公募基金泛固收指数跟踪周报（2025.06.03-2025.06.06）：中美经贸会谈，市场走向何方？-20250609

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (2025.06.03 - 2025.06.06), the bond market rose slightly, with the ChinaBond - Aggregate Wealth Index (CBA00201) up 0.13% and the ChinaBond - Aggregate Full Price Index (CBA00203) up 0.09%. Interest - rate bond yields generally declined, with short - term yields falling more than long - term ones. Credit bond yields mainly declined, and credit spreads widened [3][11]. - The central bank pre - renewed a trillion - yuan outright repo to support the capital market. Sino - US high - level talks dampened the bond market sentiment. The expectation of interest rate cuts cooled, and uncertainties in overseas markets remained. The scale of REITs exceeded 200 billion yuan, and market enthusiasm continued [3]. - On June 3, 2025, the Shanghai Development and Reform Commission issued a notice to promote the quality improvement and expansion of infrastructure REITs in the city. With top - down policy support, the categories of REITs underlying assets will expand, and the secondary - market trading volume and activity may increase [4][14][15]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - Bond Market Review: The bond market rose slightly last week. Interest - rate bond yields generally declined, with short - term yields falling more than long - term ones. Credit bond yields mainly declined, and credit spreads widened. For example, the yields of 1 - year, 3 - year, 5 - year, and 10 - year China Development Bank bonds declined by 2.5bp, 2.6bp, 2.9bp, and 1.2bp respectively [11]. - Central Bank's Action: On June 5, the central bank announced a 1 - trillion - yuan 3 - month outright reverse repo on June 6, showing its care for the market's capital. Despite reverse - repo fund withdrawals and large - scale maturing of inter - bank certificates of deposit, the capital market loosened, and short - term bond yields dropped significantly [11]. - Sino - US Talks: On the evening of June 5, Sino - US leaders' call boosted short - term market risk appetite and suppressed the long - term bond market. The outcome of the second - round Sino - US tariff talks and May's economic fundamentals data may further affect the bond market [12]. - Interest Rate Cut Expectation and Overseas Uncertainties: US bond yields first declined and then rose last week. Economic data in the first half of the week were weak, increasing the expectation of interest rate cuts. However, the unexpectedly high non - farm payrolls on Friday postponed the expectation. Uncertainties such as the "Beautiful Big Bill" and the next - stage negotiations may lead to continued adjustment of long - term US bonds [12]. - REITs Market: As of June 5, 2025, the total market value of C - REITs exceeded 200 billion yuan for the first time. Last week, the CSI REITs Total Return Index rose 1.58%.经营权 - based REITs performed better than property - based ones, and energy and transportation REITs, which had fallen deeply before, rebounded. Since the beginning of the year, the CSI REITs index (14.4%) outperformed the CSI All - Bond index (0.71%) and the CSI 300 index (- 1.55%). In a low - interest - rate environment, the allocation value of REITs has increased [13]. 3.1.2 Public Fund Market Dynamics - The Shanghai Development and Reform Commission issued a notice to promote the quality improvement and expansion of infrastructure REITs, including establishing a dynamic reserve pool, supporting asset acquisition and expansion, and optimizing the review and recommendation mechanism. Other local governments have also issued policies to encourage the development of public REITs since March 2025 [14][15][17]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking 3.2.1 Pure - Bond Index Tracking - Short - Term Bond Fund Preferred Index: Aims at liquidity management, selects 5 funds with stable long - term returns, strict risk control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index+50% * General Money - Market Fund Index [18]. - Medium - and Long - Term Bond Fund Preferred Index: Invests in medium - and long - term pure - bond funds, selects 5 funds with both return and risk - control capabilities, and adjusts the duration and the ratio of credit - bond funds and interest - rate bond funds according to market conditions [19]. 3.2.2 Fixed - Income + Index Tracking - Low - Volatility Fixed - Income + Preferred Index: The equity center is 10%, selects 10 funds with an equity center within 15% in the past three years and recently, and focuses on the cost - performance of return and risk and the holding experience. The performance benchmark is 10% * CSI 800 Index+90% * ChinaBond - New Aggregate Full Price Index [23]. - Medium - Volatility Fixed - Income + Preferred Index: The equity center is 20%, selects 5 funds with an equity center between 15% - 25% in the past three years and recently, and focuses on return - risk cost - performance and performance elasticity [25][26]. - High - Volatility Fixed - Income + Preferred Index: The equity center is 30%, selects 5 funds with an equity center between 25% - 35% in the past three years and recently, and focuses on return - risk cost - performance and performance elasticity. It selects funds with stable bond - end returns, no credit downgrading, and strong equity - end stock - selection ability [28]. 3.2.3 Convertible Bond Fund Preferred Index Selects 5 funds from a sample space of bond - type funds with an average convertible - bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters, based on an evaluation system considering fund products, fund managers, and fund companies [30][31]. 3.2.4 QDII Bond Fund Preferred Index Tracking Selects 6 funds with stable returns and good risk control from QDII bond funds with overseas bonds as underlying assets, covering different investment regions and credit grades [32]. 3.2.5 REITs Fund Preferred Index Tracking Selects 10 funds with stable operation, reasonable valuation, and certain elasticity from REITs funds with mature and high - quality infrastructure projects as underlying assets [35].