2012年是固定收益市场快速发展的一年，虽然国债收益率全年略微走高，但信用债发行扩容以及收益率的持续走低(尤其是较低等级品种)成为亮点。展望2013年，我们从经济复苏、通货膨胀、货币财政政策以及制度性建设方面展开分析。总体而言，固定收益仍会得到全市场投资人的密切关注。由于收益率已经普遍偏低，空间较为有限，所以对其走势我们持谨慎乐观态度。制度性和事件性的因素可能成为影响固定收益市场的重要力量。
In 2012, The fixed-income market enjoyed a rapid growth. Bond yields went up marginally. But the expansion of credit bonds and down-trend yields (especially lower-rating bonds) are shining spots. For outlook of 2013, we examine the economic recovery, inflation, monetary and fiscal policy and institutional building. Overall, all investors will continue to pay close attention to the fixed-income market but we are cautiously optimistic about it because of the low yields. Policy factors and events may become important forces in the fixed income markets.
