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1.3%，较前值回升1.1个百分点，在内部“反内卷”政策发力、外部输入型通胀升温的背景下，预计通胀水平有望企稳回升。此外，1-2月工增、固投、社零和出口数据均有明显改善，指向生产、投资和消费的修复，但地产链仍然承压，地产销售、新开工、施工、竣工面积累计同比降幅均走阔。政策层面，从两会工作报告表述来看，今年要实施更加积极有为的宏观政策，赤字率按照4%左右安排，全国财政赤字规模58900亿元，比上年增加2300亿元；新增地方政府专项债务限额44000亿元，支持建设重大项目、置换隐性债务、消化政府拖欠账款等；继续发行超长期特别国债13000亿元，持续支持“两重”建设、“两新”工作等；发行特别国债3000亿元，支持国有大型商业银行补充核心一级资本。整体来看，财政力度和去年基本相当，另外值得关注的是今年拟发行新型政策性金融工具8000亿元，带动更多社会资本参与投资，较去年增加3000亿元，并设立1000亿元财政金融协同促内需专项资金，财政和金融资源同向发力，更大力度激发民间投资、促进居民消费。从债市表现来看，今年一季度曲线走势牛陡，1年国债收益率由1.34%下行11.6BP至1.22%，10年国债由1.85%下行3.0BP至1.82%，10年-1年国债利差由51.0BP上行8.6BP至59.6BP。资金面整体宽松，DR001和DR007季度均值分别为1.33%和1.48%，基本持平前值。报告期内，本基金以配置高等级信用债和利率债左侧交易为主，展望二季度，资金面或保持充裕、资金中枢维持低位，整体基本面和资金面环境仍对债市有利，收益率或延续下行态势，信用利差有望继续压缩，基金层面挑选好资质高等级信用债进行配置，同时加大利率债波段交易频率，为组合增厚收益。","lastUpdated":"2026-04-21T19:52:37.645Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1469207","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7ba57ecbd37c10afbe06","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000014137,"sao":"2025年一季度，整个行情受制于资金面收紧，收益率曲线形态上为熊平，十年国债收益率由低点1.6%上行到最高1.9%，本轮调整时间长、幅度大、由短及长。二季度利率债交易主线由中美关税政策对国内基本面的预期影响展开；三季度市场交易主线主要来自于“反内卷”政策下权益市场风险偏好走强、通胀预期迅速升温等多重利空影响，债券市场表现较为波动，尤其是长久期利率债收益率上行幅度明显，其中10年国债250011最高到1.83%，30年国债2500002估值收益率由1.861%上行到2.1375%，上行幅度为27.65BP。四季度受制于机构行为、公募基金销售费用新规以及对后市超长供需失衡预期等影响，债市在11月中旬结束反弹之后，开始新一轮利率上行。","lastUpdated":"2026-03-30T13:33:25.825Z","mo":"2026年年初以来，债市继续演绎自去年11月底开始的风险偏好上行、长债供给增加等债市利空逻辑，收益率大幅上行，整体情绪较为悲观，10年国债收益率最高上行到1.8985%，30年国债收益率最高上行到2.335%，曲线往熊陡方向演绎，30-10Y利差最大到47BP左右。站在当下的时点来看，短期内债市仍受制于风险偏好上行期的压制以及低利率时代债券本身逼仄的空间和存款搬家分流后对债基的抽水效应，但是全年来看，宽货币和化债背景之下对债市形成强支撑，收益率总体“上有顶”的特征较为确定，10年国债收益率1.9%~1.95%及其以上已具备相应的配置和交易价值，赔率方面已较2025年初大幅抬升，从节奏上来看，一月下旬供给影响消退之后，债市或迎来交易机会；从组合策略来看，坚持短久期高等级信用打底+杠杆套息策略。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1450193","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b8","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000014137,"sao":"三季度市场交易主线主要来自于“反内卷”政策下权益市场风险偏好走强伴随大宗商品价格的快速上涨，进而通胀预期迅速升温，叠加中美关税博弈，多重利空影响之下，债券市场表现较为波动，尤其是长久期利率债收益率上行幅度明显，其中10年国债250011估值收益率由1.646%上行到1.7875%，上行幅度为14BP，30年国债2500002估值收益率由1.861%上行到2.1375%，上行幅度为27.65BP。报告期内，本基金严格按照基金合同投资范围和投资限制进行资产配置，三季度，基金组合久期大幅降低，策略上以票息策略为主，维持高等级信用债占比。","lastUpdated":"2026-03-09T13:52:03.526Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376278","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b7","date":"2025-06-29T16:00:00.000Z","stockId":3000000014137,"sao":"2025年上半年经济运行呈现有所改善，但仍面临有效需求不足、风险隐患较多等困难和挑战。2025年上半年国内生产总值66万亿元，按不变价格计算，同比增长5.3%。其中，一季度同比增长5.4%，二季度同比增长5.2%。从环比看，二季度国内生产总值增长1.1%。价格因素继续拖累名义增长。一季度名义GDP同比增长4.6%，增幅与上季度持平，比上年同期加快0.4个百分点。二季度名义GDP增速为3.94%，为2022年四季度以来最低，平减指数也连续9个季度为负，价格拖累较一季度有所扩大。从结构上来看，二季度消费品财政补贴成效显著，最终消费的贡献达2.7个百分点，大幅好于去年同期；因关税冲突，二季度净出口的增长贡献较一季度回落，但仍达到1.2个百分点，处于2022年以来较高水平。上半年经济增长好于预期，体现了财政货币政策加强逆周期调节的效果，表明中国经济在复杂外部环境下展现出韧性，为实现全年经济增长目标打下较好基础。政府工作报告指出，要实施更加积极的财政政策，具体包括赤字率拟按4％左右安排、比上年提高1个百分点，赤字规模5.66万亿元、比上年增加1.6万亿元；拟发行超长期特别国债1.3万亿元、比上年增加3000亿元；拟发行特别国债5000亿元，支持国有大型商业银行补充资本；地方政府专项债也达到4.4万亿元。上述财政政策安排合计起来，将使今年新增政府债务总规模达到11.86万亿元，比去年增加2.9万亿元。中国人民银行加力实施适度宽松的货币政策，自5月8日起，将公开市场7天期逆回购操作利率由此前的1.50%调整为1.40%；自2025年5月15日起，下调金融机构存款准备金率0.5个百分点，下调汽车金融公司和金融租赁公司存款准备金率5个百分点；5月20日，国有六大行和部分股份行下调人民币存款挂牌利率，其中，三年及五年期定期存款利率下调25bp，两年期及以下定期存款利率下调15bp，活期存款利率下调5bp。同日，1年期和5年期以上的贷款市场报价利率（LPR）双双下降10个基点，其中1年期LPR为3.0%，5年期以上LPR为3.5%。债市资金面呈现由紧转松的特征，银行间质押式回购隔夜与7天的加权平均利率月度均值在6月读数分别为1.49%和1.66%，较去年12月的月度均值分别下行13BP和25BP。债市收益率整体呈现先上后下的变化态势，1年国债收益率月度均值由去年末的1.16%升至1.39%，10年国债收益率月度均值由1.80%降至1.65%，收益率曲线10-1年利差月度均值由64BP收窄至26BP。报告期内，本基金以配置高等级信用债和利率债左侧交易为主，组合久期和杠杆率视资金面、政策面等灵活摆布和适时调整，较此前相比加大利率债波段交易频率，尽可能通过交易手段为基金增厚收益。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.523Z","mo":"展望下半年，在政策协同发力背景下，全年实现5%左右的增长目标具备基本面支撑，但仍需警惕三重风险传导，包括警惕外部环境不确定性犹存、内需不足、价格低位运行等。中美关税博弈可能影响出口韧性，而“抢出口”效应消退后外需或承压。内需方面，消费增长仍然依赖政策刺激，以旧换新等政策边际效应可能递减，需进一步优化政策结构并稳定居民收入预期，提升居民消费能力与意愿。财政政策聚焦结构优化，特别国债与专项债发行提速有稳定基建投资的托底作用。货币政策或小幅降准降息，引导市场利率下行以降低社会融资成本。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338810","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b6","date":"2025-03-30T16:00:00.000Z","stockId":3000000014137,"sao":"2025年一季度经济运行呈现有所改善，但仍面临有效需求不足、风险隐患较多等困难和挑战。从领先指标来看，中国制造业PMI指数回升至荣枯线上方，3月读数为50.5%，较去年末回升0.4个百分点。通胀因素仍然偏弱，2月CPI同比下降0.7%，PPI同比下降2.2%，仍处于低位区间。政府工作报告指出，要实施更加积极的财政政策，具体包括赤字率拟按4％左右安排、比上年提高１个百分点，赤字规模5.66万亿元、比上年增加1.6万亿元；拟发行超长期特别国债1.3万亿元、比上年增加3000亿元；拟发行特别国债5000亿元，支持国有大型商业银行补充资本；地方政府专项债也达到4.4万亿元。上述财政政策安排合计起来，将使今年新增政府债务总规模达到11.86万亿元，比去年增加2.9万亿元。一季度广义财政前置发力的特征显著，显示出宏观政策逆周期调节、托举经济的决心。包含国债、地方债、政策性银行在内的利率债净融资达到4.57万亿元，环比增加1300亿元，同比去年同期增加4.04万亿元。资金面呈现紧平衡的特征，银行间质押式回购隔夜与7天的加权平均利率季度均值分别为1.97%和2.11%，较上一季度分别上行35BP和26BP。债市收益率整体呈现先下后上的变化态势，1年国债收益率月度均值由去年末的1.16%升至1.54%，10年国债收益率月度均值由1.80%升至1.81%，收益率曲线10-1年利差均值由64BP收窄至27BP。报告期内，本基金以配置高等级信用债和利率债左侧交易为主，一季度信用债因流动性压力和政策预期产生较大幅度调整，基金份额净值出现较大幅度回撤。展望二季度，资金中枢下调，信用利差有望继续压缩，择机挑选好资质AAA信用债进行配置。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.520Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267618","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b5","date":"2024-12-30T16:00:00.000Z","stockId":3000000014137,"sao":"2024年，面对外部压力加大、内部困难增多的复杂严峻形势，国民经济运行总体平稳。全年国内生产总值按不变价格计算，比上年增长5.0%。全年居民消费价格（CPI）同比上年上涨0.2%，工业生产者出厂价格（PPI）同比上年均下降2.2%。  央行坚持支持性货币政策立场，先后四次实施了重大货币政策调整，其中，两次降低法定存款准备金率共1个百分点，两次下调央行政策利率共0.3个百分点，力度为近年来最大。同时，央行还通过创设临时隔夜正逆回购、国债借入、OMO改为数量招标、淡化中期借贷便利（MLF）作用等方式完善货币政策利率传导框架。在监管政策上，强化利率政策执行，治理资金空转，大力整改手工补息，优化对公存款、同业活期存款利率自律管理。  积极的财政政策为宏观经济平稳运行提供了重要保障，三、四季度及时出台增量政策，更大力度支持地方政府缓释偿债压力，11月8日全国人大常委会审议通过了《国务院关于提请审议增加地方政府债务限额置换存量隐性债务的议案》，明确增加6万亿元地方政府债务限额置换存量隐性债务，并于当月启动2万亿地方专项置换债发行，用于存量隐性债务置换。  在央行积极呵护下，资金面整体宽松，2024年债券市场走出了一波较大的牛市行情。2024年12月银行间质押式回购隔夜与7天的加权平均利率月度均值分别为1.43%和1.71%，较2023年12月均值分别下行17BP和13BP。债市全年收益率震荡下行态势，1年国债收益率月度均值由2023年12月的2.29%降至2024年12月的1.16%，10年国债收益率月度均值由2.62%降至1.80%；收益率曲线走陡，10-1年利差月度均值由33BP扩大至64BP。2023年，本基金以高等级信用债作为底仓，配置策略为主，辅之以利率债波段操作增厚组合收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.517Z","mo":"2025年经济复苏的斜率可能出现前低后高的局面，其中上半年面临高基数因素、关税风险升温的影响。考虑到通胀压力温和，2025年名义GDP有望低位运行，这带来利率低位运行的总体格局。在此背景下，上半年财政货币双宽概率较高，“超常规逆周期调节”的特征更为显著。下半年随着政策对经济企稳的效果显现，或年中继续加码刺激力度，债市波动的风险或有所提高。在实施更加积极的财政政策方面，市场普遍预期2025年的财政赤字率将提升至3.8%-4%左右，专项债规模可能达到4.5万亿元，特别国债预计1.5-2万亿元。这些财政政策的加码将为经济增长提供更多的资金支持。在适度宽松的货币政策方面，2025年的货币政策将进一步通过降准降息、加大净买入国债力度和买断式逆回购规模，向市场提供低成本资金，有利于压低实际利率和股权风险溢价。市场对货币政策力度和节奏、经济复苏斜率仍然存在分歧点，债市低利率、高波动可能常态化。部分机构认为，降准降息的空间较大，且可能前置，预计全年逆回购利率降幅为40-50BP，准备金率下调100-150BP，LPR和贷款利率降幅可能更大。但也有观点认为，货币政策的进一步宽松程度有待观察，时点可能后置，需要兼顾内外平衡。展望2025年，在“适度宽松”的货币政策背景下，债市收益率有望继续下行，但因前期利率下行较快或透支部分降息幅度，因此对于后市收益率的预判为震荡下行，基金操作层面，更积极的把握波段交易机会，更加灵活的摆布组合久期、杠杆，控制基金波动率，力求获得稳定的基金净值增长。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1244706","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b4","date":"2024-09-29T16:00:00.000Z","stockId":3000000014137,"sao":"2024年三季度基本面呈现出经济运行偏弱、政策面积极应对的特点，领先指标中国制造业PMI指数低位徘徊，9月读数为49.8%，较6月回升0.3个百分点，但仍处于荣枯线下方。9月26日召开的中央政治局会议要求加力推出增量政策，努力完成全年经济社会发展目标任务，包括加大财政货币政策逆周期调节力度，要降低存款准备金率，实施有力度的降息；调整住房限购政策，促进房地产市场止跌回稳。中国人民银行加大了货币政策支持实体经济的力度，自2024年9月27日起，下调金融机构存款准备金率0.5个百分点（不含已执行5%存款准备金率的金融机构）；公开市场7天期逆回购操作利率下调20bp至1.50%。资金面整体宽松，银行间质押式回购隔夜与7天的加权平均利率在9月末读数分别为1.52%和1.56%，较6月末分别下行39BP和61BP。债市收益率整体呈现先下后上、曲线先平后陡的变化态势，1年国债收益率由1.54%降至1.37%，10年国债收益率由2.21%降至2.15%，收益率曲线10Y-1Y期限利差由67BP回升至78BP。  报告期内，本基金以投资高等级信用债为主，8月份和9月底信用债因流动性压力和政策预期产生较大幅度调整，本基金在8月底信用债市场有所回暖时择机降低较低等级信用债仓位。展望四季度，资金中枢下调，信用利差有望继续压缩，择机挑选好资质AAA信用债进行配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.514Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿债券型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173927","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b3","date":"2024-06-29T16:00:00.000Z","stockId":3000000014137,"sao":"2024年上半年，中国经济呈现波浪式复苏、新旧动能持续切换的特点。实际GDP同比增速一、二季度，分别为5.3%和4.7%。中国人民银行及时加大了逆周期调节力度，支持实体经济增长，具体措施包括在1月24日降准、2月20日大幅下调5年期LPR利率25bp、4月8日市场利率定价自律机制发布《关于禁止通过手工补息高息揽储维护存款市场竞争秩序的倡议》，该政策推动存款利率市场化调整机制作用有效发挥，在改革中推动社会融资成本继续下降。上半年债市收益率整体持续下行，仅4月末出现显著但短暂的回调。其中，1年期国债、10年期国债、10年期国开债、3年期AAA信用债、3年期AA+信用债、3年期AA信用债和3年期AA-信用债分别下行54BP、35BP、39BP、58BP、62BP、81BP和209BP。信用利差方面，3年AAA、3年AA+、3年AA和3年AA-分别变动-8BP、-12BP、-31BP和-159BP。报告期内，本基金以投资高等级信用债为主，并维持高于市场中位数的久期和杠杆水平，投资策略上以配置策略为主，交易策略为辅。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.511Z","mo":"二季度经济数据显示，目前经济复苏呈现供给好于需求，外需好于内需的特征，经济复苏的基础还需巩固。地产部门的周期性调整，限制了信贷派生的动力和持续性，市场风险偏好偏低。5月以来，政策面密集推出一系列重磅措施以促进房地产市场健康发展，但新房和土地市场表现偏弱，房地产投资和销售仍在探底过程中。展望下半年，在市场内生动能企稳以及一系列稳增长政策发力的情况下，经济总体将处于向潜在增长中枢回归的过程，但恢复进程或将缓慢曲折，居民消费能力和消费信心提升是关键。通胀数据有望保持低位，暂时未构成对货币政策的紧缩压力。货币与财政政策加大协调配合力度，债市继续处于宽松的友好环境。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=1141375","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b2","date":"2024-03-30T16:00:00.000Z","stockId":3000000014137,"sao":"从经济基本面来看，一季度总体上呈现“预期较差，现实平稳”，并且行业层面具有明显的分化特征。具体来看，地产行业整体延续疲弱走势，下游相关的钢铁行业明显承压，新房销售数据较差，二手房成交则在一系列政策推行后略有转暖；制造业方面整体表现尚可，其中和出口相关的行业景气度尚可，在两会“新质生产力”的发展目标下，诸如AI、低空经济等行业的关注度均较高。外部环境方面，美国经济仍然在全球经济中偏强，欧洲经济相对疲弱。在此背景下，市场依然普遍预期2024年海外央行开启降息周期，但是对美联储降息的时点不断向后推迟。受此影响，我国央行在内外兼顾的政策目标下，需要稳定汇率，进一步的降息可能仍需要等待外部降息周期实质性开启。一季度，债券市场总体表现强势，特别是三十年期超长期限国债利率下行幅度较大，活跃券230023.IB从去年年末2.825%一路下行来至一季度末的2.46%，下行幅度共计36bp。其余利率品种也普遍维持偏强走势，如10年期国债收益率下行幅度约27bp。信用债方面整体收益率也维持下行趋势，较弱资质的债券整体下行幅度更大。从资金层面来看，一季度资金整体偏松，其中银行间市场的资金价格以OMO回购利率为锚定，R001、R007、DR001、DR007季度均值分别为1.85%、2.13%、1.71%、1.87%，资金层面非银机构整体高于银行10bp左右。在整个债券市场“资产荒”逻辑的持续演绎下，票息策略和杠杆策略的有效性持续下降，久期策略在一季度成为最优选择，对应的三十年期国债收益率带来的资本利得效应最为明显。分月份来看，在众多利多因素影响下，本季度1-2月份信用债收益率继续追随利率债下行，绝对收益率和信用利差都压缩到非常低的历史分位数；进入3月份后，随着两会的召开，市场对于政策的预期较强，再加上市场风险偏好有所提升，债市的波动性显著增加，利率债表现好于信用债，信用债收益率在3月份以上行为主，且各信用品种表现有所分化。报告期内，本基金加大信用债尤其是长久期信用债配置力度，并加以利率债或金融债的交易波段操作来增厚收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.509Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=1069919","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b1","date":"2023-12-30T16:00:00.000Z","stockId":3000000014137,"sao":"2023年四季度中国经济呈现波浪式复苏的特征，有效需求不足仍是主要矛盾。10月下旬，全国人大常委会批准国务院增发1万亿元特别国债，全国财政赤字由3.88万亿元增加到4.88万亿元，预计财政赤字率将由3%提高到3.8%左右。12月下旬，大型国有和股份制银行均对存款挂牌利率进行了第四次下调。12月份存款类机构质押式回购加权利率隔夜、7天的月度均值读数分别为1.61%和1.84%，较9月均值分别下降16BP和13BP。债市收益率整体呈现先升后降、曲线平坦的变化态势，1年国债收益率由季初的2.15%降至季末的2.08%，10年国债收益率由季初的2.67%降至季末的2.56%，收益率曲线期限利差（10年国债到期收益率-1年国债到期收益率）由52BP压缩至48BP。回顾2023年，本基金以高等级信用债作为底仓，配置策略为主，辅之以利率债波段操作增厚组合收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.506Z","mo":"展望2024年，国内有望继续呈现波浪式恢复的特征，考虑到地产周期处于深度调整阶段，经济需求侧依然偏弱，通胀较为疲软。海外美国经济软着陆的概率较高，美联储加息周期处于尾声，利率整体处于高位，大选年带来的地缘风险有望保持高位。国内宏观政策的取向一致性有望增强，货币政策维持流动性合理充裕。考虑到支持房地产市场健康发展，存款准备金率、公开市场操作利率、贷款市场报价利率仍然有下调的空间。债市在经济波浪式恢复、流动性合理充裕的环境下仍然有较多交易性机会。基金层面倾向年初开始布局，久期策略为主，杠杆水平视资金面情况调整。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=1047271","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5b0","date":"2023-09-29T16:00:00.000Z","stockId":3000000014137,"sao":"三季度经济出现企稳回升态势，领先指标中国制造业PMI指数回升至荣枯线上方，9月读数为50.2%，较6月回升1.2个百分点。中国人民银行加大了货币政策支持实体经济的力度，分别在8月15日开展非对称“降息”，调降公开市场逆回购操作利率10个基点和中期借贷便利（MLF）利率15个基点，以及在9月15日降准25BP。资金面出现脉冲式上行，存款类机构质押式回购加权利率隔夜、7天的月度利率均值的9月数分别为1.77%和1.97%，较6月均值分别抬升33BP和8BP。债市收益率整体呈现先降后升、曲线走平的变化态势，1年国债由1.87%升至2.18%，10年国债由2.64%升至2.68%，收益率曲线由76BP压缩至51BP。回顾三季度基金操作方面，置换了部分利率债仓位给高等级信用债，增加了组合久期，本基金将继续以信用债为底仓，并加以利率债或金融债的交易波段操作来增厚收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.503Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=989266","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5af","date":"2023-06-29T16:00:00.000Z","stockId":3000000014137,"sao":"上半年国内经济运行呈现恢复期的特点，经济修复斜率有所放缓，内生修复动能仍需加强，发达国家通胀仍处高位，美联储紧缩效应持续显现，国际金融市场波动有所加剧。中国制造业PMI一季度站上荣枯线，但4、5月再次回落至荣枯线下方，6月反弹至49.0；建筑业和服务业表现较好，拉动6月非制造业PMI指数上行至58.2。二季度GDP同比增长6.3%，较一季度的4.5%继续改善。其中，全国规模以上工业增加值同比增长4.4%，预期2.7%，前值3.5%，较前值上升0.9个百分点。6月社会消费品零售总额同比增长3.1%，预期3.2%，前值12.7%，较前值回落9.6个百分点。1-6月固定资产投资3.8%，预期3.5%，前值4.0%，较前值下降0.2个百分点；其中，6月基建投资6.4%，前值4.9%，较前值上升1.5%；制造业投资同比6%，前值5.1%，较前值上升0.9%；房地产开发投资同比增长-20.6%，降幅较前值收窄0.9个百分点，商品房销售面积同比增长-28.1%，较前值扩大8.4个百分点，商品房销售额同比增长-25%，较前值下降20.1个百分点。 在经济修复动能转弱的背景下，上半年央行及时加大了货币政策的逆周期调节力度，全力支持实体经济的恢复。3月27日，人民银行下调金融机构存款准备金率0.25个百分点。6月13日，中国人民银行公布7天逆回购操作利率下调10bp至1.9%，时隔近10个月来首次调降。6月20日贷款市场报价利率（LPR）1年期为3.55%，5年期以上LPR为4.2%，均较上月下调10个基点。国内债市对经济复苏和流动性的预期分别经历了由强转弱、由紧转松的过程。具体来看，10-1年国债曲线利差由一季度低点的57bp走阔至而半年末的76bp，反映债市对下半年稳增长政策出台的溢价。1年国债收益率由一季度高点2.32%，震荡下行45bp至半年末的1.87%；10年国债由一季度高点的2.93%，震荡下行29bp至半年末的2.64%。。展望后市，债券市场面临友好环境，经济有望继续保持渐进恢复的增长态势，货币政策量价宽松周期延续，降准对冲MLF到期量回升的概率高企，资金面有望保持宽松环境。在市场拥挤度较高的背景下，政策博弈有扰动。报告期内本基金主要配置高等级的信用债打底仓，增配2~3年期利率债增厚收益，保持较高的杠杆水平，二季度抓住利率债收益率大幅下行的机会，为组合增厚收益。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.500Z","mo":"后续策略上，预计宽松的货币政策延续，仍以杠杆策略为主，将组合部分利率债仓位置换成高等级信用债，动态摆布组合资产配置。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=955467","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5ae","date":"2023-03-30T16:00:00.000Z","stockId":3000000014137,"sao":"一季度国内经济呈现渐进恢复增长态势。先行景气整体处于相对高位，3月PMI虽然小幅回落至51.9%，但连续3个月位于枯荣线上方；建筑业和服务业扩张速度加快，拉动3月非制造业PMI指数上行至58.2%。金融与通胀数据显示内需恢复增长但依然不太稳固，具体表现为居民部门的需求扩张意愿不强，1-2月居民中长期贷款增量仅为3090亿元，远低于企业部门的4.6万亿元，2月CPI核心通胀也仅为0.6%。 海外连续加息对欧美银行体系的冲击初显，央行主动投放流动性的维稳意图增强。美联储在一季度两次加息各25BP，将联邦基金利率目标区间上调至4.75%至5%，3月中上旬陆续出现美国硅谷等中小银行大规模挤兑风波，瑞银收购瑞士信贷等金融风险事件。为防范外部冲击的溢出影响，中国央行及时预调微调，加大了流动性投放的力度，维护银行体系流动性合理充裕。具体措施包括3月15日超额续做2810亿元的中期借贷便利（MLF），3月27日降准0.25个百分点(不含已执行5%存款准备金率的金融机构)，3月最后一周积极净投放逆回购资金8110亿元，单周净投放规模创下历年同期最高水平。 国内债市对经济复苏和流动性的预期分别经历了由强转弱、由紧转松的过程，10-1年国债曲线利差由年初高点80BP压缩至63BP。具体来看，1年国债收益率年初震荡上行26BP至2月底的2.33%，其后修复至3月末的2.23%；10年国债年初快速反弹至2.90%，1月中旬至2月下旬围绕2.89%至2.93%窄幅震荡，3月末下行至2.85%。报告期内，本基金主要配置高等级的信用债和短久期的利率债，适当杠杆，保持本基金较好流动性。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.498Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=879265","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5ad","date":"2022-12-30T16:00:00.000Z","stockId":3000000014137,"sao":"2022年的债市行情演绎主要围绕疫情防控政策和地产调控展开，上半年债券市场处于窄幅震荡的格局，开年在地产风险持续暴露、基本面预期转弱情形下，货币政策提前发力，并行降息操作，央行较明确的宽松态度，十年国债收益率下行至2.67%；伴随稳增长持续发力，天量社融落地大幅超预期，叠加俄乌冲突对流动性有所冲击，债市持续承压，在此 阶段，债市走出一波小熊市，十年国债收益率快速上行，最高冲至2.85%；二季度以来，上海疫情爆发，生产经营活动停摆，国内经济基本面遭受较大冲击，央行为抵御疫情冲击投放较充裕的流动性，十年国债收益率下行至2.74%，而后对于基本面恢复、央行收紧流动性有较强预期，十年国债收益率上行至2.84%。下半年来看，三季度，地产断贷事件、社融塌方、经济修复不及预期背景下，央行超预期进行了降息操作，债市开启一波牛市行情，十年国债收益率最低下行到2.58%；9月开始，伴随天气转凉工业生产有所修复，宽信用政策落地推进，经济数据有所回暖，到9月底，人民币贬值压力巨大，美元兑人民币破7.2，十年美债收益率破4%，国内对地产政策放松，重锤之下，十年国债收益率最高上行到2.76%。四季度开始，流动性有所收紧，防疫政策发生了重大转变，债市迅速开启了大幅度调整，十年国债收益率上行到2.83%；央行维稳意图明显，在11月底进行降准操作，债市小幅回暖之后再次因防疫政策全面放松、房地产政策放松等收益率再度大幅上行，12月因理财资金赎回导致债市流动性受限并引发负反馈导致债市再度崩溃，十年国债收益率最高上行到2.93%，并达到全年最高点。回顾2022年，本基金上半年以高等级信用债作为底仓，以利率债做波段增厚组合收益，8月份降息之后较大程度的止盈长久期信用债和利率债，较大程度的缩短组合久期，在四季度债市大幅调整时本基金回撤幅度小，较同类型基金表现较好。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.495Z","mo":"展望2023年，国内经济复苏的方向较为确定，但是复苏程度还需要经济数据验证，尤其是地产对经济仍有较大程度的拖累，同时海外市场存在变数，外需持续走弱的概率较大，在稳增长的诉求之下，央行大概率会继续维持宽松态势，债市在流动性宽松的前提下仍有交易性机会。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=863061","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5ac","date":"2022-09-29T16:00:00.000Z","stockId":3000000014137,"sao":"债券市场在三季度走出V型，分为两个阶段：第一阶段（7月~8月中下旬），7月初，央行进行地量omo操作，引发市场对央行收紧流动性预期，十年国债收益率在7月初最高上行到2.85%，而后资金利率下行到1%，并开启新一轮流动性宽松局面，而后在地产断贷事件、经济修复不及预期背景下，债市开启一波牛市行情，8月份再经历社融坍塌，央行超预期进行了降息操作，十年国债收益率最低下行到2.58%；第二阶段（8月底~9月底），8月下旬，国务院颁布稳经济一揽子计划，而同时伴随疫情散点爆发，收益率开启了震荡模式，9月开始，伴随天气转凉工业生产有所修复，宽信用政策落地推进，经济数据有所回暖，到9月底，人民币贬值压力巨大，美元兑人民币破7.2，十年美债收益率破4%，国内对地产政策放松，重锤之下，十年国债收益率最高上行到2.76%。回顾三季度操作，本基金主要投资利率债和高等级信用债，报告期内，策略上充分运用杠杆策略、久期调整策略，同时以波段交易增厚组合收益，严格控制回撤。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.492Z","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","stockType":"fund_manager","exchange":"fm","tickerId":30625215010,"name":"蔡凤仪"},{"stockCode":"db20805792","stockType":"fund_manager","exchange":"fm","tickerId":2610210570,"name":"臧洁"}]},"announcement":{"linkText":"中泰安睿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=808188","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0837fea5b3eb050e5ab","date":"2022-06-29T16:00:00.000Z","stockId":3000000014137,"sao":"上半年债券市场处于窄幅震荡的格局，开年1月份在地产风险持续暴露、基本面预期转弱情形下，货币政策提前发力，于15号并行降低MLF和OMO利率，20号降低LPR利率，较为宽松的货币政策推动十年国债收益率下行至2.67%；2月份以来，伴随稳增长持续发力，1月份天量社融落地大幅超预期，叠加房地产政策开始回暖，债市持续承压，在此阶段，债市走出一波小熊市，十年国债收益率快速上行，最高冲至2.85%；3月份以来伴随上海疫情扩散，十年国债收益率下行至2.74%，人民银行为抵御疫情冲击在4月下调准备金利率，但是降准幅度不及预期，叠加海外货币政策制约，十年国债收益率于4月底上行至2.84%；央行自4月份以来维持超宽松的货币市场环境，给债市提供了充足的流动性，4月社融信贷数据塌方，叠加上海疫情加重、北京疫情出现，总理在5月底召开稳经济大盘会议确认经济形势严峻，在此阶段十年国债收益率大幅下行，于5月27号最低下行到2.7%；5月底上海疫情突破性好转，国务院公布稳经济一揽子计划，对债券市场形成压制，十年国债收益率大幅上行至2.77%，随后疫情反复扰动，叠加美国加息幅度超预期，再次对国内债市形成掣肘，6月底伴随经济数据有所好转、稳增长预期加码，债券市场提前反应，十年国债收益率于六月底大幅上行至2.84%。回顾本基金成立以来的操作，配置方面以AAA和AA+中高评级信用品种为主，同时以利率债波段操作增厚收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:03.489Z","mo":"展望后市，三季度以来经济修复预期有所弱化，财政加码的预期逐渐消退，地产对经济拖累还在下探中，资金利率水平配合稳增长落地仍处于宽松和较低水平，这些因素制约收益率上行幅度。当前充裕的货币市场环境配合稳增长实际见效后可能将逐渐回归中性，全年通胀的高点或出现在三季度，海外加息进程开启对国内货币政策空间形成制约。因此，我们研判债市收益率大幅上行的可能性变小，十年国债收益率将在2.75%~2.85%区间低波动震荡。","fund":{"_id":3000000014137,"__csrcFundId":10801,"stockCode":"014137","shortName":"中泰安睿债券(014137)","masterFundShortName":"中泰安睿债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14137,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:04:50.814Z","status":"normal","exchange":"jj","inceptionDate":"2022-01-18T16:00:00.000Z","name":"中泰安睿债券型证券投资基金","fundCollectionId":4000051790000,"followedNum":0,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":200111226.43,"setUpShares":200111226.43,"pinyin":"ztarzqxzqtzjj","managers":[{"stockCode":"db20805103","st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