固定收益周报：《公开募集证券投资基金销售费用管理规定（征求意见稿）》对债市影响几何？-20250909

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The new regulations on public - fund sales fees are expected to have a controllable negative impact on the bond market, mainly leading to adjustments in the investor structure and asset allocation models rather than a contraction in the overall bond - market capital scale [6][64] - In the short term, the bond market is under pressure, and it is necessary to be vigilant against the phased impact caused by institutional profit - taking at the end of the quarter. At the same time, attention should be paid to opportunities for the steepening of the interest - rate curve [9][67][68] 3. Summary by Related Catalogs 3.1 Bond Market Weekly Review - From September 1st to 5th, Treasury yields first declined and then rose. The 10 - year Treasury yield decreased by 1.19bp to 1.8260%. Market expectations for the central bank to restart Treasury trading increased [2][14] - Treasury yields showed mixed changes, while most China Development Bank bond yields declined. Key - term spreads in the bond market mostly narrowed [16][18][23] 3.2 Bond Market Data Tracking 3.2.1 Funding Situation - From September 1st to 5th, the central bank's open - market operations had a net withdrawal of 120.47 billion yuan. Funding rates generally declined. SHIBOR rates also decreased, and bill rates remained low and were inverted with SHIBOR rates [25][26][37] 3.2.2 Supply Side - From September 1st to 5th, the total issuance of interest - rate bonds increased, and the net financing amount also increased. The issuance scale of government bonds and inter - bank certificates of deposit (NCDs) changed, with NCD issuance scale increasing, net financing amount rising, and issuance rates falling [42][51] 3.3 Next - Week Outlook and Strategies 3.3.1 Impact of New Regulations on Public - Fund Sales Fees on the Bond Market - The new regulations aim to reduce investor costs, optimize the redemption mechanism, and strengthen the standardization of sales fees. The adjustment of the redemption mechanism in Article 10 is expected to have a significant impact on the bond market [3][61] - For institutional investors, it may lead to adjustments in the allocation structure and promote the transformation of bond investment tools to ETFs. For individual investors, the attractiveness of short - term bond products may be significantly affected [5][62][63] 3.3.2 Next - Week Outlook - Next week, the supply pressure of Treasury bonds will increase. The central bank's open - market operations had a net withdrawal this week, and next week's reverse - repurchase maturity is less than the previous week. It is expected that the central bank will continue to support liquidity, and the funding - rate center may remain flat [7][8][65] 3.3.3 Bond - Market Strategies - Recently, the bond market has been under pressure due to three factors. In the short term, be vigilant against the phased impact caused by institutional profit - taking at the end of the quarter. Pay attention to upcoming financial and inflation data and focus on opportunities for the steepening of the interest - rate curve [9][67][68] 3.4 Global Major Asset Classes - US Treasury yields generally declined, the US dollar index weakened slightly, and the exchange rates of major currencies against the US dollar showed different trends. Gold and silver prices rose, while crude - oil prices fell [74][75][81]