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为拥堵。3月市场呈现出月度周期窄幅震荡但交易日盘中波动放大，超长端对信息敏感度抬升的情况。一季度我们自上而下对宏观基本面、政策、流动性、机构行为等方面进行分析，把握长周期视角下的趋势性行情，同时尽量抓住认知、信息等方面的预期差，灵活调整久期和杠杆。本基金在1-2月拉长久期加杠杆，3月整体交易盘降低，季度末降低久期和杠杆，了结一部分前期获利，控制回撤，另外也为下一阶段的配置留好空间。基本面整体依然偏弱，但部分数据有起色：PMI超预期回升，生产和新订单边际改善，且需求修复强于生产；企业中长期贷款，同期基数较高。固定资产投资中的制造业同比增幅较高，工业增加值中分类来看也是制造业增长最快，后续设备更新可能会有利于制造业维持比较高的增长。房地产开发投资同比降幅收窄。出口在外需带动下超预期上升，随着海外补库周期来临，出口依然可以成为重要支撑。价格指标中PPI处于负值，CPI同比转正，后续猪价温和抬升叠加上游能源价格上涨，价格指标大概率温和回升。但也应看到M1继续走低，企业活力不足，PMI中原材料价格指数高于50，产成品价格指数持续低于50，终端价格偏低抑制中下游企业持续补库，库存仍在筑底阶段。另外高频数据显示年后工业生产和基建开工偏弱，建筑业施工强度偏低，工业增加值的持续性有待进一步确认。地产节后二手房销售有所回升，但呈现以价换量，新房销售跌幅持续扩大。基本面对债市依然有支撑，但部分数据有起色或会对市场形成扰动。资金价格对市场利率进一步走低形成一定制约，DR007在节后流动性宽裕的背景下并未大幅度下降，而是一直维持在1.85%以上，近期贴近1.9%附近。流动性分层也较为严重。短端利率债几乎没有套息空间。 DR007对同业存单下行形成制约，而同业存单价格对10年期甚至30年期国债价格也会形成制约。展望四月，逆回购到期量减小，MLF到期量也处于年内较低水平，流动性缺口不明显，货币供给端不会对市场形成太大压力，主要关注政府债融资与公开市场操作等方面。从政策方面来看，两会GDP增速5%的目标、赤字率3%+万亿国债、3.9万亿地方政府专项债，并未超预期。促进耐用消费品以旧换新以及大规模设备更新还要看后续的落实效果（设备更新更多是供给政策，需求拉动效果可能不大）。稳健的货币政策大方向未变，但目前比较尴尬的是美国通胀粘性强，甚至有所抬升，国内价格指标持续低位。我们一方面强调\"大国货币\"，保汇率意图非常明显，另一方面强调防止资金空转套利，广谱利率调降概率不大，更多是结构性货币政策，比如再贴现、再贷款等。降准相对可期，3月21日国新办新闻发布会主要内容：我国法定存款准备金率对比其他发达国家依然有调降空间。2季度债券供应量或会抬升，对冲债券供给给流动性带来的扰动，降准有必要。还有近期讨论的央行购债，也将为市场提供长久期、稳定的流动性。当前长端利率已经隐含市场对基本面的悲观预期，10年期活跃券在2.3%附近震荡，30年期在2.5%附近。机构交易抱团严重，交易盘集中在几只活跃券种上。机构的交易行为对波动性有放大作用。从机构配置行为来看，保险和商业银行在超长端贴近2.45%附近配置量大幅度减少，逐渐增持的品种是票息更高的长期地方政府债。总结来看月度金融和经济数据对长期债市走势指向性不强，但短期扰动不可忽视。交易结构驱动行情，市场对信息敏感度提升，保险、银行等长端配置资金会结合负债端成本调整配置节奏。10年期国债收益率年内低点在2.26%附近，30年期在2.42%附近，市场学习效应很强，在接近低点的位置会提前有止盈盘出现，在无超预期因素情况下突破前期低点概率不大。后市大概率继续呈现窄幅震荡但日内波动较大的态势。目前债市关注点主要是二季度超长国债的供给、经济高频数据、风险偏好抬升的持续性等。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.070Z","fund":{"_id":3000000015482,"__csrcFundId":11759,"stockCode":"015482","shortName":"汇安裕泰纯债债券(015482)","masterFundShortName":"汇安裕泰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15482,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:38.672Z","status":"normal","exchange":"jj","fundCollectionId":4000051300000,"name":"汇安裕泰纯债债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":200010366.22,"setUpShares":200010366.22,"pinyin":"haytczzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安裕泰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=1074251","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051b9c9","date":"2023-12-30T16:00:00.000Z","stockId":3000000015482,"sao":"2023年经济呈现曲折修复态势，一季度经济反弹，二季度超预期下行，三季度修复，四季度小幅度回落。CPI、PPI低位运行，PMI连续三个月回落，经济数据和金融数据出现反复，内需不足的问题较为突出。财政政策后置发力，货币政策整体偏宽，资金价格维持低位，但中枢高于2022年。债券市场全年走牛。节奏上来看，一季度信用债收益率在中小银行配置盘推动下率先下行，春节前后资金面超预期收紧，资金价格中枢抬升，利率债收益率整体抬升。二季度基本面超预期回落，资金价格中枢回落，利率债快速走牛，呈现出趋势性行情。三季度金融和经济数据修复，降息利好因素落地，地产政策超预期，地方债发行加速，宽信用预期大幅度抬升，叠加资金走紧，债市有所回调。四季度万亿国债增发，叠加央行强调防止资金空转以及地产政策预期升温，利率震荡上行。但随着Q3货币政策报告带动资金面预期缓解，叠加基本面不及预期，以及年内第三次调降存款利率，收益率再度下行。利率债操作策略结合基本面、政策面和资金面，对久期和杠杆等进行调整，配置盘和交易盘相配合。市场整体活跃度较高时，加大交易盘的操作比例，活跃度降低时减少交易盘操作。趋势性行情较为明确时减少交易盘配置，同时加大杠杆。2023年在债市呈现出牛平的局面中，大幅度提高长端和超长端的操作比例，为产品增加收益。信用债方面，二级永续债等产品作为利率放大器，交易属性凸显，尤其是资质较好的二级永续债，活跃度整体较高，是交易盘的优选品种。在城投债的选择上依然以中高等级城投债为主，短久期的适当下沉，在资产荒的背景下依然可以获得不错的收益。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.067Z","mo":"当前利好因素有所累计，但经济和金融数据反复，基本面修复或呈现波浪式修复。海外补库以及全球消费电子周期和汽车、船舶产业链优势使得出口有一定韧性，但持续性不确定。实体经济内生动能不足，地产销售和投资还在修复的过程中。基建是经济的主要支撑力。目前企业和居民杠杆水平不低，但随着企业投资回报率和企业盈利的改善，投、融资将会有所修复。居民可支配收入缓慢增加以及边际消费倾向改善，消费有望提升。整体基建>制造业>出口>消费>地产。后续更需要依靠政府部门，特别是中央加杠杆。稳增长政策依然有空间，货币政策如何配合是关键。海外政策风险下降，加息周期尾声，资本外逃和人民币贬值压力降低，货币政策空间打开。数量工具和价格工具相结合，降准、降息、存贷款利率进一步下调可期。整体环境目前还是利于债市更多一些，潜在增速下行，中央引导实体经济降低融资成本，资金淤积在金融市场内，利率长期向下趋势未变。信用债在高息资产逐渐退出市场、供需博弈环境和化债背景下，配置力量持续存在。市场回调就是阶段性买点。城投防风险政策下，短期有利于改善地方政府收支，城投债风险短期得到缓解。高等级城投拉长久期，短久期可适当信用下沉。产业债和城投债配置策略一致，优质企业可考虑拉长久期。二级永续债交易属性较强，具有利率放大属性，活跃券可参与波段操作，配置盘可关注经济较发达地区的AA+及以上城农商行。","fund":{"_id":3000000015482,"__csrcFundId":11759,"stockCode":"015482","shortName":"汇安裕泰纯债债券(015482)","masterFundShortName":"汇安裕泰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15482,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:38.672Z","status":"normal","exchange":"jj","fundCollectionId":4000051300000,"name":"汇安裕泰纯债债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":200010366.22,"setUpShares":200010366.22,"pinyin":"haytczzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安裕泰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=1059234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051b9c8","date":"2023-09-29T16:00:00.000Z","stockId":3000000015482,"sao":"三季度债市呈现V型走势，随着8月稳增长政策密集出台，债市出现回调，从8月中旬降息的低点到9月底反弹超10b。地产政策（认房不认贷，存量房贷利率调整、首付比例调降等政策先后落地）是驱动此次利率调整的重要因素，短期来看政策依然有空间，继续出台的可能性较高，但实际效果仍待验证，债市长期趋势并未改变，但短期会受扰动。三季度整体操作思路为季度初维持高杠杆和久期，季度末降低杠杆和久期。底仓以中短端利率债为主，交易盘以三年、五年、十年活跃券为主，季度末减少波段交易，少量波段操作以快进快出为准则。信用债偏好短久期城投，持有至到期为主，避免信用下沉。  经济依然处于待修复状态，但从通胀、制造业PMI、工业增加值、固定资产投资以及社零，还有部分高频数据来看，环比继续改善。9月PMI重回容枯线上，制造业和非制造业景气度均有所改善。投资在季度末存在冲量效应，从转贴现票价上升至6月水平来看，9月信贷数据恐不差，10月再融资债/地方专项债等发行对信贷和社融依然有支撑。长假期间消费大幅度提升（旅游收入和人次均超过2019年同期），但地产销售疲弱，后续还要借助政策，稳增长政策需要持续输出（需要继续关注特殊再融资债）。不论是经济环比改善还是稳增长政策出台，四季度都会对债市造成扰动。  资金面有望从9月偏紧逐渐回到中性态势。10月财政资金进入支出阶段，跨季和双节扰动过后，存款回流理财。另外需求不足（从9月PMI数据分项有体现），经济仍待修复的阶段货币政策不具备收紧基础，央行节前例会强调政策逆周期，因此判断货币政策不会出现转向。8月以来债市经历调整，目前赔率有所提升，但不建议大比例增持长久期券种。假期美股表现一波三折，欧亚股市整体收跌，美元飙升拖累大宗表现，多数大宗商品价格收跌，地缘局势紧张等，投资者风险偏好较低，债市的配置力量依然存在。  其他风险：理财破净导致赎回潮的风险需要提防；前期机构交易拥挤度上升，利率反弹引致踩踏卖出的长尾风险也需要提防；节后权益市场若大幅度上涨对债市也会形成一定扰动；汇率问题。  四季度债市整体或呈现震荡偏弱局面，短端安全性高于长端，操作上以防守为主，重视流动性，提高流动性较好的资产占比。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.064Z","fund":{"_id":3000000015482,"__csrcFundId":11759,"stockCode":"015482","shortName":"汇安裕泰纯债债券(015482)","masterFundShortName":"汇安裕泰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15482,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:38.672Z","status":"normal","exchange":"jj","fundCollectionId":4000051300000,"name":"汇安裕泰纯债债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":200010366.22,"setUpShares":200010366.22,"pinyin":"haytczzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安裕泰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=988666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051b9c7","date":"2023-06-29T16:00:00.000Z","stockId":3000000015482,"sao":"2023年，债市运行主线：经济修复节奏走缓、低通胀、货币环境宽松，资产荒导致配置力量较强，债市整体走牛。信用债收益率率先下行，利率债在经历春节前后资金价格大幅波动后也开始走牛。进入二季度，交易盘加速进场进一步推动债券收益率下行，进入六月，超预期OMO降息带动利率进一步下行后逐步回调。市场对稳增长政策预期转强，市场波动呈现放大态势。资产配置策略随市场进行调整，季度初高杠杆+高久期策略为主，交易盘比重增加，临近季度末降低久期，降低杠杆，增配一部分短久期信用债赚取票息，同时增加流动性好的券种。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.062Z","mo":"二季度末跨半年资金面边际收紧，但依然处于松紧适度的范围。利率债净供给上升，但整体需求较好，期限集中在3-7年，20年国开需求同样延续旺盛。当前居民加杠杆意愿持续降低，就业和收入预期不见好转影响居民长期消费能力，尤其需要关注的是青年失业率持续攀升。政策推动下，低利率的信贷资金进入基建和制造业领域，而地产行业的投放量持续大幅度缩减，企业实际的融资需求整体不强的情况下三季度信贷增速或持续下滑。另外资产荒未出现明显转向，资金面不具备收紧的情况下，债市整体风险不大。 一年期存单利率端午后再度小幅度回落，票据利率回落，反映实体融资需求不旺，银行负债端较为松弛，存单大幅度上行概率不高。降息后，目前市场对后续的政策期待主要集中在专项债加快发行，启用部分历年专项债结存限额，政策性金融工具，消费券及地产相关政策等。基本面偏弱局面可能继续维持，但政策博弈期市场存在波动较大的可能性，尤其是中长端流动性较好的品种。资金面季度初转松及银行理财有配置需求的前提下，短端风险暂时较低，性价比较高，中长端可以做交易盘，且组合应保持一定流动性。后续应持续关注稳增长政策出台及落地效果、资金价格波动等。","fund":{"_id":3000000015482,"__csrcFundId":11759,"stockCode":"015482","shortName":"汇安裕泰纯债债券(015482)","masterFundShortName":"汇安裕泰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15482,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:38.672Z","status":"normal","exchange":"jj","fundCollectionId":4000051300000,"name":"汇安裕泰纯债债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":200010366.22,"setUpShares":200010366.22,"pinyin":"haytczzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安裕泰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=962242","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1537fea5b3eb051b9c6","date":"2023-03-30T16:00:00.000Z","stockId":3000000015482,"sao":"一季度利率债和信用债走势分化，信用债整体呈现收益率持续下行态势，利率债则经历收益率先上后下的形态，信用债表现优于利率债，信用利差保持收窄。信用债去年末收益率跌到了比较合适的配置价值，且发行大规模取消导致供给减少，年初产生资产荒现象，银行、保险等机构开年初配置力度加强，对信用债收益率走势起到重要作用。利率债受到经济修复强预期+流动性收紧预期影响，春节前收益率持续上行。节后随着经济复苏预期转弱，但信贷侵蚀银行超储以及央行公开市场投放缩量等因素造成流动性超预期收敛，导致资金价格上涨带动利率债和存单收益率上行。进入3月经济复苏走缓和路线成为市场一致预期，降准、央行公开市场投放、信贷投放放缓等共同促进流动性持续宽裕，资金价格波动降低。叠加海外市场风险频发，避险情绪升温，债券市场迎来一波小牛市，尤其是中短端收益率下行幅度较为明显。二季度国内经济依然处于一个平台期，高频数据来看暂时并未看到报复性修复。受基数影响同比经济增速会偏强，但政策很难出现强刺激，因此大幅度超预期复苏的可能性较小。4月利率债供给压力较小，5-6月处于比较均衡的状态。央行在\"维护币值稳定和金融稳定\"的任务下，流动性大概率维持稳健的态势，资金价格将围绕政策利率上下波动。目前市场对于经济的温和复苏以及低通胀的预期较为一致，债市对基本面敏感度降低，长端目前赔率不足，但大幅度上行的风险也有限，或将维持窄幅震荡，曲线继续走陡。杠杆套息策略二季度或依然有效，但避免过度拉长久期。风险提示：经济超预期修复，风险偏好超预期走强。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:55:31.057Z","fund":{"_id":3000000015482,"__csrcFundId":11759,"stockCode":"015482","shortName":"汇安裕泰纯债债券(015482)","masterFundShortName":"汇安裕泰纯债债券","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15482,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:37:38.672Z","status":"normal","exchange":"jj","fundCollectionId":4000051300000,"name":"汇安裕泰纯债债券型证券投资基金","inceptionDate":"2022-11-07T16:00:00.000Z","setUpDate":"2022-11-07T16:00:00.000Z","setUpAssetScale":200010366.22,"setUpShares":200010366.22,"pinyin":"haytczzqxzqtzjj","managers":[{"stockCode":"db20809506","stockType":"fund_manager","exchange":"fm","tickerId":100806217420,"name":"金鸿峰"}]},"announcement":{"linkText":"汇安裕泰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=887141","linkType":"PDF","source":"csrc_pdf"}}]}