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0.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=1348615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf9","date":"2025-03-30T16:00:00.000Z","stockId":3000000017052,"sao":"市场方面，在2024年四季度政策发力和抢出口的情况下，一季度经济基本面持续处于复苏状态，不过债券市场焦点主要集中在货币政策。1-2月受资金面持续超预期紧张，短债收益率大幅上行，3月因央行认为解释国内货币政策已经处于“适度宽松”的货币状态，短期内降息预期落空，带动长债收益率进一步反弹。展望二季度，随着川普对全球加征所谓的“对等关税”，导致全球经济处于极度不稳定状态，二季度债券市场主要焦点无疑是美国所谓的“对等关税”，从美国对国内所加关税幅度看，几乎可以中断中美大多数贸易。除了对国内关税加大，对一些东南亚等中转国家关税也大幅增加，且关税自4月9号起开始执行，预计对国内未来出口影响较大。我们认为国内大概率会运用政策对冲关税影响，货币政策进一步放松概率加大，财政政策大概率需要提前发力，待视经济状况后决定是否进一步增加财政刺激力度，整体有利于未来债券市场。另外随着贸易战的持续，我国作为净出口型国家，短期内汇率会有一定压力，可能会制约货币政策的幅度，未来需要密切关注汇率变化对货币政策的影响。操作上，考虑到贸易战对经济基本面的影响和未来潜在的对冲政策，未来组合总体采取偏中高久期运作。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.702Z","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=1268867","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf8","date":"2024-12-30T16:00:00.000Z","stockId":3000000017052,"sao":"回顾2024年债券市场走势，年初至9月20号，债券市场主要逻辑在于私人部门缩表、地方政府债发行偏慢导致机构出现资产荒，叠加合理充裕的货币政策环境，使得债券收益率持续下行。利差方面，因机构处于资产荒逻辑，各类高收益率品种利差持续压缩，其中2季度在禁止“手工补息”导致银行存款转向理财时配置压力极大，各项利差被压缩至历史最低值。9月底政治局会议召开之后，政策力度明显加大，债券市场核心逻辑在宽货币和宽财政力度方面进行切换，其中10月至11月初，随着降息落地后，市场焦点集中在宽财政力度，期间债券收益率有所反弹。随着11月人大会议定调宽财政落地后，市场焦点又逐步转向进一步宽货币政策，在12月政治局会议定调“适度宽松”的货币政策后，降准降息预期明显加强，使得11月底至12月债券收益率快速下行。产品运作方面，本产品全年都维持在较高久期运作，整体收益较好，其中9月底受政治局会议影响，组合回撤较大，后续该产品将继续维持偏积极运作，同时通过提高择时准确性控制组合回撤。后续我们将继续以金融债做为底仓，同时调整底仓结构，通过宏观利率择时适度增厚组合收益，力争在收益达标的情况下控制好组合回撤。本产品定位为以利率债和金融债为主要投资标的。本报告期内，全年都维持在较高久期运作。","declarationDate":"2025-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.697Z","mo":"展望2025年，宏观基本面方面，我们预期在“更加积极”的财政政策和“适度宽松”的货币政策托举下，国内经济供需有望更为平衡，推动国内需求增加和国内价格修复将成为全年的宏观主线。供给端，工业生产有望平稳增长，企业利润在扩内需和价格修复等因素下温和修复。需求端，内需重要性将显著上升，消费受短期消费补贴等政策提振和中长期居民收入改善等因素下有望明显改善，基建投资则在稳增长等托底政策下继续保持高增长，制造业投资受出口等因素影响预期增速高位略有回落，房地产投资降幅有望边际收窄。出口面临关税上行挑战，但在欧洲经济回暖，全球贸易总量增长对冲和国内贸易结构分散化等因素支撑下增速或温和收敛。市场方面，中长期影响债券的核心逻辑在于信贷需求和货币政策，自9月底政治局会议以来，经济数据已有所好转，但新经济对信贷需求不及旧动能，叠加私人部门加杠杆并未明显提高。我们理解在私人部门投资未明显好转及支持性货币政策无明显变化之前，扩大内需依然需要广谱利率的下调，因此中期债券市场应风险不大。","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=1253403","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf7","date":"2024-09-29T16:00:00.000Z","stockId":3000000017052,"sao":"市场方面，三季度经济基本面依然处于弱复苏状态，私人部门信贷需求依然偏弱，央行三季度多次降息降准，带动现券收益率下行。期间，受央行公开市场卖出债券影响，7月初和8月中旬收益率略有反弹。信用债方面，因禁止银行“手工补息”导致存款转向银行理财影响边际转弱，三季度信用债配置压力大幅缓解，导致信用利差有所扩大，其中前期利差压缩最多的弱资质长久期信用利差扩大最多。     目前债券市场主要焦点在于负反馈是否结束以及财政刺激力度，考虑到本次理财规模较为稳定，赎回压力主要在基金，随着市场企稳赎回压力也明显缓解，预期负反馈基本结束，后续市场焦点关键在于后续具体财政刺激规模。市场走势方面，一旦赎回压力缓解，前期跌幅较多的短期限债券、信用和二永债性价比会相对较好，且货币政策依然处于宽松阶段，目前这类依然有买入价值，长期限利率债短期可能取决于未来财政力度，但考虑到国家扭住通缩压力和提升居民信心目标已经确定，一旦当前政策没有达到预期效果，不排除政策进一步加码，从而影响市场风险偏好而不利于长债，因此我们预期长债大概率偏震荡运行。操作上，随着赎回负反馈结束，商金债性价比会相对较高，组合将考虑适时增加商金债比例，久期维持中高久期运作。","declarationDate":"2024-10-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.694Z","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=1168667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf6","date":"2024-06-29T16:00:00.000Z","stockId":3000000017052,"sao":"回顾2024年上半年利率走势，债券市场在私人部门缩表、地方政府债发行不及预期导致的资产荒影响下，债券收益率持续下行，各类高收益率品种利差持续压缩，目前品种利差几乎处于历史最低水平，期间受央行多次提示长债收益率偏离合理水平影响，长债收益率有所反弹。产品运作方面，本基金本报告期内以利率债和金融债为主要投资标的，产品久期处于中性偏高运作，整体收益较好。后续我们将继续以金融债做为底仓，通过宏观利率择时适度增厚组合收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.691Z","mo":"中长期内，我们认为影响债券市场中期方向的基本面及货币政策无明显变化，决定中期债券市场依然是偏强运行。目前国内经济处于新旧动能转换期，且新动能对信贷需求不及旧动能，私人部门整体处于缩表状态，导致机构资产严重不足。虽然刺激政策频出，但目前效果有限，近期除出口和制造业外各项经济数据依然偏弱。通胀方面，虽然公共事业、猪肉等价格有所上涨，但在国内产能利用率低位、收入预期偏弱等影响下，叠加低基数原因，物价大概率温和增长。政策方面，目前实体降成本依然是主要目标，短期内虽然受制于汇率、防空转等影响，但整体趋势依然是放松。     短期内，短债矛盾点在于非银配置压力和OMO政策利率，因货币政策大方向依然是支持性，且非银配置压力较大，决定大幅上行风险较小。但考虑到当前1年政金债收益率较OMO政策利率低15bp，已经明显倒挂，说明市场已经定价了部分降息预期，而国内货币政策又受汇率制约，在当前汇率再次接近7.3的关口，央行二季度货币政策例会也强调坚决防止汇率超调，显示稳汇率是核心任务之一，近期降息概率较低，从而制约短债下行，甚至不排除央行采取去年9-10月措施短期收紧资金导致短债收益率反弹。长债矛盾在于偏弱的基本面和央行认为多合理水平之间的矛盾，5月经济数据和社融数据都显示国内基本面偏弱，在资产荒的助力下，叠加5年以上利率曲线较为陡峭，都有利于长债下行，但市场依然对央行后续在公开市场买卖债券，导致收益率下行受阻。从近期央行几次表态来看，都是在债券收益率快速下行时进行干预，我们理解，央行可能并非不能容忍债券收益率往下，而是不希望收益率快速下行。一方面，债券收益率快速下行会进一步拉开国债及美债收益率利差，不利于稳汇率，另外长债收益率快速下行会大幅增加金融机构久期风险，不利于金融系统稳定。     综上，我们认为在居民部门缩表导致的资产荒没有缓解的情况下，大方向依然看多债市。","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=1144100","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf5","date":"2024-03-30T16:00:00.000Z","stockId":3000000017052,"sao":"市场方面，回顾今年以来市场行情，1月15日前在降准降息预期及配置需求的带动下收益率大幅下行，随着降息落空，市场震荡运行一段时间后，1月20日至2月6日前受股票市场偏弱带动避险情绪强烈，叠加央行降准，债券收益率进一步下行。春节以后至3月8日，因地方债和国债发行不及预期，两会政策低于预期，在配置需求的带动下收益率快速下行，随后机构止盈带动债券收益率略有反弹。3月中旬至3月底，市场在配置需求和特别国债发行方式预期等因素影响下震荡运行。     虽然一季度市场影响因素有降准降息预期、股票市场偏弱、两会政策不及预期及资金面等因素，但我们理解一季度收益率下行的核心逻辑在于市场对基本面修复预期偏弱，叠加一季度供给不足，导致债券一有反弹就有大量配置盘，收益率呈现出明显的易下难上，另外因市场对基本面修复预期偏弱，虽然短期受制于汇率防空转等因素政策利率下调概率较低，但未来大概率迟早要下调，因此长债表现比短债更好，利率曲线明显变平。    从近期债券市场表现看，配置需求偏强依然主导了近期债券市场，后续市场焦点在于银行降低存款利率和债券发行供给。考虑到当前银行利差较低，银行依然有降低存款利率的需求，从2023年二季度以来大行每季度都有降低存款利率，2024年二季度依然有降低存款利率概率，有利于债券市场。债券发行方面，虽然近期财政部增加了每期债券发行规模，但考虑到4月到期国债达1.2万亿，国债净供给有限，且当前机构配置压力较大，预期短期对债券市场影响有限，5月因到期量较少，在发行量增加的情况下有一定的供给压力，需要防范。信用债方面，每年4月份理财规模都季节性增加，基金规模因债基表现较好大概率也会增加，对二永债和信用债都有一定配置需求，叠加近期短端利率债大幅下行，中高等级信用利差较宽，都有利于信用债。综上，近期我们对债券市场依然较为乐观，本产品将维持中高久期运作，但考虑到央行对长期债券收益率的关注，我们将适当规避超长债券。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.689Z","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启一年定期开放债券型发起式证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071571","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf4","date":"2023-12-30T16:00:00.000Z","stockId":3000000017052,"sao":"本基金于2023年4月25日成立，定位为以利率债和金融债为主要投资标的。自产品成立以来，4月下旬至8月中旬，随着地产销售等高频数据转弱、政治局会议没有强刺激、投资者对基本面预期开始转向偏弱，央行6月和8月各降息10bp，此阶段债券收益率大幅下行。8月下旬至12月上旬，受稳汇率和防空转等因素影响，银行间流动性有所收紧，叠加地方债再融资和国债增发导致债券供给增加，银行缺少长期负债，带动现券收益率持续上行，其中短债收益率大幅上行，曲线明显变平。12月中下旬随着债券发行结束，部分大行下调银行定期存款利率，叠加跨年资金价格转松，带动现券收益率快速下行。产品运作方面，本产品4月底成立，5月中旬开始正式运作，因判断经济基本面偏弱，利率有下行机会，因此运作以来组合久期较高。受益于利率下行和组合久期较高，运作期间收益符合预期，但回撤略偏高。后续我们将继续以金融债做为底仓，同时调整底仓结构，通过宏观利率择时适度增厚组合收益，力争在收益达标的情况下控制好组合回撤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.686Z","mo":"展望2024年，宏观基本面方面，我们认为基本面整体大概率处于弱复苏状态。具体看，虽然地产政策持续放松，地产调控优化政策更是密集出台，但房地产市场景气度仍偏低，主因在于当前地产供需格局已经发生转变，居民加杠杆意愿不强，销售总体并未有明显改善，房企拿地、开工和施工的意愿仍较弱，随着2022年后新开工明显下滑，后续竣工对地产投资的效果可能逐步转弱，我们预计2024年房地产政策会持续发力，地产投资有望筑底，但难有大反弹。基建投资方面，比较确定的是今年大方向是中央加杠杆，但地方政府受制于土地财政的下滑、部分省份化债压力等因素影响或有所拖累，预期2024 年基建投资仍将为稳增长提供有力支撑，但幅度可能难于超过2023年。制造业投资方面，产业政策扶持预计仍会延续，高端制造业或将进一步成为稳增长的主要抓手，对制造业投资有一定支撑。消费方面，考虑到当前居民收入增长仍然较弱，但政策对消费有所支撑，预期会温和复苏。市场方面，考虑到目前基本面依然偏弱，宽松的货币政策大概率继续实施，叠加目前实际利率偏高，后续通过降息为实体经济降低成本依然有其必要性，因此我们认为2024年债券收益率整体依然处于下行状态，但期间可能受地方债供给节奏和财政发力节奏等因素影响会有所波动。","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启一年定期开放债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf3","date":"2023-09-29T16:00:00.000Z","stockId":3000000017052,"sao":"市场方面，7月1号至8月21号，受基本面偏弱、各部门政策频出但力度不及预期、央行超预期降息等因素影响，此阶段债券收益率快速下行；8月22号至9月30号，受央行控杠杆和人民币贬值压力影响，资金面持续超预期紧张，叠加一线房地产政策放开、债券一级发行放量及机构预防性赎回等因素影响，债券收益率快速反弹，期间市场抢跑央行降准收益率阶段性下行。曲线斜率方面，受央行控杠杆和人民币贬值压力影响，叠加信贷和一级发行放量，银行间资金面持续处于紧平衡状态，带动短债收益率持续上行，曲线持续变平，尤其是5年以内利率曲线几乎处于历史最平阶段。本产品在8月底前维持中性略偏强运作，8月底虽然降低了组合久期，但持仓短债较多，组合有一定回撤。分析当前债券所面对的环境，基本面方面，PMI连续4个月好转且9月达到荣枯线上方，票据利率持续抬升预示着9月信贷较好，十一出行和消费数据也明显好转、不过二三线地产销售依然偏弱，决定国内基本面已处于复苏阶段，但受地产拖累预期幅度有限；货币政策方面，资金面依然是当前债券市场焦点，考虑到当前汇率压力依然较大，央行资金面转松概率较低，短期内大概率维持当前紧平衡状态；供给方面，虽然今年地方债额度基本发行完毕，但在一揽子化债方针下不少省份已经开始发行再融资券，预期10月地方债发行压力依然较大；利率点位来看，以隔夜1.8%-1.9%定价，目前短端对资金面定价已经较为充分，且1年NCD利率也接近2.5%的MLF利率，10年国债利率也高出MLF利率近20bp，相对而言债券有一定安全性。综上，近期债券市场环境，我们认为，资金面在汇率承压的情况下大概率维持紧平衡状态，叠加10月地方债再融资发行压力，且10月是缴税大月，预期资金面会有一定波动，叠加我们预期9月金融数据和经济数据大概率都有所好转，近期债券市场整体无明显利多导火索，不过从点位分析，债券已有不错安全边际，且国内基本面受制于地产偏弱和经济转型大概率是弱复苏，因此我们认为近期债券具备一定程度的配置价值，但难有趋势性机会。后续本产品将继续维持中性运作，并根据市场情况择机交易。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.683Z","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启一年定期开放债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990441","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed21c7fea5b3eb0528bf2","date":"2023-06-29T16:00:00.000Z","stockId":3000000017052,"sao":"本基金于4月25日成立，成立时间较短，定位为以利率债和金融债为主要投资标的。自产品成立以来，随着4月地产销售等高频数据转弱、4月PMI大幅低于预期、政治局会议没有强刺激、五一消费数据偏弱等，投资者对基本面预期开始转向偏弱，并开始预期货币政策进一步宽松和财政地产政策强刺激。在基本面偏弱和央行略超预期降息的影响下，此阶段债券收益率大幅下行，成为上半年最大行情， 10年国开收益率下行20bp，2年国开收益率下行25bp。产品运作方面，本基金于4月底成立，5月中旬开始正式运作，因判断经济偏弱，利率有下行机会，因此运作以来组合久期较高。受益于利率下行和组合久期较高，运作期间组合收益较好。后续我们将继续以金融债作为底仓，通过宏观利率择时适度增厚组合收益。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:52.680Z","mo":"6月降息以来，市场焦点从货币政策开始憧憬财政及地产政策刺激，债券市场一度出现快速涌现止盈和阶段性调整，但随着市场逐步调低政策预期，6月底以来债市主要品种利率前期再度逐步下行并创新低。随着政治局会议关于地产和地方债化解的提法有点超预期，尤其是房地产，判断“房地产市场供求关系发生重大变化的新形势，适时调整优化房地产政策”。我们认为，短期内，由于机构仓位普遍较高，随着政治局刺激超预期，短期内机构有降低仓位需求，从而会导致市场出现一定回调压力。中期内，我们判断市场焦点将转向后续的具体落地政策及政策效果，在等待政策落地期间，债券市场大概率处于观望状态，市场偏震荡运行。随着政策的陆续落地，市场焦点集中在落地后基本面修复情况，若修复超预期，市场可能偏弱运行，若修复不及预期，市场则会期待更宽松的货币政策，带动收益率下行。另外目前基本面处于基本面修复期，货币政策大概率依然偏松运行，短债反弹空间不大，后续若短债因止盈继续回调，则会提供较高的配置机会。","fund":{"_id":3000000017052,"__csrcFundId":11931,"stockCode":"017052","shortName":"蜂巢丰启一年定开债券发起式(017052)","masterFundShortName":"蜂巢丰启一年定开债券发起式","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17052,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:22:37.100Z","status":"normal","exchange":"jj","fundCollectionId":4000051420000,"name":"蜂巢丰启一年定期开放债券型发起式证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":1009998000,"setUpShares":1009998000,"pinyin":"fcfqyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20830620","stockType":"fund_manager","exchange":"fm","tickerId":2308212180,"name":"王宏"}]},"announcement":{"linkText":"蜂巢丰启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=958645","linkType":"PDF","source":"csrc_pdf"}}]}