增量资金涌入，纯债、一级债基、二级债基，2026 年该怎么选？

Core Viewpoint - The bond market at the beginning of 2026 is experiencing a "funding frenzy" due to the implementation of tax exemptions for foreign institutional bonds, the valuation advantages of Chinese bonds, and stable yields, leading to increased foreign investment and significant inflows from bank wealth management and individual investors into bond funds [1][6]. Summary by Sections Current Market Environment - The bond market in 2026 is characterized by "liquidity easing + interest rate fluctuations + credit bond yields dominating," with foreign capital and inflows reinforcing the importance of "certain returns" [6]. Types of Bond Funds - Pure Bond Funds: Focus on government bonds, financial bonds, and credit bonds without equity participation, characterized by low risk [4][5]. - Level One Bond Funds: Primarily bond-focused but can participate in new stock subscriptions, with moderate risk [4][5]. - Level Two Bond Funds: Have a bond base (≥80%) and can directly invest in stocks (up to 20%), presenting medium risk [4][5]. Fund Suitability Analysis - Pure Bond Funds: Considered the safest option, suitable for most investors due to their low volatility and stable returns, aligning with the current market's focus on yield [7]. - Level One Bond Funds: Face pressure on new stock subscription returns, making them less attractive compared to pure bond funds and level two bond funds in the current market [8]. - Level Two Bond Funds: Offer unique advantages in a volatile market, combining bond stability with potential stock gains, suitable for investors with moderate risk tolerance [9]. Selection Strategy for Bond Funds - The selection process for bond funds should match individual risk tolerance and market conditions, following a four-step approach: defining risk preference, examining product details, selecting fund managers, and configuring asset allocation [10]. - Recommended allocation strategy includes 60%-70% in core holdings (short-duration pure bond funds) and 30%-40% in enhancement strategies (level two bond funds) [10]. - Emphasis on selecting funds with high credit ratings (AA+ and above) and low fees (management + custody fees below 0.6%) to optimize returns [10].