多只纯债基金净值创历史新高

Core Viewpoint - The bond market is experiencing a strong rebound due to the central bank's signals of maintaining a supportive monetary policy, leading to a significant decline in interest rates and a surge in bond fund net values [1][2][3] Group 1: Market Performance - Nearly 90% of short-term pure bond funds and over 40% of medium to long-term pure bond funds reached historical net value highs in June [1] - Approximately 98% of open-end short-term pure bond funds achieved positive returns this year, with 126 funds exceeding a 1% return [2] - About 95% of open-end medium to long-term pure bond funds also realized positive returns, with 991 funds surpassing a 1% return [2] Group 2: Investment Strategies - Many bond funds are adopting a "lengthening duration" investment strategy, reflecting optimism about the central bank's potential resumption of bond purchases and expectations for continued moderate monetary policy [1][2] - The trend towards bond fund toolization is accelerating, with bond ETF assets increasing from 801.52 billion yuan at the end of 2023 to 3635.85 billion yuan in mid-2024, indicating a doubling in size within six months [2] Group 3: Market Outlook - Analysts suggest that while the current liquidity environment is supportive, a full bond bull market has not yet formed, and stronger signals are needed for a definitive trend reversal [3][4] - Key factors to monitor include the actual performance of funding rates during the end of the quarter, the sustainability of institutions' duration extension behaviors, and the timing of any potential resumption of bond purchases by the central bank [4]