本报记者 方凌晨 临近岁末，海内外资金风险偏好受政策与流动性影响，短期市场波动性有所加剧。在宏观环境与资产定价逻辑持续变化的 背景下，公募机构积极调整产品布局，着眼更具防御性、兼具灵活性的投资工具。叠加当前利率中枢持续下行，公募基金在固 收领域的创新，成为大势所趋。 多场景的策略应用： 从债基到"固收+" 今年以来，"固收+"市场迎来爆发式发展，各种偏债混合型产品市场规模大幅上升。据蚂蚁财富平台数据，截至2025年10 月15日，平台上偏债混合型基金年内申购规模同比增长141%，持有用户数同比增长70%；今年第四季度，偏债混合型产品 的"上新"也有所提速。 近年来，东财基金在固收领域持续布局，"以稳定的方法论为核心、以团队协作为支撑、以风控为基石，构建可复制、可 扩展的固收投资能力"成为其布局的鲜明特征。近日，东财基金发行了一只偏债混合型基金——东财启和混合。 方法论先行： 从静态配置走向"配置交易化" 从资产配置角度看，包括偏债混合型基金在内的固收产品，始终是组合中的"压舱石"。但当前，固收市场的传统玩法—— 久期策略、杠杆策略、信用下沉，在不同阶段均面临边际效应递减的问题。 面对这一行业趋势，东财基金总经 ...

Summary of Conference Call on Bond Market Outlook and Investment Strategy Industry Overview - The conference call primarily discusses the bond market outlook for 2025 and 2026, focusing on the impact of macroeconomic factors, inflation, and government policies on bond yields and investment strategies [1][2][3]. Key Points and Arguments 1. **Interest Rate Outlook**: - The central bank is expected to maintain the 10-year government bond yield between 1.7% and 1.9% due to limited fundamental recovery [1][4]. - A slight interest rate cut of 10 basis points has occurred, but long-term bond yields have decreased significantly from 2.0% to 1.6% [2][3]. 2. **Inflation Concerns**: - Inflation is primarily driven by upstream factors, with no significant improvement in sectors like real estate or food [1][2][3]. - The sustainability of the recent CPI growth is questioned, as commodity prices have not shown significant recovery [3]. 3. **Market Dynamics**: - The bond market has faced challenges due to a recovering equity market, which has not led to a corresponding increase in bond yields [2][5]. - The central bank's bond purchasing activities signal a desire to prevent rapid increases in yields, aiming to stabilize the market around 1.8% [11][12]. 4. **Investment Strategy**: - The investment approach emphasizes "configuration trading," focusing on market sensitivity and flexibility to navigate uncertain conditions [7][9]. - The strategy includes controlling drawdowns and maintaining agility in trading to capitalize on structural opportunities [7][9]. 5. **Impact of Regulatory Changes**: - New regulations on fund redemption fees may impact funds holding long-duration bonds, potentially leading to increased market volatility [13][14]. - The anticipated redemption volume could reach 700 billion, affecting market dynamics [13]. 6. **Government Policies**: - The government's efforts to address debt issues and increase fiscal special bonds are seen as positive but may not directly stimulate GDP growth [10]. - The real estate market's stability is crucial for consumer confidence and overall economic recovery [10][18]. 7. **Market Sentiment**: - Despite the challenges, there is a relatively optimistic outlook for bond market configuration opportunities towards the end of the year, supported by the central bank's actions [5][6]. Other Important Insights - The bond market is expected to remain in a narrow fluctuation range, with trading strategies needing to adapt to short-term market movements rather than long-term predictions [23]. - The importance of maintaining strict stop-loss disciplines and psychological resilience in trading is emphasized to manage risks effectively [24][26][27]. - The overall macroeconomic environment is stable, but the potential for interest rate cuts is increasing as the central bank seeks to support economic growth [16][18]. This summary encapsulates the key insights and strategies discussed in the conference call, providing a comprehensive overview of the current and future outlook for the bond market.