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年第一季度，国内经济呈现温和复苏态势。固定资产投资增速保持稳定，消费市场逐步回暖，出口具备较强韧性。通胀低位小幅回升，PPI 同比降幅有所收窄。债市整体呈现震荡格局，收益率曲线陡峭化；信用债及中短久期利率债收益率稳步下行，超长端利率债收益率震荡上行。债市核心定价逻辑由年初的 “宽松预期”，逐步转向 “经济韧性 + 通胀扰动 + 外部冲击 + 货币政策定力”。年初权益市场走强、风险偏好抬升，叠加债市供给冲击扰动，10 年期国债收益率上行至 1.9% 附近，30 年期国债收益率上行至 2.335% 附近。后续央行持续释放宽松信号，市场宽松预期升温，叠加配置资金进场，债券收益率重回下行通道，10 年期国债收益率回落至 1.78% 附近，30 年期国债收益率下行至 2.22%。春节后，1—2 月国内经济数据超预期，海外地缘冲突引发原油价格大幅上涨，进一步推升通胀预期，利率债收益率再度上行。但受资金面持续宽松支撑，信用债与中短端利率债表现相对稳健，30 年期国债收益率回升至 1 月高点附近。季末，跨季资金利率维持低位，市场提前博弈二季度资金面宽松，债券收益率再度下行。（数据来源：Wind） 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