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础，资金价格中枢仍有望保持在政策利率水平上下，因此利率大幅上行风险可控，整体将步入震荡走势。利率债方面，7月以来，在股市快速上涨影响下，利率出现一定超调迹象，目前长端已蕴含了经济向疫情前水平修复及货币政策收敛的预期，中短端对新的资金中枢重定价基本完成，未来有望稳定的资金价格中枢，为中短端1-5年利率债提供有力支撑。从期限利差来看，目前3-1年及5-3年政金债期限利差均处于2012年以来70%分位数以上水平，期限利差保护较好。从近期一级招标情况来看，1-5年政金债需求较好，全场倍数多在3倍以上，且多以低估值中标。7月以来，摊余成本法债基单月募集规模已超过700亿元，作为摊余成本法债基主要配置品种的中短端政金债需求明显加强，配置价值凸显。长端利率的交易机会需关注经济修复不及预期、中美摩擦升级等触发因素。信用债方面，在宽信用政策支持下，企业筹资性现金流明显改善，但疫情对企业经营性现金流的负面影响尚未完全消化，信用资质有限改善。结构上，城投债受益于外部融资支持政策更强，具有挖掘价值；地产债受“房住不炒”政策影响下，龙头效应依然明显，龙头民企配置价值更优，但需关注高杠杆、对非标依赖较强等风险特征；而具有多元化经营、扩张激进等特征的民营企业需保持谨慎。可转债方面，当前沪深300指数PE\\PB估值均仍处于最近十年周期历史较低水平，转债资产的股性估值存在提升空间，同时，转债市场供需双向扩容趋势明显，纯债资产产生的机会成本相对较低，转债资产配置价值显著提升，重点关注传统行业中的优质标的及新兴成长行业中的核心龙头转债资产的投资机会。","fund":{"_id":3000000006782,"__csrcFundId":6056,"stockCode":"006782","shortName":"国泰信利三个月定期开放债券(006782)","fundSecondLevel":"bond","stockType":"fund","areaCode":"cn","market":"a","tickerId":6782,"masterFundFlag":1,"lastUpdated":"2026-04-30T20:21:35.934Z","status":"normal","inceptionDate":"2019-03-24T16:00:00.000Z","name":"国泰信利三个月定期开放债券型发起式证券投资基金","exchange":"jj","followedNum":0,"fundCollectionId":4000050010000,"currency":"CNY","masterFundShortName":"国泰信利三个月定期开放债券","pinyin":"gtxlsgydqkfzqxfqszqtzjj","managers":[{"stockCode":"db20412266","stockType":"fund_manager","exchange":"fm","tickerId":121925208160,"name":"刘嵩扬"},{"stockCode":"j101020494","stockType":"fund_manager","exchange":"fm","tickerId":171604252460,"name":"秦培栋"}]},"announcement":{"linkText":"国泰信利三个月定期开放债券型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462873","linkType":"PDF","source":"csrc_pdf"}}]}