Although bonds are a traditional safe investment method, investors should not take it lightly because any investment method may face risks. Next, we will analyze it from multiple angles and explore the root causes of the sharp decline in debt bases.

1. Macroeconomic environmental factors

An unstable economic environment will not only affect the real economy, but also the financial market. In this context, multiple macroeconomic environmental factors have had an impact on the bond-based market:

1. Policy interest rates rise: If the central bank begins an interest rate hike cycle, the market’s expectations for future interest rate increases will increase, and the bond market will The basis's regular income cash flows are affected by changes in this policy rate.

2. Increase in bond issuance: In the context of promoting the "deleveraging" policy, the number of companies and entities issuing bonds has increased, and market attention has increased, which will trigger market competition and lead to The net value of the debt base fell.

3. Increasing inflation pressure: Rising inflation rates will put direct pressure on the bond market. Excessive inflation will make the market expect that interest rates may rise in the future, thus increasing the risk of upward interest rates.

4. Exchange rate risk: Changes in exchange rates will also have an impact on the bond market. If the yuan depreciates, bonds will be sold off and the net overseas assets of investors in weak currencies will also fall.

2. Credit risk

Although bonds are fixed-income investments, different types of bonds still have credit risks, and credit risk is one of the factors that affects the fluctuation of the net value of the bond base. . The credit risk of private enterprise bond issuers is relatively high, and the risk of bonds with lower credit ratings is higher. Investors take a mid- to long-term perspective and choose low-risk varieties based on their own risk tolerance.

3. Fund product risks

1. Asset quality correlation: Some corporate bonds are issued by company executives or shareholders who illegally misappropriate funds. The functions of the companies in these bonds are unclear or the assets The quality is worrisome.

2. Bank risk: The increase in bank non-performing loans will lead to the risk of falling debt base. If the quality of the bank's credit assets declines, it will have a greater risk impact on the bond market.

4. Market sentiment

Market sentiment is also an important factor affecting the net value of debt bases. The current market is experiencing great fluctuations, and the sentiments of investors and fund companies will also fluctuate accordingly. The stock market is not good, investor sentiments fluctuate greatly, and funds are pouring into fixed income funds.

5. Shift of market focus

Previous stock market fluctuations, rather than financial products, caused some fund companies with large cash scales to be embarrassed in May. As the market reverses, the focus of many investors has shifted from stocks to bonds. However, investors entering the bond market too quickly can lead to asset shocks.

To sum up, there are various reasons for the sharp decline in debt base. During the investment process, investors must have a correct awareness of risks, constantly learn theoretical knowledge, accumulate investment experience, enhance their risk tolerance, allocate funds reasonably, and reduce risk reserves. Only in this way can they better avoid risks and gain stability. level of income.