点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 历史规律之外，2026年3月债券市场需要重点关注的几点因素在于： 1）资金面的变化：信用债收益率在资金面波动阶段收益率上行幅度往往更大。叠加3月末理财产品面临季 末回表压力，机构对信用债的配置需求减弱或加大减持力度，可能对信用债形成一定的抛压，进而推动信 用利差在月末阶段走阔。 2）"股债跷跷板"导致资金分流：若即将召开的两会在稳增长、扩内需或重点产业领域推出刺激政策，可 能推动市场对经济修复的预期升温，并提振权益市场表现，届时或将对债市资金形成一定的分流压力。 1、信用债月度复盘 信用债收益率整体跟随利率债下行。由于一季度通常是机构布局票息资产的关键窗口，同时部分摊余成本 法债基进入开放期，信用债表现总体强于利率债，推动信用 ...

固定收益丨深度报告 [Table_Title] 公募基金三十年：发展脉络与机构配置策略 ——"税费改革五部曲"系列报告之四 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 在 2025 年债市震荡深化的背景下，公募基金行业以年末销售费用新规落地为标志，完成了历 时两年多的费率改革。回顾行业三十年，监管始终以税收优惠与费率规范为抓手，推动行业高 质量发展，债券基金也自 2002 年填补市场空白后成长为行业核心。当前，银行、保险、理财 等主要机构投资者的基金配置行为呈现显著差异：银行配置以债基为主导，保险配置多元且侧 重权益，理财则以债基为主但对短期品种有更高偏好。此外，作为资管新规过渡期产物的摊余 成本法债基，其新增审批已严格受限，持仓结构从政金债向信用债倾斜。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% 报告要点 %% %% research.9557 ...

2026 年 3 月 3 日 总量研究 3 月扰动因素较多，建议以防御策略为主 ——信用债月度观察（2026.2） 要点 1、 信用债月度复盘 信用债收益率整体跟随利率债下行。由于一季度通常是机构布局票息资产的关键 窗口，同时部分摊余成本法债基进入开放期，信用债表现总体强于利率债，推动 信用利差普遍震荡收窄。 保险：保险机构本月继续担任对信用债的配置主力角色，在各期限信用债上基本 都维持净买入。 基金：基金在本月对 5Y 以下品种的净买入力度较大，3Y 以下的高流动性品种仍 是其最主要的增配方向，尤其 0-1Y 品种在 2 月的净买入规模明显增强。而摊余 成本法债基集中开放也对 5Y 以下品种的配置需求形成有效支撑。 历史规律之外，2026 年 3 月债券市场需要重点关注的几点因素在于： 信用策略方面，3 月信用债波动风险或有所放大，建议对流动性偏弱、估值弹性 较大的品种保持谨慎。短端信用债由于流动性相对较优，具备一定防御属性，可 作配置。同时，考虑到高等级信用利差已压缩至历史低位，票息挖掘空间有限， 可适度采取信用下沉策略以增厚收益。 3 月摊余成本法债基开放规模较大，有望为信用债市场带来确定性较强的配置需 ...

2026 年 3 月 3 日 总量研究 3 月扰动因素较多，建议以防御策略为主 ——信用债月度观察（2026.2） 要点 1、 信用债月度复盘 信用债收益率整体跟随利率债下行。由于一季度通常是机构布局票息资产的关键 窗口，同时部分摊余成本法债基进入开放期，信用债表现总体强于利率债，推动 信用利差普遍震荡收窄。 保险：保险机构本月继续担任对信用债的配置主力角色，在各期限信用债上基本 都维持净买入。 基金：基金在本月对 5Y 以下品种的净买入力度较大，3Y 以下的高流动性品种仍 是其最主要的增配方向，尤其 0-1Y 品种在 2 月的净买入规模明显增强。而摊余 成本法债基集中开放也对 5Y 以下品种的配置需求形成有效支撑。 2、 3 月债券市场展望与信用策略 从历史规律上来看，债券市场在两会召开后的 30 个交易日内胜率普遍处于高位， 尤其在 T+10 后，胜率基本稳定在 83.3%，历史规律显示，两会后通常为债券市 场相对较好的配置窗口。 历史规律之外，2026 年 3 月债券市场需要重点关注的几点因素在于： 信用策略方面，3 月信用债波动风险或有所放大，建议对流动性偏弱、估值弹性 较大的品种保持谨慎。短端信用债 ...

固定收益丨深度报告 [Table_Title] 公募基金三十年：发展脉络与机构配置策略 ——"税费改革五部曲"系列报告之四 %% %% %% %% research.95579.com 1 [Table_Summary] 在 2025 年债市震荡深化的背景下，公募基金行业以年末销售费用新规落地为标志，完成了历 时两年多的费率改革。回顾行业三十年，监管始终以税收优惠与费率规范为抓手，推动行业高 质量发展，债券基金也自 2002 年填补市场空白后成长为行业核心。当前，银行、保险、理财 等主要机构投资者的基金配置行为呈现显著差异：银行配置以债基为主导，保险配置多元且侧 重权益，理财则以债基为主但对短期品种有更高偏好。此外，作为资管新规过渡期产物的摊余 成本法债基，其新增审批受到一定限制，持仓结构从政金债向信用债倾斜。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% 丨证券研究报告丨 报告要点 research.955 ...

Group 1: Fund Overview - As of the end of 2025, there are 255 amortized cost bond funds with a total net asset value of approximately CNY 2.04 trillion, an increase of about CNY 612 billion from Q3 2025[4] - The total asset value of these funds is around CNY 2.78 trillion[4] - The average duration of bonds held by these funds is typically less than their closed period, which ranges from 3 to over 5 years[4] Group 2: Credit Bond Allocation - By the end of 2025, the allocation to credit bonds in amortized cost bond funds significantly increased, with non-financial credit bonds rising from 1% to 24%[17] - The market value of policy financial bonds decreased from 74% to 54% of the total allocation[17] - The core allocation among non-financial credit bonds is mid-term notes, which account for 14% of the total bond investment, with a market value of CNY 3,755.77 billion, an increase of CNY 3,675.85 billion from 2024[17] Group 3: Future Expectations - In Q1 2026, the cumulative opening scale of amortized cost bond funds is expected to reach approximately CNY 3,739.7 billion, with a peak in openings anticipated[10] - The ongoing opening of these funds is expected to provide continuous incremental demand for the credit bond market, potentially leading to differentiated performance among various credit bond types[4] - The strategy should focus on 3-5 year high-grade credit bonds, particularly those rated AA+ and above, to capitalize on the upcoming market opportunities[27]

Group 1 - The report highlights that the recent concentration of open-ended amortized cost bond funds may support the credit bond market, with a total net asset value of approximately 2.04 trillion yuan as of the end of 2025, reflecting an increase of about 61.2 billion yuan from the previous quarter [4][9][10] - The report indicates a significant shift in the asset allocation of these funds from primarily interest rate bonds to credit bonds due to limited options in a low-interest-rate environment, with a notable increase in credit bond allocation expected in 2024-2025 [4][9][17] - The anticipated peak of open-ended amortized cost bond funds in the first quarter of 2026 is projected to reach approximately 3739.7 billion yuan, with a focus on bonds with maturities of over five years in January and February, and shorter maturities in March [10][4] Group 2 - The report details that the market share of policy financial bonds decreased from 74% at the end of 2024 to 54% by the end of 2025, while the share of non-financial credit bonds surged from 1% to 24%, indicating a significant reallocation towards credit bonds [17][18] - The core asset in the credit bond allocation is medium-term notes, which accounted for 14.11% of the total bond investment market value, with a holding value of approximately 375.6 billion yuan, marking an increase of 3675.85 billion yuan compared to the previous year [17][18] - The report emphasizes that the open-ended amortized cost bond funds are likely to continue influencing the credit bond market, with a focus on 3-5 year maturity credit bonds, particularly those rated AA+ and above, as they seek to manage duration mismatch risks [27][4][9]

Group 1 - The overall performance of medium to long-term credit bonds in January 2026 was better than that of short-term credit bonds, with significant yield declines observed in 3-15 year medium-term notes [4] - The insurance sector continued to play a major role in the allocation of medium to long-term credit bonds, focusing on 3-5 year and over 7-year maturities [4] - Fund managers increased their allocation to 3-5 year credit bonds due to the impact of the amortized cost method and the concentration of bond funds [4] Group 2 - Credit bond ETFs saw a significant increase in scale, exceeding 100 billion yuan in December 2025, but experienced a notable contraction in January 2026 due to market adjustments [5] - The relative excess yield of component bonds over non-component bonds increased, providing investment opportunities for stable institutional investors [5][6] - The policy environment continues to support the long-term healthy development of the ETF market, with expectations for a compression of excess yields in component bonds [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - From January 26th to January 30th, the performance of general credit bonds was stronger than that of secondary capital bonds, possibly due to some institutions taking phased profit - taking after the yields of secondary capital bonds declined for two consecutive weeks. Large banks increased their allocation of interest - rate bonds due to abundant liabilities, small and medium - sized banks became more cautious, wealth management products increased their allocation of low - volatility amortized cost - based bond funds under the net - value constraint, and insurance preferred local government bonds. In the next few weeks, the concentrated opening of amortized bond funds will benefit specific - term credit bonds, and the market of secondary capital bonds is driven by the buying power of funds and insurance, with different yield performances for each term. In terms of future allocation, it is recommended to focus on 5 - year AA+ and AAA urban investment bonds with more attractive interest - rate differentials, and for secondary capital bonds, focus on the allocation opportunities of medium - and long - term varieties after phased profit - taking and the warming of market sentiment [3]. - The overall credit bond market recently followed the fluctuations of interest - rate bonds but showed relative resilience. Urban investment bonds generally outperformed secondary and perpetual bonds. The short - end interest rates of interest - rate bonds rose due to the temporary tightening of the capital market, while the long - end and ultra - long - end interest rates fluctuated under the alternating influence of stock market sentiment and policy expectations. The weakening participation of trading - type funds in ultra - long - term interest - rate bonds led to a shift of funds to credit bonds, which is a key reason for the relatively better performance of credit bonds [7]. - The behaviors of major investment institutions have significantly diverged, affecting the supply - demand pattern of credit bonds. Large banks increased their net purchases of interest - rate bonds due to asset shortages and abundant liabilities, which created conditions for the narrowing of credit spreads. At the end of 2025, wealth management products slightly increased their holdings of credit bonds but significantly increased their holdings of public funds, cash, and deposits. This reflects the demand for stable asset net values under the net - value transformation [8]. - In the future, asset supply and specific product cycles will directly affect the credit bond market. Although the supply of government bonds in January was large, the market interest rates remained stable due to the active participation of insurance and other allocation funds, providing a good allocation window for credit bonds. The upcoming opening peak of amortized cost - based bond funds in the next 16 weeks will bring re - allocation demand for corresponding - term credit bonds, and the deepening of the net - value transformation of wealth management products may increase the demand for medium - and long - term amortized bond funds, benefiting medium - and long - term credit bonds [9]. - The recent strong market of secondary capital bonds is driven by the implementation of the new public - fund fee regulations, the structural change of bond - type funds, and the hot sales of dividend - insurance products. Currently, the market has shown signs of differentiation. The yields of 1 - 3 - year varieties have fallen back to near the previous lows, with a narrowing spread protection space, while the 5 - year, 7 - year, and 10 - year varieties still have a certain spread protection margin and relatively high allocation cost - effectiveness. The market rhythm is expected to slow down, and medium - and long - term secondary capital bonds still have certain allocation value. In terms of the allocation strategy, it is recommended to focus on 5 - year AA+ and AAA urban investment bonds and medium - and long - term secondary capital bonds with relatively sufficient spread protection [10]. 3. Summary According to Relevant Catalogs 10Y Treasury Bonds: Large Banks Net Buy, Small and Medium - Sized Banks Net Sell - Since January 7, 2026, as the yield of 10 - year treasury bonds gradually declined, the net purchase volume of 7 - 10 - year treasury bonds by large banks showed a fluctuating upward trend, with a single - day peak of 14.105 billion yuan. The increase in large - bank purchases of 10 - year treasury bonds has created conditions for the narrowing of credit spreads. On the demand side, bank deposits have shown super - seasonal growth, increasing the scale of on - balance - sheet funds and reducing the pressure on the liability side. On the supply side, the slow issuance of government bonds, especially local government bonds, has created an asset gap, forcing large banks to increase their net purchases [19]. - In contrast, small and medium - sized banks have a more obvious left - hand trading characteristic in bond investment. Since January 7, 2026, as the yield of 10 - year treasury bonds declined, their willingness to allocate medium - and long - term treasury bonds decreased. Their conservative trading strategy is a passive choice due to the weakening of the traditional profit model. The narrowing of the interest - rate spread of 3 - year large - denomination certificates of deposit between representative city commercial banks and large banks has limited their bond - allocation funds, and the increasing difficulty and risk of obtaining capital gains through trading in the volatile bond market have made them more cautious, focusing on stable coupon income [24]. Bank Wealth Management: Slightly Increase Holdings of Credit Bonds, Focus on Low - Volatility and High - Liquidity Assets - At the end of 2025, bank wealth management slightly increased its holdings of credit bonds, focused on increasing the allocation of public funds, cash, and bank deposits, and reduced its holdings of equity - type assets and inter - bank certificates of deposit. The proportion of bond investment was at a low level in recent years. The increase in public - fund investment may be related to the increase in the allocation of amortized cost - based bond funds and bond ETFs, and the increase in cash and bank - deposit investment may be due to the temporary increase in the supply of inter - bank deposits at the end of the year and the relatively attractive interest rates. The decrease in the scale of equity - type assets and inter - bank certificates of deposit may be due to the contraction of the net supply of inter - bank certificates of deposit [30]. New Trends in the Long - Term Bond Market: Slower Brokerage Trading, Insurance Allocation Shift - At the beginning of the year, the concentrated short - selling behavior of brokerage self - operation in 30 - year treasury bonds, combined with the weak承接 power of insurance and other allocation funds, suppressed the trading sentiment of interest - rate bonds. Trading - type investors, represented by funds, reduced their participation in 30 - year treasury bonds and shifted some funds to credit bonds, which is an important reason for the relatively better performance of credit bonds. The selling amount and borrowing balance of 20 - 30Y treasury bonds by brokerage self - operation have declined recently, but they are still at a relatively high level. Insurance institutions prefer local government bonds over 30 - year treasury bonds, mainly for the relatively higher coupon and continuous tax advantages [33]. Is the Supply of Government Bonds in January in Line with Expectations? - Although the supply of government bonds in January was large, the active participation of allocation funds, mainly insurance, in local government bonds effectively alleviated the supply pressure, and the market interest rates remained stable, providing a good allocation window for credit bonds. The actual issuance volume of government bonds in January 2026 was higher than the planned volume, and the issuance scale was basically the same as that of the same period in 2025. After adjusting for seasonal factors, the issuance scale was actually similar to that of the previous year [40]. Future 16 Weeks: Peak Opening of Amortized Bond Funds, Benefiting Corresponding - Term Credit Bonds - The next 16 weeks will be the peak opening period of amortized bond funds, with those with a fixed - opening period of less than 1 year and more than 5 years being the main types, which will have a positive impact on corresponding - term credit bonds. The demand of wealth management products for stable net values may benefit medium - and long - term credit bonds. The opening scale in February is small, but there will be a peak in March. The term structure shows that in February, bonds with a term of more than 5 years are the main type, and in March, bonds with a term of less than 1 year are the main type, which may increase the demand for corresponding - term credit bonds [48]. Adjustment of Cash - Bond Trading Data Caliber: Institutional Classification and Callable Bond Terms - The adjustment of the institutional net - purchase data caliber implemented in 2026 includes two dimensions. One is the simplification of the classification of all - market institutions, and the other is the adjustment of the calculation rule of callable bond terms from being based on the maturity date to being based on the exercise date. After the adjustment, the configuration behavior of wealth - management funds needs to be tracked through the "other" category, and the previous method of judging institutional allocation behavior of secondary capital bonds based on the net - purchase data of 5 - 10Y "other" - type bonds is no longer applicable [52]. How Long Will the Secondary Capital Bond Market Last? - The recent strong market of secondary capital bonds is driven by the improvement of policy expectations, the structural adjustment of bond funds, and the allocation demand of dividend - insurance products. Currently, insurance mainly undertakes long - term secondary capital bonds such as 10Y, while funds have become the main buyers of medium - and short - term secondary capital bonds since December 2025. However, due to the influence of the spread level of secondary capital bonds of different terms, the daily net - purchase growth rate of funds has slowed down. The yields of 1 - 3Y secondary capital bonds have fallen back to near the lows after the release of the draft new public - fund fee regulations in September 2025, with a narrowing spread protection space, while medium - and long - term secondary capital bonds still have a certain spread protection margin and relatively high investment cost - effectiveness [59]. Bond Allocation Strategy: Slightly Cooled Market Sentiment, Focus on Credit Bond Catch - Up - In the past four weeks, the market has shifted from the dominance of secondary capital bonds in mid - January to the recent leadership of general credit bonds. Based on the current interest - rate differential quantile, valuation level, and rotation rhythm, the next - week allocation priority is adjusted as follows: urban investment bonds (AA+, 5Y) > urban investment bonds (AAA, 5Y) > secondary capital bonds (AAA -, 5Y). The 5Y AA+ urban investment bonds have coupon advantages and certain credit - sinking space, and have clear valuation - repair potential; the 5Y AAA urban investment bonds have low credit risk and good liquidity; the 5Y AAA - secondary capital bonds have a relatively reasonable valuation in their sector. For previously strong varieties, such as 5Y AA and AA(2) urban investment bonds and 10Y local government bonds, caution is recommended in allocation [65].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - In 2026, the strategy differentiation of major financial institutions will reshape the bond market landscape. The trading attributes of banks will be enhanced, and the pressure to exchange floating profits will be reduced. If the regulatory constraints on interest - rate sensitivity indicators are relaxed, it may provide long - term bond allocation space for banks. Securities firms' proprietary trading will continue the aggressive strategy of "bond foundation, equity enhancement" with regulatory support. Wealth management will fully enter the "true net - value" era, with product closure and defensive allocation becoming the mainstream. Public funds are expected to repair the liability side through the new fee regulations, the duration strategy may be reopened, and the use of hedging tools will increase. Insurance institutions will focus on long - term allocation, increasing their allocation of long - duration interest - rate bonds and high - dividend assets. The overall trading attributes of the market will be enhanced, and the allocation strategies will gradually diversify [3]. 3. Summary by Related Catalogs 3.1 Bank - Overall, it shows the characteristics of "configuration adjustment and trading enhancement". In 2026, if China follows the Basel regulatory new rules, large banks are expected to release about 1 trillion yuan of government bond allocation space, and the ability to undertake long - term bonds will be marginally improved. The trading attributes of state - owned large banks are gradually strengthening, and they will continue to maintain high trading activity in 2026. If the cost - performance of inter - bank certificates of deposit rises in the future, the bond - allocation strength of rural commercial banks may moderately recover [15]. - Constrained by the deepening of the asset - liability term mismatch, the ability of large banks to undertake long - term bonds is limited. However, if China implements the adjusted international regulatory standards, it is estimated that about 1 trillion yuan of bond - allocation capacity will be added for large banks. In 2025, the AC account proportion of various banks decreased, and the OCI account proportion increased. In 2026, although the pressure on banks to make up for the performance gap by realizing floating profits will weaken, there are still incentives to realize floating profits [16][21]. - State - owned large banks' trading volume of 7 - 10Y treasury bonds and policy - financial bonds in 2025 increased, and the proportion of trading volume also increased compared with the previous two years, showing an active trading strategy. It is expected that this high trading activity will continue in 2026 [29]. - Since the beginning of 2025, affected by the new capital regulations and the decline in the cost - performance of certificates of deposit, the bond - allocation behavior of rural commercial banks in the secondary market has significantly shrunk. If the cost - performance of certificates of deposit recovers and the capital occupation pressure eases in 2026, the bond - allocation strength may moderately recover [32][33]. 3.2 Wealth Management - In 2026, wealth management will fully enter the "true net - value" operation mechanism. In terms of products, "fixed - income +", closed - end and minimum holding - period products will be used to deal with net - value fluctuations; in terms of operation, the management requirements for duration, leverage and liquidity will continue to increase, and the asset allocation will focus on stability and term matching [40]. - In 2026, in the context of low - interest rates and the full - completion of valuation rectification, the scale and number of "fixed - income +" products are expected to continue to grow. The proportion of "fixed - income +" products in fixed - income wealth management is expected to rise steadily [41][42]. - After the full - completion of valuation rectification, the net - value stability constraint of wealth management products has been significantly enhanced. The closed - end and quasi - closed - end operation characteristics of new products are expected to be further strengthened in 2026 [44]. - In 2026, wealth management institutions will pay more attention to the liquidity safety cushion. The proportion of high - liquidity assets in wealth management asset allocation is likely to remain relatively high [50]. - In 2026, wealth management drawdown is expected to be controllable and will change around interest - rate fluctuations. Wealth management institutions may deepen the application of multi - asset allocation strategies to reduce the impact of bond - market fluctuations on net value [52]. - In 2026, the allocation value of amortized - cost bond funds will be further highlighted. The re - investment demand of the expired funds of amortized - cost bond funds is expected to support the short - end credit - bond market [58]. 3.3 Public Funds - In 2026, with the implementation of the new fee regulations for public funds, the bond - market sentiment is expected to be moderately repaired, and the stability improvement of the liability side may create conditions for reopening the duration strategy. The development of innovative tools such as stock - bond constant ETFs is expected to introduce incremental funds, and the number of funds using the negative - duration strategy may increase. The supervision of customized funds and dividend mechanisms will continue to be optimized [65]. - In 2025, the leverage ratio of bond funds decreased, and the duration fluctuated greatly. In 2026, the liability - side and asset - side durations of public funds are expected to increase [66]. - The implementation of the new fee regulations for public funds in 2026 is expected to promote the moderate repair of the bond market and the internal optimization of the bond - fund pattern [71]. - In 2026, the pure - bond fund market may face product - pattern adjustment. The smooth development of stock - bond constant ETFs may bring incremental funds to the equity and interest - rate bond markets and weaken the traditional "stock - bond seesaw" effect in the short term [76]. - In 2026, the number of funds using the negative - duration strategy may increase to manage risk exposure in the context of low - interest rates and high volatility in the bond market [79]. - In 2026, there is still room for optimization of customized funds and dividend mechanisms in the public - fund industry. The regulatory authorities may put forward rectification requirements for customized funds with a high institutional - holding ratio and optimize the dividend mechanism [82][84]. 3.4 Insurance - In 2026, the investment strategy of insurance institutions is expected to shift from "trading" to "allocation - based". The turnover rate of interest - rate bonds such as treasury bonds has declined, and the asset - allocation structure will be further optimized [87]. - In 2025, affected by the regulatory reduction of the liability - side pricing ceiling, new - policy attractiveness weakened, and premium growth slowed down. Insurance funds preferred a Carry - based strategy, with a decline in the turnover rate of interest - rate bonds and a stable or rising allocation weight [88]. - As of Q3 2025, bonds still accounted for more than 50% of insurance - fund asset allocation, but the growth rate of equity investment was relatively fast. In 2026, if the new fee regulations weaken the cost - performance of bond funds, some insurance funds may shift to equity assets, but it will not significantly affect their bond - market allocation [94]. - In 2026, under the dual - system drive of the new asset - liability regulations and new accounting standards, insurance institutions will significantly increase their allocation of long - duration interest - rate bonds and high - grade general credit bonds and reduce the allocation of bank Tier 2 capital bonds. The proportion of participating insurance is expected to continue to increase, and the equity - asset allocation will focus on high - dividend and low - valuation stocks [100][101]. 3.5 Securities Firms' Proprietary Trading - In 2026, the bond - allocation of securities firms' proprietary trading will continue to focus on interest - rate bonds and high - grade credit bonds, and the equity - allocation is expected to achieve "both quantity and quality improvement" under regulatory encouragement, with a preference for standardized products such as broad - based index constituent stocks and liquid ETFs [103]. - From March 2021 to November 2025, the bond - holding scale of securities firms' proprietary trading increased, and the proportion of interest - rate bonds rose. In 2026, the bond - holding scale is expected to continue to grow, and the credit - bond allocation will continue to concentrate on high - grade bonds [104][105]. - In 2025, the floating - profit scale of securities firms' proprietary trading turned from negative to positive, and they showed advantages in stop - profit operation and holding - cost control [109]. - Regulatory support for securities firms' proprietary trading to increase equity - asset allocation has increased. In 2026, securities firms may further increase their equity - asset allocation, with a possible preference for standardized products [114].