All right. We spend a lot of time looking at stats about the markets and the and Q4 and seasonality. Is that something you're paying attention to. Do you think that's something that global investors are paying attention to.>> Yeah, we tend not to pay too much attention to what happens in one quarter, per se. And actually, if you take a step back and if you're an investor, it's been a pretty good year. Uh many asset classes have done incredibly well this year on a year-to- date basis.So even if you set aside ...

【导读】在政策与市场的双重驱动下，春秋航空以创纪录低利率成功发债 中国基金报记者郑俊婷 11月初，春秋航空2025年面向专业投资者公开发行的科技创新公司债券（第一期）（以下简称"25春秋 K1"）在上交所成功发行。该债券规模为8亿元，期限三年，票面利率为1.98%，超额认购倍数达3.03 倍，创下交运领域民营企业同期限信用债最低利率，亦为航空公司同期限公司债的最低发行利率。 春秋航空上海总部中国基金报记者郑俊婷摄 时隔9年发债效果超出预期 "25春秋K1"是春秋航空时隔9年再次发行公司债券。对于3倍的超额认购和较低的票面利率，陈可坦言 超出预期。 "债券投资和股票投资非常不一样，股票投资看重预期，而债券投资更看重安全、稳定。本次发行结果 说明，投资者认可春秋航空属于'安全资产'。"陈可说。 据陈可介绍，之所以在当前时点发债，主要有三点考量。一是为未来的资本性开支做准备，如购买飞机 和发动机等核心设备。二是在目前货币政策比较宽松的环境下，回应投资者"增加杠杆"的呼声。三是以 本次发债为契机，试探下市场对公司债券的接受度。 "最终发行结果超出预期。明年我们大概率会继续选择债券工具，将其作为重要的资金来源渠道。"陈 ...

真突破力量强，假突破会横盘。 如果是真反转，市场逆势突破区块（横盘震荡）后，在突破后的力量会非常的强，不会在突破后还继续横盘。这就是逆势突破后横盘，即未被证明正确， 这个反转可能是假反转，市场大概率还会延续原有趋势。 【笔记20251120— 债券投资经理：不交易就失业（-彭博称中国考虑房贷贴息等地产刺激计划+股市小幅下跌+资金面均衡偏松=微上)】 资金面均衡偏松，长债收益率微幅上行。 央行公开市场开展3000亿元7天期逆回购操作，今日有1900亿元逆回购与1200亿元国库现金定存到期，合计净回笼100亿元。 资金面均衡偏松，资金利率延续回落，DR001在1.37%附近，DR007在1.49%附近。 | | | | 银行间资金 | (2025. 11. 20) | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化童 | (亿 | 成义安占 | | | (%) | (bp) | (近30天) | (%) | (bp) | ...

【环球网财经报道 记者 冯超男】当前，险资投资究竟呈现出怎样的态势？这组数据给出了清晰的答案：根据国家金融监督管理总局最新公布的保险公司资 金运用情况表，截至2025年三季度末，保险公司资金运用余额达37.46万亿元，相较于二季度末的36.23万亿元增长3.39%。 在险资投资规模持续扩张同时，权益投资在整体资产配置中的占比有所上升。同期末，人身险公司和财险公司投资于股票和证券投资基金的余额总计5.593 万亿元，占资金运用总余额的14.93%，较二季度末的13.05%增长1.88个百分点。 相较而言，两类公司投资于债券的余额达18.18万亿元，在保险公司资金运用余额中占比达48.52%，与二季度末的49.31%相比小幅下降。 在超37万亿元资金运用余额中，其中人身险公司有33.73万亿元，2.39万亿元来自于财产险公司。细分来看，截至今年三季度末，人身险公司投资于股票和证 券投资基金的余额约为5.19万亿元，占资金运用总余额的15.38%，较二季度末的13.34%上涨2.04个百分点。 权益投资占比提升，险资举牌次数创新高 环球网记者进一步梳理发现，人身险公司投资于股票和证券投资基金的余额总体呈逐季度递增态 ...

【行情跟踪】 国债期货收盘全线上涨，30年期主力合约涨0.06%报116.53，10年期主力合约涨0.03%报108.5，5年期主 力合约涨0.03%报105.92，2年期主力合约涨0.01%报102.49。 银行间主要利率债表现分化，30年期国债"25超长特别国债06"收益率下行0.35BP报2.136%，10年期国开 债"25国开15"收益率下行0.2BP报1.866%，5年期国开债"25国开08"收益率上行0.4BP报1.714%。 中证转债指数收盘下跌0.55%，报488.05点，成交金额682.42亿元。中能转债、立中转债、天赐转债、 国城转债、振华转债跌幅居前，分别跌14.87%、11.04%、10.39%、8.84%、8.37%。东时转债、微导转 债、润达转债、惠城转债、路维转债涨幅居前，分别涨14.69%、6.00%、5.09%、4.77%、4.76%。 【海外债市】 北美市场方面，当地时间11月17日，美债收益率涨跌不一，2年期美债收益率涨0.63BP报3.608%，3年 期美债收益率涨0.28BP报3.611%，5年期美债收益率持平报3.728%，10年期美债收益率跌0.78BP报 4.1 ...

兴趣爱好：登山 徒步 本期人物：王潇 英文名：Sean 所在机构：星空证券 从业年限：10年 人物标签：债券交易专家 偶像：迈克尔·米尔肯 投资格言：风险不只在于买什么，更在于何时买、以何种价格买 今天为大家介绍一位擅长债券交易的基金经理王潇，现任星空证券基金经理。 他是典型的科班出身，本硕阶段都从事金融专业学习，理论功底扎实。毕业后即进入某证券公司固定收 益部开启投资生涯，一晃已有10年时间。 先做本土人民币债券交易，后加盟美元基金从事境外债券交易，王潇所在团队打造出了一款年化收益率 高达30%+的旗舰产品，收益率在同类产品中较为罕见。 他到底是怎么做到的呢?让我们一起来认识一下。 以下是新智基金网专访的全程实录 新智基金网：您踏进投资圈，迄今为止已有多长时间？ 王潇：10年。 新智基金网：您在大学阶段学习的是什么专业，与投资的相关性高不高？ 王潇：我本科和研究生都是金融专业，其中很多课程，比如固定收益、投资管理等，对我后续的职业生 涯帮助很大。当然，学校里掌握的更多属于理论知识，真正的投资能力还是要在市场实践中获得，通过 一次次对利率走势的研判和对信用风险的识别把控，逐步积累和打磨出来的。 新智基金网：您 ...

银行：年末供给较少、信贷需求延续下行、兑现浮盈压力不大，对债券或仍有主动配置需求。 财通证券孙彬彬团队建议关注平安0-3国开债券ETF。作为追踪短久期政金债ETF的被动指数型基金，平安0-3国开债券ETF定位为"货币+"短期现金管理工 具，兼具收益率、流动性和灵活性优势，可较好平衡流动性管理和杠杆套息诉求。 机构对年末机构配置行情怎么看？ 回撤方面，截至2025年11月14日，国开债券ETF近半年最大回撤0.12%，相对基准回撤0.17%，在可比基金中回撤最小。回撤后修复天数为8天。 费率方面，国开债券ETF管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年11月14日，国开债券ETF近1月跟踪误差为0.006%，在可比基金中跟踪精度最高。 国开债券ETF紧密跟踪中债-0-3年国开行债券指数(总值)财富指数，中债-0-3 年国开行债券指数隶属于中债总指数族分类，该指数成分券包括国家开发银行 在境内公开发行且上市流通的待偿期 3 年以内（包含 3 年）的政策性银行债，可作为投资该类债券的业绩基准和标的指数。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作 ...

Core Viewpoint - The public FOF funds have achieved remarkable performance in Q3 2025, with all funds reporting positive returns for the year, marking an unprecedented situation in the market [1][3]. Performance Highlights - The top-performing FOF product has recorded a return of nearly 70% this year, significantly outperforming many actively managed equity funds [2][5]. - The leading FOF fund, Guotai Youxuan Lianhang One-Year Holding FOF, achieved a return of 66.7%, followed by Guotai Industry Rotation Stock C at 60.3% and E Fund Gold Theme at 55.3% [3][4]. Fund Growth and Popularity - The total scale of public FOF funds increased from 165.7 billion yuan at the end of Q2 to 193.4 billion yuan by the end of Q3, with the number of funds rising from 517 to 518 [7][10]. - Some FOF products have seen their scale grow more than tenfold, indicating strong investor interest and confidence [10][12]. Investment Strategies and Trends - FOF funds have shown a significant preference for gold-themed funds, which accounted for 40% of the top ten performing FOF funds, reflecting a strategic focus on risk-averse assets amid rising geopolitical risks and fluctuating inflation expectations [5][19]. - The international gold price has been strong, surpassing $2,600 per ounce in Q3, contributing to the performance of gold-related investments [5][19]. Major Holdings and Adjustments - The top five funds held by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Huazheng Gold ETF, and several other bond ETFs, indicating a strong focus on fixed-income securities [13][15]. - FOFs have increased their holdings in Huazheng Gold ETF by over 70 million shares in Q3, demonstrating a proactive approach to asset allocation [6][18]. Future Outlook - FOF fund managers are looking to balance their portfolios with a focus on technology and cyclical sectors for Q4, while maintaining a solid foundation in bond and gold investments [20][22]. - The consensus among FOF managers is to adopt a flexible and balanced investment strategy to navigate potential market volatility while seeking excess returns [22].

Core Insights - The global bond market is experiencing significant fluctuations, with the U.S.-China interest rate differential drawing attention, and a professional tool for millisecond-level alerts is becoming central to investor decision-making [1][2] - U.S. Treasury yields have reversed their downward trend, with the 10-year benchmark yield dropping to 4.30%, driven by ongoing bets on potential Federal Reserve rate cuts [1][2] - China's domestic bond market is showing similar trends, with government bonds opening high and futures closing up across the board [1][2] Group 1: Market Dynamics - In 2025, bond investors face unprecedented challenges and opportunities due to increased market volatility, subtle fluctuations in government bond yields, and sudden changes in corporate bond credit spreads [2] - The U.S. Treasury market has reversed a three-day decline, influenced by investor expectations of a possible rate cut by the Federal Reserve as early as September [2] - On August 20, China's interest rate bonds opened high, with the 10-year government bond actively declining, while futures for 30-year and 10-year contracts rose by 0.23% and 0.03%, respectively [2] Group 2: Information Tools - The speed and quality of information acquisition are critical in the rapidly changing bond market, making the ability to obtain timely information a core competitive advantage for investors [3] - A comprehensive evaluation of mainstream bond news apps is based on five dimensions: data coverage, news timeliness, analytical professionalism, tool practicality, and user experience [3] Group 3: Leading Tools - Five leading bond news applications have been identified, each with unique features and advantages, including Wind, iFinD, Choice, and Zhitong Finance [4] - Wind is recognized as the standard for institutional markets, offering extensive global bond data but at a high annual fee exceeding 20,000 yuan [4] - iFinD excels in intelligent bond strategy recommendations tailored to user risk preferences, while Choice provides free basic bond market data and an active community [4] Group 4: Sina Finance APP Advantages - The Sina Finance APP leads bond information applications with a comprehensive score of 91.6, showcasing four core competitive advantages [5] - It monitors over 40 markets seamlessly, covering various bond types and providing detailed data such as government bond futures and regional risk scores for municipal bonds [6] - The app's "bond anomaly monitoring" system can push alerts within three seconds of unusual trading price differences, leveraging a dedicated financial media team for timely insights [7] Group 5: AI Integration - The "Xina AI Assistant" in the Sina Finance APP marks a new era of intelligent financial news interpretation, capable of summarizing lengthy reports and identifying risk and opportunity points [11] - The system can automatically generate trading strategies based on Federal Reserve decisions, allowing users to execute trades directly [11] - This "information-analysis-trading" loop empowers ordinary investors with institutional-level decision-making capabilities [12] Group 6: Custom Solutions - Investors are encouraged to select tools based on their specific needs, with various combinations of applications recommended for different user types [13][14][15][16] - The comprehensive evaluation indicates that the Sina Finance APP, with its millisecond-level market coverage and AI-driven strategy generation, effectively enables investors to navigate bond market volatility with confidence [16]

Core Viewpoint - Credit growth in China is expected to weaken, with banks facing pressures of negative loan growth due to low demand for credit [1] Group 1: Credit Market Dynamics - The People's Bank of China emphasizes a scientific approach to financial metrics, focusing more on social financing scale and money supply rather than traditional credit indicators [1] - New loans in 2026 may continue to decline, potentially falling below 15 trillion yuan [1] - Long-term trends indicate that credit demand is likely to remain low, leading to a structural change in bank asset composition, with bond investments expected to contribute over 50% to the growth of bank assets [1] Group 2: Sector Contributions - Historically, local government financing and real estate have contributed 60% of China's credit; however, with infrastructure saturation and control of hidden debts, credit expansion in these areas will slow down [1] - The real estate sector is entering a phase of long-term negative growth in loans, marking the end of an era for real estate financing [1] - Manufacturing credit faces challenges due to overcapacity, while market-oriented enterprises and households are actively deleveraging, further dampening loan demand [1] Group 3: Company Bond ETF Performance - The company bond ETF (511030) has shown resilience with a controlled drawdown, ranking first in terms of drawdown management since the bond market adjustment this year [1] - As of November 11, 2025, the company bond ETF has accumulated a 1.41% increase year-to-date [2] - The ETF has seen significant trading activity, with a turnover of 10.93% and a transaction volume of 2.637 billion yuan, indicating a vibrant market [2] Group 4: Fund Flows and Performance Metrics - The company bond ETF has experienced continuous net inflows over the past 14 days, totaling 1.017 billion yuan, with a daily average net inflow of approximately 72.66 million yuan [2] - The ETF's net value has increased by 13.33% over the past five years, with a historical monthly return of up to 1.22% [2][3] - The ETF's management fee is set at 0.15%, and the custody fee is 0.05%, contributing to its overall cost structure [3]