📉 债券凸性示意Bond Convexity (demo)

使用说明与常见问题How-to & FAQ

「债券凸性示意」是什么？What is the Bond Convexity (demo) tool?

用三点价格对凸性的差分示意（本页不计算久期）。本地处理。可设置「现价」、「涨价」、「跌价」、「利率变动」。Finite-difference convexity demo from three prices. Processed locally. Settings: Price, Price up, Price down, Yield step.

如何使用「债券凸性示意」？How do I use the Bond Convexity (demo) tool?

在「债券凸性示意」中，填写「现价」、「涨价」、「跌价」、「利率变动」等参数，结果会随输入实时计算并显示在下方。In the Bond Convexity (demo): Fill in "Price", "Price up", "Price down", "Yield step"; results are recalculated instantly as you type.

这个凸性是怎么算的？How is the convexity calculated?

用有限差分近似：凸性 ≈ (P₊ + P₋ − 2P) ÷ (P × Δy²)，其中 P₊、P₋ 是收益率下降和上升 Δy 后的价格，Δy 用小数表示（0.01 即 1%）。它是近似值，精确定义需要对每笔现金流按时间加权。It uses a finite-difference estimate: convexity ≈ (P₊ + P₋ − 2P) ÷ (P × Δy²), where P₊ and P₋ are the prices after the yield moves by Δy, written as a decimal (0.01 = 1%). It is an approximation; the exact definition weights each cash flow by its timing.

能举个计算实例吗？Can you show a worked example?

例如在「债券凸性示意」中填 现价 = 100，涨价 = 102，跌价 = 99，利率变动 = 0.01，结果区显示：凸性示意：100For example, entering Price = 100, Price up = 102, Price down = 99, Yield step = 0.01 in the Bond Convexity (demo) gives: Convexity demo: 100

哪些输入会被检查？Which inputs are validated?

「债券凸性示意」会检查这些输入——「现价」、「涨价」、「跌价」、「利率变动」：必须填写，须大于 0；绝对值超过 10¹⁵ 的数也会被拒绝。不符合时结果区显示具体提示，不会给出数字。The Bond Convexity (demo) checks its inputs — "Price", "Price up", "Price down", "Yield step": required, must be greater than 0; numbers above 10¹⁵ in absolute value are rejected too. When a value fails, the result area names the problem instead of showing a number.

有哪些选项可以调整？What options can I adjust?

「债券凸性示意」的设置：「现价」默认 100；「涨价」默认 102；「跌价」默认 99；「利率变动」默认 0.01。每次生成结果都按当前设置处理。Settings in the Bond Convexity (demo) — "Price" default 100; "Price up" default 102; "Price down" default 99; "Yield step" default 0.01. The result always uses the current settings.

计算结果可以作为最终依据吗？Can I rely on the result?

「债券凸性示意」按标准公式计算，结果仅供参考；实际金额以银行、券商或税务机关的规则和四舍五入方式为准。The Bond Convexity (demo) uses standard formulas and is for estimation only; actual figures depend on your bank, broker or tax authority's rules and rounding.

「债券凸性示意」免费吗？需要注册吗？Is the Bond Convexity (demo) free? Do I need an account?

「债券凸性示意」完全免费，无需注册或安装，打开网页即可使用，手机和电脑都能用；输入的内容只在你的浏览器本地处理。The Bond Convexity (demo) is completely free with no sign-up or install and works on phones and desktops; what you enter is processed only in your browser.