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超长端和长端的利率债表现最好。报告期内，本产品持仓以利率债为主，密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望二季度，预计债市主线在于财政政策节奏和基本面恢复情况。基本面或将延续修复态势，若财政节奏加快，则微观数据与宏观数据预计会走向收敛，基本面对债市的影响预计也会显性化。但我国房地产市场正在从过去的高速发展转向平稳发展，在一定程度上制约了基本面向上的弹性，利率上行空间较为有限，债市预计整体呈现震荡格局。本产品将持续跟踪经济基本面、货币政策以及宏观政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，努力为投资人带来理想回报。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:02.857Z","fund":{"_id":3000000008606,"__csrcFundId":7011,"stockCode":"008606","shortName":"广发汇择一年定期开放债券(008606)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8606,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:41.678Z","status":"normal","inceptionDate":"2020-02-06T16:00:00.000Z","name":"广发汇择纯债一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发汇择一年定期开放债券","setUpDate":"2020-02-06T16:00:00.000Z","setUpAssetScale":3676640338.68,"setUpShares":3676640338.68,"pinyin":"gfhzczyndqkfzqxzqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101004007","stockType":"fund_manager","exchange":"fm","tickerId":32508248190,"name":"陈韫慧"}]},"announcement":{"linkText":"广发汇择纯债一年定期开放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=1065405","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbd27fea5b3eb04bc959","date":"2023-12-30T16:00:00.000Z","stockId":3000000008606,"sao":"2023年，债券收益率整体震荡下行，信用利差和期限利差均明显压缩，全年可大致分为四个阶段：1月至3月，随着市场对未来基本面复苏的预期升温，利率债收益率窄幅震荡上行，信用债收益率则明显下行，信用利差大幅压缩；3月至8月，伴随经济温和复苏、财政政策收敛和货币政策释放宽松信号，债券收益率明显下行；8月下旬至10月末，一线城市地产政策逐步放松，财政政策发力，同时货币政策重心转向稳汇率、防资金空转，收益率震荡上行，中短端收益率上行幅度较大，期限利差出现明显压缩；10月末到12月，经济恢复斜率放缓，权益市场下跌，风险偏好低迷，收益率再度下行。报告期内，本组合以净值平稳增长为目标，以适度杠杆和中性久期为全年基本策略，以利率债为持仓主体，密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，组合净值平稳增长。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:02.855Z","mo":"展望2024年，地产政策在需求端逐步放开限制后，对经济拖累有所弱化，同时财政政策持续发力支持稳增长。外需出现企稳迹象，出口与制造业部门有望回暖。但我国房地产市场正在从过去的高速发展转向平稳发展，财政政策节奏有待观察，经济复苏力度需客观看待。综合以上因素，收益率绝对水平处于较低位置，期限利差亦处于低位，继续明显下行动力可能不足，预计债券市场整体处于震荡格局，需要密切关注资金面的波动情况。未来本产品将持续跟踪经济基本面、货币政策等方面的边际变化，继续进行适度套息操作，增强操作的灵活性，更加注重收益和波动的平衡，注意做好持仓券种梳理，优化持仓结构，严控风险，争取抓住市场机会，力争为投资人带来更好的回报。","fund":{"_id":3000000008606,"__csrcFundId":7011,"stockCode":"008606","shortName":"广发汇择一年定期开放债券(008606)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8606,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:41.678Z","status":"normal","inceptionDate":"2020-02-06T16:00:00.000Z","name":"广发汇择纯债一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发汇择一年定期开放债券","setUpDate":"2020-02-06T16:00:00.000Z","setUpAssetScale":3676640338.68,"setUpShares":3676640338.68,"pinyin":"gfhzczyndqkfzqxzqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101004007","stockType":"fund_manager","exchange":"fm","tickerId":32508248190,"name":"陈韫慧"}]},"announcement":{"linkText":"广发汇择纯债一年定期开放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=1051980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbd27fea5b3eb04bc958","date":"2023-09-29T16:00:00.000Z","stockId":3000000008606,"sao":"本季度，债市收益率先下后上，整体呈震荡走势。7月至8月中上旬，宏观需求不足，经济基本面承受一定压力，流动性偏宽松，收益率震荡下行。金融数据亦反映出信贷走弱，央行8月超预期降息，带动了债市收益率的明显下行。在降息之后，稳增长政策开始逐步加快落地，包括房地产行业认房认贷政策放松、政府债券加快发行等，基本面预期有所变化，收益率下行的基础开始动摇，资金利率中枢反而出现上行，债市情绪波动较大，收益率承压上行。全季来看，债市表现先强后弱，收益率区间震荡。报告期内，本组合密切跟踪市场动向，灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长。展望下季度，地产政策、通胀预期等因素可能对债市形成扰动，但出口受海外需求回落承压，信用周期扩张可能力度不足，国内外经济形势仍较为复杂。在连续两次降息之后，人民币汇率波动幅度加大，进一步降息的难度也随之增大。整体来看，边际变化因素对债市略偏不利，预计呈现震荡格局。本组合将持续跟踪经济基本面、货币政策以及监管政策等方面变化，继续进行适度套息操作，并加强操作的灵活性，同时注意做好持仓券种梳理，优化持仓结构，为投资人带来更好的回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:02.852Z","fund":{"_id":3000000008606,"__csrcFundId":7011,"stockCode":"008606","shortName":"广发汇择一年定期开放债券(008606)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8606,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:41.678Z","status":"normal","inceptionDate":"2020-02-06T16:00:00.000Z","name":"广发汇择纯债一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发汇择一年定期开放债券","setUpDate":"2020-02-06T16:00:00.000Z","setUpAssetScale":3676640338.68,"setUpShares":3676640338.68,"pinyin":"gfhzczyndqkfzqxzqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101004007","stockType":"fund_manager","exchange":"fm","tickerId":32508248190,"name":"陈韫慧"}]},"announcement":{"linkText":"广发汇择纯债一年定期开放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=983470","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbd27fea5b3eb04bc957","date":"2023-06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仍然是驱动市场波动的主线。虽然DR007实现了围绕OMO利率中枢波动，但以超储率衡量的流动性总量水平偏低，且银行体系的中长期负债困境待解，这不利于资金利率预期的稳定，市场情绪也容易受到包括一级发行缴款、缴税激增等因素的负面冲击。纵观全季，在资金利率预期主导下，现券收益率曲线平坦化上移，信用债总体表现仍好于利率债，信用利差压缩至较低的历史分位水平。报告期内，本产品密切跟踪市场动向，灵活调整了持仓券种结构、组合杠杆和久期分布。展望下季度，当前市场利率已经充分反映了对“基本面向潜在增速回归”、“货币政策回归中性”等趋势的预期；不过，基本面仍然在回升过程中、货币政策短期难以大幅宽松以及银行体系的中长期负债压力仍待解决等因素，都将对债市表现形成压制，仍需静待利多信号逐渐积累，在此之前预计债券收益率将以震荡为主。本产品将持续跟踪经济基本面、货币政策以及监管政策等方面的变化，继续进行适度套息操作，并加强操作的灵活性。同时，注意做好持仓券种梳理，优化持仓结构、规避信用风险。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:02.818Z","fund":{"_id":3000000008606,"__csrcFundId":7011,"stockCode":"008606","shortName":"广发汇择一年定期开放债券(008606)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8606,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:41.678Z","status":"normal","inceptionDate":"2020-02-06T16:00:00.000Z","name":"广发汇择纯债一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发汇择一年定期开放债券","setUpDate":"2020-02-06T16:00:00.000Z","setUpAssetScale":3676640338.68,"setUpShares":3676640338.68,"pinyin":"gfhzczyndqkfzqxzqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101004007","stockType":"fund_manager","exchange":"fm","tickerId":32508248190,"name":"陈韫慧"}]},"announcement":{"linkText":"广发汇择纯债一年定期开放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=491403","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecbd27fea5b3eb04bc94b","stockId":3000000008606,"sao":"上半年，债市利率先下后上，拐点出现在4月底。具体而言：1月主要受到宽松资金面的支撑，债市忽略了诸多利空缓慢上涨，临近春节随着疫情冲击开始发酵；春节后开盘，疫情对国内冲击的第一阶段，市场的反应相当充分，收益率大幅低开后转入震荡调整。然而2月下旬，疫情对海外冲击的第二阶段超预期爆发，收益率再度下行，并在原油价格战的利多推动下于3月上旬下探至阶段性的低点。随后美元流动性收紧，导致外资被动抛售，利率重新小幅调整，3月下旬利率随着美元流动性冲击减弱而再度下行。4月利率在央行下调超储利率的刺激下下行探底，但5月以后央行表现偏鹰派，市场资金面预期逐步向常态化宽松修正，受此影响，各期限利率均出现了明显回调。和去年年底的点位相比，各品种收益率均出现了不同幅度的下行，期限利差整体先上后下（对应收益率曲线先牛陡后熊平），信用利差亦先走阔再压缩。本基金在上半年成立，以净值平稳增长为目标，以适度杠杆和适度久期为上半年的基本策略，以高等级债券为持仓主体，同时组合密切跟踪市场动向，在一定范围内灵活调整持仓券种结构、组合杠杆和久期分布，净值平稳增长，在收益和净值波动间取得了较好的平衡。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:32:02.815Z","mo":"展望下半年，经过两个月的快速调整后，收益率曲线基本完成了重定价，主导因素回归基本面情况。考虑到当前央行中性的货币政策，在主要目标（经济增长、通货膨胀、金融稳定与外汇稳定）不发生重大变化的情况下，短期进一步收紧以及再度明显宽松的可能性均较小，因此中短端利率倾向于区间震荡，而长端利率与经济修复程度高度相关，整体将呈现区间震荡、中枢小幅抬升的走势。此外，股市走势也可能会对债市带来阶段性情绪冲击。未来组合将继续跟踪经济基本面、货币政策等方面的变化，继续进行适度套息操作，并增强操作的灵活性；同时，注意做好持仓券种梳理，优化持仓结构，争取抓住市场机会，规避风险，为投资人带来更好的回报。","fund":{"_id":3000000008606,"__csrcFundId":7011,"stockCode":"008606","shortName":"广发汇择一年定期开放债券(008606)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8606,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:20:41.678Z","status":"normal","inceptionDate":"2020-02-06T16:00:00.000Z","name":"广发汇择纯债一年定期开放债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发汇择一年定期开放债券","setUpDate":"2020-02-06T16:00:00.000Z","setUpAssetScale":3676640338.68,"setUpShares":3676640338.68,"pinyin":"gfhzczyndqkfzqxzqtzjj","managers":[{"stockCode":"db20579474","stockType":"fund_manager","exchange":"fm","tickerId":724187780,"name":"高翔"},{"stockCode":"j101004007","stockType":"fund_manager","exchange":"fm","tickerId":32508248190,"name":"陈韫慧"}]},"announcement":{"linkText":"广发汇择纯债一年定期开放债券型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=450011","linkType":"PDF","source":"csrc_pdf"}}]}