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低位水平。期限利差偏低的情况下，利率债趋势性行情需要资金宽松、短端收益率下行来打开。宽信用、稳增长的过程没有结束，经济弱复苏预期叠加财政刺激加码、供给压力释放，债市所处的宏观环境尚不友好。不过，考虑到居民加杠杆对地产放松政策的钝化逐步显现，叠加经历一轮调整后息差已有一定保护，短久期资产的风险可控。　　投资运作方面，本基金以利率债为投资对象。报告期内，在保持中性久期的基础上，灵活参与利率债波段交易。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.029Z","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率债债券型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b8a","date":"2023-06-29T16:00:00.000Z","stockId":3000000008875,"sao":"2023年上半年，债券市场经历了从信用债结构性修复到各品种普涨的一轮行情。一季度，中低等级信用债领涨带动信用利差、等级利差显著压缩，利率债则受疫后经济复苏预期压制弱势整理。二季度，基本面偏弱叠加央行“加大逆周期调节力度”，10年国债收益率从2.85%下行至2.6%附近。降息落地后，债市经历了急涨、急跌到震荡修复的过程，股债性价比切换后债市对利好有所钝化。资金市场的分化持续，隔夜与7天、利率与信用融资的利差较大，信用利差低位反复。随着期限利差的走阔，中长端利率性价比回升。　　投资运作方面，本基金以利率债为投资对象。报告期内，在控制组合总久期的基础上，维持积极杠杆，不断优化持仓结构，获取稳定的杠杆与骑乘收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.026Z","mo":"房价上涨与地产销售、新开工、投资的正反馈被打破，从地产调控放松到居民杠杆修复的弹性仍待观察。政府加杠杆则受“高质量发展”约束，表现更为克制。展望后市，降准降息周期未尽，利率大势尚不悲观。货币政策靠前发力后，宽信用政策接力，收益率低位水平下债市上涨空间受限。叠加股债性价比到达极端水平后，风险偏好有所修复。考虑到央行态度相对友好，市场波动中保持适度的逆势操作，关注票息和骑乘的确定性价值，优化持仓期限结构。","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率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=963949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b89","date":"2023-03-30T16:00:00.000Z","stockId":3000000008875,"sao":"经历过2022年四季度的赎回冲击后，年初债市呈现出低期限利差、高信用利差、高等级利差的特征。疫后复苏的方向确定，叠加回购中枢向政策利率回归，市场向票息要收益，信用债表现明显强于利率债，一季度债市走出了一轮结构性修复行情。信用债收益率整体下行，且呈现出从短端向曲线中段传导的扩散行情，中低等级信用债领涨带动等级利差显著压缩。一季度长端利率债受经济复苏预期压制整体维持震荡，随着资金市场分化加大，银行与非银、隔夜与7天、利率与信用融资的利差拉大，3月中旬降准前后中短端利率债有所补涨，但整体表现不如信用债。　　投资运作方面，本基金以利率债为投资对象。报告期内，在控制组合总久期的基础上，维持适度积极杠杆，不断优化持仓结构，获取稳定的杠杆与骑乘收益。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.023Z","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率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=887915","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b88","date":"2022-12-30T16:00:00.000Z","stockId":3000000008875,"sao":"2022年，经济复苏的弹性受到疫情约束，供应链受损与总需求偏弱的环境下投资、消费、出口整体下行。上半年随着上海、北京等地疫情的好转和一系列稳增长政策的落地，生产、消费出现一轮修复式反弹，基建成为政策逆周期调节的抓手，“断贷”风波则约束了地产销售和投资回升的弹性。通胀层面，核心CPI回升缓慢，显示疫情反复的过程中总需求仍处于温和修复阶段。下半年随着疫情扩散和11月防疫优化的影响，国内就业和生产经营活动预期出现了阶段性恶化。　　债券市场方面，四季度前收益率以震荡下行为主，套息空间充足的情况下市场向短端寻找确定性，债券收益率曲线整体陡峭化。四季度，经历了防疫政策优化和地产政策放松的双重冲击，叠加理财净值化转型后负债端波动加大，理财赎回引发负反馈，债市一度暴跌。12月中旬前收益率普遍上行，信用利差从低位大幅走阔、等级利差回升，银行二级资本债收益率一度上行超过120bp。债券市场阶段性出现了几个比较明显的特征：一是利率债期限利差极度压缩；二是信用利差大幅走阔；三是等级利差显著抬升。背后除了流动性溢价的影响，也有银行表内资金对低风险资本占用品种的偏好推动。随着收益率上行至高位，叠加央行对跨年资金的呵护，12月下旬债市出现明显反弹。前期超调的品种，尤其是中短端信用债，涨幅居前。　　投资运作方面，本基金以利率债为投资对象。报告期内，通过密切跟踪基本面、流动性等指标，适时调整组合久期与杠杆，不断优化持仓结构，获取稳定的杠杆与骑乘收益。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.020Z","mo":"疫情后居民资产负债表恶化，加剧了地产周期钝化和需求端弱势的问题。在这种情况下，宽信用的弹性变弱，社融增速难以回归高增长。此外，二十大定调“加强财政政策和货币政策协调配合”，上半年如果稳增长政策前置，货币政策明显收紧的可能性不高。从定价上来看，短端资产的定价锚仍在资金中枢。在非加息周期中，DR007围绕7天逆回购2.0%波动，存单利率围绕MLF利率2.75%波动。理财净值化转型后，负债端不稳定的环境下债券市场波动加大，对结构性行情和不同期限、品种之间性价比的把握更加重要。考虑到经济修复的方向确定，稳增长环境下央行维护流动性合理充裕的态度未发生明显变化，我们2023年债券投资的核心思路是追求久期控制下的确定性收益，根据市场环境和结构特征获取稳定的配置收益，胜率和赔率兼具的环境下择机参与中长端波段交易。","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率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=872999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b87","date":"2022-09-29T16:00:00.000Z","stockId":3000000008875,"sao":"三季度，经济延续弱复苏，供给约束的解除带动制造业与建筑业生产扩张；受海外需求持续回落，国内疫情反复扰动影响，经济修复基础仍不牢固。逆周期调节下，增量财政工具落地推动基建投资进一步发力。地产政策从融资端到销售端的放松效果有限，居民资产负债表受损叠加居民购房信心受到房价上涨预期被打破、“烂尾楼”等事件打击，地产销售筑底回升的过程拉长。宽信用过程中，社融出现了从总量到结构的改善，企业中长贷增速开始回升是一个积极信号，融资修复有望对投资形成滞后支撑。  债券市场方面，流动性宽松环境下三季度债券收益率曲线整体陡峭化下行，2~4年政金债表现强于长端。8月中旬降息后，长端利率债补涨，10年国债收益率从2.73%下行至2.6%以下，突破1月低点。隔夜回购利率下破1%，套息空间充足的情况下信用利差一度压缩至历史低位。随着跨季资金利率抬升，叠加10月维稳预期上升、宽信用政策频出，9月下旬中长端利率出现一轮快速回调。  投资运作方面，本基金密切跟踪基本面、资金面和市场情绪的变化，组合择优配置中短端利率债，获取较稳定的票息收益，同时兼顾波段操作增厚组合收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.018Z","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率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=810544","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b86","date":"2022-06-29T16:00:00.000Z","stockId":3000000008875,"sao":"2022年上半年，经济复苏的弹性受到疫情约束，供应链受损与总需求走弱的过程中投资、消费、出口整体下行。随着北、上等地疫情好转和一系列稳增长政策的落地，生产、消费出现修复式反弹，基建成为政策逆周期调节的抓手，而“断贷”风波则约束了地产销售和投资回升的弹性。通胀层面，核心CPI回升缓慢，显示疫情反复的过程中总需求仍处于温和修复阶段。货币政策方面，央行公开市场操作整体稳中偏松。上半年通过降息、全面降准支持实体经济发展，并视流动性环境灵活调整资金投放节奏。资金利率中枢下行，资金面宽松。  债券市场方面，二季度债市一度调整。但资金中枢低位稳定、且大幅偏离政策利率的环境下，套息空间充足，市场向短端寻找确定性，债券收益率曲线整体陡峭化。中短端利率普遍下行，长端利率则在宽信用、稳增长的强预期与弱现实矛盾中维持了窄幅震荡。  投资运作方面，本基金以利率债为主要投资对象，通过久期与杠杆率的调节，应对市场波动，获取了较好的投资收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:33:12.015Z","mo":"2022年下半年，经济景气度料将逐步修复，通胀维持稳和，产出重回扩张区间。当前失业率等宏观经济指标仍未显著恢复，叠加地产修复较为缓慢，政府债券供给节奏已前置，因此宽信用力度仍值得期待。关注稳增长政策进一步发力以及疫情的后续演变。后疫情时代，市场对经济的强预期与实际复苏弹性始终存在预期差，仍有待修正。货币政策方面，政策力度较温和仍将支撑经济韧性。流动性维持宽松，预计资金利率将处于低位。  下半年，本基金将维持中性久期，通过密切跟踪基本面、资金面和市场情绪的变化，择优配置中短端利率债，获取较稳定的票息收益，同时兼顾波段操作增厚组合收益。","fund":{"_id":3000000008875,"__csrcFundId":7530,"stockCode":"008875","shortName":"国寿安保尊恒利率债债券(008875)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":8875,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:30:11.715Z","status":"normal","inceptionDate":"2020-05-20T16:00:00.000Z","name":"国寿安保尊恒利率债债券型证券投资基金","exchange":"jj","followedNum":3,"fundCollectionId":4000050900000,"currency":"CNY","masterFundShortName":"国寿安保尊恒利率债债券","setUpDate":"2020-05-20T16:00:00.000Z","setUpAssetScale":350191781.5,"setUpShares":350191781.5,"pinyin":"gsabzhllzzqxzqtzjj","managers":[{"stockCode":"db20778892","stockType":"fund_manager","exchange":"fm","tickerId":1219208750,"name":"卢珊"}]},"announcement":{"linkText":"国寿安保尊恒利率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=788260","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc187fea5b3eb04c1b85","date":"2022-03-30T16:00:00.000Z","stockId":3000000008875,"sao":"一季度，内需不足，经济尚存压力，仅部分数据出现结构性改善。政策发力对社融增速的拉动作用较为显著，稳增长效果待进一步验证。流动性和政策方面，公开市场投放充裕，1月中下旬，央行下调MLF和OMO利率10个基点，体现央行进一步发挥货币政策工具的总量与结构双重功能。  债券收益率在一季度整体呈现震荡走势。1月宽货币主导债券收益率下行，国内货币政策宽松，风险资产调整对债券市场形成利好，十年国债突破2.7%；2月宽信用预期加强，多重因素带动债市回调。社融数据走强，地产政策边际放松，债券市场开启调整。十年国债碰触2.86%点位；3月社融数据表现出总量和结构转弱的特点，居民贷款负增长叠加各地疫情蔓延，经济再度呈现承压局面。利率债在历经几次调整后，呈现震荡走势。  投资运作方面，本基金密切跟踪基本面、资金面和市场情绪的变化，组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