又现赎回风波，债基抱团松动，这两类债券ETF却逆流而上！

Market Overview - The equity and commodity markets have both risen recently, while the bond market faces significant pressure. The Shanghai Composite Index reached a new high for the year on July 21, closing at 3593.66 points on July 25, with a weekly increase of 1.67% [1] - From July 21 to 25, pure bond funds experienced net redemptions for five consecutive trading days, with nearly 100 billion yuan redeemed on July 24 alone [1] Fund Performance - On July 24, several bond funds, including the Xingyin Zhongdai Preferred Investment Grade Credit Bond Index C, reported large redemptions [1] - Data shows that insurance institutions have reduced their holdings of government bonds for three consecutive months, with reductions of 8.9 billion yuan, 7.4 billion yuan, and 1.2 billion yuan in April, May, and June respectively [2][3] Bond Market Dynamics - Despite the modest reduction in holdings, the shift in insurance capital, which was previously a major investor in long-term government bonds, is noteworthy [3] - As of the end of Q2, the total scale of public bond funds reached a historical high of 10.93 trillion yuan, up 860 billion yuan from the end of Q1 [4] Investment Strategies - The "barbell strategy" remains popular among institutional investors, balancing high-dividend assets with growth sectors like technology and new consumption [7] - There is a notable increase in the assets of bond ETFs, with a total of 510.5 billion yuan across 39 bond ETFs as of July 25, indicating a trend of institutional investors seeking opportunities in long-term government bonds and innovative bonds [8] Performance of Bond ETFs - The BoShi Shanghai 30-Year Government Bond ETF and Pengyang Zhongdai 30-Year Government Bond ETF have shown relatively strong performance in terms of risk-adjusted returns, despite trailing behind the CSI 300 Index [9] - Institutions remain optimistic about the bond market, suggesting that current market fluctuations present good entry points for bond investments [9]