短期纯债基金三季报分析：规模缩水，杠杆压降

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - As of the end of Q3 2025, the number of short - term pure bond funds was 338, accounting for 2.74% of the entire fund market, with a decrease in issuance compared to the same period last year. The total assets and net assets of these funds were 990.7 billion yuan and 890.1 billion yuan respectively, showing a decline from the end of the previous quarter. The average leverage ratio also decreased, and the single - quarter average net value growth rate was 0.18%, lower than that of the previous quarter. [1][10][11] - In terms of asset allocation, bonds accounted for the highest proportion (95.6%) in Q3 2025, with a decrease of 2.3% compared to the previous quarter. The main bond types held were interest - rate bonds, financial bonds (excluding policy - related financial bonds), and enterprise - issued bonds. [2][28][31] - The two funds with the highest returns both heavily allocated enterprise bonds, adopted defensive strategies in Q3, reduced bond asset allocation, and increased the allocation of repurchase assets, achieving net value returns of 0.6% and 0.5% respectively. [2] Summaries by Related Catalogs 2025 Q3 Short - Term Pure Bond Fund Basic Situation - Number of Bond Funds: As of the end of Q3 2025, there were 338 short - term pure bond funds, accounting for 2.74% of the whole fund market. In Q3, 3 funds were issued, a decrease compared to the same period last year. [10] - Bond Fund Scale: By the end of Q3 2025, the total assets and net assets of short - term pure bond funds were 990.7 billion yuan and 890.1 billion yuan respectively, down 243.9 billion yuan and 186.9 billion yuan from the end of the previous quarter. The average total assets and net assets were 29 billion yuan and 26 billion yuan respectively, down 8 billion yuan and 6 billion yuan. Among 335 old funds, 73 had positive net asset growth, and 262 had a decline, with the largest decline of 8.88 billion yuan in Bank of Communications Stable - Yield Medium and Short - Term Bond Fund. [11] - Leverage Ratio: At the end of Q3 2025, the average leverage ratio of short - term pure bond funds was 1.11 under the overall method and 1.12 under the average method, both down 0.04 from the end of the previous quarter. [17] - Net Value Growth Rate: In Q3 2025, the bond market yield showed a significant upward trend. The 10 - year Treasury bond yield ranged from 1.64% to 1.92%, closing at 1.88% at the end of the quarter. The single - quarter average net value growth rate of short - term pure bond funds was 0.18%, lower than that of the previous quarter. Among 342 funds, 298 had positive net value growth, accounting for 87.1%, with a decrease compared to the previous quarter. The net value growth rate was mainly distributed between [-1,0) and [0,1), accounting for 86.5% and 12.9% respectively. [20][23] 2025 Q3 Short - Term Pure Bond Fund Asset Allocation - Large - Category Asset Allocation: By the end of Q3 2025, the total assets of short - term pure bond funds were 990.7 billion yuan, including 947.4 billion yuan in bonds, 125 billion yuan in bank deposits, 264 billion yuan in repurchase assets, and 44 billion yuan in other assets. Bonds accounted for 95.6%, down 2.3% from the previous quarter; repurchase assets accounted for 2.7%, up 1.7%; bank deposits and other assets accounted for 1.3% and 0.4% respectively, with changes of 0.6% and - 0.1% compared to the previous quarter. [28] - Bond Type Allocation: As of the end of Q3 2025, the main bond types held were interest - rate bonds, financial bonds (excluding policy - related financial bonds), and enterprise - issued bonds, accounting for 15.7%, 16.8%, and 64.4% of the total bond assets respectively. Compared to the end of the previous quarter, the proportions of medium - term notes, short - term financing bills, financial bonds, and policy - related financial bonds in bond assets changed by 0.1%, 0.8%, - 2.4%, and 2.6% respectively, while enterprise bonds, inter - bank certificates of deposit, Treasury bonds, asset - backed securities, local government bonds, and other bonds changed by 0.7%, - 0.8%, - 0.8%, 0.1%, - 0.1%, and - 0.1% respectively. [31][35] 2025 Q3 Analysis of High - Performing Funds - Fund A with the Highest Net Value Return: Focused on enterprise - issued bonds, achieved a net value return of 0.6% in Q3. Its asset allocation strategy was defensive, with about 90.5% in bonds and 8.7% in repurchase assets. It allocated 79.8% in enterprise - issued bonds, and its leverage ratio slightly increased to 103.9% in Q3. [43] - Fund B with the Second - Highest Net Value Growth: Also heavily allocated enterprise - issued bonds and adopted a defensive strategy in Q3, achieving a net value return of 0.5%. Its duration and leverage both decreased, and it reduced bond asset allocation and increased repurchase asset allocation. [49]