国泰海通|固收:科创债/信用债ETF是如何“囤券”的

国泰海通证券研究
Sep 02

报告导读:科创债/信用债“囤券”的几点规律:现金VS现券,弹性VS静态,久期VS票息,哑铃VS子弹。博弈信用债/科创债ETF的“囤券”——配置策略和节奏主要考虑4个问题:保留现金还是配置债券,寻求弹性还是静态,向久期还是信用下沉要收益,持仓债券的期限结构是哑铃还是子弹。复盘历史:(1)保留现金一般是信用债ETF申购规模扩张/配债不及时的短期现象,在行情偏弱时,选择持有现金的概率也不高。(2)在目前...

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