资产配置日报：债市企稳的信号

Market Performance - The Shanghai Composite Index closed at 3366.16, down by 6.38 points or -0.19%[1] - The CSI 300 Index closed at 3928.80, down by 15.21 points or -0.39%[1] - The China Convertible Bond Index rose by 0.81 points or 0.19% to 436.66[1] - The 7-10 Year National Development Bonds Index decreased by 0.43 points or -0.16% to 262.18[1] - The 3-5 Year Implied AA+ Credit Index fell by 0.13 points or -0.07% to 186.11[1] Market Trends - On March 10, the stock market continued to cool down, with most indices in narrow fluctuations; the bond market saw a general rise in yields across various maturities[2] - The 10-year and 30-year government bond yields increased by 2.0 basis points and 2.8 basis points, reaching 1.81% and 2.00% respectively[2] - The market sentiment is described as extremely fragile, with concerns about potential forced liquidations by other institutions exacerbating the adjustment[4] Fund Dynamics - The demand for funds to reduce duration has been a significant driver of market fluctuations, with the duration of top-performing medium and long-term bond funds decreasing from 6.2 years to 4.9 years recently[4] - Despite the bond market's poor performance on March 7 and 10, the redemption index showed a significant difference compared to previous pressures, indicating a potential stabilization[3] Investment Outlook - The report suggests that the market is at the tail end of an adjustment phase, with several signals indicating potential stabilization, including the possibility of the central bank's market interventions[5] - The overall market remains in a strong trend, although short-term pressures may lead to some profit-taking, particularly in the context of ongoing uncertainties in overseas markets[6]