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1）1月初至3月初，在资金偏紧约束解除、基本面延续弱势、稳增长预期消退、货币宽松预期抬升等诸多利好因素的共同支撑下，债券收益率快速下行，超长债表现尤其亮眼；2）3月至11月，央行关注长债是利空，基本面仍未修复是利多因素，利多与利空的交织影响下，债券整体表现为宽幅震荡。3）12月债券收益率迎来快速大幅的下行，主因货币政策基调转为“适度宽松”，市场预期央行货币政策会出现明显宽松，带动收益率明显下行。　　2024年产品操作：产品以利率债和商金债策略为主，整体操作较为积极，灵活调整久期和杠杆，根据期限利差和信用利差优化组合持仓结构，阶段性参与中长期利率债交易，波段操作增厚收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:35.286Z","mo":"2024年9月底密集出台一系列稳增长政策，带动四季度经济阶段性企稳，但地产销售脉冲一般持续3个月，地产受制于居民收入和预期，基建受制于政府债务约束，出口下行压力也在一季度逐渐显现，整体经济内生动能恢复缓慢，对债券市场仍偏利多；在当前的基本面缓解下，降低实体融资成本仍是政策目标，货币政策预计延续适度宽松的基调，对债券市场偏利好；2025年积极的财政政策发力，政府债供给放量，预计2025年在利多与利空因素的交织影响下，利率保持震荡走势，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。下一阶段，本产品继续灵活调整久期和杠杆，优化组合期限结构，在控制好回撤的基础上争取更好的收益回报。","fund":{"_id":3000000015961,"__csrcFundId":11902,"stockCode":"015961","shortName":"太平恒信6个月定开债(015961)","masterFundShortName":"太平恒信6个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15961,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:44.390Z","status":"normal","exchange":"jj","fundCollectionId":4000050760000,"name":"太平恒信6个月定期开放债券型证券投资基金","inceptionDate":"2022-11-16T16:00:00.000Z","setUpDate":"2022-11-16T16:00:00.000Z","setUpAssetScale":1020000440.42,"setUpShares":1020000440.42,"pinyin":"tphx6gydqkfzqxzqtzjj","managers":[{"stockCode":"db20774818","stockType":"fund_manager","exchange":"fm","tickerId":2625201180,"name":"赵岩"}]},"announcement":{"linkText":"太平恒信6个月定期开放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=1252653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1937fea5b3eb051fc14","date":"2024-09-29T16:00:00.000Z","stockId":3000000015961,"sao":"2024年三季度债券市场宽幅震荡。具体看，行情大致分为三个阶段：（1）7月22日央行公告下调DR007利率10BP至1.7%，收益率随之下行，10Y国债到期收益率从7月22日的2.24%下行12BP至2.12%；（2）8月5日10年国债活跃券盘内一度向下突破2.1%，大行集中卖债，收益率向上调整，并在2.2%附近震荡；（3）9月收益率走出“V”型。基本面仍不强，市场开始预期央行下一次降息，保险下调结算利率等诸多利多下，收益率逐渐下行至2.0%附近，央行于9月24日宣布降息20BP及降准50BP，9月26日中央政治局会议召开，非常规在9月聚焦经济问题，市场担忧后续宽信用政策，收益率迅速回调至2.2%附近震荡。　　2024年三季度产品操作：产品以商金债和利率债为主，在三季度整体保持中性杠杆，获取套息收益，并部分参与中长端利率债的交易，对组合收益进行了部分增厚。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:35.284Z","fund":{"_id":3000000015961,"__csrcFundId":11902,"stockCode":"015961","shortName":"太平恒信6个月定开债(015961)","masterFundShortName":"太平恒信6个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15961,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:44.390Z","status":"normal","exchange":"jj","fundCollectionId":4000050760000,"name":"太平恒信6个月定期开放债券型证券投资基金","inceptionDate":"2022-11-16T16:00:00.000Z","setUpDate":"2022-11-16T16:00:00.000Z","setUpAssetScale":1020000440.42,"setUpShares":1020000440.42,"pinyin":"tphx6gydqkfzqxzqtzjj","managers":[{"stockCode":"db20774818","stockType":"fund_manager","exchange":"fm","tickerId":2625201180,"name":"赵岩"}]},"announcement":{"linkText":"太平恒信6个月定期开放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=1177691","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1937fea5b3eb051fc13","date":"2024-06-29T16:00:00.000Z","stockId":3000000015961,"sao":"2024年上半年债券市场整体下行。具体看，行情大致分为三个阶段： 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用债有所分化，信用债表现相对较好，信用利差明显收窄。　　本基金以商金债和利率债为主，1-2月整体保持偏低的久期和杠杆，3月资金面较前两个月有所好转，年内经济目标略低于市场预期，央行月中超额续作MLF并降准，债市情绪回暖，期间增加5年内政金债和商金债，久期和杠杆有所提升。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:35.263Z","fund":{"_id":3000000015961,"__csrcFundId":11902,"stockCode":"015961","shortName":"太平恒信6个月定开债(015961)","masterFundShortName":"太平恒信6个月定开债","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":15961,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:50:44.390Z","status":"normal","exchange":"jj","fundCollectionId":4000050760000,"name":"太平恒信6个月定期开放债券型证券投资基金","inceptionDate":"2022-11-16T16:00:00.000Z","setUpDate":"2022-11-16T16:00:00.000Z","setUpAssetScale":1020000440.42,"setUpShares":1020000440.42,"pinyin":"tphx6gydqkfzqxzqtzjj","managers":[{"stockCode":"db20774818","stockType":"fund_manager","exchange":"fm","tickerId":2625201180,"name":"赵岩"}]},"announcement":{"linkText":"太平恒信6个月定期开放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=880479","linkType":"PDF","source":"csrc_pdf"}}]}