【申万固收|利率】久期的博弈机会vs票息的稳健价值——2026年一季度债券投资策略展望

Core Viewpoint - The article discusses the investment strategy for bonds in the first quarter of 2026, focusing on the trade-off between duration opportunities and the stable value of coupon rates [2] Group 1: Duration Opportunities - The analysis highlights the potential for duration-based strategies to capitalize on interest rate movements, suggesting that investors may benefit from adjusting their portfolio duration in response to market conditions [2] - It emphasizes the importance of monitoring macroeconomic indicators that could influence interest rates, such as inflation and central bank policies [2] Group 2: Coupon Rate Stability - The article points out that coupon rates provide a reliable income stream, which can be particularly attractive in a volatile interest rate environment [2] - It suggests that maintaining a portion of the portfolio in high-quality bonds with stable coupon payments can mitigate risks associated with interest rate fluctuations [2]