Group 1 - The domestic bond market in 2026 is experiencing a volatile pattern influenced by both policy expectations and changes in liquidity, with a slight upward shift in the yield center of current bonds [1] - Concerns about government bond supply are central to market dynamics, as the recent national fiscal work conference confirmed the continuation of a more proactive fiscal policy in 2026, raising worries about the pressure of long-term bond supply [1] - A structural differentiation trend in the bond market for 2026 seems to be established, with increased government bond issuance expected in the first quarter due to proactive fiscal policies, while demand is weakened by a lessening "asset shortage" logic and potential fund diversion to the stock market [1] Group 2 - Convertible bonds, which combine characteristics of both bonds and stocks, are identified as a key tool for balancing risk and return in the current market environment [1] - The Minsheng Jianyin Fund's fixed income department director highlighted that the current valuation of the convertible bond market remains high, and the fund maintains a significant position in convertible bonds based on three core reasons: optimism about the long-term trend of the equity market, supportive supply-demand structure for convertible bonds, and greater structural exploration potential compared to pure bonds [1] - The Minsheng Jianyin Xinxiang Bond A fund has effectively captured structural opportunities in the market, ranking first among similar products in both one-year and three-year performance metrics as of the end of Q4 2025 [2]
攻守自如：转债+利率债双轮驱动 债基或为震荡市优选
Jiang Nan Shi Bao·2026-01-09 08:53