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，利率债收益率曲线走势呈现“M”型，而信用债受益于特殊再融资债对城投债形成明显基本面支撑，整体信用利差压缩明显。　　本报告期内，本基金主要以中短久期信用债套息策略为主，期间运用长久期利率债和高评级银行二级资本债积极参与波段交易，有效增厚了组合超额收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.678Z","mo":"2024年中国经济面临一些积极的因素，如“稳增长”政策支持和新经济动能的推动，也有一些挑战，包括内外需压力、制造业疲软、地产下行等，整体预计维持继续向上修复的态势，处于弱复苏状态。另一方面，货币政策继续维持流动性供给充裕，以配合财政政策，共同促进经济增长，加之，全球经济下行压力下，高利率环境难以维持，中美经济周期错位得到缓解，外部对于国内货币政策的制约将下降。　　2024年债券市场在经济恢复需要持续支持、配合地方政府化债、汇率贬值压力也减轻的情况下，央行后续流动性投放保持积极的概率较大，如果资金水平未持续回落到偏松状态，后续降准降息或者其他货币政策工具有较大概率落地，当下多数债券期限利差均处于2018年以来最低水平，预计2024年曲线相对2023年会出现走陡。","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=1058110","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc8c","date":"2023-09-29T16:00:00.000Z","stockId":3000000010476,"sao":"2023年三季度，经济基本面趋于复苏。8月底一线城市陆续出台地产支持政策，上市房企迎来再融资政策支持，地方政府 “一揽子化债方案”推出落地实施，特殊再融资地方债已于9月底开启发行，8月27日财政部、证监会等多部门就减半征收印花税、优化IPO与再融资节奏、规范减持等做出部署，上述政策不仅有助于短期内提振市场情绪，对于中长期资本市场的发展同样有较为重要的意义。综合来看，当前政策环境较为积极。　　　　债券市场方面，经历了降息降准等利好，随着活跃资本市场政策工具对权益市场的提振，叠加季末资金面紧张和特殊再融资地方债的出炉，收益率延续反弹。　　。　　　　本报告期内，本基金继续以中短久期信用债套息策略为主。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.675Z","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=987870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc8b","date":"2023-06-29T16:00:00.000Z","stockId":3000000010476,"sao":"2023年上半年本基金主要以中短久期信用债套息策略为主，由于信用利差在一季度修复较多因此组合整体表现较好。一季度经济基本面在疫情冲击消退后平稳复苏，但市场的“强复苏”预期有所弱化。一季度债券市场主要经历了疫情影响消退后基本面强修复预期再发酵、资金面高位波动而同业存单利率持续高增、围绕稳增长预期以及经济数据成色交易再到超预期降准触发的收益率下行的几轮主线切换，整体而言利率呈现前上后下的倒U型走势。二季度经济延续一季度末弱复苏趋势，二季度GDP同比增速受益于去年同期低基数，但从月度数据来看环比增长动能有所放缓。二季度以来商品房销售边际转弱，信贷增速放缓，给固定资产投资造成拖累，消费同比数据受益于去年低基数有较大增长，但在基数恢复常态后增速正常回落，同时消费高频数据呈现出“高频低价”服务性消费倾向，显示疫情带来的收入影响仍在。通胀方面CPI维持低位，PPI跌幅较大（主要因去年上半年能源价格基数较高）。汇率二季度出现较大波动，美元兑人民币汇率由季初6.85跌至7.25左右。二季度债券市场基本延续一季度的慢牛行情，本基金二季度延续一季度策略，同时二季度末增加仓位参与利率债久期交易策略，取得了较好的效果。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.673Z","mo":"展望下半年，经济复苏的脚步虽然放缓但仍将延续，从高频数据来看尤其是地产链下半年稳增长的压力仍然较大，因此可以对政策多一份期待。债券市场我们认为在取得了不错的上半年表现后，下半年仍将维持震荡格局。一方面，经济内生动能有继续下行的压力，债券调整风险不大。居民消费需求、买房需求下行，企业投资需求走弱，经济仍然处于主动去库存周期，内生动能向下；经济可能会在下半年弱企稳，但考虑到地产销售偏弱，企稳的幅度会弱于2016年年初和2019年下半年。另一方面，货币政策仍有降息的空间，维持资金宽松。稳定的资金环境以及较小的供给压力对债市或偏利好，然而当前收益率水平仍处低位，并且稳增长政策预期和最终效果也可能对市场带一定程度的影响，预计债市或呈现震荡行情。","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=962684","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc8a","date":"2023-03-30T16:00:00.000Z","stockId":3000000010476,"sao":"2023年一季度债券市场主要经历了疫情影响消退后基本面强修复预期再发酵、资金面高位波动而同业存单利率持续高增、围绕稳增长预期以及经济数据成色交易再到超预期降准触发的收益率下行的几轮主线切换，整体而言利率呈现前上后下的倒U型走势。　　本报告期内，本基金主要以中短久期信用债套息策略为主，由于信用利差在一季度修复较多因此组合整体表现较好。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.670Z","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久纯债债券型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880491","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc89","date":"2022-12-30T16:00:00.000Z","stockId":3000000010476,"sao":"2022年期间，国内外发生了很多重要事件，持续影响着国内外经济发展和金融市场走势。其中，俄乌冲突年初爆发，不仅改变了全球地缘政治走向，也影响了国际能源供需格局；疫情逐步趋于缓和，但其过程仍然对包括中国在内的诸多经济体带来了影响。二十大胜利召开，为我们指明前进方向，通过高质量发展和科技创新来解决质的问题，在质的大幅提升中实现量的持续增长。　　2022年债券市场经历了波动并出现回撤。债券市场前十个月表现相对稳定，考虑到国内经济受疫情反复的影响，资本市场整体风险偏好较低，债券收益率波动较小；同时受益于资金价格较低，债券市场在此期间整体表现较好。但从11月开始，由于地产支持政策接连出台，疫情防控政策逐步改善，资本市场整体风险偏好有所提升，从而使得债券市场出现了下行调整，同时再叠加机构理财产品的赎回，两项因素相互影响形成了循环效应，致使债券市场在当年最后两个月期间出现了较大幅度的回撤。　　本报告期内，本基金主要以中短久期信用债套息策略为主，下半年因市场原因导致净值回撤，进入12月后信用利差得到明显修复，净值实现较大程度的改善。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.667Z","mo":"展望2023年，内部经济处于疫情放松后回归正常的修复通道中，中央经济会议也提出要大力提振市场信心，财政政策继续发力，货币政策维持偏宽松环境，流动性仍然相对充裕。同时地产托底政策不断推出，将不断发力促进房地产市场企稳，但仍需观察房地产销售改善情况。外部环境相对复杂，一方面俄乌冲突仍未结束，不排除战争继续发酵的可能，另一方面海外加息、高利率环境将维持较长时间，虽然美联储近期加息幅度有所放缓，但仍存在一定的波动风险，对欧美经济产生一定的负面作用，也对新兴市场外需产生一定的影响。　　债券市场相较于前两年整体经济环境偏不利，当前经济处于复苏低点，需要宽松的货币环境呵护，债市或将仍以宽幅震荡为主基调。若二季度以后，经济出现明显复苏以及房地产市场明显回暖，以及带来一定的通胀压力，则债券市场将面临较大的调整压力。","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=864390","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc88","date":"2022-09-29T16:00:00.000Z","stockId":3000000010476,"sao":"2022年三季度经济逐渐恢复，各领域恢复情况互有差异。比如三季度工业生产相较二季度大幅改善，但是服务业和消费仍然继续受到疫情的影响，从旅行出游到电影票房同比数据仍维持下降；此外，由于市场进一步担忧房地产信用风险继续发酵并传导到金融行业，各地已经陆续出台一些地产政策的边际放松，9月末连续出台自上而下的地产行业松绑措施，在一定程度上缓解市场焦虑情绪；另外，基建和出口是前三季度经济增长的主要支撑，出口端三季度仍然韧性较强，但外围美债收益率继续超预期上行，同时地缘冲突再次升级，市场对于后续出口增长预期存在不确定性。未来经济的动能在一定程度上取决于房地产、消费修复的强度和节奏。  债券市场三季度表现强势，整体受益于经济复苏逐步的情况下，国内地产信用风险担忧上升叠加国外地缘冲突升级的影响，同时国内货币政策相对独立，更多服务于国内经济，因此整体有利于债券市场。后续需要继续关注房地产销售是否能够及时企稳以及疫情对消费等行业带来的持续影响。本报告期内，本基金主要以中短久期信用债套息策略为主，辅以少量利率债波段交易策略。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.665Z","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=806560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc87","date":"2022-06-29T16:00:00.000Z","stockId":3000000010476,"sao":"2022年上半年经济经历了持续的波动，第一季度经济开局良好，第二季度经济经受了新一轮疫情的影响，同时国外包括俄乌冲突、国外通胀大幅飙升、美联储加息缩表等等超预期的因素对国内经济和资本市场都造成一定的扰动。本报告期内，本基金主要以中短久期信用债套息策略为主，辅以少量利率债波段交易策略，取得了较好的风险收益比。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.662Z","mo":"展望下半年，疫情防控逐渐取得成效，各地复工复产有序推进，同时此前受到影响的线下消费活动将明显修复。从高频数据来看，生产端的修复明显领先于需求端，随着供应链、物流以及防疫政策的改善，预计三季度需求端也将环比改善。债券市场资金面持续保持宽松状态，收益率曲线基本保持平稳。后续需要关注各项政策的宽信用效果，从而决定经济增速修复的强度来确定债券收益率的空间。","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:20:14.731Z","status":"normal","inceptionDate":"2020-11-11T16:00:00.000Z","name":"太平恒久纯债债券型证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050760000,"currency":"CNY","masterFundShortName":"太平恒久纯债","setUpDate":"2020-11-11T16:00:00.000Z","setUpAssetScale":212180827.85,"setUpShares":212180827.85,"pinyin":"tphjczzqxzqtzjj","managers":[{"stockCode":"db20555341","stockType":"fund_manager","exchange":"fm","tickerId":262517235450,"name":"朱燕琼"}]},"announcement":{"linkText":"太平恒久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=783592","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecda97fea5b3eb04ddc86","date":"2022-03-30T16:00:00.000Z","stockId":3000000010476,"sao":"2022年第一季度经济开局良好，但中后段随着国内外各种因素的影响，市场对于经济能否完成增速目标出现一定分歧。资本市场也因此出现较大的波动，主要的影响因素有：1、去年一季度权益发行爆款基金和理财等到期赎回量较大，市场整体呈现资金流出状态，其中对于债券部分品种也出现一定的冲击；2、俄乌冲突加剧不断升级且有变成长期战争的趋势，由于战争导致大宗商品超预期涨价对通胀影响较大；3、美债收益率大幅上行，美联储加息后并未如市场预期收益率见顶，反而出现了短端迅速抬升造成美债2Y-10Y、2Y-30Y倒挂的情形，导致市场对权益预期较为悲观；4、国内疫情反复，市场对于经济出现一定的悲观转向预期。进入3月下旬后，由于金融委的表态，市场判定政策底出现从而展开反弹。债券市场相对平稳，虽然中美利差压缩至历史极值，尤其中短端国债，但受益于货币政策独立性以及对于宽松政策的预期，整体表现相对缓和。  本报告期内，本基金主要以中短久期信用债套息策略为主，辅以少量利率债波段交易策略，获得了较好的风险收益比。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:39:53.659Z","fund":{"_id":3000000010476,"__csrcFundId":8300,"stockCode":"010476","shortName":"太平恒久纯债(010476)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":10476,"masterFundFlag":1,"lastUpdated":"2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