机构行为观察周报 20251121：中长期债基久期上升，机构杠杆率多数上行-20251122

Group 1 - The duration of medium to long-term pure bond funds has increased, while short-term bond funds have decreased. The median duration for all medium to long-term pure bond funds reached 2.58 years, up 0.08 years week-on-week, placing it at the 80.40th percentile over the past three years [1][4][7] - The median duration for medium to long-term interest rate bond funds reached 3.69 years, increasing by 0.12 years week-on-week, and is at the 84.50th percentile over the past three years [1][7][8] - The median duration for short-term pure bond funds decreased to 0.95 years, down 0.02 years week-on-week, and is at the 83.50th percentile over the past three years [1][7][12] Group 2 - The turnover rate for interest rate bonds has decreased, while the turnover rate for credit bonds has increased. The turnover rate for 10-year and above government bonds decreased by 0.19 percentage points to 1.92%, placing it at the 49.6th percentile over the past three years [1][14][18] - The turnover rate for 5-7 year medium-term notes increased by 0.03 percentage points to 1.23%, at the 28.7th percentile over the past three years [1][14][18] - Local government bonds in Qingdao, Jiangxi, and Jiangsu have shown higher turnover rates, with valuation spreads of 13.81 bps, 10.93 bps, and 11.36 bps respectively [1][21][22] Group 3 - The leverage ratio in the interbank bond market has increased by 0.12 percentage points to 107.17%. The leverage ratio for insurance companies rose by 0.12 percentage points to 128.87%, while the leverage ratio for banks increased by 0.03 percentage points to 102.66% [1][23][28] - The leverage ratio for securities companies decreased by 0.94 percentage points to 224.13%, and the broad fund leverage ratio increased by 0.42 percentage points to 111.89% [1][23][31] Group 4 - The total market's existing wealth management scale increased by 30.252 billion yuan week-on-week, consistent with seasonal levels, while the net value breaking rate slightly decreased [1][29][30] - The scale of fixed-income wealth management products saw significant growth, while other investment types experienced minor fluctuations [1][33][34] - The performance comparison benchmarks for wealth management products showed a decline for 1 month (inclusive) and 1-3 years (inclusive), while remaining stable for 6 months-1 year (inclusive) and over 3 years [1][39][40]