触及阶段性高点。十月中上旬基金负债趋稳，机构配置行为推动利率下行。月底央行重启国债买卖落地，债市迎来一波快速上涨。11月，买卖国债博弈告一段落，债市缺乏政策及基本面驱动，利率向下行空间可能有限，中下旬开始持续调整。短端在央行流动性维稳下波动有限，长端上行快于中短端，国债30年-10年期限利差拉大，曲线明显陡峭化。主要原因在于年末机构考核与赎回预期、公募费率改革及超长债供需错配共振。12月，中央经济工作会议的定调符合市场预期，货币政策例会传递信号偏中性，中旬以后年末配置行为推动短端利率下行，长端利率震荡，超长端受供需关系扰动整体上行。组合操作以信用策略为主，报告期内组合在中性久期附近摆布，通过信用底仓获得票息收益，阶段性开展利率波动操作。展望后市，国内经济K型分化，全年基本面“内需相对温和、出口偏强”格局预计仍将延续，需密切关注房地产市场止跌回稳、中美关系变化及出口情况。货币政策将保持适度宽松，利率预计呈区间震荡格局。整体看，一季度基本面、政策面和机构行为对债市偏逆风，年初权益市场“春季躁动”、信贷开门红、政府债发行前置与春节错位推升通胀等预期或可能对债券市场产生一定的影响，关注货币政策对冲情况。组合采取中性久期，以票息策略为主，择机参与波段交易。","lastUpdated":"2026-03-09T13:56:02.443Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1454838","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db55","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000015746,"sao":"2025年三季度经济运行节奏平稳，宏观调控力度加大，货币政策适度宽松，风险偏好有所回升，债券收益率整体震荡上行。7月“反内卷”相关政策逐步实施，商品、权益市场交易价格回升预期。市场风险偏好提升影响下，债市在通胀预期抬升和风险偏好影响下，收益率震荡上行，十年国债收益率从1.64%上行至1.72%，三十年国债收益率从1.85%上行至1.92%。8月，权益市场快速上涨，上证指数向上突破3800点，受风险偏好影响，债券收益率继续上行，十年国债收益率从1.72%上行至1.78%，三十年国债收益率从1.92%上行至2.02%。9月，市场在经济数据、季末扰动、央行呵护、债基赎回担忧，股债跷板等多空因素下偏弱震荡，十年国债收益率上行0.3BP至1.783%，三十年国债收益率大幅上行11.2BP至2.13%。报告期内，组合精选中高等级信用债作为底仓配置，辅以利率债波段交易。四季度组合仍将以票息策略为主，适度参与利率波段交易。展望四季度，宏观经济有望保持温和增长态势，货币政策延续“适度宽松”基调，流动性维持均衡状态。往后需要关注下列因素：一是实现全年经济增长目标约束下稳增长财政、货币政策出台情况；二是权益资产风险偏好变化对债市的扰动；三是高息存款到期后银行负债成本变化及银行自营和保险等配置盘等机构行为的边际变化。","lastUpdated":"2026-03-09T13:56:02.441Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373519","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db54","date":"2025-06-29T16:00:00.000Z","stockId":3000000015746,"sao":"2025年上半年，债券市场整体呈现区间震荡格局，市场主线围绕资金面和风险偏好展开。一季度债市走势偏弱，主因是资金面和风险偏好均逆风。一季度资金面紧平衡。去年末市场对较为乐观的货币政策过于乐观，开年经济增长平稳，央行对市场的一致预期进行纠偏。Deepseek引发AI+浪潮，A股和港股科技板块表现强势，股债跷跷板效应压制债市情绪。二季度风险偏好和资金面均迎来边际变化，债市迎来修复行情。4月初中美对等升级关税，避险情绪提振债市。5月中美经贸高层会谈成重要共识，超出市场预期。此后贸易摩擦对债市影响逐渐淡化，资金面重回主导。5月初降准降息超出预期落地后，资金面显著转松，跨半年末资金平稳，债券收益率震荡下行。策略方面，组合精选中高等级信用债作为底仓配置，辅以利率债波段交易。下半年组合将以票息策略为主，适度参与利率波段交易。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.438Z","mo":"近期“反内卷”、雅鲁藏布江1.5万亿水电站等政策预期提振风险偏好，叠加外部环境转暖，商品期货、权益市场有所走强，债券迎来一定幅度调整。但我们认为，央行对于流动性仍然呵护，利率上行空间受限。市场对基本面判断未根本改变，“反内卷”带来的“再通胀”预期有别于需求驱动的物价上涨，持续性仍需进一步观察。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1341157","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db53","date":"2025-03-30T16:00:00.000Z","stockId":3000000015746,"sao":"2025年一季度，债券收益率整体震荡上行。1月，监管趋紧、资金面收敛使得机构博弈资本利得的逻辑受阻，负carry环境下短端品种出现明显调整压力，长端下行幅度放缓，收益率曲线平坦化。2月，Deepseek引发中国资产重估，风险偏好大幅回升，叠加资金面紧势超预期，债市做多逻辑松动，短端利率大幅上行并传导至长端，收益率曲线平坦化上移。3月，债市受到宽货币预期和风险偏好影响先跌后涨。全季来看，1年国债到期收益率由1.02%最高上行至1.59%，季末回落至1.53%；10年国债到期收益率由1.60%低位最高上行至1.90%，季末回落至1.81%，曲线平坦化上移。报告期内，组合按照短债策略进行操作，以中短久期中高等级信用债作为底仓配置。二季度组合继续执行短债策略。展望后市，基本面、流动性及机构配置行为对债市较友好，债市或存在配置机会。一是，调整后债券估值性价比有所回升；二是，预计资金面均衡宽松，理财规模季节性扩张，债市配置力量较强；三是，外部压力有所加大，关税政策或对总需求造成影响。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.435Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1270443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db52","date":"2024-12-30T16:00:00.000Z","stockId":3000000015746,"sao":"2024年全年，经济运行稳中有进，结构调整、转型升级加快推进，房地产市场供求关系发生重大变化，地方债务化解工作持续加力。债券市场整体表现较好。年初央行降准，政府债发行节奏偏慢，机构配置力量、风险偏好和流动性共同作用推动收益率下行。4月起，央行关注长端利率风险，债市回调后转为震荡。7月一揽子货币政策工具推出，降息落地驱动债券收益率震荡下行。9月下旬一揽子稳增长政策有效提振风险偏好，债市迎来年内最大调整。年底货币政策基调转向适度宽松，“宽货币”预期下债市行情修复，收益率大幅下行。报告期内，组合精选中高等级信用债作为底仓，积极把握年内配置行情，同时根据市场情况调节久期，通过利率波段策略争取资本利得收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.432Z","mo":"展望后市，债券市场趋势仍在，但扰动增加。基本面、流动性和机构配置行为对债市仍有支撑。但年末收益率快速下行或隐含了部分降息空间，短期波动可能加大，收益率进一步下行有赖于货币进一步宽松落地。重点关注：一是货币市场利率定价，资金价格中枢能否实质下行；二是特朗普上台后，中美贸易谈判、关税政策对总需求的冲击及国内政策应对。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1251370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db51","date":"2024-09-29T16:00:00.000Z","stockId":3000000015746,"sao":"2024年三季度，债券市场收益率先下后上。7月债券市场收益率震荡下行。7月上旬，央行丰富货币政策工具箱，新增“借券”、临时正、逆回购操作，引导长债利率回归合理水平。7月中旬，6月金融和经济数据相继出炉，7月22日央行宣布降息，10年、30年国债收益率月末下行至2.14%、2.38%。8月债市进入盘整期。8月上半月，10年和30年国债收益率分别向下突破2.10%、2.30%等关键点位，随后大行开启大额卖债操作，引导利率向“合理点位”回归。8月下半月，全市场成交活跃度下降，伴随资金面逐步转松，债市收益率整体震荡。9月债市走出“V型”行情。9月中上旬，风险资产表现偏弱，基本面数据强化市场降息预期。截至9月23日，10年、30年国债收益率分别下行至2.04%、2.14%。9月下旬，央行出台降准、降息、调降存量房贷利率、创设货币政策工具支持股市发展等支持性货币政策，政治局会议强调加强逆周期调节。在稳增长政策推动下，市场风险偏好快速转变，各期限债券收益率大幅上行，同时季末资金面季节性收敛，10年、30年国债收益率季末上行至2.15%和2.35%。展望后市，四季度债市扰动增加。稳增长政策将提升市场风险偏好，货币政策仍将保持支持性的立场，财政政策更加积极引发市场期待。后市需要从两个维度进行观察：一是，政策布局和风险偏好改善后，股债翘板效应下债市止盈和赎回行为。二是，稳增长政策的最终效果，基本面条件决定债券市场的趋势。组合操作上，三季度组合运用票息策略、杠杆策略、主动择券、波段交易等策略。四季度，组合将以中性久期配置思路为主，辅以波段交易。在持仓结构上，保持仓位和久期的弹性。力争通过波段交易增厚组合收益，控制组合回撤，争取组合最优的回报回撤性价比。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.429Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1172735","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db50","date":"2024-06-29T16:00:00.000Z","stockId":3000000015746,"sao":"组合操作上，保持适度杠杆和灵活久期，精选信用票息资产作为底仓，加强利率交易策略。资产荒环境下，信用利差预计持续处于偏低位置，可采取中性配置的思路，信用资质偏向中高等级。利率区间震荡、上行有顶，如遇市场调整，可积极博弈、把握交易机会。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.426Z","mo":"2024年上半年，在宏观基本面、政策预期、配置需求等因素推动下，债券收益率整体下行，信用利差压缩。年初，权益市场持续下跌带动风险偏好下降，宏观经济刺激政策预期落空，央行降准50bp推动流动性宽松，利率走出一波快速下行行情，10年期国债收益率从2.56%下降至2.27%附近，降幅近30bp。进入3月份，止盈压力显现，市场对特别国债等问题的关注度上升，债市行情转入震荡，但紧接着，资金面宽松成为决定债市走势的重要因素，4月份1年期大行存单收益率下行超过20bp，推动这一阶段信用利差大幅压缩，信用债成为表现较好的债券品种。5至6月份，市场多空因素交织，一方面央行对长端利率的多次表态对现券市场情绪形成压制，另一方面制造业PMI滑落至50临界线以下显示经济仍然承压，资产荒逻辑持续演绎推动期限利差、等级利差全面压缩。报告期内，组合保持适度杠杆，结合经济和政策预期变化灵活调节组合久期，把握了债市整体上涨行情。展望后市，宏观经济和流动性大环境下，债券市场趋势仍在。基本面复苏仍需要更多政策的推动，尤其是财政政策有待发力。央行降息操作显示其货币政策宽松取向未变，短端资金面价稳量松。与此同时，也需要关注到，一是人民币汇率变化，若贬值预期增强可能对国内资产不利；二是央行国债借券卖出的具体操作，可能带来债市波动；三是三中全会后各项政策实际落地情况，或扭转宏观和市场预期。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1144569","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4f","date":"2024-03-30T16:00:00.000Z","stockId":3000000015746,"sao":"2024年一季度，债市主要受到风险偏好及政策面预期变化影响，收益率总体走低，1-2月收益率下行顺畅，3月经历回调后转为震荡。具体来看，1月受经济金融数据持续走弱，稳增长政策乏力，权益市场快速下跌、央行降准等因素影响，开年债券收益率快速下行，信用利差显著压缩。信用票息稀缺性进一步强化，中低等级信用债信用利差压缩幅度明显超过高等级；2月份债券市场整体延续强势，春节前万亿降准资金投放，叠加银行信贷投放整体速度不及去年，超储消耗速度也偏慢，此外春节前流出银行体系的现金陆续回存，导致节后资金面明显转松，短端收益率下行幅度大于长端，利率曲线显著走陡。信用债方面，随着资金宽松，配置需求增大，市场资产荒程度也有所加剧，绝对收益率继续下行，但表现弱于利率债；3月利率走势震荡偏强，短端优于长端，曲线走陡。信用表现弱于利率，信用利差整体走阔。月初两会目标设定未超预期，记者会上央行释放宽松信号，无风险收益率有所下行。月中受出口等部分经济数据超预期、超长期限国债供给消息等因素扰动，市场止盈情绪推动收益率出现一定回调。月底跨季资金面宽松，带动中短端收益率再度下行。展望后市，预计二季度债市整体震荡。3月中采PMI上升至50.8%，环比上升1.7%。整体来看，外需偏强带动了3月PMI回升，而地产拖累下建筑业仍弱于季节性。目前地产链与非地产有所分化，地产链相关持续偏弱，也对长期增长预期形成压制，而非地产链有低位企稳修复的迹象，出口偏强带动制造业修复。建筑业和出口的背离也体现在商品的分化，黑色持续走弱而有色偏强。在地产和非地产部门分化的格局下，目前地产部门依然对长端利率影响最大。地产部门决定利率中枢，而非地产部门则决定了利率波动的节奏。一季度经济整体表现尚可，近期出现大规模政策加码的概率较小。短期关注政府债供给节奏及央行货币配合方式。组合操作上，以短端信用票息策略为主，同时加强交易策略，灵活调整利率仓位，保持久期灵活度。当前债市整体走势由前期趋势性走强转为偏震荡，但二季度资金面延续宽松的概率较大，短端票息策略确定性较高。往后看，由于年初以来利率债供给节奏偏慢，5-6月份潜在的供给冲击或带来扰动，同时近期人民币汇率贬值预期上升也构成资金面掣肘。对于经济基本面，在地产扶持政策仍在不断推出的情况下，地产投资和销售跌幅能否收敛值得关注，市场可能围绕经济低位企稳的预期进行博弈。目前市场收益率相对较低，曲线偏平。短端确定性较高，关注票息价值。利率债后续波动预计加大，可适度博弈预期差下的交易机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.424Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1070633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4e","date":"2023-12-30T16:00:00.000Z","stockId":3000000015746,"sao":"2023年债券收益率整体下行，在经济复苏整体乏力的背景下，资金面和政策预期等因素持续影响债市节奏。年初，疫后经济复苏预期较为强烈，高频数据的反弹、信贷开门红、资金面持续偏紧的共同影响下，10年期国债收益率升至高点2.93%，大行同业存单收益率最高2.75%。另一方面，机构配置行情引导信用利差快速压缩。从3月至6月，央行陆续降准25bp和降息10bp，引导商业银行存款利率下调，同时宏观经济增长动能转弱，利率曲线陡峭化下行，10年期国债降至2.65%附近。三季度，虽然央行再次降息降准，但地产政策放松、人民币汇率贬值等压力影响下，资金面超预期收紧，债市出现反转、曲线平坦化，机构赎回引发信用利差走扩。进入12月，由于宏观经济数据持续走弱而政策刺激力度未超预期，对24年货币政策继续宽松的博弈力量推动债市在年末走出一波较大行情。报告期内，组合精选信用债作为底仓品种，把握了年初配置行情，同时在二季度和四季度利率快速下行期间，通过积极的利率债波段操作以赚取资本利得。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.411Z","mo":"展望后市，债券市场仍有较大机会。受制于有效需求不足和社会预期偏弱，国内宏观经济缺乏向上弹性，短期内债券市场基本盘不会改变。近期一线城市逐步放松限购，但在居民收入下滑背景下，简单的需求侧放松难以刺激地产回暖，而地产相对应的居民财富效应缩水也会拖累消费复苏进程。去年底中央经济工作会议强调政策取向一致性、统筹配合，财政政策会适度加力但缺乏强刺激预期。对于货币政策，促进社会综合融资成本稳中有降、引导银行负债成本下行仍是整体方向，但对于防止资金空转套利的诉求意味着资金面宽松可能面临掣肘。海外情况来看，目前市场普遍预期美联储年内开启降息，汇率压力预计得到缓释，利好国内债券。组合操作上，保持灵活久期、适度杠杆。受制于持续的资金分层现象和中长期偏弱的增长预期，目前整体债券收益率曲线较为平坦。组合重点关注中短久期、中高等级信用债的票息价值，并根据市场情况变化，灵活进行利率债波段交易，控制回撤的同时力争增厚组合收益。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=1054394","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4d","date":"2023-09-29T16:00:00.000Z","stockId":3000000015746,"sao":"2023年三季度，宏观基本面维持弱现实，政策、资金面、外部因素持续影响债市，利率整体呈“V”型走势。具体来看，7月份，跨季后资金面如期转松，DR007整体低于政策利率10-20bp，同时经济数据弱于预期，10年国债收益率在震荡后逐步下行至月内低点2.59%。7月24日中央政治局会议召开，在维持高质量发展主线的同时，对地产、资本市场表述均更加积极，超市场预期，利率短期内出现大幅调整。8月上半月，资金面再度宽松，金融数据低于预期，同时央行于8月14日超预期下调逆回购政策利率10bp释放明确宽松信号，10年国债收益率逐步降至季度内最低点2.54%。但是，8月下半月至9月，债市行情逐步逆转。地方债发行提速、人民币汇率贬值压力等因素开始对国内流动性和资产定价产生影响，资金面持续偏紧局面超出市场预期。同时，一线城市“认房不认贷”、存量房贷利率调整等政策陆续落地，稳增长预期明显强化。虽然央行于9月14日宣布降准25bp，但对债市影响偏中性。这一阶段，机构赎回造成债市阶段性抛售，明显加大了整体利率上行幅度。与低点相比，10年国债收益率上行15bp，国股行1年同业存单收益率上行30bp，2年隐含评级AA+信用债相比于国开利差上行21bp，短端资产跌幅大于中长端，信用债跌幅大于利率债。\t展望后市，四季度债市整体预计偏震荡行情。房地产等政策密集出台后，当前进入政策效果观察期，地产销售、基建产业链等对基本面可能有短期支撑，后续经济走势需要持续观察。地方再融资债将发行，美债长端利率上升导致人民币汇率持续承压，这些因素继续构成四季度资金面制约因素。不过，央行近期政策表述里指出经济仍面临需求不足，重提逆周期调节，预计四季度货币政策不具备收紧基础。银行理财规模目前保持稳定，自营和理财等机构配置需求仍在，四季度出现去年11-12月债市负反馈和赎回潮的概率较低。整体看，债市行情未逆转但利空扰动增多。\t组合操作上，保持灵活久期、适度杠杆，持续加强组合流动性管理。经历债市调整后，当前信用利差显示信用债整体具备一定的配置价值。同时，如遇流动性环境和政策预期变化等，可择机进行利率债等波段操作，力争增厚组合收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.403Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987329","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4c","date":"2023-06-29T16:00:00.000Z","stockId":3000000015746,"sao":"2023年上半年债市收益率震荡下行，信用表现强于利率，10年国债收益率在2.64%-2.93%区间波动，信用利差较年初大幅压缩。具体来看，1月在疫后经济快速修复背景下，债市承压，10年国债收益率一路震荡上行至年内高点2.93%；2月至3月经济修复边际放缓叠加政策力度低于预期，收益率趋于震荡下行，10年国债收益率震荡下行至2.85%附近；4月至6月，随着一季度信贷冲量结束，二季度信贷需求明显减弱，同时基本面下行压力持续加大，叠加银行存款利率新一轮调降引发降息预期，多重利好驱动债市走强。6月中旬降息落地，10年国债收益率一度创出年内新低2.62%。随后在止盈盘压力和政策刺激预期下，市场小幅调整，10年国债收益率回到2.65%-2.7%区间震荡。信用债方面，由于去年底理财赎回冲击影响，年初信用利差处于历史高位，票息价值显著，同时机构对于利率债普遍谨慎。随着理财规模趋于稳定，配置力量驱动信用利差在一季度快速压缩；二季度受理财规模恢复、信贷滑坡以及信用债供给收缩影响，“资产荒”再现，信用债配置力量仍强，驱动收益率继续下行。报告期内组合精选信用品种作为底仓，维持中等杠杆水平，结合市场对经济复苏和政策的预期变化对久期做灵活调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.401Z","mo":"展望后市，宏观经济弱修复格局不变，市场主要围绕政策预期博弈。三季度随着政治局会议对于政策的定调更偏积极，市场预期有所转强，风险偏好可能有所修复。但当前地产销售和投资未见起色，经济内生需求不足的核心矛盾尚未解决。信贷投放趋缓叠加资产荒环境，银行等机构对债券资产的配置需求仍较强。货币政策维护资金面稳定的态度未变，DR007将继续围绕政策利率波动。同时银行存款利率压降的长期趋势不变。下半年债市整体仍处于较为友好的环境，但在估值偏贵背景下，市场波动可能较上半年有所加大。组合操作上，保持中性久期，优化持仓结构，灵活操作。当前中高等级信用债仍有配置价值，在债市基本盘未变的情况下，部分期限品种信用利差仍有压缩空间。同时，面对实际流动性环境和预期扰动，加强组合流动性管理，保持适度杠杆。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期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=962362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4b","date":"2023-03-30T16:00:00.000Z","stockId":3000000015746,"sao":"2023年一季度，利率债市场在经济修复、资金趋紧背景下出现一定回调。短端调整幅度大于长端，曲线熊平。与此同时，信用债市场走出独立行情，信用利差持续压缩，表现明显强于利率债。具体来看，1月在疫情快速达峰后经济恢复动能较强，同时专项债、地产放松政策继续加码，信贷投放靠前发力，债市在“强预期”下明显调整；2月经济复苏力度未超预期，“弱现实、强预期”剪刀差收敛，长端利率开启横盘震荡。短端利率由于春节后资金面超预期收敛，资金利率中枢抬升，跟随存单利率出现大幅上行，曲线熊平；3月在央行降准及公开市场投放呵护下，资金面回归平稳。两会政策目标未超预期，市场对经济强预期下修，叠加海外爆出银行风险事件，避险情绪升温，利率债收益率企稳回落。信用债由于去年末理财赎回负反馈冲击，出现明显超调。随着理财规模企稳反弹，一季度走出独立“小牛市”行情，信用利差大幅压缩。展望后市，当前基本面修复方向明确，无风险利率下行空间有限，后续需要持续关注宽信用和宽货币的节奏力度。策略上以票息策略为主。货币政策的总基调仍是“精准有力”、“引导市场利率围绕政策利率波动”，流动性整体仍充裕。央行降准也有助于平抑资金面波动。在资金面预期稳定背景下，当前信用债的套息保护空间仍然较足。随着理财产品净值持续走高，理财产品破净率延续下行趋势，存量理财被赎回的压力或在下降。年初以来封闭式理财、混合估值类理财产品等新发银行理财数量规模稳步提升。全年银行理财规模有望延续小幅增长，未来债券配置力量仍强。组合操作上，本产品定位为短债基金，以票息策略为主，保持短久期，灵活操作。随着理财规模逐渐趋稳，机构刚性配置需求仍大，预计信用债市场利差压缩行情仍将延续。组合重点关注短久期中高等级信用资产的票息价值。保持适度杠杆，持续优化持仓结构。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.397Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db4a","date":"2022-12-30T16:00:00.000Z","stockId":3000000015746,"sao":"2022年债券市场走势一波三折，利率信用行情分化显著。上半年长端利率震荡，10年国债收益率在2.65-2.85%区间波动。市场主要围绕经济复苏预期、稳增长政策力度和疫情反复博弈。在降息降准等宽松货币政策支持下短端表现优于长端。7、8月利率在基本面恢复动能放缓、央行超预期降息背景下再度下行，10年国债收益率创下年内低点2.58%。随后利率在9、10月再度转为震荡，直至11月地产及防疫政策出现明显转向，造成债市剧烈调整。10年国债收益率在两个交易日内上行14bp，并在此后的理财赎回冲击下于12月上行至年内高点2.93%，直到12月中下旬才企稳回落。信用债方面，前三季度在流动性充裕的“资产荒”背景下市场走出牛市行情，收益率及信用利差持续下行至历史低位。但在11、12月受到预期转向和机构行为的影响出现剧烈调整，收益率上行幅度远大于利率债，信用利差快速走扩至历史高位。组合操作上，虽然始终维持中短债基金操作思路，精选信用底仓，保持中性偏短久期及适度杠杆。但由于年底市场波动较为剧烈且组合持仓以信用债为主，组合仍然经历了较大回撤。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.390Z","mo":"展望后市，弱现实、强预期的格局短期难以改变。疫后经济修复明显，表现为需求恢复大于生产，内需修复快于外需。若疫情带来的供给端产能限制有所释放，今年消费复苏或更强劲，但修复弹性有待观察。对于地产，目前仅呈现弱企稳状态，后续政策效果仍待观察。总体来看，随着疫情和地产政策转向，预计基本面整体修复的方向仍会延续。央行稳健货币政策将在更好统筹扩大内需和供给侧结构性改革的结合点上发力。流动性将保持合理充裕，重点在结构性货币政策。预计一季度经济的复苏进程仍然会有波折，复苏基础并不牢固。在经济完成确定性修复之前，货币政策预计仍将维持宽松。在货币政策逐渐回归中性过程中，资金利率有收敛趋势，但流动性环境整体不会收紧。去年底受到理财赎回负反馈事件冲击，信用债市场出现明显超调。尽管年初以来，市场出现一定修复，但当前中短期限中高等级信用债信用利差仍处于历史高位，利差还有较大修复空间。后续随着理财赎回负反馈影响得到缓解，本轮信用债市场压缩利差的修复行情更为确定和稳健。因此，组合操作上重点关注短久期中高等级资产的票息价值。维持中性偏短久期，优化持仓结构。结合实际流动性环境和预期变化，保持灵活操作，适度杠杆。","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1727fea5b3eb051db49","date":"2022-09-29T16:00:00.000Z","stockId":3000000015746,"sao":"2022年三季度债券市场整体先下后上，10年国债波动区间在2.58%-2.84%，信用债表现仍强于利率品种。6月末7月初经济复苏预期下10年国债调整至2.84%附近。7月中旬，市场对6月较好的数据有一定预期，数据落地后市场震荡缓慢下行。直至7月下旬，政局会议未出台超预期的政策，10年国债下行至2.73%附近。8月初市场整体偏震荡走势，直至金融数据大幅不及预期后央行在8月15日降息10BP。市场做多情绪高涨，十年国债最低下至2.58%。9月市场走势偏弱，人民币贬值压力、政策支持下地产修复预期以及季末的资金面超预期收敛等利空因素冲击，10年国债回到2.75%附近。信用债方面，1-3年各期限信用三季度普遍下行25-30BP，但下行主要是在7月-8月初完成，8月中旬-9月整体是震荡走势。信用利差随利率债的涨跌而被动变化。展望后市，前期稳增长接续政策逐步落地背景下，预计四季度经济基本面将维持稳步修复态势。但经济向上恢复的斜率应该没有2020年快。当前基建投资是稳增长的主要推手，预计四季度随着各项政策工具落实到位，基建大概率保持高增，继续拉动实体需求修复。节前政策组合拳刺激地产，目的在于促进刚需和改善性住房需求释放，提振市场信心，其对地产销售的实质性影响仍需进一步观察。秋冬季疫情风险边际增加，消费复苏存在一定的扰动。外需回落在四季度也会进一步显现。就十年国债而言，在政策利率附近是相对均衡位置，赔率适中，大幅上行或下行需要超预期的政策和数据推动。流动性方面，四季度MLF到期高峰，叠加10月份地方债与国债发行放量，货币政策仍有望维持宽松，资金利率预计保持平稳。组合操作上，维持中性久期策略，调结构做骑乘，合理处理长短期逻辑关系，保持灵活。基础仓位仍以中短端的信用品种为主，结合实际的流动性环境与预期变化做适度杠杆。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:02.387Z","fund":{"_id":3000000015746,"__csrcFundId":11251,"stockCode":"015746","shortName":"博时四月享120天持有期债券(015746)","masterFundShortName":"博时四月享120天持有期债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15746,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:44:05.372Z","status":"normal","exchange":"jj","name":"博时四月享120天持有期债券型证券投资基金","inceptionDate":"2022-06-13T16:00:00.000Z","fundCollectionId":4000050050000,"followedNum":1,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":37311536.29,"setUpShares":37311536.29,"pinyin":"bssyx120tcyqzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时四月享120天持有期债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805862","linkType":"PDF","source":"csrc_pdf"}}]}