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 利率债方面，一季度债市收益率震荡下行。节奏上，年初受风险偏好及赎回情绪压制，十年国债收益率阶段性冲高至1.9%附近，随后在配置力量支撑下开启震荡修复，并下破1.8%关键点位。3月美伊冲突爆发引发油价飙升、输入性通胀担忧升温，债市长端承压，短端在资金宽松支撑下逐步下行，收益率曲线陡峭化运行。  信用债方面，一季度无新增违约展期主体，信用风险保持低位。在资金面宽松和机构年初配置支撑下，一季度信用债行情演绎流畅，仅在1月初和2月下旬经历小幅的短暂调整，其余时间均保持下行。各品种表现来看，一季度信用债曲线平坦化下行，受利率债走陡影响，信用利差涨跌互现，高等级、中短久期信用债利差小幅走阔，而低等级和中长久期品种利差压缩幅度更大。  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 全年债券市场震荡偏弱，节奏上，一季度受资金面收敛以及经济开门红影响，10年国债收益率最高触及1.9%关口，随后关税冲击带动收益率快速下行，迅速回到年初起点，并开启窄幅震荡行情。三季度随着反内卷政策推进、权益风险偏好升温，收益率震荡回升，四季度收益率延续弱势震荡状态。  信用债方面，2025年收益率走势分化，其中短端、票息类品种表现相对较好，各品种信用利差整体压窄并维持相对低位。节奏上，1-3月中旬，受资金面偏紧影响，信用债多数调整，中高等级、短久期上行幅度更大；3月下旬-7月中旬，资金面转松、贸易摩擦升温、降准降息落地，叠加信用债ETF发行放量等因素，共同推动信用债收益率和信用利差下行；7月下旬-9月，权益市场风险偏好抬升，信用债收益率波动上行。10月以来，受权益市场降温、摊余债基建仓等因素影响，信用债修复，各品种信用利差均在11月压至全年最低点，12月小幅回调。信用风险方面，25年地产链行业的风险继续发酵，但风险外溢仍相对可控。  操作方面，报告期账户紧密跟踪标的指数表现，策略上结合货币政策及市场情况，灵活进行品种切换、利差交易等确定性收益增厚方式相对指数做收益增厚。在流动性适度宽松的格局下，组合将通过久期策略和杠杆策略，努力增厚组合收益。","lastUpdated":"2026-03-31T19:59:48.180Z","mo":"展望2026年宏观环境，作为“十五五”开局之年，经济总量预计延续平稳运行，价格中枢整体修复，弹性斜率是核心关注。财政政策预计保持温和扩张、节奏延续前置，货币政策延续支持配合态度，货币总量政策更加注重应对外部风险冲击以及预期引导效果，同时外需动能是决定内部政策托底力度的重要变量。  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 利率方面，基本面和资金面对债市仍构成支撑，但受反内卷交易、股债跷跷板效应等因素影响，三季度债市收益率震荡上行。7月初中央财经委会议提及“推动落后产能有序退出”，反内卷交易带动权益市场情绪升温，8月股债跷跷板持续演绎，债市收益率延续调整。9月市场风险偏好虽有所降低，但部分机构资金出现了止盈行为；同时市场对央行重启国债买卖博弈升温，债市表现偏震荡。  信用环境方面，三季度信用违约风险整体低发。市场表现方面，三季度信用债整体调整，信用利差涨跌互现，受资金面均衡宽松影响，中短久期信用债相对抗跌，长久期信用债上行幅度较大，曲线陡峭化。节奏上，7月中上旬，在资金面宽松及信用债ETF集中上市扩容影响下，信用债呈现一定的独立行情；7月下旬以来，信用债走势整体跟随利率债，信用利差波动走阔。  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