超五成债基三季度被净赎回 可转债品种一枝独秀

Core Viewpoint - The public fund industry experienced significant net redemptions in bond funds during the third quarter, with over 500 billion units redeemed, while convertible bond funds performed well amid rising equity assets, achieving returns exceeding 20% [1][4]. Group 1: Fund Performance - Over 55% of bond funds reported net redemptions, with more than 2,100 funds experiencing redemptions, totaling over 500 billion units [2][4]. - The total scale of bond funds decreased from 10.82 trillion yuan at the end of the second quarter to 10.58 trillion yuan by the end of the third quarter [2]. - Notable redemptions included a credit bond fund with nearly 15 billion units redeemed, reducing its scale from 22.898 billion yuan to under 8 billion yuan [2]. Group 2: Fund Inflows - Conversely, over 1,000 bond funds saw net subscriptions, with significant inflows into products like Beixin Ruifeng Ding Sheng Short-Duration Bond Fund, which grew from under 20 million yuan to 17.115 billion yuan after a net subscription of 15.055 billion units [3]. - Other funds such as Yongying Stable Enhanced Bond Fund and Zhongou Fengli Bond Fund also reported substantial net subscriptions, increasing their scales to nearly 35 billion yuan and over 30 billion yuan, respectively [3]. Group 3: Yield Disparity - The third quarter saw a significant disparity in bond fund yields, with over 3,128 bond funds yielding less than 1%, and more than 1,000 recording negative returns [4][5]. - The yield on government bonds increased, with 1-year, 3-year, 5-year, and 10-year government bonds rising by 12, 20, 22, and 35 basis points, respectively, compared to the end of the second quarter [4]. Group 4: Market Outlook - The bond market is expected to remain stable without forming a sustained bear market, as the central bank's operations are likely to support the market amid reduced selling pressure [6][7]. - The current rise in long-term interest rates is seen as a normal reaction to changes in fundamental expectations, with no basis for a significant and sustained increase [6][7].