“债市打黑,从短期来看,对债市的投资会带来一定影响,但从长期看,未尝不是一件好事。”总体来看,近期风险事件将促使债市有一个“去杠杆”的过程。首先是主动降杠杆,今年一季度出于资金面超预期宽松、经济复苏低于预期、债券供需失衡以及8号文等综合因素的推动,债市走出了一波结构性行情。 “In the short term, the bond market will have some impact on the investment in the bond market, but in the long run, it is not a bad thing.” Overall, the recent risk events will prompt the bond market to have a “ Leveraging ”process. The first is to take the initiative to lower the leverage. In the first quarter of this year, the bond market emerged from a wave of structural quotations due to the over-expected easing of funds, lower-than-expected economic recovery, bond imbalance between supply and demand and Circular No. 8.