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025-06-29T16:00:00.000Z","stockId":3000000015969,"sao":"今年以来债券市场整体进入到了低利率、低利差、高波动的新状态。上半年经济表现相对平稳有韧性，基本面对债券市场形成底部约束，市场博弈资金面松紧，关税预期形成脉冲扰动，利率整体呈现先上后下的格局，低利率环境下债券市场利率短期波动加大，利差策略挖掘较为极致，赚钱效应有所减弱。具体来看，一季度，经济基本面温和修复，央行暂停国债买卖并减少流动性投放后，银行间市场流动性边际收紧，收益率曲线平坦化上行，10年国债收益率一度上行至约1.90%，信用利差走阔；3月下旬以来资金利率边际回落，收益率震荡企稳，4月关税政策出台后，长端收益率快速下行，市场围绕关税政策预期不断波动；5月央行宣布降准降息等一系列货币政策，资金面呈均衡宽松态势，收益率震荡下行，信用利差压缩。上半年来看10年国债下行2.8bp至1.65%附近，3年国开上行15bp，整体利率收益率曲线平坦化。从指数上看，2025年上半年中债总财富指数上涨约0.74%，中债国债总财富指数上涨约0.87％，中债企业债总财富指数上涨了约1.35％，中债短融总财富指数上涨了约0.99％。在组合操作上，上半年本基金紧密跟踪基本面、政策走向和市场态势，及时作出应对和灵活交易。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.637Z","mo":"展望下半年，债券市场多空因素交织，震荡环境中债券市场仍有机会，但利率进一步向下空间相对有限。具体来看，中美对等关税暂缓，外部环境面临不确定性；国内经济新旧动能转换继续，旧动能对经济影响弱化而新动能对经济影响加速而占比偏低，基本面对债券市场仍有支撑，而重点行业产能治理及无序竞争规范的推进，需要观察价格及需求弹性变化。政策角度坚定高质量发展，保持底线思维，货币政策预计维持适度宽松状态，但政策空间预计将根据宏观形式相机抉择。整体而言，低利率环境下债券的赚钱效应弱化，波动或将加剧，因而在组合操作层面，下半年仓位管理上需要保持灵活，把握波段机会，兼顾票息及资本利得。","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=1340948","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd96","date":"2025-03-30T16:00:00.000Z","stockId":3000000015969,"sao":"2025年一季度债券市场围绕资金预期、央行态度及市场风险偏好展开博弈，季度初受资金面影响短端上行，持续偏紧资金下市场修正“适度宽松”预期，长端加速回调，季度末货币政策态度边际转暖，利率震荡下行。具体来看，经过去年末的利率快速下行后，开年以来监管态度发生变化，央行暂停国债买入，并再次强调利率过快下行的风险，汇率稳定短期内优先级提升，1月中旬开始资金面显著收紧，隔夜一度突破10%，而另一方面市场仍对中期的债牛环境保持坚定的信仰，债券收益率曲线显著走平。资金面紧张态势蔓延至2月，大行同业存款流失、同业存单大幅提价，资金面紧张程度超出市场预期，而同时，deepseek提振市场风偏，权益市场表现持续偏强，债市加速回调，并一度引发市场赎回负反馈担忧。3月中上旬资金紧张程度边际缓解，但两会期间科技股超预期上涨，长端利率加速上行，10年国债一度触及1.89%。3月18日开始央行连续三日维持逆回购大额净投放，市场情绪缓和，同时权益市场表现回落，债市逐渐企稳修复，长债震荡下行。信用债在一季度表现先弱后强，1月上旬延续上年末补涨行情，1月中下旬资金面趋紧，信用债收益率上行，短端调整幅度更大、曲线熊平，3月中旬以后，资金利率企稳，信用债经过持续调整正carry配置价值明显，中旬开始由短及长出现快速修复。从指数看，四季度中债总财富指数下跌约0.76％，中债国债总财富指数下跌约0.90％，中债企业债总财富指数上涨约0.31％，中债短融总财富指数上涨约0.44％。一季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对和灵活交易，跟随市场环境变化及时调整组合久期敞口，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.635Z","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=1270441","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd95","date":"2024-12-30T16:00:00.000Z","stockId":3000000015969,"sao":"2024年国内债券市场表现强劲，收益率曲线全线下行。具体来看，一季度资金面转松，优质资产稀缺环境演绎加剧，央行意外降准降息，债券表现突出，尤其是超长期国债收益率快速下行；二季度监管加强预期引导，无风险利率整体转为震荡，信用债在理财规模快速上涨的背景下表现强劲，信用利差快速压缩；三季度随着国内经济高质量发展的深化，债市再次走牛，信用利差更是压缩到历史最低，但9月末的政策提振带来风险偏好提升，在9月底10月初债市出现快速调整；四季度在债市调整后，资金面较预期宽松，货币政策基调转向“适度宽松”，市场的降准降息升温，债市表现非常强劲，无风险利率快速下行。全年来看，30年国债创新低至1.91%，全年下行92bp，10年国债下行88bp，1年国开下行100bp，3-5年国开下行90-110bp不等，信用债表现也较好，其中3年中债AA+中票收益率下行94bp左右，信用利差收窄2bp左右。从指数看，2024年中债总财富指数上涨约8.36％，中债国债总财富指数上涨约9.57％，中债企业债总财富指数上涨了约5.68％，中债短融总财富指数上涨了约2.63％。2024年，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对和灵活交易，在收益率快速下行中保持较高的久期敞口，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.632Z","mo":"2025年宏观经济仍面临有效需求不足、部分行业产能过剩、社会预期偏弱、海外环境复杂多变等问题，但支持经济回升向好的积极因素也在增多，宏观政策更加积极有为，按照中央经济工作会议部署，2025年将实施更加积极的财政政策，同时实施适度宽松的货币政策，支撑经济持续回升向好的政策整体效能有望进一步提高。国内债券市场经历了连续几年牛市后，无风险利率已降至低位，债券的赚钱效应有所弱化，虽然宽松的货币政策环境下债券市场仍有望在牛市氛围中，降准降息或依然可以博弈，但收益率下行空间有限，预计或将呈现震荡整理行情，需要加强波段操作，并进一步挖掘市场的结构性机会。","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=1251485","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd94","date":"2024-09-29T16:00:00.000Z","stockId":3000000015969,"sao":"2024年三季度债券市场整体走牛，但季末几天市场预期反转，资本市场发生巨幅波动。具体来看，7月中旬央行超预期降息10bp，降息预期落地，债券市场随之下行，但央行多次出面引导市场预期，提示长端利率过快下行的风险，同时在公开市场“卖长买短”来修正利率曲线，使得债券曲线整体走出牛陡行情。而9月末央行超预期开启快速降准降息后，紧接着政治局会议的召开大幅提振了市场的风险偏好，扭转了市场对经济基本面的预期，股票开启放量快涨行情，债券受股债跷跷板影响以及对财政发力的担忧而快速调整。信用债在三季度表现较差，一方面是资金价格在降息后并未走低，另一方面表外规模增速回落后信用品的供需结构边际恶化，再加上季末市场反转后赎回压力带来的信用债抛售，信用品种在三季度全面走弱。全季度来看，30年国债又创新低至2.14%，全季度下行7bp，10年国债下行5bp，1年国开下行4bp，3-5年国开下行6-8bp不等，信用债表现较差，其中3年中债AA中票收益率上行25bp左右，信用利差大幅走阔。从指数看，三季度中债总财富指数上涨约1.05％，中债国债总财富指数上涨约1.22％，中债企业债总财富指数上涨了约0.36％，中债短融总财富指数上涨了约0.47％。三季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对和灵活交易，控制久期敞口风险，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.629Z","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=1172778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd93","date":"2024-06-29T16:00:00.000Z","stockId":3000000015969,"sao":"2024年上半年债券市场表现突出，一季度超长端快速下行曲线走平，二季度长端偏震荡中短端明显下行曲线再度走陡，信用利差压缩至历史低位。具体来看，年初伊始市场开始定价中长期的经济转型态势，超长端下行顺畅，跨3月末后资金面季节性转松，债券市场再次震荡下行，且利率债供给迟迟未放量，收益率加速下行，各期限段普遍创下新低，4月末央行撰文提示超长端利率风险，引导市场预期，市场出现显著快速调整。进入5月后，资产荒的宏观格局仍未改变，叠加超长建设国债的发行计划弱于预期，债市供需仍较友好，收益率重拾下行态势，期间央行又进行了长端利率的预期引导，但对市场的影响边际弱化；另一方面，叫停手工补息的防空转举措使得表外资金更为充裕，比较效应来看信用品的价值上升，使得二季度信用品表现优异，信用利差不断压缩，同时信用品的期限利差和等级利差也持续压缩到新低水平，6月季末月货币政策维持支持性的整体基调，资金面平稳，资产荒延续，债券先牛陡再牛平，下旬市场变开始抢跑，长端利率再创新低。上半年来看，30年国债下行40bp且主要在一季度完成，10年国债下行35bp，1年国开下行51bp，3-5年国开下行40-45bp不等，3年中低评级中票信用利差压缩30-50bp不等。从指数看，上半年中债总财富指数上涨约3.87％，中债国债总财富指数上涨约4.37％，中债企业债总财富指数上涨了约3.73％，中债短融总财富指数上涨了约1.45％。上半年，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对和灵活交易，适度控制久期敞口，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.626Z","mo":"展望下半年，我国宏观经济将在高质量发展的道路上稳健发展，新质生产力快速发展进而摆脱过往依赖广义地产链带动的债务驱动模式，对资本市场而言这意味着高息债权类资产供给的系统性收缩，债券市场的“资产荒”格局仍将延续。当前央行的货币政策仍是支持性的，降低实际利率水平依然是政策导向，因而下半年仍有降准降息空间，尤其在美联储开启降息周期后将给我国的货币政策更大的空间，依此而言债券在下半年仍将有行情。但同时值得注意的是，目前债券收益率已至历史低位，且下半年预计仍将有财政和产业政策的发力，因而债券利率的下行并非坦途，波动料将加大，下半年债券类资产的预期收益水平较上半年或将显著下行。","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=1144690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd92","date":"2024-03-30T16:00:00.000Z","stockId":3000000015969,"sao":"2024年一季度债券市场整体走势强劲，长端超长端利率大幅下行。具体来看，开年来资金面转松，债市延续去年末的抢配行情，而市场对于经济走向高质量发展的路径确定性给予了更大幅度的定价，短周期看1、2月份的经济修复也确实面临曲折，利率债供给节奏较慢，叠加开年来权益市场表现偏弱带来的风险偏好下行，长端和超长端收益率开启了顺畅的下行行情。2月份央行超预期降准释放流动性，5年LPR大幅下调，进一步点燃债市做多热情，尤其是30年国债交投活跃度显著提升，春节后权益市场好转，但并未影响债市走牛，两会后政策不确定性消除，3月上旬市场做多热情演绎到极致，30年国债低点跌穿2.4%。随后市场开始宣泄止盈压力，利率波动幅度明显放大，但在机构欠配压力下调整幅度有限，3月下半月市场开始盘整震荡，波动幅度有所收窄。信用债方面，高息资产供给仍明显不足，资产荒格局快速深化，信用利差一季度仍有所压缩，期限利差和等级利差则继续压缩。全季度来看，30年国债下行37bp且创下新低，10年国债下行27bp，1年国开下行36bp，3-5年国开下行15-25bp不等，3年中低评级中票信用利差压缩20-30bp不等。一季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对和灵活交易，保持积极的久期敞口，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2024-04-21T16:00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紧随利率债，信用利差在一季度大幅压缩后维持在中低位水平，期限利差走阔，信用债表现整体不如利率债。从指数看，上半年中债总财富指数上涨2.56％，中债国债总财富指数上涨2.72％，中债企业债总财富指数上涨了3.97％，中债短融总财富指数上涨了1.88％。上半年，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对，保持偏高杠杆，久期中枢适度提升并灵活调整，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.614Z","mo":"展望下半年，经济恢复大概率会回到波浪式发展的触底反弹路径上，政策着力点落在恢复和扩大消费、促进房地产市场平稳健康发展之上，坚持高质量发展之路，经济增长重质而非量。货币政策无论是总量还是结构都仍有空间，会视经济修复需求而做好跨周期调节，资金面预计仍会维持稳健偏宽松的态势，扰动主要来自信贷需求波动和市场杠杆。财政政策预计维持稳健态势，为未来留足政策空间。对于债券市场，短期在货币总量宽松和宽信用政策间博弈，相比当下经济和政策短期走向而言无风险利率定价中性偏低，但中期看经济增长转型之路仍需要低利率环境与之匹配，债券反转为熊市的风险不大，下半年仍应以交易性思维做反向博弈。另外，实体回报率短期难以明显反弹，资金面难以明显收紧，“资产荒”格局中期来看依然存在，票息策略依然是占优的主流策略，但要注意市场微观结构拥挤带来的波动放大，宜提高组合流动性。","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=962356","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd8e","date":"2023-03-30T16:00:00.000Z","stockId":3000000015969,"sao":"2023年一季度债市呈现出整体窄幅震荡、结构显著分化的态势。年初以来，市场对疫情冲击后的基本面修复较为担忧，对债市整体偏谨慎，但开年资金面较松叠加配置力量充足，长端利率并未出现明显调整，甚至在年初有所抢跑；而短端利率在前2个月表现较差，国股大行信贷投放规模较大，流动性指标压力较大，存单发行节奏加快，2月份资金面快速收敛至政策利率附近，1年发行存单价格也冲高到MLF利率。进入3月份，市场对经济增速预期重新修正，一季度高速增长的信贷投放规模也显现出明显的前置效应，央行季末超预期降准也呵护了资金面预期，这使得3月份债市长短端均有较好表现，但下行空间较为有限。一季度10年国债小幅上行1.75bp，1-3年国开上行15bp左右，5年国开小幅下行1.5bp，整体看利率债长端表现优于短端。由于市场对2023年债市震荡的认知较为一致，加之年初信用利差处于高位，因而一季度信用债表现突出，压缩信用利差成为一季度的主线行情，期限利差、等级利差和品种利差也随着行情演绎而逐次收窄，回顾来看一季度各等级期限信用利差压缩多分布在10-50bp之间，高票息短久期品种更是压缩超过100bp。从指数看，一季度中债总财富指数上涨0.68％，中债国债总财富指数上涨0.69％，中债企业债总财富指数上涨了2.24％，中债短融总财富指数上涨了0.97％。一季度，本基金紧密跟踪宏观基本面、政策走向及市场态势，及时作出应对，保持合适杠杆，组合久期根据市场判断灵活调整，加强类属资产的轮动交易，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.611Z","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=887370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1947fea5b3eb051fd8d","date":"2022-12-30T16:00:00.000Z","stockId":3000000015969,"sao":"2022年全年来看债券市场经历了较大波动，利率债整体跑赢信用债。具体来看，全年市场行情大致可分为三个阶段：年初到3月中旬，市场先是在降息带动下利率快速下行，而后有所调整并在3月的“固收+”赎回潮中加速调整；3月下旬到11月初，这个阶段债券市场整体处于牛市环境中，经济基本面在疫情防控和地产拖累下增速有一定压力，货币政策为呵护经济而保持较为宽松的状态，M2增速明显高出社融增速，期间央行意外降息，债券的“资产荒”格局不断加剧，信用利差压缩到历史低位；11月到年底，最后两个月市场在“理财负反馈”的赎回潮中，债券市场发生剧烈调整，尤其是信用利差急剧走阔到历史较高水平，年底前半月才有所缓解。全年来看，债券市场走势受经济基本面和政策走势影响较大，尤其是防控政策和地产政策的调整，预期走在现实之前，另外理财净值化后的市场微观结构也发生较大改变，信用品波动性加大。从指数看，2022年全年中债总财富指数上涨3.35％，中债国债总财富指数上涨3.43％，中债企业债总财富指数下跌了3.11％，中债短融总财富指数上涨了2.74％。2022年全年，本基金紧密跟踪经济基本面、政策走向及市场走势来制定投资策略，及时作出应对，力争在控制好组合回撤的基础上获取收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:36.609Z","mo":"2023年的基础宏观图景是国内经济弱复苏、海外结束加息且经济承压。此种宏观图景对债券偏为不利，有一定调整压力，但当前经济复苏仍有一定的不确定性，外需会确定性回落，地产行业受制于居民部门加杠杆空间和能力不足而难有快速修复，中央部门的财政扩张力度仍需要关注。货币政策在当前经济复苏仍不稳健的时候仍会保持合理充裕的水平，当前离加息周期尚远，债券的调整空间有限，预计去年将呈现宽幅震荡的格局，但波动性料将有所放大。信用债在去年底的剧烈调整后利差回到较为合理的水平，震荡市格局中票息策略仍占优，中高等级中短久期票息策略短期看有一定优势。","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏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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":"2026-03-09T13:56:36.606Z","fund":{"_id":3000000015969,"__csrcFundId":11367,"stockCode":"015969","shortName":"博时富尊一年定开债发起式","masterFundShortName":"博时富尊一年定开债发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15969,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2024-05-16T10:29:44.513Z","status":"normal","exchange":"jj","inceptionDate":"2022-06-13T16:00:00.000Z","name":"博时富尊纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050050000,"followedNum":2,"setUpDate":"2022-06-13T16:00:00.000Z","setUpAssetScale":1509999000,"setUpShares":1509999000,"pinyin":"bsfzczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"j101020127","stockType":"fund_manager","exchange":"fm","tickerId":1217255780,"name":"李俏"}]},"announcement":{"linkText":"博时富尊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=805613","linkType":"PDF","source":"csrc_pdf"}}]}