短端策略性价比凸显 今年以来，债市不但没有走出单边强势行情，反而出现多次波动。研判后市，江磊直言债基基金经理或 面临更多挑战，这其中的核心在于债市投资赔率已降至历史低位。"现在投资债券的赔率非常低，信用 利差、期限利差都压得很薄。为了赚一两个基点，方向一旦做反，与同业的差距瞬间拉开。"同时，权 益市场回暖形成的"跷跷板"效应，也在分流债市资金，居民持有债基的"获得感"持续降低。 中短期来看，江磊认为，利率债进一步下行需要等待更多信号。"今年五月份降准降息刚落地，所以货 币政策对经济基本面的影响仍在观察期，结合银行净息差持续承压，我们预计三季度政策利率进一步调 降概率并不高。"他表示，"在利率中枢下行空间有限的背景下，短端票息策略会更具性价比。此外，当 前资金面整体宽松，短端收益率与回购利率之间仍存在一定利差，无论是套息策略还是短端票息策略， 都能为投资者提供较为确定的收益。" ● 本报记者魏昭宇 去年的"9.24"行情对权益市场提振较大，也使得债券市场震荡调整。当不少短债基金净值在那段时间回 撤幅度较大时，基金经理江磊却将光大超短债A的净值回撤幅度控制得相对平稳。这已成为他投资哲学 的生动注脚：严控信用风险、 ...

Core Viewpoint - The current capital market is undergoing unprecedented changes and challenges, prompting investors to focus on optimizing asset allocation through professional research and investment capabilities [1][2]. Group 1: Bond Market Insights - The bond market has transitioned from a "configuration is king" phase to a "trading year," emphasizing the need for refined management to capture structural alpha opportunities [3][7]. - The core challenge for bond fund managers is to achieve reasonable returns in a low-interest, low-volatility market [6][12]. - The market is characterized by "backward market conditions," where opportunities arise from adjustments during high valuations [12][11]. - The strategy of simply buying long-term bonds and extending duration is no longer effective; instead, managers must identify opportunities through information, action, and research differences [13][14][16]. Group 2: Short-Duration Bond Funds - In the low-interest-rate environment, short-duration bond funds are emerging as a new option for wealth management, with their stability appealing to investors [24][26]. - The performance of short-duration bond funds has remained positive, even as other bond products have seen significant declines [27][28]. - The core advantages of short-duration bonds include low duration, low volatility, and low credit risk, making them suitable for defensive strategies [28]. Group 3: Risk Management Strategies - Effective risk management is crucial for bond funds, particularly in controlling drawdowns, which are seen as a lifeline for fund performance [29][30]. - The risk management framework includes duration management, holding structure, and portfolio diversification to mitigate market volatility [31][32]. - The focus has shifted from solely maximizing returns to balancing risk and return, with drawdown control embedded in the investment team's culture [33]. Group 4: Consumer Sector and AI Integration - The consumer sector is undergoing significant structural changes, with AI expected to drive deeper transformations than the internet era [35][36]. - Investment strategies focus on identifying companies with strong cash flow generation capabilities, emphasizing the importance of buying at reasonable prices [37][39]. - The future investment opportunities are anticipated to arise from the integration of consumer needs and AI advancements, particularly in new consumption areas [45][46].

低利率时代，居民财富配置何去何从，短债基金正在成为理财市场的"新晋主角"。 但挑战依然严峻，当债市步入"微利时代"，债券基金能否持续创造稳健收益？在股债跷跷板效应下，短 债基金能否成为资产配置的"减震器"？近日，光大保德信添利30天滚动持有债券拟任基金经理江磊接受 证券时报记者专访，深度剖析债券投资新生态，分享其"严控回撤、精细交易"的投资理念。 低利率时代 "在众多投资工具中，一年为正收益可能不难，每个月均为正收益就相当难得。特别在2025年上半年的 股债跷跷板效应下，中长债基收益相较去年同期断崖式下滑，部分产品甚至出现负收益，但短债基金仍 然能凭借票息策略贡献较为稳定的正回报。" 他认为，短债的核心优势在于"三低"——低久期、低波动、低信用风险。"尤其是在下半年债市调整的 高发期，短债收益的稳定性和波动率较为可控，天然具备防御属性，这也是我们选择在当下时点发行短 债基金的重要原因。"江磊表示。 把回撤控制刻进团队基因 对于债券基金尤其是短债产品来说，回撤控制是生命线，也是试金石。 在采访中，江磊详细解释了光大保德信基金固收团队在风险控制上的三重铠甲： 一是久期管理，江磊认为，由于债券市场投资者行为的一致性 ...