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3M为代表的短端资金价格创下近10年的新低。二季度国内疫情基本得到控制，复产复工较快，主要经济指标触底反弹，与此同时，货币政策显出边际收紧的迹象，短端资金价格大幅上行。下半年经济持续修复，国内疫情控制较好，海外疫情反复。进出口数据持续表现强劲，出口受益于防疫物资和海外供给受限，进口则受益于制造业投资回暖。权益市场大幅上涨，大宗商品价格大幅上涨，市场风险偏好提升。临近年末，受信用事件冲击，信用债收益大幅上行，信用利差和评级利差走扩。市场方面，各期限品种收益率均是先下后上，巨幅震荡。全年来看，Shibor 3M下行25bp到2.75%附近，3年AAA企业债收益上行10bp到3.5%附近，10年国开债收益大幅波动之后回到3.5%附近。组合配置以AAA信用债为主，久期中性偏长，少量仓位参与正股质地较好的转债标的。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:46.676Z","mo":"展望2021年，疫苗逐步大范围接种之后疫情有望得到缓解，经济稳步恢复。除了通胀担忧之外，金融资产价格和房地产价格也对央行构成掣肘，央行非常态的货币政策可能会继续退出，信用环境也面临收缩的压力。随着信用违约事件的增加，评级利差或将继续走扩，信用分化不断加大。货币政策的不确定性压缩了利率下行的资本利得空间，信用风险增加的市场环境下，控制信用风险和组合流动性管理都面临考验。在这样的背景下，降低信用风险偏好，配置短期限信用债持有到期策略是确定性最高的选择。","fund":{"_id":3000000519078,"__csrcFundId":396,"stockCode":"519078","shortName":"汇添富增强收益债券(519078)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519078,"masterFundFlag":1,"lastUpdated":"2026-05-01T08:06:03.402Z","status":"normal","inceptionDate":"2008-03-05T16:00:00.000Z","name":"汇添富增强收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富增强收益债券","pinyin":"htfzqsyzqxzqtzjj","managers":[{"stockCode":"db20885957","stockType":"fund_manager","exchange":"fm","tickerId":72425224690,"name":"甘信宇"}]},"announcement":{"linkText":"汇添富增强收益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=555387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59a7fea5b3eb055e59a","stockId":3000000519078,"sao":"三季度经济继续修复。PMI各项均呈现提升，制造业和非制造业景气度持续恢复。进出口数据表现强劲，出口方面受益于防疫物资和海外供给受限，进口则受益于国内制造业投资修复带来相关产业需求增加。制造业投资回暖，但基建和消费的恢复不及预期。四季度基建仍有发力空间，但消费的恢复可能需要更长的时间。  信贷平稳，中长期融资呈现供需两旺的状态。银行超储率偏低，资金面边际收紧，以银行存单为代表的短期资金价格持续抬升。  市场方面，Shibor 3M上行60bp到2.7%附近，3年AAA企业债上行50bp到3.7%附近，10年国开债大幅上行60bp到3.7%附近。  报告期内，组合久期有所降低，信用债配置基本以AAA为主，小幅提高转债仓位。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:46.673Z","fund":{"_id":3000000519078,"__csrcFundId":396,"stockCode":"519078","shortName":"汇添富增强收益债券(519078)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519078,"masterFundFlag":1,"lastUpdated":"2026-05-01T08:06:03.402Z","status":"normal","inceptionDate":"2008-03-05T16:00:00.000Z","name":"汇添富增强收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富增强收益债券","pinyin":"htfzqsyzqxzqtzjj","managers":[{"stockCode":"db20885957","stockType":"fund_manager","exchange":"fm","tickerId":72425224690,"name":"甘信宇"}]},"announcement":{"linkText":"汇添富增强收益债券型证券投资基金2020年度第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493057","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed59a7fea5b3eb055e599","stockId":3000000519078,"sao":"一季度受疫情影响，经济基本面面临巨大的下行压力。PMI走低，工业增加值同比大幅下滑，消费和生产两个方面都受到疫情的严重冲击。2月冲击国内，3月冲击全球，货币政策放松，债券收益率全线大幅下行。二季度国内疫情基本得到控制，复产复工较快，主要经济指标环比反弹，地产销售数据也超预期的好。货币政策开始有边际收紧的迹象，短期资金价格4月触及低点之后大幅反弹，叠加利率债供给压力，债券收益率全线大幅上行。市场方面，Shibor 3M下行超过80bp，3年AAA企业债收益下行20bp到3.2%附近，10年国开债收益下行近40bp到3.1%附近。报告期内，组合久期偏长，维持了较高的杠杆和较低的转债仓位。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:13:46.670Z","mo":"经济方面，考虑到疫情对全球经济的持续影响、中美摩擦的持续以及国内强刺激政策的避免，经济可能仍然是一个缓慢复苏的过程，较难在短时间内完全恢复到疫情前的水平，基本面并不支持利率中枢继续大幅上行。但值得注意的是，由于全球流动性的大规模投放，包括海外受疫情和地缘政治影响可能刺激大宗商品价格，远期通胀的风险有所上升，未来可能带动名义利率水平抬升。货币政策方面，最宽松的时候已经过去，短期资金价格在4月触底低点之后快速上行，但从资金供给量的充裕情况来看，货币宽松的整体基调暂时没有发生改变。展望未来，在经济增长回到潜在增长水平之前，货币政策都不太具备全面转向的风险，因此短端利率出现持续快速的上行的概率较小，更多会保持在目前与政策利率相匹配的水平。这一轮债券调整的幅度较大，信用利差和评级利差都有明显的走扩，信用债特别是部分优质的中低评级个券配置价值有所提高，下半年短期限中低评级的信用债是确定性较高的品种。组合将加强优选信用债个券，维持较低的转债仓位，久期回归中性。","fund":{"_id":3000000519078,"__csrcFundId":396,"stockCode":"519078","shortName":"汇添富增强收益债券(519078)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":519078,"masterFundFlag":1,"lastUpdated":"2026-05-01T08:06:03.402Z","status":"normal","inceptionDate":"2008-03-05T16:00:00.000Z","name":"汇添富增强收益债券型证券投资基金","exchange":"jj","followedNum":5,"fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富增强收益债券","pinyin":"htfzqsyzqxzqtzjj","managers":[{"stockCode":"db20885957","stockType":"fund_manager","exchange":"fm","tickerId":72425224690,"name":"甘信宇"}]},"announcement":{"linkText":"汇添富增收2020年度第2季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=367021","linkType":"PDF","source":"csrc_pdf"}}]}