10年国债收益率逼近1.8%，债市“黄金坑”还是“半山腰”?

Group 1 - The bond market has experienced significant adjustments in August, leading to pressure on the net value of many medium- and long-term pure bond funds due to rising interest rates and fund redemptions [1][2] - Fund managers are adopting different strategies in response to the current market conditions, with some actively increasing positions, viewing current yields as a buying opportunity, while others are cautiously observing and prefer to shorten duration and enhance liquidity [1][2] - The 10-year government bond yield has fluctuated, dropping below 1.65% in early July and approaching 1.8% by late August, indicating a volatile bond market [2] Group 2 - Some fund managers believe that while the value of certain bond types is becoming more apparent, it is not yet the right time for a right-side layout, expecting short-term volatility in the bond market [3] - The outlook for the bond market remains cautiously optimistic, with expectations of a low interest rate environment and continued monetary policy support, which will help maintain liquidity in the market [3] - Strategies include gradually increasing positions in long bonds when the 10-year government bond yield exceeds 1.75%, as the foundation of the bond market remains intact despite short-term disturbances from commodities and equity markets [3]