三季度资金“撤离”债基 “固收+”逆市获净申购

Core Viewpoint - In the third quarter of this year, actively managed bond funds experienced significant redemptions amid market volatility, with pure bond funds seeing the most substantial decline, while "fixed income +" funds that can invest in convertible bonds and stocks saw an increase in scale [1][2]. Group 1: Fund Performance - As of the end of the third quarter, the total management scale of actively managed bond funds reached 9.32 trillion yuan, a decrease of 218.63 billion yuan, or 2.29% quarter-on-quarter [1]. - The scale of pure bond funds decreased by 711.99 billion yuan, a decline of 9.66% [1]. - In the third quarter, the total subscription amount for bond funds was 2.31 trillion units, while total redemptions reached 2.81 trillion units, resulting in a net redemption of over 500 billion units [1]. Group 2: Market Outlook - Fund managers generally hold a cautiously optimistic view on the bond market, suggesting that the recent market adjustments are a correction of previous excessive pessimism [2][3]. - There is a potential for further interest rate cuts and reserve requirement ratio reductions, which could lead to lower yields, especially in the medium and short-term [3]. - Many fund managers express caution regarding convertible bonds, indicating that their current cost-effectiveness is lower than that of stocks, and recommend maintaining a low allocation to convertible bonds in portfolios [3].