在2006年1～2月份中,中国债券市场中各类债券品种依然呈现高歌猛进的态势,但是从2月中旬开始,市场投资机构的预期发生了微妙的变化,多空观点相互对峙,“看空而不做空”的主流观点引领了债券市场3月份的走势,但是整体来看,在2006年一季度中,市场收益率曲线依然保持了平坦化的趋势。一、债券收益率曲线平坦化下行趋势不改 From January to February 2006, the various types of bonds in the Chinese bond market still showed a triumphant march. However, from mid-February onwards, the expectations of the market investment institutions have undergone subtle changes, and the long and short-term views have confronted each other. The mainstream view of “empty without shortening” led the trend of the bond market in March. Overall, however, the market yield curve remained flat in the first quarter of 2006. First, the bond yield curve flattening downward trend does not change