基金密集出手

Core Viewpoint - The bond market has experienced significant adjustments since July, with a notable "seesaw" effect between the stock and bond markets, leading to large redemptions in bond funds and a general decline in net asset values [1][2]. Group 1: Market Performance - As of July 28, the average return of pure bond funds was -0.05%, with only 40% of products achieving positive returns [2]. - Nearly 40 bond funds have announced large redemptions since July, prompting adjustments in net asset value precision, compared to 19 and 14 funds in June and May, respectively [2]. Group 2: Market Influences - The recent decline in the bond market is attributed to a recovery in risk appetite, with preventive redemptions from bank wealth management products contributing to market disturbances [2][4]. - The People's Bank of China's large liquidity injections have alleviated market tension, leading to a slight decline in the yield of the 10-year government bond, indicating a potential turning point in redemption trends [3]. Group 3: Future Outlook - Industry experts suggest that the bond market may maintain a volatile pattern in the medium term, with potential short-term recovery opportunities [4]. - Factors such as the end of the "anti-involution" trend and the recent monetary policy adjustments may provide a basis for a rebound in the bond market [4][5]. - The upcoming Politburo meeting in July is seen as a critical juncture that could influence market sentiment and performance [4].