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20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.101Z","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":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1341032","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a6c","date":"2025-03-30T16:00:00.000Z","stockId":3000000016914,"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":"2026-03-09T13:58:36.098Z","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1270308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a6b","date":"2024-12-30T16:00:00.000Z","stockId":3000000016914,"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":"2026-03-09T13:58:36.093Z","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":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1254239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a6a","date":"2024-09-29T16:00:00.000Z","stockId":3000000016914,"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":"2026-03-09T13:58:36.090Z","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1172716","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a69","date":"2024-06-29T16:00:00.000Z","stockId":3000000016914,"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":"2026-03-09T13:58:36.087Z","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":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1144709","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a68","date":"2024-03-30T16:00:00.000Z","stockId":3000000016914,"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":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.084Z","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1070673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a67","date":"2023-12-30T16:00:00.000Z","stockId":3000000016914,"sao":"2023年宏观经济继续新旧动能转换格局，货币政策偏松，利率震荡下行，利差显著收窄，债券市场呈现“小牛市”行情，信用债表现更突出。具体来看，年初2个月在疫后复苏预期和资金偏紧环境下，债券出现一波调整，10年国债上行至2.9%以上，信用利差则高位回落；4月以来经济数据环比偏弱，降息预期增强，收益率开始加速下行，信用利差也进一步收窄；8月中央行再次超预期降息，同时地产政策和财政政策开始逐步增强，资金面也逐步收紧，收益率开始明显反弹，从最低点2.54%上升到2.72%附近，12月中下旬市场对政策刺激的担忧消除，年末债市抢跑，收益率再次快速下行；同时，三季度以来化债预期不断强化，城投债信用风险明显弱化，信用债等级利差快速压缩。全年来看，10年国债下行28bp至2.55%附近，1年国开下行3-4bp，3-5年国开下行20-35bp不等，3年中低评级中票信用利差压缩超过100bp。从指数看，2023年中债总财富指数上涨约4.65％，中债国债总财富指数上涨约5.02％，中债企业债总财富指数上涨了约7.12％，中债短融总财富指数上涨了约3.56％。2023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，年末适度加久期和杠杆进行博弈，信用债投资在守住信用风险的基础上强化精细化管理。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.079Z","mo":"2024年我国宏观经济仍将保持“稳中求进”的总基调，经济仍会面临有效需求不足、部分行业产能过剩、社会预期偏弱等问题，在此种经济环境中，积极的财政政策会适度发力，而稳健的货币政策则会继续灵活适度，保持流动性合理充裕，促进社会综合融资成本稳中有降。全年来看，为配合财政政策发力和应对有效需求不足等问题，总量货币政策仍有进一步宽松空间，降准降息仍会继续施行，加之美国进入降息周期也打开了国内的货币政策空间，因而，目前尚不具备债券转熊的条件，全年看债券市场仍有可为的机会，要积极把握收益率波动的机会。","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=1053552","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a66","date":"2023-09-29T16:00:00.000Z","stockId":3000000016914,"sao":"2023年三季度宏观政策逆周期调节力度加大，经济曲折修复，债券利率先下后上。三季度前半段，随着7月经济数据阶段性走弱，8月中旬央行超预期降息，债券利率震荡下行。三季度后半段，政治局会议后各项宽信用政策持续出台，经济数据企稳回升，市场悲观预期修复，8月下旬开始债券利率逐步调整。9月债券供给增大叠加季末效应影响，资金利率抬升，收益率进一步上行，曲线走平。三季度，组合投资策略上坚持以金融债杠杆票息收益为主，灵活调整久期和杠杆应对市场波动，合理控制组合回撤。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.068Z","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=988184","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a65","date":"2023-06-29T16:00:00.000Z","stockId":3000000016914,"sao":"2023年上半年债券收益率走势跟疫后经济复苏节奏紧密相关，收益率先上后下，信用利差大幅压缩。一季度，疫后经济复苏较好，长端利率维持高位震荡，随着资金利率向政策利率中枢回归，市场对流动性预期发生变化，短端利率波动较大，收益率曲线熊平；伴随理财赎回压力缓解，信用债流动性修复，信用利差大幅压缩。4月开始经济修复节奏有所放缓，通胀数据低于预期；货币政策逆周期调节，OMO及MLF降息10bp，银行存款利率下调，资金面重回宽松；人民币汇率贬值，权益资产及商品价格震荡调整，风险偏好回落；伴随信贷走弱和理财规模增长，市场配置需求较强。上半年，1年国债下行22bp，10年国债下行20bp。信用利差大幅压缩，3年AA+信用债收益率下行54bp，与同期限国债利差压缩约36bp。2023年上半年组合投资策略上坚持以金融债杠杆票息收益为主，灵活调整组合杠杆和久期，合理控制组合回撤。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.063Z","mo":"展望下半年，经济复苏节奏仍是影响债券收益率走势的主要因素。疫后经济恢复是一个波浪式发展、曲折式前进的过程。7月政治局会议强调宏观政策逆周期调节，随着各项稳增长政策陆续出台，预计将对经济增长起到提振作用，市场信心和风险偏好可能有所提升，债券市场不利因素增多，波动加大。但货币环境将维持宽松为经济复苏营造良好的条件，债券收益率上行空间有限，债券票息收益或仍能提供不错的回报。","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=962347","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed20c7fea5b3eb0527a64","date":"2023-03-30T16:00:00.000Z","stockId":3000000016914,"sao":"2023年1季度，随着资金利率向政策利率中枢回归，市场对流动性预期发生变化，短端利率波动较大；疫后经济复苏符合市场预期，长端维持窄幅震荡；理财赎回压力缓解，信用债流动性修复，信用利差大幅压缩。整体来看，一季度利率曲线熊平，1年国债上行12bp，10年国债上行1bp；信用债表现优于利率债，3年AA+信用债与同期限国债利差压缩约50bp。2023年1季度组合投资策略上以利率债和商业银行金融债配置为主，通过灵活的久期和杠杆操作力争增厚收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:36.059Z","fund":{"_id":3000000016914,"__csrcFundId":11878,"stockCode":"016914","shortName":"博时富泽金融债(016914)","masterFundShortName":"博时富泽金融债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":16914,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:18:12.594Z","status":"normal","exchange":"jj","fundCollectionId":4000050050000,"name":"博时富泽金融债债券型证券投资基金","inceptionDate":"2022-11-27T16:00:00.000Z","setUpDate":"2022-11-27T16:00:00.000Z","setUpAssetScale":5003304895.03,"setUpShares":5003304895.03,"pinyin":"bsfzjrzzqxzqtzjj","managers":[{"stockCode":"db20755141","stockType":"fund_manager","exchange":"fm","tickerId":121719201750,"name":"李秋实"}]},"announcement":{"linkText":"博时富泽金融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=887362","linkType":"PDF","source":"csrc_pdf"}}]}