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，中央经济工作会议的定调符合市场预期，货币政策例会传递信号偏中性，中旬以后年末配置行为推动短端利率下行，长端利率震荡，超长端受供需关系扰动整体上行。组合操作以信用策略为主，报告期内组合在中性久期附近摆布，通过信用底仓获得票息收益，阶段性开展利率波动操作。展望后市，国内经济K型分化，全年基本面“内需相对温和、出口偏强”格局预计仍将延续，需密切关注房地产市场止跌回稳、中美关系变化及出口情况。货币政策将保持适度宽松，利率预计呈区间震荡格局。整体看，一季度基本面、政策面和机构行为对债市偏逆风，年初权益市场“春季躁动”、信贷开门红、政府债发行前置与春节错位推升通胀等预期或可能对债券市场产生一定的影响，关注货币政策对冲情况。组合采取中性久期，以票息策略为主，择机参与波段交易。","lastUpdated":"2026-03-09T13:30:15.405Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=1454900","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d40","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008170,"sao":"2025年三季度经济运行节奏平稳，宏观调控力度加大，货币政策适度宽松，风险偏好有所回升，债券收益率整体震荡上行。7月“反内卷”相关政策逐步实施，商品、权益市场交易价格回升预期。市场风险偏好提升影响下，债市在通胀预期抬升和风险偏好影响下，收益率震荡上行，十年国债收益率从1.64%上行至1.72%，三十年国债收益率从1.85%上行至1.92%。8月，权益市场快速上涨，上证指数向上突破3800点，受风险偏好影响，债券收益率继续上行，十年国债收益率从1.72%上行至1.78%，三十年国债收益率从1.92%上行至2.02%。9月，市场在经济数据、季末扰动、央行呵护、债基赎回担忧，股债跷板等多空因素下偏弱震荡，十年国债收益率上行0.3BP至1.783%，三十年国债收益率大幅上行11.2BP至2.13%。报告期内，组合精选中高等级信用债作为底仓配置，辅以利率债波段交易。四季度组合仍将以票息策略为主，适度参与利率波段交易。展望四季度，宏观经济有望保持温和增长态势，货币政策延续“适度宽松”基调，流动性维持均衡状态。往后需要关注下列因素：一是实现全年经济增长目标约束下稳增长财政、货币政策出台情况；二是权益资产风险偏好变化对债市的扰动；三是高息存款到期后银行负债成本变化及银行自营和保险等配置盘等机构行为的边际变化。","lastUpdated":"2026-03-09T13:30:15.401Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=1373769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d3f","date":"2025-06-29T16:00:00.000Z","stockId":3000000008170,"sao":"2025年上半年，债券市场整体呈现区间震荡格局，市场主线围绕资金面和风险偏好展开。一季度债市走势偏弱，主因是资金面和风险偏好均逆风。一季度资金面紧平衡。去年末市场对较为乐观的货币政策过于乐观，开年经济增长平稳，央行对市场的一致预期进行纠偏。Deepseek引发AI+浪潮，A股和港股科技板块表现强势，股债跷跷板效应压制债市情绪。二季度风险偏好和资金面均迎来边际变化，债市迎来修复行情。4月初中美对等升级关税，避险情绪提振债市。5月中美经贸高层会谈成重要共识，超出市场预期。此后贸易摩擦对债市影响逐渐淡化，资金面重回主导。5月初降准降息超出预期落地后，资金面显著转松，跨半年末资金平稳，债券收益率震荡下行。策略方面，组合精选中高等级信用债作为底仓配置，辅以利率债波段交易。下半年组合将以票息策略为主，适度参与利率波段交易。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.398Z","mo":"近期“反内卷”、雅鲁藏布江1.5万亿水电站等政策预期提振风险偏好，叠加外部环境转暖，商品期货、权益市场有所走强，债券迎来一定幅度调整。但我们认为，央行对于流动性仍然呵护，利率上行空间受限。市场对基本面判断未根本改变，“反内卷”带来的“再通胀”预期有别于需求驱动的物价上涨，持续性仍需进一步观察。","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=1340618","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d3e","date":"2025-03-30T16:00:00.000Z","stockId":3000000008170,"sao":"2025年一季度，债券收益率整体震荡上行。1月，监管趋紧、资金面收敛使得机构博弈资本利得的逻辑受阻，负carry环境下短端品种出现明显调整压力，长端下行幅度放缓，收益率曲线平坦化。2月，Deepseek引发中国资产重估，风险偏好大幅回升，叠加资金面紧势超预期，债市做多逻辑松动，短端利率大幅上行并传导至长端，收益率曲线平坦化上移。3月，债市受到宽货币预期和风险偏好影响先跌后涨。全季来看，1年国债到期收益率由1.02%最高上行至1.59%，季末回落至1.53%；10年国债到期收益率由1.60%低位最高上行至1.90%，季末回落至1.81%，曲线平坦化上移。报告期内，组合精选中高等级信用债作为底仓配置，辅以利率债波段交易。二季度组合将以票息策略为主，适度参与利率波段交易。展望后市，基本面、流动性及机构配置行为对债市较友好，债市或存在配置机会。一是，调整后债券估值性价比有所回升；二是，预计资金面均衡宽松，理财规模季节性扩张，债市配置力量较强；三是，外部压力有所加大，关税政策或对总需求造成影响。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.395Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdat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定，自营和理财等机构配置需求仍在，四季度出现去年11-12月债市负反馈和赎回潮的概率较低。整体看，债市行情未逆转但利空扰动增多。\t组合操作上，保持灵活久期、适度杠杆，持续加强组合流动性管理。经历债市调整后，当前信用利差显示信用债整体具备一定的配置价值。同时，如遇流动性环境和政策预期变化等，可择机进行利率债等波段操作，力争增厚组合收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.379Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=987444","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d37","date":"2023-06-29T16:00:00.000Z","stockId":3000000008170,"sao":"2023年上半年债市收益率震荡下行，信用表现强于利率，10年国债收益率在2.64%-2.93%区间波动，信用利差较年初大幅压缩。具体来看，1月在疫后经济快速修复背景下，债市承压，10年国债收益率一路震荡上行至年内高点2.93%；2月至3月经济修复边际放缓叠加政策力度低于预期，收益率趋于震荡下行，10年国债收益率震荡下行至2.85%附近；4月至6月，随着一季度信贷冲量结束，二季度信贷需求明显减弱，同时基本面下行压力持续加大，叠加银行存款利率新一轮调降引发降息预期，多重利好驱动债市走强。6月中旬降息落地，10年国债收益率一度创出年内新低2.62%。随后在止盈盘压力和政策刺激预期下，市场小幅调整，10年国债收益率回到2.65%-2.7%区间震荡。信用债方面，由于去年底理财赎回冲击影响，年初信用利差处于历史高位，票息价值显著，同时机构对于利率债普遍谨慎。随着理财规模趋于稳定，配置力量驱动信用利差在一季度快速压缩；二季度受理财规模恢复、信贷滑坡以及信用债供给收缩影响，“资产荒”再现，信用债配置力量仍强，驱动收益率继续下行。报告期内组合精选信用品种作为底仓，维持中等杠杆水平，结合市场对经济复苏和政策的预期变化对久期做灵活调整。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.376Z","mo":"展望后市，宏观经济弱修复格局不变，市场主要围绕政策预期博弈。三季度随着政治局会议对于政策的定调更偏积极，市场预期有所转强，风险偏好可能有所修复。但当前地产销售和投资未见起色，经济内生需求不足的核心矛盾尚未解决。信贷投放趋缓叠加资产荒环境，银行等机构对债券资产的配置需求仍较强。货币政策维护资金面稳定的态度未变，DR007将继续围绕政策利率波动。同时银行存款利率压降的长期趋势不变。下半年债市整体仍处于较为友好的环境，但在估值偏贵背景下，市场波动可能较上半年有所加大。组合操作上，保持中性久期，优化持仓结构，灵活操作。当前中高等级信用债仍有配置价值，在债市基本盘未变的情况下，部分期限品种信用利差仍有压缩空间。同时，面对实际流动性环境和预期扰动，加强组合流动性管理，保持适度杠杆。","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=962592","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d36","date":"2023-03-30T16:00:00.000Z","stockId":3000000008170,"sao":"2023年一季度，利率债市场在经济修复、资金趋紧背景下出现一定回调。短端调整幅度大于长端，曲线熊平。与此同时，信用债市场走出独立行情，信用利差持续压缩，表现明显强于利率债。具体来看，1月在疫情快速达峰后经济恢复动能较强，同时专项债、地产放松政策继续加码，信贷投放靠前发力，债市在“强预期”下明显调整；2月经济复苏力度未超预期，“弱现实、强预期”剪刀差收敛，长端利率开启横盘震荡。短端利率由于春节后资金面超预期收敛，资金利率中枢抬升，跟随存单利率出现大幅上行，曲线熊平；3月在央行降准及公开市场投放呵护下，资金面回归平稳。两会政策目标未超预期，市场对经济强预期下修，叠加海外爆出银行风险事件，避险情绪升温，利率债收益率企稳回落。信用债由于去年末理财赎回负反馈冲击，出现明显超调。随着理财规模企稳反弹，一季度走出独立“小牛市”行情，信用利差大幅压缩。展望后市，当前基本面修复方向明确，无风险利率下行空间有限，后续需要持续关注宽信用和宽货币的节奏力度。策略上以票息策略为主。货币政策的总基调仍是“精准有力”、“引导市场利率围绕政策利率波动”，流动性整体仍充裕。央行降准也有助于平抑资金面波动。在资金面预期稳定背景下，当前信用债的套息保护空间仍然较足。随着理财产品净值持续走高，理财产品破净率延续下行趋势，存量理财被赎回的压力或在下降。年初以来封闭式理财、混合估值类理财产品等新发银行理财数量规模稳步提升。全年银行理财规模有望延续小幅增长，未来债券配置力量仍强。组合操作上，以票息策略为主，保持中性久期，灵活操作。随着理财规模逐渐趋稳，机构刚性配置需求仍大，预计信用债市场利差压缩行情仍将延续。组合重点关注短久期中高等级信用资产的票息价值。保持适度杠杆，持续优化持仓结构。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.373Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添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=887495","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d35","date":"2022-12-30T16:00:00.000Z","stockId":3000000008170,"sao":"2022年债券市场走势一波三折，利率信用行情分化显著。上半年长端利率震荡，10年国债收益率在2.65-2.85%区间波动。市场主要围绕经济复苏预期、稳增长政策力度和疫情反复博弈。在降息降准等宽松货币政策支持下短端表现优于长端。7、8月利率在基本面恢复动能放缓、央行超预期降息背景下再度下行，10年国债收益率创下年内低点2.58%。随后利率在9、10月再度转为震荡，直至11月地产及防疫政策出现明显转向，造成债市剧烈调整。10年国债收益率在两个交易日内上行14bp，并在此后的理财赎回冲击下于12月上行至年内高点2.93%，直到12月中下旬才企稳回落。信用债方面，前三季度在流动性充裕的“资产荒”背景下市场走出牛市行情，收益率及信用利差持续下行至历史低位。但在11、12月受到预期转向和机构行为的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“2022年稳经济”“以稳为主”。同时央行也宣布了年底第二次降准。宽信用稳经济的政策方向确定，但在抓手有限的情况下如何实现仍有待观察。但从历史经验来看，宽信用都伴随着宽货币的配合，且宽货币到宽信用效果显现通常有时滞，这也是年底最后一波行情演绎的逻辑。整体来看，2021年全年从高点至年末低点10Y国开下行70BP，10Y国债下行60BP左右，全年走出小牛行情。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.360Z","mo":"2022年的债券走势最重要的一个指导方向即中央经济工作会议的定调，“稳经济”，“稳字当头、稳中求进”即为今年全年的总基调。面对会议中提出的“三重压力”：需求收缩，供给冲击，预期转弱”，如何去化解这些压力，是今年稳经济、宽信用的重点，也是债券走势的关键。目前宽货币政策已率先落地，12月降准过后，1月份央行又进行了降息操作，分别降低OMO及MLF利率10BP,降息的动作与时间与市场预期基本符合，但降息幅度略超市场预期，也体现了央行宽货币决策的果断和坚决。央行在金融数据解读的新闻发布会上的表态，也再次表明了目前经济下行压力非常大，经济活力不足，宽货币政策可能还会有进一步的空间，我们认为在这样的宏观环境背景下，货币政策短期没有转向的条件，持续宽松的态势至少会维持到宽信用初见成效；其次，虽然现在政策方向非常明确，要稳经济，宽信用，但目前仍然是缺乏有利的抓手，“房住不炒”、“隐债不增”的底线我们认为政策仍会要坚持，1季度民企房产仍有大量到期债务，压力仍较大，需求端是否能改善，还需要进一步观察，开发贷、房贷会有所放松，但是对于房企来说原来的高杠杆高周转模式必将逐步终结的，能否看到新增投资有待观察，所以短期来看对于债券市场整体环境仍相对友好。中长期来看，宽信用的方向是确定的，但宽信用的抓手仍有待观察，我们觉得可以通过观察央行再贷款的投放方向，来观察宽信用的方向，所以当宽信用的效果真实显现时，债券市场的核心逻辑走势预计将从“宽货币”转向“宽信用”，届时债券市场将面临一定的调整压力。但随着宏观杠杆率的升高，潜在经济增速处于长期下行的过程中，对应收益率中枢也处于一个长期下行的过程中，所以对于债券的调整我们认为大概率是有顶的，收益率高点会随着每一轮的收益率下行而下移。","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添纯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=709591","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d30","date":"2021-09-29T16:00:00.000Z","stockId":3000000008170,"sao":"三季度，7月份全面降准之后，长端收益率快速下行，央行货币政策坚持量足价稳的货币政策，使得短端资金利率相对稳定，下行有限，收益率曲线走平。经济基本面方面，青年失业率仍处于相对高位，居民收入恢复缓慢，以及疫情散点频发对消费抑制明显，“能耗双控”政策，以及缺煤限电的现状使得制造业发力受阻，房地产政策上“房住不炒”的大方向不会改变，唯有出口数据尚可，但独木难支，整个3季度基本面对债市较为友好。从收益率来看，3季度10Y国债下行20BP左右至2.87%，10Y国开下行30BP左右至3.2%。展望四季度，出口仍有一定韧性，但增速逐步回落是大概率事件，房地产企业的风险爆发可能会使得贷款政策边际放松，但“房住不炒”的定力不会松动，政策可能会被倒逼从“紧信用”转为“稳信用”；货币政策方面，预计仍将保持“以我为主”的量足价稳的货币政策；前期收益率下行过多过快，目前收益率水平处于历史相对低位，赔率较低，四季度供给放量，通胀压力上升，以及市场对政策预期的边际转变等因素使得利率短期有调整压力，但经济基本面及货币政策的支撑，预计收益率调整空间也有限。组合操作方面，组合仍以短久期高等级信用债为主，严控信用风险，长端调整后视市场情况参与波段操作。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.357Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添纯债债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d2f","date":"2021-06-29T16:00:00.000Z","stockId":3000000008170,"sao":"上半年，政策主线以“紧信用+宽货币”的组合政策定调，货币政策整体以“稳”为主，经济基本面持续修复，但斜率放缓，全球经济修复错位导致原材料供需失衡，大宗商品上涨推升PPI走高，但因居民收入并未恢复至疫情前水平，尤其中低收入人群，PPI难以传导至CPI，且食品项中猪价持续回落，上半年通胀整体较为温和，地方债发行后滞，银行间市场资金形成堰塞湖效应，债券市场整体震荡下行。从收益率来看，整个上半年10Y国债下行6BP至3.08%，10Y国开下行9BP至3.49%。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.355Z","mo":"展望下半年，从基本面看，地产投资及销售短期仍有偏强表现，但新开工偏弱，后续受融资政策及放贷速度缓慢的影响，房地产投资韧性存疑；消费方面，总失业率恢复至疫情前水平，但中低收入人群收入并未完全恢复，青年失业率仍较高，消费恢复预计缓慢；出口方面，中美经济修复错位，下半年随着欧美疫苗接种率提高，经济预计将进入快速修复阶段，出口将受到一定影响有所回落。整体来看，基本面短期有一定韧性，但后续将面临一定回落的压力。通胀方面，猪价下跌的拖累以及非食品缓慢修复的格局仍将延续，整体CPI的抬升预计相对温和。流动性方面，央行二季度以来反复重申货币政策“稳字当头”且“以我为主”， 7月份超预期的全面降准，打消了市场对于后续流动性收紧的担忧。此次降准也可看出，经济修复的不充分和不平衡，中小企业修复仍较缓慢，央行希望通过此次降准进一步引导企业融资成本的降低。下半年仍有大量MLF到期，地方债发行提速，若消费修复缓慢，出口回落较快，在如今的政策基调下，资金面大概率不会系统性收紧，资金利率在偏宽松货币政策呵护下，将维持稳定或略有下行。组合策略上以高等级短久期信用为主，严控信用风险的前提下提高组合静态，辅佐长端利率波段增厚收益。","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添纯债债券型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d2e","stockId":3000000008170,"sao":"年初以来，国内外经济的修复走势与市场预期基本吻合，“就地过年”的因素使得消费受到一定的影响，但生产复工相对往年更快速，制造业整体恢复较强。一季度大宗商品持续上涨，PPI走高，主要还是供需失衡错配导致的，但CPI整体仍较温和，预计对货币政策不会形成制约，且大多数情况下央行会真实看到通胀起来才有可能收紧，有一定的滞后性。一季度整个大类资产波动的背后逻辑主要是对流动性预期的来回切换，利率债整体走势先上后下，整体处在一个区间震荡，短端相对长端波动小一些。10Y国开季末收益率为3.57%与年初几乎一致，10Y国债季末收益率为3.19%，较年初小幅上行1bp;1Y存单收益率在1月份货币政策边际收紧上行后，整个一季度都处于一个相对高位，也表明市场对货币政策进一步放松预期较小，我们预计今年全年货币政策将以稳为主。2季度经济拐点可能出现，利率收益率若有较为充分的调整，则会有一定机会出现，届时将择机拉长久期通过波段操作增厚收益，在此之前，组合仍将以短久期为主。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.352Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添纯债债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572762","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d2d","stockId":3000000008170,"sao":"2020年全年的经济及市场走势都紧紧围绕着“新冠疫情”在演变，1-4月份是疫情最严重的阶段，先是国内爆发，随后是海外高速增长，全球经济被迫按下暂停键，全球货币政策为应对疫情都实施了非常态化的极度宽松的货币政策，债券收益率快速大幅下行；2季度，国内经济率先重启恢复，政策逐渐转向宽信用，防控转，债券市场进入了牛熊转换阶段；3季度，政策常态化，货币政策边际转向，从极度宽松转为常态化宽松，经济持续复苏，债券收益率上行，尤其短端上行快于长端，收益率曲线走向熊平；四季度，“永煤”事件的突然使得信用市场风险偏好减小，收益率进一步调整，央行为维稳市场超量投放MLF，呵护资金面，收益率转头向下，货币政策的边际放松为市场带来了一定的交易性行情。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.349Z","mo":"展望2021年，经济大概率回归潜在增速，宏观政策虽“不急转弯”，但重心大概率将从稳增长转向防风险，货币政策大概率将以紧平衡为主，今年债券市场的机会是调整出来的，调的越多，机会越大，收益率不调整，交易机会也相对较小。组合策略上以高等级短久期信用为主，严控信用风险的前提下提高组合静态。","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"db20162698","stockType":"fund_manager","exchange":"fm","tickerId":142510182680,"name":"倪玉娟"}]},"announcement":{"linkText":"博时富添纯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=557440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb677fea5b3eb04b4d2c","stockId":3000000008170,"sao":"三季度，债券市场收益率整体震荡上行。10Y国债9月末相较6月初上行了30BP至3.15%，10Y国开上行了70BP至3.72%，从历史上看，本轮调整幅度已不小，但从目前市场情况来看，债市短期预计还将延续震荡行情，收益率易上难下。一方面，中国是全球最早从疫情中走出来的主要经济体，同时中美关系的动荡加剧也对国内金融稳定构成风险，央行通过约束杠杆来控制国内金融体系风险，同时也给未来可能出现的各种波动留下政策余地。因此央行主导货币政策正常化的趋势明确，从前期过度宽松的基调上边际收紧是确定的，这一基调是慢变量，在中期内都会持续，这封住了收益率下行的空间。另一方面，目前基本面修复的基础依旧不稳固，降低企业融资成本依然是政策的核心诉求，货币政策也不具备实质性收紧的基本面基础。货币政策的边际趋紧是短期的主要矛盾，而引导融资成本下行则是中长期的政策诉求，因此短期内债市震荡格局下收益率易上难下。再次，5月以来，货币政策回归常态引导存单收益率上行，更重要的是对结构性存款的强力压降冲击了商业银行的负债端，存单供求关系恶化，也限制了利率下行的空间。但随着收益率的上行，配置价值也会逐步凸显，但趋势逆转还有待观察。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:30:15.347Z","fund":{"_id":3000000008170,"__csrcFundId":6824,"stockCode":"008170","shortName":"博时富添纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8170,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:48.048Z","status":"normal","inceptionDate":"2019-11-19T16:00:00.000Z","name":"博时富添纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富添纯债债券","pinyin":"bsftczzqxzqtzjj","managers":[{"stockCode":"d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