债基悄然“收复失地” 多只纯债基金净值创历史新高

Core Viewpoint - The bond market is experiencing a strong rebound, driven by 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][4][5] 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 recently, with more than ten medium to long-term bond products achieving over 3% returns this year [1][2] - As of June 24, 789 out of 909 open-end short-term pure bond funds and 1,515 out of 3,529 open-end medium to long-term pure bond funds set new net value records in June [2][3] - Approximately 98% of open-end short-term pure bond funds and about 95% of open-end medium to long-term pure bond funds have generated positive returns this year, with many funds exceeding 1% returns [2][3] Group 2: Investment Strategies - Some bond funds are adopting a "lengthening duration" investment strategy, reflecting market optimism regarding the central bank's potential resumption of bond purchases and expectations for continued moderate monetary policy [1][4] - The trend towards bond fund toolization is accelerating, with bond ETF assets increasing from 801.52 billion yuan at the end of 2023 to 3,635.85 billion yuan, effectively doubling within six months [3] Group 3: Market Outlook - Despite the supportive funding environment, industry experts believe that a full bond bull market has not yet formed, and stronger signals are needed for a definitive trend reversal [6][7] - Key factors to monitor include the actual performance of funding rates, the sustainability of the market's duration extension behavior, the timing of potential bond purchase resumption, and upcoming important meetings and policy developments [7]