第三方平台暂停"特供数据”，债基规模是向下还是稳住？

Core Viewpoint - The recent suspension of high-frequency bond fund subscription and redemption data by a Shanghai-based third-party fund sales institution has raised market concerns regarding the potential implications for bond fund performance and investor behavior [1][3][10]. Group 1: Suspension of Data - A well-known third-party fund sales institution in Shanghai has paused the release of bond fund subscription and redemption data to institutional clients starting Thursday [1][3]. - The institution also halted the publication of certain "special profit data" related to bond funds on its app for individual investors, particularly for funds experiencing significant redemptions [1][11]. Group 2: Market Reactions - The suspension of data has sparked discussions about its duration and whether it is related to recent fluctuations in bond fund sizes [2][10]. - Analysts have noted that the bond fund scale has shown signs of decline, with a specific bond ETF's estimated size decreasing by 0.48 billion yuan from September 5 to September 11, and a total reduction of 42.74 billion yuan over the past month [8][10]. Group 3: Redemption Trends - There has been a noticeable trend of large redemptions in bond funds over the past few weeks, although this trend appears to be slowing down [15][16]. - Historical patterns indicate that significant outflows from bond funds often occur at the beginning of a bull market in A-shares, typically accompanied by a shift in the yield attractiveness between equities and bonds [16][17].