多只债基恢复机构大额申购，市场配置需求与策略调整共同推动

Group 1 - Multiple bond funds have resumed large-scale subscription services for institutional investors, with Tianhong Fund's Tianhong Tongli Bond (LOF) being one of them, effective from August 11 [1] - Since July, 19 funds have announced similar resumption of large-scale subscriptions, including 11 bond funds, 3 money market funds, 3 equity funds, and 2 mixed funds [3] - The resumption of large-scale subscriptions for bond funds is attributed to supportive policies, improved market conditions, and adjustments in fund management strategies, reflecting ample liquidity in the bond market and ongoing institutional demand for allocation [3] Group 2 - In July, the trading activity in the bond market significantly increased, with a total transaction volume of 25.6 trillion yuan for all exchange-traded bonds (not yet matured), marking a month-on-month increase of 40.89% and a year-on-year increase of 45.08% [3] - Institutional investors continue to have a demand for bond funds, as they align with the needs for stability and low volatility, particularly for those with lower risk tolerance such as insurance and bank wealth management [3] - For higher risk-tolerant institutional investors, bond funds can hedge against equity asset volatility, thereby reducing overall portfolio volatility, indicating a broad demand for bond fund allocation regardless of risk preference [3]