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体偏宽松的格局可能延续，甚至可能再度降准降息。一方面，稳增长仍然需要货币资金环境维持相对宽松的态势。另一方面，在宏观杠杆率处于高位，部分部门存在债务压力的情况下，出于防范债务风险的考虑，也需要保持资金的稳定与利率水平处于偏低的位置。此外，考虑到当前实际利率相对偏高，未来也存在降息的必要性。若政策利率进一步下调，则从债市定价的角度看，债市运行区间也大概率下行。当然，考虑到下半年稳增长力度可能较二季度提升，当部分有力度政策推出与见效的阶段，市场或出现震荡调整，存在波动加大的可能。","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融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=960589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f54d","date":"2023-03-30T16:00:00.000Z","stockId":3000000006932,"sao":"一季度，债市表现分化，利率债收益率总体小幅上行，信用债收益率有所下行。理财市场在经历去年四季度风险事件后逐步企稳，同时信用债收益率在去年底今年初处于性价比较高的水平，在此情况下，一季度信用债表现较好。而在经济呈现疫后修复的情况下，利率债收益率出现小幅上行。　　一季度本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息等方式增厚组合收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.624Z","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融债债券型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f54c","date":"2022-12-30T16:00:00.000Z","stockId":3000000006932,"sao":"2022年债市总体呈现震荡态势。2022年1-10月受疫情影响，经济增速下滑，货币政策总体维持相对宽松态势，收益率逐步下行至历史较低水平。2022年11-12月，在疫情管控政策调整的情况下，市场预期发生较大变化，收益率出现明显上行。本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.621Z","mo":"2023年预计债市总体呈震荡格局。一方面，经济增速大概率出现修复性回升，随着疫情防控政策的调整以及稳增长政策的推进，经济企稳向好的趋势很可能延续。但与此同时，今年海外经济体增速放缓、美国可能陷入衰退等因素使得外需面临较大压力，在国内外经济周期错位的情况下，经济修复的过程可能仍有波折。另一方面，对货币政策而言，目前市场资金利率已基本回归政策利率，考虑到全年通胀压力不大，货币政策进一步收紧的可能性不大。同时，就债市的市场定价来看，当前市场水平已一定程度计入了经济正常修复的预期。因此，我们预计今年债市就全年而言可能呈现偏震荡市的格局，收益率全年趋势性上行或下行的可能均偏低，年内或为波段运行态势。","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融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=868615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f54b","date":"2022-09-29T16:00:00.000Z","stockId":3000000006932,"sao":"三季度，债市表现较好，收益率总体出现下行。7月、8月债市收益率逐步下行，资金利率处于较低水平，公开市场操作利率下调进一步推动现券收益率回落。9月份经济增速边际好转，且海外央行鹰派加息影响市场预期，市场出现震荡调整。  三季度本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。由于三季度行情较好，本基金在三季度使用中长期利率债进行波段操作，资本利得方面对组合形成一定贡献。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.618Z","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融债债券型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f54a","date":"2022-06-29T16:00:00.000Z","stockId":3000000006932,"sao":"上半年债市呈现区间震荡的态势。稳增长政策不断发力，但期间被疫情反复打断，而货币政策总体偏宽松，突发因素较多，市场主逻辑不断切换，收益率呈现不断反复的区间震荡走势。  上半年本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.616Z","mo":"下半年预计债市总体延续向好格局。一方面，经过5月至6月份的经济修复后，预期后期经济修复斜率放缓，增长可能开始进入平台期。此外，海外经济下行压力加大，未来可能出现的外需放缓或成为新的压制因素。另一方面，在经济增长进入平台期的情况下，考虑稳增长与防风险等因素，预计货币政策总体仍然保持偏宽松的格局，尤其是在反复强调流动性合理充裕的情况下，资金面可能继续保持偏宽松的格局。定价方面，在上半年资金利率下行的情况下，现券收益率的下行相对克制，定价上仍留有一定的安全边际。因此，预计下半年的债市仍有一定支撑，在资金宽裕的情况下，收益率可能呈现震荡下行态势。","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融债债券型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782292","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f549","date":"2022-03-30T16:00:00.000Z","stockId":3000000006932,"sao":"一季度债市先涨后跌，1月央行降息，收益率显著下行，其后稳增长有所发力，收益率震荡上行。  一季度本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。在1月下旬，考虑到收益率水平已较低，收益率上行风险明显大于进一步下行的可能，因此我们降低了持仓与组合久期，转为防御。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.613Z","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融债债券型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f548","date":"2021-12-30T16:00:00.000Z","stockId":3000000006932,"sao":"2021年债市走势较好，在经济增速回落与央行货币政策放松的推动下，全年收益率呈现震荡回落态势。  2021年本基金主要配置中短期品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。年内基金在部分阶段增加了长期利率债的配置，在收益率下行后进行了解，资本利得方面对组合形成一定贡献。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.610Z","mo":"2022年债市预计是小牛市，同时年内震荡较大：   1、央行货币政策的总体基调决定债市牛熊的方向，由于中央经济工作会议表态“稳健的货币政策要灵活适度，保持流动性合理充裕”，因此，2022年债市大概率可以排除系统性熊市的可能。考虑到当前收益率水平，我们倾向于2022年债市呈现小牛市。   2、配债的当年收益取决于开年的静态收益率与全年的资本利得。当前的收益率水平明显低于2021年，全年的资本利得也大概率不及2021年。因此，对比2021年的行情2022年大概率是小牛市。   3、年内震荡较大。核心的原因是2022年内可能会出现一两个季度的经济增速企稳回升，届时货币政策可能会阶段性进入观察期，债市可能出现一定力度的调整。当然经济增速长期下行的压力与趋势仍然存在，收益率下行的大方向不变，一旦2022年债市出现中期调整，则将出现较佳的增配机会。","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement":{"linkText":"平安0-3年期政策性金融债债券型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca387fea5b3eb049f547","date":"2021-09-29T16:00:00.000Z","stockId":3000000006932,"sao":"三季度，债市表现较好，收益率总体出现下行。7月在央行全面降准的推动下，收益率下行幅度较大。8月至9月，信用政策略有边际松动，市场预期出现波动，收益率开始出现震荡。  三季度本基金主要配置中短期政策性金融债品种以获取稳健收益，同时通过杠杆套息、波段操作等方式增厚组合收益。由于三季度行情较好，本基金三季度在波段交易方面更为积极，从而在资本利得上对组合形成一定贡献。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:25:12.608Z","fund":{"_id":3000000006932,"__csrcFundId":5966,"stockCode":"006932","shortName":"平安0-3年期政策性金融债债券(006932)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6932,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:26:31.630Z","status":"normal","inceptionDate":"2019-02-24T16:00:00.000Z","name":"平安0-3年期政策性金融债债券型证券投资基金","exchange":"jj","followedNum":4,"fundCollectionId":4000050640000,"currency":"CNY","masterFundShortName":"平安0-3年期政策性金融债债券","pinyin":"pa0-3nqzcxjrzzqxzqtzjj","managers":[{"stockCode":"8801622676","stockType":"fund_manager","exchange":"fm","tickerId":2525191760,"name":"杨严"}]},"announcement"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