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债券市场走出了较为明显的熊平走势，资金面的收紧是市场调整最直接最直观的因素，春节前宽松落空，且央行稳汇率和防空转表态坚决，资金面收紧，节后并未出现资金面缓解，延续偏紧，资金利空逐渐由短端向长端传导，带动收益率曲线整体上移；同时，基本面的边际好转亦使得市场抢跑的宽松预期有所修正；Deepseek的横空出世给权益市场带来提振，风险偏好上升亦压制债市表现。三月中旬之后，货币政策立场和监管调控态度转暖，债市呈现修复特征。类属上，信用表现优于利率。报告期内本基金规模回升至正常水平，投资策略的可执行性更高，坚持以中短久期、中高等级信用债为底仓构建投资组合，同时注重利率债交易机会参与。季度内维持中性略低久期、低杠杆或无杠杆进行回撤管控。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.611Z","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=1271974","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f975","date":"2024-12-30T16:00:00.000Z","stockId":3000000018085,"sao":"宏观经济环境：报告期内，全球经济面临多重挑战，包括经济增长动能偏弱、通胀粘性、大选、国际贸易摩擦等，主要央行在年中逐步进入降息周期，美国亦于九月开启降息；国内宏观经济“形有波动，势仍向好”， 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9月底政治局会议提及“要促进房地产市场止跌回稳”，关注居民信心恢复情况以及政策效果持续性。报告期内，政策面积极，累计下调公开市场逆回购利率30bp，其中七月中下旬下调10bp，9月27日下调7天逆回购利率20bp并伴随降准0.5%。 资金面个别时点出现脉冲紧张，资金分层现象较二季度有所恢复。债券市场：报告期内债券市场在降息、央行提示长端利率风险并最终通过自律机制及卖债等方式进一步提示风险、预防性赎回、季度末政策密集出台风险偏好提升及赎回冲击等影响下大幅波动，季度维度在降息降准及央行买短卖长操作推动下国债收益率曲线走出牛陡态势，5年以内下行幅度较大，但走势上出现波动频繁且幅度加大，十年国债波动幅度达25bp，三十年国债则高达38bp。信用息差在八月触及低点后反弹，表现相对弱于利率债。报告期内本基金规模仍较小，操作管理的精细度要求更高，以中短久期、中高等级信用债为底仓构建投资组合，同时注重利率债交易机会参与。季末快速下调组合仓位和久期，并通过逆回购等提高资金使用效率。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.605Z","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=1173432","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f973","date":"2024-06-29T16:00:00.000Z","stockId":3000000018085,"sao":"报告期内，全球经济增长动能偏弱、通胀粘性和国际贸易摩擦等为全球经济增长带来挑战，主要央行于年中逐步进入降息周期，全球大类资产呈现风险偏好修复，美股、大宗商品表现突出，美债利率震荡上行。国内宏观经济“形有波动，势仍向好”， “新质生产力”和出口相关的产业链是主要拉动力，规模以上高技术制造业增加值占比提高，智能绿色新产品表现抢眼，网上零售额和快递业务量显著增长。绿色发展方面，清洁能源生产增长，经济发展的绿色含量提升，体现转型升级的质量；同时内需中房地产投资增速低位徘徊，经济基本面一定程度上受到地产链条的影响，5月房地产调控政策进一步优化，政策效果累积中。政策面：积极的财政政策支持高质量发展，适度加力、提质增效，报告期内特别国债启动发行支持经济；货币政策提到继续推动融资成本稳中有降，保持流动性合理充裕，同时要避免沉淀空转。资金面：报告期内央行运用多种货币政策工具（准备金率、LPR利率调整、公开市场、MLF等）维稳资金面，虽个别时点有收紧，但整体仍中性偏宽松，新的利率走廊正在搭建，有助于降低资金面波动。债券市场：报告期内债市整体表现强劲，超长债整体表现最优，信用息差、期限息差均处低位，节奏上仅4月末出现全曲线回调，其余收益下行为主。一季度市场对于经济增长预期较为悲观，叠加年初降准降息落地、资金宽松等因素，收益率大幅下行。二季度监管开始关注长端风险、地产政策工具频出、供给担忧等，债市出现回调；同时，始于四月初贯穿整个二季度的停止“手工补息”推动资金脱媒，收益率曲线进一步陡峭化，6月半年末资金面平稳，二季度经济数据有所走弱，长端利率再度向下运行突破前期低点。报告期内本基金规模较小，操作管理的精细度要求更高，以中短久期、中高等级信用债为底仓构建投资组合，同时注重利率债交易机会参与。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.602Z","mo":"展望下半年，全球经济增长动能仍有压力，“世界经济复苏动力不足，外部环境的复杂性、严峻性、不确定性上升”，外需或受到影响；我国经济“形有波动，势仍向好”，地产等政策相继推出，但当下仍延续偏弱的格局，政策效果观察期；同时从内需角度来看，依然面临着杠杆乏力的制约，供给强于需求的局面暂时还未有明显化解。政策面角度，年内第三次经济形势专家和企业家座谈会公报提及 “当前影响经济增长的因素较以往更为复杂，经济运行中的困难问题需要下大力气解决”的表述，政策加码加力或为应有之义，财政、货币、行业政策等均有进一步发力可能。资金面，手工补息整改、对资金面影响最大的阶段已经过去，新的利率走廊待运行，流动性合理充裕仍为基准情形，下半年不排除因制约因素减弱资金面有进一步放松概率。债券市场，短期较高的估值叠加监管对长端风险的关注，以及可能的政策加码，对债市有冲击，但从中期看，政策对高质量的诉求不会改变，安全资产荒格局难以扭转，负债端驱动的行情还没有结束，债市有顶。久期策略、杠杆策略仍有效，重视赔率。本基金将继续坚持以中短久期、中高等级信用债为底仓构建投资组合，在组合规模较小信用债投资受限且信用息差较窄的当下，积极参与利率债投资，注重久期策略的收益增厚。","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=1145976","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f972","date":"2024-03-30T16:00:00.000Z","stockId":3000000018085,"sao":"本报告期内，中国经济稳中向好。2024年一季度，中采制造业PMI较2023年底明显回升，2024年3月中采制造业PMI回升至50.8，重返景气区间。2024年1-2月，规模以上工业企业利润同比增长10.2%，延续了回暖态势。地产销售持续下滑，需求不足的问题依然存在。 2024年1-2月，社会消费品零售总额同比增长5.5%，维持增长趋势，其中餐饮、旅游表现亮眼。整体看，2024年一季度，中国经济维持了稳健增长的态势。政策方面，本报告期内，财政政策更加积极，政府工作报告指出，未来拟连续几年发行超长期特别国债，专项用于国家重大战略实施和重点领域安全能力建设，货币政策精准有效，维护流动性合理充裕。地产政策继续优化。本报告期内，债券收益率震荡下行，收益率曲线平坦化。具体看，10年国债下行27bp，10年国开下行27bp，3年AAA中票下行21bp，5年AAA中票下行31bp，3年AA+中票下行21bp，5年AA+中票下行35bp。本报告期内，本基金根据市场预判和基金规模变化，优化了组合结构，维持了适当的久期和杠杆。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.599Z","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=1070120","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f971","date":"2023-12-30T16:00:00.000Z","stockId":3000000018085,"sao":"本报告期内，中国经济面临着复杂的内外部环境。海外方面，美国经济表现出较强的韧性，通胀前高后低，美联储加息进入尾声。国内方面，2023年中国GDP同比增长5.2%，中采制造业PMI全年在50左右窄幅波动。整体看，中国经济维持了弱复苏的格局，但有效需求不足的问题依然存在。2023年疫后消费稳步复苏，节假日旅游行情火爆，地产销售一季度明显回暖，二季度后有所回落，基建方面，在积极财政政策的支持下，全年维持了相对平稳的增速，对经济起到了托底的作用。政策方面，本报告期内，货币政策与财政政策均更加积极有为。货币政策精准有效，通过两次降息、两次降准，降低了融资成本，维护流动性合理充裕，并通过PSL等操作，助力稳增长。财政方面，增发一万亿国债支持灾后恢复重建，对投资起到了积极的拉动作用。本报告期内，债券收益率大幅下行，信用利差明显压缩。具体看，10年国债下行28bp，10年国开下行31bp，3年AAA中票下行46bp，5年AAA中票下行56bp，3年AA+中票下行72bp，5年AA+中票下行74bp。本报告期内，本基金根据基金特性和流动性预判，配置了优质的中高等级信用债，并灵活调整组合久期和杠杆。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.597Z","mo":"展望2024年，中国经济有望延续平稳复苏的格局。随着三大工程等政策的落地，地产竣工有望持续恢复，PSL重启将对地产和基建投资形成有效支撑，居民消费信心逐步恢复，消费潜力继续释放。整体看，2024年中国经济有望保持稳中向好的态势，财政政策和货币政策发挥协同效力，助力经济持续增长。对债券市场而言，在经济基本面表现平稳，流动性维持合理充裕的背景下，中短端利率仍有下行空间，长端利率受政策和基本面扰动的影响预计将围绕政策利率中枢上下波动。策略上，2024年本基金将继续根据行情演绎，不断优化组合结构，择机参与利率债交易。","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=1052663","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f970","date":"2023-09-29T16:00:00.000Z","stockId":3000000018085,"sao":"本报告期内，中国经济面临着复杂的内外部环境。海外方面，美国经济表现出较强的韧性。制造业方面，ISM制造业PMI较2023年二季度明显抬升。服务业继续表现强势，ISM非制造业PMI维持在景气度之上，消费者信心指数较2023年二季度有所回升。通胀方面，2023年三季度美国CPI同比回落至4%以下，通胀从高位回落，但仍明显高于联储目标。国内方面，稳增长政策不断加码，经济呈现底部复苏格局。具体看，2023年9月中采制造业PMI回升至50.2，2023年8月规模以上工业企业利润同比增长17.2%。地产方面，多城市限购限贷政策有所放松，地产销售出现边际好转迹象。消费方面，个税专项抵扣有所抬升、存量房贷利率下调，提升可支配收入，释放消费需求，节假日旅游消费火爆。政策方面，本报告期内，财政政策更加积极，减税降费继续加码，货币政策精准有力，并通过降息等方式降低实体融资成本。地产政策有所调整，存量房贷利率普遍下调，提前还贷现象明显好转。一系列政策组合拳陆续推出，为经济企稳保驾护航。本报告期内，债券利率跟随基本面和资金面变化先下后上，整体看维持震荡格局。具体看，10年国债上行4bp，10年国开下行3bp，3年AAA中票上行9bp，5年AAA中票上行2bp，3年AA+中票上行7bp，5年AA+中票上行5bp。本报告期内，本基金根据市场预判和流动性特性，灵活调整了组合久期和结构。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.594Z","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=988560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2977fea5b3eb052f96f","date":"2023-06-29T16:00:00.000Z","stockId":3000000018085,"sao":"2023年上半年，中国经济面临着复杂的内外部环境。海外方面，疫情期间欧美央行采取了超宽松的货币政策和财政政策，叠加俄乌冲突后，全球供应链冲击加剧，海外通胀持续高企，美联储、欧央行均转向紧缩的货币政策。在连续加息的背景下，美国和欧元区通胀压力有所缓和，但经济也受到紧缩货币政策影响出现分化，制造业下滑态势明显，服务业表现出较强的韧性。美国方面，以Open AI为代表的科技企业引领了一场人工智能的新浪潮，纳斯达克指数2023年上半年涨幅高达31.73%，股市的财富效应也带动了居民可支配收入的增长，对消费和服务业就业起到了积极的支撑作用，美国经济软着陆的可能性有所增加。国内方面，2023年上半年，中国经济平稳运行。疫后消费稳步复苏，节假日旅游行情火爆，累积的消费需求正在逐步释放。房地产领域，一季度销售明显回暖，二季度有所回落，目前销售与投资均面临一定的下滑压力。基建领域，增速相对平稳，对经济起到了一定的托底作用。整体看，2023年上半年，中国经济表现平稳，但仍面临着内生增长动能不足的问题。政策方面，2023年上半年，积极的财政政策加力提效，货币政策精准有力，为实体经济复苏保驾护航。本报告期内，在经济基本面和资金面的支持下，债券收益率震荡下行。具体看，10年国债下行20bp，10年国开下行22bp，3年AAA中票下行39bp，5年AAA中票下行44bp，3年AA+中票下行53bp，5年AA+中票下行54bp。本报告期内，本基金根据基金阶段性的流动性特点，配置了部分期限相对匹配的优质信用债，并维持了适度的久期。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:00:55.591Z","mo":"展望2023年下半年，在积极财政政策和货币政策的协同发力下，中国经济有望边际改善。一系列稳增长政策有望出台，积极的财政政策加力提效，专项债等工具有望加速推进，提振基建投资。但考虑到经济可持续发展的长远目标，预计稳增长政策的力度相对有限。消费方面，随着经济复苏，居民收入预期有望改善，消费将持续恢复。房地产方面，保交楼继续推进，地产竣工有望改善。货币政策方面，预计将维持稳健灵活，积极配合财政和产业政策，保持流动性合理充裕。债券市场方面，受到基本面边际企稳回升影响，利率下行空间有限，但考虑到经济复苏的斜率有限，且货币政策精准有力的态度并未改变，流动性仍将保持充裕，债券市场低利率环境仍有支撑，阶段性的利率上行将成为良好的加仓时机。","fund":{"_id":3000000018085,"__csrcFundId":12537,"stockCode":"018085","shortName":"汇添富稳合4个月持有债券A","masterFundShortName":"汇添富稳合4个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18085,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:41.502Z","status":"normal","exchange":"jj","fundCollectionId":4000050460000,"name":"汇添富稳合4个月持有期债券型证券投资基金","inceptionDate":"2023-04-24T16:00:00.000Z","setUpDate":"2023-04-24T16:00:00.000Z","setUpAssetScale":164784449.62,"setUpShares":164784449.62,"pinyin":"htfwh4gycyqzqxzqtzjj","followedNum":1,"managers":[{"stockCode":"8801375887","stockType":"fund_manager","exchange":"fm","tickerId":1214130050,"name":"刘宁"}]},"announcement":{"linkText":"汇添富稳合4个月持有期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=963168","linkType":"PDF","source":"csrc_pdf"}}]}