window.pageData = {"stock":{"_id":3000000024721,"name":"兴业丰利债券型证券投资基金","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"024721","tickerId":24721,"shortName":"兴业丰利债券C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2025-06-23T16:00:00.000Z","pinyin":"xyflzqxzqtzjj","fundCollectionId":4000050810000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50810000","tickerId":50810000,"name":"兴业基金管理有限公司"},"managers":[{"name":"伍方方","stockType":"fund_manager","stockCode":"db20587629","exchange":"fm","tickerId":230606184300}],"hotMetrics":{"fss":{"stockId":3000000024721,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":2},"fpr":{"stockId":3000000024721,"type":"fpr","f_cagr_p_r_fs_ssc":7279,"f_cagr_p_r_fs_ssrp":0.9602912888156087,"f_p_r_m1_ssc":7581,"f_p_r_m1_ssrp":0.7279683377308707,"f_p_r_m3_ssc":7484,"f_p_r_m3_ssrp":0.7388747828411065,"f_p_r_m6_ssc":7265,"f_p_r_m6_ssrp":0.9244218061674009,"f_p_r_fys_ssc":7467,"f_p_r_fys_ssrp":0.8517278328422181},"fp":{"stockId":3000000024721,"type":"fp","last_data_date":"2026-04-29T16:00:00.000Z","f_cagr_p_r_fs":0.006083202511773855,"f_p_r_m1":0.002444031674650793,"f_p_r_m3":0.0049985298441628245,"f_p_r_m6":0.005392685557407351,"f_p_r_fys":0.006280667320902156},"ff":{"stockId":3000000024721,"type":"ff","f_fr_d":"2025-06-23T16:00:00.000Z","f_m_fr":0.003,"f_c_fr":0.0005,"f_mac_fr":0.0035},"f_nlacan":{"stockId":3000000024721,"type":"f_nlacan","f_nv_d":"2026-04-29T16:00:00.000Z","f_nv":1.0254,"f_nv_cr":0},"f_as":{"stockId":3000000024721,"type":"f_as","f_tas":52.167899999999996,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj"}],"bondHoldings":[{"_id":"69e8f8ec1398d79843fffba7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002268,"stockCode":"250016","stockName":"25附息国债16","holdings":2000000,"marketCap":200533867,"netValueRatio":0.0451,"lastUpdated":"2026-04-22T16:35:56.133Z"},{"_id":"69e8f8ec1398d79843fffba8","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002268,"stockCode":"232580001","stockName":"25工行二级资本债01BC","holdings":1600000,"marketCap":161216482,"netValueRatio":0.0362,"lastUpdated":"2026-04-22T16:35:56.137Z"},{"_id":"69e8f8ec1398d79843fffba9","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002268,"stockCode":"232580024","stockName":"25农行二级资本债02A(BC)","holdings":1500000,"marketCap":151884394,"netValueRatio":0.0341,"lastUpdated":"2026-04-22T16:35:56.140Z"},{"_id":"69e8f8ec1398d79843fffbaa","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002268,"stockCode":"250220","stockName":"25国开20","holdings":1400000,"marketCap":140413901,"netValueRatio":0.0316,"lastUpdated":"2026-04-22T16:35:56.144Z"},{"_id":"69e8f8ec1398d79843fffbab","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000002268,"stockCode":"232480033","stockName":"24建行二级资本债02A","holdings":1300000,"marketCap":133813295,"netValueRatio":0.0301,"lastUpdated":"2026-04-22T16:35:56.147Z"}]},"list":[{"_id":"69e8ea561398d79843fe863b","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，一季度债市震荡偏强，曲线陡峭化，中短端表现明显优于长端和超长端利率。在央行维护流动性充裕、银行负债成本降低、风险偏好降低的环境下，债市表现超预期，票息资产表现最优。美伊战争带来油价暴涨，通胀问题上升为市场关注的焦点，全球资本市场剧烈波动，中国资产表现相对稳健。1年期国债收益率从去年末的1.34%下行至3月末的1.22%，累计下行12bp；3年期国债收益率从去年末的1.38%下行至3月末的1.29%，累计下行9bp；5年期国债收益率从去年末的1.63%下行至3月末的1.53%，累计下行10bp；10年期国债收益率从去年末的1.85%下行至3月末的1.81%，累计下行4bp；而30年期国债收益率从去年末的2.27%上行至3月末的2.33%，累计上行6bp。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整持仓结构、久期和杠杆水平，积极参与利率债和银行二级资本债交易。下一阶段将在严防信用风险的前提下，力争组合安全性和流动性的有机结合，为投资者带来良好的投资体验。","lastUpdated":"2026-04-22T15:33:42.392Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1477084","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c76fd169b11a867413dfc4","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-27T16:00:00.000Z","stockId":3000000002268,"sao":"2025年债市总体震荡偏弱。一季度为市场对央行适度宽松政策预期的纠偏，央行暂停国债买卖，抬升资金价格中枢，降息预期收敛，另外春节后DeepSeek带来国产人工智能热度，市场风险偏好抬升，对债市形成一定压制。二季度受外部冲击，风险偏好急剧下挫，5月初央行一揽子宽松政策落地，债券收益率下行。三季度经济下行压力增大，但风险偏好提振及“反内卷”带来通胀修复预期，债市与基本面背离加剧。四季度抑制债市表现的因素减弱，央行重启国债买卖，宽松预期升温，逐步回归基本面交易。政策预期、风险偏好和机构行为等因素共同影响，债市呈现低利率、高波动特征。报告期内，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，提升交易能力，争取为持有人创造良好的收益。","lastUpdated":"2026-03-28T06:06:09.320Z","mo":"展望2026年，外围政治金融形势依然严峻复杂，国内扩大内需、创新发展的诉求很强，高质量发展、新旧动能转换背景不变，财政政策方面仍需更加积极，货币政策需要为经济增长、物价平稳运行保驾护航，加强财政金融协同，在债券绝对收益率偏低的情况下，波动可能会加大，债券投资需要更加谨慎，灵活应对。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1450008","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d78","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，三季度，债市震荡偏弱。7月中央财经委、政治局会议推出“反内卷”，权益市场加速上涨，风险偏好明显提升，债市承压，虽然经济数据、金融数据体现的需求仍然不足，资金面也维持宽松，但股债跷跷板效应呈现，债券收益率一路上行，至8月21日，10年国债收益率上行至1.79%附近，债市情绪一度极其悲观。8月23日鲍威尔在杰克逊霍尔全球央行年会上的讲话中强调，劳动力市场面临的“下行风险正在上升”，并警告称裁员和失业率飙升的风险可能“迅速显现”。这一表态被市场解读为美联储释放了强烈的“宽松倾向”。中国央行8月25日超额续作MLF，利率区间或下调5bp左右，债券收益率转为下行，10年国债收益率接近1.75%。9月份央行虽然超额续作买断式逆回购和MLF，呵护资金面，但基金销售新规征求意见稿中赎回费率等制度安排的变化对债市情绪压制明显，收益率震荡上行，超长端利率和二债等基金持仓偏高的品种调整幅度尤为明显。美联储9月降息25bp，但中国央行表示“以我为主”，货币政策仍在观察期，10年国债老券上行至1.80%附近，30年国债老券上行至2.13%附近。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整持仓结构、久期和杠杆水平。下一阶段将在严防信用风险的前提下，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","lastUpdated":"2026-03-09T13:08:29.957Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374386","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d77","date":"2025-06-29T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，债券收益率总体偏震荡。一季度主导因素在于市场对于货币政策认知的纠偏，年初至3月中旬，收益率震荡上行。去年底至年初，债券市场对“适度宽松”货币政策反应过度，10年期国债收益率于1月初下行至1.60%的历史低点，但经济数据相对表现较好，削弱货币宽松紧迫性，央行强调“防空转、防风险”，资金面维持紧平衡状态，并多次表示“择机降准降息”，与市场此前对货币政策的预判存在预期差，10年期国债收益率从低点一度攀升至1.90%，此后央行态度有所缓和，10年国债收益率于季末回落至1.80%附近。二季度主导因素是美国对等关税政策，风险偏好的变化带动债市波动。5月初央行进行降准降息操作，应对外围环境的不确定性，为国内稳增长提供良好的货币环境，但之后关税进展反复，股市“类平准基金”亮相,债券收益率自4月初快速下行至1.62%附近后逐步反弹至1.70%附近。在资金成本降低的基础上，市场对票息资产的追逐比较强烈，二季度信用利差明显压缩。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整久期和杠杆水平。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.955Z","mo":"展望下半年，经济内生复苏动能仍需提升，融资需求尚待改善，反内卷对债市影响短期内表现为风险偏好和情绪冲击，中长期影响仍取决于需求端能否共振。7月政治局会议仍强调降低全社会融资成本，货币政策方面保持流动性充裕，债券收益率中枢下移趋势大概率不变，但关税反复、地缘政治风险对全球大类资产影响深远，在国内债券收益率处于偏低的大背景下，波动可能加大。下一阶段将在严防信用风险的前提下，稳中求进，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1344051","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d76","date":"2025-03-30T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，债券收益率V型调整，主导因素在于市场对货币政策认知的纠偏。去年底至年初，债券市场对“适度宽松”货币政策反应过度，10年期国债收益率于1月初下行至1.60%的历史低点，但经济数据相对表现较好，削弱货币宽松紧迫性，央行强调“防空转、防风险”，资金面维持紧平衡状态，并多次表示“择机降准降息”，与市场此前对货币政策的预判存在预期差，10年期国债收益率从低点一度攀升至1.90%，此后央行态度有所缓和，10年国债收益率于季末回落至1.83%附近。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整持仓结构、久期和杠杆水平。下一阶段将在严防信用风险的前提下，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.952Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1273529","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d75","date":"2024-12-30T16:00:00.000Z","stockId":3000000002268,"sao":"2024年债券收益率震荡下行。经济基本面呈现出内部有效需求不足、信心不足的局面，价格低位运行，财政积极发力，货币政策保持宽松，强调部门间协同发力，10年、30年国债收益率分别从年初的2.56%、2.84%降至年末的1.68%和1.91%，进入“1%时代”。央行改进货币政策框架，明确公开市场7天逆回购操作利率为核心政策利率，推出国债买卖、买断式逆回购等丰富流动性管理的货币政策工具，年内进行两次降准（累计100bp），多次降息，推动融资成本下降。资产荒带来债券市场久期策略的极度演绎，长端和超长端利率较快速度下行，央行年内多次提示长债利率风险，抑制市场过度投机，曾带来收益率阶段性回调。9月份政治局会议提升市场信心，带来权益市场和房地产市场的企稳向好预期，风险偏好的转变带来债券市场一度快速回调，但很快回到以基本面为核心的定价框架下，债券市场全年总体保持牛市格局。报告期内，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，争取为持有人创造良好的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.949Z","mo":"展望2025年，外围政治金融形势严峻复杂，国内扩充内需、创新发展的诉求很强，高质量发展、新旧动能转换背景不变，地产的稳定发展对稳增长依然重要，财政政策方面仍需更加积极，货币政策需要为经济增长、物价平稳运行保驾护航，在债券绝对收益率偏低的情况下，波动可能会加大，债券投资需要更加谨慎，灵活应对。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1246712","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d74","date":"2024-09-29T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，债券收益率总体偏震荡。外部金融环境来看，美联储于9月份如期降息，但美债收益率先下后上，10年美国国债收益率自4.48%下行3.63%，此后又上行至3.81%，美元指数震荡下行至100.75附近，美元兑人民币下行至7.01附近，人民币汇率压力得到缓解。国内经济方面，有效需求不足的问题比较突出，通胀水平低位运行，预期和信心需要得到有效改善。7月份，央行降息20bp,将公开市场7天逆回购利率由1.90%下调至1.70%，并宣布货币政策框架由数量向价格工具演进，至8月初，10年和30年国债收益率分别下行至2.10%和2.30%附近，收益率曲线平坦化，央行及时通过公开市场买卖国债，引导收益率曲线回归理性，防范金融风险，10年和30年国债分别上行至2.25%和2.43%附近，此后在基本面数据以及市场配置力量的驱动下，债券收益率逐步回落，10年国债收益率逼近2.0%关键点位。国庆节前最后一周，政策密集出台，首先是央行、金融监管总局、证监会同时发声，多项金融政策齐发力，支持经济高质量发展，然后是政治局会议召开，要求各地区各部门要认真贯彻落实党中央决策部署，干字当头，众志成城，充分激发全社会推动高质量发展的积极性主动性创造性，推动经济持续回升向好，自此风险偏好得到迅速提升，权益市场大涨，债券收益率迅速上行，10年和30年国债分别上行至2.25%和2.43%的高位。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整持仓结构、久期和杠杆水平。下一阶段将在严防信用风险的前提下，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.947Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1174109","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d73","date":"2024-06-29T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，债券收益率总体震荡下行，收益率曲线陡峭化下移。外围环境比较复杂，美国降息节奏预期反复，欧洲部分央行启动降息等宽松政策，10年美债收益率先震荡上行至4.70%附近后又回落至4.50%附近，美元兑人民币从7.13上行至7.27附近，上半年人民币汇率存在一定贬值压力。国内经济波浪式修复，有效需求仍显不足，通胀水平低位运行。4月下旬，10年和30年国债分别逼近2.20%和2.40%的历史低点，收益率曲线平坦化，央行及时提示关注长端债券风险，此后长端债券收益率窄幅震荡，中短端债券收益率下行幅度较大，收益率曲线形态有所修复。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整久期和杠杆水平。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.944Z","mo":"展望下半年，三中全会后，货币政策先发力，后续可能财政方面也会相应出台政策，基本面方面对债市仍有支撑，政府债供给量较上半年有所加大，对债市或有一定扰动，央行货币政策框架由数量型转向价格型的改进雏形已经搭建完毕，后续对收益率曲线的调控手段增强，但经济基本面的情况还是主导债券走势的核心。降息后，债券收益率波动中枢下移的可能性增加。下一阶段将在严防信用风险的前提下，稳中求进，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1146961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d72","date":"2024-03-30T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，债券收益率平坦化下行。美联储降息节奏预期反复，10年美债收益率震荡上行至4.30%附近，美元指数震荡上行至105附近，美元兑人民币上行至7.26附近，人民币汇率压力仍在。国内经济暂时呈现弱企稳迹象，持续性还有待观察，地产等内生需求仍显不足，通胀水平低位运行。两会确定今年经济增长率等目标，后续特别国债将从今年开始连续几年发行。“防空转”和政府债供给上量预期对债市情绪带来扰动，但不改“资产荒”逻辑。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，根据市场情况灵活调整久期和杠杆水平。下一阶段将在严防信用风险的前提下，稳中求进，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.942Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072530","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d71","date":"2023-12-30T16:00:00.000Z","stockId":3000000002268,"sao":"2023年债券市场主线是高质量发展、新旧动能切换的大背景，内部有效需求不足，偏松的货币政策推动资产荒行情演绎，票息资产被追逐，超长债表现亮眼，下半年化债预期下，城投债、二永债等价值洼地被一一扫平，债市整体呈现牛市行情，信用债收益率下行幅度大于利率债。机构行为方面，“大行放贷、小行买债”是资金波动与分层现象的重要影响因素，对债市的影响也比较大。年初市场普遍预期经济呈现弱复苏，债券收益率上行。3月份之后，经济、通胀数据不及预期，带动收益率下行。7月政治局会议召开，对经济、地产和资本市场等表述积极，利率出现调整，但市场更关注基本面实际情况。8-11月，随着一线城市地产政策放松，债券市场进入调整，期间货币政策方面配合下调存款准备金率、降低政策利率，地方政府特殊再融资债于国庆节后启动发行，国债增发1万亿，资金面持续偏紧，存单提价，城投则普遍下沉。随着12月中央经济工作会议召开，强调高质量发展，市场没有等到“强刺激”，新旧动能切换的大趋势有所强化，加上资金面回归平稳，做多情绪再度升温，利率全面下行，信用利差、期限利差全面压缩。报告期内，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，为持有人创造更大的收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.939Z","mo":"展望2024年，随着外围金融环境的边际宽松，国内货币政策仍有足够的放松空间，高质量发展背景下，新旧动能转换所需时间可能较长，地产的稳定发展对稳增长依然重要，财政政策方面仍需更加积极，信心比黄金重要，票息资产更加稀缺，债券市场风险相对可控。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=1058535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d70","date":"2023-09-29T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，7月政治局会议召开后，各部门稳增长政策逐步出台，经济基本面边际好转，通胀水平有触底迹象，债券收益率震荡上行。央行于8月15日下调公开市场逆回购、MLF操作利率各10bp，随后1年期LPR报价利率下降10bp、5年期LPR报价利率维持不变。央行于9月15日下调人民币存款准备金率0.25%。本季度债券市场偏弱运行，不同品种债券表现有所分化，受益于化债政策，城投债市场认可度提升，收益率下行，利率债和其他信用债收益率上行。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，保持中性久期和杠杆水平。下一阶段将在严防信用风险的前提下，稳中求进，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.936Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=988113","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6f","date":"2023-06-29T16:00:00.000Z","stockId":3000000002268,"sao":"上半年债券市场收益率震荡下行，信用债表现优于利率债。央行保持银行间流动性合理充裕，并于6月中旬先后下调OMO利率、MLF利率各10bp，银行间质押式回购利率DR007中枢从2.0%下移至1.90%附近，10年国债利率触及2.60%低位。经济基本面呈现弱修复态势，地产政策边际优化但行业景气度仍不高，需求不足的问题比较突出，通胀水平处于偏低位置。债券市场资产荒行情再度出现，配置力量较强，信用利差从年初较高位置压缩至历史相对低位。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，维持中性略偏高久期和杠杆水平。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.934Z","mo":"展望未来，经济仍有下行压力，短期内通胀压力不是主要矛盾，总体上货币政策有必要维持宽松，财政政策、产业政策会更加积极，在债务压力约束下，无风险利率上行幅度可能不大。下一阶段将在严防信用风险的前提下，稳中求进，灵活调整组合久期，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=964428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6e","date":"2023-03-30T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，经济呈现分化性修复迹象，通胀低位运行。债券行情也呈现结构性行情，利率债去年底已经有所修复，本季度收益率小幅上行，信用债继去年底大跌之后走出修复行情，收益率下行幅度较大，信用利差压缩比较明显。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，维持中性久期和杠杆水平。下一阶段将在严防信用风险的前提下，稳中求进，灵活调整组合久期，力争组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.931Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=882745","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6d","date":"2022-12-30T16:00:00.000Z","stockId":3000000002268,"sao":"2022年债券市场主线是疫情、房地产和资金面，在内外多重扰动下，国内经济循环受阻，增长动能显著偏弱，市场的主要矛盾在增长预期与现实之间切换。2022年国外应对高通胀收紧货币政策，国内疫情形势和防控政策不断演变，地产行业面临下行危机，居民和企业预期转弱，11月份之前债券市场收益率逐步下行。党的二十大在10月中旬召开，此后防疫政策优化、支持房地产健康平稳发展等重要政策陆续落地，资本市场预期扭转，风险偏好抬升，自11月债券市场收益率逐步上行，叠加理财子净值化转型元年，巨大体量的理财产品遭遇债券价格下跌-净值回撤-产品赎回-卖出债券-价格下跌的负反馈，债券收益率尤其是理财产品持有体量大的信用债收益率上行幅度大，大部分固定收益类产品净值在年度最后两个月出现较大幅度回撤。总体上，利率债券全年表现更加平稳，其中10Y国债先震荡下行至2.58%附近，后震荡上行至2.91%，全年波动幅度在35bp内，信用债收益率波动较大，上半年信用利差压缩至低位，下半年信用利差从低位反弹，至年底最后两个月，信用债券出现超调，信用利差走阔。报告期内，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，争取为持有人创造更大的收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.929Z","mo":"展望2023年，随着疫情防控的优化以及经济稳增长措施的平衡发力，国内经济复苏的方向较为明确，不确定的是复苏的幅度和节奏。2023年外需大概率减弱，政策已经明确提出“扩大内需战略”，本轮扩大内需战略可能会托基建、稳地产、扩制造业，在此假设下，需要财政政策更加积极，货币政策维持偏松，金融政策大力支持。全年债券市场可能呈现震荡行情，票息策略或更占优，关注预期差带来的投资机会。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=870793","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6c","date":"2022-09-29T16:00:00.000Z","stockId":3000000002268,"sao":"报告期内，国际形势依然严峻复杂，海外主要发达经济体央行应对高通胀压力持续进行加息操作，国内多地疫情仍有反复，房地产下行压力较大，经济基本面修复斜率低于预期，央行于8月15日分别下调MLF和OMO利率各0.15个百分点，美元兑人民币贬值到7.20附近。利率债收益率震荡下行，各期限分别下行10-20bp左右；除房地产、钢铁等少数行业以外，信用债各期限收益率大都下行30-40bp左右，信用利差进一步压缩至历史相对低位。短端资金利率DR007波动区间为[1.30%,2.15%],除9月最后两个工作日以外，均低于央行7天OMO利率运行，1年期国股存单利率震荡下行至2.0%附近。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，增持利率债，调整持仓结构，维持中性久期和杠杆水平。下一阶段将在严防信用风险的前提下，稳中求进，灵活调整组合久期，兼顾组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.926Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=808316","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6b","date":"2022-06-29T16:00:00.000Z","stockId":3000000002268,"sao":"上半年债券市场呈现震荡行情。央行依然保持银行间流动性合理充裕，宽信用一波三折，国内房地产政策边际放松但行业景气度依然不高，疫情冲击超预期，海外美联储货币政策收紧、俄乌冲突等影响大宗商品和金融资产价格，资本市场担心经济衰退带来美债利率震荡，国内总体还是“以我为主”，债券市场资产荒行情再度出现，信用表现优于利率，信用利差进一步压缩至历史相对低位。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，维持中性久期和杠杆水平。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.923Z","mo":"展望未来，经济仍有下行压力，在外需转弱以及大宗商品处于高位的情况下，短期内通胀压力不是主要矛盾，总体上货币政策收紧可能性不大，财政发力受隐性债务影响，债务压力可能长期存在，无风险利率上行风险不大，信用风险需要防范。下一阶段将在严防信用风险的前提下，稳中求进，灵活调整组合久期，保证组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=784233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d6a","date":"2022-03-30T16:00:00.000Z","stockId":3000000002268,"sao":"一季度债券市场呈现震荡行情。央行依然保持银行间流动性合理充裕，社融数据先高后低，经济数据保持一定韧性。国内房地产政策边际放松、疫情冲击超预期，海外美联储货币政策收紧、俄乌冲突等影响大宗商品和金融资产价格。短端资金利率DR007以央行7天OMO利率2.20%为中枢波动，1年期国股存单利率震荡下行至2.50%附近，长端10年期国债先上后下，至季末运行至2.78%附近，与美债10年国债收益率基本接近。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，维持中性久期和杠杆水平。下一阶段将在严防信用风险的前提下，稳中求进，灵活调整组合久期，保证组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.921Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=727174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d69","date":"2021-12-30T16:00:00.000Z","stockId":3000000002268,"sao":"2021年在追求高质量发展、共同富裕的新时代背景下，跨周期政策与逆周期政策结合，地产行业严控与地方政府债券管控，信用收缩，经济由年初的复苏转为下行。央行分别在7月份和12月份降准，12月中央经济工作会议指出\"我国经济发展面临需求收缩、供给冲击、预期转弱三重压力\"，对经济\"滞\"的担忧重于价格的\"胀\"。供需错位加剧，\"资产荒\"逻辑再度演绎。全年债券收益率震荡下行，信用利差收窄，其中10Y国债下行40BP至2.78%，AA+品种信用利差收窄50BP左右。\"双碳\"目标、理财净值化转型等政策变化，带来煤炭、钢铁债、商业银行二级资本债等品种的流动性改善和收益率超额下行。报告期内，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，为持有人创造更大的收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.918Z","mo":"长期看，未来货币政策有必要长时间保持稳定，从而促进经济高质量发展，在经济增速中枢下台阶的背景下，利率中枢会继续下移。展望2022年，国内经济内生增长动能依然偏弱，托底经济依靠逆周期调节政策。消费受制于居民可支配收入增速仍未修复至疫情前，而出口则受制于外围经济的不确定性以及疫情常态化或消退后的份额降低。因此，逆周期政策加码，财政大概率前置，基建投资企稳回升，不排除地产领域边际放松，从而改善\"稳信用\"的效率，托底经济。货币政策方面大概率保持\"流动性合理充裕\"，引导市场利率围绕政策利率波动。尽管外围货币政策收敛，但国内疲弱的基本面、考虑通胀后的中美实际利差处于历史绝对高位，人民币依然保持强势，货币政策\"以我为主\"，货币政策将呈现出\"稳货币、结构性宽信用\"的格局，易松难紧，总量工具依然可期。全年债券市场可能呈现震荡行情，上半年关注宽信用节奏，下半年需要关注外围美联储加息节奏以及国内经济企稳的态势。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=715937","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d68","date":"2021-09-29T16:00:00.000Z","stockId":3000000002268,"sao":"三季度债券市场整体呈现震荡行情，收益率较半年末小幅下行。央行依然保持银行间流动性合理充裕，7月份通过降准释放1万亿元长期资金，债券利率先下后上。三季度基本呈现\"稳货币+稳信用\"的局面，货币政策稳中偏松，财政趋向积极，社融增速回落至10%水平。短端资金利率DR007以央行7天OMO利率2.20%为中枢波动，1年期国股存单利率在MLF利率2.95%下方小幅波动，长端10年期国债从3.10%附近回落至2.80%后又上行至2.90%附近。报告期内，本组合严格把握债券的信用风险，配置上仍以中高评级信用债为主，维持中性久期和杠杆水平。展望未来，经济基本面可能存在下行压力，宏观政策强调跨周期调节。出口方面可能出现变数，内需恢复较为缓慢，通胀压力有所显现，总体上货币政策收紧可能性不大，地方债发行将加速，但经济结构性问题突出，债务压力可能长期存在，无风险利率上行风险不大，信用风险需要防范。下一阶段将密切关注经济基本面和货币政策节奏，稳中求进，灵活调整组合久期，保证组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.915Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=658205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d67","date":"2021-06-29T16:00:00.000Z","stockId":3000000002268,"sao":"上半年债券市场收益率震荡下行。央行依然保持银行间流动性合理充裕，除1月末和6月初资金面超预期紧张外，其他时间基本保持相对宽松的态势。上半年基本呈现\"稳货币+紧信用\"的局面，货币政策稳中偏松，财政后移，社融增速回落至11%水平。短端资金利率DR007以央行7天OMO利率为中枢波动，1年期国股存单利率以MLF利率为中枢波动，长端10年期国债上行至3.28%附近后震荡回落至3.10%附近。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.913Z","mo":"展望未来，经济基本面可能存在下行压力，宏观政策强调跨周期调节。出口方面可能出现变数，内需恢复较为缓慢，通胀压力会有所降温，总体上货币政策收紧可能性不大，财政发力受降低隐性债务影响，结构性问题突出，债务压力可能长期存在，无风险利率上行风险不大，信用风险需要防范。下一阶段将密切关注经济基本面和货币政策节奏，稳中求进，灵活调整组合久期，保证组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=634844","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d66","stockId":3000000002268,"sao":"一季度债券市场偏震荡。1月中旬央行缩量开展MLF操作、资金面边际收紧，利率震荡上行，2-3月份资金面维持宽松，央行等量续作MLF，利率震荡下行。短端资金利率DR007以央行7天OMO利率为中枢波动，1年期国股存单利率以MLF利率为中枢波动，长端10年期国债上行至3.28%附近后回落至3.20%附近。报告期内，本组合严格把握债券的信用风险，配置上以中高等级信用债为主，维持中性久期和杠杆水平。下一阶段将密切关注经济基本面和货币政策节奏，稳中求进，灵活调整组合久期，保证组合安全性和流动性的有机结合，为投资者获取稳定的投资回报。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.910Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=574533","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d65","stockId":3000000002268,"sao":"2020年是不平凡的一年，突如其来的疫情主导全年债券市场的走势，债券利率走出深\"V\"行情。2020年债市行情主要分为三段：（1）1-4月：突发疫情、货币宽松、财政加码，债市收益率大幅回落。（2）5-11月：国内疫情得到较好控制、经济基本面超预期复苏，货币政策转向中性，债市持续调整。（3）11月下旬-12月：中央经济工作会议指出政策不急转弯，永煤违约后，央行主动维稳市场，引导资金利率下行，10年国债利率从3.35%高位重回3.10%附近。组合运作方面，本基金主要采取信用债策略，通过研究分析信用利差、收益率曲线、个券精选、骑乘、久期和杠杆等策略，获取稳定的票息和资本利得收入。未来组合将一如既往的坚持稳中求进的投资理念，严控信用风险，保持杠杆及久期的灵活性，为持有人创造更大的收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.908Z","mo":"展望2021年，债券市场大概率会呈现震荡行情，趋势性不明显，经济基本面和通胀方面可能对债市施压，货币政策回归中性，\"灵活精准、合理适度\"将是全年货币政策主基调，政策相机抉择，投资方面只能灵活应对。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=557957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d64","stockId":3000000002268,"sao":"报告期内，受经济基本面环比改善，复苏进程继续，货币政策回归中性，债券市场震荡上行，各品种、各期限出现一定的分化，利率上行快于信用，长端上行更会剧烈；三季度，整体而言，10年期利率品种上行最多60BP，也反应了基本面渐进修复；短期国开、国债上行45-60BP，反应的是货币政策从过渡宽松至正常化，整体债券牛熊拐点已现。展望后市，经济仍处于上升通道，货币政策有进一步收紧的可能，组合上，将进一步控制久期，降低利率风险敞口，降低杠杆操作，整体采用防御策略。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.905Z","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=489985","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec64d7fea5b3eb0455d63","stockId":3000000002268,"sao":"报告期内，一季度以来，受中国及全球疫情影响，债券市场收益率一路下行，调整的时间极少、调整的空间相对有限。市场上，各品种、各期限均出现了一定的分化，一季度整体而言，利率的下行远快于信用，短端下行快于长端，牛陡及结构分化都出现与以往行情不同的特点，资金堆积在银行体内，银行又偏好低风险资产，使得资金追逐利率债。二季度以来，由于央行退出过渡宽松政策导致资金面重定价、基本面生产端快速修复、针对资金套利的结构性存款监管政策加强等多重因素，债券市场持续出现了短端100BP，长端40BP的大幅调整。组合上，维持并逐步降低久期，优化结构。展望后市，国内疫情防控常态化、疫情可能存在反复的形势下，供给端复产修复力量边际已趋于稳定，需求侧修复非一蹴而就，在当前点位上，收益率继续大幅上行风险较小，但必选品通胀、经济的周期性隐忧均在，下阶段，市场波动加大，前期以货币及救助政策为主，三季度可能将会以财政及助力经济的政策为主，将逐步减仓配置5年期限债券，增持3年及以内品种，适度参与交易机会，以灵活应对市场变动。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:29.902Z","mo":"宏观展望：上半年，债券市场收益率先下后上，二季度经过近2个半月的大幅调整，于近日稍有企稳的迹象；本轮调整1年 、3年、5年、10年分别上行140BP、150BP、135BP、73BP，调整幅度很大，但是于过往债券市场三次大幅调整相比，基本面存在不同：08年产业政策大幅度出台、基本面反转，13年货币政策全面收紧、16年防空转监管政策出台，本次调整的宏观背景是：基本面环比改善，并未全面好转，货币政策难以大幅收紧，监管政策处于“三打攻坚战”收尾时期，基于上述理性判断，加上从经验角度，债券市场牛市存在双底的可能，因此，短期看多，中期震荡偏空，基于以上判断，组合未来将适度控制久期，降低利率风险敞口，同时维持杠杆操作，以获取套息收益。此外，如果三季度后，经济数据持续超预期，久期进一步降低；如果中美局势大幅恶化超预期，可能阶段性参与交易机会。同时，预计三季度权益类资产结构性牛市仍在继续，且可转债在经历了估值修复后性价比显著改善，适度维持可转债仓位，力争获取超额收益。","fund":{"_id":3000000002268,"__csrcFundId":2583,"stockCode":"002268","shortName":"兴业丰利债券(002268)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":2268,"masterFundFlag":1,"lastUpdated":"2026-04-30T18:23:58.605Z","status":"normal","inceptionDate":"2015-12-27T16:00:00.000Z","name":"兴业丰利债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050810000,"currency":"CNY","masterFundShortName":"兴业丰利债券","pinyin":"xyflzqxzqtzjj","managers":[{"stockCode":"db20587629","stockType":"fund_manager","exchange":"fm","tickerId":230606184300,"name":"伍方方"}]},"announcement":{"linkText":"兴业丰利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=457923","linkType":"PDF","source":"csrc_pdf"}}]}