债券投资交易策略实务案例分析（配置与交易型策略）

[url=http://mp.weixin.qq.com/s?__biz=MzA5MzIzNDIzNw==&mid=2661537557&idx=6&sn=a17ca0f1950feb919b6df7598019d3f5&chksm=8b378247bc400b51f56bda40d90e667827dbb4daa75968c23b24f57a013510ad3cd1d79b2a7b&scene=21#wechat_redirect][/url]
[url=http://mp.weixin.qq.com/s?__biz=MzA5MzIzNDIzNw==&mid=2661537529&idx=7&sn=52295c688c4317c9ff2bdf6d2f172f34&chksm=8b3783abbc400abdfb621955f4655b5e9b52f3a5a732a0ce3da9e9a3370d6de52e3f31f3606c&scene=21#wechat_redirect]https://beijingoptbbs.oss-cn-beijing.aliyuncs.com/wc/8002967-7088304466fb10ce6d2669e6f5e6ec65.png
[/url]
[b]一、收益率曲线[/b]
[b]1.收益率曲线的基本概念[/b]
中债或中证等机构，每日会公布收益率曲线，这里我们简要介绍3种收益率曲线。https://beijingoptbbs.oss-cn-beijing.aliyuncs.com/wc/8002967-b943d18e50af2012739567ee1232763e.png

【注】曲线详细介绍见[url=http://mp.weixin.qq.com/s?__biz=MzI1NDUyMTY5Ng==&mid=2247485675&idx=1&sn=d18ae94c7b06ba676b899f19ac00b529&chksm=e9c2b0e4deb539f29fc3bad080978be8bc831b66761cb379e058ba3b4d4a833a2bc186a1c556&scene=21#wechat_redirect]《债券收益率曲线的编制》[/url]、[url=http://mp.weixin.qq.com/s?__biz=MzI1NDUyMTY5Ng==&mid=2247484457&idx=1&sn=796d2b7209cd024cba9f649f68c21a69&chksm=e9c2bc26deb53530b7ebebb803a1b104e2283079760b28544520b74d56b9e59c313e8cbf0dd4&scene=21#wechat_redirect]《债券零息（即期）收益率曲线的构建》[/url]。

[b]【案例举例1】[/b]国债到期收益率曲线如下
https://beijingoptbbs.oss-cn-beijing.aliyuncs.com/wc/8002967-1ea63bb1c4353c9d5b9afdd4423bac53.png

https://beijingoptbbs.oss-cn-beijing.aliyuncs.com/wc/8002967-6eee2f70defd92a8990a9fbf954d8d0e.png

[b]2.债券收益率曲线的常见形态[/b]
我们知道债券价格与收益率呈现反向关系。债市的牛市是指债券市场各类债券的整体价格上涨（收益率下行），熊市