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效对冲了房地产投资的下行压力，高技术产业投资保持较快增长；消费温和修复，物价水平温和，PPI降幅收窄，工业品需求有所回暖。但整体仍面临供强需弱、外部冲击等问题和挑战。报告期内，政策方向延续“稳中求进”，但重心更侧重于财政政策的“加力提效”与金融稳定的“底线思维”。央行保持流动性合理充裕，多种货币政策工具维稳流动性。报告期内，权益市场“先扬后抑、冲高回落”，整体震荡收跌，结构上能源与红利风格领涨，科技与金融表现分化；债券市场在预期差与地缘风险的反复拉扯中，完成了从“交易盘主导的恐慌性抛售”向“配置盘主导的震荡筑底”的切换，整体呈现“先抑后扬，长端波动大于短端”的特征。期初，权益走强叠加对央行买债力度、长期供给预期悲观，10年期国债收益率快速上行逼近1.90%，30年期国债触及2.235%的高位，随后配置盘的“价值发现”成为市场转折点，并且在“春节效应”与“地缘政治”的双重作用下走出偏强震荡。进入3月，中东局势升级成为核心变量，地缘冲突推升原油价格，输入性通胀预期升温，对长端利率形成压制。在资金宽松和“避险需求”与“通胀担忧”的拉锯中曲线陡峭化。类属上，信用债受益于银行理财、保险等机构的配置需求，信用利差整体收窄。报告期内，本基金继续以利率债为主体构建投资组合，关注久期策略的灵活调整，由于对债市陡峭化的判断，组合以五年以内持仓为主，组合季度内维持中性略低久期，低配长债。","lastUpdated":"2026-04-22T15:40:03.358Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1475239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cd14b35c96f51c69ab8a39","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，国际环境复杂多变，更趋严峻。世界经济增长动能普遍减弱，主要经济体在经济周期、通胀路径及劳动力市场结构上呈现显著分化，全球货币政策走向分歧，贸易壁垒增多，外部环境的不确定性与难预料性增强，对我国经济政策与市场风险偏好构成持续影响。报告期内，国内经济总体平稳、稳中有进，高质量发展扎实推进。但有效需求不足、供过于求格局延续，物价水平持续低位运行仍是经济运行中的主要挑战。房地产部门处于漫长修复通道，投资端拖累依然显著，但销售端温和改善及土地溢价率超预期回升成为亮点。同时，以Deepseek为代表的新质生产力领域有效带动增量投资。消费方面，在以旧换新政策及假日经济支撑下，呈现稳步恢复态势。政策层面坚持“稳中求进”总基调，财政货币政策协同发力。 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宏观政策将继续以巩固向好态势为核心。然而，经济结构转型与旧有风险的化解仍将制约经济上行斜率。价格方面，核心CPI与PPI有望温和回升，但上行空间受制于内需强度。值得关注的是，国际大宗商品价格可能因供给约束或需求复苏出现阶段性上涨，这将对国内PPI环比修复形成支撑，并可能逐步传导至CPI非食品项，使通胀读数与预期成为影响货币政策节奏的关键观测点。一个关键的内部结构性变化是，大量于2023-2024年间存入的较高利率定期存款将于2026年集中到期。在当前利率中枢已显著下行的背景下，这庞大的资产面临再投资压力，资产荒现象可能进一步深化，但其转化路径也将直接影响银行体系的负债成本和金融市场流动性。政策组合将延续“积极财政+稳健货币”的框架。 财政政策保持必要强度，债券供给压力是上半年市场的关键变量。货币政策将侧重灵活适度，在“稳增长、防通胀、控风险”之间寻求平衡。上半年，在开门红、财政发力、潜在的通胀预期升温等因素下，放松政策力度或低于预期，后续政策相机抉择。综合判断，2026年债券市场可能呈现“先抑后扬”的格局。 上半年，经济数据回暖、债券供给压力、输入性通胀担忧以及权益市场相对强势共同构成中性偏空环境。进入下半年，随着经济动能自然趋稳、供给压力缓和、大宗商品价格单边上涨动能减弱从而缓解通胀担忧，以及到期存款的再配置需求与可能打开的货币宽松空间形成合力，债市环境将转向利好，收益率有望迎来下行。本基金继续注重久期策略的灵活参与，并维持一定杠杆。上半年做防守反击，积极关注调整带来的机会，下半年提升对政策效果的关注，关注拉长久期机会。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1455758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c7","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行稳中有进，社会信心持续提振，高质量发展取得新成效，但仍面临国内需求不足、物价低位运行等困难和挑战，核心CPI维持修复，PPI环比亦有所修复。报告期内，财政政策积极，超长国债和超长地方政府债发行量较二季度提升，稳投资、促消费等方面持续发力；货币政策方面通过买断式逆回购、MLF、公开市场逆回购等方式持续呵护流动性，并对发行方式进行改革，流动性整体呈现“中性偏松，不满不溢”的态度。报告期内债市熊态尽显，收益率曲线熊平，10年国债上行超20bp，超长上行超30bp。季初雅鲁藏布江下游水电项目开工，“反内卷交易”主线下权益及商品市场大涨，看股做债逻辑延续，对债市形成持续性压制，即使股市短暂走弱，债券市场也未现明显反弹，同时叠加税收政策调整等因素，国债期货10年、30年主力合约双双跌破年线。9月监管政策变化因素导致债券基金赎回频频发生，带动债市持续调整，债基赎回恐慌不断，长端利率冲击年内高点。随着债市风险不断加剧，市场对国债买卖重启呼声日渐高涨，季末呵护流动性平稳跨季。信用利差仍在低位，中长久期信用债表现更弱，二永品种在季度末的赎回冲击中影响较大。报告期内，本基金继续以利率债为主体构建投资组合，关注久期策略的灵活调整，由于对债市震荡偏弱的判断，组合季度维度保持低于中性久期水平，较低杠杆。","lastUpdated":"2026-03-09T13:56:13.608Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1374443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c6","date":"2025-06-29T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，外部环境更趋复杂严峻，世界经济增长动能减弱，贸易壁垒增多，主要经济体经济表现有所分化，通胀走势和货币政策调整存在不确定性。我国经济运行总体平稳，政策前置发力经济开局良好，但仍面临国内需求不足、物价持续低位运行、风险隐患较多等困难和挑战，消费方面，以旧换新政策、补贴政策影响明显的细分消费领域恢复更为明显，DeepSeek等带动增量投资。报告期内，财政政策积极，国债和地方债发行前置；货币政策稳健，一季度整体投放较为克制，二季度择机推出一揽子货币政策维稳资金面，公开市场逆回购利率下行10BP至1.4%，市场利率DR007均值由一季度的1.94%下行至二季度1.64%，推动融资成本下行。报告期内，债券市场整体走出先抑后扬态势，市场主线有所切换，年初资产荒开门红及强货币政策预期下机构抢跑，10年国债收益破新低，随后资金面收紧引发存单利率上行，同时基本面的边际好转亦使得市场抢跑的宽松预期有所修正，DeepSeek的横空出世给权益市场带来提振，风险偏好上升亦压制债市表现，收益率调整延续至一季度后期，从短端蔓延至长端超长端；4月初市场还未从一季度调整中完全走出，“对等关税”突如其来，长债收益率4个交易日直线下行近20BP，抹去此前所有跌幅，市场宽货币预期浓烈。随后贸易谈判反复拉锯，债市低位附近高频低波调整修复，收益空间不足下机构反复博弈抢跑预期，积极寻求息差压缩机会，信用债表现优于利率债，随着季末二季度货政例会召开，双降预期有所降温，跨季资金有所收紧。报告期内，本基金继续以利率债为主体构建投资组合，关注久期策略的灵活参与，一季度整体维持中性偏低久期，三月底逐步拉长至略长久期，在四月初的利率急速下行净值有所修复，同时二季度判断资金面友好及曲线陡峭的背景下，积极提升组合杠杆至中性，杠杆部分维持2-5年为核心仓位的结构，参与长债、超长债配置和交易机会。但组合在超长端暴露不足，弹性尚有提升空间。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.605Z","mo":"外部环境仍复杂严峻，随着贸易谈判推进，不确定性因素将显著增加，局势复杂动荡。国内经济总体运行平稳，但仍面临较多的困难和挑战，特别在贸易壁垒增多的当下，短期经济的需求仍然需要提振。政策方面，短期预计政策将保持定力，以就业定向纾困和预期引导为主，后续将相机抉择、适时发力以对冲外部风险，关注下半年美联储降息落地情况。央行整体对资金面呵护态度明确，下半年买卖国债有望重启。债券市场，多重因素作用下债市下半年或延续窄幅震荡态势，三季度末四季度关注可能的货币政策放松及跨年抢跑行情，高频低波市场中市场或仍追逐息差及交易机会。本基金将继续构建以利率债为主的投资组合，关注久期策略和杠杆策略的灵活应用，积极参与债市机会。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1342921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c5","dat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2024 年四季度以来的恢复态势，以旧换新政策影响明显的细分消费领域恢复更为明显。报告期内，财政政策积极，国债和地方债发行前置，政府债净融资规模显著高于去年同期；货币政策稳健，央行投放较为克制，叠加银行负债端压力较高及政府债缴款资金占用等，资金面波动加大，中枢较2024年Q4有所抬升，流动性分层不明显。报告期内， 债券市场走出了较为明显的熊平走势，资金面的收紧是市场调整最直接最直观的因素，春节前宽松落空，且央行稳汇率和防空转表态坚决，资金面收紧，节后并未出现资金面缓解，延续偏紧，资金利空逐渐由短端向长端传导，带动收益率曲线整体上移；同时，基本面的边际好转亦使得市场抢跑的宽松预期有所修正；Deepseek的横空出世给权益市场带来提振，风险偏好上升亦压制债市表现。三月中旬之后，货币政策立场和监管调控态度转暖，债市呈现修复特征。类属上，信用表现优于利率。报告期内，本基金继续以利率债为主体构建投资组合，关注久期策略的灵活参与，整体维持中性偏低久期，三月底逐步拉长至略长久期，资金面收紧下多数时间选择低杠杆或无杠杆操作，季末小幅提升杠杆。结构上以2-5年为核心仓位，参与长债、超长债配置和交易机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.602Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1272260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c4","date":"2024-12-30T16:00:00.000Z","stockId":3000000015834,"sao":"宏观经济环境：报告期内，全球经济面临多重挑战，包括经济增长动能偏弱、通胀粘性、大选、国际贸易摩擦等，主要央行在年中逐步进入降息周期，美国亦于九月开启降息；国内宏观经济“形有波动，势仍向好”， 经济运行总体平稳，高质量发展扎实推进，但仍面临有效需求不足、社会预期偏弱等挑战，内需中房地产投资增速低位徘徊，消费表现较弱，经济基本面一定程度上受到地产链条的影响。9月底政治局会议提出促进房地产市场止跌回稳，关注居民信心恢复及政策效果持续性。政策面及资金面：积极的财政政策适度加力、提质增效，支持高质量发展，年内特别国债启动发行支持经济。货币政策方面央行通过MLF、逆回购、临时正逆回购、买断式逆回购、债券买卖等多种工具维稳资金面，推动融资成本稳中有降，搭建新的利率走廊，资金分层显现有所缓解。债券市场：报告期内债市走出波澜壮阔的牛市行情，10年国债下行约90bp，“资产荒”演绎及化债政策驱动下的财政收缩效应、货币政策框架转变与广谱利率下行为债市主逻辑，期间虽然受长债管理、稳增长政策加码等冲击出现三次明显调整，但整体下行趋势不变，超长债表现最优，同时“资产荒”推动信用债进入全面低利率阶段，信用利差极致压缩，下沉与拉久期特征明显，九月之后的赎回扰动促使信用债流动性重定价。报告期内本基金以利率债为主体构建投资组合，关注久期策略的灵活参与，结构上以3-7年为核心仓位，参与长债机会，积极调整杠杆水平。年度整体维持中性偏长久期，三次调整中组合出现回撤，操作中通过降低风险敞口进行应对，节奏上年初高久期捕捉降息红利，二季度初降低风险敞口应对回调，四季度增配长债把握跨年行情。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.600Z","mo":"展望2025年，全球经济增长趋势未改变，但增长动能趋缓，IMF最新预计2025年全球GDP增速3.3%（低于疫情前10年均值），目前全球已经普遍进入降息周期，随着特朗普的回归，美国内外政策将迎来又一次重大转向，叠加地缘冲突热点不断，全球经济与政治不确定性与不稳定性加剧，“外部环境的复杂性、严峻性、不确定性上升”。国内基本面在稳中向好的同时面临内需不足、外需不确定性加大以及房地产市场低位徘徊的挑战，进入政策合力效果观察期，地产链企稳是关键，新质生产力与绿色转型为长期主线。消费端，关注以旧换新政策及股市财富效应对居民消费预期影响；投资端，关注制造业投资、基建对稳增长的推动；出口端，关注海外需求回升和新兴市场扩容对中美潜在贸易摩擦的对冲。政策方面：在当前经济修复尚不牢固的背景下，政策持续发力仍是应有之义，预计财政空间将进一步扩大、宽货币导向的确定性较强，“适度宽松”打开货币政策空间，流动性合理充裕仍为基准假设。债券市场，展望2025年，在利率中枢下移的背景下债市波动可能增大，增量政策或成为影响2025年债市的核心因素之一。债市短期在多重因素作用下仍处利多环境，叠加年初配置需求释放，整体风险可控。中期看，政策对高质量的诉求不会改变，安全资产荒格局难以扭转，负债端驱动的行情还没有结束，债市有顶。久期策略、杠杆策略仍有效，重视赔率。同时需要关怀随着时间推移，政策效果推动的基本面变化。本基金将继续以利率债为主体构建投资组合，关注久期策略的灵活参与，并维持一定杠杆，关注政策推进情况及效果，上半年积极关注调整带来的机会，下半年提升对政策效果的关注。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1256350","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c3","date":"2024-09-29T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，主要经济体经济表现有所分化，全球多数国家央行已进入降息周期，美国基于通胀高位回落和经济增长放缓等原因于9月正式开启降息，后续降息路径受美国大选结果、数据表现等存在不确定性，日本和英国央行保持政策不变。报告期内，我国经济运行总体平稳，高质量发展扎实推进，但仍面临有效需求不足、社会预期偏弱等挑战。结构上，外需仍是重要拉动力，同时制造业投资延续较快增长，消费、工业通胀延续弱势，房地产投资增速低位徘徊，经济基本面一定程度上受到地产链条的影响，消费表现较弱， 9月底政治局会议提及“要促进房地产市场止跌回稳”，关注居民信心恢复情况以及政策效果持续性。报告期内，政策面积极，累计下调公开市场逆回购利率30bp，其中七月中下旬下调10bp，9月27日下调7天逆回购利率20bp并伴随降准0.5%。 资金面个别时点出现脉冲紧张，资金分层现象较二季度有所恢复。债券市场：报告期内债券市场在降息、央行提示长端利率风险并最终通过自律机制及卖债等方式进一步提示风险、预防性赎回、季度末政策密集出台风险偏好提升及赎回冲击等影响下大幅波动，季度维度在降息降准及央行买短卖长操作推动下国债收益率曲线走出牛陡态势，5年以内下行幅度较大，但走势上出现波动频繁且幅度加大，十年国债波动幅度达25bp，三十年国债则高达38bp。信用息差在八月触及低点后反弹，表现相对弱于利率债。报告期内，本基金继续以利率债为主体构建投资组合，关注久期策略的灵活参与，积极调整杠杆水平，结构上以5年以内为核心仓位，适度参与长债交易机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.597Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1173594","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c2","date":"2024-06-29T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，全球经济增长动能偏弱、通胀粘性和国际贸易摩擦等为全球经济增长带来挑战，主要央行于年中逐步进入降息周期，全球大类资产呈现风险偏好修复，美股、大宗商品表现突出，美债利率震荡上行。国内宏观经济“形有波动，势仍向好”， “新质生产力”和出口相关的产业链是主要拉动力，“规模以上高技术制造业增加值占比提高，智能绿色新产品表现抢眼，网上零售额和快递业务量显著增长。绿色发展方面，清洁能源生产增长，经济发展的绿色含量提升。”，体现转型升级的质量；同时内需中房地产投资增速低位徘徊，经济基本面一定程度上受到地产链条的影响，5月房地产调控政策进一步优化，政策效果累积中。政策面：积极的财政政策支持高质量发展，适度加力、提质增效，报告期内特别国债启动发行支持经济；货币政策提到继续推动融资成本稳中有降，保持流动性合理充裕，同时要避免沉淀空转。资金面：报告期内央行运用多种货币政策工具（准备金率、LPR利率调整、公开市场、MLF等）维稳资金面，虽个别时点有收紧，但整体仍中性偏宽松，新的利率走廊正在搭建，有助于降低资金面波动。债券市场：报告期内债市整体表现强劲，超长债整体表现最优，信用息差、期限息差均处低位，节奏上仅4月末出现全曲线回调，其余收益下行为主。一季度市场对于经济增长预期较为悲观，叠加年初降准降息落地、资金宽松等因素，收益率大幅下行。二季度监管开始关注长端风险、地产政策工具频出、供给担忧等，债市出现回调；同时，始于四月初贯穿整个二季度的停止“手工补息”推动资金脱媒，收益率曲线进一步陡峭化，6月半年末资金面平稳，二季度经济数据有所走弱，长端利率再度向下运行突破前期低点。报告期内本基金以利率债为主体构建投资组合，关注久期策略的灵活参与，积极调整杠杆水平。年初至三月初维持中性偏高久期，以中长久期利率债为主要投资标的，积极参与金融债息差收窄机会，三月后逐步降低组合久期及杠杆，回归中性水平。四月底市场急跌中组合出现一定回撤，随后通过积极的期限结构调整及久期管理进行应对。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.593Z","mo":"展望下半年，全球经济增长动能仍有压力，“世界经济复苏动力不足，外部环境的复杂性、严峻性、不确定性上升”，外需或受到影响；我国经济“形有波动，势仍向好”，地产等政策相继推出，但当下仍延续偏弱的格局，政策效果观察期；同时从内需角度来看，依然面临着杠杆乏力的制约，供给强于需求的局面暂时还未有明显化解。政策面角度，年内第三次经济形势专家和企业家座谈会公报提及 “当前影响经济增长的因素较以往更为复杂，经济运行中的困难问题需要下大力气解决”的表述，政策加码加力或为应有之义，财政、货币、行业政策等均有进一步发力可能。资金面，手工补息整改、对资金面影响最大的阶段已经过去，新的利率走廊待运行，流动性合理充裕仍为基准情形，下半年不排除因制约因素减弱资金面有进一步放松概率。债券市场，短期较高的估值叠加监管对长端风险的关注，以及可能的政策加码，对债市有冲击，但从中期看，政策对高质量的诉求不会改变，安全资产荒格局难以扭转，负债端驱动的行情还没有结束，债市有顶。久期策略、杠杆策略仍有效，重视赔率。本基金将继续以利率债为主体构建投资组合，关注久期策略的灵活参与，并维持一定杠杆，关注政策推进情况及效果，四季度更要关注经济复苏、资金等情况，灵活调整。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1146490","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c1","date":"2024-03-30T16:00:00.000Z","stockId":3000000015834,"sao":"报告期内，美国经济和通胀维持韧性，劳动力工资近年来的较大涨幅对消费形成了支撑；股市在人工智能革命推动下表现优异，财富效应明显；同时制造业回流对美国本土经济形成支撑，在此背景下美元指数录得较好收益。国内宏观经济持续向好，但有效需求不足、部分行业产能过剩、社会预期偏弱、国内大循环存在堵点等问题仍然亟待解决，两会确定了经济增长目标，政策以稳为主，聚焦新质生产力。政策面：积极的财政政策支持高质量发展，适度加力、提质增效，两会后连续几年发行超长期特别国债，推进落实一揽子化债方案；货币政策提到继续推动融资成本稳中有降，保持流动性合理充裕，同时要避免沉淀空转，报告期内央行下调准备金利率1次，并超预期下调了LPR利率，立足推动融资成本稳中有降。资金面：报告期内央行运用多重货币政策工具（公开市场、LPR、准备金等）维稳资金面，个别时点略有收紧，整体中性偏宽松。债券市场：报告期内债市整体延续 2023 年末以来的强势行情，货币宽松，安全资产荒格局助推收益率下行。前两月下行更为流畅，年初“降准降息预期博弈+基本面信息扰动”，机构抢跑引致债市收益率快速下行，随后略有回调，1月24日央行正式宣布降准后债市收益率进一步下行，利率曲线牛平；2月在股债跷跷板+LPR超预期作用下先抑后扬，全月再次走出收益率下行，并且十年国债突破2.30%，曲线向下平移；债市在3月6日见高点后在地产信息扰动、供给担忧等情况下大幅回调，随后震荡加大，临近季末再次下行，全月仍录得2-6bp不等的下行。本基金以利率债为主体构建投资组合，关注久期策略的灵活参与，积极调整杠杆水平。年初至三月初维持中性偏高久期，以中长久期利率债为主要投资标的，积极参与金融债息差收窄机会，三月后逐步降低组合久期及杠杆，回归中性水平。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.590Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1070294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6c0","date":"2023-12-30T16:00:00.000Z","stockId":3000000015834,"sao":"回顾2023年度，债券市场整体表现较强，信用利差大幅压缩，各类票息资产需求旺盛。具体来看，一季度不同债券品种之间呈现出明显的走势分化。此前相对抗跌的存单和利率债，一季度表现较弱，利率中枢整体上行10-20bp。此前跌幅较大的低等级、二级资本债等品种，一季度估值修复明显，品种利差显著压缩。从市场整体节奏看，可以概括为“区间震荡、中枢下探”，围绕经济增长预期、货币政策操作、欧美金融形势等焦点，市场交投情绪逐步升温。进入二季度后，债券市场迎来普遍性的小牛市行情。从4月开始，受益于短端资金价格的逐步下行，各期限各品种的债券收益率随之下探。期间，市场投资者高度关注房地产投资和销售数据、进出口贸易情况、节假日消费复苏、国内通胀数据、人民币汇率等变化，围绕下一步的稳增长政策力度和节奏展开交易。6月份，中国央行时隔10个月再次下调OMO、MLF、LPR等政策性利率10bp，止盈情绪叠加跨季影响，债券市场出现小幅盘整。在三四季度，债券市场波动加大。期间，宏观层面政策出台较多，房地产、资本市场、债务化解领域成为市场关注的重点，同时8月份央行在年内第二次降准降息。9-11月，在地方再融资债和建设国债供给高峰、房地产政策继续宽松、资金面持续偏紧的影响下，债券市场震荡偏弱，止盈情绪带动了部分净值化产品的赎回。尤其是在10月底资金价格异常、存单发行量居高不下的情况下，以存单为代表的短端资产收益率出现较为明显的调整，一度逼近年初的利率高点。进入12月后，债市行情快速升温，以超长利率债、二级资本债等为代表的弹性品种表现强劲，交易热点主要围绕中央经济工作会议、资金面宽松预期（降准降息预期）、机构跨年配置需求等。与此同时，从国际视角看，10年期美债利率在10月下旬见顶，11-12月由高点5.0%快速回落至3.8%附近，人民币兑美元的离岸汇率相应从7.35高位逐步回落至7.15附近。报告期内，本基金配置以利率债为主，同时灵活参与市场交易，整体操作以获取稳定收益为主。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.587Z","mo":"展望2024年，中国经济仍旧处于增长动力切换的转型周期，高质量发展、安全与发展是资本市场最大的基本面。全球角度， “当前世界百年未有之大变局加速演进，世界经济复苏动力不足，外部环境的复杂性、严峻性、不确定性上升”；国内角度，尽管当前宏观经济持续向好，但有效需求不足、部分行业产能过剩、社会预期偏弱、国内大循环存在堵点等问题仍然亟待解决，相较于价格预期目标，物价水平相对较低，同时地产销售低位徘徊对经济有所拖累，三大工程及基建发力下，各项数据逐步好转合力对冲房地产拖累，逆周期调节下增长可期，关注居民端扩表意愿及化债进度。政策方面：财政积极，中央加杠杆、扩信用，超长期建设国债、PSL等政策性工具重启发力稳增长。货币政策与财政政策协调配合，形成合力，总量层面量价“合理”，结构上发力，降息降准仍可期。债券市场：统筹安全与发展的要求使得大规模刺激概率不高，整体对债市有利，货币财政政策均有空间，出现系统性信用风险概率较低，久期策略、信用策略、杠杆策略均有效，重视赔率、重视高票息资产。本基金将继续以利率债为主体构建投资组合，关注久期策略的灵活参与，并适当提升杠杆，下半年需要关注经济复苏、资金等情况，灵活调整。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=1052932","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6bf","date":"2023-09-29T16:00:00.000Z","stockId":3000000015834,"sao":"2023年三季度，债券利率先下后上，呈现出一定波动。期间，宏观层面政策出台较多，房地产、资本市场、债务化解领域成为市场关注的重点，同时央行在年内第二次降准降息。进入9月后，债券市场波动主要围绕房地产政策预期、地方债供给、季末资金面等展开，止盈情绪带动了部分净值化产品的赎回。从国内利率走势看，1年内的短端品种上行幅度较大（如3月期限的AAA级银行存单利率上行超过40bp），其余品种也都出现了一定幅度的调整，9月底的债券收益率普遍触及下半年的高点。从国际视角看，美日英德等主要经济体的10年国债利率均持续走高，人民币兑美元的离岸汇率最高突破7.36，处于近年来较高水平。本报告期内，本基金配置以利率债为主，并参与了部分债券的波段交易。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.585Z","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=988419","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6be","date":"2023-06-29T16:00:00.000Z","stockId":3000000015834,"sao":"回顾2023年上半年，债券市场表现超出预期。具体而言，一季度不同债券品种之间呈现出明显的走势分化。去年底相对抗跌的存单和利率债，一季度表现较弱，利率中枢整体上行10-20bp。去年底跌幅较大的低等级、二级资本债等品种，一季度估值修复明显，品种利差显著压缩。从市场整体节奏看，可以概括为“区间震荡、中枢下探”，围绕经济增长预期、货币政策操作、欧美金融形势等焦点，市场交投情绪逐步升温。进入二季度后，债券市场迎来普遍性的小牛市行情。从4月开始，受益于短端资金价格的逐步下行，各期限各品种的债券收益率随之下探。期间，市场投资者高度关注房地产投资和销售数据、进出口贸易情况、节假日消费复苏、国内通胀数据、人民币汇率等变化，围绕下一步的稳增长政策力度和节奏展开交易。总体而言，宏观和政策环境对债市较为有利，30年国债等部分券种的利率创下近几年来新低。6月份，中国央行时隔10个月再次下调OMO、MLF、LPR等政策性利率10bp，止盈情绪叠加跨季影响，债券市场出现小幅盘整。本报告期内，本基金配置以利率债为主，并参与了部分债券的波段交易。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.582Z","mo":"展望2023年下半年，经济运行仍然面临新的困难挑战，主要是国内需求不足，一些企业经营困难，重点领域风险隐患较多，外部环境复杂严峻。疫情防控平稳转段后，经济恢复是一个波浪式发展、曲折式前进的过程，要加强宏观政策的逆周期调节，发挥总量和结构性货币政策工具作用，活跃资本市场，提振投资者信心。对债券市场而言，需要密切关注流动性环境、新形势下的地产供求关系、地方债发行节奏、资本市场配套制度等。同时，关注海外货币政策、中外利差走势、人民币汇率及外资机构的配债需求变化等。就债券利率的估值而言，总体进入低利率环境，不同品种、行业、个体的定价差异可能继续分化。预计在各方因素的综合作用下，债券市场仍有一定的机会，投资策略上需要灵活应对。","fund":{"_id":3000000015834,"__csrcFundId":11385,"stockCode":"015834","shortName":"汇添富鑫和纯债(015834)","masterFundShortName":"汇添富鑫和纯债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15834,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:46:07.082Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-26T16:00:00.000Z","name":"汇添富鑫和纯债债券型证券投资基金","fundCollectionId":4000050460000,"followedNum":0,"setUpDate":"2022-06-26T16:00:00.000Z","setUpAssetScale":8000067906.9,"setUpShares":8000067906.9,"pinyin":"htfxhczzqxzqtzjj","managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富鑫和纯债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=963045","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed17d7fea5b3eb051e6bd","date":"2023-03-30T16:00:00.000Z","stockId":3000000015834,"sao":"2023年一季度，不同债券品种之间呈现出明显的走势分化。去年底相对抗跌的存单和利率债，今年以来表现较弱，利率中枢整体上行10-20bp。去年底跌幅较大的低等级、二级资本债等品种，今年以来估值修复明显，品种利差显著压缩。从市场整体节奏看，可以概括为“区间震荡、中枢下探”，围绕经济增长预期、货币政策操作、欧美金融形势等焦点，市场交投情绪逐步升温。报告期内，本基金配置以利率债为主，并参与了部分债券的波段交易。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:13.579Z","fund":{"_id":3000000015834,"__csrcFundId":1138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