文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ 债券也有牛熊市吗，其波动原因 是什么? 2025年11月下旬,债券市场出现了比较 大的波动。 有朋友问，债券有牛熊市吗? 债券也是有牛熊市的，平均3-5年一轮。 例如： •最近一年债券又比较低迷。 这里债券牛熊市，通常是说长期纯债。 按债券期限划分：1年以内为短债；1-3 年以内为中短债；3-5年为中债；5-10年 为长债；10年以上为超长债。 期限比较短的,例如短债基金，波动很 小,通常最大回撤在1%以内，这类债券 不太受债券熊市的影响，2025年短债还 是上涨的。 短债更多的是作为短期资金管理工具。 受债券牛熊市影响比较大的，主要是长 债基金,越是长期债券,在债券牛熊市 中波动越大。例如，30年期国债指 ...

Core Insights - The bond ETF market has reached a new high, with a total scale of 706.29 billion yuan as of November 14, 2023, marking significant growth despite market volatility [2] - Factors contributing to this growth include favorable policies, product innovation, and increased liquidity from market makers [2][3] Market Growth - The bond ETF market has expanded significantly this year, with a net inflow of over 427 billion yuan, indicating strong investor interest [2] - Notably, 20 ETFs have seen net inflows exceeding 10 billion yuan, with short-term bond ETFs attracting nearly 40 billion yuan and 30-year treasury ETFs over 29 billion yuan [2] Investor Demand - Investor demand is driven by a low-interest environment, leading to increased sensitivity to fund fees among investors [2] - The limited number of bond ETFs, such as only two 30-year treasury index funds available, enhances their appeal due to operational convenience and flexibility [3] Market Outlook - The central bank's bond purchasing operations are expected to boost market confidence, with a focus on medium to short-term treasury bonds [4] - The overall market is anticipated to perform better than the third quarter, with a potential recovery in the bond market expected in the fourth quarter [4] Investment Strategies - Investment strategies should consider a defensive approach in the short term, waiting for favorable conditions in the equity market before taking more aggressive positions [5] - A multi-asset ETF strategy is recommended for investors seeking stable returns, combining low-volatility bond ETFs with equity ETFs to balance risk and reward [5]

Core Viewpoint - The rapid growth of bond ETFs in China is driven by their scarcity, operational convenience, and the recent inclusion of credit bond ETFs in general pledge-style repurchase agreements, enhancing their attractiveness and liquidity [1][2][5]. Group 1: Growth of Bond ETFs - The total market size of bond ETFs has surpassed 360 billion yuan, with credit bond ETFs showing significant growth, particularly the Bosera Credit Bond ETF, which has recently exceeded 10 billion yuan in size [1]. - The scarcity of bond ETFs, such as the limited number of 30-year government bond index funds and convertible bond index funds, contributes to their appeal [2]. - The operational advantages of bond ETFs include low management fees, strong tool attributes, and transparent underlying assets, making them more attractive compared to traditional bond index funds [3][4]. Group 2: Institutional and Individual Participation - Institutional investors, including banks, insurance companies, and pension funds, dominate the bond ETF market, accounting for over 80% of the ownership structure, although individual investors are gradually increasing their participation [4]. - The recognition and acceptance of bond ETFs among individual investors are still in the early stages, but with increased investor education and product promotion, participation is expected to rise [4]. Group 3: Impact of Pledge Inclusion - The inclusion of multiple credit bond ETFs in general pledge-style repurchase agreements enhances their attractiveness by allowing investors to leverage their holdings for increased returns [5]. - The operational simplicity and low transaction costs associated with pledge transactions make credit bond ETFs particularly suitable for on-exchange investment needs [5]. - The liquidity of credit bond ETFs is significantly better than that of individual corporate bonds, and the continued growth in scale is expected to further enhance liquidity and meet customer trading demands [5]. Group 4: Stock-Bond Relationship - The "stock-bond seesaw" effect has been amplified in recent years, indicating a stronger inverse relationship between stock and bond market performances [6][7]. - The occurrence of days where stocks rise while bonds fall, or vice versa, has increased, with the proportion of such trading days rising to over 50% in recent years [6][7]. - The correlation between daily price movements of stocks and bonds has also increased, indicating a growing interdependence between the two asset classes [7].