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下行，表现好于利率债。上半年宏观政策着力点在稳增长，货币政策以保持流动性合理充裕为出发点，货币市场资金充裕，价格平稳，对债券市场利率的缓慢下行奠定了较好的基础。财政政策也非常积极，基建投资成为稳投资的重要抓手。但是由于上半年疫情反复和地产投资修复缓慢等原因，经济的修复一波三折，整体较为缓慢，利率债也随之走出了区间震荡的行情。报告期内本组合积极采取杠杆策略，以投资高等级信用债和利率债为主，同时积极参与利率债的波段交易机会，赚取了票息和资本利得收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:48.814Z","mo":"展望下半年，经济基本面会逐步改善，方向上对于债市略偏不利。但是由于目前看稳增长的政策力度不会强刺激，叠加地产周期下滑，因此经济修复的速度和力度可能相对柔和。货币政策在此环境下应该会继续保持之前的态度，流动性总量略偏松的时间会较过去几轮周期长一些。","fund":{"_id":3000000004960,"__csrcFundId":6023,"stockCode":"004960","shortName":"平安合泰定开债(004960)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4960,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:24:03.888Z","status":"normal","inceptionDate":"2019-03-18T16:00:00.000Z","name":"平安合泰3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安合泰定开债","pinyin":"paht3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019908","stockType":"fund_manager","exchange":"fm","tickerId":122420248890,"name":"李晓天"}]},"announcement":{"linkText":"平安合泰3个月定期开放债券型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=781997","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8407fea5b3eb047a8f1","date":"2022-03-30T16:00:00.000Z","stockId":3000000004960,"sao":"报告期内资金利率在央行以稳为主，保持流动性合理充裕的政策基调下整体保持平稳，资金利率中枢也保持在较低水平。同时2022年一季度宏观经济表现呈现出前高后低状态，尤其进入3月份由于全国部分地区疫情爆发，对于正处于恢复中的经济造成了一定的负面影响。因此，一季度债券市场整体处于宽幅震荡行情，报告期内本组合积极采取杠杆策略，以投资高等级信用债和利率债为主，同时积极参与利率债的波段交易机会，赚取了票息和资本利得收益。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:48.812Z","fund":{"_id":3000000004960,"__csrcFundId":6023,"stockCode":"004960","shortName":"平安合泰定开债(004960)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4960,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:24:03.888Z","status":"normal","inceptionDate":"2019-03-18T16:00:00.000Z","name":"平安合泰3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安合泰定开债","pinyin":"paht3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019908","stockType":"fund_manager","exchange":"fm","tickerId":122420248890,"name":"李晓天"}]},"announcement":{"linkText":"平安合泰3个月定期开放债券型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8407fea5b3eb047a8f0","date":"2021-12-30T16:00:00.000Z","stockId":3000000004960,"sao":"报告期内资金利率在央行以稳为主，保持流动性合理充裕的政策基调下整体保持平稳，资金利率中枢也保持在较低水平。同时2021年经济增速前高后低，尤其进入4季度经济下行压力进一步增大，宏观经济环境对债市较为有利。本基金结合上述市场环境，报告期内积极采取杠杆和久期策略，以投资高等级信用债和利率债为主，赚取了票息和资本利得收益。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:48.809Z","mo":"展望2022年，宏观经济下行的压力较大，需求不足、供给收缩、预期转弱的三重压力对政策层提出了更高的要求。因此预计2022年稳增长将是全年的主线逻辑。对于债券市场而言，货币政策先行，央行从年初开始便释放了积极的宽松信号，对债券市场较为有利。但是随着稳增长政策效果的逐渐显现，年内经济也会逐步企稳，则往后债券市场预计会有一定的调整压力。","fund":{"_id":3000000004960,"__csrcFundId":6023,"stockCode":"004960","shortName":"平安合泰定开债(004960)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4960,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:24:03.888Z","status":"normal","inceptionDate":"2019-03-18T16:00:00.000Z","name":"平安合泰3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安合泰定开债","pinyin":"paht3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019908","stockType":"fund_manager","exchange":"fm","tickerId":122420248890,"name":"李晓天"}]},"announcement":{"linkText":"平安合泰3个月定期开放债券型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=708494","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8407fea5b3eb047a8ef","date":"2021-09-29T16:00:00.000Z","stockId":3000000004960,"sao":"三季度的债券市场收益率先下后上，整体表现为区间震荡行情。主要原因在于央行在7月份意外降准，市场对于央行货币政策宽松的预期进一步强化，收益率出现了持续的下行。同时3季度经济数据环比二季度弱化，基本面对债市有较好的支撑。随着基本面的边际走弱，政策稳增长的诉求有所提升，市场开始进入震荡行情。本组合在三季度积极增加了利率债和商金债的配置，组合杠杆和久期水平较二季度有了一定幅度的上升。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:16:48.806Z","fund":{"_id":3000000004960,"__csrcFundId":6023,"stockCode":"004960","shortName":"平安合泰定开债(004960)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4960,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:24:03.888Z","status":"normal","inceptionDate":"2019-03-18T16:00:00.000Z","name":"平安合泰3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安合泰定开债","pinyin":"paht3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019908","stockType":"fund_manager","exchange":"fm","tickerId":122420248890,"name":"李晓天"}]},"announcement":{"linkText":"平安合泰3个月定期开放债券型发起式证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=652381","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8407fea5b3eb047a8ee","date":"2021-06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率处于震荡态势。","fund":{"_id":3000000004960,"__csrcFundId":6023,"stockCode":"004960","shortName":"平安合泰定开债(004960)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":4960,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:24:03.888Z","status":"normal","inceptionDate":"2019-03-18T16:00:00.000Z","name":"平安合泰3个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安合泰定开债","pinyin":"paht3gydqkfzqxfqszqtzjj","managers":[{"stockCode":"j101019908","stockType":"fund_manager","exchange":"fm","tickerId":122420248890,"name":"李晓天"}]},"announcement":{"linkText":"平安合泰3个月定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=450132","linkType":"PDF","source":"csrc_pdf"}}]}