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　　权益市场演绎鲜明结构性行情：科技成长主线强势领跑，DeepSeek人工智能、人形机器人、创新药等前沿板块涨幅居前，汽车、机械设备受益产业链升级；传统顺周期板块及光伏、锂电（受产能过剩压制）表现低迷，红利风格整体稳健。债市方面，利率呈宽幅震荡格局：一季度收益率先扬后抑，二季度初流动性宽松推动底部盘整，随后经济回暖与特别国债供给放量引致利率上行，货币宽松再度促其回落。信用债表现突出，高等级信用债利差持续收窄。可转债市场估值逐季扩张，权益市场突破叠加增量资金入场推动估值上行。 　　本报告期内，权益投资方面：本基金重点布局科技、医药、金融类红利及低估值资源品核心资产，动态优化结构，有效把握高股息防御性机会及科技板块机会。但受制于对中小市值成长股配置不足，未能充分捕捉人工智能产业链爆发性行情及部分超额收益。债券投资方面：灵活调整组合久期和杠杆，重点配置AAA级信用债及优质金融债，规避利率债阶段性调整风险，稳定贡献收益。可转债投资方面：执行低价、低溢价率策略，随估值扩张逐步降低仓位，锁定收益同时优化组合波动率。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.436Z","mo":"展望2025年下半年，中国经济将延续稳中向好的趋势，但外部风险犹存，美国对华关税政策存变数，欧洲经济衰退或拖累外需。内需修复为关键变量：消费潜力待释放，房地产投资仍有待企稳，需政策进一步发力。在此过程中，本基金将重点关注科技自主、消费复苏、红利资产三重主线，优化科技与红利资产配置比例，挖掘政策驱动与产业升级中的超额收益。债券端：“反内卷”抬升通胀预期，本基金将在利率宽幅震荡中把握波段机会，信用债维持短久期策略，警惕商品价格调整带来的风险。可转债端：延续严控估值策略，动态平衡仓位与收益兑现节奏。 　　本基金坚持“稳健为先、股债平衡”原则，将风险控制置于收益追求之上，通过多元化资产配置与自下而上精选低估资产，在不确定性中追求超越市场的风险收益比，为投资者创造可持续回报。","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=1348299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3f3","date":"2025-03-30T16:00:00.000Z","stockId":3000000015437,"sao":"2025年一季度，中国经济延续了自2024年底以来的回暖趋势，呈现“稳中提质、动能充沛”的态势。消费市场在以旧换新等政策刺激下持续释放活力，服务业对经济增长的贡献率显著提升；工业生产中，装备制造业与高技术制造业成为核心驱动力，新能源汽车、工业机器人等高端制造领域产量实现较快增长，新质生产力加速形成。与此同时，A股市场演绎出鲜明的结构性行情：科技成长主线强势领跑，人形机器人、人工智能（如DeepSeek概念）等前沿科技板块领涨，汽车、机械设备行业受益于产业链升级而上涨；而传统顺周期板块受市场风格切换影响表现低迷；红利风格整体表现稳健。尽管外部环境面临贸易摩擦与全球需求放缓压力，但宏观政策储备充足，财政与货币工具协同发力为市场注入韧性。　　权益部分，本基金重点布局低估值资源品、港股科技及金融类红利资产，有效把握了高股息资产的防御性机会和科技板块机会。但受制于对中小市值成长股的配置不足，未能充分捕捉人工智能产业链的爆发性行情。　　在债券市场，一季度债券收益率整体呈现先扬后抑、震荡上行的格局。一季度初，债券收益率在底部盘整，但随着部分经济数据转好以及市场对货币政策的预期变化，收益率进入上行通道。本基金灵活调整组合久期和杠杆，重点配置AAA级信用债及优质金融债，规避利率债阶段性调整风险。　　在可转债市场，一季度呈现估值扩张特征。随着权益市场的逐步回暖，转债市场也迎来了上涨的机会，随着存量转债的下降以及增量资金的入场，可转债估值水平呈现上升态势。本基金严格执行低价、低溢价率策略，重点布局机器人、化工、消费等方向，并且随着估值的扩张逐步降低仓位，锁定收益的同时优化了组合波动率。　　展望2025年二季度，全球经济仍将面临诸多不确定性因素，经济复苏难以一蹴而就。在此过程中，本基金将重点关注消费数据，同时在内需、自主可控的相关资产中，寻找具备安全边际、长期稳定增长、良好现金流的优质资产。债券方面，整体经济内生动能逐步恢复，预计利率进入宽幅震荡格局。重点关注央行货币政策、政府债供给放量带来的调整，波段操作增厚收益。本产品将继续灵活调整久期和杠杆，优化组合期限结构。　　总体而言，本基金将继续坚持稳健型的投资策略，将风险控制放在收益追求之上，追求超越市场的风险收益比。继续采用多元化的资产配置，严格控制风险，自下而上寻找市场低估资产，力求在不确定的市场环境中为投资者实现收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.433Z","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=1275081","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3f2","date":"2024-12-30T16:00:00.000Z","stockId":3000000015437,"sao":"2024年，权益市场经历了先抑后扬的走势。年初，市场延续了2023年的趋势，中小盘股业绩出清。然而，随着9月24日一揽子重磅政策的发布，市场信心得到极大提振，股市迎来强劲反弹，大盘在两周内快速上行。从行业表现来看，科技板块在政策支持和产业趋势的推动下，表现尤为突出，成为市场的重要主线。同时，在低利率环境下，红利资产的配置价值凸显。投资者在权益市场的投资策略上，需要密切关注政策导向和产业发展趋势，积极把握科技、高分红等领域的投资机会，同时注重风险控制，合理配置资产，以实现稳健的投资收益。随着市场的逐步回暖，转债市场也迎来了反弹的机会，转债的估值回到了中枢水平。报告期内，本基金依然以稳健增利为目标，在权益配置方面，秉持稳中求进、精选个股的投资风格，在高分红领域的获得了较好的收益。可转债方面，我们密切关注转债的溢价率和绝对价格水平，持续优化可转债结构，进一步提高收益回撤比。　　在债券市场方面，2024年收益率整体呈现波动下行的态势，尤其是10年期国债收益率突破2.0%，一路向下至1.7%附近。年初时，市场对经济复苏的预期较强，导致债市收益率有所上升。但随着经济复苏的基础仍需进一步夯实，以及货币政策持续保持宽松态势，资金面充裕，债市收益率逐步走低。在4月末、7月初、8月初和9月末，债市收益率曾出现短暂回调，但整体下行趋势未发生改变。长短收益率的下行幅度普遍小于短端，使得期限利差有所扩大。在这样的市场环境下，本基金债券投资策略灵活调整，积极把握利率下行带来的投资机会，同时密切关注信用风险的变化，以实现稳健的投资收益。报告期内，本基金在重点布局高等级信用债和金融债基础上，灵活调整了债券组合的久期和杠杆水平，以获取资本利得。同时在年底优化信用债结构，把握开年债券市场的投资机会。　　总体而言，本基金将继续坚持稳健型的投资策略，将风险控制放在收益追求之上，追求超越市场的风险收益比。继续采用多元化的资产配置，严格控制风险，自下而上寻找市场低估资产，力求在不确定的市场环境中为投资者实现稳定的收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.430Z","mo":"2025年全球经济形势复杂，中国经济有望凭借韧性与转型开辟新增长路径。权益投资机遇与策略主要体现在三大维度：一是结构性红利驱动的核心赛道；二是科技板块制度性机遇与政策催化；三是全球产业链重构中的价值洼地。同时，根据市场变化调整投资组合。债券方面，整体经济内生动能逐步恢复。预计利率宽幅震荡，关注机构止盈行为、政府债供给放量带来的调整，波段操作增厚收益。本基金将密切关注宏观经济形势、海外不确定性、政策走向以及产业发展趋势，灵活进行组合的再平衡，实现资产的稳健增长。","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetSc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会。因此本基金选择了基本面稳健、估值低估的低价转债进行投资，在获取固定收益的同时，博弈正股价格上涨带来的潜在投资收益。此外，随着转债的正股伴随市场情绪的回暖，股价波动加大，转债的期权价值提高，特别是在科技、红利、出口等板块的转债标的在市场情绪改善和行业基本面支撑下，具有较好的风险收益比。因此，本基金将密切关注这些板块的市场动态，适时调整转债投资策略，以期在控制风险的同时博弈更好的投资机会。　　　　展望未来，本基金将继续保持谨慎乐观的态度。在债券市场方面，将继续采用票息策略，并把握阶段性长债的交易机会，同时密切跟踪市场趋势、政策和基本面变化；在权益市场方面，将根据估值、宏观经济指标的变化，逐步增加权益仓位，重点关注成长性标的的投资机会；在转债市场方面，将密切正股波动加大带来的期权价值提高的投资机会。　　　　本基金将继续坚持稳健型的投资策略，通过多元化的资产配置和严格的风险管理，力求在不确定的市场环境中为投资者实现投资回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.422Z","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=1071211","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3ee","date":"2023-12-30T16:00:00.000Z","stockId":3000000015437,"sao":"2023年，复杂多变的海内外经济环境对资本市场产生了较大的影响，整体呈现国内弱复苏、海外高通胀的组合。国内经济复苏稳健与曲折并存，政策保持定力，处于经济结构转型、新旧动能转换的复杂时期；美国在通胀压力下持续加息，使得10年期美债利率不断走高。在此背景下，债市上涨，长久期利率债表现较好、短久期利率债收益率下行幅度不大，股市下跌，小盘风格为主、有阶段性行情。　　债市收益率总体震荡向下。春节前，在基本面强预期修复、资金面高位波动等一系列因素的影响，利率有所上行；春节后至8月中下旬，“强预期+弱现实”，经济基本面和货币政策对债市先后利好，利率单边下行，10年期国债收益率最低下行至2.54%，曲线呈“牛陡”状；9月及10月，受稳地产政策逐步落地、经济金融数据超预期、特殊再融资债巨量发行以及增发1万亿国债等影响，长端利率持续回升，10年期国债收益率上行至2.72%。同期，资金面收紧亦驱动短端利率快速上行，且上行幅度大于长端，债市呈现熊平行情；进入12月，央行加大逆回购和MLF净投放维护流动性资金面转松、基本面数据较弱、中央经济工作会议基调偏稳健、降息预期较高、机构抢配长债等共同作用下，12月债市整体表现较强，长、短端利率均明显下行。太平安元主要是二季度进行了部分利率债的波段操作，四季度末加杠杆加久期等待跨年后资金利率回落带来的投资机会。　　权益市场先涨后跌整体下行，以小盘风格为主，从行业全年涨跌幅来看，TMT 最为领先，其中通信、传媒领涨，周期板块的煤炭与石油受益于商品价格上涨，全年表现较为突出，消费板块家电、汽车、纺织服装涨幅领先。具体来看，春节前，经济基本面强复苏，A股整体上行，TMT、消费与先进制造占优；春节后至4月中下旬，经济复苏有所放缓，但此阶段投资者预期仍较为积极，市场仍有支撑，TMT与中特估成为市场的两大主线；4月底至6月，中特估走强，TMT转为调整；6月底到10月，随着市场风险偏好的不断下降叠加多项政策的出台，低估值与高股息风格占优；步入11月，TMT在经历前期调整后再次上行，市场更为关注产业主题投资，同时，具备反转预期的低估值风格同样有不俗表现。太平安元上半年适度增加计算、通信、中特估、医药等板块的配置，四季度卖出了全部的权益仓位，当安全垫积累足够深厚时再择机参与权益市场的交易机会，同时增加部分可转债的配置增厚组合收益。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.420Z","mo":"展望2024年，全球加息潮接近尾声且可能开启新一轮降息周期，中国经济温和复苏、宏观政策积极有力，有望提升市场风险偏好。国内经济增长延续，一方面，高技术制造业投资、基建投资及汽车产业有望继续高增长维持“长板效应”，同时，海外流动性收缩已近尾声，紧缩压抑下的外需有望触底回升，出口增速有望反弹；另一方面，地产销售、投资数据仍较弱势，地产行业预期改善状况仍需关注。政策方面以财政政策为主导，货币政策配合。财政政策延续积极，强调提质增效；货币政策整体保持宽松取向，防空转、稳通胀成为关键，防风险权重上升，降准降息仍有空间。在货币政策偏宽松的背景下，预计债市收益率仍将处于偏低的水平、权益市场具有结构性机会。","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=1058139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3ed","date":"2023-09-29T16:00:00.000Z","stockId":3000000015437,"sao":"三季度，资本市场主要受政策与经济预期影响，债市收益率呈V型走势，股市呈现结构性行情。　　债券市场，10年期国债收益率先下后上。季初至8月下旬，7月经济金融数据出台，8月15日央行调整MLF利率至2.5%、7天OMO利率至1.8%，10年期国债收益率至2.54%左右。8月下旬至季末，财政、行业及资本市场等各方政策频出，8月在利率债供给增多和化债预期下，10年期国债收益率调至2.7%左右。太平安元在季初增加了部分久期和杠杆。　　股票市场，行业板块表现差异较大。三季度整体国内外利率上行、风险偏好有所降低，大盘价值等低估值板块相对占优。其中，非银、地产链等行业上涨主要受益于政策端的支持；煤炭、石油石化等行业上涨受益于价格端的上涨；消费等行业受业绩影响表现相对稳定。太平安元保持均衡配置，部分配置高景气的智能驾驶AI等，部分配置偏稳定的军工消费等，部分配置低估值的周期地产等，后续关注受益于经济增长预期及科技创新相关的投资机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.417Z","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=987864","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3ec","date":"2023-06-29T16:00:00.000Z","stockId":3000000015437,"sao":"2023年上半年整体呈现经济基本面修复逐渐放缓、货币政策平稳宽松流动性合理充裕的局面，在预期调整和基本面的共同影响下，债市走强、股市震荡。经济修复从强预期走向弱现实、增长环比动能先快后慢、资金面先紧后松，叠加机构配置力量偏强驱动债市收益率下行。2023年初在疫情政策放开及稳地产政策进一步发力的背景下，经济复苏动能较强，市场预期较为乐观，长端收益率由年初的2.83%上行至2.93%左右后在2.85%-2.93%横盘震荡。3月之后投资、消费增长有所放缓，复苏斜率由陡趋平，市场对经济复苏信心转弱。同时，3月下旬全面降准25个BP、6月中旬央行下调OMO利率10BP，宽货币加码。内生动能仍不足，长端收益率跟随政策利率快速下行至2.62%附近，后在止盈情绪、稳增长政策预期升温下，小幅回到2.65%左右。太平安元保持总体的杠杆水平，不断优化配置结构，在二季度对部分仓位进行了利率债的波段操作增加超额收益。　　股市在流动性和政策预期驱动下走出结构性行情。一方面，经济基本面修复边际走弱，数据不及预期，稳增长政策相对稳健，需求仍然不足，盈利继续探底；另一方面，海外美联储加息进入尾声，国内降准降息，流动性保持合理充裕。指数上，中证1000、上证综指、科创50涨幅靠前，而创业板、上证50跌幅较大，主要涨幅集中在春节前和4月。行业上，在经济周期磨底、预期紊乱阶段，流动性和政策驱动下带来部分主题投资机会，其中，“中特估”和AI是上半年的主线，呈现“此消彼长”的特征，具体来看，通信、传媒、计算机涨幅靠前，而商业贸易、房地产等受到经济复苏放缓的影响而表现靠后。太平安元提高股票仓位，增加计算机、通信以及中特估等相关板块的配置。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.414Z","mo":"2023年是国内疫情防控政策优化的第一年，市场关注重点从年初的防疫政策优化对经济增速的短期提振转为高质量发展对经济增速的长期影响，从而对资本市场不同阶段产生不同影响。当前经济增速斜率处于磨底期，地产行业平稳恢复、通胀压力较小内需恢复相对温和、海外环境较为复杂存在弱衰退的风险，市场对逆周期政策预期较强。展望未来，预计宏观政策保持定力，继续在短期经济增长和长期结构调整中寻求平衡。在总需求弱复苏和稳健的政策力度下，债券市场有望维持震荡态势，需紧跟政策出台的节奏及效果判断来进行波段操作。目前股债反映的经济增长预期隐含的悲观程度已超过2022年5月接近2022年10月的水平，企业盈利可能在二季度触底进入弱回升阶段，国内流动性延续宽松态势，股票市场以结构性机会为主。重点关注三个方向：一是数字经济、自主可控等相关的信创、半导体等板块；二是医疗服务、必需消费、公用事业、中特估高股息资产等经济弱相关资产；三是食品饮料、互联网平台等顺周期资产的中长期布局。","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022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10年美债利率冲高至3月初的4.1%，2-3月创业板回撤7%左右。同时，自身估值偏低的TMT受到AI商用催化不断上行，以运营商、大基建央企为代表的“中特估”也有亮眼表现。太平安元提高股票仓位，增加计算、医药等板块的配置。展望未来，海外方面，金融条件持续收紧最终将带来海外经济衰退，国内经济仍处于复苏阶段，降准后流动性也将继续保持宽松，市场整体机会大于风险。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.412Z","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=880496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3ea","date":"2022-12-30T16:00:00.000Z","stockId":3000000015437,"sao":"2022 年复杂多变的宏观环境对资本市场产生了较大的影响，特别是中美因经济形势产生的政策选取。海外经济体在抑制通胀和维持发展中进行权衡，最终选择以多次加息来对抗高通胀；国内经济则面临一定的下行压力，货币政策降准降息、出台一揽子结构性工具配合财政政策支持实体经济。在此背景下，债市全年震荡先涨后跌，股市下行，行业轮动快、行情短暂。　　债市总体窄幅波动、先涨后跌。一季度黑天鹅事件频发，债市震荡调整。美联储超预期加息、俄乌冲突意外爆发，引起全球资产大幅波动，外资流出。4月至10月在降准降息的推动下，债市收益率震荡下行，叠加财政留抵扣税等影响，资金价格大幅回落。7月经济数据低于预期及8月降息，10年国债收益率创年内新低。11月之后，政策和资金面迎来反转，债市变盘。防疫政策发生了调整、房地产政策不断出台，叠加前期支撑资金面的因素有所消退，市场预期转变，资金价格中枢有所抬升，引发理财等净值的回撤，加速债市的调整。安元三季度完成建仓，以中短久期信用债和利率债配置为主，四季度规模发生较大变化，降低了利率债的配置，增加了信用债的配置。　　2022年在高通胀、美联储加息、全球局势紧张的背景下，全球权益资产表现不佳，A股整体下行、两度下探，大盘指数优于小盘指数。造成A股走势不佳的主要因素包括：一是业绩承压，疫情的反复、地产的下行，2022年全年GDP同比增长3%，低于此前设定的5.5%的预期目标值；二是估值承压，美联储的超预期加息带来全球资产估值锚的10年美债收益率大幅上行，成长风格受损；三是风险偏好下降，多重利空下，投资者避险情绪升温，业绩表现相对确定的大市值公司更受青睐。另外，2022年在稳增长政策的支撑下，基建、交运、地产等相关板块具有更好的相对收益，成长板块前期跌幅较大，后续反弹缺乏持续性。安元三季度完成建仓，风格相对均衡，以医药、消费、军工、新能源等板块为主，四季度增加了白酒、医药、军工、计算机等板块的配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.409Z","mo":"展望2023年，随着全球通胀压力缓解、美联储加息边际减缓、国内宏观政策积极有力，预计全球紧张局势将明显缓解，大幅提升市场风险偏好。结构性货币政策工具可能是未来宽信用的重点，加强与财政政策的配合；而准备金率、MLF利率等总量宽松政策，虽然存在一定实施空间，但因受外部因素和宽松空间的制约影响，可能成为结构性政策的有益补充，因此债市收益率可能在波动中上行。本轮A股调整幅度已达2012年和2018年熊市水平，较全球股市而言，上证指数、恒生指数处于估值洼地，后续存在较大估值上修的可能性。叠加中国疫情防控优化、地产融资改善政策效果显现，权益资产的回升值得期待。结构上一是短期受益于稳增长政策的地产、汽车、医药等板块；二是疫情防控放开后景气度修复的消费、互联网平台等板块；三是属于高质量发展、产业升级、自主可控的行业领域，如半导体、军工、信创、新能源等板块，均会有所受益。","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=864417","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed14d7fea5b3eb051b3e9","date":"2022-09-29T16:00:00.000Z","stockId":3000000015437,"sao":"报告期内本基金整体建仓基本完成。债券方面，在严控风险的前提下,根据市场情况采取以中短久期信用债和利率债配置为主的策略。8月以来以稳增长为目标的一揽子政策密集出台，包括财政、货币、信贷、房地产等各领域政策同步发力，短期经济数据有望边际回暖，但后续仍然面临一定的不确定性，债市预计将仍以震荡走势为主。股票方面，本基金采取相对均衡的配置策略，动态调整行业配置，目前主要配置方向为医药、消费、军工、新能源等。三季度受国内基本面边际复苏以及美元指数、美债收益率上行等多方面因素影响，资本市场波动较大。在流动性宽松、政策维稳的背景下，预计未来市场整体下行的空间有限。随着政策效果逐步达到市场预期，市场风格将有望呈现边际收敛。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:25.406Z","fund":{"_id":3000000015437,"__csrcFundId":11120,"stockCode":"015437","shortName":"太平安元债券(015437)","masterFundShortName":"太平安元债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15437,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:36:31.703Z","status":"normal","exchange":"jj","inceptionDate":"2022-05-04T16:00:00.000Z","name":"太平安元债券型证券投资基金","fundCollectionId":4000050760000,"followedNum":0,"setUpDate":"2022-05-04T16:00:00.000Z","setUpAssetScale":10827643.73,"setUpShares":10827643.73,"pinyin":"tpayzqxzqtzjj","managers":[{"stockCode":"j101019497","stockType":"fund_manager","exchange":"fm","tickerId":190413244370,"name":"苏大明"},{"stockCode":"8801364279","stockType":"fund_manager","exchange":"fm","tickerId":192507110090,"name":"史彦刚"}]},"announcement":{"linkText":"太平安元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=806589","linkType":"PDF","source":"csrc_pdf"}}]}