马年投资锦囊|华商基金杜磊：短债基金仍有较高配置价值

Core Viewpoint - The bond market is expected to stabilize and rebound in 2026, with a focus on balancing yield and liquidity in investment portfolios [1] Group 1: Market Outlook - The macroeconomic environment is anticipated to continue its mild recovery, with monetary policy expected to maintain a moderately loose stance, leading to a reasonably ample liquidity environment [1] - Short-term bond funds and money market funds are projected to have high allocation value and strong cash management attributes [1] Group 2: Investment Characteristics - Short bond funds and money market funds are characterized by relatively low risk, good liquidity, and stable returns, making them suitable for conservative, stable, and aggressive investors [1] - These funds can serve as a "financial management choice" for conservative investors, a "ballast" for stable investors, and a "safe haven" for aggressive investors amid market fluctuations [1] Group 3: Policy and Market Dynamics - The main contradiction in the bond market has shifted from a bottoming basic situation to a continuously strengthening policy environment, with financial data showing improvement but microeconomic vitality remaining insufficient [2] - The market is currently focused on the implementation of new fund sales fee regulations and expectations for further policy stimulus, with the central bank restarting government bond purchases in the last quarter of the previous year [2] Group 4: Liquidity Management - Liquidity management remains a core focus in product operation management, adhering to the "triangle balance" theory to seek equilibrium among liquidity, scale, and yield [2] - The aim is to provide investors with low-risk, high-liquidity, and stable return asset allocation options over the long term [2]