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年，债券市场的核心矛盾是疫情防控和地产链收缩推动的经济下行。疫情防控政策约束了消费需求，并对居民收入形成较大负面影响，影响了居民部门加杠杆的积极性；而地产链的收缩一方面推动经济下行，另一方面加剧高息资产萎缩。叠加对地方城投平台实施的“隐债不增”政策进一步加剧了资产荒格局。11月初以来，伴随防疫和地产政策几乎同时发生边际变化，叠加理财赎回推波助澜，债市迎来大幅调整，尤其信用品类跌幅较大。组合采用信用精选策略，并通过利率波段操作增厚业绩。信用方面严控信用资质，通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。22年有效规避地产债，并且11月调整前降低组合久期和仓位并提升流动性，有效应对市场调整和资金赎回。利率方面，7-8月通过拉长组合久期，在市场下行阶段取得较好成效。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.618Z","mo":"展望2023年，宏观格局可以概括为：“两个放松”+“一个退坡”+“中央政府加杠杆”，这三个变量的强弱，决定了2023年的整体格局。“两个放松”下消费和地产或有修复，出口链大概率退坡，同时中央政府加杠杆的概率较高。货币政策方面，我们认为货币政策整体将继续维持宽松，但资金利率最宽松的时候已经过去了，资金利率将向政策利率回归。财政政策的力度不会太弱，关注货币政策与财政政策的配合。总的来看，预计 2023年的利率中枢或将有所上行，但上行的空间有限。在居民部门缺乏趋势性加杠杆动力，居民房贷利率和实体经济回报率偏低的大背景下，利率中枢上行的空间是有限的。在理财净值化的大背景下，信用利差可能会面临重估，2023年的信用利差较之2022年会有所上行，信用利差整体将呈分化之格局，同时经过本轮冲击，机构流动性管理意识也会进一步提升。组合信用底仓将聚焦中高等级中短久期，重点把握类属信用品种的轮动周期，利率以把握超调机会为主，力求增厚组合业绩。","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=866422","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa282","date":"2022-09-29T16:00:00.000Z","stockId":3000000007536,"sao":"三季度利率先下后上。7月初央行逆回购缩量引发市场担忧，利率短暂调整后在资金面宽松、疫情反弹、地产风波、机构配置需求等共振下有所下行。后续政治局会议未有超预期政策出台，多头情绪延续。8月公布的社融数据显示实体融资需求十分疲弱，紧接着MLF和OMO超预期双降，经济数据亦较弱，短期市场阶段性迎来最大利好，市场多头热情进一步点燃，推动行情演绎。市场急涨后止盈力量出现，在稳增长政策部署、多地出台地产政策、资金面小幅收敛等利空因素推动下，债市小幅上行，小长假前在海外债市上涨、人民币贬值压力、地产多项政策齐发下出现快速调整，收益率上行。组合采用信用精选策略，并通过利率波段操作增厚业绩。三季度灵活运用久期策略，有效增厚组合业绩。信用方面，板块上仍以城投债为主，规避地产板块。严控持仓信用债资质，并通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.615Z","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=805812","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa281","date":"2022-06-29T16:00:00.000Z","stockId":3000000007536,"sao":"今年上半年，短端利率下行，长端利率震荡，曲线陡峭化，同时信用利差整体压缩，资产荒格局延续。一季度，市场交易重心在宽货币和宽信用之间回摆：1月份宽货币走在宽信用之前，利率整体下行。后伴随1月社融总量超预期、短期政策再宽松预期落空，叠加部分城市放松地产信贷政策、固收+赎回带来负反馈效应，市场出现明显调整，交易重心转为宽信用。3月后，国内外的宏观环境更加复杂，市场预期也在稳增长和宽货币之间回摆，债市呈现震荡格局。二季度以来，资金利率中枢下行，流动性环境宽松推动短端利率下行；而长端则在疫情演变下反复博弈基本面冲击与修复，步入震荡。组合采用信用精选策略，并通过利率波段操作增厚业绩。信用方面，板块上仍以城投债为主，规避地产板块。严控持仓信用债资质，并通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。利率方面，利率灵活管理争取交易性机会，波段操作争取增厚收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.613Z","mo":"经济方面，上半年疫情冲击和地产链收缩是经济核心矛盾，三季度经济环比修复相对确定。基建是抓手，但考虑外需回落压力、叠加地产链难以趋势性回暖、企业居民融资需求偏弱，中期依然存在压制增长的因素。通胀方面，预计猪价带动CPI温和回升、PPI同比仍处于回落通道。短期而言，经济复苏力度仍偏弱，货币政策难以转向，资金面和机构配置力量仍是市场重要支撑；但方向上考虑经济复苏和通胀压力，基本面逐渐对债市不利。对内重点关注中央政府加杠杆的决心和节奏，是利率向上弹性的关键。对外重点关注外需回落节奏。","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=785903","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa280","date":"2022-03-30T16:00:00.000Z","stockId":3000000007536,"sao":"一季度债市走出震荡行情。1月份市场处于多头行情，降息落地，叠加央行表态强调宏观政策紧迫性，提振市场情绪。利率整体下行，10年期国债一度突破2.7%。春节后，随着公布的1月份社融数据总量超预期，短期内政策再宽松预期落空，叠加部分城市放松地产信贷政策挑动市场神经、固收+赎回带来的负反馈效应，市场出现明显调整，交易重心转为宽信用。3月以后，国内外的宏观环境更加复杂，市场预期也在稳增长和宽货币之间回摆，债市呈现震荡格局。当前从国内基本面看，目前地产链条依然是宽信用及稳增长的最大梗阻。虽近期多地政策有所放松，但房企信用风险仍在发酵、居民加杠杆意愿仍弱。国内疫情反复，部分区域疫情形势严峻，面对传染性和隐蔽性更强的奥密克戎，国内的防疫成本及对经济的负面冲击会增加。国外局势亦较为复杂，俄乌冲突、联储加息也对市场产生一定程度扰动。货币政策存在窗口期，但也面临着制约。 组合采用信用精选策略，并通过利率波段操作增厚业绩。信用方面，板块上仍以城投债为主，规避地产板块。区域上以中东部更具备安全边际的省份为主，规避区域债务负担过重、非标占比高的尾部平台。严控持仓信用债资质，并通过对发行人、行业、区域等多维度的持仓比例限制来降低组合整体信用风险。利率方面，年初提升仓位并在二月初及时降久期，对组合业绩有效增厚。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.610Z","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=725364","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa27f","date":"2021-12-30T16:00:00.000Z","stockId":3000000007536,"sao":"回顾2021年，年初债市延续下行，1月底资金面明显收紧，出现“小钱荒”，利率有所调整。而后市场对于利空逐步钝化，欠配逻辑成为主导，推动利率下行。7月初超预期降准推动市场行情快速演绎，触及本轮行情低位。8-9月市场步入震荡市，后随短期宽货币预期落空、大宗商品价格大幅上涨等因素市场再次进入调整行情。伴随经济增长压力进一步显现、货币政策持续宽松等影响，债市重回下行通道。组合为纯债开放产品，信用打底，利率波段操作增厚。信用精选策略，严控信用债资质，规避尾部风险的同时精选个券。通过对行业、区域、个体等多维度的持仓比例控制来降低组合整体信用风险。关注信用品种溢价机会。利率波段操作力争增厚业绩。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.607Z","mo":"经济方面，出口和内需面临下滑压力的共振，地产链快速收缩是核心矛盾，基本面压力不减。通胀方面，预计PPI回落趋势，CPI有所抬升。政策方面，稳增长在中央经济工作会议后成为政策主基调，但同时也继续保持了“房住不炒”和“隐债不增”的两条红线。强调跨周期与逆周期有机结合、财政和货币政策要协调联动。稳增长强诉求下，财政政策积极发力，货币政策稳中偏松，政策前置特征突出。整体看，宽信用的方向确定但节奏未定，信用风险边际缓释但分化延续。 对利率而言，短期内宽信用在政策定力下老路难走，宽货币走在宽信用之前，对市场形成支撑。中期的重点在于稳增长的政策和效果，须持续密切关注。保持灵活交易心态，把握债券市场投资机会。 对信用而言，信用环境边际缓释，但分化或延续。须严控信用资质，做好信用资质与期限的平衡，在规避尾部风险的同时仍可获取较好回报。","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=709599","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa27e","date":"2021-09-29T16:00:00.000Z","stockId":3000000007536,"sao":"7月超预期降准后，利率快速下行，市场走在政策和基本面前面。8月-9月以来，随着MLF的到期，央行并未投放更多的流动性，短端利率出现回调。长端利率则持续窄幅震荡：一方面经济基本面下行压力是对债市最大的支撑，房地产风险的暴露加之能耗双控，疫情散点频发，不能被证伪的经济下行趋势使得债市风险整体不大；而另一方面，前期涨幅过大导致赔率不足，机构参与热情减退，加之宽信用已在路上，虽地产和城投作为历史上两大宽信用主力受政策制约难以发力，短期很难看到数据上的改善，但隐忧已现，叠加地方债供给放量、通胀担忧、美国QE退出等，市场情绪偏弱，制约利率下行空间。策略上，当前利率债缺乏方向，票息确定性增强，但考虑信用板块整体信用利差仍处相对低位，保护不足，且理财净值化对长期限信用债的冲击还未显现，宜维持短久期高票息策略，精选个券的同时注重尾部风险防范。利率整体逐步转为防御，灵活管理争取交易性机会，波段操作力争增厚收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.605Z","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=654332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa27d","date":"2021-06-29T16:00:00.000Z","stockId":3000000007536,"sao":"今年上半年大的宏观背景是疫情冲击下全球复苏错位、供给修复失衡。国内经济K型修复，出口链成为经济增长韧性的核心来源，地产投资和制造业投资偏强、工业生产回归常态、消费修复偏慢。外需偏强叠加商品国供给约束、内部碳中和政策供给端影响PPI高企，受猪肉价格拖累和非食品缓慢修复影响，CPI抬升相对温和。“宽货币+紧信用”带来的安全资产荒推动上半年债市上涨行情。2月以来，虽然PPI不断上行，但央行始终维持了稳健的货币政策，导致债券市场出现了一轮配置盘推动的上涨行情。权益市场则一波三折、快涨快跌，进而带动债券市场出现阶段性的交易行情。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.602Z","mo":"展望下半年，国内经济增长预期有所回落，但失速风险不大。外需偏强和供给受限的格局下PPI预计将高位震荡，考虑猪价仍处于下行周期中但拖累程度弱化、非食品目前呈现和历史相符的周期特征预计将继续修复，CPI预计温和上行但绝对数不高。流动性条件偏松、结构性紧信用的格局短期内仍将维系。流动性存在一定宽松程度边际减弱的可能性，但由于经济修复存在较大的不平衡，青年就业和小企业仍面临较大压力，货币政策缺乏明显收紧条件，而城投、地产强监管下债市缺“安全资产”的格局仍将持续。关注下半年可能导致收益率短期上行的因素，如信用风险的暴露超预期、地方债发行超预期、通胀压力超预期和美联储TAPER等。固收投资方面，信用分化持续，弱资质主体利差走阔，精选个券同时注重尾部风险防范，利率灵活管理争取交易性机会，波段操作增厚收益。","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐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=633467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecad57fea5b3eb04aa27c","stockId":3000000007536,"sao":"2021年一季度，债市走出震荡行情，走势上先上后下。1月份债市结束永煤事件后货币政策宽松带来的小反弹，10年国债窄幅波动，全月小幅上升4bp左右。后随着1月下旬资金面显著收敛，资金成本飙升加剧市场对货币政策收紧担忧，债市出现调整。春节期间，由于全球疫情迎来拐点、疫苗推进、叠加全球通胀预期升温，10年国债节后达到3.28高点。后市场对利空出现一定程度钝化，在资金面持续宽松的大背景下债市有所下行但整体偏纠结。信用利差整体在永煤事件冲击后冲高回落，但分层现象依然明显。展望二季度，宏观场景从增长持续超预期、流动性相对平稳、PPI温和上升的场景向增长逐渐触顶温和回落、流动性开始出现实质性收缩、PPI进一步上升的场景切换。利率方面，等待市场对流动性边际收紧和通胀进一步定价充分后或现更好的配置时点，波段操作增强组合收益。信用方面，信用分层严重须谨慎防风险。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:27:49.600Z","fund":{"_id":3000000007536,"__csrcFundId":6614,"stockCode":"007536","shortName":"博时富乐纯债债券(007536)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":7536,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:46:38.788Z","status":"normal","inceptionDate":"2019-09-16T16:00:00.000Z","name":"博时富乐纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时富乐纯债债券","pinyin":"bsflczzqxzqtzjj","managers":[{"stockCode":"db20890172","stockType":"fund_manager","exchange":"fm","tickerId":2425225360,"name":"胥艺"}]},"announcement":{"linkText":"博时富乐纯债债券型证券投资基金2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