Core Viewpoint - The bond market has shown signs of recovery, with major bond yields declining, while the equity market, particularly A-shares, experienced significant volatility and a notable pullback, which contributed to the bond market's recovery [1][2][3] Group 1: Bond Market Performance - Last week (October 13-19), the bond market exhibited a recovery, with the 10-year government bond yield decreasing from 1.85% to 1.82% [2] - The yield spread between 10-year government bonds and government-backed bonds narrowed from 18.5 basis points (bp) to 16.54 bp [2] - The yield on 5-year corporate bonds (AAA) fell from 2.16% to 2.1%, and the spread between 5-year corporate bonds (AAA) and government bonds decreased from 54.95 bp to 51.44 bp [3] Group 2: Fund Performance - Pure bond funds showed performance recovery, with average returns for medium- and long-term pure bond funds reaching 0.17% and short-term bond funds at 0.07%, a notable improvement from previous weeks [3] - The top-performing pure bond fund, Huatai Baoxing Zunyi Rate Bond 6-Month A, increased by 1.68%, with 10 pure bond funds reporting weekly returns exceeding 1% [3] Group 3: Market Outlook and Risks - Analysts remain cautious about the bond market's outlook, citing potential economic data convergence in Q4 due to high base effects from the previous year and weakening trends in domestic demand and real estate [3][4] - Trade frictions and increasing tail risks contribute to uncertainty, while favorable fundamental factors for bonds are accumulating [4] - The recent bond market recovery is influenced by economic and trade factors, with expectations for monetary policy adjustments to support continued recovery [5][6]
债市出现修复行情 纯债基金业绩有所提升 业内谨慎看待市场修复空间
Mei Ri Jing Ji Xin Wen·2025-10-20 08:57