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d.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=962271","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460dc","date":"2023-03-30T16:00:00.000Z","stockId":3000000050027,"sao":"回顾一季度，债券市场的表现出现了显著的分化。其中在去年四季度受冲击较大的信用债、二永债等品种的修复相对显著，而利率债及短端品种则表现相对偏弱。其背后的原因在于，配置力量和经济修复的方向出现了一定程度的背离，这种背离在历史上并不多见，也导致了信用和无风险利率的分化。经济的修复源于两股力量的推动，一是疫后复苏带来的经济自发修复，二是信贷驱动的基建大项目的启动。1、2月疫后自发修复起到了关键作用，3月信贷基建驱动特征则更加显著。由于经济复苏，货币政策变得更加中性，短端和利率的下行受阻。不过由于房地产投资和销售复苏相对温和，高收益资产依然稀缺，高票息品种则受到了中长期资金的追捧，特别是去年被错杀的优质资产，出现了非常显著的修复。组合在信用品种上适度超配，获取了信用利差修复的超额收益。展望二季度，我们认为经济下行的压力可能会重新出现，当前随着项目的逐步开工，经济复苏可能迎来高光时刻，但考虑到信贷扩张的强度难以持续，房地产修复的斜率逐步放缓，叠加海外进出口压力持续加大，整体经济修复的高度可能相对有限，这将给债券交易带来一定的机会。组合将灵活把握机会，择机交易争取获得资本利得。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.283Z","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债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=887281","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460db","date":"2022-12-30T16:00:00.000Z","stockId":3000000050027,"sao":"2022年是债券市场跌宕起伏的一年，收益率走出了先下后上的格局。利率债基本持平年初，信用债有所上行，信用利差大幅扩张。年初1月利率持续下行，但随后信贷开始超预期，2月份俄乌冲突爆发大幅推升油价，3月份美联储加息预期持续发酵，在各种不利因素的推动下，债券市场出现了一定幅度的调整。不过从4月份开始，随着疫情的逐步扩算，全国各地陆续进入封城模式，权益市场快速下行，货币政策维持宽松，债券收益率开始小幅下行。直到6月份，随着疫情逐步好转，风险偏好开始大幅提升，债券收益率再度开启上行，但是高点略低于一季度，体现出经济的颓势。7月份，房地产市场断供潮开始蔓延，权益市场出现调整，前期超发的货币涌入债券市场，信用利差开始持续压缩，收益率快速下行，走出了全年最大的一波牛市。10月份随着大会召开，外资撤出国内，权益市场快速下行，债券收益率开启一波下行后开始筑底回升。11到12月，随着管控政策的放开，央行缓慢退出应急货币政策，叠加理财亏损导致居民开始赎回，债市遭到猛烈抛售，收益率大幅上行。12月中旬，央行介入维稳，大量投放基础货币，市场开始企稳。组合在二季度收益高点超配债券，在三季度权益低点超配权益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.280Z","mo":"展望2023年，我们认为收益率大概率处于区间波动阶段，呈现出上有顶下有底的格局，组合将根据宏观经济形势和债务周期，以信用为底仓，灵活实施久期和杠杆策略，力争获取稳健回报。","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债纯债债券型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864978","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460da","date":"2022-09-29T16:00:00.000Z","stockId":3000000050027,"sao":"三季度债券市场出现了大幅的波动。7月份，疫情被控制带来的经济复苏被证伪，央行维持宽松，收益率从高点开始下行；8月份，随着经济的持续回落，央行意外降息引爆了交易热情，收益率快速下行并触底；9月份，由于美债快速上行，货币政策受到了一定的制约，但是财政和地产需求端的政策开始加码，债券市场开始上行。总体而言，三季度债券市场走出了现下后上的格局。组合在7月份维持长久期，8月份降低久期，获得了良好的收益。展望四季度，国内经济依然处于内外交困的格局。外部出口下滑的负面因素逐步提现，而国内消费以及地产销售的回暖可能仍显疲弱，因此债券市场的风险可控。但是考虑到美联储仍然处于快速加息的通道中，财政和地产政策可能有一定的效果，持续宽松的空间受限，因此市场可能依然处于震荡下行的过程中。组合将灵活操作，力争获取超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.277Z","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债纯债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805668","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d9","date":"2022-06-29T16:00:00.000Z","stockId":3000000050027,"sao":"上半年，债券市场总体呈现波动的格局。1、2月份，随着国内宽信贷预期的上行，债权收益率在大幅下行后出现了一定幅度的上行。2月底，随着俄乌冲突，原油价格一度飙升至140，债券收益率开始高位横盘。4月份，债券收益率一度跟随美债小幅上行，但随着国内疫情的反复，收益率冲高回落。5月份，央行维持了偏宽松的货币政策，债券收益率总体维持平稳，美债波动对国内利率的影响开始下降。6月份，随着疫情的边际好转，货币政策逐步恢复正常，收益率小幅回升，但总体变化不大。组合维持了偏高的杠杆，获得了超额的票息收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.275Z","mo":"展望下半年，需要格外关注债务扩张是否具备持续性。回顾历史，无论是16、18还是20年的政策刺激，由于彼时地产企业报表相对健康，政策能及时的促进销售回暖，带动卖地收入持续增加，形成有利于经济复苏的正循环，最终导致收益率的持续上行。但是今年的政策刺激，面临房价财富效应削弱，房企债务问题严重的不利格局，是否能带动债务的持续回升仍有待观察，这也是债券市场的不确定性所在。组合将维持一定的杠杆和久期，灵活操作，力争获取超额收益。","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债纯债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d8","date":"2022-03-30T16:00:00.000Z","stockId":3000000050027,"sao":"整个一季度，债券市场出现了猛烈的波动。1月份，随着央行的降息，市场乐观情绪蔓延，债券收益率快速下行。进入2月以后，市场发觉宽信用似乎开始见效，货币政策宽松的预期快速消退，叠加市场杠杆过高，债市出现了踩踏式下跌，基本回吐了1月的涨幅。2月末3月初，俄乌冲突导致油价突破110，美债也随之快速上行，这些不利因素再次触动了市场敏感的神经，叠加部分净值型产品出现大幅赎回，债市再度转为下跌。市场的转折出现在3月中旬，随着2月份信贷数据的公布，宽信用的预期开始消退；同时随着俄乌冲突的缓和，油价也开始下行；随着金稳委开会，赎回压力开始消退；债券市场迎来企稳。组合在一季度维持了稳健的配置，并趁着调整逐步加仓信用债。展望2季度，我们将更加关注稳增长的路径如何演绎。按照当前市场的主流预期，如果5.5的增长预期能够达成，那么宽信用大概率实现，在经济向上的宏观环境下，债券大概率将面临一定的风险。但债券的收益率并不完全由经济增长决定，特别是长端利率，更多由债务扩张的动能决定。如果经济增长依靠地产或者企业盈利驱动的广谱资本开支，那么利率有持续上行的压力，曲线会陡峭化；但是如果经济增长由基建和政府投资拉动，企业和居民的信贷扩张动力不足，此时央行反而需要压低利率配合，即便是央行短期内不宽松，债券收益率也难以显著上行，债市会呈现跌不动的局面。我们认为，今年如何达成稳增长，将成为主导债券市场走势的关键。当前我们判断，上半年依然依靠财政和基建，下半年随着需求端政策见效，地产链条可能会出现一定的复苏。因此对于债券而言，考虑央行依然需要配合，持有收益依然相对显著。考虑当前债券市场出现一定调整后，配置价值已经体现，组合将维持一定的杠杆和久期，增配信用债，顺着央行降低企业融资成本的主线进行交易，力争获取超额收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.272Z","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725146","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d7","date":"2021-12-30T16:00:00.000Z","stockId":3000000050027,"sao":"2021年的债券市场走出了罕见的低波动行情。全年市场表现相对较好，最大回撤不超过30bps，国债全年下行超过50bps，国开全年下行超过70bps，呈现出小牛市的格局。回顾全年，最大的主线还是全球疫情的扩散和中国防疫措施得力的错配。全球疫情拉动了全球的需求，而中国承接了很大一部分需求，导致中国的制造业极具韧性；而在这个韧性的帮助下，国内需求政策偏紧，货币政策持续偏宽松，最终形成了资产荒格局，各种资产的估值持续抬升，因此2021年我们看到了股、债、商品三牛的格局。我们觉得，这种格局是特殊形势下，特殊政策造成的特殊格局，今年可能出现修复。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.265Z","mo":"展望2022年，我们认为市场可能会将2021年的格局部分修复。海外超宽松的货币政策大概率退出，从而影响需求，并影响我们的进出口；但是我们财政政策大概率加码，对冲外需的下滑，并在投资端发力，对冲经济的下行压力。最终全年可能呈现经济逐季上行的格局，货币政策则会持续托底。在这个格局下，债券市场有望区间震荡，而资本市场有望呈现从估值驱动到业绩驱动的切换。","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债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=709390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d6","date":"2021-09-29T16:00:00.000Z","stockId":3000000050027,"sao":"3季度以来，债券收益率总体呈现震荡格局。7月降准之后，短端利率一度出现了快速的下行，但8月和9月以来，随着MLF的到期，央行并未投放更多的流动性，因此短端利率出现了一定的回升，带动信用债也出现了一些回调。永续债则受政策冲击，出现了快速的调整。 展望市场，当前货币政策急需解决的问题可能仍然是经济的下行压力，以及信用风险的再度爆发。由于地产调控导致的地产产业链确定性下行，叠加消费疲弱，政策大概率逐步转向稳增长。但由于地产调控后市场缺乏加杠杆的主体，只靠结构性政策，稳增长见效的时间可能更长，货币政策的呵护就显得相对重要。虽然9月份债券市场出现调整，但由于流动性总体宽松，债市的调整幅度相对可控。不过我们也注意到，货币政策是相机抉择的，如果未来某个时点经济下行的态势减弱，而核心CPI持续上行，同时美联储加快了QE Taper的节奏并对我们的汇率施压，届时货币政策转向的可能性是有的。对此我们会密切观察，及时应对，采取更加灵活的交易策略，以力争获取绝对收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.259Z","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债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=654160","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d5","date":"2021-06-29T16:00:00.000Z","stockId":3000000050027,"sao":"6月份之前，债券市场长期处于窄幅震荡的格局中，呈现出上有顶下有低的走势，背后对应了宏观经济的相对稳定，信用表现优于利率。但7月份之后，政策偏向释放风险，并预先做出了降准的安排，以避免信用和货币双紧的不利格局，10年国债则在降准利好的推动下，突破了3.0的下限，呈现出了一定的进攻性。总体而言，今年决定债券市场走势的更多是货币政策对宏观风险的对冲，当风险加剧时，货币政策会保持更大的宽松力度，并带来高评级和低评级的分化。组合上半年顺应市场走势，布局高评级和利率债，获得了良好的效果。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.256Z","mo":"顺着上述逻辑，我们认为下半年信用风险高发，短期内货币政策仍然有望配合维持宽松，并带来债券相对较好的表现。但考虑经济失速的概率不大，债券更可能在更低的中枢水平宽幅震荡。组合将灵活操作，力争获取超额收益。","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债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=633297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d4","stockId":3000000050027,"sao":"2021年一季度，货币政策基于两条主线进行了较为快速的变化。第一条主线是稳系统性风险，永煤事件后，环渤海经济区的融资链条出现了断裂的风险，危及到整个金融生态圈的安全，因此央行做出了适度宽松，以缓解债务压力。第二条主线是防范广义通胀，不仅仅包括商品价格，也包括金融资产。由于宽松的货币政策不着急退出，充裕的资金流入部分关键领域，造成了实物价格和金融资产价格的上涨，同样也导致经济体系出现了不稳定，央行也有必要在某些时点适度收紧，防范价格上涨的自我强化。因此观察整个一季度，货币政策先松后紧，总体围绕上述两个主线运转。展望未来，我们认为稳系统性风险和防广义通胀仍将是中期需要平衡的问题，这也将主导包括债券在内的广谱资产价格的走势。我们将密切关注市场形势的变化，积极应对，灵活操作，力争为投资者带来超额回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.253Z","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchange":"jj","followedNum":166,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时信用债纯债债券","memoNum":4,"pinyin":"bsxyzczzqxzqtzjj","managers":[{"stockCode":"db20177814","stockType":"fund_manager","exchange":"fm","tickerId":261212126030,"name":"张李陵"},{"stockCode":"db20868900","stockType":"fund_manager","exchange":"fm","tickerId":122503222230,"name":"李禹成"}]},"announcement":{"linkText":"博时信用债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=572671","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4357fea5b3eb05460d3","stockId":3000000050027,"sao":"2020年是债券市场跌宕起伏的一年，出现了诸多百年未遇的事件，市场也出现了从未有过的特征。从一季度疫情的扩散，到二季度财政的加码，到三季度货币的退出，直到四季度信贷的见顶，市场用短端几个月，走完了09年一年的过程。由于金融体系并未出现问题，宽松的货币政策立竿见影的对资产价格产生了系统性的推升作用，使得货币政策也出现了快速的收缩。这一轮动的速度，超出了历史上任何一次宽松周期，也说明了实体和金融脱节的环境中，货币政策影响的巨大。债券市场和权益市场也随着疫情的逐渐结束，走出了复苏的行情。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:49.250Z","mo":"展望2021年，将是金融回归实体经济的一年。由于全球仍处于后疫情阶段，整体呈现复苏格局，货币政策的主题仍然是退出。但考虑到史无前例的资产价格泡沫，以及美联储坚定的MMT实践决心，退出节奏和影响仍然难以评估。这就像去年，我们很难评估在金融体系的资产负债表相对健康的前提下，一旦疫情结束，货币宽松会有什么影响；今年也很难评估，在违约率系统性上行，非银风险偏好系统性下降的情况下，货币收紧会有什么影响。历史不会简单的重复，但相对确定的是，今年的债券市场是有可为的一年，我们会用专业和热忱，为投资者带来良好的回报。","fund":{"_id":3000000050027,"__csrcFundId":3241,"stockCode":"050027","shortName":"博时信用债纯债债券(050027)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":50027,"masterFundFlag":1,"lastUpdated":"2026-05-01T05:34:14.258Z","status":"normal","inceptionDate":"2012-09-06T16:00:00.000Z","name":"博时信用债纯债债券型证券投资基金","exchang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