window.pageData = {"stock":{"_id":3000000017841,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50670000","tickerId":50670000,"name":"方正富邦基金管理有限公司"},"managers":[{"name":"吴佩珊","stockType":"fund_manager","stockCode":"j101019801","exchange":"fm","tickerId":231619243940}],"hotMetrics":{"fss":{"stockId":3000000017841,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9998999999999999,"f_ind_h_s_r":0.0001,"f_h_a":328,"f_h_s_a":5628455,"f_ind_h_s_r_c_hy":0.0001,"f_ins_h_s_r_c_hy":-0.00010000000000010001,"last_data_date":"2025-06-29T16:00:00.000Z","f_ind_h_s_r_c_1y":0.0001,"f_ins_h_s_r_c_1y":-0.00010000000000010001},"fpr":{"stockId":3000000017841,"type":"fpr","f_p_r_fys_ssc":7447,"f_p_r_fys_ssrp":0.35119527262959976,"f_p_r_m1_ssc":7638,"f_p_r_m1_ssrp":0.4194055257299987,"f_p_r_m3_ssc":7522,"f_p_r_m3_ssrp":0.32376013827948413,"f_p_r_m6_ssc":7381,"f_p_r_m6_ssrp":0.3253387533875339,"f_p_r_y1_ssc":6916,"f_p_r_y1_ssrp":0.8322487346348517,"f_cagr_p_r_fs_ssc":7323,"f_cagr_p_r_fs_ssrp":0.6790494400437039,"f_p_r_y2_ssc":6003,"f_p_r_y2_ssrp":0.5041652782405864},"fp":{"stockId":3000000017841,"type":"fp","f_cagr_p_r_fs":0.02481459653639284,"f_p_r_d1":-0.0007829320806421736,"f_p_r_m1":0.0015415743327875653,"f_p_r_m3":0.00844004656577435,"f_p_r_m6":0.016526501075689648,"f_p_r_fys":0.0145422603943004,"f_p_r_y1":0.011580381471389734,"last_data_date":"2026-06-14T16:00:00.000Z","f_p_r_y2":0.04939613071761184,"f_i_d":"2023-06-15T16:00:00.000Z"},"ff":{"stockId":3000000017841,"type":"ff","f_m_f_r":0.003,"f_c_f_r":0.001,"f_m_a_c_f_r":0.004,"f_m_c_f_d":"2024-12-10T16:00:00.000Z","f_c_f":1042377,"f_m_a_c_f":4169508,"f_m_f":3127131,"f_c_fr":0.001,"f_fr_d":"2026-05-20T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.004},"f_nlacan":{"stockId":3000000017841,"type":"f_nlacan","f_nv_d":"2026-06-14T16:00:00.000Z","f_nv":1.0395,"f_nv_cr":0.00038494851313664036},"f_as":{"stockId":3000000017841,"type":"f_as","f_tas":2047623206.1480002,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e8fb281398d79843003269","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017841,"stockCode":"332580003","stockName":"25杭州银行科创债01","holdings":1500000,"marketCap":152438893,"netValueRatio":0.0744,"lastUpdated":"2026-04-22T16:45:28.487Z"},{"_id":"69e8fb281398d7984300326a","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017841,"stockCode":"212580050","stockName":"25兴业银行债01","holdings":1500000,"marketCap":151661967,"netValueRatio":0.0741,"lastUpdated":"2026-04-22T16:45:28.491Z"},{"_id":"69e8fb281398d7984300326b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017841,"stockCode":"2420032","stockName":"24民泰银行小微债01","holdings":1300000,"marketCap":132583481,"netValueRatio":0.0647,"lastUpdated":"2026-04-22T16:45:28.495Z"},{"_id":"69e8fb281398d7984300326c","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017841,"stockCode":"2420030","stockName":"24南京银行02","holdings":1000000,"marketCap":102217342,"netValueRatio":0.0499,"lastUpdated":"2026-04-22T16:45:28.498Z"},{"_id":"69e8fb281398d7984300326d","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017841,"stockCode":"212580032","stockName":"25建行小微债01BC","holdings":1000000,"marketCap":101488246,"netValueRatio":0.0496,"lastUpdated":"2026-04-22T16:45:28.502Z"}]},"list":[{"_id":"69e8ec071398d79843fe9972","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000017841,"sao":"2026年一季度债券市场在流动性充裕与外部环境不确定性的共同作用下，整体呈现出上有顶、下有底的震荡格局。1月初，受权益市场走强扰动，债市情绪承压，收益率短暂上行。随着央行不断通过公开市场操作释放暖意，银行间市场流动性保持充裕，债市顺势迎来修复，收益率逐步回落，中短端信用债凭借票息优势与资金面平稳的双重支撑稳定走强。进入2月，春节因素短暂扰动流动性，节后资金回流与MLF超额续作形成叠加效应，短端暖意延续，但长端收益率受权益市场阶段性反弹扰动，出现回调，当月收益率呈先下后上的震荡格局。3月上旬随着两会召开确认财政政策温和发力、货币政策精准有效，市场对基本面的担忧边际缓解，长端收益率在震荡中寻求新的均衡；3月起中东地缘战争持续升温，国际油价飙升引发通胀担忧，叠加国内权益市场回暖，长端收益率回调上行，而短端在充裕的流动性支撑下延续下行态势，长短端走势分化。全季度来看，资金面宽松与票息的确定性主导了短端利率的下行与信用债的走强，信用利差压缩显著；而长端则在权益扰动与地缘战争等多重因素交织下，演绎了收益率先下后上的震荡格局。　　报告期内，产品维持适当的久期与杠杆。","lastUpdated":"2026-04-22T15:40:55.345Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1476919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2d1","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000017841,"sao":"2025年四季度债市经历了宽松预期与供给冲击担忧的拉锯，收益率先下后上，在资金面整体宽松的背景下曲线走陡。10月债市呈现修复走势，十一长假期间中美关税博弈突然升级，避险情绪带动下月初收益率整体下行；下旬，市场宽货币预期接力关税博弈降温，再度推动收益率走低；临近月底，央行宣布重启公开市场国债买卖操作，市场情绪再度受提振，中短端收益率稳步下行。11月债市呈震荡偏弱态势，曲线形态逐步出现熊陡变化。收益率曲线在经历了前月的下行修复后，央行三季度货币政策执行报告进一步淡化市场前月逐渐抬升的宽货币预期，随着11月LPR报价维持不动，叠加多项经济金融数据基本符合预期，利多有限的大背景下债市震荡偏弱。12月，资金面持续宽松带动中短端走强，反观长端与超长端，全国财政工作会议加剧机构对来年政府债券供给冲击的担忧，长债逆风，收益率曲线持续走陡。　　报告期内，产品维持适当的久期与杠杆，获取了平稳的收益。","lastUpdated":"2026-03-09T14:00:24.729Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放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=1457262","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2d0","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000017841,"sao":"三季度中国经济延续温和复苏，PMI持续在荣枯线以下，工业生产保持了增长但增速有所回落。1-8月固定资产投资累计同比增长1.6%，其中房地产投资的拖累依然较大，制造业投资结构分化，汽车制造、通用设备制造投资保持高增长。消费延续扩张，但是增速放缓，8月社零增速同比降至3.4%。出口韧性较强，虽然对美出口下降，但是对东盟和欧盟出口增速强劲。物价方面，CPI和PPI低位运行，反内卷的政策效果仍需观察。货币政策方面，央行通过买断式回购、公开市场操作和MLF续作的方式向市场投放了中短期流动性，银行间资金利率稳中有降。三季度基本面和资金面对债券市场形成一定支撑，但风险偏好抬升，供给压力集中释放两个结构性利空形成市场交易的主线，收益率震荡向上，中短端受益于资金面的支撑，表现好于长端和超长端。具体来看，1年国债上行3bp至1.37%，3年国债上行12bp至1.52%，5年国债上行9bp至1.60%，10年国债上行22bp至1.86%，30年国债上行40bp至2.25%。信用债的票息优势得以显现，以中短期票据为例，1年AAA信用债上行7bp至1.77%，3年AAA信用债上行20bp至2.01%，5年AAA信用债上行29bp至2.20%。　　报告期内，产品降低了久期中枢和杠杆水平，并根据市场行情的变化，积极参与波段交易。","lastUpdated":"2026-03-09T14:00:24.727Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2cf","date":"2025-06-29T16:00:00.000Z","stockId":3000000017841,"sao":"上半年，债券市场整体呈现波动较大，收益率曲线平坦化的特征，债券收益率呈现先上后下的走势。1月-3月上旬，央行流动性投放相对谨慎、资金面偏紧，叠加风险偏好回升压制债市，债券收益率整体上行，3月中旬，10年期国债收益率一度冲击1.9%，央行加大流动性投放力度，资金面边际好转，叠加权益市场调整，债市逐步企稳修复，4月-6月，中美开启关税拉锯战，经济高频数据偏弱，央行宣布降准、降息等一系列货币政策，资金面均衡偏松，债券收益震荡下行。整体来看，上半年，利率债方面，1-5年国开上行 25BP左右，10 年国开上行6BP；信用债方面，以短融中票为例，AAA 品种 1年期上行1BP ，3-5年期上行8BP 左右，AA和 AA+品种 1 年期下行 7BP 左右，3-5 年期下行 1BP 左右。　　报告期内，产品维持适当的久期，获取了较好的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.723Z","mo":"展望后市，我们依旧比较看好债券资产的长期配置价值。上半年在财政政策的提前发力以及贸易形势变化的推动下，经济基本面数据有所改善，但是我国经济供需结构不匹配的特征依旧较为明显，由于流动性带来的风险偏好持续改善也需要时间去验证。从中长期视角观察，广谱利率仍处于下行通道，我国当前实际利率偏高，需要进一步降低广谱利率和政策利率，以支持经济增长，具体的货币政策宽松的节奏则取决于外部环境和内部经济修复的进度，因此，我们认为经济基本面和货币政策依旧对债市具有支撑。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放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=1348564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2ce","date":"2025-03-30T16:00:00.000Z","stockId":3000000017841,"sao":"一季度影响债市的核心因素是资金面和风险偏好，债券收益率呈现震荡上行走势。1-2月，央行流动性投放相对谨慎、资金价格较高，叠加权益市场回暖，债券收益率整体上行，且波动加大，3月中上旬，存单价格维持高位，政府工作报告公布，经济增长目标和财政发力基本符合预期，叠加两会对消费、科技的有关提法，使得风险偏好回升压制债市，债券收益率向上调整，10年国债活跃券收益率一度触及1.90%。3月下旬，央行加大流动性投放力度，资金面边际好转，叠加权益市场调整，债市呈现企稳修复态势，10年国债活跃券收益率震荡下行至1.8%附近。整体来看，季度内，收益率曲线平坦化上移，利率债方面，1年国开上行44BP，3-5年国开上行29BP左右，10年国开上行11BP；信用债方面，以短融中票为例，AAA品种1-5年期上行26BP左右，AAA和AA+品种1年期上行20BP左右，3-5年期上行17BP左右。　　季度内，产品维持中性的久期，并增加利率债波段操作，获取了较好的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.721Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2cd","date":"2024-12-30T16:00:00.000Z","stockId":3000000017841,"sao":"2024年，经济呈现出缓慢修复的态势，分季度看，一季度经济增速较高，同比增长5.3%；一季度后，在消费增速放缓、投资增速增长乏力、地产压力尚未大幅缓解等因素的共同作用下，经济增速有所放缓，二季度经济增长为4.7%，三季度经济增长为4.6%；9月底，中央政治局会议对经济工作进行提前讨论，经济刺激政策连续发力，推动四季度经济增长为5.4%，最终实现了全年5%的GDP增速目标。货币政策方面，央行全年进行两次降准两次降息操作，并通过国债买卖和买断式逆回购操作投放流动性，资金面整体宽松。全年债券收益率呈现震荡下行的走势，并创历史新低，具体可以分为3个阶段：（1）1-9月下旬：在资金面宽松、权益市场表现偏弱、资产荒等因素的驱动下，债券收益率整体震荡下行；（2）9月底-11月中旬：9月底债市在市场风险偏好回升以及资管产品赎回潮等因素的影响下，收益率大幅回调，随后，股市表现和政策预期成为市场主线，债券收益率宽幅震荡；（3）11月下旬-12月：特殊再融资债集中发行，央行呵护流动性，市场承接力较好，货币宽松预期引发非银机构等抢跑利率债，债券收益率大幅下行。　　年内，产品维持中性的久期，持续调整优化组合结构，获取了较好的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.718Z","mo":"2025年，我们认为国内在财政投资和消费补贴上将持续发力，地产或仍为拖累项，基建可能依旧是发力的关键，但海外方面，特朗普上台后的贸易战冲击仍存不确定性，出口或将面临较大压力，2025 年基本面走弱趋势可能放缓但难有很大起色，货币政策预计维持“适度宽松”的基调，化债背景下，“资产荒”的格局或将延续，债券资产仍然具有较好的配置价值。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放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=1255828","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2cc","date":"2024-09-29T16:00:00.000Z","stockId":3000000017841,"sao":"三季度债市整体大幅震荡，7月初到8月中旬，海外经济数据弱化令汇率走强，央行进行了公开市场操作等一系列利率的调整，也将公开市场7天期逆回购操作方式调整为固定利率数量招标，在货币政策支撑和基本面的带动下，各期限利率都出现显著的下行。进入8月下旬，央行开始提示长债收益率下行过快带来的风险并进行了收益率曲线控制的操作，收益率在下行后进入阶段性的调整。进入9月，长债收益率重回下行趋势，在降息的预期下快速走低，但信用债收益率并未跟随利率债收益率下行，信用利差走扩。9月下旬央行发布会议公布降息及降准操作计划，收益率创下年内低点后，随着股票市场快速拉升出现急剧的反弹。报告期内，基金主要使用金融债的投资策略，在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.715Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176237","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2cb","date":"2024-06-29T16:00:00.000Z","stockId":3000000017841,"sao":"2024 年上半年，国内经济量稳价弱的现象持续，背后源于供给扩张快于需求恢复，从节奏上看一季度量价背离特征比较明显，进入二季度有逐步收敛的迹象。债市走势方面，春节前降准预期兑现，收益率快速下行，其中长端收益率下行幅度大于短端，利率曲线平坦化。春节后随着权益市场回暖，但LPR超预期调降后收益率再度下行，10年国债创下阶段性新低。3月中旬到5月上旬，市场对金融防风险导向的担忧加强，叠加二季度债券供给放量的预期，债市震荡调整，但随着债券供给预期落空，配置力量推动收益率下行，收益率曲线呈现陡峭化趋势，信用债下行幅度大于利率债，其中城投及银行二永债表现较好，信用利差大多压降至较低水平，利率债方面二季度受政策层的引导和供给预期持续的扰动，短端利率中枢下移，长端利率中枢震荡。　　报告期内，基金在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券，并根据市场走势变化动态调整组合久期，控制市场风险暴露。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.712Z","mo":"展望下半年，经济的主要拉动力预计仍将在于出口与投资，名义增速预计维持修复趋势，幅度取决于政策力度。财政支出加力及外需韧性将是需求端的主要支持因素，国内推动大规模设备更新和消费品以旧换新依会为需求短期带来一定支撑。但物价回升偏慢的状态下，实际利率仍处偏高位置，居民及企业融资意愿改善或难以一蹴而就。从供给端看，在稳增长、稳就业的政策导向下，下半年投资预计维持较高的增速，供给端扩张快于需求端恢复局面仍将持续，实际利率的修复预计仍将依赖于名义利率的下调。在此背景下，债券收益仍存在下行的空间，关注国内外经济运行情况的中期变化，以及金融防风险导向对债市的阶段性影响。","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放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=1147980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2ca","date":"2024-03-30T16:00:00.000Z","stockId":3000000017841,"sao":"一季度债市在配置力量主导叠加供给相较往年减少的情况下，收益率维持去年末以来的下行趋势。分阶段看，春节前在降准预期兑现下收益率快速下行，其中长端收益率下行幅度大于短端，利率曲线平坦化。春节后随着权益市场回暖，债市短暂调整，但LPR超预期调降后收益率再度下行，10年国债突破2.3%创下年内新低。但进入3月中旬央行缩减OMO操作量引发市场对防止资金空转的担忧，叠加二季度债券供给增加的预期，债市再度调整，但随着央行月末加量进行跨月OMO操作，市场对资金紧张预期缓解，短端收益率再度创下年内新低。报告期内，基金主要使用利率债和金融债的投资策略，在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.709Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2c9","date":"2023-12-30T16:00:00.000Z","stockId":3000000017841,"sao":"2023年经济基本面呈现修复趋势，债券市场交易主线围绕经济新旧动能转换展开。全年收益率走势分为上行筑顶回落以及反弹回升再震荡回落两个阶段，阶段内的拐点分别出现在一季度末和四季度中后期。开年生产、消费和投资等主要经济指标全面回升，经济修复的趋势得到确认，债市整体在弱现实强预期的逻辑驱动下走势分化，表现为利率债收益上行及信用债收益的下行，长端债券收益率至3月中收益率筑顶后初现下行。二季度开始主要经济指标大多低于市场预期，其中工业增加值同比见顶回落，房地产投资增速降幅进一步扩大拖累投资增速走弱，出口增速降至负值，融资需求边际下降导致金融数据走弱，都令市场投资者对经济增长修复预期降温，国内需求偏弱，收益率一路震荡下行持续至8月中旬。在8月中旬央行宣布降低MLF操作利率后，10年国债下行至年内最低点，但随后银行间资金面边际收紧、政府债券发行量不断提升及房地产优化政策密集出台，收益率震荡回升，该趋势持续至11月，随后在地方化债政策逐步落地，债券发行高峰渡过以及银行存款利率下调等因素的推动，年末收益率重回下行轨道。 报告期内，基金主要采用金融债投资策略，在严控信用风险的前提下，根据经济增长预期变化及收益率曲线形态变化进行组合久期调整，并在组合久期目标控制下，根据个券利差进行择券。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.706Z","mo":"展望2024年，在年底中央经济工作会议强调坚持稳中求进、以进促稳基调下，GDP增速目标设定预计将偏向积极。在积极的GDP目标下，央行维持偏宽松的货币政策概率较大，同时实体融资需求在居民部门就业和收入预期转弱以及政府债发行量加大的情况下将维持偏弱增长，叠加全球紧缩性货币政策转向预期带来的资本外流及人民币贬值压力缓解，债市收益率中枢预计将继续下移，但空间将相较于2023年收窄。在低利率、发债更趋严格以及资产供给相对不足延续逻辑下，债券的信用利差、期限利差总体将维持低位，各品种信用利差波动及城投再定价区域带来的交易机会将成为组合超额收益的重要来源。","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放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=1060542","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2787fea5b3eb052e2c8","date":"2023-09-29T16:00:00.000Z","stockId":3000000017841,"sao":"三季度债券收益率总体先下后上，7月上旬央行公布的上月金融数据显示居民中长期贷款增长低迷，进入中旬统计局公布的6月和二季度经济数据低于市场预期，叠加市场对政策加码预期逐步减弱，债市做多力量主导，驱动债券收益率震荡下行。7月末中央政治局会议政策定调较为相对积极，市场对后续稳增长政策出台预期升温，一度带动收益率出现短暂调整。但紧接着8月上中旬公布的信贷、通胀和经济数据均低于市场预期，叠加月中央行宣布降息，10年期国债利率快速下行至2.54%的年内低点。但降息落地后，银行间回购利率反而边际回升，加上政府债券发行量不断加码及房地产优化政策密集出台，债市带来利空扰动，10年国债收益率从低位回升至季末2.7%附近位置。报告期内，基金使用利率债及金融债投资策略，根据收益率曲线形态变化及个券利差进行择券，并通过灵活的组合久期暴露策略获取超越基准的收益。　　展望四季度，虽然地产改善仍存在不确定性，但在各项政策逐步落地推动下，全年经济增长目标完成概率较大，因此四季度政策加力的迫切性不高。通胀方面，四季度PPI同比离转正预计仍有一定难度，CPI同比预计维持1%以下的较低水平。银行间资金面方面，四季度央行货币政策预计将维持中性偏松的基调，但受到汇率压力的影响，资金利率波动幅度可能增大。在此背景下，债券收益率预计将继续保持下行的趋势，重点关注外需，商品房销售及政府债供给情况的变化。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:24.703Z","fund":{"_id":3000000017841,"__csrcFundId":12629,"stockCode":"017841","shortName":"方正富邦稳惠3个月定开债券(017841)","masterFundShortName":"方正富邦稳惠3个月定开债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17841,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:42:29.841Z","status":"normal","exchange":"jj","fundCollectionId":4000050670000,"name":"方正富邦稳惠3个月定期开放债券型证券投资基金","inceptionDate":"2023-06-15T16:00:00.000Z","setUpDate":"2023-06-15T16:00:00.000Z","setUpAssetScale":3350021115.72,"setUpShares":3350021115.72,"pinyin":"fzfbwh3gydqkfzqxzqtzjj","managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦稳惠3个月定期开放债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991329","linkType":"PDF","source":"csrc_pdf"}}]}