window.pageData = {"stock":{"_id":3000000021407,"name":"东方红益丰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021407","tickerId":21407,"shortName":"东方红益丰纯债债券B","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-05-07T16:00:00.000Z","fundCollectionId":4000050870000,"pinyin":"dfhyfczzqxzqtzjj","followedNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50870000","tickerId":50870000,"name":"上海东方证券资产管理有限公司"},"managers":[{"name":"李林","stockType":"fund_manager","stockCode":"j101019226","exchange":"fm","tickerId":1212241330}],"hotMetrics":{"fss":{"stockId":3000000021407,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.9995999999999999,"f_ind_h_s_r":0.0004,"f_h_a":49,"f_h_s_a":2931924,"last_data_date":"2025-06-29T16:00:00.000Z","f_ind_h_s_r_c_hy":0.0002,"f_ins_h_s_r_c_hy":-0.000200000000000089,"f_ind_h_s_r_c_1y":-0.0015,"f_ins_h_s_r_c_1y":0.0014999999999999458},"fpr":{"stockId":3000000021407,"type":"fpr","f_p_r_fys_ssc":7469,"f_p_r_fys_ssrp":0.5207552222817354,"f_p_r_m1_ssc":7559,"f_p_r_m1_ssrp":0.5525271235776661,"f_p_r_m3_ssc":7473,"f_p_r_m3_ssrp":0.38677730192719484,"f_p_r_m6_ssc":7252,"f_p_r_m6_ssrp":0.40711625982623084,"f_cagr_p_r_fs_ssc":7253,"f_cagr_p_r_fs_ssrp":0.6694704908990623,"f_p_r_y1_ssc":6811,"f_p_r_y1_ssrp":0.40925110132158593},"fp":{"stockId":3000000021407,"type":"fp","f_p_r_d1":-0.0002961792871952751,"f_cagr_p_r_fs":0.025510841820787,"f_p_r_m1":0.0038580246913579863,"f_p_r_m3":0.008331718659174259,"f_p_r_m6":0.014622733476310712,"f_p_r_fys":0.00979916561560068,"last_data_date":"2026-04-20T16:00:00.000Z","f_p_r_y1":0.021493767788790752},"ff":{"stockId":3000000021407,"type":"ff","f_m_f":649248,"f_m_f_r":0.003,"f_c_f":108208,"f_c_f_r":0.0005,"f_m_a_c_f":757456,"f_m_a_c_f_r":0.0035,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.0005,"f_fr_d":"2025-11-18T16:00:00.000Z","f_m_fr":0.003,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000021407,"type":"f_nlacan","f_nv_d":"2026-04-20T16:00:00.000Z","f_nv":1.0408,"f_nv_cr":0.000288322921672135},"f_as":{"stockId":3000000021407,"type":"f_as","f_tas":206861860.0213,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj"},{"_id":3000000018186,"name":"东方红益丰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","stockCode":"018186","tickerId":18186,"shortName":"东方红益丰纯债债券C","currency":"CNY","__csrcFundId":7803,"exchange":"jj","lastUpdated":"2025-01-04T00:32:23.921Z","fundCollectionId":4000050870000,"inceptionDate":"2023-03-22T16:00:00.000Z","status":"normal","masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"dfhyfczzqxzqtzjj"},{"_id":3000000022315,"name":"东方红益丰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022315","tickerId":22315,"shortName":"东方红益丰纯债债券E","currency":"CNY","__csrcFundId":7803,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-01-04T00:32:33.540Z","inceptionDate":"2024-10-17T16:00:00.000Z","pinyin":"dfhyfczzqxzqtzjj","fundCollectionId":4000050870000},{"_id":3000000024960,"name":"东方红益丰纯债债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"024960","tickerId":24960,"shortName":"东方红益丰纯债债券D","currency":"CNY","__csrcFundId":7803,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-08-04T07:53:11.905Z","inceptionDate":"2025-07-20T16:00:00.000Z","pinyin":"dfhyfczzqxzqtzjj","fundCollectionId":4000050870000}],"bondHoldings":[{"_id":"69723af21987889646e70503","date":"2025-12-30T16:00:00.000Z","fundId":3000000009670,"stockCode":"250415","stockName":"25农发15","holdings":500000,"marketCap":50132493,"netValueRatio":0.0427,"lastUpdated":"2026-01-22T14:57:54.541Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af21987889646e70504","date":"2025-12-30T16:00:00.000Z","fundId":3000000009670,"stockCode":"232380057","stockName":"23中行二级资本债02A","holdings":400000,"marketCap":41774630,"netValueRatio":0.0356,"lastUpdated":"2026-01-22T14:57:54.544Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af21987889646e70505","date":"2025-12-30T16:00:00.000Z","fundId":3000000009670,"stockCode":"242483","stockName":"25开源01","holdings":400000,"marketCap":40809479,"netValueRatio":0.0347,"lastUpdated":"2026-01-22T14:57:54.547Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af21987889646e70506","date":"2025-12-30T16:00:00.000Z","fundId":3000000009670,"stockCode":"102583997","stockName":"25中航集MTN001","holdings":400000,"marketCap":40317553,"netValueRatio":0.0343,"lastUpdated":"2026-01-22T14:57:54.550Z","declarationDate":"2026-01-21T16:00:00.000Z"},{"_id":"69723af21987889646e70507","date":"2025-12-30T16:00:00.000Z","fundId":3000000009670,"stockCode":"250431","stockName":"25农发31","holdings":400000,"marketCap":40187923,"netValueRatio":0.0342,"lastUpdated":"2026-01-22T14:57:54.552Z","declarationDate":"2026-01-21T16:00:00.000Z"}]},"list":[{"_id":"69aecce47fea5b3eb04d0349","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000009670,"sao":"四季度二十届四中全会及中央经济工作会议相继落地，基本面上国内新老经济分化延续，政策端对强科技、稳增长、扩内需等领域的支持诉求仍较强，财政仍有进一步发力的空间及必要性。央行亦延续了支持性的货币政策，并重启国债买卖。债市10月修复，但后续两月调整幅度较深，其中TL合约月度分别跌去1.69%、2.66%，利率债期限利差进一步走阔。信用债方面表现则相对稳定，中短久期高等级信用债收益率与利差双低，长久期信用债受利率债表现以及供需结构不佳等因素影响，利差延续走阔态势。此外，个别信用主体风险事件超预期，市场对主体信用的关注大幅提升，并带动混合所有制及地产两类主体存续债券估值上行调整。偏弱地区城投债全年持续压缩利差至低位，但随着未来化债节点的临近，叠加信用事件舆情关注度提升以及中央经济工作会议再提市场化处置债务等因素，中长久期城投债估值可能面临一定程度重定价压力。报告期内，组合以信用票息为基础，配置上兼顾流动性，为投资者争取稳健的回报。展望2026年一季度，公募基金销售费用新规落地，债券基金赎回费率较前期征求意见稿有一定程度放松，债市极致看空情绪有所缓解。权益市场热度与预期仍高，需继续关注机构行为对债基赎回的冲击影响。市场普遍关注到了利率债的供需压力，预计央行仍将维持适度宽松的支持性货币政策，央行国债买卖的结构及体量会否发生变化同样值得关注。","lastUpdated":"2026-03-09T13:36:36.982Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1456501","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0348","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009670,"sao":"三季度市场走势是非常典型的股强债弱，随着权益市场上行趋势的进一步呈现，市场风险偏好也形成了阶段性转向。期间，上证指数上行幅度超过10%，三十年国债活跃券收益率上行接近30BP，由此带来市场预期和投资风格也发生了比较大的变化。在当前弱基本面和强风险偏好的共同作用下，未来债券市场将会呈现两个明显的特征：一是整体配置结构将向中短端转移，此前低利率环境下对于久期的追逐会适度降温；另一个是收益率曲线尤其是中长端将会呈现陡峭化趋势，期限利差将会拉大。当然未来的市场不是一定没有变数，贸易冲突虽然阶段性缓和，但是冲突的核心矛盾并没有得到解决，未来基于利益平衡的拉扯在所难免，如何对组合进行风险控制并利用市场的波动捕捉机会，是未来工作中的重点研究方向。操作上，三季度基于市场的风格转换，对组合进行了整体配置结构的大幅调整，基础仓位和交易仓位的久期暴露降低，杠杆也调整到偏防守位置，进一步降低组合整体波动率。　　展望后市，未来债券市场仍将面临弱基本面和强风险偏好的共同影响，组合操作上将继续优化整体配置结构和交易策略。配置结构上，优选性价比较高资产，提高配置仓位的整体收益率，保持收益性和流动性的平衡；交易策略上，交易仓位的品种和久期继续按照预定节奏调整和下降，力争保证交易效率和整体安全性的平衡。","lastUpdated":"2026-03-09T13:36:36.979Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1376750","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0347","date":"2025-06-29T16:00:00.000Z","stockId":3000000009670,"sao":"债券市场，2025年上半年走势相较于2024年比较顺畅的行情，出现了较多的分歧，阶段性波动幅度加大，整体走势偏震荡。首先，基本面表现出了较强的韧性和修复迹象，在上半年贸易摩擦发生的背景下，一季度和二季度的多项数据持续向好，让市场可能的悲观预期出现了动摇，也给政策制定层面更加从容的决策空间；其次，货币政策作用机制发生了变化，加强了对市场行为的引导，及时纠偏，保持市场整体走势处于合宜区间；再次，国内政策层面也是大动作频现，反内卷改善了预期，商品价格暴涨，墨脱水电项目强化了需求侧改善预期，为后续经济持续改善奠定基础；最后，股市初步确立了上升格局，当下确实没有太多看空中国股市的理由，这点也将成为后续持续压制债市的一个重要因素。在这样的背景之下，以当前市场活跃品种30年国债为例，虽然二月初创出年内新低，但是后续再难突破，半年末基本持平于年初位置。组合操作上，一季度市场在内外因素共同作用下，发生了较大的波动，我采取相对较为灵活的操作策略，组合整体特征会出现一定的波动；二季度市场走势偏震荡，没有明确的趋势性机会，组合整体操作策略偏中性，保持对市场特征的跟随前提下，阶段性捕捉市场的交易性机会和阶段性比较价值。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.977Z","mo":"展望后市，债券市场低位震荡的概率较大，当前经济环境不具备利率全面回升的基础，目前面临的外部环境依然具有较大的不确定性。但是，随着反内卷政策的持续推进，股市持续向好不断提高市场风险偏好，政策持续性加码对基本面形成了持续支撑，债券市场可能会进入多空反复博弈阶段，出现中枢不断上移的震荡走势。组合操作上，在当前市场缺少绝对机会的情况下，可能会延续二季度的操作，保持组合特征定位的基础上，拓宽观测维度，积极寻找市场阶段性具有比较优势的机会和品种，进行交易机会和置换机会的捕捉，力争从细节上累积和增厚组合收益。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1344553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0346","date":"2025-03-30T16:00:00.000Z","stockId":3000000009670,"sao":"债券市场一季度整体波动较大，从整体的走势来看可以分为三个阶段，第一阶段是去年预期交易的延续，长债和超长债强势依旧，收益率创出历史新低，中短端则在这一阶段因为资金面的持续收紧承受了较大的抛压；第二阶段是春节后资金面持续收紧，市场开始意识到本轮资金面的收紧不仅仅是时点因素，更多是来自政策层面的调控，市场预期发生了变化，长端和超长端开始调整，收益率快速上行；第三阶段是长端和超长端调整到位后，市场进入了试探性交易区间。此时，因为前期中短端的大幅调整，中短端的性价比得到了市场确认，中短端开始了修复行情。整体来看，影响债券市场的经济基本面和权益市场都处于徘徊阶段，没有明确的方向性信号，市场整体表现较为克制。最大的变化来自资金面的调控，市场已经很多年没有经历持续性收紧的资金面，央行一方面精准总量控制，使得资金总量保持合理充裕，另一方面通过价格引导，市场出现极端价格的情形很少并且不可持续。此次，资金面的波动，使得市场对于长债和超长债的交易热情一定程度上得到了冷静，重新回归基本面。组合操作层面，跟随市场风格转换，及时进行组合配置结构的调整，保持对今年债券市场波动较大特点的积极应对，提高转换过程中的交易胜率。　　展望二季度，需要关注经济数据边际变化趋势，美国关税政策落地及各国的反应，以及资金面的变化，债券市场整体来看持续上行的基础尚不具备，后续走势是围绕关键点位维持震荡，还是在某种因素触发下继续下行，需要密切关注各影响因素的变化。组合操作上，我将继续在当前配置基础上，加码中短端配置力度，充分发掘认知范围中的确定性机会，同时也时刻保持对于长端和超长端的交易机会关注。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.974Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1273708","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0345","date":"2024-12-30T16:00:00.000Z","stockId":3000000009670,"sao":"2024年全球经济复苏步伐放缓，政策出现分化的背景下，我国经济在复苏过程中虽然面临一定的压力，但是也不乏亮点，一些关键领域的突破还是持续给市场带来信心。央行在给经济保障护航的过程中，适时降准、降息也进一步彰显了政府层面在支持经济全面复苏的决心。债券市场在这样的大环境下，收益率也是伴随实体经济融资成本降低而大幅下行。根据中债收益率曲线统计数据显示，30年国债和10年国债在2024年下行幅度均在90BP左右，牛市行情延续。期间，虽然央行出于债券市场长期健康发展的需要，提示债券市场收益率过快下行的风险，债券收益率出现了一定的波动，但是市场对于未来政策宽松预期和市场做多情绪共振，债券依旧延续了向下的格局。在这样的市场背景下，组合操作也根据市场情绪和客户结构的变化，适时进行管理策略的调整。上半年，组合采取了构建信用底仓，利用交易仓位来跟踪市场主题热点，以达到组合投资目标，同时也保持了组合策略调整的灵活性，取得了较好的效果。下半年，组合结构和市场风格均出现了变化，市场不确定性增加且风格更加极致，为适应市场变化，我进行了以下调整：首先是基础仓位的调整，采取模块化配置，保证组合的配置效率和交易流动性；其次是交易仓位配置策略，更加追求极致，使得组合在保持较好市场跟踪效果的同时，也保证了交易效率，满足组合自身和市场波动加剧的要求。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.971Z","mo":"展望未来，债券市场的走势将在未来市场信心和经济发展决心的此消彼长中展开。结合当前的基本面，未来债券市场最大的支撑就是当前的经济基本面仍处于底部修复的过程中，国内外经济形势仍然具有一定的不确定性。但是，监管始终保持对于长端债券收益率过快下行和维持收益率曲线形态的关注。同时，去年最大的变化，就是年底央行开始通过调控资金成本来引导长端债券收益率，资金面多年的格局出现了变化，也是未来债券投资中不得不重视的新的变量。组合管理上，我将在现有组合管理策略的基础上，加强交易性策略的研究，来挖掘低利率环境下债券市场中的比较价值。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1254861","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0344","date":"2024-09-29T16:00:00.000Z","stockId":3000000009670,"sao":"三季度债券市场走势跌宕起伏。六月初到八月末，债券市场的走势主要围绕疲弱债市的基本面和央行对于长端利率的指导展开，七月初十年国债季度内高点位于2.30%，随后一路下行刷新年内低点，收益率来到2.13%，紧接着央行开始在二级市场进行债券买卖操作，影响了债券市场多头情绪，收益率上行10BP后，开始再次震荡下行接近前低位置，直至八月底。随后，多部门释放政策宽松信号，包括降准、降息和降低存量房贷利率等，市场做多情绪再次被点燃，十年国债收益率于9月23日直接来到2.0381%的历史新低。但是，9月24日，央行等三部门新闻发布会政策面释放了一系列信号和对资本市场的关切；加之9月26日，中央政治局会议进一步明确了提振经济的决心。权益市场开始放量上涨，债券市场则开始大幅上行，十年国债大幅上行超过20BP。并且，季末权益市场的大幅上行，带来风险偏好转换导致的潜在投资品种切换，给债券市场未来的走势带来了不确定性。操作上面，针对今年债券市场阶段性走势比较波折的特点，组合整体操作目标定位在保持组合久期和杠杆弹性，控制回撤并捕捉交易机会，尤其是市场分歧点的利率债交易。　　展望四季度，未来的市场呈现以下几个特点，一、权益市场被压抑的情绪已经被点燃，市场资产布局的调整可能对债券市场配置资金形成压缩；二、当前的市场热情建立在情绪和预期之上，尚待基本面改善的印证；三、当前整个经济处于提振和恢复阶段，货币政策和财政政策的发力配合需要适宜的利率环境支撑。因此，组合在后续操作上在保持谨慎的同时，积极尝试关键点位的配置和交易机会。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.969Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1174831","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0343","date":"2024-06-29T16:00:00.000Z","stockId":3000000009670,"sao":"2024年上半年整体经济表现呈现前高后低，其中，出口整体表现保持了较好的发展态势，显示了中国制造的强大底蕴；地产板块在政策持续输出的背景下依旧没有明显改观，市场分化加剧；其他主要板块各项数据在二季度有所回落，结构分析后均指向了有效需求不足。与此同时，当前我国发展复苏阶段所面临的国际环境也是错综复杂，一方面，货币政策的实施空间受到了外部因素的挤压；另一方面，国际关系和地缘政治的不确定性，让我国的经济复苏之路更加坎坷。政策层面，为了给经济复苏保驾护航，央行年内适时对LPR调降了两次，MLF和OMO调降了一次，并降准一次。通过多种货币市场工具组合来进行市场调控和价格引导，保证了资金面的合理充裕，也保持了市场各项指标的相对平稳。　　在这样的基本面和政策面背景下，债券市场表现亮眼，尤其是超长债在央行提示风险的情况下，依旧傲立债市。三十年国债上半年从年初收益率2.82%下行40BP于半年末收于2.42%，二季度走势相对于一季度稍显波折，缘于央行在政策多目标调控过程中，对长债和超长债进行相关风险提示，市场出现了暂时性的调整。但是，基本面和数据层面缺乏有力的支撑，最终收益率在市场交易情绪推动下，继续下行，并刷新了年内新低。组合操作上，上半年的基础策略是保持与市场主流策略的重合度，但是考虑到当前收益率水平处于历史低位，每一次向下突破市场交易心态上都可能会带来一定的反复，因此，我在此基础上通过波段操作和券种选择，保持组合整体资产流动性，维持组合杠杆和久期弹性。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.966Z","mo":"展望未来，未来债券市场的走势取决于对于未来经济预期的信心和对于未来经济复苏的决心，到底谁将主导市场的未来走势，预期的改变将是债市牛熊转换的关键点。结合当前的基本面，未来债券市场仍将保持一定的胜率，但是获取胜率的过程并不会一帆风顺，不同的策略选择可能带来迥异的投资回报，甚至可能出现阶段性亏损。组合管理上，我将会更加重视交易的作用，通过多策略和弹性目标，来挖掘低利率环境下债券市场中的比较价值。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1147112","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0342","date":"2024-03-30T16:00:00.000Z","stockId":3000000009670,"sao":"2024年一季度，债券市场最耀眼的组合要数10年和30年国债组成的长债、超长债组合，分别从年初高点位置2.56%和2.84%到3月初低点位置2.26%和2.43%下行了30和40余BP。这波债券收益率的下行主要逻辑还是对弱势基本面的重新定价和政策面宽松预期的提前市场兑现，并且叠加市场交易型资金的情绪渲染。整体来看，当前经济基本面从数据端出现了积极的信号，但是整体经济的复苏、改善的延续性仍需进一步的印证，投资、出口是否能持续发力，当前最迫切的需求端是否能出现有效改善。同时，外部收紧的金融环境，保持汇率稳定也是抑制政策进一步大幅宽松的重要因素。基于这些因素和当前的收益率水平，当前债券市场进入了一个区间震荡过程，由于前期预期兑现过于充分，进一步向下甚至创造新低的空间有限，但是基本面复苏在没有数据进一步支撑的情况下，短期大幅上行也不现实。此外，当下市场对于长债尤其超长债的交易还是出现了分歧，市场参与主体的结构出现了分化。组合在操作思路上，一方面，结合市场主流交易思路和自身判断，通过交易手段对组合收益进行增厚；另一方面，也在市场波动过程中，不断挖掘相对收益较好的资产，保持组合底层资产收益处于合适水平。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.963Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1071522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0341","date":"2023-12-30T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，2023年经济整体呈现了较强的韧性，但是也暴露了不少问题。货币政策端，央行两次降准0.25个百分点，两次降息将MLF利率从年初的2.75%下调至2.5%，同时还下调了LPR和SLF利率水平。债券市场整体延续了牛市行情，全年围绕政策预期和经济数据展开博弈，大致可以分为三个阶段：年初至三月初为第一阶段，这一阶段市场对于未来经济刺激的强预期主导了市场，债券收益率上行并于年内高位盘整；三月份至八月底为第二阶段，这一阶段数据持续呈现疲弱态势，货币政策跟进了降准、降息等放松政策，债券收益率大幅下行，十年期国债从年内高点至年内低点下行40BP；九月初至年底为第三阶段，数据出现阶段性拐点，债券收益率持续上行，十年期国债收益率自低位反弹接近20BP，但是随后市场对于货币政策放松预期再次主导了债券市场，债券市场收益率再次回到年内低点附近。组合操作上，全年的主基调可以归结为顺势而为，从年初市场的普遍谨慎，到趋势确立后的逐步提高杠杆和久期，再到第三阶段的观望和再跟进。采取这样的策略主要基于两方面的考虑，一方面，基本面整体对债券市场还是有所支撑，扭转市场信心确实需要更多的政策支持；另一方面，债券收益率确实也在历史较低分位做进一步突破，整体心态还是会相对谨慎。此外，针对当前市场预期型和快节奏型交易特征，在保持组合整体竞争力的同时，也保证整体资产的流动性和周转速率。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.961Z","mo":"展望未来，对于债市，国内方面，市场虽然出现了一些向好的态势，但是整体市场信心和有效需求的提振仍然需要更多的政策支持，市场对于货币和财政端更多刺激政策进一步出台的预期仍在，预期型交易在未来一段时间仍将扮演重要角色。资金面大概率还是维持充裕状态，市场对于后续债市谨慎乐观。全球范围来看，国家之间的博弈较之以往更加复杂，我们所面临的外部环境依旧严峻，也在一定程度上影响了经济复苏的进程。当然，对于整体收益率水平处于历史低位的背景下，市场情绪极为敏感，只要基本面释放实质性利好，不排除收益率出现阶段性快速上行的情况。所以在组合管理上，我们今年的整体策略可以归结为观望、试探、调整。保持整体的组合投资结构不出现较大的偏差，面临市场的交易机会积极进行尝试，同时保证好组合整体的资产流动性结构，以应对市场的阶段性变化，及时做出调整。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=1051939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0340","date":"2023-09-29T16:00:00.000Z","stockId":3000000009670,"sao":"三季度以来债市波动性提升。从基本面角度看，央行8月降息、9月降准，一、二线城市地产政策继续放松限制，此外城中村改造、各地一揽子化债等政策相继出台，7月以来经济金融及通胀数据企稳回升，部分一线城市地产成交高频数据明显放量，在多空预期交织展开的背景下债市收益率整体先下后上，10年期国债收益率由季初2.64%下行至8月下旬低点2.54%，随后于9月震荡上行收在2.7%附近，阶段性突破市场预期上沿；3年期AAA高等级信用债则由季初2.8%下行至低点2.64%，季末收于2.9%附近，振幅近30bp。从资金环境看，季内资金整体收敛，季末受利率债发行放量及税期等因素影响，降准后体感仍偏紧，一年期存单上行突破2.5%。信用债方面，季初理财增量配置力量仍强，叠加信用债供给季节性回落，同时万亿级别再融资债利好债务率偏高地区，市场对中低等级、尤其是短久期券种追逐情绪较高，其信用利差回落至2016年下半年位置，目前已处于长周期中较低水平。　　　　在本季度内，债券操作上，整体持仓以AAA和AA+品种为主。在季初基于对月度信用债供需格局利于收益率下行及利差压缩的判断，适度增加相应品种的配置，获取了较好的票息及资本利得收益；此外基于信用利差及二永债条款利差区间震荡的判断在适宜的仓位中增加了高流动性信用品种的交易频次，对组合收益做到了一定的增厚。　　　　展望后市，四季度债市波动性可能将季节性走高，基本面上可能面临月度宏观中观数据读数的进一步走高，形成6月以来连续回升态势，此外对增量财政政策及地产政策的预期博弈频次可能将进一步增加，债市短期内一致利多在9月央行降准后暂难寻觅；从机构行为角度看，四季度部分机构可能提前止盈，此外在市场学习效应下有关去年赎回潮的讨论可能再度增多，跨季后流动性预计有所缓和，但债市整体波动性从目前环境来看可能继续提升。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.958Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990119","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033f","date":"2023-06-29T16:00:00.000Z","stockId":3000000009670,"sao":"上半年国内债券市场先震荡后趋势性走牛，整体表现较好。一季度经济动能恢复，市场围绕经济复苏的主线，反复交易其预期的强弱，期间宏观数据及行业高频指标读数均超市场预期，10年期国债收益率从年初2.82%上行至1月底2.93%，而后有所下行，围绕2.85%中枢窄幅震荡，3年期AAA高等级信用债则由年初3.17%上行至最高3.21%，而后震荡下行收至季末3.07%，全季度下行约10bp，表现强于利率，而中低等级信用则在流动性宽裕、机构行为企稳的基础上大幅修复，3年期AA城投债由年初4.20%快速下行至季末3.42%位置，收益率下行接近80bp，下行幅度显著超越市场平均水平。而进入二季度以来，市场先前所预期的宏观低基数效应并未显现，与之相反，包括通胀、社融同比增量、PMI、就业、30城地产销售面积等数据均弱于预期，加剧了市场对经济内生动能放缓担忧的同时，也对增量宽货币与宽信用政策的出台形成了较为一致的预期；10年期国债由季初2.86%不断突破阻力下行至2.6%附近位置，季末收在2.63%。下行幅度超20bp，3年期AAA高等级信用债则由季初3.07%下行至最低2.72%，季末稍有回调至2.78%，二季度下行幅度接近30bp；30年期国债季初读数3.23%，6月中旬下行突破3.0%，表现强势；此外3年期高等级银行二级资本债和永续债由3.31%下行至2.95%，下行幅度同样超30bp，整体而言，二季度利率债的下行对信用债收益率有明显牵引作用，3年期AAA国开利差全季度维持30-40bp区间震荡；在此期间，存款利率与公开市场操作利率先后调降，利率走廊中枢水平整体下移，市场做多情绪浓厚，但于6月末出现止盈盘交易性踩踏，市场小有调整而后复归收益率下行区间。 　　　　信用债方面，上半年在机构赎回企稳、流动性的环境宽裕的大背景下，信用债利差持续修复，4月中下旬再度出现结构性资产荒，直到后续中短端利率债收益率下行空间打开，利差被动走阔后信用债再度迎来较好的配置窗口期。舆情方面，部分关注度较高的地区与平台再度出现公开市场舆情，对此需要关注其舆情解决落地情况以及风险外溢影响；而随着年报和一季报的陆续披露，6月以来将进入外部评级与投资机构内部评级的信用重估时期，我们将高度关注包括地方财税数据下滑较大、公司财务数据出现较大滑坡的地区及主体。从目前信用利差水平给出的指引方向上看，3年期AAA高等级信用债国开利差6月末收在40bp震荡区间上沿，AA+/AAA等级利差接近30bp出在历史高位，此外高等级银行二级资本债和永续债品种利差20bp高于去年调整期平均水平约10bp，整体而言目前中高等级信用债均具备较好的配置交易价值，机会仍高于风险。 　　　　债券操作上，我们整体持仓以AA+和AAA品种为主。我们认为在经济动能尚未明显修复的环境下，货币宽松政策仍将继续出台释放，近半年来先后看好中短端利率债收益率下行空间的打开以及信用债的补涨行情，对适宜久期的利率债、高等级普通信用债以及银行二级资本债和永续债加大了配置力度，整体大区间收益表现较好；此外，我们维持对部分区域景气度以及产业链景气度良好的主体进行了择优配置，目标对组合收益进行增厚；我们也对高债券存量及占比的区域与平台进行适当规避，为后续潜在的市场调整做好防守准备。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.955Z","mo":"展望后市，7月陆续公布的6月信贷、经济、通胀等读数预计仍弱，债市做多环境仍友好，但也需要注意把握市场对于不断出台的宽信用政策的预期对债市收益率调整的影响，同时高度关注海内外库存周期及价格周期的拐点；另一方面，地市楼市延续一季度状态，不同城市间以及同城不同区域间的分化相当显著，中低能级城市及片区库存去化压力大，全国范围内的地产企稳回升难度较高，居民部门资产负债表的修复仍留待观察，维持复苏强度仍难一蹴而就的判断。城投方面，平台融资环境仍持续受到限制，城市间、区域间以及平台间的分化仍在加大，7月将处于评级行动调整的密集公布期，我们将继续对区域景气度高、产业链布局结构合理、人口有持续净流入、金融资源充沛的城市与区域进行重点跟踪与配置，而对于债券存量规模大、占比高的区域与主体保持谨慎。配置方向上，3年期AAA国开利差40bp仍有吸引力，AA+/AAA等级利差亦在高位，3-5年期银行二级资本债和永续债条款利差同样存在较高的交易价值，部分景气度稳定的产业与平台有增厚收益的挖掘价值，总体而言，现阶段国内债券市场仍机会高于风险，但也需持续关注尾部区域及平台债务风险的暴露与处置以及三季度可能的交易拥挤所引发的市场波动增大。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=963832","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033e","date":"2023-03-30T16:00:00.000Z","stockId":3000000009670,"sao":"一季度债券市场波动幅度明显收窄，10年期国债收益率从年初2.82%上行至1月底2.93%，而后有所下行，围绕2.85%中枢窄幅震荡，3年期AAA高等级信用债则由年初3.17%上行至最高3.21%，而后震荡下行收至季末3.07%，全季度下行约10bp，表现强于利率；此外，3年期AA城投债由年初4.20%快速下行至季末3.42%位置，收益率下行接近80bp，下行幅度显著超越市场平均水平。从基本面角度看，市场于一季度围绕国内经济复苏的主线，反复交易其预期的强弱，前三个月国内PMI读数分别录得50.1、52.6与51.9，持续高于荣枯线，此外信贷投放方面，新增人民币贷款当月同比增加值前两月分别超7000亿与9000亿，规模及占比显著超出市场预期，同时核心一二线市场楼市与土地市场出现明显环比改善迹象，因此1、2两月债市环境有所逆风。从监管政策角度看，一季度《商业银行资本管理办法》征求意见稿出台，银行同业存单以及二级资本债等风险权重占用调整，对中长期资产定价的预期有所影响；在国务院机构改革中，中国证监会调整为国务院直属机构、在中国银保监会基础上组建国家金融监管总局、发改委企业债发行审核职能划出等调整方案，可能对后续金融监管改革以及深化地方金融监管体制改革等产生重要影响。　　但与此同时我们也关注到，国内流动性环境在季末分层的特殊时期以外，总体仍然保持宽裕，央行也于3月中旬宣布于月底降准25bp，释放中长期流动性约5500亿；机构行为方面，理财破净压力大幅缓解、债券配置力度加大，包括险资在内机构重新转为债券重要购买力量；地产方面，部分二线非核心片区以及广大三四线城市楼市与土地市场表现仍弱，库存去化压力高，房价回升预期不强，社融数据中居民中长贷情况表现欠佳，居民部门资产负债表修复情况仍需观察。上述因素的叠加，导致了市场对于利率大幅上行调整的担忧减弱，结构性资产荒局面再度出现，其中中等偏弱资质的城投债收益率在一二级联动的模式下大幅下行，城投等级利差大幅压缩，目前3年期AA城投债与产业债的利差已倒挂超20bp，幅度超过去年全年最高水平；短久期票息资产也被迅速挖掘，利差快速回落至历史中低分位数水平。　　债券操作方面，我们于年初理财赎回影响尚未完全消退时便看好后续信用债市场的修复，因此在信用利差仍较高的时点，对短久期票息资产与中长久期高等级资产进行增配，期间亦加大了对高等级银行二永债的研究与配置力度，整体收获了较好的市场修复收益；此外，我们针对部分区域景气度以及产业链景气度良好的主体进行了择优配置，对组合收益进行了一定程度的增厚；最后，我们也对高债券存量及占比的区域与平台进行适当规避，为后续潜在的市场调整做好防守准备。　　展望后市，市场对于复苏强度的可持续性已有分歧，二季度经济指标的读数受低基数效应影响显著，短期冲高的确定性较大；但另一方面，地市楼市在不同城市间以及同城不同区域间的分化相当显著，中低能级城市及片区库存去化压力大，全国范围内的地产企稳回升难度较高，居民资产负债表的修复仍留待观察，复苏强度仍难一蹴而就。海外方面，年内外部环境复杂，市场对外需趋弱形成相对一致的预期，海外订单的回落与景气度下行预期将可能对出口、就业以及制造业投资产生重要影响，内外需的企稳仍需政策层面给予较大力度支持。城投方面，年初全国性的平台债务摸排已完成，但后续推出大规模债务置换可能性低，平台融资环境仍持续受到限制，城市间、区域间以及平台间的分化仍在加大，我们将继续对区域景气度高、产业链布局结构合理、人口有持续净流入、金融资源充沛的城市与区域进行重点跟踪与配置，而对于债券存量规模大、占比高的区域与主体保持谨慎。配置方向上，高等级中等久期信用品种仍有配置价值，部分景气度稳定的产业与平台有增厚收益的挖掘价值，银行二永债的低信用风险与相对利差表现决定了其仍是市场重要的交易与配置品种，总体而言，现阶段国内债券市场机会高于风险，但也需持续关注尾部区域及平台债务风险的暴露与处置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.953Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884003","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033d","date":"2022-12-30T16:00:00.000Z","stockId":3000000009670,"sao":"回顾2022，地产宽松刺激政策的持续释放等政策变动构成国内宏观经济走势的主线。基本面方面，一季度起经济活动供需两弱，二季度管控政策有所放松，全国性楼市放松政策逐步出台，社融等金融数据有企稳迹象，但下半年以来，全国楼市保供保交付压力升高，经济动能趋弱，地产金九银十预期落空，居民资产负债表出现收缩迹象，经济金融数据仍弱，但11月以来地产三支箭政策超预期出台落地、国内部分政策优化调整，市场对后续经济活动的预期有所回升。通胀方面，海外通胀压力仍高，但国内通胀水平整体温和，未对货币政策制定等形成掣肘。流动性方面，全年仍处在宽货币基调中，4月央行降准25bp，OMO、MLF以及LPR政策利率先后调降，跨季资金供应整体充足、维持市场稳定意愿较强。　　　　债券方面，上半年行情整体逼仄、下半年波动显著加大。利率债方面，10年国债先下后上，由年初2.78%下行至最低8月2.58%，年末收在2.83%，最高于12月初突破2.90%，上半年主要由地产放松等构成市场主线，整体多空交织、现实与预期的错位导致波段参与难度较高、收益空间相对有限；而下半年地产下行压力显著加大，结构性货币政策工具有所加码，经济活动供需两端仍形成制约，但四季度地产三支箭出台落地等政策优化调整，市场关于经济复苏的预期快速升温，带动利率债上行调整，但由于复苏节奏以及恢复高度仍存不确定性，10年期国债收益率未有大幅度的突破。　　　　信用债方面，前三季度银行理财增量资金带来信用债市场资产荒行情，3年期AAA高等级信用债由年初2.90%下行至最低2.56%，国开信用利差由33bp压缩至最低17bp历史极低分位数，但四季度以来经济复苏一致预期的加强，带动股市复苏、债市阶段性承压，进而引发银行理财的赎回正反馈，信用债市场、尤其是高等级信用债市场剧烈调整，其中3年期AAA信用债利差上行至3.56%、较低点反弹100bp，而3年期AAA银行二永债上行至最高3.88%，较前低2.59%上行近130bp，信用利差、条款利差等均回升至历史最高区间水平。此外，理财资金赎回以及信用债二级市场调整导致一级市场发行来到冰点，大量主体新债发行计划搁置、债券再融资压力显著增大。在当前地产景气度尚未有实质性好转、全国土地财政压力仍高的背景下，不同区域和层级的平台再融资压力进一步分化，我们维持对市场化转型激进、新增债务节奏过快、债券滚续压力过高以及区域财力及金融资源有限的平台和区域保持谨慎。　　　　债券操作上，我们整体持仓以AA+和AAA高等级信用品种为主，年内结合流动性环境、利差历史分位水平以及机构行为的边际变化适时调整信用久期的暴露，阶段性地减轻了赎回潮下债市调整的冲击，并在市场极度悲观时选择性配置了性价比更高的标的，在赎回压力减轻、信用利差修复的过程中获取了良好的收益；而对于中等等级信用品种依旧严格把控久期和集中度，力争获取较为稳定的票息收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.950Z","mo":"展望后市，2023年国内基本面有望走出复苏行情，消费回升、基建持续发力的确定性较高，但我们也关注到地产恢复信心不足、全国各地市土地市场预期仍弱，居民整体仍处在资产负债表扩张有限的去杠杆环境下，居民端的宽信用进程或者说内需信心的修复仍需政策刺激与时间观察，复苏强度难以一蹴而就。此外，11月以来的理财赎回从信用债二级市场影响波及到了一级市场再融资功能的中断。信用主体，尤其是城投平台的信用债净融资已出现11、12两月连续为负，部分高债务率地区平台再融资压力明显增大。我们也将持续关注一级市场的回暖进程以及部分焦点地区平台负面舆情超预期发生的可能性。方向上，我们仍将针对投资级与投机级信用品种进行分层操作，针对前者把握当前阶段良好的配置机会，而后者仍以风险防范为主，进一步控制信用久期及风险的暴露。　　　　总体来看，我们在组合管理上继续做好流动性管理并控制久期风险，信用投研端将继续严守基本面研究先行的原则，做到投研良好互动，深度识别、跟踪个券风险并对其积极定价；同时，我们对由于市场波动而出现的高性价比债券保持积极关注跟踪。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=871250","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033c","date":"2022-09-29T16:00:00.000Z","stockId":3000000009670,"sao":"三季度国内经济整体仍处在宽货币、紧信用的格局中，10年期国债收益率由季初2.82%下探至最低2.58%，3年期AAA高等级信用债则由季初2.93%下探至最低2.56%。基本面环境看，7月以来国内地产下行趋势延续，保供保交付压力提升，地方土地财政收入同比降幅扩大，此外多地阶段性疫情反复，内需疲软；而海外通胀高企、地缘政治冲突加剧，以美联储为代表的西方发达经济体采取激进加息策略，后市衰退预期加强。货币政策方面，包括OMO、MLF以及LPR在内的利率先后调降，市场流动性总体充裕；而稳经济政策方面，地产宽松持续加码，部分二线城市限购及落户政策放松，公积金贷款利率下调、部分城市首套房贷利率下限打开，全社会房贷利率中枢下移，地产销售数据于9月中下旬以来有企稳态势，此外8月经济金融数据以及9月PMI均超预期回升，市场于季末迎来阶段性调整。    债券操作方面，我们整体持仓以投资级信用债为主，并在期限结构陡峭的环境里获取了一定的骑乘收益，同时针对部分区域景气度以及产业链景气度良好的主体进行了择优分散配置，一定程度上对组合收益进行了增厚。    展望后市，9月以来，我们关注到部分西部地区的地方平台舆情不断，城投债在多方博弈中处于不稳定平衡状态，但在土地财政同比下滑的背景下，我们对城投主体的配置将进一步向产业落地良好、经济景气度高的区域倾斜，同时将提升债务率以及债券偿付压力在信用债配置中的权重。而从近几年的统计规律上看，四季度为信用事件多发窗口，而国内经济若延续9月的企稳回升态势，可能会导致流动性环境的边际收敛，进而引发债券市场的调整，总体而言我们将保持中性仓位继续择优配置，力争获取较为稳定的票息与骑乘收益，控制信用久期以及风险的暴露。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.947Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033b","date":"2022-06-29T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，稳经济是上半年的主基调，国内疫情发展和外部环境动荡伴随其间。财政政策积极发力基建，采用前置发行专项债、新增政策性银行信贷额度等方式筹措资金，并开工一批重点项目尤其是水利、电力方面的投资项目保障基建投资强度。货币政策充分协同，先后下调1年和5年LPR利率，并加快上缴结存利润节奏，保障留抵退税政策落地，流动性整体保持充裕水平。在稳增长目标和宽松的流动性共同作用下，标志性的10Y国债收益率围绕2.80%中枢上下10bp内小幅波动，中短期限尤其是1-3年内债券表现更佳。组合在本报告期并未在久期上暴露风险，在年初增配了3年政金债，并提高杠杆水平，随着降息落地陆续止盈。后续维持了中性略短的久期，适度运用杠杆，灵活进行交易以增厚收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.944Z","mo":"债券方面，标志性的10Y国债收益率离过去20年来的低点已经相距不远，不仅投资级产业债和城投债，包括我们此前提及的银行永续债和二级资本债等特殊品种，信用利差也接近历史低位。我们相信宽松的流动性环境仍将持续一段时间，但程度可能也就止步于当前水平。随着年初以来的稳经济各项政策发力落地，对疫情发展和房地产项目停工等影响经济复苏进程因素的担忧情绪，都将得以修正，资产价格也面临重定价的风险。更长远一些的视角里，受地缘政治的影响，欧美发达国家的通胀已经创本世纪以来新高，原油、粮食为代表的基础产品价格持续处于高位，我们面临的通胀形势也值得警惕。下一阶段，组合仍维持中性略短的久期水平，以获取票息为目的。适度运用杠杆，灵活交易，回避长端利率上行的久期风险。待收益率水平调整后，再适度拉长久期和提高杠杆，努力为持有人获取长期、稳健的回报。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=786175","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d033a","date":"2022-03-30T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，在去年底的中央经济工作会议定调稳经济的基调下，开年伊始央行就宣布下调LPR基准利率积极配合，流动性保持合理充裕。房住不炒的政策方针下，稳增长的重要抓手基建开始发力，各地陆续宣布开工投资一批重点项目，按月公布的信贷和社融数据也都保持了波动上行的态势，宽货币向宽信用的传导初见成效。综合考虑稳增长的长期目标和流动性的短期充裕，组合在年初增配了3年政金债，并提高杠杆水平，随着降息落地陆续止盈。展望未来，考虑到当前债券收益率和利差的绝对水平和相对分位，未来组合将维持中性略短的久期水平，仍以获取债券票息为目的，回避长端利率上行的久期风险。待收益率水平调整后，再适度拉长久期和提高杠杆，努力为持有人获取长期、稳健的回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.940Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0339","date":"2021-12-30T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，全球经济在后疫情时代的错位复苏，对市场的影响贯穿全年。典型的就是中美两国十年期限国债收益率截然相反的走势：中国国债收益率自3.14%下行至2.77%；美国国债收益率从0.93%上行至1.52%。在各国不同的疫情防控政策下，一方面供需矛盾导致上游大宗商品价格不断走高，另一方面发达国家央行的量化宽松货币政策又迟迟难以退出，许久未被讨论的通胀重登舞台，从年初只是“暂时性”的论断逐渐发展到引发市场“滞胀”的讨论。年内某些政策的出台统筹协调不足，急于追求短期成效，对疫后的经济企稳和复苏产生不利影响，后来得以及时纠偏。回顾全年，我们相较市场更早地对通胀压力和海外央行货币政策转向进行了预防，但低估了国内政策扰动对经济复苏进程的干扰，保持了较短的久期。适度参与了一级市场投标，并在回购利率较高时点进行了逆回购操作。同时阶段性辅以杠杆，以获取票息为目的。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.937Z","mo":"展望后市，全球经济将从错位复苏到回归常态，而美联储货币政策的阀门开合之间，总有人要被笑话裸泳。回到国内，稳经济与防风险的重心预计将重新偏向前者，但在如此大的经济总量下，政策的全面提速效果远不如从前明显，会更多的具有针对性，不同的群体感受可能会大相径庭。尤其在大宗商品价格高企的当下，今年供需两端更需要关注需求侧的变化。债券在久期因子上的风险有所释放，但更多还是交易价值。下一阶段，我们仍以获取债券票息为目的，维持偏短的久期水平，努力回避长端利率上行的久期风险，适度参与二级交易提升组合业绩。后续随着市场收益率调整，逐步拉长组合久期，努力为持有人获取长期、稳健的回报。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=714375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0338","date":"2021-09-29T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，三季度市场收益率整体下行，标志性的10Y国债收益率自3.07%下行20BP至2.87%。经济复苏势头略有放缓，上下游行业差距进一步拉大。央行本季度降准操作超市场预期，流动性维持宽松趋势。受益于大宗商品价格持续走高，煤企盈利大增基本面得以修复，融资环境明显改善，行业利差得以压缩。房地产企业此前已面临“三道红线”、“银行涉房贷款集中度管控”等调控，本季度销售端也表现欠佳明显下滑，行业整体的流动性压力增加，其中部分企业的信用利差大幅走阔。下一阶段，防范信用风险仍是组合首要任务，同时提防通胀预期变化和美联储货币政策调整对资产价格的影响。考虑到当前债券收益率和利差的绝对水平和相对分位，未来组合将维持偏短的久期水平，仍以获取债券票息为目的，回避长端利率上行的久期风险。待收益率水平的调整后，再择机拉长久期和提高杠杆，努力为持有人获取长期、稳健的回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.934Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0337","date":"2021-06-29T16:00:00.000Z","stockId":3000000009670,"sao":"债券方面，上半年国内经济运行延续复苏态势，信贷和社融保持增长，出口持续改善。一季度受疫情后发达国家经济复苏和美国政府的基建计划影响，大宗商品价格不断走高，市场通胀预期持续强化，中美两国国债收益率均有明显上行。二季度流动性超预期宽松， DR007始终围绕央行公开市场7天逆回购利率2.2%附近运行，尽管大宗商品价格仍然位于高位甚至创出历史新高，但市场对通胀水平的担忧程度和经济复苏的信心反倒有所减弱。信用风险方面，受益于流动性改善和各级政府对金融风险的高度重视，经历阵痛后部分热点区域和行业的融资局面有所好转，市场对企业违约风险的担忧略有缓和。回顾上半年，基于产品运作策略，并结合债券收益率和利差的绝对水平和相对分位，组合维持了较短的久期和较低的杠杆水平，以获取票息为目的。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.922Z","mo":"展望后市，尽管当前还存在毒株变异等事件，但疫情对经济的影响不应再过度考量。国内已率先恢复疫情前的常态，海外各经济体也将紧随其后。考虑到疫情时期应急政策的退出和陆续恢复常态化，宽松的流动性环境预期可能发生转变，由此对资本市场的外溢影响，在目前整体的资产估值水平偏高的环境下，未来的一段时间需要高度重视和防范。此外，上游大宗商品价格的高企，供给缺口修复的一再延迟，使得我们相较市场更为关注潜在的通胀风险。最后，信用风险我们仍会保持高度防范。考虑到当前债券收益率和利差的绝对水平和相对分位，未来组合将维持偏短的久期水平，仍以获取债券票息为目的，回避长端利率上行的久期风险，适度参与二级交易提升组合业绩。如果我们此前担忧或防范的风险因素触发，届时将会基于收益率的调整幅度，择机拉长久期和提高杠杆，努力为持有人获取长期、稳健的回报。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰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=635233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0336","stockId":3000000009670,"sao":"债券方面，一季度国内经济运行持续恢复，信贷和社融保持增长态势，出口持续改善。受拜登政府基建计划刺激，大宗商品价格走高，通胀预期强化。流动性整体保持宽松态势，1月末稍有收紧后很快恢复正常。债券市场各类型企业债务违约事件仍在发酵，标志性的10Y国债收益率于3.14%-3.28%区间振荡。考虑到疫情影响逐步淡化和超常规支持政策有序退出，流动性掩盖下的问题恐将暴露。我们当前仍以获取债券票息为目的，维持较短的久期水平，通过二级市场交易适度增厚组合业绩。后续随着市场收益率调整，逐步拉长组合久期，努力为持有人获取长期、稳健的回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.919Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0335","stockId":3000000009670,"sao":"债券方面，新冠疫情影响贯穿整年，债券市场剧烈动荡。疫情爆发初期，恐慌和避险情绪推动下，标志性的10Y 国债收益率在4月一度向下突破2008年金融危机时的低位。随着国内疫情逐步得到有效防控，二季度以来经济的韧性与活力逐步体现，央行官员表态将提前考虑政策工具的适时退出，市场担忧流动性边际收紧，债券收益率整体上行。下半年我国率先走出疫情阴影，经济运行逐步恢复常态，防风险的重要性提高：金融稳定发展委员会在违约个案增加后及时召开会议，研究规范债券市场发展，维护债券市场稳定工作；住建部和央行针对房地产业，提出落实房地产长效机制，实施好房地产金融审慎管理制度。最终，10Y国债收益率年末收于3.14%，与年初基本持平。全年来看，基于产品运作策略，并结合债券收益率和利差的绝对水平和相对分位，组合维持了较短的久期和较低的杠杆水平，适度参与一级市场投标，并在回购利率较高时点进行了逆回购操作。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.915Z","mo":"展望后市，有效防控下疫情对国内经济的影响将逐步淡化，未来各类超常规的支持政策陆续退出后，被流动性潮水所掩盖的问题终将显现，稳增长和防风险的重心可能再次发生偏移。考虑到当前债券收益率和利差的绝对水平和相对分位，我们仍以获取债券票息为目的，维持偏短的久期水平，回避长端利率上行的久期风险，适度参与二级交易提升组合业绩。后续随着市场收益率调整，逐步拉长组合久期，努力为持有人获取长期、稳健的回报。","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=560711","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecce47fea5b3eb04d0334","stockId":3000000009670,"sao":"债券方面，三季度经济延续复苏态势，信贷和社融保持快速增长。市场流动性整体仍然宽松，但边际上已有所收紧。债券市场继续调整，标志性的10Y国债收益率上行32bp至3.14%。本季度组合维持了较短的久期和较低的杠杆水平进行防守，在季末回购利率上涨时适度进行了逆回购操作。展望后市，在经济面临中长期结构转型和疫情后的短期复苏环境下，结合当前利率债的估值水平，我们对市场保持谨慎，以获取债券票息为目的。后续随着收益率的调整，逐步拉长组合久期，努力为持有人获取长期、稳健的回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:36:36.908Z","fund":{"_id":3000000009670,"__csrcFundId":7803,"stockCode":"009670","shortName":"东方红益丰纯债债券A","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9670,"masterFundFlag":1,"lastUpdated":"2024-12-31T23:39:50.768Z","status":"normal","inceptionDate":"2020-07-20T16:00:00.000Z","name":"东方红益丰纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050870000,"currency":"CNY","masterFundShortName":"东方红益丰纯债债券","setUpDate":"2020-07-20T16:00:00.000Z","setUpAssetScale":601453413.59,"setUpShares":601453413.59,"pinyin":"dfhyfczzqxzqtzjj","managers":[{"stockCode":"j101019226","stockType":"fund_manager","exchange":"fm","tickerId":1212241330,"name":"李林"}]},"announcement":{"linkText":"东方红益丰纯债债券型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=491519","linkType":"PDF","source":"csrc_pdf"}}]}