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月利率顺畅下行，长端期限利差持续压缩，3 月由于经济边际改善、央行减少 OMO 投放量、机构行为等因素，利率由快速下行进入盘整阶段。二季度，基本面走弱，PMI 5-6 月再次下行至荣枯线之下，外需有所回落，内需相对不足。结构上较一季度有所变化，利率债中短端强于长端，曲线牛陡。非银偏好品种表现相对更强，政金债表现好于国债，信用债表现好于利率债，信用利差压缩至历史低位。　　本报告期内，本基金主要以中短久期信用债套息策略为主，择机参与利率、银行次级债交易性机会。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.843Z","mo":"展望下半年，国内经济仍是弱复苏状态，实体经济有效融资需求不足，企业、居民加杠杆意愿偏低。随着稳增长压力有所加大，宏观政策调控力度或将加强，货币政策预计仍将平稳偏松，支持实体经济、配合财政发力。上半年利率债一级供给进度不及预期，预计下半年将加快进度，缓解今年以来债券市场的阶段性供需失衡。总体来看，下半年债券市场整体风险不大，但估值愈发极致下市场波动或将加剧。可以适当博弈市场波动带来的波段性交易机会。","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿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=1146225","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c662c","date":"2024-03-30T16:00:00.000Z","stockId":3000000009118,"sao":"一季度，债券市场在资金面、基本面、供求关系等多方因素推动下，利率下行幅度较大，在临近春节和3月上中旬出现短暂调整。资金面方面，一季度整体资金面均衡偏宽松，DR007一季度均值1.87%，R007一季度均值2.13%，分别较去年四季度分别下行6bp、27bp。资金中枢较四季度下行，流动性分层现象得到改善，资金面波动性下降。基本面方面，PMI指数1-2月处于荣枯线之下，3月超预期回到荣枯线之上，持续性有待继续观察，其中地产依然是主要拖累项。具体来看，1-2月利率顺畅下行，长端期限利差持续压缩，利率水平达到历史低位，3月由于经济边际改善、央行减少OMO投放量、机构行为等因素，利率由快速下行进入盘整阶段。一季度，长端10年、30年国债到期收益率分别下行27bp、37bp至2.29%、2.46%；短端1年、3年国债分别下行36bp、26bp至1.72%、2.03%。1 年 AAA 存单到期收益率下行17bp至2.23%。　　　　本报告期内，本基金主要以中短久期信用债套息策略为主，择机参与利率、银行次级债交易性机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.841Z","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿纯债债券型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1071195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c662b","date":"2023-12-30T16:00:00.000Z","stockId":3000000009118,"sao":"2023年债券交易主要围绕经济修复强度和政策预期变化而展开，10年国债收益率在年内呈现M型走势，资金中枢较2022年有所上行，信用利差收窄。　　具体来看，2023 年上半年，国内经济经历一季度的反弹后有所下行，利率走势先上后下，资金面由均衡转向平稳偏松。一季度，随着疫情影响消退及经济基本面修复预期发酵，债市有所调整。信贷投放超预期，银行间流动性呈现出结构性压力。二季度经济增长的动能走弱，银行信贷投放放缓，利率下行，资金面从均衡转向偏松。三季度，随着政府债供给放量，资金面收敛，资金利率 8 月下旬以来逐步抬升，债券市场有所调整，短端品种上行幅度大于长端，曲线走平。四季度，在地方债和国债供给增加、汇率压力、资金防空转等因素影响下，10-11月资金面整体收敛，资金面成为债市主要扰动因素。12月资金面好转，基本面走弱，存款利率调降，市场对降准降息预期增强，利率加速下行。　　本报告期内，本基金主要以中短久期信用债套息策略为主，择机参与利率、银行次级债交易性机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.838Z","mo":"2024年经济或将延续有效需求不足、修复动能尚不稳固的状态。政策方面，预计2024年货币政策及财政政策延续逆周期和跨周期调节相结合的总基调。积极的财政政策适度加力、提质增效，预计重心在于中央加杠杆，财政支出节奏可能前置。货币政策保持稳健，灵活适度、精准有效，根据中央金融工作会议提出的“着力做好当前金融领域重点工作，加大政策实施和工作推进力度，保持流动性合理充裕、融资成本持续下降”。在降低实体融资成本的大背景下，货币政策预计仍处于宽松周期。在稳增长压力驱动下，降息存在空间。另外，今年在银行息差水平较低因素制约下，或将继续通过降低银行负债端成本来引导LPR下行。展望2024年，在经济内生动能偏弱的背景下，货币政策预计保持稳健，流动性保持合理充裕，债券收益率或仍是震荡偏强走势。我们将持续跟踪政策效果、经济修复情况，及信贷投放带来的银行资产和负债端的压力变化。","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿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=1058124","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c662a","date":"2023-09-29T16:00:00.000Z","stockId":3000000009118,"sao":"三季度，资金面收敛，资金利率8月下旬以来逐步抬升，债券市场逐步调整，短端品种上行幅度大于长端，曲线走平。7月，各期限利率在月中均有所调整。8月中上旬，资金平稳偏松，经济数据、金融数据、社融数据相继出台，利率逐步下行。8月下旬以来，资金面收敛，地产优化政策出台，利率上行。信用债方面，三季度总体走势和利率债类似，收益率8月下旬开始回升，信用利差三季度整体有所压缩，城投债表现相对较好。　　本报告期内，本基金主要以中短久期信用债套息策略为主，8月资金面收敛时降低组合杠杆，9月小幅增加杠杆和久期。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.835Z","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿纯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=987884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c6629","date":"2023-06-29T16:00:00.000Z","stockId":3000000009118,"sao":"2023年上半年，在经济基本面修复不及预期、政策端稳中求进、资金面相对宽松以及结构性资产荒演绎不断深化的背景下，债券利率整体呈现阶段震荡下整体走牛的倒U型态势，十年期国债收益率从2.93%一度下行至2.62%下方。利率走势方面，年初经济增长较快使得市场对今年经济给予较高预期，叠加理财赎回冲击的余波影响，10年期国债利率春节前冲上2.93%上高位。3月以来，随着稳增长政策力度的减弱，信贷节奏开始放缓，降准和调降存款利率合力推动下，资金价格见顶回落，债市逐渐回暖。同时一季度信贷冲量对比效应下，二季度开始信贷数据明显回落，经济基本面数据也随之下调，融资收缩但结构性资产荒不断深化、经济增长预期调整且基本面实际走弱等因素叠加推动了债市的持续走强。进入6月份，央行一套降息组合拳带动市场利率快速下行，10年期国债收益率一度下行至2.62%。随后国常会释放出稳增长政策将加码的信号，叠加资金面季节性收敛，市场担忧明显增加，利率快速回升并抹平降息带来的利率下行幅度。　　产品方面，一季度在久期方面较为谨慎，以杠杆策略和票息策略为主。二季度逐步加仓3年附近AAA信用债和商金债，提升组合久期和杠杆，同时部分仓位参与中长久期利率债波段交易。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.833Z","mo":"展望后续走势，经济仍然处于主动去库存周期，内生动能恢复缓慢，债券市场调整风险不大。货币政策仍有降息的空间，预计在经济复苏斜率出现明显抬升前，货币政策或将保持偏宽松的基调，预计三季度资金面仍将维持合理充裕，资金利率围绕政策利率波动。稳定的资金环境及较小的供给压力对债市或偏利好。预计短期内债券市场将继续维持震荡行情，政策落地后或有交易机会。","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿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=962698","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c6628","date":"2023-03-30T16:00:00.000Z","stockId":3000000009118,"sao":"2023年一季度债券市场整体先抑后扬。1月春节期间消费、出行快速复苏，市场对于经济修复信心较为强劲，10年国债收益率上行至2.95%附近。春节后高频经济数据有所分化，市场预期不断修正，10年期国债收益率围绕2.9%附近窄幅波动。2月下旬，信贷放量叠加央行主动调节等因素共同作用，资金面明显偏紧。3月初两会顺利召开，经济增长基调确定，政策担忧趋于缓解，10年期国债收益率下行至2.85%附近。一季度利率债和信用债有所分化，信用债表现相对较好，信用利差明显收窄。　　本基金一季度以票息策略和杠杆策略为主，持仓主要集中AAA信用债和商金债，并通过政金债短线交易增厚组合收益。","declarationDa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定调整，随后到二季度经济内生压力尚未消退、开门红脉冲后的回落带来利率第二次交易性机会，三季度至四季度，随着经济企稳，利率再度上行。","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿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=710180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c6622","date":"2021-09-29T16:00:00.000Z","stockId":3000000009118,"sao":"三季度债券收益率先下后上。7月受超预期的降准影响，债券收益率出现迅速下行，10Y国债一度下行至2.79%，期限利差先升后降，随后受地方债放量+宽松预期减弱影响，债券收益率在8-9月震荡上行，短端上行幅度更大，收益率曲线走平。  三季度灵活运用久期策略和杠杆策略，在季度初继续维持较高的久期并进行加仓，降准后债券收益率快速下行，绝对收益处于历史较低位置，且市场预期也较为一致。后续陆续降低中长债仓位，兑现前期浮盈，降低组合久期和杠杆，转为防御状态，有效降低了净值波动","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.814Z","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿纯债债券型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c6621","date":"2021-06-29T16:00:00.000Z","stockId":3000000009118,"sao":"2021年上半年债券市场整体呈现出V型走势。一季度表现较弱，主要由于一季度经济基本面较好，市场预期政策收紧概率上升，同时通胀压力是制约债券市场的重要因素。二季度债券板块整体表现较好，从3月开始至5月下旬债券持续了接近一个季度的慢牛行情，最大的支撑因素来自于货币政策未如预期般收紧。5月开始由于国内定价的黑色系大宗商品出现暴涨，对债市造成一定冲击。但很快商品价格在政策打压下出现大幅调整，债市受到的压力大大缓解。6月后在美债利率下行、央行加码300亿OMO投放等利好之下，市场情绪明显转暖。  本报告期内，灵活运用久期策略和杠杆策略，尤其在二季度逐步提高组合久期和杠杆，积极把握短线交易机会，增厚组合收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.811Z","mo":"出口方面，海外商品消费减少带来一定的下行压力，但与此同时生产修复带来设备出口需求、线下消费带来社交相关商品消费需求，复合增速预计仍在10%附近；地产方面，房贷利率略有抬升但幅度有限，对应房地产销售有望保持平稳，叠加地产库存整体处于较低水平，而房企在降低资产负债表的约束下加快施工和竣工；下半年财政发力、专项债供给放量，财政后置对基建存在一定支撑；   通胀方面，PPI仍处高位。由于经济周期与猪周期的错位CPI年内压力不大，预计前低后高。PPI年中见高点，下半年维持高位。  预计后续货币政策导向仍以稳为主，流动性仍将合理充裕，阶段性可能受到地方政府债券发行等因素带来的影响，但预计央行通过公开市场操作进行对冲，下半年市场利率中枢稳定。  经济基本面下行幅度有限对债市难有显著下行驱动，而货币政策利好兑现之后可能转为震荡。但中期来看，在经济潜在增速下行、人口老龄化短期不可逆以及全球复苏共振趋缓的背景下，依旧看好债券收益率下行趋势。","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒睿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=633078","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecc5b7fea5b3eb04c6620","stockId":3000000009118,"sao":"2021年一季度债市整体呈窄幅震荡，信用债表现优于利率债。产品灵活运用久期策略和杠杆策略，积极把握短线交易机会。二季度经济持续修复的动能仍在，消费和制造业存在修复空间。同时预计二季度供给较一季度明显增加，需密切跟踪货币政策以及资金价格中枢的变化","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:34:19.809Z","fund":{"_id":3000000009118,"__csrcFundId":7282,"stockCode":"009118","shortName":"太平恒睿纯债(009118)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":9118,"masterFundFlag":1,"lastUpdated":"2026-04-30T21:38:06.605Z","status":"normal","inceptionDate":"2020-03-11T16:00:00.000Z","name":"太平恒睿纯债债券型证券投资基金","exchange":"jj","followedNum":1,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒睿纯债","setUpDate":"2020-03-11T16:00:00.000Z","setUpAssetScale":200075020.46,"setUpShares":200075020.46,"pinyin":"tphrczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262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