国债期货创近6个月新低机构再度平衡股债配置

Group 1 - The core viewpoint of the articles highlights a significant decline in government bond futures, with the 30-year and 10-year contracts reaching new lows since March 24, indicating a bearish trend in the bond market [1][2] - The recent inflation data released by the National Bureau of Statistics, showing a 0.4% year-on-year decline in CPI and a 2.9% year-on-year decline in PPI, has contributed to the adjustment in the bond market, as stronger inflation data typically exerts downward pressure on bond prices [1] - The bond market has been experiencing a downturn since late June, with a notable drop in August, primarily driven by rising risk appetite due to the continuous increase in the stock market and heightened inflation expectations stemming from "anti-involution" policies [1] Group 2 - The bond market is currently characterized by a mix of bullish and bearish factors, leading to increased volatility, contrasting sharply with the anticipated bull market in 2024, resulting in lower-than-expected yields for bond investors this year [2] - As of September 9, 2025, the cumulative yield of the China Bond Composite Index for the year stands at only 0.45%, putting significant pressure on bond fund managers, particularly those managing pure bond funds [2] - Analysts suggest that bonds are now viewed as a "weak asset," and recommend adopting a "weak mindset" towards them, reflecting a shift in institutional preferences towards equities over bonds [2]