年初曾暂停的公开市场国债买卖操作在10月已恢复。央行近日公布的各项工具流动性投放情况显示，10 月已投放200亿元。 市场专家普遍看重央行重启操作释放的信号意义，认为利好债市，长端利率债理财、"固收+"理财产品 等有望受益，建议投资者把握投资机会。 释放稳增长信号 业内人士表示，央行重启国债买卖操作，释放了稳增长信号，将提振债市信心。 兴银理财投资研究部相关人员表示，中国人民银行行长潘功胜在2025金融街论坛年会上明确表示"债市 整体运行良好"，传递出当前利率水平处于政策合意区间的信号，同时提及"向非银机构提供流动性支 持"，有助于稳定市场预期。对债市而言，今年四季度经济或延续弱修复，叠加央行重启国债买卖操作 带动宽松预期升温，市场整体偏顺风，有望开启一轮修复行情。 债券类理财迎投资机会 10月下旬以来，国债长端利率逐步下行。受访机构和人士认为，后续长端利率或将进一步下行，相关理 财产品将从中受益，建议投资者及时把握投资机会。 张菁认为，短期来看，央行恢复购债的利好情绪带动长端利率下行。展望后市，虽然整体看好债市，但 下行空间打开还需要进一步支撑，可以观察央行买债规模和期限是否超预期。 她进一步表示，债市运行 ...

Core Insights - The People's Bank of China has resumed public market treasury bond trading operations in October after a suspension earlier in the year, indicating a shift in monetary policy [1] - In October, the central bank injected 20 billion yuan into the market, which is seen as a positive signal for the bond market [1] - Market experts believe that the resumption of operations will benefit long-term interest rate bonds and "fixed income+" investment products, suggesting that investors should seize the investment opportunities [1]

（原标题：央行出手 这类产品要火？） 【导读】央行重启国债买卖操作，长端利率债、"固收+"理财有望受益 年初曾暂停的公开市场国债买卖操作在10月已恢复。央行近日公布的各项工具流动性投放情况显示，10 月已投放200亿元。 市场专家普遍看重央行重启操作释放的信号意义，认为利好债市，长端利率债理财、"固收+"理财产品 等有望受益，建议投资者把握投资机会。 释放稳增长信号 业内人士表示，央行重启国债买卖操作，释放了稳增长信号，将提振债市信心。 兴银理财投资研究部相关人员表示，中国人民银行行长潘功胜在2025金融街论坛年会上明确表示"债市 整体运行良好"，传递出当前利率水平处于政策合意区间的信号，同时提及"向非银机构提供流动性支 持"，有助于稳定市场预期。对债市而言，今年四季度经济或延续弱修复，叠加央行重启国债买卖操作 带动宽松预期升温，市场整体偏顺风，有望开启一轮修复行情。 中国邮政储蓄银行研究员娄飞鹏认为，央行重启国债买卖操作释放出政策维稳信号，旨在引导市场预 期，配合财政政策并缓解中长期流动性缺口。200亿元的操作规模虽然不大，但其信号意义大于实际规 模，提振了债市信心，尤其是中长久期利率债需求显著上升。 "当 ...

Core Viewpoint - The People's Bank of China (PBOC) has resumed the operation of buying and selling government bonds, signaling a positive outlook for the bond market and potentially benefiting long-term interest rate bonds and "fixed income +" wealth management products [2][4][5]. Group 1: Market Signals and Economic Impact - The resumption of government bond trading is seen as a signal for stabilizing growth, which is expected to boost confidence in the bond market [4][5]. - PBOC Governor Pan Gongsheng indicated that the overall operation of the bond market is good, suggesting that current interest rates are within a desirable policy range [4]. - The operation aims to guide market expectations and alleviate medium to long-term liquidity shortages, with a focus on stabilizing the macroeconomic environment for Q4 of this year and Q1 of next year [5][6]. Group 2: Bond Market Dynamics - The 10-year government bond yield has increased from an average of 1.64% in January to 1.84% in October, indicating a slight easing of bond market risks [4]. - The recent operations by the PBOC are expected to lead to a further decline in long-term interest rates, benefiting related wealth management products [7][8]. - Analysts suggest that while the bond market outlook is positive, the extent of the decline in interest rates will depend on future PBOC bond purchase scales and economic recovery [7][9]. Group 3: Investment Strategies - Investors are advised to focus on long-duration fixed-income products and mixed-asset products that include bonds, as these are expected to have better allocation value [7][9]. - The PBOC's actions are likely to improve liquidity conditions, making mid-term credit bonds more attractive due to potential compression of credit spreads [9]. - Investment strategies should include increasing allocations to mid-term credit bonds and diversifying into "fixed income +" products to balance risks and enhance returns in a low-interest-rate environment [9].