沪指逼近去年“924”行情高点 债市却持续回调 多只债基濒临清盘

Market Overview - The Shanghai Composite Index closed at 3665.92 points, just shy of the 2024 "924" market peak of 3674.40 points [2][4] - The total trading volume across the three markets reached 1.91 trillion yuan, marking a new high in nearly eight trading days, with financing balances remaining above 2 trillion yuan [2][4] Bond Market Performance - The bond market continues to show weakness, with many bond funds facing redemption pressures and some warning of potential liquidation risks [2][3] - As of August 12, at least 14 public funds have reported asset net values below 50 million yuan, with bond funds being the most affected [3][4] Fund Redemption Trends - Significant redemptions have been reported in bond funds, with at least five funds announcing large-scale redemptions since the beginning of August [4] - Notable examples include the Huisheng Hefeng Pure Bond Fund and the Boyuan Zengrui Pure Bond Fund, which adjusted net value precision due to large redemptions [4] Shift in Investment Preferences - With rising market risk appetite, funds that previously focused on defensive strategies, such as high-dividend and low-volatility stocks, are experiencing slowed growth or negative growth [3][4] - Investors are increasingly redeeming pure bond products in favor of equity or "fixed income plus" products, reflecting a shift in investment strategy [4] Convertible Bond Market - The convertible bond market is showing a rising trend, supported by a slow bull market in equities and strong small-cap performance, with trading volumes and ETF sizes increasing [5] - Average returns for convertible bond funds reached 7.00% since July, significantly outperforming mixed bond funds and pure bond funds [6]