The main purpose of financial management is to earn a certain expected income. Financial management has certain risks, and it will definitely make money, but it may cause certain losses. So what is the underlying logic of bond funds? The following small series brings the underlying logic of bond funds. Let's take a look at it together, hoping to bring some reference.

1. What is the underlying logic of bond funds?

Bond fund refers to a fund with bonds as its main investment object, that is, fund companies gather people's idle funds to buy and sell bonds. Bonds include government bonds, financial bonds and corporate bonds. Different bonds have different risks and expected returns.

The expected return of national debt is relatively low, but the security is high. The expected return of financial bonds is moderate and the security is moderate. Corporate bonds have the highest expected returns and the highest risks. The risk of bonds mainly comes from the issuer's default risk and market risk.

There are two main sources of bond income, one is bond interest income, and the other is bond market transaction income. The interest income of bonds is relatively fixed. As long as the issuer does not default, there is basically no big risk.

The market transaction income of bonds is relatively unstable, and the market price of bonds is mainly affected by the relationship between supply and demand of bonds. If the demand for bonds is greater than the supply, the price of bonds will rise, if the demand for bonds is less than the supply. Then the price of bonds will fall.

If the market price of bonds falls, the assets of bondholders will depreciate, in other words, our bond fund may fall. The bond market also earns the price difference by buying low and selling high, so the rise and fall of bond funds has a great relationship with the management level of fund managers.

Second, why did you encounter a big retracement?

Why bond funds have retreated recently is why people's financial management has fallen sharply, mainly because banks are short of money. Recently, the demand for social funds has increased, and the funds used by banks to issue loans and reserves have decreased. Banks withdraw funds by selling bonds in large quantities, which will lead to an increase in bond supply and a decrease in bond prices.

On the other hand, when the bond price falls, it will cause some panic to investors, and investors will redeem their own funds. When there is a large redemption, people's financial management will further shrink. The more financial management falls, the more people stop, leading to such a vicious circle, and finally financial management retreats.

Seize the stocks with continuous daily limit.

In the mid-line stock picking skills, if you want to make a medium-long line layout, you must look at the current market situation. You can refer to the annual line (250 antennas) and semi-annual line (120 antennas) of the market index. If the trend is above the annual line and the semi-annual line, it means that it is not a bear market at present. In the face of national policies, investors should not be lucky enough to grab the rebound or choose to buy people, but should wait and see to clear their positions. If the stock market rises sharply, it is necessary to follow the trend and hold shares in the medium term.

Mid-line stock selection should be comprehensively analyzed from six aspects: K-line shape, technical index, relative price, company fundamentals, market trend and stock theme. We should give up some stocks with high P/E ratio and prices much higher than their intrinsic values.

As for how to seize the stocks with continuous daily limit? The initial share price rose by more than 6%; Must be "heavy"; The greater the increase, the stronger the trend and the more favorable it is. Among the key conditions of daily limit, the opening price is 2-3 points higher and the opening price is not more than 2 points lower. The decline process cannot be heavy, and the heavy volume is suspected of shipping; The closing price is near yesterday's closing price, so it is best not to form a gap.