国泰海通证券：资金利率下行可期 建议债市策略从久期向票息切换

Core Viewpoint - The report from Guotai Junan Securities indicates a strong expectation for a decline in funding rates, suggesting a shift in bond market strategy from duration to coupon-based approaches [1] Group 1: Market Strategy - The current pace of expected monetary easing through reserve requirement ratio (RRR) cuts and interest rate reductions may be slower than anticipated, but the certainty of declining funding rates is strong [1] - The recommendation is to switch from duration strategies to coupon strategies, utilizing pledged financing to moderately increase leverage and enhance static returns [1] Group 2: Investment Focus - The report highlights a focus on long-end credit bonds, perpetual bonds, policy bank bonds, and ultra-long local government bonds, which exhibit coupon convexity characteristics [1] - It is anticipated that the funding central tendency will gradually decrease, with the 7-day repurchase rate (DR007) for deposit-taking institutions expected to have a downward space of over 10 basis points, potentially aligning with the 7-day reverse repo operation rate in the open market [1]