新华08网上海10月19日电(记者桑彤)近期在资金面宽松、经济数据未见起色等因素影响下，债市有所回暖，令首批投资内地债券市场的RQFII基金受益，收益率普遍超过2%。

Xinhua 08 net Shanghai on October 19,(Reporter SangTong)Recently in financing area loose/Economic data failed to respond to the impact of factors such as the next,The bond market has warmed,Make the first investment in the bond market RQFII fund benefit,Yields generally more than 2%.

　　其中，排名居首的易方达人民币固定收益基金运作7个多月以来，累计净值增长率超过4%。而南方基金、华夏基金、汇添富基金、申银万国证券、大成基金、中金证券、中信证券(600030,股吧)旗下的RQFII产品自成立以来累计净值增长率也超过2%。

the,Rankings to lead the YiFangDa RMB fixed income fund operations since 7 months,Cumulative net growth rate of more than 4%.And the south fund/Fund of an ancient name for/Exchange add rich fund/ShenYin universal securities/Dacheng fund/Zhongjin securities/Citic securities(600030,guba)Its RQFII products since its inception cumulative net growth rate is more than 2%.

　　基金业内人士分析认为，首批RQFII基金业绩表现稳健，得益于内地债市的“慢牛”行情。与前三季度A股市场剧烈震荡相比，今年债券市场“先涨后跌”。受经济触底预期以及资金成本居高不下等因素影响，三季度债市持续调整。海通证券(600837,股吧)数据显示，三季度纯债、偏债型基金平均净值分别下跌0.6%、1.43%。

The personage inside course of study thinks fund,The first RQFII fund performance robust,Thanks to the mainland of the bond market"Slow cattle"market.And the third quarter a-share market compared to violent shake,The bond market this year"After the first rise fall".By economic sole expected cost of capital and the impact of factors such as the high,For the third quarter bond market adjustment.Haitong securities(600837,guba)Data display,Third quarter pure debt/Partial debt fund average net worth fell by 0.6% respectively/1.43%.

　　对于四季度债市走势，国投瑞银基金(博客,微博)持中性偏乐观态度，认为债券品种表现会出现分化。从对债市整体走势和目前信用债所处的收益率水平看，未来信用债更被看好。其中，中高评级的信用债机会较多，但对信用质地处于下滑过程中的低评级信用债保持谨慎，具体投资类别可考虑流动性较好的中票以及公司债。利率产品方面，考虑到疲软的经济基本面以及相对稳定的资金成本，其收益率后期继续上行的空间不大。

For the fourth quarter bond market trends,International trust &investment ubs fund(blog,Micro bo)The neutral partial optimistic attitude,Think bonds varieties performance will be appear differentiation.From the overall trend of bond market and the credit debt in place of the yield level to see,The future credit debt much-fancied.the,The high rating of the credit debt more opportunities,But the credit quality of a material in the process of decline low rating credit debt remain cautious,Specific investment category can consider good liquidity in the ticket and corporate debt.Interest rate products,Considering the weak economic fundamentals and the relative stability of the capital cost,The late return to continue ascending the space is not large.

　　易方达人民币固定收益基金基金经理王晓晨也指出，信用债市场在经历近三个月的调整之后，收益率处在五月份两次降息前的水平，利差水平重新站在历史均值以上，其估值已经具备吸引力，是较好的配置品种；而且信用债的绝对收益率水平与贷款利率相比已经不存在明显的优势，信用债供给速度有望减缓。利率品种方面，随着季末过后资金面压力的缓解以及通胀预期的减弱，利率品种也存在波段性的操作机会。

YiFangDa RMB fixed income fund fund manager WangXiaoChen also pointed out,The credit debt market after nearly three months after the adjustment,Yield in two cuts may level before,Interest margin level to stand in the historical average above,The valuation has appeal,Is a good configuration varieties;And the credit debt absolute yield level and loan interest rate compared to do not exist already obvious advantage,The credit debt supply speed is expected to slow down.Rate variety,After the end of the season with the financing side pressure relief and the weakening of inflation expectations,Interest rate varieties also exists band sex the operation chance.