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缩，信用表现强于利率，一季度债市走出一轮结构性修复行情。3月中旬降准、6月中旬超预期降息叠加基本面偏弱、存款利率下调及流动性宽松，二季度债市呈现普涨行情，收益率曲线趋于陡峭化。三季度以来政策逆周期发力以及政府债券发行提速带动资金面趋紧，利率曲线走向平坦化，而一揽子化债政策及特殊再融资债预期下中低评级城投债表现较好，信用利差、等级利差主动压缩。12月份以来，资金面边际好转叠加国有大行存款降息推升降准降息预期，债券市场走牛，收益率快速下行，曲线重新陡峭化。　　　　投资运作方面，报告期内本基金以票息策略为主，维持适度久期和积极杠杆，持续优化持仓债券的期限、品种，提高组合静态收益，做好信用债基础配置。同时，密切跟踪基本面、资金面和市场情绪的变化，灵活参与利率债波段交易。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:10.031Z","mo":"2024年宏观经济可能延续温和修复态势。经济仍处新旧动能转换期，高质量发展政策定力很强，居民资产负债表受损后仍在缓慢修复，地产周期明显钝化，宽货币向宽信用传导的弹性变弱。财政发力节奏和力度、地产行业能否筑底企稳成为重要观察点。总需求偏弱仍是制约经济修复的主要因素，产需失衡及供给收缩带来的信用债资产荒、信用利差偏低仍有可能持续。货币政策方面，稳增长背景下货币政策易松难紧，预计流动性将保持合理充裕，当前实际利率仍偏高，年内或将看到不止一次降息、降准，带动利率中枢震荡下移。　　　　展望未来，本基金将维持中性久期和中高杠杆，做好信用债的基础配置，获取稳定的套息收益，同时灵活参与利率债波段交易，努力为持有人创造更多超额收益。","fund":{"_id":3000000011951,"__csrcFundId":10089,"stockCode":"011951","shortName":"国寿安保安弘纯债一年定开债券发起式(011951)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:04:20.156Z","status":"normal","exchange":"jj","name":"国寿安保安弘纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050900000,"followedNum":1,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"国寿安保安弘纯债一年定开债券发起式","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1009999450.05,"setUpShares":1009999450.05,"pinyin":"gsabahczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20245906","stockType":"fund_manager","exchange":"fm","tickerId":812172080,"name":"黄力"},{"stockCode":"j101019500","stockType":"fund_manager","exchange":"fm","tickerId":122626246340,"name":"刘振中"}]},"announcement":{"linkText":"国寿安保安弘纯债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=1059767","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecee67fea5b3eb04f3d09","date":"2023-09-29T16:00:00.000Z","stockId":3000000011951,"sao":"2023年三季度，宏观经济呈现阶段性触底回升态势。三季度尤其是7月政治局会议以来，政策加大逆周期调节力度，政府债券发行提速，财政扩张拉动社融回升，产需有所改善，9月制造业PMI重回景气区间，消费增速逐渐企稳，CPI、PPI持续回升，预期边际改善。但政策放松下地产销售恢复低于预期，企业中长期贷款增长放缓，总需求偏弱格局未显著改变，经济边际回暖但修复斜率相对温和。货币政策方面整体宽松，8-9月连续降息降准支持经济复苏，但政府债券集中发行使得资金面明显收敛。　　　债券市场方面，三季度债券收益率在政策和资金双重影响下先下后上。跨半年以来资金利率回落叠加增量理财资金入场带动信用利差快速收窄，收益率整体下行，信用表现好于利率。7月政治局会议表述超出预期，8月以来地产、资本市场等政策逆周期发力，市场预期明显提振，中长端利率债出现回撤，10年国债从低点2.54%上行至2.7%附近，带动二级资本债、中高等级信用债利差走扩。8月意外降息和9月降准未改利率趋势，市场对利好有所钝化。8月初央行重提防止资金空转套利，银行体系融出缩量叠加政府债发行提速，资金面显著收敛，短端利率债、存单和中短信用债回调，曲线呈现熊平。一揽子化债政策及特殊再融资债预期下中低评级城投债利差持续收窄，而中高等级信用债利差走扩，配置价值回升。　　投资运作方面，报告期内本基金以票息策略为主，维持中低久期和适度杠杆，持续优化持仓债券的期限、品种，提高组合静态收益，做好基础配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:10.028Z","fund":{"_id":3000000011951,"__csrcFundId":10089,"stockCode":"011951","shortName":"国寿安保安弘纯债一年定开债券发起式(011951)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:04:20.156Z","status":"normal","exchange":"jj","name":"国寿安保安弘纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050900000,"followedNum":1,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"国寿安保安弘纯债一年定开债券发起式","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1009999450.05,"setUpShares":1009999450.05,"pinyin":"gsabahczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20245906","stockType":"fund_manager","exchange":"fm","tickerId":812172080,"name":"黄力"},{"stockCode":"j101019500","stockType":"fund_manager","exchange":"fm","tickerId":122626246340,"name":"刘振中"}]},"announcement":{"linkText":"国寿安保安弘纯债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=989489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecee67fea5b3eb04f3d08","date":"2023-06-29T16:00:00.000Z","stockId":3000000011951,"sao":"2023年上半年国内经济呈现弱复苏特征、整体先上后下，一季度回升明显而二季度修复动能回落，显示经济内生动力尚未企稳。在疫情短期冲击高峰过去后，居民出行、消费意愿明显增强，服务业迅速反弹，消费对经济复苏发挥主导作用，政府债发力托底基建投资增速，一季度经济数据整体超出预期。进入二季度，居民资产负债表受损后的“疤痕效应”凸显，去年积压需求集中释放、大宗消费如房地产和汽车销量明显增长后出现拐点，基建产业链高频指标延续走弱，地产和制造业投资增速均有所下行，全球经济复苏乏力及地缘政治带动出口增速转为下行，PPI、CPI持续回落，需求不足制约经济修复弹性。两会将今年经济增长目标定为5%，低于市场预期，传递不搞强刺激的信号，政策定力整体较强。货币政策稳中偏松，上半年通过降准、降息支持实体经济发展，资金利率中枢下行，资金面维持宽松。　　债券市场方面，随着年初理财赎回影响逐步消退，市场向票息要收益，信用利差快速下行，且呈现出从短端向曲线中段传导的扩散行情，期限利差、等级利差显著压缩。长端利率债在经济预期与现实间博弈，整体呈现震荡，信用表现强于利率，一季度债市走出一轮结构性修复行情。3月中旬降准后利率债迎来补涨，二季度基本面偏弱叠加存款利率下调、流动性宽松，资金利率中枢明显下行，债市呈现普涨行情，收益率曲线趋于陡峭化。6月中旬央行超预期降息，债市经历了急涨、急跌到震荡修复的过程，市场对利好有所钝化。二季度信用利差先下后上，银行永续、二级等高弹性品种领涨，中低等级信用债利差则有所走阔，部分期限信用利差修复至中性水平，配置价值回升。套息空间充足，债市杠杆保持在较高水平。　　投资运作方面，报告期内本基金以票息策略为主，维持适度久期和积极杠杆，持续优化持仓债券的期限、品种，提高组合静态收益，做好信用债基础配置。同时，密切跟踪基本面、资金面和市场情绪的变化，灵活参与利率债波段交易。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:10.025Z","mo":"2023年下半年，宏观经济向中枢修复概率较大。驱动力既来自经济内生动力也来自政策的相对呵护。随着政治局会议要求加大宏观政策调控力度和逆周期调节，各项政策有望加速出台，市场预期逐步改善，宏观经济有望筑底回稳。目前仍处于政策观察期，市场将围绕政策力度、节奏和成效持续博弈，并带来债券市场波动。货币政策方面，在经济复苏斜率明显提升前料将保持宽松基调，预计流动性保持合理充裕，降准降息仍存在空间。　　下半年，本基金将维持中性久期，持仓将以信用债配置思路为主、获取稳定的套息收益，同时灵活参与利率债波段交易。","fund":{"_id":3000000011951,"__csrcFundId":10089,"stockCode":"011951","shortName":"国寿安保安弘纯债一年定开债券发起式(011951)","fundSecondLevel":"bond","stockT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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，市场对疫情预期占比大于前期预判的房地产因素。利率债在历经几次调整后，呈现震荡走势。信用债一季度同样呈现先扬后抑的走势，估值在春节前出现低点，配置盘需求推动信用债收益率下行。春节后同步进入债券市场的调整期，随着2月以来股债双杀，资金被大量赎回带来的被动抛压，放大了这一轮信用债的调整行情，信用利差期间走阔。  投资运作方面，本基金固定收益资产主要配置符合合同要求的中高等级信用债和公司债，择机进行利率债波段交易。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:10.011Z","fund":{"_id":3000000011951,"__csrcFundId":10089,"stockCode":"011951","shortName":"国寿安保安弘纯债一年定开债券发起式(011951)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":11951,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:04:20.156Z","status":"normal","exchange":"jj","name":"国寿安保安弘纯债一年定期开放债券型发起式证券投资基金","fundCollectionId":4000050900000,"followedNum":1,"inceptionDate":"2021-12-09T16:00:00.000Z","masterFundShortName":"国寿安保安弘纯债一年定开债券发起式","setUpDate":"2021-12-09T16:00:00.000Z","setUpAssetScale":1009999450.05,"setUpShares":1009999450.05,"pinyin":"gsabahczyndqkfzqxfqszqtzjj","managers":[{"stockCode":"db20245906","stockType":"fund_manager","exchange":"fm","tickerId":812172080,"name":"黄力"},{"stockCode":"j101019500","stockType":"fund_manager","exchange":"fm","tickerId":122626246340,"name":"刘振中"}]},"announcement":{"linkText":"国寿安保安弘纯债一年定期开放债券型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726376","linkType":"PDF","source":"csrc_pdf"}}]}