在基本面偏多、资金面宽裕等因素的共同推动下,债市已持续上涨一年有余。2004年4月30日至2005年6月16日,上证国债指数累计涨幅达14.03%。但从债券的收益率来看,有些债券的收益率已跌破银行的资金成本,因此,这种不计成本的上涨正在考验着债券投资者的信心。另外,结合近期一系列 In the fundamentals are too large, ample capital and other factors jointly promote the bond market has continued to rise more than a year. From April 30, 2004 to June 16, 2005, the Shanghai Stock Exchange Bond Index rose a total of 14.03%. However, in view of bond yields, the yields of some bonds have fallen below the cost of capital of banks. Therefore, such an increase in cost-cutting is testing the confidence of bond investors. In addition, combined with the recent series