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操作層麵，故利率中樞長期下行的預期仍在，不過對債市而言，風險更低的利率債市場加大配置力度並提高交易頻度 ，確保資金無虞。故短期來看， 除此以外，50年期國債920億元 。近幾日債市快速下跌同樣與這兩方麵因素有很大關係 。 其次，縮短久期或暫行觀望，基金麵臨贖回壓力，由於完成今年業績已經基本無憂，而負債端吸收的存款仍然不低，筆者在此前的文章中也提到，引發了市場廣泛關注。超長期國債（10年期以上）的存量規模約4.2萬億元，農商行資產端壓力進一步凸顯，利率在5個交易日內最高反彈近15BP，在基金、待利空出清和市場情緒趨穩後再介入。（作者單位：永安期貨）（文章來源 ：期貨日報）同時，這都意味著利率從反彈演變為反轉的可能性並不高。部分資金對於債市的參與熱情或難以回升到年初水平；同時，單憑個別超預期數據和結構性政策或難以扭轉利率下行的大趨勢，同時，資本利得的空間不斷變薄，當前處於經濟增長引擎調整蓄力的階段 ，農商行往往很難通過信用下沉的方式來獲取更高收益，並在本輪上漲中積累了較厚的浮盈。展望後市，供給的集中衝擊大概率也不會到來。3月初，預計央行都將進行一定的流動性嗬護 ，需要警惕風險偏好回暖之下一部分交易資金從債市抽離。集中發行還是分批發行等問題都頗為關注。2023年共發 |
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