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2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981b2","date":"2025-03-30T16:00:00.000Z","stockId":3000000006544,"sao":"2025年一季度，国内延续了去年四季度以来的回升态势。一方面，生产端持续恢复，多项高频工业指标已超越去年同期水平；另一方面，需求端呈现结构性分化，以汽车为代表的消费链明显回暖，带动相关制造业增加值高增，不过，投资链条相对偏弱，受房地产和基建类需求尚未完全企稳影响，建材能源等领域恢复稍缓。外需方面，低基数叠加“抢出口”效应令短期出口仍有韧性，对GDP增长形成短期拉动。通胀水平维持低位，货币政策相对稳健，但资金利率维持紧平衡，主要原因可能是央行对资金空转的担忧。这一担忧源于存款利率下行导致居民存款流向非银金融机构，进而可能引发金融风险。因此，央行减少对银行的资金融出，导致资金利率持续偏高。　　一季度债市呈现区间震荡格局。在经济企稳回升和政策发力的背景下，央行继续实施稳健的货币政策，资金利率维持紧平衡。国债收益率曲线小幅上行，信用债市场表现相对稳健。　　在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作高等级信用债和中长端利率债。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.508Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债债券型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269654","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981b1","date":"2024-12-30T16:00:00.000Z","stockId":3000000006544,"sao":"2024年国内经济延续弱复苏状态，其中工业生产和出口增速较好，但投资和消费增速弱于预期；房地产销售整体有所恢复，但总体仍然较弱。物价水平总体保持低位，显示内需不足、供大于求的局面尚未改变。政策层面，积极的财政政策适度加力、提质增效，适度扩大财政支出规模；稳健的货币政策灵活适度、精准有效，逆周期调节持续发力，流动性合理充裕。总体来看，债券市场全年在经济基本面偏弱和货币政策宽松的推动下，收益率整体呈下行趋势。10年期国债收益率从年初2.56%一路下行，年末突破2%关键点位，期间虽然受到监管层提示长债利率风险等因素影响出现短期波动，但债牛格局未改。在\"资产荒\"格局下，信用债收益率震荡下行，信用利差压缩至历史低位，尤其是高等级信用债。　　在上述背景下，2024年本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短期限的中高等级信用债和利率债，致力于获取稳健的投资收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.504Z","mo":"展望2025年，预计国内货币政策基调维持\"适度宽松\"，未来仍有降准降息空间，流动性环境有望保持宽松。在经济基本面企稳前，债市仍有一定配置价值。但当前收益率已经处于历史较低水平，未来波动可能加大，收益率可能呈区间震荡走势。后续需关注的风险：更加积极的财政政策可能带来供给压力，通胀将成为全年重要的定价因素等。　　本基金认为流动性较好的中短端品种仍有较高投资价值，将保持高比例配置力度。对于长端品种，将根据经济形势和市场情况进行波段操作，以增强组合收益。","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=1249279","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981b0","date":"2024-09-29T16:00:00.000Z","stockId":3000000006544,"sao":"三季度宏观经济延续波折修复，外需、制造业投资和基建投资保持韧性，但消费、地产投资、工业延续弱势。通胀方面，CPI维持相对温和水平；PPI受大宗商品价格回落影响，环比有所恶化；货币政策方面，央行支持性立场不变，逆周期调节继续发力。在美联储超预期降息之后，人民币汇率转为升值，国内央行利率调控空间加大，并于7月和9月先后调降基准利率，资金面也保持相对合理充裕水平。总体来看，三季度债券市场收益率呈区间震荡走势。具体来看，7月因为宏观经济表现较弱，市场降息预期升温，资产荒逻辑继续演绎，收益率震荡下行；8月市场对宏观数据反馈钝化，资金缺口带动短端收益率反弹。9月中上旬在降息预期强化、短端利率下行、风险资产表现欠佳的驱动下，收益率走出连续下行行情。但进入下旬，在政策“组合拳”的鼓舞下，市场风险偏好大幅提振，A股在国庆节前上涨，债市行情短期承压，各期限债市收益率均遭遇较大幅度上行。　　三季度本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.499Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债债券型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171118","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981af","date":"2024-06-29T16:00:00.000Z","stockId":3000000006544,"sao":"2024年二季度，国内经济继续弱复苏，其中工业生产和出口增速较好，但投资和消费增速弱于预期；多地陆续优化地产政策，房地产销售整体有所恢复，但总体仍然较弱；基建等实物工作量未见明显起色，物价水平总体也保持低位。政策方面，财政政策适度加力、提质增效，适度扩大财政支出规模；稳健的货币政策灵活适度、精准有效。流动性方面，二季度央行在跨季期间总体适度加大OMO投放，助力跨季平稳，政策力度日益精准。总体来看，二季度债市收益率总体呈下行走势。具体来看，二季度初至4月底，“稳地产”宽松预期、超长债供给冲击预期，叠加机构行为扰动等，债市出现短暂调整，但总体收益率仍为震荡下行，中短端表现更优。4月底至二季度末，由于央行多次提示长债风险，市场先经历一轮调整后缓慢修复，之后在“手工补息”被禁背景下，银行存款逐步转移至非银体系内，债市“资产荒”特征明显，利率曲线再次走陡，短端表现较优，同时30年国债收益率向下突破2.5%关键点位。　　二季度本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.488Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=1150098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981ae","date":"2024-03-30T16:00:00.000Z","stockId":3000000006544,"sao":"2024年一季度，国内经济延续弱复苏状态，但整体有所分化，其中工业生产和出口增速较强；地产销售继续走弱，基建等实物工作量未见明显起色；物价水平总体保持低位，显示内需不足、供大于求的局面尚未改变。政策层面，两会定调积极的财政政策适度加力、提质增效，适度扩大财政支出规模；稳健的货币政策灵活适度、精准有效，同时提及“避免资金沉淀空转”。1月24日，央行宣布自2024年2月5日起下调金融机构存款准备金率0.5个百分点。总体来看，一季度债市收益率震荡走低，其中1-2月份收益率下行幅度较大，市场交易逻辑主要在于降准、存款降息、LPR下调带来的央行宽松预期。3月份，在收益率中枢和期限利差处于绝对低位的情形下，宏观数据没有进一步走弱、稳汇率制约了央行进一步宽松空间，市场止盈情绪较强，开始进入震荡区间。　　在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作高等级信用债和中长端利率债，基金净值有所上升。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.485Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债债券型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1068702","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981ad","date":"2023-12-30T16:00:00.000Z","stockId":3000000006544,"sao":"2023年年初，防疫政策放开之际，经济修复势头偏强但仍有瑕疵，消费报复性修复但工业生产恢复偏弱。通胀继续维持紧缩，证明经济内生的活力还未被彻底激活。债市总体以震荡为主；3-8月份，经济修复节奏放缓，两会设定经济目标偏谨慎，政策预期有所缓和。之后基建维持较高增速，制造业投资趋稳，但房地产投资持续低迷；出口受外需走弱影响进一步承压。经济高频数据持续验证基本面走弱，央行逐步开展降准降息，“宽货币”率先发力，市场流动性保持了合理充裕。债市收益率震荡下行，曲线呈“牛陡”状态。9-10月份，随着稳地产政策不断加码，宏观经济有所修复，市场预期和信心有所变化。由于人民币汇率短期压力加大，央行超预期收紧资金面，债市迎来阶段性调整。11-12月份，宏观经济延续弱复苏状态，全年经济增长目标5.0%基本完成，但通胀大幅低于市场预期，货币政策宽松预期急剧升温。随着人民币汇率贬值压力缓解，央行通过公开市场操作等方式释放流动性，资金利率稳中有降，债市收益率再度进入下行通道。在上述背景下，2023年本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短期限的中高等级信用债和利率债，致力于获取稳健的投资收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.474Z","mo":"展望2024年，本基金认为当前库存周期处于磨底状态，补库或于2024年上半年开启。海外方面，美联储有望退出加息周期，海外库存周期有望触底反弹，出口迎来修复。国内方面，消费整体平稳，消费倾向应跟2023年大致持平，主要关注收入增长和变化；制造业投资层面，尽管工业企业盈利持续修复，但盈利并不高、工业产能利用率维持低位，制约制造业企业开支意愿；政策对经济增长应有一定诉求，重点在于地产三大工程和基建，地产行业当前仍在下行状态，销售和投资均不乐观，三大工程的启动对于投资或有一定拉动；基建层面，中央加杠杆是主线，地方政府投资意愿有限、对基建效率形成部分制约。通胀方面，考虑需求端向上力度有限，通胀上行风险可控。政策方面，财政政策整体定调积极，节奏上前置发力；货币政策维持合理充裕基调，降准甚至降息值得期待，但仍受外部因素以及防资金空转的制约，资金利率大幅向下的概率不大。基于以上基本面及政策面判断，预计2024年债市收益率有望保持低位震荡，我们将密切关注各项经济领先指标，根据市场变化灵活调整投资策略。　　本基金认为流动性较好的中短端品种仍有较高投资价值，将保持高比例配置力度。对于长端品种，将根据经济形势和市场情况进行波段操作，以增强组合收益。","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=1056916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981ac","date":"2023-09-29T16:00:00.000Z","stockId":3000000006544,"sao":"三季度宏观经济有所修复，其中7、8月经济内生动能走弱，9月随着房地产优化政策密集出台，使得地产销售跌幅也有所收窄。在稳增长政策加码支持下，经济整体在小幅恢复。通胀方面，能源和食品价格低位震荡，物价整体表现平稳。货币政策方面，央行基本维持中性偏宽松基调，多次强调发挥好货币政策总量和结构双重功能，通过降准、降息和MLF加量方式向市场投放长期资金，使流动性保持相对宽松，并提出坚决防范汇率超调风险，释放稳汇率信号。总体来看，三季度债市收益率呈先下后上走势。具体来看，7月由于经济基本面走弱，稳增长政策预期降温，叠加银行理财规模大幅增加，债市配置力量较强，收益率出现较大幅度下行；8月公布的信贷、通胀和经济数据均低于市场预期，而稳增长政策仍然没有出台落地，债市收益率再度下行。其中央行于8月15日超预期降息,促使10年期国债快速下行至2.54%的年内低点;9月随着房地产优化政策密集出台，市场预期和信心有所变化，地方债加大发行的同时，资金面边际收敛，导致债市收益率震荡上行。　　三季度本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.457Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债债券型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=986036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981ab","date":"2023-06-29T16:00:00.000Z","stockId":3000000006544,"sao":"2023年上半年，国内经济在疫情之后总体有所反弹，消费报复性修复但工业生产恢复偏弱。基建维持较高增速，制造业投资趋稳，但房地产投资持续低迷。出口受外需走弱影响进一步承压。通胀水平在需求收缩的大背景下维持低位。货币政策维持偏宽松状态。央行总量和结构性政策并举，分别于3月全面降准0.25个百分点，6月降息10BP，另外增加支农再贷款、支小再贷款、再贴现额度2000亿，市场流动性保持了合理充裕。总体来看，上半年债市收益率呈冲高回落走势。具体来看，3月份，在两会定调经济目标为5%后，市场不再期待政策“强刺激”，再次调整了年初对复苏高度的判断，收益率明显下行。二季度随着高频数据持续验证基本面走弱，市场对经济担忧、质疑、焦虑的声音浮现，收益率进一步下行，直至6月央行降息落地，止盈盘出现，市场情绪才有所缓和、转向震荡。　　　　上半年本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.445Z","mo":"展望下半年，本基金认为债市收益率有望保持区间震荡。7月政治局会议暗示稳健的货币政策基调将延续，新增强调发挥总量和结构性货币政策的双重功能，结合此前央行有关领导提及将综合运用存款准备金、中期借贷便利等多种工具维持流动性合理充裕，未来降准可期，降息仍有机会，因此债市收益率上行风险有限；另一方面，下半年财政支出进度有望加快，伴随一揽子稳增长政策落地，经济增长悲观预期可能有所修复，债市进一步大幅下行空间也比较有限。综上，本基金管理人认为下半年中短端信用债仍有一定配置价值，利率债总体偏震荡，长端品种存在交易性机会。","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=960557","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981aa","date":"2023-03-30T16:00:00.000Z","stockId":3000000006544,"sao":"2023年开年经济数据总体亮眼但仍有瑕疵，消费报复性修复但工业生产恢复偏弱。通胀继续维持紧缩，证明经济内生的活力还未被彻底激活。复苏的方向是确定的，信贷开门红，总量结构都有改善。不过由于1-2月处于数据真空期，市场对宏观经济的预期也不断出现调整，并影响着债券市场的走势。年初随着疫情影响的淡化，市场预期经济“强复苏”；但春节之后，市场分歧加大，不少机构倾向于认为“强预期弱现实”；两会定调经济目标为5%后，市场不再期待政策“强刺激”，再次调整了对复苏高度的判断，不过由于2月PMI数据亮眼，信贷放量，再加上新领导班子上台，市场似乎又对经济改善增加了一些信心。总体来看，一季度利率债收益率呈倒V型走势，信用债得益于流动性偏宽松，以及配置需求旺盛，收益率出现明显修复。　　在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作高等级信用债和中长端利率债，基金净值平稳回升。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.431Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981a9","date":"2022-12-30T16:00:00.000Z","stockId":3000000006544,"sao":"2022年，全球宏观环境出现较大转变：俄乌冲突由爆发转为僵持，全球通胀压力由持续提升转为逐步减轻，美联储紧缩由持续超预期转为有所放缓。国内经济则持续面临需求收缩、供给冲击、预期转弱三重压力，政策脉冲三次集中发力，但经济恢复进度依然偏慢，导致“宽信用”的验证时间比市场预计的更长，债市收益率长期处于“U型”底部区间震荡，至年末防疫政策和房地产调控政策出现重大调整，才迎来市场预期的转向和收益率的上行。具体来看，2022年一季度、二季度以及8-10月债市先后经历“宽货币率先发力”到“宽信用预期先行”再到“数据印证偏弱”的情景，10年国债收益率始终维持在2.6%-2.85%的窄区间震荡波动，未形成趋势性行情；11-12月，防疫和房地产调控政策做出重大调整，债市预期转向，叠加银行理财赎回负反馈持续强化，收益率快速大幅上行触及2.9%以上的全年高点。在上述背景下，2022年本基金在符合基金合同约定的投资范围和投资限制基础上，主要配置中短期限的中高等级信用债和利率债，致力于获取稳健的投资收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.428Z","mo":"展望2023年，全球经济大概率逐渐步入衰退，但幅度较为温和；全球通胀趋于回落，美联储紧缩逐步接近尾声。国内经济则随着疫情防控政策持续优化，经济将趋于复苏，主要抓手包括促消费、加大投资等；房地产行业企稳修复可期，但难大幅反弹；通胀整体风险可控，货币整体偏宽松，降准降息仍可期，但资金利率波动可能增大；财政仍需加力提效、中央加杠杆。 基于以上基本面及政策面判断，预计2023年随着经济逐步复苏，债券市场震荡幅度加大，我们将密切关注各项经济领先指标，根据市场变化灵活调整投资策略。　　本基金认为流动性较好的中短端品种仍有较高投资价值，将保持高比例配置力度。对于长端品种，将根据经济形势和市场情况进行波段操作，以增强组合收益。","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=868613","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981a8","date":"2022-09-29T16:00:00.000Z","stockId":3000000006544,"sao":"三季度，在国内经济数据有所改善、人民币贬值压缩货币政策想象空间的大背景下，债市走势呈先下后上走势，10年期国债收益率最低到达2.58%，最高到达2.84%。3季度债市的关键节点为8月15日，7天逆回购利率和1年期MLF利率均下调了10bp；在此关键节点之前市场主要交易流动性持续宽松，民营房企爆发信用风险叠加疫情对国内经济基本面造成的负面冲击。期间关键事件为，7月政治局会议对经济增长目标或有弱化，且宏观政策工具也未超预期；在此关键节点之后市场主要交易国内稳增长政策接连出台，房地产政策持续放松，美国鹰派加息、人民币兑美元持续贬值，以及资金面有所收紧等。  在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作高等级信用债和中长端利率债，基金净值表现震荡上升。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.425Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=803639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981a7","date":"2022-06-29T16:00:00.000Z","stockId":3000000006544,"sao":"今年年初宏观经济开局良好，但3月份之后受疫情影响，经济下行压力加大，货币政策维持偏宽松状态，流动性保持合理充裕，上半年债市收益率整体呈震荡下行走势。具体来看，去年末降准所释放流动性在今年一季度初为市场提供了相对宽松的货币环境，同时降息预期发酵并且很快落地，使得债市收益快速下行并创出新低；但随着稳增长政策陆续铺开，宽信用效果超预期导致进一步降息预期降温，债市收益率出现小幅调整；二季度初上海疫情使得经济复苏进度延缓，银行间市场资金利率中枢明显下移，之后票据利率再度走低，PMI数据表现不佳，资金面持续宽松，债券配置需求旺盛，债券收益率重现明显下行；二季度末，随着上海疫情得到控制，美联储加息预期升温，权益市场持续走好等，债券收益率出现小幅反弹。  上半年本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.416Z","mo":"展望下半年，本基金管理人认为债券收益率将保持低位震荡。一方面，从7月的政治局会议内容能观察到政策对稳增长的诉求正在提高，对强省提出具体达标要求，也说明下半年经济修复的趋势仍将延续，经济增速重心明显好于上半年，这也制约了债市收益率进一步下行空间。另一方面，目前经济仍处于复苏进程中，但从各项稳增长政策落地到经济增速出现好转迹象仍需时间积累，在宏观数据未见明显改善的情况下，央行仍有动力呵护流动性，货币政策大概率不会出现急转弯，债市收益率即使出现反弹，空间也相对有限。 综上，本基金管理人认为下半年中短端债券品种仍有一定配置价值，长端品种存在交易性机会。","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚纯债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=778961","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981a6","date":"2022-03-30T16:00:00.000Z","stockId":3000000006544,"sao":"一季度前2月经济和PMI数据超预期。从三驾马车看，出口高位回落、投资大超预期，消费略超预期，其中价格因素贡献较大。3月受疫情影响，经济下行压力加大，制造业 PMI指数从上个月50.2下滑至49.5，位于荣枯线以下。1-2月社融同比多增近4500亿元、好于2020年但远低于2019年和2021年水平。信贷同比少增500多亿元是主要拖累。通胀方面，1-2月PPI增速继续回落至9.1%和8.8%，CPI稳定于0.9%，总体压力不大。货币政策方面，受经济三重压力，央行于1月17日均下调MLF和OMO利率10BP。总体来看，一季度债券市场收益率呈区间震荡走势。具体来看，1月降息预期发酵并且很快落地，利率创新低；2月宽信用超预期导致降息预期降温，到俄乌局势突变及央行净投放资金，债市大跌后略有回暖；3月宽信用成色不足，地产领域宽信用继续加码，银行理财产品赎回形成负反馈，金融委发声释放积极信号，国内疫情多地散发，美联储加息落地且缩表或加速，多空因素交织带动债市震荡下行。  在此期间，本基金保持了投资组合的流动性，主要配置中短期限的中高等级信用债，波段操作长端利率债和高等级信用债，基金净值表现震荡上升。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:25.413Z","fund":{"_id":3000000006544,"__csrcFundId":5887,"stockCode":"006544","shortName":"平安惠聚纯债(006544)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6544,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:13:30.567Z","status":"normal","inceptionDate":"2019-01-21T16:00:00.000Z","name":"平安惠聚纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安惠聚纯债","pinyin":"pahjczzqxzqtzjj","managers":[{"stockCode":"db20074875","stockType":"fund_manager","exchange":"fm","tickerId":72502170030,"name":"高勇标"}]},"announcement":{"linkText":"平安惠聚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=723669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9cd7fea5b3eb04981a5","date":"2021-12-30T16:00:00.000Z","st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