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左右。　　报告期内，产品维持中性的久期，注重品种轮动，获取了较好的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:40.120Z","mo":"展望后市，我们依旧比较看好债券资产的长期配置价值。上半年在财政政策的提前发力以及贸易形势变化的推动下，经济基本面数据有所改善，但是我国经济供需结构不匹配的特征依旧较为明显，由于流动性带来的风险偏好持续改善也需要时间去验证。从中长期视角观察，广谱利率仍处于下行通道，我国当前实际利率偏高，需要进一步降低广谱利率和政策利率，以支持经济增长，具体的货币政策宽松的节奏则取决于外部环境和内部经济修复的进度，因此，我们认为经济基本面和货币政策依旧对债市具有支撑。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000020952,"stockCode":"020952","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20952,"currency":"CNY","lastUpdated":"2026-08-26T01:50:14.851Z","status":"normal","exchange":"jj","shortName":"方正富邦瑞福6个月持有期债券A","name":"方正富邦瑞福6个月持有期债券型证券投资基金","fundCollectionId":4000050670000,"setUpAssetScale":497395479.56,"setUpDate":"2024-04-25T16:00:00.000Z","setUpShares":497395479.56,"inceptionDate":"2024-04-25T16:00:00.000Z","pinyin":"fzfbrf6gycyqzqxzqtzjj","masterFundShortName":"方正富邦瑞福6个月持有期债券","__csrcFundId":13836,"managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦瑞福6个月持有期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=1348558","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3787fea5b3eb053da10","date":"2025-03-30T16:00:00.000Z","stockId":3000000020952,"sao":"一季度影响债市的核心因素是资金面和风险偏好，债券收益率呈现震荡上行走势。1-2月，央行流动性投放相对谨慎、资金价格较高，叠加权益市场回暖，债券收益率整体上行，且波动加大，3月中上旬，存单价格维持高位，政府工作报告公布，经济增长目标和财政发力基本符合预期，叠加两会对消费、科技的有关提法，使得风险偏好回升压制债市，债券收益率向上调整，10年国债活跃券收益率一度触及1.90%。3月下旬，央行加大流动性投放力度，资金面边际好转，叠加权益市场调整，债市呈现企稳修复态势，10年国债活跃券收益率震荡下行至1.8%附近。整体来看，季度内，收益率曲线平坦化上移，利率债方面，1年国开上行44BP，3-5年国开上行29BP左右，10年国开上行11BP；信用债方面，以短融中票为例，AAA品种1-5年期上行26BP左右，AAA和AA+品种1年期上行20BP左右，3-5年期上行17BP左右。　　季度内，产品维持中性的久期，注重资产轮动，获取了较好的收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:40.117Z","fund":{"_id":3000000020952,"stockCode":"020952","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20952,"currency":"CNY","lastUpdated":"2026-08-26T01:50:14.851Z","status":"normal","exchange":"jj","shortName":"方正富邦瑞福6个月持有期债券A","name":"方正富邦瑞福6个月持有期债券型证券投资基金","fundCollectionId":4000050670000,"setUpAssetScale":497395479.56,"setUpDate":"2024-04-25T16:00:00.000Z","setUpShares":497395479.56,"inceptionDate":"2024-04-25T16:00:00.000Z","pinyin":"fzfbrf6gycyqzqxzqtzjj","masterFundShortName":"方正富邦瑞福6个月持有期债券","__csrcFundId":13836,"managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦瑞福6个月持有期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=1274761","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3787fea5b3eb053da0f","date":"2024-12-30T16:00:00.000Z","stockId":3000000020952,"sao":"2024年，经济呈现出缓慢修复的态势，分季度看，一季度经济增速较高，同比增长5.3%；一季度后，在消费增速放缓、投资增速增长乏力、地产压力尚未大幅缓解等因素的共同作用下，经济增速有所放缓，二季度经济增长为4.7%，三季度经济增长为4.6%；9月底，中央政治局会议对经济工作进行提前讨论，经济刺激政策连续发力，推动四季度经济增长为5.4%，最终实现了全年5%的GDP增速目标。货币政策方面，央行全年进行两次降准两次降息操作，并通过国债买卖和买断式逆回购操作投放流动性，资金面整体宽松。全年债券收益率呈现震荡下行的走势，并创历史新低，具体可以分为3个阶段：（1）1-9月下旬：在资金面宽松、权益市场表现偏弱、资产荒等因素的驱动下，债券收益率整体震荡下行；（2）9月底-11月中旬：9月底债市在市场风险偏好回升以及资管产品赎回潮等因素的影响下，收益率大幅回调，随后，股市表现和政策预期成为市场主线，债券收益率宽幅震荡；（3）11月下旬-12月：特殊再融资债集中发行，央行呵护流动性，市场承接力较好，货币宽松预期引发非银机构等抢跑利率债，债券收益率大幅下行。　　年内，产品规模波动较大，我们在保证流动性的同时优化组合结构，获取了较好的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:40.114Z","mo":"2025年，我们认为国内在财政投资和消费补贴上将持续发力，地产或仍为拖累项，基建可能依旧是发力的关键，但海外方面，特朗普上台后的贸易战冲击仍存不确定性，出口或将面临较大压力，2025 年基本面走弱趋势可能放缓但难有很大起色，货币政策预计维持“适度宽松”的基调，化债背景下，“资产荒”的格局或将延续，债券资产仍然具有较好的配置价值。组合上，我们将继续以票息策略为主，注重不同资产品种之间的轮动，同时积极进行波段操作增厚组合收益。","fund":{"_id":3000000020952,"stockCode":"020952","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20952,"currency":"CNY","lastUpdated":"2026-08-26T01:50:14.851Z","status":"normal","exchange":"jj","shortName":"方正富邦瑞福6个月持有期债券A","name":"方正富邦瑞福6个月持有期债券型证券投资基金","fundCollectionId":4000050670000,"setUpAssetScale":497395479.56,"setUpDate":"2024-04-25T16:00:00.000Z","setUpShares":497395479.56,"inceptionDate":"2024-04-25T16:00:00.000Z","pinyin":"fzfbrf6gycyqzqxzqtzjj","masterFundShortName":"方正富邦瑞福6个月持有期债券","__csrcFundId":13836,"managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦瑞福6个月持有期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=1255813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3787fea5b3eb053da0e","date":"2024-09-29T16:00:00.000Z","stockId":3000000020952,"sao":"经济基本面在三季度存在一定的下行压力，整体呈现国内有效需求不足，外需温和修复的特征。其中受地产及夏季极端高温天气影响，工业生产增速放缓；固定资产投资增速延续回落，其中地产投资仍是主要拖累项，基建和制造业投资增速虽有放缓，但仍保持较高韧性；受收入增速放缓和消费意愿偏低的制约，消费增速依然乏力；海外补库存带动外需回暖，出口增速延续修复势头。季度内，央行实施降准降息政策，资金面整体宽松，但是波动加大。　　三季度，债券收益率整体呈现先下后上走势。7月份，经济刺激力度低于预期，叠加一系列降息举措点燃债市做多热情，现券收益率显著下行；8 月份，国有大行抛售中长期限国债，理财、基金赎回背景下信用债明显调整，央行加码流动性投放等因素的共同作用下，收益率呈现宽幅震荡走势，长久期国债流动性有所萎缩；9月份，市场宽货币预期升温，叠加多项经济数据表现偏弱，国债收益率下行至历史低位，临近月底，政治局会议对经济工作进行提前讨论，经济刺激政策出台的速度及力度超市场预期，市场风险偏好提升，债券利率快速上行。　　报告期内，基金根据基本面和货币政策的变化，积极参与中长端利率债和高等级信用债的配置和交易。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:40.108Z","fund":{"_id":3000000020952,"stockCode":"020952","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20952,"currency":"CNY","lastUpdated":"2026-08-26T01:50:14.851Z","status":"normal","exchange":"jj","shortName":"方正富邦瑞福6个月持有期债券A","name":"方正富邦瑞福6个月持有期债券型证券投资基金","fundCollectionId":4000050670000,"setUpAssetScale":497395479.56,"setUpDate":"2024-04-25T16:00:00.000Z","setUpShares":497395479.56,"inceptionDate":"2024-04-25T16:00:00.000Z","pinyin":"fzfbrf6gycyqzqxzqtzjj","masterFundShortName":"方正富邦瑞福6个月持有期债券","__csrcFundId":13836,"managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦瑞福6个月持有期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=1176209","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3787fea5b3eb053da0d","date":"2024-06-29T16:00:00.000Z","stockId":3000000020952,"sao":"回顾2024 年上半年，国内经济量稳价弱的现象持续，背后源于供给扩张快于需求恢复，从节奏上看一季度量价背离特征比较明显，进入二季度有逐步收敛的迹象。债市走势方面，春节前降准预期兑现，收益率快速下行，其中长端收益率下行幅度大于短端，利率曲线平坦化。春节后虽然权益市场有所回暖，但LPR超预期调降后债券收益率再度下行，10年国债创下阶段性新低。3月中旬到5月上旬，市场对金融防风险导向的担忧加强，叠加二季度债券供给放量的预期，债市震荡调整。随着债券供给预期落空，配置力量继续推动收益率下行，收益率曲线呈现陡峭化趋势。整体来看，信用债下行幅度大于利率债，其中城投债和银行二永债表现较好，信用利差大多压降至较低水平。利率债方面二季度受到来自政策层的引导和供给预期持续的扰动，短端利率中枢下移，长端利率中枢维持震荡。　　操作方面，报告期内基金在严控信用风险的提前下，根据收益率曲线形态变化及个券利差进行择券，并根据市场走势变化动态调整组合久期，控制市场风险暴露。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:40.104Z","mo":"展望2024年下半年，经济的主要拉动力预计仍将在于出口与投资，名义增速预计维持修复趋势，幅度取决于政策力度。财政支出加力及外需韧性将是需求端的主要支持因素，国内推动大规模设备更新和消费品以旧换新依旧会为需求短期带来一定支撑。但物价回升偏慢的状态下，实际利率仍处偏高位置，居民及企业融资意愿改善或难以一蹴而就。从供给端看，在稳增长、稳就业的政策导向下，下半年投资预计维持较高的增速，供给端扩张快于需求端恢复局面仍将持续，实际利率的修复预计仍将依赖于名义利率的下调。在此背景下，债券收益仍存在下行的空间，关注国内外经济运行情况的中期变化，以及金融防风险导向对债市的阶段性影响。","fund":{"_id":3000000020952,"stockCode":"020952","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":20952,"currency":"CNY","lastUpdated":"2026-08-26T01:50:14.851Z","status":"normal","exchange":"jj","shortName":"方正富邦瑞福6个月持有期债券A","name":"方正富邦瑞福6个月持有期债券型证券投资基金","fundCollectionId":4000050670000,"setUpAssetScale":497395479.56,"setUpDate":"2024-04-25T16:00:00.000Z","setUpShares":497395479.56,"inceptionDate":"2024-04-25T16:00:00.000Z","pinyin":"fzfbrf6gycyqzqxzqtzjj","masterFundShortName":"方正富邦瑞福6个月持有期债券","__csrcFundId":13836,"managers":[{"stockCode":"j101019801","stockType":"fund_manager","exchange":"fm","tickerId":231619243940,"name":"吴佩珊"}]},"announcement":{"linkText":"方正富邦瑞福6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=1147985","linkType":"PDF","source":"csrc_pdf"}}]}