Xin Lang Cai Jing·2025-11-06 00:20Core Insights - The report from China Galaxy Securities indicates a significant contraction in the scale of bond funds in Q3, with a shift in allocation from interest rate bonds to credit bonds [1] Group 1: Market Overview - As of Q3, the total scale of public funds in the market reached 35.4 trillion yuan, with the bond fund scale decreasing by 2.56% or 0.25 trillion yuan to 10.56 trillion yuan [1] - The combined scale of three types of pure bond funds fell by 0.75 trillion yuan, with bond positions decreasing by 0.7-2.3 percentage points [1] Group 2: Fund Performance - The largest decline in bond scale was observed in short-term pure bond funds, which decreased by 0.2 trillion yuan (-17.4%) to 0.95 trillion yuan, primarily due to a bearish bond market and new regulations on bond fund fees [1] - The bond positions of various pure bond funds decreased to 95-97%, reflecting a reduction of 0.7-2.3 percentage points [1] Group 3: Asset Allocation - The asset allocation is predominantly focused on financial bonds (including policy financial bonds), medium-term notes, and corporate bonds, with financial bonds being the primary choice [1]