低利率时期,由于债券投资面临着利率波动的种种不确定性,特别是利率提高会给投资人带来巨大的投资损失。并且我国并不存在金融期货、期权等避险工具,使债券投资人在低利率时期非常被动。本文试图提出连动式债券(StructuredNote)为概念的“选择权式国债操作策略”,以能尽量避免低利率时期投资国债的风险。 In the period of low interest rates, bond investments face various uncertainties in interest rate fluctuations. In particular, higher interest rates will bring huge investment losses to investors. And China does not exist financial futures, options and other hedging instruments, bond investors in the low interest rate period is very passive. This paper attempts to propose StructuredNote as the concept of “selective government bonds operation strategy” in order to try to avoid the risk of investment in government bonds during the low interest rates.