固定收益如何（仍能）提供迎风锚

关键论点

• 政府债券波动加剧并出现熊市趋平，股债相关性升至数十年来最高，传统对冲角色受到挑战。
• 投资级与高收益债券利差处于数十年来最窄水平，传统利差收益空间有限。
• 系统化主动固收与基本面主动管理人的相关性较低，具备分散化潜力。
• 将公共债务与高质量私募信贷、TIPS、新兴市场债和杠杆贷款搭配，或可保留固定收益的稳定器作用。

对应原文证据

1. However, correlations between fundamental fixed income managers can be high, as they can use similar tilts toward higher-beta credits to generate alpha and may react similarly to macro events (Figure 3).
2. returns may have low correlations with each other, providing the potential to enhance diversification in the overall fixed income allocation (Figure 3).
3. Real yields have increased over the course of 2026 while breakevens followed a bumpy path to roughly unchanged year to date (Figure 4), indicating markets are more focused on growth than inflation. · 2026