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配置的风险权重明显上升。季度初期，股票资产风险处于较低水平，债券资产则由于去年底收益率快速下行导致风险上升明显。叠加经济基本面的企稳和技术升级带来的情绪升温，股债表现差异较大。同时，在不同时间维度的平衡对债券来说愈加重要，货币政策规则的调整也值得重视。具体到组合上，本基金根据战术资产配置，债券方面保持了中性偏长组合久期，适当阶段性灵活调整组合久期。未来我们将继续在控制好风险的前提下努力提升基金的投资收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.950Z","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642","masterFundShortName":"金鹰添福纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18642,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.566Z","status":"normal","exchange":"jj","shortName":"金鹰添福纯债债券A","fundCollectionId":4000050200000,"inceptionDate":"2023-09-24T16:00:00.000Z","name":"金鹰添福纯债债券型证券投资基金","setUpDate":"2023-09-24T16:00:00.000Z","setUpAssetScale":3416430325.66,"setUpShares":3416430325.66,"pinyin":"jytfczzqxzqtzjj","managers":[{"stockCode":"db20070959","stockType":"fund_manager","exchange":"fm","tickerId":230826100250,"name":"王怀震"}]},"announcement":{"linkText":"金鹰添福纯债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=1274331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb05332aa","date":"2024-12-30T16:00:00.000Z","stockId":3000000018642,"sao":"2024年，经济转型与短期稳定目标再平衡。上半年，政策继续强调高质量发展与新质生产力，金融政策着重结构性政策，经济转型目标仍排在首位，短期经济需求不足的问题较为突出，财政收支预算达标压力上升。随着短期经济增长压力不断加大，短期稳增长的目标重要性上升，5月推出房产新政，同时先后出台“两重”“两新”产业政策，9月政策进一步加码，财政出台较大规模化债计划，货币政策则秉持支持性基调，风险偏好有所上行，经济信心有所恢复。债券市场方面，实际利率保持高位，名义利率继续超出市场预期下行。年初10年国债利率下行突破历史低位2.5%，历史对比的参考意义变弱。在短期经济环境偏弱、同业存款定价规范化的背景下，存款不断从银行流向非银，并形成明显的资产荒，同时潜在的通缩风险推高了实际利率的预期水平，利率债成为低风险投资的首选，进而推动名义利率的持续下行。基于系统性资产—负债风险平衡的管理，监管间隔性的引导市场对长期债券的配置节奏，给债券市场带来了一些波动，也给债券市场的拥堵行为有所降温。回顾来看，基金全年保持了相对较高的组合久期，并适当波段操作控制风险。通过控制回撤风险、提升债券收益，基金全年收益为正。回顾来看，要持续取得正回报，需要持续思考以下问题：债券利率持续下行后如何平衡收益与风险。2024年债券收益远超出本身的到期收益率，未来能否继续取得较高的收益，取决于债券风险的变化与应对，短期经济政策变化与中长期环境对长端利率的定价模式非常复杂，难以用单一因素来界定。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.947Z","mo":"展望2025年，外部环境复杂多变，主要矛盾仍集中在国内经济转型上。伴随美国新政府上台，“美国优先”成为当前最大的变数，未来外部环境复杂多变，可预测性差，我们希望做好应对。国内方面，尽管基于短期经济与中期经济的平衡，政府出台了一系列短期刺激措施，目的更多是为了经济短期的企稳回升，而不是让传统经济增长模式重回主导地位，经济转型是中期经济的主线，高质量发展、新质生产力也是未来经济资源的主要流向。基于上述判断，短期经济的变化与中期经济的方向，如何在传统经济与新兴经济的盈利上兑现，值得我们审慎对待。债券方面，较高的实际利率水平仍是债券投资价值的基础。受外部环境、汇率贬值预期影响，国内基准利率体系调整相对缓慢，同时防范资金空转也对货币流动性的扩散有所约束。基准利率调整缓慢很可能推迟宏观总需求与总供给的再平衡，影响经济与潜在增长率的缺口修复，可能继续将债券的实际利率水平保持在较高水平上，并奠定债券投资价值的基础。同时，我们也要看到，伴随着债券利率水平的持续下滑，较低的绝对利率水平降低了其他投资方向的机会成本，加上机构行为模式的拥挤，预计未来债券的波动程度将显著上升。综合宏观基本面环境来看，国内通胀水平较低，实际利率水平偏高，债券的固收价值较为突出，债券仍具备配置价值，但由于债券波动度的上升，我们将更加注重风险控制与回撤管理。未来我们将继续根据大类资产配置研究，动态平衡债券资产配置，在控制好风险的前提下努力提升基金的投资收益。","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642","masterFundShortName":"金鹰添福纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18642,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.566Z","status":"normal","exchange":"jj","shortName":"金鹰添福纯债债券A","fundCollectionId":4000050200000,"inceptionDate":"2023-09-24T16:00:00.000Z","name":"金鹰添福纯债债券型证券投资基金","setUpDate":"2023-09-24T16:00:00.000Z","setUpAssetScale":3416430325.66,"setUpShares":3416430325.66,"pinyin":"jytfczzqxzqtzjj","managers":[{"stockCode":"db20070959","stockType":"fund_manager","exchange":"fm","tickerId":230826100250,"name":"王怀震"}]},"announcement":{"linkText":"金鹰添福纯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=1255110","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb05332a9","date":"2024-09-29T16:00:00.000Z","stockId":3000000018642,"sao":"三季度经济仍然偏弱，需求减弱集中体现为大宗商品价格的下跌。伴随经济下滑趋势的进一步延续，总需求偏弱占据矛盾主要方面，叠加美国经济衰退担忧，大宗商品价格在短期内出现较为明显的下跌。为扭转经济与通胀预期，9月末政治局会议直面经济问题，央行实施降准、降息和调整存量按揭利率显示出政策决心，同时存在增量政策的可能，居民与企业信心得到明显增强。债券方面，收益率先下后上。在经济与物价基本面影响下，叠加银行资金流向非银渠道，资产荒仍然明显，三季度债券利率总体下行。但在9月末政策影响下，股市风险偏好迅速上升，债券产品赎回压力升温，机构投资行为拥堵的风险释放，9月底收益率出现快速上升。回顾来看，三季度资产配置主导因素出现剧烈变化，由基本面向政策预期快速转变。由于政策预期的变化，各类资产的风险评价重新回到相对正常的状态，估值风险得到充分释放的权益资产在预期催化下性价比十分明显，而债券资产则面临截然相反的境遇。但预期毕竟不同于基本面的现实，经济总供给与总需求的失衡仍然存在，利率与价格作为平衡供需的关键要素也起着重要作用，利率与价格再平衡的空间仍然具备。具体到组合上，本基金基于基本面判断与债券实际利率价值，将组合久期保持在中性偏高区域，同时根据风险评估与短期经济变化适度进行波段交易。未来我们将继续根据基本面判断与风险评价，动态平衡组合久期，在控制好风险的前提下努力提升基金的投资收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.944Z","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642","masterFundShortName":"金鹰添福纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18642,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.566Z","status":"normal","exchange":"jj","shortName":"金鹰添福纯债债券A","fundCollectionId":4000050200000,"inceptionDate":"2023-09-24T16:00:00.000Z","name":"金鹰添福纯债债券型证券投资基金","setUpDate":"2023-09-24T16:00:00.000Z","setUpAssetScale":3416430325.66,"setUpShares":3416430325.66,"pinyin":"jytfczzqxzqtzjj","managers":[{"stockCode":"db20070959","stockType":"fund_manager","exchange":"fm","tickerId":230826100250,"name":"王怀震"}]},"announcement":{"linkText":"金鹰添福纯债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=1177633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb05332a8","date":"2024-06-29T16:00:00.000Z","stockId":3000000018642,"sao":"上半年，总量经济继续承压，金融信用有所收缩，制造业扩张超预期，上游资源品价格成为整体弱势物价走势下的结构性亮点。一方面以房地产为中心的传统经济继续下滑，一方面国际贸易环境恶化、贸易关税与贸易壁垒抬升，二季度固定资产投资、消费、出口均有所回落，工业产能利用率下降至疫情以来的最低点，企业盈利下滑压力加大。同时，二季度金融数据增速进一步下滑，并在绝对金额上出现了负增长，金融股信用有所收缩。叠加经济基本面与信用变化，整体物价走势仍然偏弱。政策上，为稳定经济转型环境，房地产政策进一步放松，短期房地产行业销售数据有所改善。同时，为了提高经济高质量发展水平，制造业投资成为经济增长的关键拉动力量，制造业扩张超预期。在制造业拉动下，受制于供给约束，上游资源品价格成为结构性亮点。债券方面，偏高的实际利率成为债券价值的核心支撑，汇率压力与交易拥挤度带来收益率的扰动。由于整体物价走势偏弱，实际利率处于较高水平，成为债券价值的核心支撑，债券收益率整体下行。同时，由于交易拥挤度较高，汇率压力导致基准利率体系调整延迟，债券扰动不断。过去半年，基于大类资产配置的判断，本基金始终保持较高的债券资产比例。债券投资以利率债投资为主，在经济走弱背景下保持了相对较长的债券久期。同时，根据债券市场的风险变化，在基准久期基础上动态调整，降低基金净值的波动与回撤。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.938Z","mo":"展望下半年，我们认为经济特征更多体现为高质量发展，淡化总量目标。考虑到当前社会整体杠杆率，二十大、三中全会对房地产的民生化要求明显提升，房地产对于经济的拉动作用将逐步降低。外需方面，当前国际环境较为复杂且海外经济情况不明朗，外需对经济的支撑具有较强不确定性。作为经济拉动关键的制造业投资，未来或面临需求不足的困难，后续或难以保持目前高速增长。总体来看，实际利率水平仍保持在高位，配置价值仍然突出。当然，即使债券配置价值仍然突出，市场也不可能一蹴而就。面对国内巨大的市场空间与潜力、海外经济政治的复杂性、交易结构的拥挤度、利率管理模式的调整，利率波动不可避免。在这个过程中，我们将继续保持相对较高的债券比例与久期水平；同时通过跟踪债券市场的风险变化，动态调整债券的久期风险暴露和期限配置结构，在控制好回撤与波动的同时努力提升组合收益。","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642","masterFundShortName":"金鹰添福纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18642,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.566Z","status":"normal","exchange":"jj","shortName":"金鹰添福纯债债券A","fundCollectionId":4000050200000,"inceptionDate":"2023-09-24T16:00:00.000Z","name":"金鹰添福纯债债券型证券投资基金","setUpDate":"2023-09-24T16:00:00.000Z","setUpAssetScale":3416430325.66,"setUpShares":3416430325.66,"pinyin":"jytfczzqxzqtzjj","managers":[{"stockCode":"db20070959","stockType":"fund_manager","exchange":"fm","tickerId":230826100250,"name":"王怀震"}]},"announcement":{"linkText":"金鹰添福纯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=1149027","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb05332a7","date":"2024-03-30T16:00:00.000Z","stockId":3000000018642,"sao":"一季度经济继续呈现转型特征，并出现结构性复苏迹象。一方面，新旧经济转型背景继续，房地产销售仍然偏弱，相关产业链仍然承压，并对整体经济形成拖累，以“新质生产力”为代表的新兴产业在不断孕育，并逐步对经济增长形成支撑。一方面，在出口强劲带动下，工业生产与制造业固定资产投资增速都超出预期，3月制造业PMI指数也出现显著回升，经济出现明显的结构性复苏迹象。政策上，为支持高质量发展、构建现代产业体系，结构性政策目标提升到更重要位置，并出台大规模设备更新政策与汽车家电补贴政策。债券方面，在货币信用偏弱、机构配置压力下，利率持续下行，长端利率不断突破历史新低。但此次利率市场与以往不同：（1）市场化利率体系与基准利率体系节奏错位。由于汇率因素与其他因素，近两年基准利率下调较慢，债券市场表现出了较大的不同走势，市场化利率与基准利率体系的错位引发了市场参与者的困惑；（2）利率的历史统计经验被打破。由于经济、通胀、政策的变化，收益率曲线的期限结构差达到历史极值，市场需要重新寻找利率中枢与波动边界。回顾来看，一季度各类资产的基本面成为主导因素，基于统计基础的风险指标有效性在一定程度上减弱。基于经济转型期的变化，数据统计边界变得不再稳定，建立在统计基础上的风险指标，出现弱化是正常的。此时，基本面对价格因素的影响成为主导因素，市场趋势的重要性值得重视。具体到组合上，本基金基于基本面判断与债券实际利率价值，将组合久期保持在中性偏长区域，同时根据风险评估与短期经济变化适度进行波段交易。未来我们将继续根据基本面判断与风险评价，动态平衡组合久期，在控制好风险的前提下努力提升基金的投资收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.933Z","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642","masterFundShortName":"金鹰添福纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":18642,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.566Z","status":"normal","exchange":"jj","shortName":"金鹰添福纯债债券A","fundCollectionId":4000050200000,"inceptionDate":"2023-09-24T16:00:00.000Z","name":"金鹰添福纯债债券型证券投资基金","setUpDate":"2023-09-24T16:00:00.000Z","setUpAssetScale":3416430325.66,"setUpShares":3416430325.66,"pinyin":"jytfczzqxzqtzjj","managers":[{"stockCode":"db20070959","stockType":"fund_manager","exchange":"fm","tickerId":230826100250,"name":"王怀震"}]},"announcement":{"linkText":"金鹰添福纯债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=1074050","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2ca7fea5b3eb05332a6","date":"2023-12-30T16:00:00.000Z","stockId":3000000018642,"sao":"2023年，债券市场表现超出市场预期。一方面，房地产拖累经济复苏力度低于预期，无风险利率震荡下行；另一方面，伴随一揽子化债措施的推出，信用债尤其是城投债信用溢价大幅下降。对债券来说，趋势显现后市场迅速形成共识，利率变动的节奏在实际投资过程中更为重要。全年来看，国债利率年初由于乐观经济预期略有扭捏，然后一路下行至8月中；三季度后半段，防止资金空转目标权重上升导致货币市场利率向上偏离公开市场基准，叠加地方债供给加快，同时临时提升0.8个百分点赤字率，国债利率出现阶段性调整；经历多轮房地产政策微调效果屡次减弱后，中央经济工作会议继续强调以高质量发展为首要目标，传统经济刺激工具出台概率下降，12月份开始国债利率再次快速下降。回顾基金成立以来，市场表现再次说明，历史可以参考，但不能过度依赖。四季度短端利率尤其是银行存单持续上行，收益率曲线结构显得过于平坦，从历史对比来看长端利率的期限利差吸引力不足。但长端利率表现超出市场预期，尽管短端利率维持在较高水平，但经济基本面疲弱带来的配置压力仍然显著拉低了长端利率水平。具体到组合上，作为新发基金，初期组合以稳健建仓节奏为主，年末迅速提升了组合的久期配置。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:46.930Z","mo":"展望2024年，经济将继续复苏，但力度偏弱。地产销售难以大幅回升，政策上尽管有所放松，但仍属于小步慢走，地产大幅回升概率较小，地方政府需要消化存量债务，难以大兴投资刺激经济；国外需求不明，联储操作节奏和美国经济是否能够软着陆仍然需要进一步观察，且2024年仍然存在一定地缘风险，亦会制约经济恢复。从物价水平来看，通胀水平仍将处于较低水平，工业品仍有下滑压力，实际利率偏高。广谱利率方面，基准利率稳定给债市带来配置机遇。开年以来，市场持续预期央行降息，但未能成行。作为广谱存贷款利率的锚，基准利率基于汇率、银行净息差等原因调整相对缓慢，但广谱利率的调整滞后给经济带来一些持续的压力，风险偏好持续下行，从而带来债券资产的配置需求上升。综合宏观基本面环境来看，国内通胀水平较低，实际利率水平偏高，债券的固收价值较为突出，债券仍具备配置价值。未来我们将继续根据大类资产配置研究，动态平衡债券资产配置，在控制好风险的前提下努力提升基金的投资收益。","fund":{"_id":3000000018642,"__csrcFundId":13060,"stockCode":"018642"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