征文优秀文章 | 应用国债期货管理债券投资风险的实践与创新

Group 1 - The article discusses the complexities faced by financial institutions in bond investment under a low interest rate environment, emphasizing the need for both capturing downward yield benefits and mitigating upward interest rate risks [2][6][29] - It highlights the significant decline in bond yields, with the 10-year government bond yield dropping to a historical low of 1.6%-1.9% from January to July 2025, and the increased volatility in bond yields, complicating risk management for financial institutions [2][4][6] - The article proposes the innovative use of government bond futures for risk management, particularly during periods of significant interest rate increases, and suggests a quantitative hedging mechanism to enhance risk management effectiveness [1][29][30] Group 2 - Financial institutions are encouraged to utilize government bond futures to manage various types of risks, including interest rate risk, duration gap risk, liquidity risk, credit spread risk, and yield curve risk [1][29][30] - The article provides practical examples of how government bond futures can be employed to hedge against rising interest rates, demonstrating the effectiveness of using the modified duration method for calculating hedge ratios [9][10][26] - It emphasizes the importance of expanding participation in the government bond futures market among banks and insurance institutions to enhance their risk management capabilities and achieve high-quality investment management [30]