近七成纯债基金净值下跌

Group 1: Market Overview - Since the third quarter, the A-share market has continued to rise, with the Shanghai Composite Index increasing by 12.08%, the Shenzhen Component Index by 24.28%, and the ChiNext Index by 42.41% as of September 15 [1] - In contrast, the bond market has experienced a significant adjustment, with the ten-year government bond yield rising from 1.6553% on June 30 to 1.8615% by September 15, an increase of over 20 basis points [1] Group 2: Fund Performance - Recent performance of pure bond funds has been disappointing, with nearly 70% of the 4,329 funds analyzed showing negative returns over the past month, and over 20% of funds reporting losses year-to-date [2] - The average returns for both medium- and short-term pure bond funds have also been negative during this period [2] Group 3: Future Outlook - Some analysts, such as Yin Hua Fund, suggest that if the Federal Reserve lowers interest rates, it could narrow the interest rate differential between China and the U.S., alleviating depreciation pressure on the RMB and creating favorable conditions for the People's Bank of China to implement looser monetary policies [3] - The market may see a technical rebound in bond prices due to reduced selling pressure and the upcoming "Double Festival," which typically leads to increased liquidity from the People's Bank of China [3][4] - However, other analysts, like Changcheng Fund, caution that the bond market remains in a weak phase driven by fragile sentiment, making it difficult to predict the trajectory of future market movements [4]