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增长的前提下着重高质量发展基调，经济增速仍在“换挡”期。尽管房地产市场在2023年进行了多轮的政策调整，但居民收入及预期改善的主要矛盾仍未解决，地产销售有待进一步修复。因此在当前的基本面预期下，债券市场并无较大的调整风险，国债利率中枢仍有进一步下移的空间。虽然当前经济基本面不支持收紧流动性，但资金防空转的政策定调仍有可能造成市场颠簸，中期若财政进一步发力，基本面转为渐进式修复，则需要提防阶段性的调整风险。未来组合将继续跟踪经济基本面、货币政策以及监管政策等方面的变化，保持操作灵活性，严控风险，力争为投资人带来理想的回报。","fund":{"_id":3000000017024,"__csrcFundId":12023,"stockCode":"017024","shortName":"天弘通享债券发起(017024)","masterFundShortName":"天弘通享债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17024,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:21:41.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"inceptionDate":"2022-11-17T16:00:00.000Z","name":"天弘通享债券型发起式证券投资基金","setUpDate":"2022-11-17T16:00:00.000Z","setUpAssetScale":5000000,"setUpShares":5000000,"pinyin":"thtxzqxfqszqtzjj","followedNum":3,"managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20271401","stockType":"fund_manager","exchange":"fm","tickerId":1312140110,"name":"马龙"},{"stockCode":"db20906070","stockType":"fund_manager","exchange":"fm","tickerId":313237620,"name":"程明"}]},"announcement":{"linkText":"天弘通享债券型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053813","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2197fea5b3eb0528873","date":"2023-09-29T16:00:00.000Z","stockId":3000000017024,"sao":"三季度以来，随着稳增长政策出台，经济边际企稳复苏，债市收益率整体先下后上，窄幅震荡。虽然央行7月超预期降息，一年期MLF降至2.5%，债市收益率降至年内低位，但资金价格边际收敛，资金价格持续上行，因此债券收益率逐步反弹。8月底央行降息，7天公开市场操作利率降至1.8%，但是债券市场仍在资金面持续收紧的情况下收益率先下后上。9月则在地产政策的出炉下，债市情绪大幅走弱。整体来看，在资金面收敛的情况下，短端债券收益率上行幅度大于长端收益率，曲线走平。展望四季度，随着8月底以来地产政策陆续出炉，地产销售数据有所企稳，制造业PMI企稳向上，叠加在汇率贬值压力下，国内货币政策约束较多，尤其在三季度连续降准与降息后，预计后续货币政策将以结构性政策为主，因此短期内债券市场压力较大。中长期而言，当前债市收益率经过9月的调整虽已进入配置区间，但亦不应怀疑实现5%左右经济增长目标的决心，因此四季度需持续密切跟踪经济修复持续性及弹性，如逢调整可根据组合情况进行适当配置。报告期内，本基金密切跟踪政策及市场变化，适当调整组合仓位及久期，灵活应对为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:49.575Z","fund":{"_id":3000000017024,"__csrcFundId":12023,"stockCode":"017024","shortName":"天弘通享债券发起(017024)","masterFundShortName":"天弘通享债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17024,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:21:41.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"inceptionDate":"2022-11-17T16:00:00.000Z","name":"天弘通享债券型发起式证券投资基金","setUpDate":"2022-11-17T16:00:00.000Z","setUpAssetScale":5000000,"setUpShares":5000000,"pinyin":"thtxzqxfqszqtzjj","followedNum":3,"managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20271401","stockType":"fund_manager","exchange":"fm","tickerId":1312140110,"name":"马龙"},{"stockCode":"db20906070","stockType":"fund_manager","exchange":"fm","tickerId":313237620,"name":"程明"}]},"announcement":{"linkText":"天弘通享债券型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987733","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2197fea5b3eb0528872","date":"2023-06-29T16:00:00.000Z","stockId":3000000017024,"sao":"回顾上半年，债券市场主线围绕着预期与现实不断改变。由年初的“强预期+强现实”到“弱预期+强现实”。最终在二季度转变为“弱预期+弱现实”。年初债券市场在对强信贷的一致预期下，机构久期整体偏短，短久期且利差充足的信用债是一致的选择。二季度随着积压需的释放，加之流动性环境宽松，市场预期也随之不断调整，叠加配置压力，市场选择转为拉长久期，提高杠杆，各期限收益率显著下行，曲线较年初明显呈陡峭化。组合层面，年初对债券市场保持谨慎，随后进入二季度逐渐提高组合仓位及久期。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:58:49.572Z","mo":"宏观层面，当前内需与外需产生共振，国内经济恢复持续承压。通过今年以来的高层表态及落地政策，应当充分认识到当前国内政策定力，高质量发展与结构转型升级为今后较长时间的主线，不应对老一套刺激手段抱有过高期待。流动性层面，从二季度央行货币政策执行报告以及不断释放保持市场流动性合理充裕的信号来看，在经济恢复超预期前，流动性环境易松难紧。进入下半年，市场博弈点转换为政策层面，虽市场分歧较前期有所收敛，但整体在7月仍偏谨慎。下半年政策预计仍将集中在结构性货币政策工具与政策性金融工具。在“基建+地产”端刺激政策缺位的环境下，经济修复斜率仍较难提升。从以上角度出发，同时结合当前经济实际情况，下半年债市大概率将维持震荡偏牛。","fund":{"_id":3000000017024,"__csrcFundId":12023,"stockCode":"017024","shortName":"天弘通享债券发起(017024)","masterFundShortName":"天弘通享债券发起","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":17024,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:21:41.261Z","status":"normal","exchange":"jj","fundCollectionId":4000050430000,"inceptionDate":"2022-11-17T16:00:00.000Z","name":"天弘通享债券型发起式证券投资基金","setUpDate":"2022-11-17T16:00:00.000Z","setUpAssetScale":5000000,"setUpShares":5000000,"pinyin":"thtxzqxfqszqtzjj","followedNum":3,"managers":[{"stockCode":"db20888171","stockType":"fund_manager","exchange":"fm","tickerId":162519227400,"name":"潘昱杉"},{"stockCode":"db20271401","stockType":"fund_manager","exchange":"fm","tickerId":1312140110,"name":"马龙"},{"stockCode":"db20906070","stockType":"fund_manager","exchange":"fm","tickerId":313237620,"name":"程明"}]},"announcement":{"linkText":"天弘通享债券型发起式证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963359","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2197fea5b3eb0528871","date":"2023-03-30T16:00:00.000Z","stockId":3000000017024,"sao":"2023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