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　　信用债方面，震荡环境中票息价值凸显，摊余债基建仓支撑配置需求，信用债表现较强，信用利差和等级利差继续收窄。整个季度看，1Y/3Y/5Y的AAA中票收益率分别变动-14/-13/-13BP，1Y/3Y/5Y的AA+中票收益率分别变动-15/-16/-18BP，1Y/3Y/5Y的AA中票收益率分别变动-15/-21/-14BP。 　　报告期内，组合整体维持在中性久期水平，受制于套息空间有限，组合更侧重市场结构性行情，通过主动的品种轮动和期限结构轮动，提升组合的配置效率与收益弹性。感谢持有人的信任与支持，我们将持续迭代优化投资策略，在严格控制风险的前提下，力争为持有人创造与产品风险收益特征相匹配的稳健投资回报。","lastUpdated":"2026-04-22T15:35:43.203Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债债券型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1477916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d141","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000006812,"sao":"今年四季度，债券收益率先下后上，收益率曲线陡峭化。季度初，市场交投主要受中美博弈、宽货币预期及公募费率改革等因素影响，呈现震荡格局。10月末，央行重启国债买卖的消息提振做多情绪，收益率快速下行。但后续货币宽松节奏不及预期，年末季节性配置需求亦弱于往年，债市震荡回调。整个季度看，3Y/5Y/10Y 国债收益率分别变动-14/3/-1BP，3Y/5Y/10Y 国开债收益率分别变动-8/1/-4BP。 　　信用债方面，10月市场修复行情中信用利差有所压缩，随后受债市情绪降温、信用风险事件扰动及理财季末回表等因素影响，利差震荡走阔。整个季度看，1Y/3Y/5Y的AAA中票收益率分别变动-6/-13/-19BP，1Y/3Y/5Y的AA+中票收益率分别变动-10/-12/-13BP，1Y/3Y/5Y的AA中票收益率分别变动-13/-5/-16BP。 　　报告期内，组合灵活运用票息策略和久期策略。基于有利的市场环境，组合在10月末阶段抬升久期以把握市场修复机会。随着债市阶段性修复行情接近尾声，组合在11月中下旬逐步降低久期水平，并减持了波动性较大的长端利率，静待更好的配置时点。此外，组合持续进行品种结构和期限结构的优化。感谢投资人的信任与支持，我们将不断优化投资策略，持续创造与产品特征相匹配的投资回报。","lastUpdated":"2026-03-09T13:24:36.358Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=1457911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d140","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000006812,"sao":"今年三季度，债券市场整体呈现震荡调整。季初调整的原因一方面是反内卷政策之下通缩预期有所修正，另一方面是权益市场持续上涨带来风险偏好的变化。8月底以来债基赎回费可能的变化对债市负债端形成一定冲击，进一步放大了市场波动。期限结构上，由于资金面保持平稳，短端表现相对稳定，曲线呈现陡峭化。品种结构上，本季度的调整过程中，低风险理财及固收+产品规模上升支撑信用债的需求，因此信用利差整体保持稳定，并出现大幅走阔。全季而言，3Y/5Y/10Y国债收益率分别变动12/9/21BP，3Y/5Y/10Y国开债收益率分别变动20/23/35BP。1Y/3Y/5Y的AAA中票收益率分别变动7/18/29BP，1Y/3Y/5Y的AA+中票收益率分别变动9/20/29BP，1Y/3Y/5Y的AA中票收益率分别变动11/15/20BP。 　　报告期内，组合整体以中性偏防守的仓位应对。7月在观察市场风险偏好发生显著变化后降低了久期水平，减持了波动较大的超长债、二级资本债及部分利差处于低位的信用债。9月随着债券收益率的上行、配置价值提升，小幅加仓，并保持持仓流动性应对市场的变化。感谢投资人的信任与支持，我们将勤勉尽责，不负所托，持续为投资人创造与产品特征相匹配的投资回报。","lastUpdated":"2026-03-09T13:24:36.355Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=1376143","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13f","date":"2025-06-29T16:00:00.000Z","stockId":3000000006812,"sao":"今年上半年，债券收益率先上后下。1月至3月中旬，央行收紧流动性，“适度宽松”的定价逻辑面临修正，叠加市场风险偏好提升等因素影响，债券市场持续调整。3月下旬，央行重启净投放，MLF招标方式改革释放出积极信号，债市开始上演修复行情。4月上旬，\"对等关税\"政策的出台加剧了基本面不确定性，市场对宽松货币政策的预期显著升温，带动收益率曲线快速下移。4月中旬以来，受关税反复、宽货币利好落地、止盈情绪等因素影响，市场在经历快速下行后转入区间震荡格局，利差品种受到市场青睐。整个上半年，3Y/5Y/10Y 国债收益率分别变动21/10/-3BP，3Y/5Y/10Y 国开债收益率分别变动15/11/-4BP。 　　信用债方面，今年上半年信用利差震荡下行。2月市场调整加剧，流动性溢价抬升，利差明显走阔。3月中下旬修复行情启动，伴随理财规模的增长，利差持续压缩至较低分位数。整个上半年，1Y/3Y/5Y的AAA中票收益率分别变动3/9/4BP，1Y/3Y/5Y的AA+中票收益率分别变动-1/-1/-3BP，1Y/3Y/5Y的AA中票收益率分别变动-5/-2/2BP。 　　报告期内，面对低利率的市场环境，组合操作上更为审慎，灵活运用久期策略应对震荡行情。感谢投资人的信任与支持，我们将勤勉尽责，不负所托，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.353Z","mo":"展望下半年，基本面与流动性仍将对债券市场形成支撑。经济基本面向上弹性仍需验证，现有政策集中于供给端，需求端实质性改善相对有限。债务风险化解及降低实体融资需求将继续推进，货币政策大概率延续宽松格局。此外央行重启国债买卖中短端资产也将率先收益。但考虑到国际关系、风险偏好等因素不确定加大，债市面临的阶段性扰动也有所增加。定价方面，目前无风险利率与政策利率之间的比价关系相对合理，尤其在曲线相对平坦的当下，中短端资产收益确定性更高；部分信用利差处于历史较低水平，品种轮动也将是下半年重要的超额收益来源。 　　对此，组合将提升持仓流动性以应对多变的市场环境，灵活进行久期操作和品种轮动，并在市场出现超预期变化时及时进行纠偏。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=1346059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13e","date":"2025-03-30T16:00:00.000Z","stockId":3000000006812,"sao":"今年一季度，债券收益率呈现先上后下的走势。1月至3月中旬，受资金面收紧和预期偏悲观、“适度宽松”定价逻辑修正以及市场风险偏好提升等因素影响，债券市场持续调整，部分机构和个人投资者的赎回行为进一步放大了市场波动。3月下旬，央行重启净投放，MLF招标方式改革释放出积极信号，同业存单也呈现企稳态势，债市随之上演修复行情。整个季度看，3Y/5Y/10Y 国债收益率分别变动42/24/14BP，3Y/5Y/10Y 国开债收益率分别变动32/26/11BP。　　　　信用债方面，年初以来信用利差跟随市场波动呈现震荡，2月市场调整加剧后，流动性溢价抬升，信用利差随之走阔，直至3月中下旬，资金面趋于平稳，债市情绪修复，信用利差持续压缩。整个季度看，1Y/3Y/5Y的AAA中票收益率分别变动26/27/24BP，1Y/3Y/5Y的AA+中票收益率分别变动22/18/18BP，1Y/3Y/5Y的AA中票收益率分别变动17/17/15BP。　　　　报告期内，组合灵活运用久期策略，年初以来基于资金面的扰动降低了久期水平，以应对市场波动风险，并在3月下旬修复行情开启前增加久期，把握了超跌反弹的投资机会。同时积极挖掘不同品种、期限之间的轮动机会。感谢投资人一直以来的信任与支持。我们将勤勉尽责，不负所托，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.350Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债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=1275789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13d","date":"2024-12-30T16:00:00.000Z","stockId":3000000006812,"sao":"回顾2024年，债市呈现上涨态势，其主要原因是经济基本面仍然偏弱，全年降准降息等宽松政策持续发力，同时实体融资需求尚有待修复，债券市场“资产荒”格局延续。期间，债市经历了三次主要调整，分别是4月下旬大行融出缩量叠加长端利率预期管理，8月初大行加大长债卖出等机构行为影响，以及9月底稳经济政策加码超预期。全年来看，3Y/5Y/10Y国债收益率分别变动-110/-98/-88BP，3Y/5Y/10Y国开债收益率分别变动-91/-102/-95BP。 　　　　信用债方面，1-8月由于信用债净供给相对有限，禁止手工补息推升大量配置需求，信用利差一度压缩至历史很低水平。9月以来信用利差扰动因素增多，包括负债端冲击下流动性溢价走阔、年底资金分层影响套息空间等，信用利差有所走阔。全年来看，1Y/3Y/5Y的AAA中票收益率分别变动-84/-97/-107BP，1Y/3Y/5Y的AA+中票收益率分别变动-85/-94/-112BP，1Y/3Y/5Y的AA中票收益率分别变动-86/-103/-123BP。　　　　报告期内，组合积极把握债市上涨的趋势性行情，并运用灵活的久期策略在4月下旬和8月市场调整前采取了防御性操作。同时，组合积极挖掘不同品种之间的轮动机会。感谢投资人一直以来的信任与支持，我们将勤勉尽责，不负所托，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.348Z","mo":"展望2025年，经济结构分化的特征较为明显、资产负债表压力仍存，货币政策将延续宽松基调以助力经济企稳回升。尽管政府债券发行供给有所提速，但在货币政策配合及负债端欠配现状之下，需求端对新增供给的承接能力较强。整体而言，我们认为广谱利率或仍呈现趋势性下行，债券市场仍然具备较好的中长期配置价值。风险点方面，债市短期扰动或源于稳汇率对宽货币的掣肘，中期风险或来自宽信用发力。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠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=1256664","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13c","date":"2024-09-29T16:00:00.000Z","stockId":3000000006812,"sao":"今年三季度，债券市场呈现较大波动性。7月以来，随着经济修复放缓，货币政策再度加力，央行下调OMO、LPR利率，并在公开市场加大投放呵护资金面，利率曲线下行空间也进一步打开。8月初，随着大行卖出长债，市场出现显著调整，此后在非银负债端的波动下继续呈现震荡格局。9月以来，央行多次重申货币政策的支持性立场，且汇率压力有所缓解，利率债收益率在宽货币博弈中震荡下行，直至季末受稳经济政策组合拳影响，收益率出现快速上行。整个季度看，3Y/5Y/10Y国债利率分别变动-23bp/-14bp/-5bp，3Y/5Y/10Y国开债分别变动-6bp/-8bp/-5bp。　　信用债方面，季度初伴随着基准利率下行打开利差空间以及高息资产的持续缺量，信用利差仍在压缩。但由于利差保护不足、流动性相对偏弱，在8-9月市场震荡调整过程中利差持续走阔。整个季度看，1Y/3Y/5Y的AAA中票收益率分别变动15bp/19bp/14bp，1Y/3Y/5Y的AA+中票收益率分别变动14bp/20bp/18bp，1Y/3Y/5Y的AA中票收益率分别变动22bp/26bp/32bp。　　报告期内，组合灵活运用久期策略和品种轮动策略，力争获取稳健回报。不足之处在于，9月中旬虽然预判到了政策发力，并减持了长端资产，但未预期到负反馈效应导致了债市流动性压力，带来中短端资产收益大幅上行，组合仍有一定回撤。感谢投资人一如既往的信任，我们将不断优化投资策略，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.345Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债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=1180335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13b","date":"2024-06-29T16:00:00.000Z","stockId":3000000006812,"sao":"今年以来，债市呈现震荡上涨态势。1月，降准落地、再贷款利率下调等宽松政策释放积极信号，叠加年初开门红资金欠配，债市收益率一路下行；2月，LPR 下调25BP、中小行补降存款利率、地产销售疲态等因素推动债市做多情绪进一步释放；3月，两会政策发力相对克制，债市利空因素得到缓解，收益率进一步下行，直到中下旬受到国债供给冲击预期、农商行投资监管传言等因素的影响，债市回调后重新进入震荡偏强格局；4月初至4月中旬，随着跨季后资金面转松，理财资金回流推升配置需求，短端行情率先启动并带动长端下行；4月下旬，大行融出规模显著缩量，央行也屡次对长端利率进行预期管理，市场出现快速回调；5月初以来，央行未对资金进行大幅收紧，叠加手工补息影响深远，非银配置力量依然强劲，收益率重回下行趋势直至6月末。整个上半年，3Y/5Y/10Y 国债利率分别变动-49p/-42bp/-35bp，3Y/5Y/10Y 国开债分别变动-40bp/-46bp/-39bp。　　　　信用债方面，年初以来信用利差先在市场对票息资产的追逐中进一步收敛，3月末中短端无风险利率快速下行后被动走阔。4月以来，理财规模超季节性增长、资金面宽松等因素持续利好信用品种，叠加未发生超预期信用风险事件，信用利差进一步压缩并维持低位震荡。整个上半年，1Y/3Y/5Y 的 AAA 中票收益率分别变动-51bp/-58bp/-67bp，1Y/3Y/5Y 的 AA+中票收益率分别变动-51bp/-62bp/-81bp，1Y/3Y/5Y 的AA中票收益率分别变动-56p/-81bp/-111bp。。 　　　　报告期内，组合灵活运用久期和杠杆策略，积极参与了债市收益率震荡下行过程中不同品种之间的轮动交易机会，并通过波段交易增厚收益。此外，组合在4月下旬市场调整前已经采取了防御思路，降低了久期水平和杠杆水平以应对市场波动风险。反思来看，组合久期策略运用及波段交易仍不够积极。感谢投资人一如既往的信任，我们将不负所托，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.342Z","mo":"展望下半年，当前经济结构性分化的特征较为明显，而宏观政策保持克制、固本培元、长端兼顾，基本面对债市仍然形成良好支撑，降低实体经济融资成本的政策方向也并未发生变化，债券市场仍然具备较好的中长期配置价值。债市短期扰动或来自于央行对长端利率的调控，中期风险或来自宽信用发力。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠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=1149833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d13a","date":"2024-03-30T16:00:00.000Z","stockId":3000000006812,"sao":"今年一季度债市呈现持续上涨。一月，降准落地、再贷款利率下调等宽松政策释放积极信号，叠加年初开门红资金欠配，债市收益率一路下行；二月，一方面LPR下调25BP、中小行补降存款利率等举措引导负债端成本下行，另一方面节后经济复工偏慢、地产销售在政策刺激之下仍呈现疲态，债市做多情绪进一步释放；三月，两会政策发力相对克制，债市利空因素得到缓解，收益率进一步下行，直到中下旬受到国债供给冲击预期、农商行投资监管传言等因素的影响，债市回调后重新进入震荡偏强格局。整个季度看，3Y/5Y/10Y国债利率分别变动-23bp/-21bp/-27bp，3Y/5Y/10Y国开债分别变动-17bp/-21bp/-27bp。　　　　信用债方面，收益率波动方向与利率相仿，但节奏和曲线形态变化有一定差异。信用利差先在市场对票息资产的追逐中进一步收敛，季末中短端无风险利率快速下行后被动走阔，同时期限利差显著压缩，曲线呈现平坦化。整个季度看，1Y/3Y/5Y的AAA中票收益率分别变动-18bp/-18bp/-28bp，1Y/3Y/5Y的AA+中票收益率分别变动-19bp/-18bp/-33bp，1Y/3Y/5Y的AA中票收益率分别变动-24bp/-32bp/-53bp。　　　　报告期内，组合维持稳健的投资策略，并通过类属资产之间仓位调节获取增厚收益，季末基于资金面转松的判断，进一步提升杠杆水平并增配了中短端资产。反思来看，组合年初在久期品种的布局偏少、偏晚，尤其是长端、超长端的交易对收益贡献不足。感谢投资人一如既往的信任，我们将持续精进，不断优化投资策略，持续为投资人创造与产品特征相匹配的投资回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.340Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债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=1068360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d139","date":"2023-12-30T16:00:00.000Z","stockId":3000000006812,"sao":"虽然资金面波动在10-11月逐步收敛，但通过央行的大规模OMO操作维系的狭义流动性仍然脆弱；另一方面，商业银行存单发行诉求较强，体现其缺少中期的稳定负债，甚至在央行大量的短期公开市场操作对冲资金缺口的情况下，足年国股存单也一度升至2.8%附近，与十年期国债利率形成显著倒挂。直至跨年前一周，财政存款投放叠加央行在MLF及逆回购上大量释放流动性方才以资金宽松态势度过。　　临近年末，债市受到宽财政稳增长政策、监管再提“防空转”、地产政策加码等因素的影响出现调整，十年国债活跃券上行至2.7%附近，曲线几度平坦化。但凸显的交易性机会也带动年末的债市呈现抢跑行情，利率品曲线陡峭化修复，中短端利率表现较好，长端利率则于年尾前夕重又回归2.6%附近，期限利差演绎了陡峭化继而牛平的走势。　　受制于商业银行存单利率上移，叠加对于资本新规落地的谨慎态度，商金品种的信用利差维持在中枢偏高的位置，阶段性抬升至历史较高分位数上，配置价值提升。　　产品运作方面，本基金在二三季度把握了收益率曲线牛平的收益，在降息前后亦有波段交易的增厚，并在其后主动调降组合杠杆从而维持中等期限久期；并在年末时点利率品再度调整至安全边际时增仓配置中长久期品种，实现了套息收益和资本利得。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.337Z","mo":"展望后市，近期各期限收益率快速下行，已部分定价了年初的资金宽松和可能的降息，1月上旬宽货币的博弈仍将延续，债市的多头情绪不会逆转，但当前收益率水平已经大幅下行，参与交易需更加灵活应对波动。不过当前基本面尚无显著修复、宽信用宽财政也处于空窗期，基本面仍然对债市有利，调整仍是参与机会。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债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=1057195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d138","date":"2023-09-29T16:00:00.000Z","stockId":3000000006812,"sao":"三季度以来，经济数据存在边际修复的势头，8-9月PMI指数供给端展望环比改善，显示供给端补库及价格指标回升，但结构性问题仍存，需求相较供给依然偏弱，总体呈现弱复苏格局。货币政策加大逆周期调节力度，8月央行再次降息及9月降准，随后稳地产、活跃资本市场政策也陆续落地，市场将进入政策效果观察期。资金面方面扰动加大，9月存在一定流动性缺口，虽有央行通过公开市场维持流动性合理充裕，跨季的资金分层及波动率显著加大。　　政策方面，鉴于两度的降息降准已兑现货币政策先行逆周期调节的预期，下阶段应是财政政策占主导、央行通过狭义流动性配合的阶段。　　三季度的利率品伴随货币政策节奏阶段性下移，长端利率的低点一度下至2.5%附近，此后陷入小幅震荡，于季末重又回归2.7%附近，期限利差演绎了牛平至熊平的过程，商金品种的信用利差维持在中枢位置，阶段性抬升至历史中较高分位数上，配置价值提升。　　产品运作方面，本基金在三季度上旬主动调升了杠杆；随后在降息落地后调降组合杠杆以及加权久期；并在8-9月期间降息降准窗口阶段小幅参与了波段交易，在票息底仓的基础上实现了部分资本利得。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.335Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=990898","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d137","date":"2023-06-29T16:00:00.000Z","stockId":3000000006812,"sao":"上半年，经济中依然存在出口回落、耐用品消费不振等结构性问题，总体呈现弱复苏格局，从4-5月经济数据来看二季度GDP同比增幅低于之前的高速增长预期，6月高频数据显示经济动能趋弱，同比和环比读数可能双双往下。结构上，消费修复的斜率逐渐回落；而固定资产投资弱于预期，分项基建、地产和制造业均边际走弱，尤其地产端呈现出一定负反馈强化的特征，土地出让基金疲弱，个别地方财政收支平衡持续吃紧。　　政策方面，基于经济环比走弱叠加“大兴调研”的阶段性结论，7月重要会议窗口期存在政策加码必要性。鉴于6月降息已兑现货币政策仍将维持偏宽的预期，下阶段应是财政、地产、消费等稳增长政策组合拳的同步出台。　　二季度的利率品伴随预期落空而收益率整体下移，长端利率的低点一度跌破2.6%，出现在超预期降息时点，此后回归小幅震荡，10年国债的中枢水平下移，期限利差也经历了先平后陡的过程，信用利差则持续压缩在低位。　　产品运作方面，本基金在二季度主动调升了杠杆；在3月中旬逐步提升了组合久期，并在4-5月期间存款利率趋势下调和降息博弈窗口阶段，小幅参与了波段交易，并将利率品的久期维持在中位数偏乐观的水平上，在票息底仓的基础上实现了部分资本利得。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.332Z","mo":"展望下一季度，短期而言，若持续无增量政策落地，市场将继续演绎震荡偏多、利差压缩行情，但实质性向下突破2.6%需要资金面配合。中期来看，随着经济下行压力加大，政策托底的必要性在上升，但届时宽货币也将予以一定配合；策略上可继续保持积极的杠杆策略，关注下一阶段政策的力度和有效性，以及经济可能存在的底部回弹的内生动能。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=959944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d136","date":"2023-03-30T16:00:00.000Z","stockId":3000000006812,"sao":"年初阶段市场对于经济复苏抱有较强预期，利率震荡上行，随后1-2月经济数据如期回升，但一方面市场对于经济的疫后修复已有预期，另一方面经济中依然存在出口回落、耐用品消费不振等结构性问题，总体呈现弱复苏格局，长端利率窄幅波动，并未进一步上行。进入3月后，政府工作报告确定全年5%左右的增速目标，总书记指示“不要大干快上”，显示政策力度较为温和，同时通胀显著降温、3月上旬欧美银行业风波发酵，央行在下旬意外降准，债市对经济的强复苏预期逐步转为温和复苏，对资金面的预期也有所好转，长端利率温和回落。　　一季度利率整体窄幅波动，收益率先上后下，长端利率的低点出现在年初，高点出现在3月初，10年国债在2.81-2.93%之间波动，季度末较季度初上行2BP，期限利差也经历了先平后陡的过程，信用利差则显著收窄。　　产品在1月调降了债券资产的久期和杠杆，在调降利率品持仓的同时增仓了高等级并具备信用利差保护的优质票息资产，回归以票息策略为主。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.329Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=886187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d135","date":"2022-12-30T16:00:00.000Z","stockId":3000000006812,"sao":"回顾2022全年来看，由于预期与基本面的背离，年中出现了两次较大幅度的市场调整。但整体上，境内的复苏乏力的多层次问题仍在演化，随着地产交付风险发酵，叠加出口数据自三季度以来的超预期回落，市场对于经济的复苏斜率预期放缓，并推动地产融资等方面的政策在11月出现明显调整。　　全年的资金面维持合理充裕的基调，市场先是在一季度初跟随加息预期出现股债大幅回调；二季度则由于市场环境干扰为债券市场带来交易性机会；受益于狭义流动性的充裕，二三季度持续走出收益率曲线牛平走势，期限利差和信用利差连续压缩。而11月中旬的超预期政策的放开节奏和幅度导致市场行情超调，并释放了债券资产的低估值和低利差的风险。　　组合操作思路仍秉承基本面定价的思路，并跟随流动性层面的波动做出适时地调整。在3月震荡市中加仓之后，产品在二、三季度实现了资本利得和套息的双向收益基。但四季度中下旬受损于债市波动而导致净值迅速回落。产品在11月调降了债券资产的久期和杠杆，保留了部分具备利差保护的票息资产，但全品种债券收益率曲线的整体上移仍给组合带来了近一个半月的回撤。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.327Z","mo":"短期来看，强预期弱现实的局面并未发生改变，经济面临一定短期扰动、政策本身的节奏或也仍有反复，债市收益率在快速调整后可能进入短期修复、而后震荡的走势。策略上，未来一段时间仍可能面临政策的高频出台和多空交织期，在干扰因素增多、定价信号尚紊乱之中，产品将继续保持中性久期，以具备利差保护的票息资产为底；在利率品上，短端继续把握票息收益，长端不追涨、在有足够安全边际的情况下把握快进快出的交易性机会。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"ma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8月的OMO和MLF利率双双调降10bp，LPR也在随后一周进行了不对称调降，再度确认了流动性环境仍将延续稳中偏松，表明国内市场仍是以我为主的基本面和货币政策为主线；  基本面的弱化加之降息操作为债市在七八月带来交易机会，叠加资金层面在三季度大部分时间处于合理充裕的水平，杠杆套利策略仍属有效，收益率曲线阶段性走出有牛平走势， 但临近季末及长假前夕，资金面的分层带动成本提升，叠加人民币被动快速贬值，利率品种及高等级信用债的收益率在9月下旬明显反弹。  产品在7月迅速提升了债券资产的久期和杠杆，增配部分具备期限利差保护的品种，增厚杠杆但保持中性略长久期；并在九月末迅速止盈兑现，在资金层面稳健期间实现了资本利得和套息的双重收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.324Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=809103","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d133","date":"2022-06-29T16:00:00.000Z","stockId":3000000006812,"sao":"回顾来看，境外风险因素多重叠加的时期已经过去，市场处于压力逐步缓释的阶段，5月美联储加息及缩表的节奏并未进一步转鹰，国内市场则重回以我为主的基本面和货币政策为主线；  由于疫情对于大中型城市生产生活的干扰，4月的经济金融数据在季度初带来交易机会，叠加资金层面在二季度大部分时间处于合理充裕的水平，即使在5-6月地方政府债券发行放量的集中期，资金成本仍维持低位震荡，杠杆套利策略被广泛采用；全季度来看，收益率曲线在中短端略有牛陡走势， 资金的持续宽松带动中短期收益率回落超过20BP，但中长久期限品种反而小幅上行1-3bp不等。  产品在4月迅速提升了债券资产的杠杆，增配部分优质的具备期限利差保护的品种，增厚杠杆但保持中性久期。在资金层面稳健期间，二季度实现了资本利得和套息的双向收益。市场对于资金面稳定性的担忧情绪伴随利率品种供给以及临近季末时点而提升，利率品种及曲线中段信用债收益率走势分化，利率品略有冲高后小幅回落，信用品仍受到资金追捧，收益率曲线继续下移。  债券市场关注的主线仍是国内资金面宽裕的持续性以及宽信用的传导力度，我们判断在地方政府债的发行高峰过去之后，短期内资金成本较季末回落的可能性较大，继而推动淤积在银行间市场中的狭义流动性继续追逐优质资产，因此持续的流动性和机构增配压力仍将使得债市受益，短期杠杆套利策略确定性仍然较高。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.322Z","mo":"展望三季度，考虑到环比改善的近月数据等利空可能在7月初落地，市场的交易风格将在月初更趋谨慎。 接下来我们的操作主线以“谨慎做多”为主，“谨慎”是相对过去两个月的高杠杆、中长久期的乐观操作而言，在杠杆和久期策略上略有收敛，但并不等同于保守策略；在宽松货币政策仍然持续的基础上，坚持有效的杠杆套息策略为底，意味着在“不下车”的基调下更关注稳定套利的品种，保有中性杠杆水平；另一方面，在债券市场调整出配置价值和安全边际后，需要及时调增交易仓位，灵活择时“做多”。  境外风险逐步缓释的阶段已经逐步过去，可能将面临9月缩表规模提升的冲击；国内市场交易将重回以我为主的基本面，短期内经济的复苏动能越大，稳增长政策实施落地的力度可能加强，成为干扰债市的因素之一，显然，在复产之后滞后的复苏力度也可能倒逼刺激增长的政策加码，因此超前发力、合理充裕的货币政策决定了债市短期内不可能转熊。在政策落地的有效性尚未证实，经济金融数据尚未大幅改善的环境下，债券市场上行空间有限，宜谨慎参与做多行情；组合操作仍以票息策略为主，保持组合的中性杠杆和久期。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=781416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d132","date":"2022-03-30T16:00:00.000Z","stockId":3000000006812,"sao":"2022年开年以来，市场先是经历了一月对于货币政策的高度一致预期的多头“跃进式”操作，以及节后预期落空后的加速纠偏；叠加境外的地缘政治的干扰，市场对于经济演化为“滞涨”的担忧加剧，股债市场在春节后双双出现大幅调整。  春节后，市场机构对于美联储在3月的加息操作仍有恐慌心态，对于汇率和流动性的变化存在过度谨慎和悲观；因此，在央行的降息操作再度落空后，债券收益率加速调整，再叠加机构赎回抛盘压力的负反馈，利率品收益率曲线整体上移，甚至走出了短端调整幅度超过中长端的熊平走势，并带动中段期限的含权债券调整幅度加大；  产品在2月迅速降低债券资产的久期及杠杆，转为谨慎观望状态。在短端迅速完成重定价后，债市在3月中下旬重回窄幅震荡的态势，审视基本面复苏的斜率和节奏；宽信用的达成因为投融资主体缺乏、上游价格挤压利润空间、疫情再度呈现多点散状爆发等等因素而被延长，也决定了债券市场可能在一二季度呈现U型底部震荡状态。  3月中下旬，利率与高等级信用的期限结构全线上移，回复到去年11月末水平，期限利差和信用利差均明显修复。产品则小幅在不拉长久期并提高债券资产静态收益率的原则下增仓了小仓位的具备期限利差保护的利率品种，以期获得安全边际上的资本利得。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.319Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=729074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d131","date":"2021-12-30T16:00:00.000Z","stockId":3000000006812,"sao":"上半年，疫情后的经济修复和公共卫生政策之间的动态平衡和相互作用是影响国内经济和资本市场的主导因素。一季度，“就地过年”政策使得疫情在节假日前后仍然得以控制，经济延续复苏势头，季末数据显示经济改善动能和展望在边际削弱，工业品价格水平虽仍在高位震荡继而可能挤压工业企业利润空间。货币政策在春节后整体回归稳健，银行间资金稳健偏宽裕，二季度以来，资金层面维稳带动利率品做多情绪上升，收益率曲线整体呈现短涨长跌的陡峭化走势，十年国债触及3.05附近的阶段性低位。  而三四季度国内货币政策陆续落地降准降息，开启新一轮宽松政策，利率快速下行；货币政策回归合理充裕的同时，政策利率和资金成本加速下移，带动收益率曲线在稳增长预期下陡峭化，相比疫情后期水平，即2020年4-5月已相差无几。  操作上，本基金在投资策略上以配置政策性金融债为主，辅以类利率品种的波段机会增厚收益，灵活运用久期策略，并在三季度增加杠杆和类利率品种，兼顾了资本利得和骑乘收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.317Z","mo":"政策全面转向“稳增长”。 中央经济工作会议判断我国当前面临需求收缩、供给冲击、预期转弱的三重压力，宏观政策要“稳字当头、稳中求进”，“各地区各部门要担负起稳定宏观经济的责任，各方面要积极推出有利于经济稳定的政策，政策发力适当靠前”，“跨周期和逆周期宏观调控政策要有机结合”，政策已从跨周期向逆周期过渡，且各类政策将全面发力，时点提前。  宽松政策已经发力，下一阶段是关注政策有效性。央行四季度例会释放宽松信号，货币政策更加积极主动，而且无论是总量工具、结构性工具、还是价格指标都已经出现宽松发力的苗头。在宽货币宽信用过程中，社融和经济的开门红对债市有一定冲击；伴随着基本面的“开门红”，货币政策的有效性和经济好转的持续性逐步进入观察阶段。目前来看，在银行积蓄力量年初发力的行为模式之下，社融同比增速在一季度有望改善，但融资主体需求不振的现象并未完全改善，社融和经济后续的回升力度仍待观察，货币政策仍会相机决策，利率仍有机会。在观察到货币政策力度和经济反弹持续性不足之后，中长端将重回平坦化走势。  信用债受益于融资结构边际改善，中低评级表现分化收敛，可以票息策略为主，以有效有限的仓位布局中高评级信用债为主，类利率品种，即券商公司债、商业性金融债、地方债和铁道债等尤佳。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=707929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d130","date":"2021-09-29T16:00:00.000Z","stockId":3000000006812,"sao":"三季度的开局虽然以央行的超预期全面降准开启，但本季度的资金面整体呈现供给稳定、价格略升的趋势，资金面成为阶段性的市场隐忧，加之地方政府债的净融资量环比压力增大，债券市场趋于震荡；尤其是季度中旬由于理财子公司部分产品持仓估值方法的过渡期政策使得债市抛压积聚，无风险利率及商业银行金融债的震荡幅度加大。  收益率曲线在三季度中初呈现受益降准利好的整体下移走势，十年国债在8月初触及2.79附近的阶段性低位后，收益率则一路震荡上移，并在剩余时间处于10bp区间内窄幅波动。利率品收益率曲线整体呈现短端上行幅度更大的平坦走势，伴随季末资金面明显转紧，期限利差小幅扩张，但整体收益率仍未回到降准后的水平。  本基金在三季度的投资策略上以配置政策性金融债为主，并在8月适度降低了杠杆，调降了中等久期利率品种的比重，策略回归哑铃型；因此，中等久期利率品种的止盈交易为本基金贡献了季度内主要收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.314Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=657826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d12f","date":"2021-06-29T16:00:00.000Z","stockId":3000000006812,"sao":"2021年上半年，国内经济延续复苏势头，但临近二季度末，数据显示经济改善动能和在边际削弱，K型复苏的行业分化态势在加剧。货币政策在春节以来整体回归稳健，在二季度趋于常态化回归，加之地方政府债的净融资量压力尚可，央行在6月的超预期降准也带动银行间资金稳健偏宽裕，市场做多情绪浓烈，无风险利率下移幅度加大；目前来看，尽管收益率绝对水平及期限利差已处于历史较低位置，后续仍需关注央行对于下半年累积的海量到期MLF操作的态度，可能开启收益率曲线继续牛平的趋势。  本基金在上半年的投资策略上以配置政策性金融债为主，由一季度的哑铃型策略略有调整至骑乘较高的收益率中段，采取子弹型策略，保持中等水平杠杆，为本基金获取了稳定收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.311Z","mo":"国内政策继续强调以“我”为主，重就业保民生调结构，但同时需要提防境外流动性逐步退潮带来的冲击；我们判断，央行的核心政策工具仍然以稳健为基调，注重结构性调整、精准导向。整体来看，伴随国内经济的复苏动能在下半年逐渐减弱，尤其是出口及制造业投资投资景气度下滑，消费端的复苏延迟，央行政策的重心将重回稳增长和防风险的平衡，货币可能重新打开宽松空间；未来一个季度仍需关注7月的超预期降准是否为宽货币的起点，而在经济结构性不均衡复苏的环境下能否打破信用局部收缩的困境。  展望未来，我们认为经济复苏的趋势较为明确但经历快速爬坡期之后可能面临平台期较长，甚至出现环比回落的走势。面对美元抬升趋势的明确，资本市场可能面临外资流出的压力。  因此，对于债券市场，利率品种可在阶段性利空出尽后参与交易性机会，中长端平坦化走势将延续。信用债受益于融资结构边际改善，中低评级表现分化收敛，可以票息策略为主，以谨慎有限的仓位布局中高评级信用债为主，商业性金融债尤佳。","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福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=636559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca147fea5b3eb049d12e","stockId":3000000006812,"sao":"2021年一季度，“就地过年”政策使得疫情在节假日前后仍然得以控制，经济延续复苏势头，季末数据显示经济改善动能和展望在边际削弱，工业品价格水平虽仍在高位震荡继而可能挤压工业企业利润空间。货币政策在春节后整体回归稳健，银行间资金稳健偏宽裕，下一季度需进一步关注信用派生速度及信贷结构的调整。相应的，中短端债券利率已经按照新的资金利率完成重定价，并带动中长端收益率往下，收益率曲线在2-3月迅速平坦化，复而进入区间震荡态势。  本基金在一季度的投资策略上以配置政策性金融债为主，采用哑铃型策略，保持较低杠杆，并在季度末及时获利了结中长久期利率品种的交易性仓位，为本基金获取了超额收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:24:36.309Z","fund":{"_id":3000000006812,"__csrcFundId":6378,"stockCode":"006812","shortName":"大成惠福纯债债券(006812)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6812,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:22:34.093Z","status":"normal","inceptionDate":"2019-07-17T16:00:00.000Z","name":"大成惠福纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050090000,"currency":"CNY","masterFundShortName":"大成惠福纯债债券","pinyin":"dchfczzqxzqtzjj","managers":[{"stockCode":"db20831531","stockType":"fund_manager","exchange":"fm","tickerId":2624219600,"name":"郑欣"}]},"announcement":{"linkText":"大成惠福纯债债券型证券投资基金 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