公募基金观察月报(2025年9月）——股市表现较好，债市震荡调整，基金发行热度升温明显

Market Liquidity Review - In September, the People's Bank of China (PBOC) emphasized enhancing the forward-looking, targeted, and effective nature of monetary policy, maintaining ample liquidity while strengthening the guidance of policy rates [1][2] - The PBOC conducted a total of 6,000 billion MLF operations in September, with a net injection of 9,902 billion through open market operations [1][2] - The overall liquidity in September was stable, with a slight contraction near the end of the month due to concentrated fund maturities [1][2][8] Bond Market Review - In September, various bond market indices continued a downward trend, with interest rates on government bonds and credit bonds showing fluctuations [9][13] - The yield on government bonds of different maturities exhibited a mixed performance, with the 1-year and 2-year yields increasing by 1 basis point and 9 basis points, respectively, while the 5-year yield decreased by 3 basis points [13][15] - The average yield on AAA-rated corporate bonds rose by 13 basis points to 2.04%, while AA+ rated corporate bonds increased by 11 basis points to 2.11% [21] Equity Market Review - In September, the three major stock indices in China showed an overall upward trend, with the Shanghai Composite Index rising by 0.64% and the ChiNext Index increasing by 12.04% [25][26] - The technology sector led the market rally, driven by policies promoting industrial upgrades and strong demand for computing power [25][26][30] - The valuation of major indices generally increased, with the ChiNext Index's price-to-earnings ratio rising significantly, indicating a shift in investment focus towards growth sectors [30][32] Fund Issuance Trends - The number of newly issued funds in September reached 202, showing a significant increase compared to previous months, driven by favorable policies in the technology sector and the impact of the Federal Reserve's interest rate cuts [46] - The net asset value of funds increased by 6,348 billion yuan month-on-month, with stock funds seeing a year-on-year increase of 13,328 billion yuan [47][50] Fund Performance - In September, most types of funds reported positive returns, with commodity funds leading the gains, averaging a 9.72% increase, largely due to rising gold prices [53][54] - Bond funds experienced a decline in returns, primarily due to the impact of the public fund fee reform and a shift in market risk appetite towards equities [59] - Mixed funds showed a good performance in the latter half of September, benefiting from favorable policies and market conditions, although their overall returns were lower than the previous month [61]