4月以来,债市收益率总体下行,短期继续下行空间或有限。前期国家统计局公布的一季度宏观数据显示经济仍疲弱。同时,汇丰银行4月2 3日发布的最新数据显示,4月中国制造业PMI初值为49.2,低于市场预期,也低于前一月终值49.6,降至2014年5月以来新低。对此,业内人士表示,总需求疲弱意味着国内经济仍有进一步下行的压力,更大力度的放松政策依然可期。对于后市债市走势,华创债券表示,降准带来的乐观情绪逐步平复,利 Since April, the bond market generally has a downward trend in yields, with limited or short-term downward trend. The first quarter of macroeconomic data released by the National Bureau of Statistics shows that the economy is still weak. In the meantime, the latest data released by HSBC on April 23 shows that the initial Chinese manufacturing PMI for April was 49.2, lower than market expectations and below the previous month’s final value of 49.6, hitting a new low since May 2014. In this regard, the industry said that the weak overall demand means that the domestic economy is still under downward pressure, a stronger relaxation policy is still expected. For the market outlook bond movements, CRE bonds that the downgrade brought optimism gradually calm down, Lee