公募基金泛固收指数跟踪周报（2025.09.01-2025.09.05）：股市波动加剧，债市压力略有缓解-20250908

Group 1: Report Overview - The report is a weekly report on public - offering funds from September 1, 2025, to September 5, 2025, covering the market review, public - offering fund market dynamics, and performance tracking of fixed - income - related fund indices [1][2] Group 2: Market Review Bond Market - In the domestic bond market, from September 1, 2025, to September 5, 2025, the equity market fluctuated sharply. The bond market went from profit - taking to long - making and then to a pullback, with yields first falling and then rising, showing a "V" shape. The 1 - year Treasury yield rose 2.61BP to 1.40%, the 10 - year Treasury yield fell 1.19BP to 1.83%, and the 30 - year Treasury yield fell 2.5BP to 2.11%. Short - term yield decline space is not opened, and the 10 - year Treasury yield is expected to fluctuate mainly in the 1.75% - 1.8% range. High - coupon assets can be mainly focused on [2][10] - The US Treasury bonds showed a bull - flattening trend. The 1 - year US Treasury yield fell 18BP to 3.65%, the 2 - year yield fell 8BP to 3.51%, and the 10 - year yield fell 13BP to 4.10%. The trend is mainly influenced by the volatility of the European bond market and the significantly lower - than - expected US employment data [11] REITs Market - The China Securities REITs Total Return Index closed at 1078.42 points, showing a volatile upward trend with a weekly increase of 0.47%, continuing the previous repair pattern. Except for a slight decline in data center REITs, other assets achieved positive returns, and some previously weak REITs rebounded. In the primary market, the first foreign - funded consumer REITs completed the inquiry, and as of September 5, 2025, there were 1 REITs product in the accepted stage, 3 in the in -quired stage, 4 in the feedback stage, 6 passed and waiting for listing, and 10 first - issue products that have been listed [11] Group 3: Public - Offering Fund Market Dynamics - On September 5, 2025, the China Securities Regulatory Commission revised and issued the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds (Exposure Draft)", which is the "last crucial step" in the phased fee - rate reform. The regulations mainly include six aspects such as reasonably reducing subscription fees, purchase fees, and sales service fees, optimizing redemption fees, encouraging long - term holding, setting different trailing commission payment ratio caps, strengthening fee standardization, and establishing a direct - sales service platform for institutional investors in the fund industry [3][12] Group 4: Performance Tracking of Fixed - Income - Related Fund Indices Overall Performance | Index Name | Last Week's Return | One - Month Return | YTD Return | Since Inception Return | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.05% | 4.02% | | Short - Term Bond Fund Preferred Index | 0.03% | 0.07% | 0.77% | 4.19% | | Medium - and Long - Term Bond Fund Preferred Index | 0.09% | - 0.16% | 0.67% | 6.31% | | Low - Volatility Fixed - Income + Fund Preferred Index | 0.11% | 0.62% | 2.54% | 3.83% | | Medium - Volatility Fixed - Income + Fund Preferred Index | 0.06% | 1.70% | 4.32% | 4.85% | | High - Volatility Fixed - Income + Fund Preferred Index | 0.08% | 1.64% | 6.64% | 6.38% | | Convertible Bond Fund Preferred Index | 0.83% | 2.91% | 15.82% | 19.44% | | QDII Bond Fund Preferred Index | 0.14% | 0.30% | 4.25% | 9.29% | | REITs Fund Preferred Index | 1.53% | - 1.11% | 28.42% | 37.59% | [5][13][14] Index Positioning - Money Enhancement Strategy Index: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds in passive index - type bond funds. The performance benchmark is the China Securities Money Fund Index [15] - Short - Term Bond Fund Preferred Index: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control. It mainly allocates 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [15][17] - Medium - and Long - Term Bond Fund Preferred Index: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and aims for excess returns relative to the medium - and long - term bond fund index and a stable upward net value curve. It selects 5 funds each period, flexibly adjusts the duration according to the market, and adjusts the proportion of credit bond funds and interest - rate bond funds [19] - Low - Volatility Fixed - Income + Preferred Index: The equity center is positioned at 10%, and 10 funds are selected each period. It selects fixed - income + targets with an equity center within 15% in the past three years and recently. The performance benchmark is 10% China Securities 800 Index + 90% ChinaBond New Composite Full - Price Index [21][22] - Medium - Volatility Fixed - Income + Preferred Index: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% - 25% in the past three years and recently. The performance benchmark is 20% China Securities 800 Index + 80% ChinaBond New Composite Full - Price Index [24] - High - Volatility Fixed - Income + Preferred Index: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% - 35% in the past three years and recently. The performance benchmark is 30% China Securities 800 Index + 70% ChinaBond New Composite Full - Price Index [27] - Convertible Bond Fund Preferred Index: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and finally selects 5 funds to form the index [30] - QDII Bond Fund Preferred Index: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration conditions [31] - REITs Fund Preferred Index: The underlying assets are mainly mature, high - quality, and stable - operating infrastructure projects. It selects 10 funds with stable operation, reasonable valuation, and certain elasticity according to the type of underlying assets [34]