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ement":{"linkText":"汇添富丰润中短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=1070222","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c426","date":"2023-12-30T16:00:00.000Z","stockId":3000000006772,"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3年内高等级债券为主，同时灵活参与市场交易。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.057Z","mo":"展望2024年度，在有效需求不足、社会预期偏弱、风险隐患仍然较多等现实背景下，中央经济工作会议定调要“稳中求进、以进促稳、先立后破”。预计在财政发力、货币配合、消费边际修复等多重有利因素下，宏观经济将进一步改善，通胀水平可能温和回升。在新旧动能的转换期，预计逆周期和跨周期调节的政策仍将不断出台。货币政策方面，预计2024年仍有进一步降准降息的空间，流动性水平将总体维持合理充裕。在国内储蓄利率普遍下调的背景下，债券市场仍然具备较高的参与价值，债券利率可能呈现“窄幅震荡、中枢下探”的走势。海外市场方面，将继续关注美联储的操作、美债利率走势及全球金融商品市场的波动情况。投资策略方面，组合将以3年内高等级债券品种为主要投资方向，在获取稳健收益的基础上，关注债券市场波动带来的投资机会。","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短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=1052787","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c425","date":"2023-09-29T16:00:00.000Z","stockId":3000000006772,"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3年内高等级债券为主，并参与了部分债券的波段交易。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.055Z","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短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=988502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c424","date":"2023-06-29T16:00:00.000Z","stockId":3000000006772,"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3年内高等级债券为主，并参与了部分债券的波段交易。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.051Z","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":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundColl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宽松下行，中长端债券利率呈现窄幅震荡走势。其中，一季度债券利率先下后上，呈现出V型走势。1月，受股市下跌、MLF/LPR利率下调及央行宽松表态的影响，债市做多情绪高涨，债券利率普遍下行20-30bp。2-3月份，受1月社融超预期、房地产政策边际放松、美债利率大幅上行、俄乌危机导致商品价格上涨等多重因素的影响，国内债券市场出现20-30bp的回调行情。至一季度末，各品种债券利率基本回到年初水平。二季度以来，债券利率仍然维持窄幅震荡走势，主要品种的波动幅度在10-20bp左右。一方面，存在资金面持续宽松、4-5月上海等地局部疫情拖累经济的因素；另一方面，面临海外加息、欧美发达国家利率大幅上行、国内陆续出台刺激政策的影响，两者均制约了债市的单方面表现，总体行情相对平淡。本报告期内，本基金配置以政策性金融债为主，并参与了部分债券的波段交易，整体操作以获取稳定收益为主。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.040Z","mo":"展望2022年下半年，全球经济增长放缓、通胀高位运行，地缘政治冲突持续，外部环境更趋复杂严峻，国内疫情防控形势总体向好但任务仍然艰巨，经济发展面临需求收缩、供给冲击、预期转弱三重压力。从债券市场关注的影响因素看，后续将重点观察房地产调控、地方债发行节奏、货币政策操作、通胀走势等，同时关注海外货币政策、中外利差走势、人民币汇率稳定性及外资机构的配债需求变化等。就债券利率的估值而言，目前处于近两年来的偏低水平，尤其是短端资金价格更为明显。预计在多方因素的综合作用下，债券市场仍将维持窄幅震荡的格局，同时部分品种、行业、个体的信用定价差异可能继续分化。","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785256","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c41f","date":"2022-03-30T16:00:00.000Z","stockId":3000000006772,"sao":"2022年一季度，债券利率先下后上，呈现出V型走势。1月，受股市下跌、MLF/LPR利率下调及央行宽松表态的影响，债市做多情绪高涨，债券利率普遍下行20-30bp。2-3月份，受1月社融超预期、房地产政策边际放松、美债利率大幅上行、俄乌危机导致商品价格上涨等多重因素的影响，国内债券市场出现20-30bp的回调行情。至一季度末，各品种债券利率基本回到年初水平。报告期内，本基金配置以政策性金融债为主，并参与了部分利率债的波段交易，整体操作以获取稳定收益为主。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.038Z","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726066","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c41e","date":"2021-12-30T16:00:00.000Z","stockId":3000000006772,"sao":"回顾2021年度，债券利率整体呈现震荡下行走势，全年实现了较好的收益回报。同时，伴随着民企地产债大面积的价格调整，市场对低等级信用债的定价进一步分化。具体来看，2021年上半年，债券利率先上后下，整体震荡持平。1-2月份，受资金面收紧、大宗商品涨价预期、外围美债利率上行及个别债券违约的影响，3年期AAA企业债利率由3.4%上行至3.7%，且呈现出明显的信用分化现象。3月份，随着资金价格逐步回落、股票市场波动加大带来的避险情绪升温，债券市场企稳回暖，3年期AAA企业债利率由高点3.7%下行至3.5%附近。进入二季度后，尽管期间面临PPI的大幅冲高，但在资金价格持续下行的推动下，叠加利率债、城投债供给低于预期，债券利率整体缓幅下行。整个二季度内，3年期AAA企业债利率由3.54%下行至3.38%左右。进入下半年后，债券利率继续震荡下行。7月，受全面降准政策刺激，各期限债券利率普遍下行，3年期AAA企业债利率由3.35%下行至3.0%附近。8月，随着前期收益率下行和资金价格企稳，债券市场交易情绪有所降温，利率走势整体持平。9月至10月中旬，在降准预期落空、地方债发行加速、美债利率上行、能源价格大涨、通胀预期升温等多重因素影响下，债券利率普遍出现20-30bp的回调。此后，在央行增大公开市场投放、房地产市场低迷、经济数据疲弱、能源价格回落等因素影响下，债券市场企稳回暖。特别是在12月初再次出台降准政策后，债券利率进一步下行，至年底普遍创出本年内新低。报告期内，本基金配置以3年内的中短期债券为主，并参与了部分利率债的波段交易，整体操作以获取稳健收益为主。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.035Z","mo":"展望2022年，中央经济工作会议提出要应对需求收缩、供给冲击和预期转弱等“三重压力”的新表述。同时，全球新冠疫情持续变异演进、海外央行进入加息缩表周期等外部环境更加复杂严峻。从宏观政策的总体基调看，经济稳增长的动力明显增强，会议提出“各地区各部门要担负起稳定宏观经济的责任，各方面要积极推出有利于经济稳定的政策，政策发力适当靠前”。同时，慎重出台有收缩效应的政策，意味着类似限电限产、教育互联网整顿等强硬政策出台的可能性会有明显降低。货币政策方面，会议强调“灵活适度、流动性合理充裕”，市场预期后续仍有进一步降准降息的可能。当前，债券利率估值整体处于中性偏低水平。预计随着稳增长和宽货币的预期变化，后续一个阶段的债券市场可能呈现为震荡的格局。同时，随着打破刚兑的进一步深入，低等级及民企债券的信用分化现象仍将持续。海外方面，将继续关注美联储加息缩表的节奏、美债利率走势及全球金融商品市场的波动情况。投资策略方面，组合将继续以3年内的中短期债券为主要投资方向，保持灵活的久期和杠杆水平，在获取稳健收益的基础上，关注债券市场波动带来的投资机会。","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短债债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713411","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c41d","date":"2021-09-29T16:00:00.000Z","stockId":300000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LF2000亿元，债市收益率应声而下，截至年末，10年国债收益率与前一年基本持平。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.025Z","mo":"2021年预计经济复苏仍会延续，但是海外疫情仍然凶猛，拐点未至，海外需求的释放需假以时日，国内随着社融增速的见顶和货币政策的正常化，复苏力度预计在2季度以后有所衰减，货币政策方面，预计一季度稳字当头，资金面“不缺不溢”，紧平衡状态还将继续，财政政策力度也会有所退坡，需要警惕尾部信用风险爆发的可能性，包括房地产企业在融资三条红线等新政的管控下也存在分化，信用下次策略难度大于过往。本基金仍以利率债策略为主，一季度拉长久期，杠杆应用较为充分，二季度进行减仓，但减仓偏慢效果欠佳，三-四季度保持中性久期，11月底大幅加仓，仍以3年内金融债为主。","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=555005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c419","stockId":3000000006772,"sao":"三季度经济持续向好，工业生产基本恢复至疫情前水平，除地产投资仍受到宏观调控之外，由基建带动的投资增速较高；消费领域逐步恢复，8月开始社零消费增速回升至正区间，可选消费则表现较为强劲，预计消费延续复苏态势；出口则受益于抗疫物资需求增多、海外经济逐步恢复，表现抢眼并持续超预期，总体来看经济基本面回暖的趋势仍在延续。从今年以来的货币政策变化来看，央行注重政策的前瞻性和精准性，一方面强调流动性合理充裕，同时也注重宽松政策的后遗症和宏观杠杆率的上升，边际上较上半年明显转鹰。债券收益率受制于基本面原因，仍在不断走高，截止到本季度末，10年国开收益率为3.7%左右，较上季度末上行约60BP，1年国开收益率2.85%，上行幅度相当，总体来看表现较差。  本基金在报告期内依然以利率债策略为主，投资操作上仍较为谨慎，以1-3年利率债为主。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.022Z","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"汇添富丰润中短债债券型证券投资基金2020年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492933","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca0a7fea5b3eb049c418","stockId":3000000006772,"sao":"上半年债市呈现“V”型走势，波动较大，一季度在疫情影响下货币政策极为宽松，央行通过降准、调低OMO和MLF利率等方式进行逆周期调节，但随着疫情防控的逐步向好，同时经济金融数据相对于一季度有显著改善，央行货币政策悄然收紧，多日暂停公开市场资金投放，回购利率不断攀升，6月中旬陆家嘴论坛的相关部门和领导讲话正式给货币政策定调，从一季度应对疫情的非常规措施向常规状态适当回摆，并强调前瞻性和负面效果，因此5-6月份现券利率持续上升，截止6月末，1年和10年国开债收益率分别为2.2%和3.15%，相较一季末分别上行35BP和15BP。汇添富丰润中短债基金配置仍以利率债为主，在2-3月份拉长久期，并注重杠杆的运用，组合久期围绕2.5-3的中高水平运行，5月份随着市场的暴跌进行了降杠杆和降久期的操作，配置思路转向指数化，但是回撤仍然较大，后续仍然需要进一步理解和反思利率债的投资框架、影响因素和回撤控制。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:26.019Z","mo":"下半年随着万亿特别国债和地方债的发行加码，预计财政政策继续发力，基建、投资、新兴产业等均为下半年经济内部大循环的主要动能，此外餐饮、旅游等内需仍将继续改善，社零对经济的拖累将逐步减轻，整体来看经济仍然处于逐季改善的通道中，但是回升基础较为薄弱，且就业压力仍然较大，经济回暖仍需要财政和货币政策的配合，我们预计下半年财政政策将接棒货币政策，担当起促进经济增长的重任，地方债也将加快发行，三季度债券供给数量较大；货币政策即使边际收敛，但是灵活稳健的基调不改，也远未到可以退出的阶段，降低企业融资成本、融资直达实体是下半年货币政策的重心，考虑到银行体系超储率处于低位，下半年降准或者调降MLF的操作仍可期待，债市难以出现上半年的暴涨暴跌行情。","fund":{"_id":3000000006772,"__csrcFundId":5823,"stockCode":"006772","shortName":"汇添富丰润中短债(006772)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6772,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:14.246Z","status":"normal","inceptionDate":"2018-12-23T16:00:00.000Z","name":"汇添富丰润中短债债券型证券投资基金","exchange":"jj","followedNum":12,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富丰润中短债","pinyin":"htffrzdzzqxzqtzjj","memoNum":2,"managers":[{"stockCode":"db20670661","stockType":"fund_manager","exchange":"fm","tickerId":2510198840,"name":"杨靖"}]},"announcement":{"linkText":"添富丰润中短债2020年度第2季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=366882","linkType":"PDF","source":"csrc_pdf"}}]}