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震荡上行。国内方面，工业生产情况持续较强，出口增速中枢相对稳定，制造业投资处于较高水平，消费维持低位稳定。不过地产仍处于探底阶段，销售、开工等微观指标较弱，基建投资有所放缓，社融增速持续下滑，经济运行出现分化，面临有效需求不足的压力。　　货币政策方面，央行实行稳健的支持性政策，下调存款准备金率，维持流动性合理充裕，货币市场资金利率中枢整体稳定。政策关注提高资金使用效率，保持合理的收益率曲线形态。　　债券市场方面，上半年收益率持续震荡下行。年初，在供给较少、流动性宽松、风险偏好下行等因素作用下，收益率曲线显著平坦化下行；随后在止盈情绪升温、央行提示长端利率风险的影响下，收益率整体呈现小幅震荡；临近半年末，在流动性充裕和权益市场承压的背景下，收益率再度明显下行。　　投资运作方面，本基金在报告期内以利率债为配置品种，灵活调整组合久期和杠杆水平，提高波段操作频率获取资本利得。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.236Z","mo":"展望下半年，外部环境更趋复杂，海外经济增长动能不强，主要经济体经济增长和货币政策有所分化，美联储降息临近，对国内政策的掣肘可能减弱。国内经济呈现弱复苏特征，有效需求不足，经济运行出现分化，后续逆周期调节可能进一步加强，预计财政政策维持积极、货币政策持续稳健，继续落实已确定的政策举措，并酝酿增量政策以稳定经济增长。　　展望后市，在贷款淡化总量、强调质量的背景下，社融增速有所回落，由于整体风险偏好不高，居民部门超额存款处于较高水平，对固收资产整体仍有一定需求。考虑到出口压力增大、房地产下行仍在筑底，内需尚待进一步提振，社会综合融资成本仍需进一步压降，各项中短期因素共同作用下，债券市场可能仍维持震荡的大格局。","fund":{"_id":3000000014778,"__csrcFundId":11326,"stockCode":"014778","shortName":"国寿安保安和纯债债券(014778)","masterFundShortName":"国寿安保安和纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14778,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:41.032Z","status":"normal","exchange":"jj","name":"国寿安保安和纯债债券型证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2022-08-18T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-18T16:00:00.000Z","setUpAssetScale":3179995723.35,"setUpShares":3179995723.35,"pinyin":"gsabahczzqxzqtzjj","managers":[{"stockCode":"db20321312","stockType":"fund_manager","exchange":"fm","tickerId":122513159310,"name":"李一鸣"}]},"announcement":{"linkText":"国寿安保安和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=1151617","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515746","date":"2024-03-30T16:00:00.000Z","stockId":3000000014778,"sao":"2024年一季度，美国各项基本面数据韧性较强，海外市场对美联储降息时点预期不断后移，美债利率和美元指数震荡上行。国内方面，年初经济数据好于预期，工业生产情况整体较好，外需企稳带动出口增速显著上行，工业企业利润改善，叠加设备更新改造政策等因素推动制造业投资走强，社零消费保持稳定。不过地产仍在偏弱筑底阶段，销售、新开工等微观层面仍然较弱，基建实物工作量落地偏慢，就业存在一定压力。社融方面，信贷总量和政府债券融资同比有所下降。整体来看，一季度国内基本面有所企稳，但内部需求仍待稳固。　　货币政策方面，央行季度内继续保持稳健中性，下调存款准备金率，货币市场资金利率中枢维持稳定低波动，整体来看流动性保持均衡态势，提高资金使用效率仍是关注点之一。 　　债券市场方面，一季度收益率显著下行。年初稳增长政策节奏偏慢，债券市场供给较少，流动性宽松且风险偏好快速下行，推动收益率曲线显著平坦化下行，其中超长期品种表现较好；3月政策有所发力，叠加前期定价较充分，止盈情绪带动收益率转为震荡。　　投资运作方面，本基金在报告期内以利率债为配置品种，灵活调整组合久期和杠杆水平，提高波段操作频率获取资本利得。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.232Z","fund":{"_id":3000000014778,"__csrcFundId":11326,"stockCode":"014778","shortName":"国寿安保安和纯债债券(014778)","masterFundShortName":"国寿安保安和纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14778,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:41.032Z","status":"normal","exchange":"jj","name":"国寿安保安和纯债债券型证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2022-08-18T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-18T16:00:00.000Z","setUpAssetScale":3179995723.35,"setUpShares":3179995723.35,"pinyin":"gsabahczzqxzqtzjj","managers":[{"stockCode":"db20321312","stockType":"fund_manager","exchange":"fm","tickerId":122513159310,"name":"李一鸣"}]},"announcement":{"linkText":"国寿安保安和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=1075676","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515745","date":"2023-12-30T16:00:00.000Z","stockId":3000000014778,"sao":"2023年海外货币政策一波三折，上半年突如其来的银行风险事件成为全球市场的焦点，缓解了美联储步步紧逼的加息压力。但随着零售、地产数据整体回暖推升美国三季度GDP预期，能源价格上涨推动通胀超预期上行，美联储再度回归偏鹰态度。四季度之后，全球经济动能减弱、通胀压力下行、就业需求下降为美联储降息提供了必要条件，金融市场积极交易降息预期。但至年底，过于激进的降息预期开始被市场逐步修正，海外围绕美联储转向的宽松交易渐显疲态。同时，红海局势发酵、伊朗地缘扰动等事件共同表明中东地区仍充满不确定性，油价出现反弹，叠加依然较高的核心服务通胀，令美联储不得不考虑二次通胀风险的可能性，何时降息存在较大的不确定性。国内方面，宏观经济整体表现为一季度脉冲式反弹，二季度超预期下行，三季度边际修复，四季度再度回踩的低水平、波浪式复苏特征，需求不足、供给冲击、预期转弱的三重压力持续存在，且房地产、债务、人口、地缘政治关系等中长期制约因素集中体现在短期预期中。同时，各项前瞻指标连续处于回落区间，显示宏观经济景气度持续回落，需求不足问题愈发突出。　　政策方面，2023年央行保持了稳健精准的货币政策，发挥货币政策工具的总量和结构双重功能，加大逆周期调节力度。上半年陆续降低了存款准备金率和公开市场政策利率，流动性水平整体维持宽松。三季度迎来宏观政策密集落地期，优化住房信贷政策等陆续推出，下调政策利率和存款准备金率，但8月下旬之后在信贷投放增加、政府债净融资增多、汇率压力等背景下，资金利率中枢出现抬升，流动性平衡状况较二季度有所收紧。进入四季度后，一级供给量压力、信贷改善、稳汇率压力，叠加银行间体系流动性水平整体偏低等因素导致短期资金面大幅收紧，10-11月资金面显著恶化；至年末，随着央行投放力度增加，一级市场及外部压力缓解，流动性状况缓解，跨年资金供给充裕，价格波动平稳。　　2023年债券市场走势基本上被预期和现实所主导，资金面波动及机构行为继续成为利率波动的放大器，同时在货币政策宽松的助推下，债券市场整体走出一波小牛市行情。具体来看，1-2月政策放开后经济逐步恢复，市场对经济预期偏强，叠加理财赎回影响，债市走势偏弱，收益率上行后高位震荡。随后，3月初两会定调“不要有大干快上的冲动”，GDP目标5%偏低，市场对强刺激的预期减弱，叠加3月中旬意外降准，在经济弱现实及货币政策带动下债市开启一波牛市行情，行情延续至8月中旬央行调降MLF及OMO利率，10年国债收益率下行触及2.6%一线。8月下旬开始，地产政策纷纷加码，引发市场调整；9-10月汇率压力加大、债券供给持续偏强、央行打击资金空转等因素导致资金面显著收紧，带动各品种收益率整体上行。进入11月之后，伴随政府债券发行高峰结束，流动性趋于缓解，且宏观经济边际再度走弱，开启了年内的第二轮上涨行情，各期限收益率接近或突破8月中旬的低点位置。　　投资运作方面，本基金在报告期内积极把握中长期品种交易机会，动态调整组合久期及杠杆水平。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.229Z","mo":"展望2024年，美联储的首要任务是引导经济软着陆，货币政策目标从“抗通胀”转向“既要抗通胀，也要防止过度紧缩”，但2024年的降息路径还存在较大的不确定性。国内宏观经济大概率延续低水平企稳、波浪式运行的特征，即经济有望延续修复态势，但修复斜率及幅度皆不易高估。2024年经济可能的带动点在于中央加杠杆，带动城中村改造及保障性住房支持；尤其是城中村改造，对于当前地产面临的严重问题有积极意义，或许将成为宏观经济主要预期差的来源。另外，伴随经济逐步走出通缩，若PPI筑底后启动“价格→企业利润→居民收入”的内循环传导链条，名义GDP增速将有所抬升。当然，短期内内生动能的修复仍需巩固，经济循环的回归具有一定滞后性，地产运行可能还有一定向下惯性，仍需政策进一步加力提效。　　对债券市场而言，在货币宽松、财政适度发力、经济底部波浪式修复的大背景下，新旧动能切换期的长期性和艰难性大格局得以确认，决定了债券市场长端利率的下行趋势并未逆转，2024年10年国债收益率的波动中枢有望较2023年进一步下行。","fund":{"_id":3000000014778,"__csrcFundId":11326,"stockCode":"014778","shortName":"国寿安保安和纯债债券(014778)","masterFundShortName":"国寿安保安和纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14778,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:41.032Z","status":"normal","exchange":"jj","name":"国寿安保安和纯债债券型证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2022-08-18T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-18T16:00:00.000Z","setUpAssetScale":3179995723.35,"setUpShares":3179995723.35,"pinyin":"gsabahczzqxzqtzjj","managers":[{"stockCode":"db20321312","stockType":"fund_manager","exchange":"fm","tickerId":122513159310,"name":"李一鸣"}]},"announcement":{"linkText":"国寿安保安和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=1059790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0f17fea5b3eb0515744","date":"2023-09-29T16:00:00.000Z","stockId":3000000014778,"sao":"2023年三季度，美国基本面仍有支撑，在数据依赖的政策路径下，美联储货币政策表态整体偏鹰，带动美债收益率持续上行至高位，美元指数走强。国内方面，消费维持缓慢修复态势，出口出现一定好转，制造业投资增速震荡，PMI持续小幅回升有企稳趋势。地产方面，各城市优化放松政策持续推出，新房、二手房销售出现一定相对改善，不过反弹斜率不高，施工链条好转，但新开工、拿地变化不大。信贷方面，居民、企业中长贷同比仍少增，融资需求一般。整体来看，三季度国内整体需求情况有一定改善迹象，但仍需进一步稳固。　　货币政策方面，央行季度内降低了政策利率和存款准备金率，不过8月下旬以来在信贷投放增加、政府债净融资增多、汇率压力等背景下，资金利率中枢出现一定提升，整体来看流动性呈现均衡态势。　　债券市场方面，三季度收益率震荡上行。季度初，资金面较为宽松，收益率整体下行，随后7月下旬稳增长定调发力，收益率反弹回升；8月，流动性维持宽松，且月中央行超预期降息，带动收益率大幅下行；不过降息后，资金利率中枢出现上行，地产政策放松、降低印花税等政策陆续落地，且市场交易结构拥挤，各项因素带动收益率明显平坦化上行。　　投资运作方面，本基金在报告期内以利率债为配置品种，灵活调整组合久期和杠杆水平，提高波段操作频率获取资本利得。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.226Z","fund":{"_id":3000000014778,"__csrcFundId":11326,"stockCode":"014778","shortName":"国寿安保安和纯债债券(014778)","masterFundShortName":"国寿安保安和纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14778,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:41.032Z","status":"normal","exchange":"jj","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季度延续灵活适度的稳健基调，货币市场利率保持低位，并于8月下调MLF及LPR利率，以稳定地产市场。但10月中旬至11月中旬资金面出现阶段性紧张，引发市场担忧。伴随着疫情防控政策放松，同时理财负反馈导致债市出现大幅调整，年底货币政策再次趋于宽松。　　债券市场方面，2022年债券市场整体呈震荡行情，年内几次阶段性上涨行情基本上都是围绕疫情爆发、资金宽松、经济修复不及预期、信贷塌方等因素展开，机构配置需求旺盛，短端收益率下行幅度较大，信用利差再度被压缩至历史低位。但交易拥挤及理财负反馈导致年末中短品种出现踩踏式交易，收益率整体大幅抬升。　　投资运作方面，本基金在报告期内继续以中短期利率债为主要持仓品种，调整组合久期及杠杆，对中长期利率品种进行波段操作。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:53.209Z","mo":"展望2023年，海外各央行同时面对“抗通胀、稳增长、防风险”三大主线挑战的逻辑仍在，虽然加息或接近尾声，但并不意味着货币政策态度很快转向放松，这意味着利率将在高位停留较久，对经济总需求的抑制作用也将持续存在，金融稳定性风险也将随之加大。国内方面，整体疫情高峰已过，各项经济指标持续呈底部回升态势，修复的方向较为确定。制造业PMI显示产需两端均强势回升，非制造业景气度也有显著回升，服务业和建筑业景气度均有好转，疫情冲击对服务业和建筑业的长尾影响逐渐消退。但与此同时，经济修复的程度存在不确定性，一方面外需萎缩带来的压力依然较大，另一方面中期内经济仍然面临消费及地产的两大拖累。总体来看，23年经济增长的主线为低基数效应下的疫后修复，在外需偏弱的背景下，消费及地产也面临一定压力，致使增长的可持续性及修复高度存在不确定性。　　债券市场方面，经济内生动力修复、信用扩张、通胀温和回升、资金利率中枢向政策利率靠拢及供给压力仍然偏大等因素对债券市场形成一定压制力量，但考虑到增长的可持续性及修复高度存在不确定性，且性价比高的资产依然稀缺，收益率上行空间不大，债券市场全年大概率仍将呈现震荡走势。","fund":{"_id":3000000014778,"__csrcFundId":11326,"stockCode":"014778","shortName":"国寿安保安和纯债债券(014778)","masterFundShortName":"国寿安保安和纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":14778,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:21:41.032Z","status":"normal","exchange":"jj","name":"国寿安保安和纯债债券型证券投资基金","fundCollectionId":4000050900000,"inceptionDate":"2022-08-18T16:00:00.000Z","followedNum":0,"setUpDate":"2022-08-18T16:00:00.000Z","setUpAssetScale":3179995723.35,"setUpShares":3179995723.35,"pinyin":"gsabahczzqxzqtzjj","managers":[{"stockCode":"db20321312","stockType":"fund_manager","exchange":"fm","tickerId":122513159310,"name":"李一鸣"}]},"announcement":{"linkText":"国寿安保安和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=873027","linkType":"PDF","source":"csrc_pdf"}}]}