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于谨慎，收益率震荡上行。第三阶段为12月初至年末，尽管经济数据较为疲弱、市场资金面延续宽松态势，但债市对基本面反馈较为钝化，更多由消息面和机构行为主导，债市进入了震荡调整行情。因市场担忧超长债供需结构问题，30年期和10年期国债的利差扩大。2025年四季度，组合整体规模下降，组合在减持了持仓利率债、信用债应对赎回的基础上，维持了整体偏短久期的仓位水平。同时，组合利用中长期利率债进行了波段操作，并及时获利了结。","lastUpdated":"2026-03-09T14:04:36.359Z","fund":{"_id":3000000020891,"__csrcFundId":13719,"stockCode":"020891","masterFundShortName":"易方达安丰六个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20891,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.789Z","status":"normal","exchange":"jj","shortName":"易方达安丰六个月持有债券A","name":"易方达安丰六个月持有期债券型证券投资基金","fundCollectionId":4000050110000,"setUpAssetScale":9984947.8,"setUpDate":"2024-04-10T16:00:00.000Z","setUpShares":9984947.8,"inceptionDate":"2024-04-11T16:00:00.000Z","pinyin":"yfdaflgycyqzqxzqtzjj","managers":[{"stockCode":"f100000026","stockType":"fund_manager","exchange":"fm","tickerId":260820202650,"name":"藏海涛"}]},"announcement":{"linkText":"易方达安丰六个月持有期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=1458746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d642","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020891,"sao":"三季度，债券市场收益率走势整体上行。从收益率变化的具体情况看，利率债以中债10年期国开债、国债为代表，收益率分别上行34.72bp、21.36bp，国债表现相对好于国开债。信用债方面，AAA评级1、3、5年期中短期票据收益率分别上行7.06bp、18.30bp、28.88bp；AA评级1、3、5年期中短期票据收益率分别上行11.06bp、15.30bp、19.88bp，中等期限低评级信用债表现相对优于高等级品种。影响因素方面，在“反内卷”政策影响下，权益、商品表现强劲，风险偏好显著回升，股债跷跷板效应压制债市。随后，在9月份初期股市边际降温后，《公开募集证券投资基金销售费用管理规定（征求意见稿）》发布，债市再次受到影响。在此期间，资金面整体维持宽松态势，短端收益率水平相对稳定，上行水平相对可控，导致债券收益率曲线呈陡峭上行走势。具体行情主要分为以下几个阶段：首先，三季度初，跨季后流动性整体维持宽裕，机构投资者追求利差收益，信用债收益率出现短暂时期的下行，期间利率债变动不大。此后，经济数据显示出口增速超出市场预期，融资数据也有改善，制约了收益率下行动力。另外，股债跷跷板效应开始出现，债券市场收益率水平小幅上行。其次，7月中下旬至8月底期间，来自市场面的雅鲁藏布江下游水电工程项目消息、“反内卷”预期强化，加之股市上涨且突破前期高位，市场风险偏好显著提升，对债市构成持续压制，债市担忧情绪加重，收益率上调明显。尽管在此期间的经济数据表现一般、金融数据也显疲弱，但债券市场对基本面的定价并不敏感，更多来自风险偏好和政策影响。最后，9月份，债券市场在权益市场调整中获得短暂的喘息机会，但这并不足以扭转谨慎预期，信用债抛压一直持续。尽管期间有央行重启买债操作预期，但受到公募基金费率新规影响，市场投资者对于负债端的担忧情绪加重，叠加权益市场景气度延续，债市收益率继续上行，10年期国债活跃券收益率一度突破1.8%关键点位后维持震荡。2025年三季度，债券市场出现调整，组合调降了久期水平，同时对持仓结构进行调整，减持部分短久期利率债，增加了高票息资产的配置，提高了组合静态收益水平。同时，组合利用超长期利率债进行了波段操作，增厚组合业绩。","lastUpdated":"2026-03-09T14:04:36.354Z","fund":{"_id":3000000020891,"__csrcFundId":13719,"stockCode":"020891","masterFundShortName":"易方达安丰六个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20891,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.789Z","status":"normal","exchange":"jj","shortName":"易方达安丰六个月持有债券A","name":"易方达安丰六个月持有期债券型证券投资基金","fundCollectionId":4000050110000,"setUpAssetScale":9984947.8,"setUpDate":"2024-04-10T16:00:00.000Z","setUpShares":9984947.8,"inceptionDate":"2024-04-11T16:00:00.000Z","pinyin":"yfdaflgycyqzqxzqtzjj","managers":[{"stockCode":"f100000026","stockType":"fund_manager","exchange":"fm","tickerId":260820202650,"name":"藏海涛"}]},"announcement":{"linkText":"易方达安丰六个月持有期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=1378830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d641","date":"2025-06-29T16:00:00.000Z","stockId":3000000020891,"sao":"上半年，债券市场收益率走势呈现先上行后震荡下行、市场波动性抬升、整体走势分化的特点。从收益率变化的具体情况看，截至六月底，利率债以中债10年期国开债、国债为代表的收益率较去年底分别下行3.63bps、2.83bps。信用债方面，截至六月底，AAA评级1、3、5年期中短期票据收益率较去年底分别上行2.50bps、9.48bps、4.32bps；AA评级1、3年期中短期票据收益率较去年底分别下行5.50bps、2.02bps，AA评级5年期中短期票据收益率较去年底上行1.82bps，反映出低利率环境下，票息较优资产的市场表现较有韧性。市场走势具体来看可分为以下几个阶段：第一阶段为一月至三月中旬，期初债券市场受外围因素及资金面的影响，流动性维持紧平衡状态，尽管监管释放强烈稳汇率和控利率信号导致了收益率上行、曲线平坦化，但因投资者对于基本面仍延续此前预期且对于流动性的判断仍是季节性短期现象，所以收益率上行幅度较为克制。随后，由于资金面未如预期转松且政策调控意图明显，叠加科技领域利好引致权益市场上涨，风险偏好改善，同时基本面数据回暖，市场调整幅度加大，收益率大幅上行。第二阶段主要为三月中下旬至一季度末，税期走款阶段整体流动性趋于宽松，加之MLF（中期借贷便利）投放形式调整引发债市收益率下行，市场情绪转暖，期间虽有诸多市场传闻，但收益率仍整体震荡小幅下行至季末。第三阶段大致为四月份，二季度初超预期的关税争端带来的风险偏好下行，市场风险厌恶情绪上升，市场收益率快速下行。随后市场消化贸易战冲击，担忧情绪有所降温，市场收益率在前期快速下行一步到位的情况下有所回调，后进入震荡整理期。第四阶段大致为五月份，月初降准降息落地，利多出尽，加之贸易战缓和大超市场预期，收益率小幅反弹，中旬随着降准降息而引致的存款利率调降，带来存款搬家预期，信用债受到资金青睐。五月底，银行兑现利润等机构行为导致债券市场略有回调。第五阶段，进入六月，机构投资者持续的配置行为以及宽松的资金面，叠加经济数据偏弱，债券收益率下行，尽管止盈情绪以及股债跷跷板效应带来一定扰动，但整体市场依然维持强势。2025年上半年，在一季度管理规模下降较多的情况下，组合操作以减持债券、应对负债端变化为主。随后管理规模有所恢复，组合配置了短期限信用债，获取相对稳健的票息收入。同时，组合利用长、超长久期利率债和二级资本债良好的流动性，加大波段操作力度，提升收益弹性。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.351Z","mo":"展望未来，我们预计债券市场将延续低收益率、高波动性的特点。经济基本面的现状、重回疲弱的地产行业以及相对宽松的流动性局面对债券市场收益率提供了一定的支撑。与此同时，市场风险偏好以及贸易争端的情绪变动仍将对债市产生较大扰动，“反内卷”以及商品价格变动对通胀预期的影响也增加了不确定因素。震荡调整将是债券市场未来一段时间的主要行情特点。若四季度经济数据读数趋弱，不排除货币政策的再次宽松落地，市场收益率水平届时将有一定幅度的下降，债券市场将会走强。","fund":{"_id":3000000020891,"__csrcFundId":13719,"stockCode":"020891","masterFundShortName":"易方达安丰六个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20891,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.789Z","status":"normal","exchange":"jj","shortName":"易方达安丰六个月持有债券A","name":"易方达安丰六个月持有期债券型证券投资基金","fundCollectionId":4000050110000,"setUpAssetScale":9984947.8,"setUpDate":"2024-04-10T16:00:00.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期举措，叠加央行下调政策及市场利率，市场预期货币宽松仍有空间，加大了债市乐观情绪，收益率重回下行走势；第二阶段为8中上旬，央行通过媒体提示长债风险，并对部分金融机构启动自律调查，债券市场情绪迅速转冷，债券收益率回调幅度较大；第三阶段为8月中下旬至9月中旬，受基本面较弱、美联储大幅降息引致市场对国内降准降息预期升温等因素推动，收益率整体震荡下行至低位；第四段为9月下旬，“稳增长”政策集中大规模出台，超出市场预期，风险偏好情绪迅速升温，股债跷跷板效应明显，收益率大幅回调。2024年3季度，组合降低了杠杆和久期水平。操作方面，组合重点配置了信用风险可控的短期信用品种，并减持了部分性价比一般的品种。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.340Z","fund":{"_id":3000000020891,"__csrcFundId":13719,"stockCode":"020891","masterFundShortName":"易方达安丰六个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20891,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.789Z","status":"normal","exchange":"jj","shortName":"易方达安丰六个月持有债券A","name":"易方达安丰六个月持有期债券型证券投资基金","fundCollectionId":4000050110000,"setUpAssetScale":9984947.8,"setUpDate":"2024-04-10T16:00:00.000Z","setUpShares":9984947.8,"inceptionDate":"2024-04-11T16:00:00.000Z","pinyin":"yfdaflgycyqzqxzqtzjj","managers":[{"stockCode":"f100000026","stockType":"fund_manager","exchange":"fm","tickerId":260820202650,"name":"藏海涛"}]},"announcement":{"linkText":"易方达安丰六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=1179067","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3747fea5b3eb053d63d","date":"2024-06-29T16:00:00.000Z","stockId":3000000020891,"sao":"2024年上半年债券市场呈牛市走势，各类属、各期限收益率大幅下行。从收益率变化情况看，截至上半年末，利率债以中债10年期国开债、国债为代表的收益率较去年底分别下行38.7bps、35.0bps，幅度基本一致。信用债方面，截至上半年末，AAA评级1、3、5年期中短期票据收益率较去年底分别下行50.7bps、57.8bps、67.3bps，曲线呈现平坦化下行走势；AA评级1、3、5年期中短期票据收益率较去年底下行幅度更为显著，分别下行56.2bps、80.6bps、110.6bp。具体来看，一季度债市延续牛市行情，主要驱动因素包括基本面仍维持偏弱格局且政策对冲力度相对温和，加之资金面整体偏宽松、货币政策预期较为强烈、机构配置力度较强等原因，债券收益率下行十分显著。债券收益率经历了前期快速下行后，估值性价比有所下降，尽管基本面或政策面尚未反转，但市场参与者的配置意愿有所降温，加之超长期特别国债供给的担忧、汇率贬值压力上升等因素扰动，债券收益率进入震荡行情，并持续至一季度末。二季度债券市场继续走强，除4月下旬略有调整外，债券收益率整体呈下行走势。4月中上旬，诸多因素叠加导致收益率下行较快，其中疲弱的基本面、规范手工补息、有利的供需结构等因素主导收益率下行。此后，央行提示长债风险，叠加利率债供给可能上量、权益市场风险偏好上升等因素，收益率快速上行，债市经历了一波短暂调整。5月初至二季度末，尽管债券供给和房地产政策等因素对市场带来一定扰动，但偏弱的金融数据主导了债券市场，收益率转而下行，加之非银资金较为宽松、国债供给不确定性消除，多头情绪延续，收益率单边下行至半年末。本基金于2024年二季度成立运作，组合在成立后进行了建仓操作，整体运作维持稳健，久期水平中性偏保守，注重持有期收益和波动幅度。建仓初期组合以银行存款为主，并积极增配收益率较优、信用风险可控的短期信用品种，提升组合持有期收益。随后，组合配置了流动性较优的高等级金融债及信用债，均衡持仓结构，提升持仓灵活度。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:36.337Z","mo":"展望未来，基本面情况预计将延续前期走势，呈现内需不足外需尚可格局。地产在前期诸多政策扶持的情况下，仍处于筑底进程，消费品属性的增强更加关联居民部门的收入和就业预期情况；经济向好趋势仍需要建立在广谱价格温和上涨的基础之上，目前看仍需要夯实；外需面临较大不确定性，短期内看阶段性趋势或将维系。整体看，基本面预计仍将支持债券市场维系牛市。未来市场波动性主要来自政策：如财政政策对冲力度和范围的变化、货币政策的兑现力度、汇率因素变化情况，以及监管对于长端收益率水平和短端流动性的指导变动等，但预计幅度相对有限。同时，持续的机构配置需求预计仍将对债券市场形成支撑。综上，我们预计债券市场将在低收益率环境下维持相对强势，收益率呈震荡下行走势。","fund":{"_id":3000000020891,"__csrcFundId":13719,"stockCode":"020891","masterFundShortName":"易方达安丰六个月持有债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20891,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.789Z","status":"normal","exchange":"jj","shortName":"易方达安丰六个月持有债券A","name":"易方达安丰六个月持有期债券型证券投资基金","fundCollectionId":4000050110000,"setUpAssetScale":9984947.8,"setUpDate":"2024-04-10T16:00:00.000Z","setUpShares":9984947.8,"inceptionDate":"2024-04-11T16:00:00.000Z","pinyin":"yfdaflgycyqzqxzqtzjj","managers":[{"stockCode":"f100000026","stockType":"fund_manager","exchange":"fm","tickerId":260820202650,"name":"藏海涛"}]},"announcement":{"linkText":"易方达安丰六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=1150085","linkType":"PDF","source":"csrc_pdf"}}]}