第一创业总裁王芳：债市进入宽幅震荡新阶段，“固收+”策略蓬勃发展

Group 1 - The core viewpoint of the article highlights the expansion and innovation within China's bond market, emphasizing its role in supporting the real economy and national strategic areas [1] - As of the end of 2025, the total outstanding amount of China's bond market exceeded 196 trillion yuan, an increase of 2 trillion yuan from the beginning of the year [1] - In 2025, the total issuance of government bonds reached 16.01 trillion yuan, a year-on-year increase of 28.37%, marking a historical high [1] Group 2 - The issuance of special long-term government bonds amounted to 1.3 trillion yuan, specifically directed towards key national strategic areas [1] - The issuance scale of "science and technology innovation bonds" reached 1.87 trillion yuan, with over 1,600 bonds issued [1] - Bond ETFs have rapidly developed, covering various types of bonds, with the total scale surpassing 800 billion yuan, providing new opportunities for bond market development [1] Group 3 - The market has transitioned into a new phase of wide fluctuations, moving away from the prolonged trend of unilateral trading, influenced by "asset scarcity" and changes in institutional behavior [1] - Various "fixed income plus" strategies are flourishing in this new market environment [1]