中信证券：预计全年债基规模或突破11万亿元

Core Viewpoint - The public fund market is expected to see a dual recovery in stocks and bonds by the second quarter of 2025, with a rebound in active pure bond scale and rapid expansion of passive index products [1] Group 1: Market Trends - The scale of active pure bond funds is rebounding, while passive index products are expanding quickly [1] - The duration preference for pure bond funds continues to rise, with credit allocation concentrating on high-grade bonds [1] Group 2: Investment Strategies - The trend of investment style in amortized bond funds is confirmed, shifting from interest rate to credit [1] - A significant number of products are expected to open in the second half of the year, which may further increase institutional demand for mid-to-high grade credit bonds [1] Group 3: Market Outlook - The total scale of bond funds is projected to exceed 11 trillion yuan for the year [1] - Passive index and fixed income + strategies are seen as key tools to navigate low interest rates, but caution is advised regarding redemption risks due to interest rate fluctuations and changes in risk appetite [1]