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叠加3月沪深疫情加剧，后续稳增长政策仍将持续发力。市场方面，债市一季度“V”型走势，前低后高。一月探底后，收益抬升，十年国债收益回到2.80%，处于政策利率附近水平。展望后市，目前经济处于信用扩张底部，库存周期主动去库，货币政策从前期宽货币向宽信用切换，后续政策发力重点在财政与产业。中长期来看，债市面临的上行压力仍持续。短期来看，一季度末发达地区疫情加剧或造成基本面修复的反复，从而带来一定的熊市回调空间。策略上控制久期，适度杠杆套息，注意波段交易的安全边界。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.614Z","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安增盈债券","pinyin":"glazyczzqxzqtzjj","managers":[{"stockCode":"db20760719","stockType":"fund_manager","exchange":"fm","tickerId":260824205090,"name":"张蕙显"}]},"announcement":{"linkText":"国联安增盈纯债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726965","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9c37fea5b3eb04977ae","date":"2021-12-30T16:00:00.000Z","stockId":3000000006509,"sao":"2021年全年债券收益率整体呈现“前高后低”态势。分阶段来看：一季度经济基本面处于疫后复苏阶段，主导市场交易情绪的因素为央行货币略偏审慎的政策态度，债券收益震荡略有上行；进入二季度，资金面因素得到缓解，PMI等先行指标读数开始边际走弱但仍处于扩张区间，“资产荒”逻辑主导机构行为，债券收益缓步下行；三季度初央行意外降准，PPI一路走高飙升至13.5%的历史高位，政策短时间高频率针对大宗商品“保供稳价”，债券收益季度内走出先下后上的“V”型态势；四季度，宏观数据显露经济内生动力弱趋，12月初央行再度全面降准，债券收益率持续下行。本基金在2021年12月之前为利率债策略，跟据市场宏观环境及资金面变动，调整组合久期。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.611Z","mo":"展望2022年，国内经济短期面临需求收缩、供给冲击、预期转弱三重压力。虽然海外通胀高企、联储加息缩表箭在弦上，但国内通胀预期稳定，货币政策稳中求进、灵活适度。宽货币到宽信用的传导效果料预计将逐步显现，债券市场的一季度确定性较强，后续关注基建、地产、促销费等方面的宽信用政策效果以及市场预期差。","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安增盈债券","pinyin":"glazyczzqxzqtzjj","managers":[{"stockCode":"db20760719","stockType":"fund_manager","exchange":"fm","tickerId":260824205090,"name":"张蕙显"}]},"announcement":{"linkText":"国联安增盈纯债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=714714","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9c37fea5b3eb04977ad","date":"2021-09-29T16:00:00.000Z","stockId":3000000006509,"sao":"三季度，经济基本面边际转弱迹象显现，出口韧性犹存，消费受到国内疫情的点状爆发和季节性极端天气的影响同比增速显著放缓，固定资产投资中仅制造业投资低位企稳，基建和房地产投资均转弱，工业企业经营趋势性转弱且被动补库。上游大宗商品涨价驱动的PPI年内二次冲高，CPI受食品拖累低位徘徊，剪刀差进一步拉大。货币政策延续了合理充裕的基调，7月份 “意外”降准，虽然降准货币市场利率中枢小幅缓慢上移，但债券市场收益却迎来了一波持续一个月的曲线整体下移。进入9月份，国内宽信用预期和货币市场利率再宽松落空，海外美联储Taper箭在弦上，两者共同影响下，债市收益震荡上行，期限利差收窄而信用利差走阔。                          展望后市，预计房地产信贷融资及土地供应端的双调控短期内难现松绑，能耗双控叠加商品供给瓶颈对中下游利润的挤压仍将持续，基本面对债市的支撑仍强。今年三月份以来较为舒适的货币环境带动债市收益率曲线持续下行40BP左右，其中已包含了相当一部分对于基本面趋弱的定价，接下来货币政策的发力仍将是推动债券收益率再度下行重要因素。从曲线形态而言，骑乘及杠杆套息策略在3Y以内的性价比较高；曲线中长端资本利得的机会还需要等待趋势性机会。本基金将保持适度杠杆增厚收益的同时，寻找波段操作机会。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.608Z","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安增盈债券","pinyin":"glazyczzqxzqtzjj","managers":[{"stockCode":"db20760719","stockType":"fund_manager","exchange":"fm","tickerId":260824205090,"name":"张蕙显"}]},"announcement":{"linkText":"国联安增盈纯债债券型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653900","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9c37fea5b3eb04977ac","date":"2021-06-29T16:00:00.000Z","stockId":3000000006509,"sao":"上半年，国内经济基本面修复仍在进程中，增长动能转弱迹象初现，具体来看，基建地产韧性虽在但预期趋弱，制造业投资稳中有升，出口边际走弱，消费复苏缓慢。通胀方面，大宗商品价格快速上涨的影响在逐步减弱，二季度之后PPI上涨压力或将有所减轻，PPI向CPI的全面传导较难发生，PPI-CPI剪刀差料将收敛，CPI年内高点出现在四季度。在宏观审慎与传统货币政策双支柱调控框架下，货币政策以稳为主的基调不变，更多的是精细化操作，财政后置带来的下半年地方债供给上量，对资金面整体压力有限。海外美联储退出宽松的预期将逐步实现，近期美债利率曲线趋于平坦，短期对国内债市影响不大。上半年收益率曲线先上后下行，受益于资金面平稳，3年内收益率下行明显，期限利差走阔；信用债净供给减少加追逐确定性票息收益，带来信用利差二季度内再度压缩。上半年本基金跟据市场情况灵活调整久期及杠杆水平。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.606Z","mo":"展望后市，基本面复苏趋势仍在，但动能减弱带来的趋势性机会仍有待观察，货币政策外防冲击、内防风险兼顾调结构，短期内收紧货币以稳健为主。中短端收益确定性较高，杠杆策略套息有效。本基金将保持适度杠杆增厚收益的同时，寻找波段操作机会。","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安增盈债券","pinyin":"glazyczzqxzqtzjj","managers":[{"stockCode":"db20760719","stockType":"fund_manager","exchange":"fm","tickerId":260824205090,"name":"张蕙显"}]},"announcement":{"linkText":"国联安增盈纯债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=633188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9c37fea5b3eb04977ab","stockId":3000000006509,"sao":"2021年一季度，国内经济基本面修复持续，环比增速平稳，整体呈现供给修复强于需求的格局。国内货币政策基调仍保持“不急转弯”，从两会经济目标来看，社融规模高点或已出现。全球疫苗接种超预期，美国的地产周期和人口结构步入重要拐点，再通胀预期高企，商品原油等周期品涨价明显。国内债券市场，一月底资金阶段性紧张带动上行后又缓慢回落，期限利差先走阔后收敛；信用利差再度压缩。展望后市，经济复苏的趋势或再延续，货币政策基调保持灵活精准、合理适度，货币供应量和社会融资规模增速与名义经济增速基本匹配。国内PPI料将在二季度末见顶，国内全面通胀的压力可控。信用结构调整，叠加“政府杠杆率要有所降低”，地方政府隐性债务潜在风险较大。总体来看，利率债或将见顶回落，关注波段交易和套息的收益增厚。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.603Z","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectionId":4000050240000,"currency":"CNY","masterFundShortName":"国联安增盈债券","pinyin":"glazyczzqxzqtzjj","managers":[{"stockCode":"db20760719","stockType":"fund_manager","exchange":"fm","tickerId":260824205090,"name":"张蕙显"}]},"announcement":{"linkText":"国联安增盈纯债债券型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572475","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9c37fea5b3eb04977aa","stockId":3000000006509,"sao":"本基金在报告期内，持仓主体为利率债和少部分高等级城投债，全年采用灵活调节杠杆和久期的操作策略。回顾2020年，全球疫情蔓延超市场预期，国内在疫情防控、政策应对方面均走在世界前列。一季度国内经济受到疫情拖累严重，货币政策发力首当其冲，债市收益快速下行。随着5月份复工复产的加速，GDP在三季度同比翻正，资金价格抬升与基本面修复预期双重压力下债券收益快速反弹。11月中旬信用风险事件将债券收益率推高至年内极值，随着央行基础货币增量投放，存单价格与资金价格快速回落，12月份债券收益陡峭化下行。国债、国开债关键期限品种上半年先下后上，呈“V”型走势，全年来看基本收平。信用债受信用风险事件影响，期限利差、等级利差有所放大。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:15.601Z","mo":"展望2021年，基本面继续稳步复苏，逐步向潜在增速回归。货币政策稳字当头，总量上保持广义货币M2和社会融资规模增速同名义经济增速基本匹配。由于内外部环境不确定性仍存，未来货币政策相机抉择的特点也会更加明显，央行将灵活适度的跟据基本面恢复情况和外部环境的变化选择政策工具及调整政策力度。全球经济复苏与需求回暖带动核心通胀及工业品价格上行，对债券市场的压制预计在二季度将较为显著。在基本面和政策面相对平稳的大环境下，无风险利率中枢或将相对稳定，债市有望在低位震荡。","fund":{"_id":3000000006509,"__csrcFundId":6183,"stockCode":"006509","shortName":"国联安增盈债券(006509)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6509,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:12:33.515Z","status":"normal","inceptionDate":"2019-05-07T16:00:00.000Z","name":"国联安增盈纯债债券型证券投资基金","exchange":"jj","followedNum":2,"fundCollectio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