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年债市整体表现强势，宏观经济新旧动能切换是最大主线。年初在疫后复苏的强预期下，利率整体上行。二季度经济环比走弱，经济修复有所波折，两会政府工作报告更侧重于高质量发展，叠加6月中旬降息，债市显著走强。三季度尽管8月再次超预期降息、9月降准，但资金利率并没有进一步走低，同时经济企稳复苏，债市低位窄幅震荡，收益率曲线走平。四季度特殊再融资债启动发行，债券收益率有所上行，但此后中央经济工作会议等高层会议召开，强调高质量发展，叠加资金面回归平稳，做多情绪再度升温，债券收益率全面下行。全年来看，十年期国债收益率下行约27bp。本基金于2022年末成立，一季度主要以建仓为主，节奏较为平稳。二三季度维持哑铃型的组合结构，保持久期调节的灵活性。四季度积极主动，于十月末把握债市机会，明显抬高久期水平，获取较好的收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:19.632Z","mo":"当前经济基本面未见反转迹象，新旧动能转换仍为下一阶段最重要的宏观背景，海外制造业逆全球化的背景下部分产业长期产能过剩的情况仍明显存在，一定程度上抑制了库存周期的变化和制造业投资的释放。防风化债的大前提下，地方财政扩张途径有所抑制，地产磨底仍需时日。从宏观数据上看，通胀数据、PMI社融数据等均反应了疫后复苏存在波动性。此外，政策重心或仍聚焦高质量发展，在当前时代背景下，需兼顾安全与发展，预计在经济刺激上不会大干快上。但需关注金融监管、防止资金空转可能成为债市的制约因素。综合考虑到经济动能有待增强，货币宽松周期尚未结束，全年债券机会大于风险。下一步计划灵活调整产品的杠杆和久期水平，整体保持较积极的态度，关注后市演绎节奏。持续关注资金面、美联储议息会议、稳增长政策出台的节奏和力度、潜在的金融监管政策等因素对市场的影响。","fund":{"_id":3000000008432,"__csrcFundId":12143,"stockCode":"008432","shortName":"人保安睿定开(008432)","masterFundShortName":"人保安睿定开","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8432,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:02.062Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"inceptionDate":"2022-12-13T16:00:00.000Z","name":"人保安睿一年定期开放债券型发起式证券投资基金","setUpDate":"2022-12-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"rbaryndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801472606","stockType":"fund_manager","exchange":"fm","tickerId":725178390,"name":"郭毅"}]},"announcement":{"linkText":"人保安睿一年定期开放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=1059138","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba77fea5b3eb04b99db","date":"2023-09-29T16:00:00.000Z","stockId":3000000008432,"sao":"2023年三季度，资金面边际收紧，经济企稳复苏，债市低位窄幅震荡，收益率曲线走平。央行2023年三季度例会强调政策“持续用力”，并在2023年二季度“搞好跨周期调节”基础上增加了“逆周期”提法，但需警惕在今年6月降息、7 月信贷社融数据不佳、8月再次超预期降息、9月降准的背景下，资金利率并没有进一步走低。本基金于2023年三季度降低组合的杠杆水平和久期水平，同时维持哑铃型的组合结构，保持足够的灵活性。未来，我们将紧盯经济基本面的边际变化和稳增长政策出台的力度和节奏，关注资金面和存单价格变化情况，灵活优化组合结构，积极把握预期差带来的波段交易机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:19.629Z","fund":{"_id":3000000008432,"__csrcFundId":12143,"stockCode":"008432","shortName":"人保安睿定开(008432)","masterFundShortName":"人保安睿定开","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8432,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:02.062Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"inceptionDate":"2022-12-13T16:00:00.000Z","name":"人保安睿一年定期开放债券型发起式证券投资基金","setUpDate":"2022-12-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"rbaryndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801472606","stockType":"fund_manager","exchange":"fm","tickerId":725178390,"name":"郭毅"}]},"announcement":{"linkText":"人保安睿一年定期开放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=991778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba77fea5b3eb04b99da","date":"2023-06-29T16:00:00.000Z","stockId":3000000008432,"sao":"2023年上半年债券收益率整体震荡下行，元旦后至春节前，随着疫后复苏抬高风险偏好，债市暂时承压。春节过后，债券供需结构性失衡，配置力量带动长端利率企稳。此后，两会政府工作报告更侧重于高质量发展，经济环比下行压力增加，稳增长政策力度不足，叠加资金面转松，共同带动品种、各期限债券收益率普遍下行。6月中旬降息进一步带动债市走强。本基金于去年末成立，一季度主要以建仓为主，在建仓过程中，总的基调是保持稳健。随着建仓进入尾声，二季度积极把握流动性宽松和利率下行趋势，明显抬升组合的杠杆水平和久期水平。同时维持哑铃型的组合结构，保持足够的灵活性。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:19.626Z","mo":"近期经济数据有所分化，部分生产端和消费端高频有所企稳，但地产仍待逆转。鉴于相对和实际库存水平仍处高位，各行业库存具有明显分化，产能利用率尚待企稳回升，当前可能仍处于“主动去库存”的尾声，全面触底回升转向“主动补库”尚需时日。经济基本面对债市暂不构成重大威胁，但需密切关注下半年PPI拐点信号是否出现，此外亦需提防海外经济若软着陆，中美库存周期存在共振的可能。同样需关注的是，当前十年期国债距离去年低点一步之遥可能给市场带来止盈压力，股债性价比的变化同样指向当前债券估值偏贵。短期利好因素集中落地，基于宏观数据的定价动力或边际减弱，而财政、地产、消费等其他领域的配套政策出台情况可能持续带来扰动，不排除债市阶段性重回区间震荡的可能，若短期市场在稳增长政策干扰下有所回调，或将迎来更好的交易机会。下一步计划灵活调整产品的杠杆和久期水平，整体保持较积极的态度，关注后市演绎节奏。持续关注资金面、美联储议息会议、稳增长政策出台的节奏和力度、潜在的金融监管政策等因素对市场的影响。","fund":{"_id":3000000008432,"__csrcFundId":12143,"stockCode":"008432","shortName":"人保安睿定开(008432)","masterFundShortName":"人保安睿定开","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8432,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:02.062Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"inceptionDate":"2022-12-13T16:00:00.000Z","name":"人保安睿一年定期开放债券型发起式证券投资基金","setUpDate":"2022-12-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"rbaryndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801472606","stockType":"fund_manager","exchange":"fm","tickerId":725178390,"name":"郭毅"}]},"announcement":{"linkText":"人保安睿一年定期开放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=960098","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecba77fea5b3eb04b99d9","date":"2023-03-30T16:00:00.000Z","stockId":3000000008432,"sao":"一季度，债券市场总体震荡，利率品种震幅略小于信用品种，长期限品种震幅亦小于短期限品种。分时间看，元旦后受疫情放开感染率上升影响，市场交投热情受到压抑，预期中的早投资早收益行情没有出现，加之春节临近，机构有一定避险情绪，带动收益率持续上升。春节后，随着感染后普遍恢复，市场交投情绪显著趋于活跃，以基金、农商行和保险为主，买入力量持续加强，市场引来小幅做多行情，从而带动收益率整体缓慢下行。至2月中，高频数据显示经济恢复较快，略超预期，加之恰逢资金面边际收敛，令债市短暂承压。之后，围绕经济复苏强弱成为市场博弈主线，两会之前市场一度对偏高经济增速有普遍担忧，令买入力量略显畏首畏尾。三月初的政府工作报告将经济增速目标确定为5%后，迅速消除市场不确定性，令多头重拾信心。季度末，随着外围银行风险事件相继爆发，以及央行降准举措，进一步加剧增速不及预期的担忧，买入力量持续发力并延续到季度末。本基金于去年末成立，一季度主要以建仓为主，在建仓过程中，总的基调是以稳健为主。季度初期，主要通过投资于稳健资产来增厚组合收益。积累收益一段时间后开始加快建仓速度，并保持较为灵活的组合结构与适当的久期安排，季度末完成建仓，并按策略进行投资操作。未来，我们将继续努力优化组合结构，紧盯趋势变化，继续做好相关工作。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:19.623Z","fund":{"_id":3000000008432,"__csrcFundId":12143,"stockCode":"008432","shortName":"人保安睿定开(008432)","masterFundShortName":"人保安睿定开","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8432,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T21:15:02.062Z","status":"normal","exchange":"jj","fundCollectionId":4000051410000,"inceptionDate":"2022-12-13T16:00:00.000Z","name":"人保安睿一年定期开放债券型发起式证券投资基金","setUpDate":"2022-12-13T16:00:00.000Z","setUpAssetScale":509999000,"setUpShares":509999000,"pinyin":"rbaryndqkfzqxfqszqtzjj","managers":[{"stockCode":"8801472606","stockType":"fund_manager","exchange":"fm","tickerId":725178390,"name":"郭毅"}]},"announcement":{"linkText":"人保安睿一年定期开放债券型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882856","linkType":"PDF","source":"csrc_pdf"}}]}