国开ETF（159650）基金经理 吕瑞君 上周五（11月28日）资金面维持宽松态势，主要资金价格低位持稳，当日央行净回笼737亿元。本周一 资金面平稳宽松，资金利率变动不大，当日央行净回笼2311亿元。本周二资金面延续平稳宽松，资金利 率小幅下行，当日央行净回笼1458亿元。本周三资金面延续平稳宽松，资金利率变化不大，当日央行净 回笼1340亿元。本周四尽管央行连日净回笼，但资金面延续宽松，资金利率变化不大，当日央行回笼 1756亿元。本周四（12月4日）相较于上周五，DR001收平于1.30%，DR007下行3bp收于 1.44%。 海外方面，日本央行行长植田和男表示，实际利率非常低，如果对经济活动和物价的预测成为现实，日 本央行将根据经济和物价的改善情况继续提高政策利率；日本央行认为，海外经济体将在关税政策的影 响下暂时放缓，这一观点没有改变，即使政策利率上调，宽松的金融环境仍将维持，在宽松金融环境下 加息是朝着实现经济稳定增长和物价稳定的目标，适时松开油门的过程，而非对经济活动踩刹车；在12 月的会议上，日本央行将基于各类数据，审视并讨论国内外经济活动和物价情况，以及市场动态，并权 衡加息的利弊。美国 ...

本报记者 方凌晨 近日，债券市场波动加剧，多只债券基金净值出现较大幅度回撤，引发市场关注。 此外，钟恩庚认为，从长期角度来看，债券作为资产配置的"压舱石"，对于分散风险、平滑组合波动、追求稳健回报的价 值并未改变，一旦市场情绪消化完毕、政策明朗，债券市场或将回归基本面逻辑，迎来新的配置机会。 恒生前海基金债券基金经理钟恩庚向《证券日报》记者表示，近期债券市场波动加剧，长端利率持续上行，收益率曲线走 陡，显示出当前市场情绪偏弱。主导近期债券市场调整的主要因素，涉及前期市场降准降息预期尚未兑现、年底机构交易趋于 谨慎、公募基金销售费用新规潜在影响持续释放、机构行为扰动等方面，这些因素导致近期债券市场脆弱性加大，尤其对于长 端交易盘行为影响更大。 长城基金固定收益研究部副总经理、基金经理吴冰燕向《证券日报》记者表示，回顾近年来债券市场季节性运行规律，因 年末资金面边际宽松、机构配置需求集中释放等因素，过往12月份多为上涨行情。但今年保险等长期配置型机构，受跨年资金 调度规划、来年资产负债匹配策略调整等因素影响，预计配置意愿弱于历史同期，季节性效应或有所减弱。短期来看，流动性 或仍将维持宽松，债券市场大概率将维持区间 ...

Core Insights - The "Tian Tian Ying" cash management service from Industrial and Commercial Bank of China (ICBC) has expanded with the addition of two funds from Great Wall Fund, enhancing its offerings in the market [1][2] Group 1: Product Expansion - As of August 8, the number of underlying money market funds associated with "Tian Tian Ying 1" has increased to 106, with two new products from Great Wall Fund included [2] - "Tian Tian Ying" allows for 24/7 quick redemption and one-click purchase and redemption of multiple related money market funds and financial products, with a minimum investment of 1 cent for money market funds and 1 yuan for cash management products [1] Group 2: Management Insights - The funds are managed by Zou Deli, the assistant general manager of Great Wall Fund, who emphasizes the importance of managing liabilities effectively to enhance asset allocation [2] - Zou Deli also highlights the need for strong communication between investment and sales teams to improve investor confidence and optimize scale management [2] Group 3: Market Outlook - Recent volatility in the bond market may present short-term rebound opportunities, with expectations for a shift towards a yield decline phase primarily driven by coupon income within the year [2]

Core Points - The Chinese government aims for a GDP growth of around 5% for the year 2025, as stated in the government work report [2] - Preliminary calculations indicate that China's GDP for 2024 reached 134.9 trillion yuan, marking a 5.0% increase from the previous year [2] - Quarterly GDP growth rates for 2024 were reported as follows: Q1 at 5.3%, Q2 at 4.7%, Q3 at 4.6%, and Q4 at 5.4% [2] Group 1 - The State Council Information Office will hold a press conference on March 17, 2025, to discuss the national economic performance for January and February 2025 [1] - The press conference will feature Fu Linghui, spokesperson for the National Bureau of Statistics, who will provide insights and answer questions regarding the economic situation [1] Group 2 - The economic scale of China has reached a new level with the reported GDP figures for 2024 [2] - The government has set a clear target for economic growth, reflecting its focus on maintaining stability and growth in the economy [2]