同时，我们看到，世界的流动性总体是不断增加的。虽然财富与认识分化，但财政扩张、货币超发好像 没有多大分歧。行业之间的冰火两重天，也导致传统信贷资金需求的下降。流动性，像一个精灵，游荡 在各个市场。移动互联网强化了信息传播的速度与深度，幡动与心动的幅度都在加剧。 2025年国内超长期债券的调整，可能反映了两个心态：一是在全球流动性过剩的压力下，加上国内"反 内卷"的政策引导，国内是否会回到温和通胀，从而改变前期的物价低迷预期；二是在追求安全的大环 境下，超长期债券的流动性是否有足够补偿。我们看到，2025年超长期债券的调整，美国、英国、日本 也类似，而且美国的长期债收益率并没有伴随降息而走低。 2025年公募基金行业更是经历了深刻的变革。强调投资者收益获得感，引导回归业绩基准的本源。虽然 外面充满了幡动与心动，但固定收益投资必须在这个充满变化的世界里，回归追求确定收益的初心。有 人民币稳定这个大前提，考虑到风险偏好也呈现两极分化，固定收益仍然大有可为。 2025年对很多人都应该是难忘的一年：中国顶住了关税摩擦，表现出强大的综合国力；上证指数年内突 破4000点；人民币强势升值；贵金属涨势如虹，大有重演20世纪7 ...

本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【1月6日杰富瑞全球学家称部分投资主题未来几天有望受益】杰富瑞全球学家Mohit Kumar在报告中指 出，地缘政治局势难交易，但未来几天部分投资主题或受益。固定收益领域，因财政支出增加，债券收 益率曲线将趋于陡峭。外汇市场上，美元分散配置主题会进一步发展，黄金成主要受益者。股票市场 中，随着全球国防支出增多，国防类股票预计持续表现良好。 ...

与公司2025年9月30日的投资组合相比，集团于第四季度内新增投资项目泰州兴化休闲食品产业园固定 收益项目、无锡惠山国控固定收益项目及扬州广陵食品产业园固定收益项目。退出泰州兴化城市更新项 目、扬州广陵科技创业园项目、泰州靖江市城北园区项目等，累计回收本金人民币8.2亿元，并已获得 全部本金及相关保证投资收益。 中国新城镇(01278)发布公告，截至2025年12月31日，扣除风险项目的减值准备后，公司固定收益类项 目投资组合总额约为人民币33.66亿元。剔除风险项目，其他项目按照合约取得税前年化保证投资收益 约为人民币2.38亿元，对应的平均年化税前投资回报率约7.1%。 ...

文/每日财报 楚风 12月17日，中邮基金公告，原董事长毕劲松因年满退休正式离任，由张涛接任董事长一职。此次调整与控股股东首创证券的近期人事变动一脉相承：毕劲 松于11月卸任首创证券董事长，张涛随后接棒并于12月兼任中邮基金董事长。 毕劲松担任中邮基金董事长时长5年，公司管理规模从400多亿元增长至700多亿元，相比同规模的基金公司并不突出。从产品类型来看，债券基金成为规 模增长的主要推动力，当前规模占比超过七成。 12月17日，中邮基金发布高管变动公告显示，毕劲松因年满退休，不再担任公司董事长的职务。自12月16日起，公司董事长由张涛接任。中邮基金是首创 证券的控股子公司，该高管变动与首创证券一脉相承。 《每日财报》曾撰文《首创证券"将帅齐换"背后：资管业务收入"腰斩"，投行业务成为短板》提到，11月20日，首创证券董事长毕劲松因退休离职，张涛 从总经理职位升任董事长，并担任法定代表人。 作为证券业"老将"，张涛并不具备基金公司从业经验。资料显示，张涛曾在华泰证券任职，历任总裁办公室总裁秘书、投资银行一部业务经理、上海总部 投资银行业务部副总经理等多个职位，后加入东兴证券，曾担任财务负责人、董事、总经理等职 ...

So, should investors still expect another strong year ahead. Well, joining us now is unlimited CEO and CIO Bob Elliot. Bob, it's great to have you on.Actually, want to start right there with that BFA survey. Um, because as Mike Sani has pointed out many times before, when you see this much optimism in a survey like this, it tends to be a contrarian a contrarian indicator. Your thoughts.>> Well, I one of my favorite parts about that survey is highlighting that essentially all bears are dead in the market. Uh ...

Vanguard has rolled out a new fixed-income ETF targeted at investors who want broad bond-market exposure with a little extra kick. • What’s going on BNDP stock?The Vanguard Core Plus Bond Index ETF (NASDAQ:BNDP) , launched today, is designed as a one-stop, low-cost core holding for individual and institutional investors looking for diversified U.S. taxable bond exposure — including slices of high-yield and emerging-market debt.The fund tracks the Bloomberg U.S. Universal Float Adjusted Index, a wide-rangin ...

在经过一段时间的美债跑赢大市后，施罗德投资发现环球债券投资组合更有优势。考虑到经济增长稳 健、政策方向偏鸽派，加上现任美联储主席鲍威尔将于2026年5月卸任、新主席人选待定，美联储公信 力或受冲击的隐忧挥之不去，因此认为持有低成本的通胀保障是审慎之举。 欧洲经济于2025年稳步改善。预期这趋势将延续至2026年，德国的财政刺激虽有正面作用，但不足以扭 转整体欧元区经济增长。然而，在英国，劳动市场放缓加上即将收紧财政的预算案，可能会使英国在 2026年初的经济增长继续落后，英国国债因此仍具投资价值。 无论是担心人工智能带动增长过度集中、被高估的股价、波动的美国政策或其他风险，随着全球通胀压 力维持温和，固定收益能分散投资的作用正日益提升。对仍重仓持有现金的投资者而言，这张"安全 网"已不如以往坚固。随着现金利率下行且无法追上通胀，债券仍属具吸引力的收益来源。 企业债券在过去一年表现理想，但估值起点将成为影响未来回报的关键因素。目前，相对于政府债券， 因承担额外信贷风险而赚取的利差已处于历史低位。在收窄的利差水平下，重仓配置企业债券在现阶段 并不明智。 施罗德投资表示，踏入2026年，固定收益投资者面对的，是主要 ...

Core Viewpoint - The Chief Investment Officer of Pacific Investment Management Company (Pimco), Dan Ivascyn, expressed optimism regarding the performance and outlook of fixed income assets for the current year, highlighting attractive investment opportunities due to high yields and low correlation cycles globally [1] Group 1 - The company is excited about the potential returns from fixed income assets this year [1] - High yields are creating appealing investment opportunities for the company [1] - There are numerous low-correlation cycles around the world, contributing to a positive outlook for future returns [1]

Core Insights - The article discusses the relevance of fixed income products in a low interest rate environment and explores the correct approach to investing in these products [1] Group 1: Fixed Income Products - Fixed income products remain a topic of interest despite low interest rates, prompting a reevaluation of their investment strategies [1] - The article suggests that understanding the fundamental principles of fixed income investment is crucial for making informed decisions [1] Group 2: Investment Strategies - The article emphasizes the importance of identifying the right methods to engage with fixed income products to maximize returns [1] - It highlights the significance of technical indicators, such as the MACD golden cross signal, which suggests potential upward trends in certain stocks [1]

Core Viewpoint - Fixed income investors should exercise caution when funding the AI boom, as the long-term profitability of these projects remains uncertain [1][2]. Group 1: Investment Trends - Technology companies are currently experiencing a surge in borrowing from both private and public debt markets, with significant bond issuances from major firms like Alphabet and Meta Platforms [1][2]. - Morgan Stanley predicts that large cloud computing companies will invest approximately $3 trillion in infrastructure projects by 2028, with a substantial portion of this funding still needing to be raised through debt [2]. Group 2: Market Concerns - There are concerns regarding new financing structures, such as off-balance-sheet financing, and the potential for overcapacity leading to losses in related industries like power and chemicals [1][2]. - The overall supply in the credit market is insufficient, leading investors to be willing to accept more bonds despite the high issuance volume [3]. Group 3: Private Credit Market - The private credit market is seen as having lower liquidity and transparency, failing to provide sufficient extra returns to compensate for these drawbacks [3]. - Clients of DoubleLine Capital who have invested heavily in private credit are expressing disappointment and are more interested in finding alternative solutions to diversify their investment risks [3].