[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2024071822455899856":3,"related-JP2024071822455899856":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"fileInputUrl":11,"articleTitle":12,"coverImage":13,"listImage":14,"introduction":15,"description":16,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":6,"hasMiniUrl":19,"miniUrl":11,"miniScheme":11,"miniImage":11,"itemTag":11,"createBy":20,"updateBy":20,"createTime":21,"visitCount":19,"isLiked":19,"realSearch":22,"isRead":19,"productId":23,"isCollected":19,"collectCount":19,"vipExclusive":19,"allowComment":7,"style":24,"likeCount":7,"duration":19,"playStyle":7,"seoKeywords":11,"articleModuleVoList":25,"extendContentList":26,"noteCount":7,"categoryList":27,"dailyKeywordList":28},10,6386,"1",1,"JP2024071822455899856","1041018",3,"","我的债基怎么跌了……","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","债基突然下跌，卖吗？","\u003Csection>\n \u003Csection>\n  \u003Cp style=\"margin-left: 16px; margin-right: 16px; line-height: 2em;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">晚上好呀。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">今年，债券基金称得上是「稳稳的幸福」了，普遍年化有3%-4%的回报，收益还不错~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">不过，最近情况似乎出了点变化——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">周一，央妈宣布要借券做空债市，30年国债大跌了1.1%，不少小伙伴的债基也「碎蛋」了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">后台有很多留言关心：\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">\u003Cstrong>咱们的债基还能好好拿着吗？央妈接下来还会出大招不？\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">今天就来聊一聊~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fbcda8210-24df-4828-b7e6-24ee785e42d1.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align:center;text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); visibility: visible; margin-bottom: 8px; margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65);\">01\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">上半年，债券基金的表现相当耀眼：\u003Cstrong>99%取得了正收益\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">短债、长债基金的平均收益，集中在年化3%-4%的区间。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">在股市低迷、信托暴雷的时代，债市算是一个不可多得的好去处。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">但资金都这么想，可就有问题了——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">一来，市场利率降得太快，汇率有压力。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">俗话说，水往低处流，钱往「高处」走。哪里的收益率高，自然会吸引更多资金。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">现在，咱们10年期国债利率低于2.3%、30年期国债利率破了2.5%，都是有记录以来的最低值。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">而大洋彼岸的美国，十年期国债收益率还有4.6%。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">利差一直增加，人民币也压力山大，最近离岸汇率跌破7.3，又来到比较关键的「防守区域」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fd640d208-ae7a-4005-a3e5-4a0be2fb6d93.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(136, 136, 136);\">图源：财经M平方\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">二来，有人杠杆买债券，暗藏风险。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">利率和债券价格是反向关系：利率涨，债券跌；利率跌，债券涨。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">其中呢，长期债券对利率的变化更加敏感，跌起来厉害，涨起来也凶。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">比如去年十年期国债收益率从2.7%跌到2.25%，\u003Cstrong>十年期国债基金上涨了5%，而30年期国债基金的涨幅达到了14%\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fcba4949a-cfa7-4353-bfa0-9817b7d54fbe.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(136, 136, 136);\">图源：英为财情；雪球\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">现在没啥资产可投，一些个人和机构，就看上了安全性拉满的长期国债，抱团买买买。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">但这样的风险也是很高的，多数买家的钱，以短期资金（理财、借款）为主，买长期资产有\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">「期限错配」\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">的问题。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">也就是说，一旦债市波动加大，比如利率上升，这些机构很可能会亏损，给金融系统带来潜在的隐患。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">去年，美国的\u003Cstrong>硅谷银行\u003C\u002Fstrong>就因为想多挣点，用客户的短期存款，购买长期国债。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">结果美联储加息，引起长债价格大跌，硅谷银行因为拿不出足够的资金偿还客户，最终资不抵债、破产倒闭。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">最近，央妈重提硅谷银行事件，多次提示风险。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fb92702e7-c962-4db2-b72e-0bc71208b3a5.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px;\">*拓展阅读：\u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650668488&idx=1&sn=accaa65d7c77528b7e99f0caa5cc618f&scene=21#wechat_redirect\" style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51);;color:#409eff\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(0, 82, 255); font-size: 14px;\">美国硅谷银行倒闭，和我们有什么关系？\u003C\u002Fspan>\u003C\u002Fa>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fc268afe3-1a78-4beb-ac0e-dbdbe68255f3.jpg\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); visibility: visible; margin-bottom: 8px; margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65);\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">但口头警告没啥效果，债市依然火热。7月1日，央妈动手了：\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169);\">决定向一级交易商开展国债借入操作\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">简单来说，这有点像股市中的「融券」操作：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">先借「券」\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">：找银行借入国债；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">再卖出\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">：把国债拿到二级市场卖掉；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">后还「券」\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">：最后再低价把国债买回来还给银行。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">理论上，国债供给增加，价格就会下跌，国债收益率就会上升，进而稳住汇率。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">目前，央妈官宣了第一步。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">虽然还没有实质性卖出的动作，但市场都感受到央妈动真格了，所以7月1日，债市降温。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">那央妈接下来还会出手吗？债券还能买吗？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">一方面，支持经济的大方向没变。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">上个月，央行行长表态：\u003Cstrong>「货币政策的立场是\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169);\">\u003Cstrong>支持性\u003C\u002Fstrong>\u003C\u002Fspan>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">\u003Cstrong>的，为经济持续回升向好提供金融支持。」\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">下半年安排了不少特别国债的发行计划，利率真要上升太多，也会增加财政部的还债压力。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">所以，央妈的操作，更像是敲打下市场，让利率别降得太快。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">\u003Cstrong>另一方面，也别随便挑战央妈。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">央妈旗下媒体\u003C\u002Fspan>\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(136, 136, 136);\">（《中国金融时报》）\u003C\u002Fspan>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">4月提到：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">「从疫情平稳转段后的市场运行实践看，\u003Cstrong>2.5%至3%是10年期国债收益率的合理区间\u003C\u002Fstrong>」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">目前，10年期国债收益率是2.2%。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">如果市场利率「不听话」还要降，央妈的「子弹」也是挺充足的：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n  \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px;\">根据华泰证券测算，一级交易商可供借出的国债大概在8万亿左右，国债的单日二级成交量在4000-5000亿之间。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fblockquote>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F738e5c15-0b0b-45c1-a220-ef058dfa0cbf.jpg\">\u003C\u002Fp>\n \u003Csection>\n  \u003Cp style=\"margin-left: 16px; margin-right: 16px; line-height: 2em; text-align: center;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65);\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">最后来说说，咱们该怎么安排手中的债基。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">首先，别投机超长期债券。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">央妈这次点名的，是\u003Cstrong>长期债券的收益率太低了\u003C\u002Fstrong>，像是10年以上的国债。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">如果你手上有相关的标的，并且打算一直持有到期，每年稳定收息，那没啥问题；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">但要是想要低买高卖赚差价，可得小心了，接下来估计没啥大幅上行空间了，不妨见好就收。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">其次，根据自己的需求，做好「长短搭配」。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">我们平时买的债券基金，期限没那么长，一般是：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n  \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(0, 0, 0);\">短债基金，主要投资\u003Cstrong>一年内\u003C\u002Fstrong>到期的债券；\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-size: 14px; color: rgb(0, 0, 0);\">以及中长期纯债基金，主要\u003Cstrong>投资3-10年内到期\u003C\u002Fstrong>的债券。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fblockquote>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">假设利率真的上行，它们受到的影响也没那么大。比如我持有的一只短债基金，7月1号这天照常上涨。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">从历史数据来看，过去五年，短债和长债基金的年化收益在3%-3.5%之间；遇到熊市呢，出坑期在1个月~10个月不等。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa11aa543-3884-49ab-a00a-4ca5cc53b60f.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">所以咱们买卖时，\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"outline: 0px; font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65);\">不用过度关注买入时机\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">，考虑自身的\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); background-color: rgb(255, 218, 169);\">资金需求\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">就行。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">中长债基金虽然收益高一些，但波动也相应大一些。万一买在高点，出坑的时间会更长。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">所以，它更适合长期持有，比如1年以上。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">像是短期要用的钱更多，那就短债多配一些，如果短期用不上这笔钱，那就可以多配一些长债，多赚点。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; white-space: normal; background-color: rgb(255, 255, 255); margin-left: 16px; margin-right: 16px; line-height: 2em;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"outline: 0px; color: rgb(34, 34, 34); font-size: 16px; letter-spacing: 1px; caret-color: rgb(51, 51, 51);\">好啦，关于央妈借入债券的影响就和你聊到这里，晚安🌹\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection>\u003C\u002Fsection>\n \u003Csection>\n  \u003Csection>\n   \u003Cbr> \n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Csection>\n   \u003Cbr> \n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp>\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n\u003C\u002Fsection>","2024-07-19 06:25:00",100,0,"liufei@jane7.com","2024-07-18 22:45:58",false,16393,"1038002",[],[],[],[],[]]