"For all people, it is natural to hope that they can earn more money and live a better life. Therefore, many people will want to use the surplus money to invest and use Qian Shengqian. Here, I would like to share some knowledge about bonds with you, hoping to help you.
What is a bond fund
Bond funds are funds that mainly invest in bonds. It is stipulated that more than 80% of fund assets should be invested in bonds, and a small amount of funds can be invested in the stock market, convertible bonds, new shares and so on.
Characteristics of bond funds
Bond funds have relatively low risk and relatively stable income fluctuation, which is an indispensable part of asset allocation.
Low risk. Bond funds mainly invest in bonds including treasury bonds, financial bonds, etc. These bonds have stable returns and less risks, so bond funds have less risks. Compared with other types of funds, the risk is from small to large: money fund < bond fund < mixed fund < stock fund.
Low rates. The general subscription fee of bond funds is lower than that of hybrid funds and equity funds.
Income is stable, but not high. Because bonds are fixed-income products, which have regular interest returns and promise to repay principal and interest at maturity, the bond fund's income is relatively stable, but the yield is not high.
Matters needing attention in investing in bonds
First of all, we should be clear about our goal, whether it is to pursue low-risk, stable income, or to pursue relatively high returns. Then, according to their own risk tolerance, choose the corresponding types of debt base. The risks of these bond funds are from small to large: short-term debt funds < pure debt funds < primary debt base < secondary debt base < convertible debt base.
Note: The short-term debt base under pure debt bonds mainly invests in fixed-income products, which is equivalent to the upgraded version of the money fund, so take the long-term pure debt fund as an example
Investors with relatively low risk tolerance can choose primary debt-based or pure debt funds. Investors with strong risk tolerance and hope to obtain relatively high returns can choose secondary bond funds and convertible bond funds.
In addition, the main investments of bond funds include treasury bonds, financial bonds, corporate bonds, central bank bills, convertible bonds, etc. These varieties have quite different income risk characteristics, and different allocation ratios of funds will lead to different risks of funds. When choosing, we should pay attention to the asset allocation of bond funds.
2. Interest rate
When buying bond funds, you can pay attention to the interest rate environment. The rise and fall of bond prices is inversely related to interest rates. If there is interest rate cut and deposit rate cut, the bond price will rise, and the income of bond fund will also rise. On the contrary, if the interest rate rises, the bond price will fall. After the central bank cut interest rates continuously in recent years, the domestic interest rate went down, which is beneficial to bonds.
3. Charging method
There are three types of ABC in the same bond foundation, which respectively represent three different charging methods. Class A debt base represents front-end charges, Class B debt base represents back-end charges, and Class C debt base represents no subscription fees but sales service fees. According to the holding time, it is more cost-effective to choose the charging method. If it is short-term investment, you should choose Class C debt base; if it is long-term holding, you can choose Class B debt base; if you don't know how long you will invest, you can choose Class A. However, there are few funds with Class B back-end charges now.
How do individuals invest in the bond market
It is understood that there are three main channels for personal investment bonds: First, purchase book-entry government bonds, corporate bonds, convertible bonds, etc. in the exchange market; The second is to buy voucher-type government bonds, book-entry government bonds and savings bonds (electronic) in the bank counter market; Third, indirectly invest in bonds by purchasing bond funds and bank wealth management products.
Exchange bond trading
At present, there are book-entry treasury bonds, corporate bonds, corporate bonds and convertible bonds circulating in the exchange bond market. In this market, individuals can also purchase exchange bonds through the stock trading software provided by brokers, in the same way as buying stocks, by entering the bond code, purchase price and quantity, the price difference of bonds can be realized.
In terms of transaction cost, on the one hand, it is tax, and buying and selling bonds on the exchange eliminates stamp duty on stock exchange, but interest tax should also be considered. Treasury bonds, local government bonds and financial bonds are exempt from interest tax, while corporate bonds and corporate bonds are subject to a personal income adjustment tax accounting for 20% of the investment income. This tax is deducted by the stock exchange when clearing the capital account for investors after each transaction is finally completed, which is a large number. On the other hand, it is the trading commission. The highest commission for buying bonds on the exchange does not exceed 2/10000. Different brokers have different commission standards, and some brokers have trading commissions as low as 5/100000.
On the trading threshold, the lowest trading threshold for general exchange corporate bonds and book-entry treasury bonds is 10 bonds with a face value of 100 yuan, which means that the threshold for individual investors is about 1,000 yuan. However, Q bonds (bonds marked with Q on the bond name) can only be purchased by qualified investors whose financial assets are more than 5 million yuan or whose annual income exceeds 500,000 yuan for three consecutive years. In addition, the investment threshold for reverse repurchase of bonds of Shanghai Stock Exchange is 100,000 yuan, which is increasing by an integer multiple, while the investment threshold for reverse repurchase of bonds of Shenzhen Stock Exchange starts from 1000 yuan and increases by an integer multiple.
In terms of income, the investment income of exchange bond varieties mainly comes from two parts: first, interest; Second, the spread income of bonds traded in the secondary market. When investing, we need to pay attention not only to the coupon rate, but also to the current price and yield to maturity of the secondary market. If there is no credit risk, in principle, there will be no loss when holding bonds, but the price in the bond market is constantly changing, and selling them in the middle may make a profit or a loss. In addition, when trading bonds, we should pay attention to distinguish between full price and net price. Full price is the bond price including interest and the actual price of buying and selling bonds, while net price does not include interest.
Bank channels buy government bonds
Buying treasury bonds through the counter market of commercial banks is a well-known bond investment method. Because of its high security and higher yield than the time deposit interest rate in the same period, treasury bonds are favored by stable investors.
There are three kinds of voucher-type treasury bonds, book-entry treasury bonds and savings bonds (electronic), which seem dazzling. Simply put, they can be divided into two types: savings-type treasury bonds that cannot be circulated and traded, among which savings-type treasury bonds that cannot be circulated include voucher-type treasury bonds and electronic treasury bonds.
In terms of purchase method, voucher-type treasury bonds can be purchased directly at relevant bank outlets with cash, while electronic treasury bonds need to open a personal treasury bond custody account and designate a corresponding fund account. In terms of payment methods, the voucher-type national debt repays the principal and interest once due, and the savings bonds (electronic) payment methods are various, including the annual payment of interest and the beneficial payment with the principal.
In addition, the value dates of the two are also different. The value date of voucher-type government bonds starts to bear interest from the date of investors' purchase, while electronic government bonds start to bear interest on a unified date, and the funds may be idle for several days after purchase.
Bond Fund and Bank Financial Management
For many varieties that individual investors can't directly invest in, they can choose entrusted financial management. The main ways are to buy public bond funds and bank financial products. Bond funds can invest in treasury bonds, financial bonds, corporate bonds and convertible bonds, while the investment scope of bank wealth management products includes treasury bonds, policy bank financial bonds, central bank bills, short-term financing bonds and other bonds issued in the national inter-bank market.
In terms of profitability, for bank wealth management products, the income is relatively fixed, while the yield difference between different bond funds is very large. Different types of bond funds have different investment objects and proportions. Pure bond funds have less risks, while convertible bonds have greater risks and different expected returns due to their greater correlation with the secondary market.
In terms of risk, bank wealth management products are safe and stable, while bond funds, although less risky than equity funds, still need investors to bear certain risks."