公募基金观察月报(2025年11月）——股债两市同步承压，债券型、股票型基金收益均下行

Market Liquidity Review - In November, the People's Bank of China (PBOC) announced a moderately accommodative monetary policy to maintain liquidity and support credit growth, with a total of 10 trillion yuan in Medium-term Lending Facility (MLF) operations and 15 trillion yuan in reverse repos conducted during the month [2][3] - The overall liquidity in November was tight but balanced, influenced by short-term factors such as tax payments and increased government bond supply, yet the PBOC's actions helped stabilize liquidity [9] Bond Market Review Overall Situation - The bond market indices showed a mixed performance in November, with government bonds under pressure due to liquidity concerns and weakened expectations for short-term easing, while credit bonds performed relatively better [10] Government and Policy Bonds - The yields on government bonds increased across various maturities, with the 1-year to 10-year yields rising by 2 to 6 basis points, reflecting reduced expectations for interest rate cuts [12][14] Short-term Notes - The yields on short-term notes generally increased, influenced by liquidity pressures and credit risk events in the real estate sector [17] Credit Bonds - The average yield for AAA-rated corporate bonds rose by 5 basis points to 1.95%, while AA+ rated bonds increased by 2 basis points to 2.01%, indicating a slight tightening of credit spreads [21] Equity Market Review - In November, major stock indices experienced a decline, with the Shanghai Composite Index down by 1.67% and the Shenzhen Component Index down by 2.95%, reflecting a market correction after earlier gains [26][27] - The market showed significant sector performance divergence, with defensive sectors performing better compared to growth sectors, which faced profit-taking [28][36] - The valuation of major indices generally declined, with the ChiNext index experiencing a notable drop in valuation [33] Asset Allocation Recommendations Fixed Income Market - The fixed income market is expected to remain stable, with the PBOC's accommodative stance likely to support liquidity, while the economic recovery process needs further consolidation [44][45] Equity Market - The A-share market is anticipated to continue its structural trends, with potential for recovery in defensive sectors and technology growth stocks, depending on policy signals and liquidity improvements [46][70] Fund Issuance Trends - In November, the number of newly issued funds increased to 136, reflecting a recovery in issuance driven by the end of holiday effects and interest in defensive sectors [47][48] - The net asset value of funds decreased by 236 billion yuan month-on-month, with stock funds showing a year-on-year increase despite a decline in recent months [48] Fund Performance - Most fund types experienced declines in November, with commodity funds performing relatively well due to rising gold prices, while equity funds faced significant losses amid market corrections [54][65]