6000字梳理，基金经理视角下的债券投资常识

Group 1 - The core viewpoint of the article emphasizes the importance of understanding bond investments beyond their perceived low-risk, low-return nature, highlighting the need for investors to be informed about various aspects of bonds before investing [2][4][19] Group 2 - Bonds are a larger asset class compared to stocks in the Chinese financial market, categorized as debt financing tools, while stocks are equity financing tools [4][5] - Bonds provide fixed income through interest payments and principal repayment at maturity, making them known as fixed income assets [4][5] - The bond market consists of three segments: interbank market, exchange market, and over-the-counter market, with varying accessibility for individual investors [6] Group 3 - Different types of bonds include government bonds (national and local), policy bank bonds, and credit bonds issued by financial institutions and corporations [9][10] - Government bonds are considered low-risk due to the backing of national credit, while credit bonds carry higher risk due to the potential for issuer default [10] Group 4 - Key bond metrics include yield to maturity, coupon rate, net price, and full price, with yield reflecting the annualized return if held to maturity [12][13] - Changes in market interest rates affect bond prices inversely, with a decrease in yield leading to an increase in bond prices [15][16] Group 5 - Bonds serve as a stabilizing asset in family financial planning, providing a balance between risk and return alongside stocks and cash [19] - The bond market is influenced by economic fundamentals and monetary policy, with a favorable environment characterized by low market interest rates [21][22] Group 6 - The "stock-bond seesaw" phenomenon illustrates the inverse relationship between stock and bond markets, where rising stock prices can lead to falling bond prices and vice versa [26] - Bonds maintain their value in a diversified portfolio, even during stock market rallies, as they provide steady income through interest payments [28]