11 月，预期在变，利率变不变？ 往后看，基金销售新规落地后即是利空全面出尽，债市利多因素依旧在累积， 机构预期也在跟随市场转变，货币宽松的呼声逐渐提高，叠加跨年配置不会 缺席，10 年国债利率可以向下突破 1.75%（250016），年底前可以创新低 （250011 向下突破 1.6%）。 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 许帆 xufan@ctsec.com 相关报告 证券研究报告 固收定期报告 / 2025.11.02 核心观点 ❖ 10 年国债或即将触及潘行长口中的合意区间下限（1.75%），还能继续乐观 吗？想搞清楚这个问题，可以先反过来思考，如果没有国债买卖重启，利率 能不能下行？我们认为趋势不会改变。 债市利率自 9 月 24 日见顶，10 月以来中美关系反反复复、两国元首如期见 面，叠加监管小作文不断，但债市表现始终震荡偏强，直观原因是 9 月债市 对利空发酵比较完全，根本原因是基本面孱弱、货币宽松是大势所趋，此外 伴随社融逐渐转 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the bond market outlook for the fourth quarter of 2025, focusing on government bonds and convertible bonds [1][2][3]. Core Insights and Arguments 1. **Interest Rate Trends**: The interest rate trajectory is expected to exhibit an asymmetric U-shape due to various risk factors and year-end allocation demands. The 30-year government bond yield is around 2.1%, 10-year at 1.8%, and 5-year at 1.6%, indicating significant allocation value for institutional investors [1][6][10]. 2. **Convertible Bond Market**: The convertible bond market remains bullish, with high premium rates. Investors are advised to focus on stock characteristics and structural opportunities, particularly in technology sectors such as AI, domestic computing power, and AR glasses [1][5][21][25]. 3. **Regulatory Impact**: Regulatory changes are anticipated to lead to a contraction in certain products, such as short-term bond funds, while other products like money market funds may see growth. The coordination between the central bank and regulatory bodies is crucial for market stability [1][7][12]. 4. **Bank Capital Regulations**: New capital regulations for commercial banks are expected to have limited impact on certificates of deposit (CDs) and will likely manifest in the market 3-4 quarters before formal implementation [1][8][10][9]. 5. **Economic Indicators**: GDP growth is projected at 4.8%-4.9% for Q3 and 4.5%-4.6% for Q4, indicating a downward trend. The upcoming Fourth Plenary Session is expected to introduce incremental policies, but short-term pressures remain manageable [1][12][13]. 6. **Cross-Year Allocation**: Financial institutions are driven by early investment for early returns, with historical data showing significant interest rate declines in Q4 during various years due to policy and fundamental factors [1][11]. 7. **Credit Bond Market Outlook**: The credit bond market is expected to exhibit seasonal characteristics, with credit spreads likely to fluctuate around current levels without significant compression [1][15]. Additional Important Insights 1. **Investment Strategies**: A barbell strategy is recommended, focusing on short-term assets with stable yields and mid-term secondary capital bonds. The current market environment favors short-term assets with good downside protection [1][16][17]. 2. **Market Sentiment**: Institutional investors have increased asset allocations, particularly state-owned banks, while insurance companies remain stable. The sentiment is generally optimistic, awaiting a final dip to establish common expectations [1][18]. 3. **Convertible Bond Valuation**: Current valuations of convertible bonds show limited downside potential and significant upside potential, with a median elasticity of 70% and a remaining median term of approximately 2.5 years [1][21][24]. 4. **Specific Recommendations**: The call recommends specific stocks in the technology and renewable energy sectors, including companies involved in AI, domestic computing, and solar energy components, as they are expected to perform well in the upcoming quarter [1][25][27]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the bond market outlook and investment strategies for the fourth quarter of 2025.