window.pageData = {"stock":{"_id":3000000016236,"fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"016236","tickerId":16236,"shortName":"浦银安盛普诚纯债债券C","currency":"CNY","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"status":"normal","setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":4681.93,"setUpShares":4681.93,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"pyaspcczzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50590000","tickerId":50590000,"name":"浦银安盛基金管理有限公司"},"managers":[{"name":"章潇枫","stockType":"fund_manager","stockCode":"8801465456","exchange":"fm","tickerId":262406171260}],"hotMetrics":{"fss":{"stockId":3000000016236,"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":159,"f_h_s_a":94,"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":3000000016236,"type":"fpr","f_p_r_fys_ssc":7464,"f_p_r_fys_ssrp":0.49577917727455445,"f_p_r_m1_ssc":7580,"f_p_r_m1_ssrp":0.5899195144478163,"f_p_r_m3_ssc":7483,"f_p_r_m3_ssrp":0.3871959369152633,"f_p_r_m6_ssc":7262,"f_p_r_m6_ssrp":0.6191984575127393,"f_p_r_y1_ssc":6833,"f_p_r_y1_ssrp":0.8732435597189696,"f_p_r_y2_ssc":5871,"f_p_r_y2_ssrp":0.6550255536626917,"f_cagr_p_r_fs_ssc":7291,"f_cagr_p_r_fs_ssrp":0.7765432098765432,"f_p_r_y3_ssc":4903,"f_p_r_y3_ssrp":0.7176662586699306},"fp":{"stockId":3000000016236,"type":"fp","f_p_r_fys":0.01041873387576886,"f_p_r_m1":0.0029547916871859314,"f_p_r_m3":0.008118008118007891,"f_cagr_p_r_fs":0.02183859209030592,"f_p_r_m6":0.010318483976584858,"f_p_r_d1":-0.000585251658213104,"f_p_r_y1":0.009801241329822963,"f_p_r_y2":0.046895689748377434,"last_data_date":"2026-04-29T16:00:00.000Z","f_p_r_y3":0.07883828040725271},"ff":{"stockId":3000000016236,"type":"ff","f_m_f":4572971,"f_m_f_r":0.003,"f_c_f":1524323,"f_c_f_r":0.001,"f_m_a_c_f":6097294,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-08-20T16:00:00.000Z","f_c_fr":0.001,"f_fr_d":"2025-08-20T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000016236,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":1.0183,"f_nv_cr":-0.0003926573083342655},"f_as":{"stockId":3000000016236,"type":"f_as","f_tas":38590.797600000005,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8faf21398d79843002d52","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016235,"stockCode":"260401","stockName":"26农发01","holdings":9600000,"marketCap":964025424,"netValueRatio":0.2076,"lastUpdated":"2026-04-22T16:44:34.228Z"},{"_id":"69e8faf21398d79843002d53","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016235,"stockCode":"250215","stockName":"25国开15","holdings":5400000,"marketCap":535071945,"netValueRatio":0.1152,"lastUpdated":"2026-04-22T16:44:34.232Z"},{"_id":"69e8faf21398d79843002d54","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016235,"stockCode":"260205","stockName":"26国开05","holdings":3100000,"marketCap":309741978,"netValueRatio":0.0667,"lastUpdated":"2026-04-22T16:44:34.235Z"},{"_id":"69e8faf21398d79843002d55","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016235,"stockCode":"210210","stockName":"21国开10","holdings":2200000,"marketCap":244890920,"netValueRatio":0.0527,"lastUpdated":"2026-04-22T16:44:34.239Z"},{"_id":"69e8faf21398d79843002d56","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000016235,"stockCode":"212380020","stockName":"23光大银行债02","holdings":2000000,"marketCap":203921578,"netValueRatio":0.0439,"lastUpdated":"2026-04-22T16:44:34.242Z"}]},"list":[{"_id":"69e8ebde1398d79843fe979b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000016235,"sao":"一季度经济基本面稳中有升，PMI逐月回升至扩张区间，新质生产力保持较快增速，出口优势产业延续强势。传统产业仍在下滑，但同比跌幅收缩。总体来看，经济结构温和转型的趋势在延续。　　流动性方面，银行间市场保持适度宽松。尽管没有降准、降息政策落地，但受益于高价定期存款集中到期影响，商业银行负债成本快速下行，这构成债市止跌企稳的关键支撑。　　海外方面，2月底突发中东冲突，全球通胀预期抬升，导致美联储降息预期大幅下修，全球债市利率曲线普遍走陡，进而导致国内超长债阶段性超跌。　　国内债券市场一季度的核心线索是负债成本下行带来的配置牛与内外因共振下通胀预期上升带来的调整压力。总体而言配置力量占上风，主导了较为顺畅的止跌回升行情。收益率曲线中短端下行较多，长端相对克制，10年期国债下行约4bp，30年期国债持平。　　报告期内，本基金主要配置金融债，杠杆和久期在1-2月保持中性水平、结构上集中在中短端。3月开始，久期维持在中性水平附近，结构上更多配置长债转向哑铃型。本基金在一季度取得了稳定的票息收入和较好的资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","lastUpdated":"2026-04-22T15:40:14.703Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1480994","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522334","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000016235,"sao":"四季度经济保持修复态势，截至2025年12月PMI指数升至50.1回到枯荣线以上，分项数据显示供需两端均有明显回升、但就业形势依旧严峻。社会消费品零售总额增速放缓，汽车、家电和家具消费表现不佳，固定资产投资持续下降，房地产开发投资降幅扩大，表明经济虽有企稳迹象，但仍需关注其可持续性。价格方面，CPI同比上涨0.7%，核心CPI稳定，PPI同比下降2.2%，工业品通缩压力减缓。　　四季度债券市场政策面与资金面均显宽松，央行重启国债买卖操作以补充流动性，但实际效果有限。回购利率处于低位，债市整体呈现震荡修复特征，短端利率更稳，长端利率波动加大。信用债在宽松资金环境下表现优于利率债，信用利差和等级利差压缩，显示出债市投资者仍偏好确定性较高的资产。　　报告期内，本基金主要配置高等级金融债和利率债，杠杆和久期在10月保持中性偏高，11月中旬开始回到中性水平直到年末。　　本基金在四季度取得了稳定的票息收入和少量资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","lastUpdated":"2026-03-09T13:57:12.210Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1460727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522333","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000016235,"sao":"2025年三季度以来，国际经济环境仍然复杂严峻，贸易壁垒增多，我国对美出口规模增速降低，但对世界其他贸易伙伴的出口增加，总体出口韧性好于预期。多个行业开展反内卷，工业品价格PPI环比回到0附近、同比降幅逐步收窄。货币政策继续保持适度宽松基调，银行间市场流动性合理充裕，资金波动性大幅降低，商业银行负债端压力继续缓解。全球股市延续二季度的上涨趋势且上涨斜率进一步陡峭化，风险偏好的提升显著抑制了债券特别是中长债的需求，收益率曲线陡峭化上行。此外，监管发布公募基金销售费用管理规定征求意见稿，使得市场担忧债基潜在赎回压力，进一步冲击利率水平向上。整个三季度，银行间资金利率DR001回落至1.30%附近，10年期国债活跃券收益率上行幅度14BP至1.79%。　　报告期内，本基金主要配置利率债和高等级金融债，杠杆和久期从7月中旬开始不断调降，由中性调整至防御水平，8月下旬起始终维持低仓位、低久期配置。本基金整体在三季度取得了稳定的票息收入，受市场调整影响有一定程度的资本利损。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","lastUpdated":"2026-03-09T13:57:12.207Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1381062","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522332","date":"2025-06-29T16:00:00.000Z","stockId":3000000016235,"sao":"一季度，经济基本面延续去年四季度以来的复苏趋势，工业生产、出口等表现亮眼，消费低位企稳，地产下滑速度有所趋缓。1月中旬开始，银行间市场流动性明显收敛，资金价格持续高于公开市场操作利率较多，商业银行吸收同业负债困难，带动短端利率快速上行。春节过后，DEEPSEEK等新生科技力量惊艳全球，带动中国科技资产估值重估，权益市场显著上涨，影响长端利率快速上行。10年国债收益率自1月低点1.58%大幅上行超过30bp至最高1.90%。　　二季度，经济基本面延续复苏趋势，传统行业如地产链等仍在出清过程中，而先进制造、创新药和出口相关行业维持高景气。央行实施降息，公开市场操作利率下调10bp，银行间市场流动性转为宽松，资金价格向公开市场利率回归。10年国债收益率自3月高点1.90%回落至1.65%附近。　　上半年，本基金主要配置高等级金融债和利率债。1月保持市场中性水平的仓位和久期，在2月中旬开始转为防守，直至3月底。在4月美国发起对等关税前后，转为中性偏进攻的组合配置，在6月进一步转为偏高的进攻性组合。　　未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.204Z","mo":"展望2025下半年，“反内卷”政策组合的推出，再次确认国内仍处于再通胀的经济和政策周期。一方面通过减少无序竞争、出清落后产能改善供给格局，另一方面通过保障民生、补贴消费和中长期公共项目支出提振内需。对应财政政策更加积极，货币政策适度宽松，整体货币市场流动性预计仍将宽松，债券市场上行有顶。股票市场持续走牛、商品市场反弹带来风险偏好的改善，利率曲线有陡峭化动力，同时考虑到利率水平仍位于历史最低水平，其波动阶段性的放大或难以避免，在策略上仍需要坚持“轻配置、重交易”，保持组合的流动性。　　从外因来看，中美贸易战的拉锯难言结束，对进出口的压力预计将逐步加大，而投资和消费受制于财政收支压力和居民财产性收入减少难以超预期增长，基本面在三季度对债市形成支撑，四季度则需要看增量政策强度。若美联储在9月如期开始降息，将打开国内货币政策的空间，预计降准降息和重启国债买卖仍是重要的提振总需求工具。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1351105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522331","date":"2025-03-30T16:00:00.000Z","stockId":3000000016235,"sao":"一季度，经济基本面延续去年四季度以来的复苏趋势，工业生产、出口等表现亮眼，消费低位企稳，地产下滑速度有所趋缓。1月中旬开始，银行间市场流动性明显收敛，资金价格持续高于公开市场操作利率较多，商业银行吸收同业负债困难，带动短端利率快速上行。春节过后，DEEPSEEK等新生科技力量惊艳全球，带动中国科技资产估值重估，权益市场显著上涨，影响长端利率快速上行。10年国债收益率自1月低点1.58%大幅上行超过30bp至最高1.90%。　　报告期内，本基金主要配置高等级商金债和利率债，杠杆和久期在1月保持中性，在2月中旬开始转为防守。整体在一季度取得了稳定的票息收入，受市场大幅波动影响组合有一定程度的资本利得损失。　　未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.201Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1275435","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522330","date":"2024-12-30T16:00:00.000Z","stockId":3000000016235,"sao":"一季度经济基本面平稳复苏，居民消费复苏势头良好，外需带动进出口超预期改善，基建投资保持克制，二手房成交放量但新房销售尚未企稳。货币政策方面，一季度实施降准0.5个百分点，银行间市场流动性在整个一季度价稳量松。今年信贷在一季度的投放更加重视质效和可持续性，债券市场在流动性宽松和资产比价效应的推动下明显上涨。长端利率大幅下行，短端利率受资金成本约束下行相对较少，曲线趋平。　　二季度消费平稳增长、固定资产投资增速小幅回落、外需有所放缓进出口增速小幅回落，总体经济复苏的斜率有所趋缓。二季度存款自律机制启动打击手工补息等高息揽存模式，金融加速挤水分，社融、M1等受此影响明显下滑，金融数据对经济的指针作用开始弱化。经济的主要亮点仍在高质量增长和新质生产力投资，社会资本对安全性资产的追逐升温，高股息股票、贵金属和长期国债获得超配。整个二季度，债券市场走出较为顺畅的上涨行情。另一方面，随着长期国债利率创出历史新低，人民银行多次提示长债有调整风险，给利率的下行趋势踩下刹车。　　三季度经济基本面延续弱复苏，金融数据“挤水分”进一步走弱，价格数据略低于预期、通缩压力有所提升。央行实施了两次降息、一次降准，银行间流动性整体平稳，同时也多次指出长债有调整风险，并在二级市场开始实施国债买卖操作，债市在7-9月中旬总体震荡走强，10年国债最低达到2.0%。9月末央行抛出新工具支持股市，市场风险情绪短期逆转，债券市场特别是信用债快速下跌。　　四季度，在9.24新政的刺激下，经济基本面环比走强，通胀预期改善，景气指数同步走强。10-11月上旬，随着A股转为高位震荡行情，利率整体保持窄幅震荡行情。11月中旬开始，地方债发行放量，对债券市场产生了阶段性冲击，但随着央行持续买入国债和买断式回购投放流动性，供需转为平衡，利率重回下行趋势。12月，央行确定支持性的立场和适度宽松的货币政策，交易盘和配置盘合力抢跑跨年行情，带动利率水平下行至年内最低点。　　2024年，本基金投资高等级金融债、利率债。在全年大部分时间使用偏高的杠杆和进攻性的久期，在6月、8-9月阶段性采取了防御性策略，整体取得了稳定的票息收入和较好资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.199Z","mo":"2025年，国内经济的大格局未变，一方面传统产业下行趋势未尽，斜率稍放缓，总量经济承压；另一方面新兴产业高歌猛进科技创新和出口新三样等亮点频出，高质量发展成色十足。国内政策组合自24年9月开始进入再通胀周期，适度宽松的货币政策配合更加积极的财政政策，扭转了“经济下行-通缩”的预期循环。25年春节过后，中共中央召开民营企业座谈会，DEEPSEEK打破美国AI霸权，电影《哪吒》票房闯入全球影史前十，这些事件显著提振了社会信心和民族自豪，企业家精神有所恢复，权益市场开始走强，利率水平小幅抬升。在再通胀周期的上半场，提振需求需要货币宽松来配合，债券和股票在历史上均有较好的回报表现，对于今年债券市场相对不利的点在于起点太低。年初十年期国债1.67%的位置已经隐含了全年约30BP的降息，而降息实际落地的节奏和幅度未必如市场预期，阶段性的预期摇摆可能造成利率发生不小幅度的反弹。当然，考虑国内经济的长期问题如人口红利消退等仍然存在，经济增长率自然回落的趋势也符合历史规律，新旧动能切换阶段亦不支持紧缩银根，利率中长期下行的趋势没有改变。参考日本失落的20年间利率趋势上一路下行至负数，期间也存在数轮中等级别的反弹，因此今年债券市场需要特别提防发生月度甚至季度级别的调整。从年初的情况来看，债券市场的主要矛盾一如去年，即利率曲线从右向左定价长期增长、从左向右定价流动性最终会受到负债问题的检验。2024年之所以利率的下行特别顺畅，很大程度上也得益于人民银行有效解决了商业银行负债成本一路上行的问题，上市银行尽管整体上净息差仍然收窄但综合负债成本转为下行。进入2025年，在去年四季度经济表现较好、1月开门红数据不错以及前述的社会信心得到有效提振的背景下，人民银行似乎有意阶段性的收紧流动性，将降准、降息等总量工具的使用推迟，表述为“择机”。受此影响，商业银行在同业市场的融资成本相较24年四季度出现了明显抬升，综合负债成本可能阶段性的不降反升，这对于利率曲线的定价逻辑产生了明显冲击，造成年初以来利率连续调整。往后来看，由于存款准备金率已经处于很低水平，总量流动性的投放非常依赖央行买断式逆回购、国债买卖等新工具，一旦人民银行阶段性收紧流动性，商业银行就会很快出现负债难、负债贵的问题，进而传导到整条利率曲线。概括来看，2025年的债券市场下行趋势未尽但空间可能逼仄，本身票息贡献不足，资本利得还可能在月度甚至季度的维度为负，战略上要显著降低对最终回报的预期。去年持长债不动即可躺赢的策略在今年大概率行不通，纯债的投资上不可避免的要加大对于波段交易的重视，在市场顺风时积极积累资本利得，在风险情绪升温时更多关注票息收入、按捺抄底冲动。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1255729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232f","date":"2024-09-29T16:00:00.000Z","stockId":3000000016235,"sao":"三季度经济基本面延续弱复苏，金融数据“挤水分”进一步走弱，价格数据略低于预期、通缩压力有所提升。央行实施了两次降息、一次降准，银行间流动性整体平稳，同时也多次指出长债有调整风险，并在二级市场开始实施国债买卖操作，债市在7-9月中旬总体震荡走强，10年国债最低达到2.0%。9月末央行抛出新工具支持股市，市场风险情绪短期逆转，债券市场特别是信用债快速下跌。　　报告期内，本基金配置利率债和商业银行金融债，在7月保持了偏高的杠杆和久期，8-9月采取低杠杆灵活久期的交易策略，三季度整体取得了稳定的票息收入和较好的资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.196Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1178056","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232e","date":"2024-06-29T16:00:00.000Z","stockId":3000000016235,"sao":"一季度，经济基本面平稳复苏，居民消费复苏势头良好。外需带动进出口超预期改善，基建投资保持克制，二手房成交放量但新房销售尚未企稳。货币政策方面，一季度实施降准0.5个百分点，银行间市场流动性在整个一季度价稳量松。今年信贷在一季度的投放更加重视质效和可持续性。债券市场在流动性宽松和资产比价效应的推动下明显上涨，长端利率大幅下行，短端利率受资金成本约束下行相对较少，曲线趋平。　　二季度，消费平稳增长，固定资产投资增速小幅回落，外需有所放缓导致进出口增速小幅回落。总体经济复苏的斜率有所趋缓。二季度存款自律机制启动打击手工补息等高息揽存模式，金融加速挤水分，社融、M1等受此影响明显下滑，金融数据对经济的指针作用开始弱化。经济的主要亮点仍在高质量增长和新质生产力投资方面，社会资本对安全性资产的追逐升温。高股息股票、贵金属和长期国债获得超配，债券市场走出较为顺畅的上涨行情。但随着长期国债利率创出历史新低，人民银行多次提示长债有调整风险，利率下行趋势转为震荡。　　上半年，本基金配置利率债和高等级金融债，在1至5月保持了偏进攻的杠杆和久期，6月央行反复提示风险后降低组合风险敞口至中性偏防御，整体取得了稳定的票息收入和较好的资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.193Z","mo":"展望 2024 下半年，货币政策在二季度保持克制后，下半年降准降息和降低存款利率方面仍有空间。但考虑到债券利率水平已经基本定价了政策利率下调，宽松政策若实质落地对债券市场的影响更多是趋势确认作用。经济基本面方面，中央经济会议要求全年完成经济增长目标5%，总量压力不大，主线还是“提质增效”高质量发展，具体来看：出口上半年表现亮眼但有部分是受制裁影响提前透支，下半年持续性存疑；消费受财富效应影响延续慢复苏节奏；地产仍在底部震荡，主要变数在于财政是否会加力。在经济“固本培元”不搞大规模刺激的前提下，受价格因素影响，债券市场的胜率仍在；另一方面，考虑利率水平整体处于历史最低位置，相对银行间资金利率水平，各期限债券资产的利差水平均无足够息差保护，债券市场的赔率并不高，收益来源更多依赖价差收入。　　整体来看，下半年特别是三季度，债券市场呈现偏强震荡的概率较大。主要风险在于市场自发集中止盈或者央行出手维护向上利率曲线。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1152700","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232d","date":"2024-03-30T16:00:00.000Z","stockId":3000000016235,"sao":"一季度经济基本面平稳复苏，居民消费复苏势头良好，外需带动进出口超预期改善，基建投资保持克制，二手房成交放量但新房销售尚未企稳。货币政策方面，一季度实施降准0.5个百分点，银行间市场流动性在整个一季度价稳量松。今年信贷在一季度的投放更加重视质效和可持续性，债券市场在流动性宽松和资产比价效应的推动下明显上涨。长端利率大幅下行，短端利率受资金成本约束下行相对较少，曲线趋平。　　报告期内，本基金配置利率债和高等级金融债，使用中性偏高的杠杆和久期进攻，取得了稳定的票息收入和较好资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.191Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1064894","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232c","date":"2023-12-30T16:00:00.000Z","stockId":3000000016235,"sao":"一季度，经济基本面如期复苏，外需有所放缓的情况下，扩大内需政策有所见效，经济内循环明显改善。总体来看，进出口受基数影响转弱但3月重回改善区间，地产二级成交逐步改善、一级市场仍位于周期底部，消费复苏低于预期但仍处于向上区间。货币政策稳健，银行间市场流动性在2月有明显波动，其他时间仍然保持合理充裕。债券市场在基本面复苏的大背景下，收益率整体有向上的压力，同时受益于流动性的相对宽松，利率上行亦有限，总体呈现出偏弱震荡，收益率曲线趋平。　　二季度，前期积累的需求在一季度快速释放以后，经济基本面复苏的斜率逐步趋缓。4月中旬过后，主要工业品价格快速下跌，PPI跌幅加大，反映出一定的通缩压力。总体来看，外需略超预期，进出口有韧性，地产二级成交再度转弱仍位于周期底部，消费复苏低于预期。货币政策方面，整个二季度银行间流动性保持相当宽松的状态，融资成本相较一季度明显下行，NCD价格低于MLF利率超过20bp，且央行在6月超预期降息。债券市场受益于基本面预期的转弱以及流动性的宽松，利率水平在整个二季度下行较为顺畅。　　三季度，经济基本面维持复苏的趋势，斜率有所趋缓。通胀水平从低位逐步回升，整体稳定。7月24日重要会议过后，政策刺激预期升温，经济中长期向好的预期有所提升。货币政策充分配合，先后于8月、9月实施降息、降准。7-8月份资金市场维持宽松，9月受信贷投放加力以及政府债券供给增加影响，流动性明显收敛，跨国庆资金价格达到近5年来最贵水平。整个三季度债券收益率水平先下后上，整体小幅上行，利率曲线熊平，信用利差继续收窄。　　四季度，经济基本面复苏的斜率进一步趋缓，官方景气指数落至枯荣线下方。通胀水平小幅回升，整体稳定。增发一万亿特别国债以支持水灾后重建工作，对经济起到托底作用。公开市场没有进行降准或降息操作，银行间市场流动性结构上略有分层，10月底非银机构资金面超预期紧张，随后在11月和12月分别投放了超万亿MLF，银行间流动性回归合理充裕，跨年平稳。整个四季度债券收益率水平先上后下，整体下行，利率曲线先熊平后牛陡，信用利差继续收窄。　　2023年，本基金主要配置利率债和高等级金融债，1-2月采取中性偏防御的配置，3-7月转为中性偏进攻的配置，8月-10月采取偏防御的配置，11月转为中性偏进攻的配置，除了7月末8月初切换到防御配置过早以外总体节奏尚可。整体取得了稳定的票息收入和较多的资本利得。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.188Z","mo":"2024年，国内经济仍面临转型压力，一方面宏观经济延续高质量发展、新兴制造业高速增长，另一方面传统地产经济继续在底部徘徊。欧美等外部主要经济体通胀和增长情况亦不明朗，既有可能在人工智能革命促进下继续高增长、也不排除硬着陆的可能。国内利率在历史性的低位，不确定性在增加，长期抑制的波动率有可能显著放大。　　2024年债券市场受宏观政策的影响会很大，财政政策的力度、货币政策的克制程度以及新旧产业的刺激/抑制政策都将深刻影响利率的走势。在相对可见的上半年，预计1-3月份受经济高基数以及年初配置力量的共同影响，债市偏顺风；3-4月经济自然寻底以后，随着可能的经济支持政策出炉，以及流动性的收敛，5-6月债市可能调整。　　从交易逻辑来看，债券市场23年下半年以来一直演绎的是长端定价长期问题，短端跟随资金面。也即收益率曲线从右往左定价经济，从左往右定价负债。由于汇率和防空转压力，23年8月中旬过后银行间资金面经常出现紧张和分层情况，使得从左往右定价难以大幅下行，而从右往左的逻辑更为顺畅长端压着中段下，结果就是收益率曲线的牛平。这一情况在2024年仍然存在，且短期难以扭转。两种定价逻辑可能的冲突在于，最终期限利差会收窄至不合理，甚至局部资产收益率发生倒挂时。而任何定价方法最终要让位于负债，若负债的成本不能下行以解决这种冲突，那么就将上行以打破这种矛盾，这可能就酝酿了债券市场发生反弹甚至反转的动因。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=1059512","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232b","date":"2023-09-29T16:00:00.000Z","stockId":3000000016235,"sao":"三季度，经济基本面维持复苏的趋势，斜率有所趋缓。通胀水平从低位逐步回升，整体稳定。7月24日重要会议过后，政策刺激预期升温，经济中长期向好的预期有所提升。货币政策充分配合，先后于8月、9月实施降息、降准。7-8月份资金市场维持宽松，9月受信贷投放加力以及政府债券供给增加影响，流动性明显收敛，跨国庆资金价格达到近5年来最贵水平。整个三季度债券收益率水平先下后上，整体小幅上行，利率曲线熊平，信用利差继续收窄。  报告期内，本基金配置利率债和高等级金融债，适当参与了中长期利率债交易，杠杆和久期在7月中旬以后逐步减少至低位防御，9月中旬过后逐步回到中性水平。整体取得了稳定的票息收入，并有效降低了资本利得损失。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.185Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=991412","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb052232a","date":"2023-06-29T16:00:00.000Z","stockId":3000000016235,"sao":"在资产荒的环境下，2023年上半年以来债市围绕基本面修复成色、宽货币空间、稳增长不及预期等因素交易，长债利率呈现倒U型走势。2023年来，我国债市主要经历基本面修复预期定价，资金市场结构性摩擦，稳增长预期交易等几轮主线切换，长债利率呈现1月快速上行，2月波动，3月后稳步下行，4-6月加速下行的倒U走势。具体而言，节前随着防疫优化后经济强修复预期回升、稳地产政策加码、资金面季节性扰动，长端利率快速抬升；2月基本面信号缺位，市场主要围绕两会稳增长力度预期进行博弈，长债利率横盘震荡为主；3月稳增长力度不及预期，经济数据落地而基本面强修复预期修正，月底降准落地，利率走低；4月后通胀走弱格局明确，经济修复结构分化，债市继续在纠结中走牛。5月以来在资产荒“钱多”环境下，存款降息、基本面修复斜率放缓等利多催化集中释放，长债利率下行至2.65%附近。总体而言，今年来基本面修复预期逐步下修而资产荒环境下“钱多”格局凸显，长债利率先上后下。从收益率的角度，1年、3年、5年、10年国开分别较年初下行14BP、17BP、30BP和22BP，3年AAA和AA+收益率下行39BP和53BP，信用利差较年初收窄22BP和37BP，信用债走势强于利率债。  资金来看，资金面的变化主要由宏观经济基本面主导。今年2-4月，DR007中枢在7天逆回购利率上方，而随着经济边际走弱，4-5月PMI快速下行，央行也引导资金价格中枢下行，5月DR007中枢为1.85%，较4月下行21bp。进入6月DR007中枢为1.89%，虽然有季节性因素导致资金面边际收敛，但是6月资金面依然偏松。整体来看，上半年流动性维持偏松的环境，市场利率围绕政策利率上下波动，波幅有限。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.182Z","mo":"展望下半年，我们预计货币政策仍处在宽松周期，物价上行压力较小，资金面不存在趋势上行的风险。由于地产行业恢复依然缓慢，外需依然承压，央行主动收紧流动性的风险不高，预计 DR007 中枢仍将更多在政策利率下方波动，且下半年仍可能有增量宽松政策出台。基本面来看，经济缓慢回升，但潜在增速仍在较低水平，信贷增长乏力，出口承受较大压力，消费起速较为迟缓，地产消费和投资仍在底部区域，下半年基本面增长依赖政策刺激和基建托底。从信贷看，4-5月信贷增量大幅下滑，6月为季末月度，数据层面有一定冲量，但总体看，受居民按揭提前还贷、地产投资信心不足影响，居民按揭仍维持在较弱水平，稳增长政策对企业贷款存在较强带动力，但若无增量政策，企业贷款增速也难维持在前期水平，信贷和社融增速上行较为乏力。  报告期内，本基金配置利率债、商业银行金融债和同业存单，整体杠杆和久期基本维持稳定，取得了稳定的票息收入和一定的资本利得。未来，本基金将继续秉承稳健专业的投资理念，严格控制信用风险、谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚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=965549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522329","date":"2023-03-30T16:00:00.000Z","stockId":3000000016235,"sao":"一季度经济基本面如期复苏，外需有所放缓的情况下，扩大内需政策有所见效，经济内循环明显改善。总体来看，进出口受基数影响转弱但3月重回改善区间，地产二级成交逐步改善、一级市场仍位于周期底部，消费复苏低于预期但仍处于向上区间。货币政策稳健，银行间市场流动性在2月有明显波动，其他时间仍然保持合理充裕。债券市场在基本面复苏的大背景下，收益率整体有向上的压力，同时受益于流动性的相对宽松，利率上行亦有限，总体呈现出偏弱震荡，收益率曲线趋平。  报告期内，本基金配置利率债和高等级金融债，整体杠杆和久期先缩短后拉长，取得了稳定的票息收入和一定的资本利得。未来，本基金将继续秉承稳健专业的投资理念，谨慎操作、严格风控，力争为基金份额持有人带来长期稳定回报。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.179Z","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚纯债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=889078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1b87fea5b3eb0522328","date":"2022-12-30T16:00:00.000Z","stockId":3000000016235,"sao":"三季度，地产下行压力不减，国外通胀持续超预期高而国内通胀基本稳定，以我为主加快国内大循环，刺激内需成为阶段主线。三季度流动性整体仍维持略高于合理充裕水平，央行意外降息带动债市收益率加速下行，接近2020年疫情水平。短端债券收益率受资金面、投资者偏好和疫情反复的影响继续低位运行，中长端债券收益率得益于经济增长预期下修和风险资产暴跌，表现略好于短端债券，曲线小幅平坦化。本基金在三季度适当参与了中长期利率债交易，整体杠杆和久期先拉长后缩短，取得了相对稳定的票息收入和一定的资本利得。  四季度国内疫情防控政策发生重大变化，因此尽管短期经济指标遭遇疫情的冲击进一步走弱，但经济远期向好的预期快速形成。预期的快速扭转使得市场参与者的行为趋同，债券市场短期快速下跌，造成银行理财等净值型产品的赎回压力大，进一步地加剧债券价格下跌。分品种来看，理财持有较多的信用债整个四季度跌幅较大，信用利差水平达到2016年以来最高点；赎回资金回流至银行存款，银行自营部门参与较多的利率债在12月明显企稳，整个四季度表现显著好于信用债。本基金在四季度，杠杆和久期维持在中性偏低水平，在大跌中仍然受到了不小的资本利得损失，票息收入仍然稳定。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:57:12.176Z","mo":"展望2023年，国际市场普遍预测欧美会经历一次偏弱衰退，而中国将走出疫情阴霾开启复苏周期。当前从库存周期角度看，美国落后中国约2-3个月，中国已处于复苏前期，而美国上半年至三季度仍面临去库周期。  2023年东弱西强的格局有望改善，美元潮汐回流，人民币国际化的进程延续，人民币资产都将受益。国内资产从估值和周期角度来看股好于转债好于债，股权相对债券的风险溢价在22年末处于历史90%以上分位数。若美元高位回落趋势性下行则股票和可转债会有更大表现空间，而债券作为避险资产会面临更大压力。  债券在方向上仍然逆风， 机会在于上限也未必很高。具体来看消费是扩大内需政策下想象力最丰富的，对债券最大的影响是潜在通胀上升，但站在当前时点来看，供给侧相对健康，全年CPI、PPI大幅上行的概率还不大；投资方面，基建由于高基数可腾挪的空间不大，地产从其他国家历史情况和我国当前的情况来看，可能会出现结构上的分化，核心城市温和复苏、非核心城市继续下滑，全年在总量上可能是同比小幅的下降；进出口在2023年大概率成为经济的拖累项，一是因为基数较高，二是因为中美、中欧的贸易关系弱化且美欧经济还面临衰退压力。总体而言，虽然经济基本面反弹的确定性强，但反弹力度和持续性存疑，债券收益率上行亦有顶。  从风险来看，债券最大的风险是会不会进入熊市的下半场。国内债券熊市基本分成三段， 结构崩溃 — 货币政策转向 — 经济繁荣融资热，对应债市估值从超涨水平—中性水平—有价值水平—超跌水平。20-21年熊市不同寻常，缺少了第三段，可以归因到房住不炒背景下20年8月开始实行的三道红线，在2021年1月1日开始实行，使得房地产投资周期缺位，因而21年尽管经济繁荣（出口拉动）却并未带来融资需求的大幅提升。本轮债券调整从动因上看只走了第一个阶段，但受学习效应影响，利率债的调整幅度接近第二阶段和第三阶段之间，信用债的调整接近第三阶段跌完。因此债券市场的风险重点要看2点，一是NCD会否趋势性的超过2.75%；二是地产刺激政策会否超预期强，带动地产投资周期重启，经济从复苏转为繁荣甚至过热，引起债券超调。  总体而言，我认为2023年大概率股强于转债强于债，债券可能呈现震荡偏弱的格局，小概率走出熊市下半场。主要的分歧点可能在于，内因看中国地产，外因看美国科技，进出口看中美关系。","fund":{"_id":3000000016235,"__csrcFundId":11631,"stockCode":"016235","shortName":"浦银安盛普诚纯债债券(016235)","masterFundShortName":"浦银安盛普诚纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16235,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:58:28.688Z","status":"normal","exchange":"jj","fundCollectionId":4000050590000,"inceptionDate":"2022-08-21T16:00:00.000Z","name":"浦银安盛普诚纯债债券型证券投资基金","followedNum":0,"setUpDate":"2022-08-21T16:00:00.000Z","setUpAssetScale":7998847782.82,"setUpShares":7998847782.82,"pinyin":"pyaspcczzqxzqtzjj","managers":[{"stockCode":"8801465456","stockType":"fund_manager","exchange":"fm","tickerId":262406171260,"name":"章潇枫"}]},"announcement":{"linkText":"浦银安盛普诚纯债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=873333","linkType":"PDF","source":"csrc_pdf"}}]}