2016年1月以来,市场看多情绪有所弱化,春节前债券收益率呈现周初上行周末下降的波动模式。春节假期,央行货币政策执行报告明确了货币政策面临的约束,而随后海外市场波动又在一定程度上强化债券资产配置价值。本文维持对债市谨慎态度,国内因素是债券市场的主导,而海外风险偏好对我国市场影响有限。春节之后,债券市场中 Since January 2016, the market sentiment has been somewhat weakened, before the Spring Festival bond yields showed a downward spiral of the weekly upward weekend. During the Spring Festival holiday, the Central Bank’s Monetary Policy Implementation Report made it clear that the monetary policy was constrained. Subsequently, the overseas market volatility strengthened the asset allocation value of bonds to a certain extent. This article maintains a cautious attitude towards the bond market, the domestic factor is dominated by the bond market, and overseas risk appetite has a limited impact on our market. After the Spring Festival, the bond market