曲径分岔：政策分化中把握中久期良机

Group 1 - The report highlights the divergence in global monetary policies, with the Bank of Japan raising interest rates by 25 basis points to 0.75%, marking a 30-year high, while the European Central Bank maintained rates and the Bank of England cut rates by 25 basis points [7][8] - Emerging market bonds have shown strong performance, with a weekly return of 0.32%, outperforming U.S. Treasuries by 2 basis points, and an annual return of 10.9%, leading U.S. Treasuries by 454 basis points [9][10] - The report suggests a focus on 5-7 year medium to long-term bonds to balance duration and reinvestment risks, aiming for a yield close to 4% [36] Group 2 - The U.S. Treasury yield curve has flattened, with the 10-year yield dropping by 1.7 basis points to 4.13%, while the 1-year yield fell significantly by 2.4 basis points to 3.49% [10][11] - In contrast, UK government bond yields surged, with the 20-year yield rising by 14.24 basis points to 5.15%, reflecting increased inflation expectations and fiscal pressures [10][11] - Japanese government bonds saw a rise in yields across the board, with the 10-year yield increasing by 7 basis points to 2.04% following the central bank's rate hike [10][11] Group 3 - The report notes that the corporate bond market in the U.S. is expected to see daily trading volumes surpassing $50 billion, driven by record issuance levels [9][10] - Investment-grade credit spreads in the U.S. have narrowed, indicating a recovery in risk appetite, while high-yield spreads decreased significantly by 14 basis points to 6.53% [10][11] - The report emphasizes the importance of selecting medium to long-term, high-quality credit and high-yield assets from emerging markets to construct a balanced investment portfolio [36]