Core Insights - The scale of bond funds in Q3 has significantly contracted, with a notable shift in allocation towards credit bonds and away from interest rate bonds [1] Group 1: Market Overview - As of Q3, the total scale of public funds in the market reached 35.4 trillion yuan, with bond funds accounting for a reduced proportion, down by 2.56% or 0.25 trillion yuan to 10.56 trillion yuan [1] - The combined scale of three types of pure bond funds decreased by 0.75 trillion yuan, with bond positions declining by 0.7-2.3 percentage points [1] Group 2: Fund Composition - The asset allocation primarily focused on financial bonds, including policy financial bonds [1] - The short-term pure bond funds experienced the largest decline, dropping by 0.2 trillion yuan (-17.4%) to 0.95 trillion yuan, mainly due to a bearish bond market and new regulations on bond fund fees [1] Group 3: Bond Positioning - The bond positions across various pure bond funds decreased by 0.7-2.3 percentage points, now ranging between 95-97% [1]
银河证券：债基规模明显回落
3 6 Ke·2025-11-06 00:29