施罗德投资：明年债券市场环境充满挑战 债券投资需采取主动型管理策略

Group 1 - The bond market is expected to present moderate accumulation risks in 2026, with investment opportunities arising from unpredictable triggers [1] - A flexible asset allocation strategy is essential, as investors should seek overlooked areas through rigorous fundamental research and innovative approaches in the corporate bond market [1] - The fixed income investors will face diverging economic cycles among major economies, with notable differences in inflation, monetary policy, and economic growth direction [1] Group 2 - The bond market performance in 2025 showed significant divergence across regions and maturities, a trend expected to continue into 2026 due to varying economic growth, employment markets, and inflation outlooks [2] - The U.S. economic outlook for 2026 remains positive, supported by fiscal stimulus and easing monetary policy, although there are concerns about excessive stimulus measures [2] - Passive management strategies may lead to overexposure to underperforming assets, increasing risk and potentially dragging down returns [2] Group 3 - Global bond investment portfolios are seen as more advantageous, given robust economic growth and dovish policy directions [3] - The European economy is expected to improve steadily into 2026, although Germany's fiscal stimulus may not significantly alter overall Eurozone growth [3] - Corporate bonds have performed well over the past year, but the valuation starting point will be crucial for future returns, with current credit risk premiums at historical lows [3]