债市震荡偏弱，上周纯债基金收益均值偏低，为何发行却火了？

Core Viewpoint - The bond market is experiencing a weak and volatile trend, with expectations for liquidity driven by recent interest rate cuts and reserve requirement ratio reductions, but the sentiment remains limited [1][5]. Group 1: Market Performance - The bond market showed a fluctuating trend from May 19 to May 25, with adjustments in interest rate bonds and a slight compression in credit spreads [3]. - The average yield of medium to long-term pure bond funds was 0.08%, while short-term bond funds recorded an average yield of 0.05% [6]. - Major bond funds have seen significant fundraising activity, with 48 out of 85 newly established bond funds raising over 1 billion yuan, and 12 funds exceeding 5 billion yuan [7][8]. Group 2: Investment Strategy - Analysts suggest maintaining duration allocation while increasing the proportion of swing trading due to the current market conditions [5][6]. - The market is focused on upcoming economic data, supply pressures, and changes in liquidity, but lacks factors that could lead to a trend-driven market [5]. - Following the recent interest rate cuts, there is an expectation that the central bank will continue to support liquidity, reducing concerns about significant increases in funding costs [7][8].