智通财经APP获悉，贝莱德预计，今年欧洲信贷利差将维持区间震荡，当前颇具吸引力的固定收益资产 收益率，有望抵消市场对人工智能(AI)潜在冲击带来的担忧。 贝莱德在周二发布的一季度固定收益展望中表示，尽管企业债收益率溢价已处于多年来最窄水平，但实 际收益率仍处在十年高位，同时企业基本面持续改善——企业正积极去杠杆、提升运营效率与盈利水 平。 贝莱德欧洲、中东和非洲地区(EMEA)全球固定收益主管James Turner在采访中表示："实事求是地说， 以当前利差水平，很难获得可观的资本增值。但只要能牢牢锁定票息收益，并长期复利积累，就能收获 相当不错的回报，尤其是在当前收益率水平下。" 他表示："这种稳定的宏观环境，对固定收益投资者而言十分有利。" 不过贝莱德也提醒，市场表现将出现分化：部分行业与发行主体难以适应AI技术普及，这将在行业内 部及跨行业间催生赢家与输家。 Turner称："投资者需要更深入研究来挖掘最优收益来源。"他建议，除投资级债券外，还可关注高收益 债、新兴市场债及资产支持证券，"以获取额外的收益增量"。 贝莱德指出，欧洲高等级企业债平均收益率约3%，而通胀预期稳定在欧洲央行2%的目标水平下方， ...

Group 1 - The core viewpoint is that the U.S. labor market is expected to stabilize rather than deteriorate sharply, allowing for a defensive stance in bond investments, particularly favoring U.S. Treasuries, high-quality corporate bonds with maturities of no more than five years, and Agency MBS [1] - The U.S. economy is projected to experience a "soft landing," with slowing growth and easing inflation pressures, while the Federal Reserve's dual mandate remains to promote full employment and stabilize prices [1] - In Europe, there are differing economic outlooks among countries, leading to a more favorable view on European corporate bonds, although careful selection of opportunities is emphasized [1] Group 2 - Given the current unattractive yields on sovereign bonds, the fund primarily invests in high-quality global corporate bonds, maintaining an average credit quality of BBB+ as of September 30, 2025 [2] - The fund also considers emerging market bonds due to less hawkish monetary policies, which can enhance bond portfolio yields and provide a more diversified and flexible asset allocation [2]