- 债券基金类型
债基/ˈbɒnd fʌnd/常见为政府债、投资级、非投资级与多元收益；费用率低、流动性好。
/ˈbɒnd fʌnd/ types: government, investment-grade, high-yield, multi-income; low fees, good liquidity.
为什么用“期限阶梯”
/ˈlӕdər/阶梯用1–3–5–7–10年分布，降低再投资风险、减少利率错配，锁定滚动到期现金流。
A /ˈlӕdər/ spreads 1–3–5–7–10Y maturities, cutting reinvestment risk and rate mismatch, locking rolling cash flows.
TIPS的作用
TIPS/ˈtɪps/将本金随CPI指数化，提供“真实收益+通胀补偿”，在通胀抬头期稳定购买力。
TIPS /ˈtɪps/ CPI-index principal, delivering real yield + inflation uplift, stabilizing purchasing power.
示例配置与现金流
核心60%阶梯国债基金，卫星25%高收益债，15% TIPS；以¥120万投入，年化4.8%，税前月流入约¥4,800。
Sample: 60% laddered treasuries, 25% high-yield, 15% TIPS; invest ¥1.2M, 4.8% p.a., ~¥4,800/month pre-tax.
实施与再平衡
每季检查权重偏离≥5%即调仓；高收益债占比随年龄递减，退休后提高阶梯权重。
Rebalance quarterly on ≥5% drift; taper high-yield with age, raise ladder in retirement.
FAQ
- 与定存相比优势？
可交易、潜在更高收益、税务与通胀效率更好。
- Versus time deposits?
Tradable, higher yield potential, better tax/inflation efficiency.
- TIPS会亏吗？
实质利率上行时价格波动，但本金随CPI调整。
- Can TIPS lose?
Prices swing as real rates rise; principal adjusts with CPI.
- 外币风险怎么管？
选本币对冲级别ETF或本币债基金。
- FX risk?
Use local-currency hedged ETFs or local debt funds.
- 高收益债违约怎控？
限仓25%内，分散行业，偏BBB-至BB。
- HY default control?
Cap ≤25%, diversify, tilt BBB– to BB.
- 何时加仓/减仓？
利率见顶期加阶梯，经济放缓期降高收益。
- When to tilt?
Add ladder near peak rates; trim HY in slowdowns.
- 税务注意什么？
关注利息所得税与基金分配规则。
- Taxes?
Mind interest income tax and distribution rules.
关键词
- 中债券基金，期限阶梯，TIPS，固定收益，通胀对冲，再投资风险
- bond funds, maturity ladder, TIPS, fixed income, inflation hedge, reinvestment risk