公募基金泛固收指数跟踪周报（2025.09.22-2025.10.10）：美国政府持续停摆，国内债市呈现震荡走势-20251013

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints - The bond market in China showed a volatile trend. Before the National Day (2025.09.22 - 2025.09.30), it maintained a weak oscillation, and after the National Day (2025.10.09 - 2025.10.10), the bond market sentiment improved, and the yields generally declined. The central bank will continue to support liquidity, and the bond supply in the fourth quarter may gradually decrease, so the relatively fragile situation of the bond market sentiment is expected to improve. However, the current market's continuous bullish sentiment is not strong, and the repair amplitude may be relatively limited [2][9]. - The US Treasury yields fluctuated. Before the National Day, they rose, and during and after the National Day, they declined. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts have affected the market [10]. - REITs continued to face pressure. Before and after the National Day, the CSI REITs Total Return Index declined, with only the environmental protection and people's livelihood sector rising slightly after the National Day. In the primary market, there were new developments for some REITs [11]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - Bond Market Review: Before the National Day, the 1 - year Treasury yield decreased by 1.72BP to 1.37%, the 10 - year yield decreased by 0.42BP to 1.86%, and the 30 - year yield increased by 5.7BP to 2.25%. After the National Day, the 1 - year yield decreased by 0.88BP to 1.37%, the 10 - year yield decreased by 1.45BP to 1.85%, and the 30 - year yield increased by 3.68BP to 2.28%. Due to the relief of the pressure to realize floating profits at the end of the quarter and the central bank's continuous support for market liquidity, the bond market sentiment improved [2][9]. - US Treasury Yield Fluctuation: Before the National Day, the 1 - year US Treasury yield increased by 8BP to 3.68%, the 2 - year yield increased by 3BP to 3.60%, and the 10 - year yield increased by 2BP to 4.16%. During and after the National Day, the 1 - year yield decreased by 8BP to 3.60%, the 2 - year yield decreased by 8BP to 3.52%, and the 10 - year yield decreased by 11BP to 4.05%. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts affected the market [10]. - REITs Performance: Before the National Day, the CSI REITs Total Return Index decreased by 0.92% to 1061.47 points, and all types of REITs generally declined. After the National Day, the index decreased by 0.26% to 1058.71 points, with only the environmental protection and people's livelihood sector rising slightly. As of October 10, 2025, 16 REITs had completed fundraising and listing in 2025. Last week, 3 new public REITs and 1 expansion - offering REIT made new progress [11]. 1.2. Public Fund Market Dynamics - The first foreign - funded consumer REIT, Huaxia CapitaLand Commercial REIT, was successfully listed on the Shanghai Stock Exchange on September 29, 2025. It is the 75th public REIT in China and a benchmark case for the internationalization, diversification, and specialization of the Chinese public REIT market [3][12]. 2. Pan - Fixed - Income Fund Index Performance Tracking - Currency Enhancement Index: Last week (2025.10.09 - 2025.10.10), it rose by 0.00%, with a cumulative return of 4.16% since its establishment. It aims at liquidity management, pursues a curve that surpasses money - market funds and rises smoothly, and mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the CSI Money Fund Index [4][13][15]. - Pure Bond Index: - Short - Term Bond Fund Preferred Index: Last week, it rose by 0.00%, with a cumulative return of 4.27% since its establishment. It aims at liquidity management, pursues a smooth - rising curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance comparison benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [4][13][18]. - Medium - and Long - Term Bond Fund Preferred Index: Last week, it rose by 0.01%, with a cumulative return of 6.06% since its establishment. It invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and selects 5 funds each period. It adjusts the duration and the ratio of credit bond funds and interest - rate bond funds according to market conditions [4][14][20]. - Fixed - Income + Index: - Low - Volatility Fixed - Income + Preferred Index: Last week, it fell by 0.18%, with a cumulative return of 3.99% since its establishment. 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 comparison benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [4][14][22]. - Medium - Volatility Fixed - Income + Preferred Index: Last week, it fell by 0.45%, with a cumulative return of 5.59% since its establishment. 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% and 25% in the past three years and recently [4][14][23]. - High - Volatility Fixed - Income + Preferred Index: Last week, it fell by 0.42%, with a cumulative return of 7.78% since its establishment. 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% and 35% in the past three years and recently [4][14][27]. - Convertible Bond Fund Preferred Index: Last week, it rose by 0.89%, with a cumulative return of 23.01% since its establishment. It selects bond - type funds with a convertible - bond investment proportion of at least 60% in the latest period and at least 80% on average in the past four quarters as the sample space, and selects 5 funds to form the index [4][14][29]. - QDII Bond Fund Preferred Index: Last week, it rose by 0.23%, with a cumulative return of 10.37% since its establishment. It selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds [4][14][32]. - REITs Fund Preferred Index: Last week, it fell by 0.19%, with a cumulative return of 34.27% since its establishment. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [4][14][33].