本轮调整，为何债基久期降幅不明显？

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Since Q3 this year, the bond market has adjusted significantly, but the decline in the duration of public - offering bond funds is not obvious. It is expected that public - offering bond funds will maintain a moderately high duration level, with the 10 - year Treasury yield oscillating in the range of 1.7% - 1.8%. As the correlation between stocks and bonds weakens and fundamental pressure rises, the bond market environment in the fourth quarter is expected to be better than that in the third quarter [2][8] 3. Summary According to the Directory 3.1 Third - quarter Bond Market Adjustment with No Obvious Decline in Bond Fund Duration - In the third - quarter bond market adjustment, the decline in the duration of bond funds was not obvious. For example, in Q1, the 10 - year Treasury yield rose from about 1.6% in early February to nearly 1.9% in mid - March, and the median duration of the whole - market bond funds dropped from a high of 3 years to about 2.1 years. However, as of September 17, the median duration of public - offering bond funds remained at about 2.5 years, and the median duration of medium - and long - term interest - rate bond funds remained at about 3.1 years [5][14] 3.2 Four Reasons Why Bond Fund Duration is Difficult to Decrease - Mild Adjustment and Multiple Repairs: Compared with the Q1 adjustment, the Q3 bond market adjustment was relatively mild, with multiple repairs during the period and did not reach the short - term stop - loss lines of some funds. The adjustment range of the 10 - year Treasury active bond yield since Q3 was less than 20bps, and the adjustment lasted nearly a quarter. In contrast, in Q1, the 10 - year Treasury yield rose about 30bps in more than a month [8][17] - Performance Assessment and Market Expectations: The bond market has been volatile this year, especially the performance of bond funds focusing on the duration strategy was significantly weaker than last year. As the fourth quarter is a traditional window for bond market pre -emption and repair, from the perspective of achieving the annual performance assessment, bond funds may not significantly reduce their duration. As of September 14, the median yield of the whole - market bond funds this year was 1.21%, significantly lower than last year's 3.78% [8][26] - Limited Strategy Options in a Low - interest - rate Environment: The current bond market is in a low - interest - rate environment, with limited market strategy capacity and options. Public - offering funds have to extend the duration to obtain coupons. Institutions such as wealth management and bank self - operation also have a demand for long - duration bond allocations. As of August this year, the net financing proportion of long - term credit bonds rose to about 33%, a record high [8][33] - Lack of Massive Redemption Pressure: Institutions usually conduct continuous and large - scale redemptions of long - term bonds only when the bond market shows obvious "negative feedback" characteristics. A normal market adjustment of general amplitude may not trigger large - scale redemptions and re - allocation of redeemed assets. The current bond market is slowly oscillating and correcting, without triggering widespread market panic [8][34]