会卖债补流动性吗？

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The current situation where "fixed income +" funds may sell bonds to replenish liquidity due to the adjustment in the equity market is not expected to last. As the expectation of interest rate cuts rises and the year - end allocation market arrives, especially if the equity market continues to fluctuate and adjust, bond yields may experience a new round of downward trends. The report maintains the judgment that the taxable yield of 10 - year treasury bonds will decline to 1.70% - 1.75% [1][6][7]. 3. Summary by Relevant Catalogs 3.1 Equity Down, Bonds Follow the Decline? - The stock - bond seesaw effect is well - known to bond market investors. Normally, when the equity market declines significantly, bond yields will decline smoothly. However, since November this year, the Shanghai Composite Index has significantly declined, but the price of 10 - year treasury bonds has oscillated overall and even declined. For example, on November 21, the Shanghai Composite Index fell 2.5%, but the yield of 10 - year treasury bonds increased [6][11]. - When the equity market adjusts, "fixed income +" funds may face large net - value drawdowns. High - volatility "fixed income +" funds have a higher proportion of equity, and their performance mainly comes from equity assets. When the equity market declines, they are more likely to face redemption pressure and may sell some bond assets. Low - volatility "fixed income +" funds have a lower proportion of equity and are more resistant to decline, but they may also sell some bond assets to prevent redemption pressure [7][11]. 3.2 "Fixed Income +" Funds May Sell Bonds to Replenish Liquidity - Recently, the yields of "fixed income +" funds have been generally poor, and the yields of interest - rate bonds have oscillated slightly upward. The weak equity market has not directly led to a bond bull market. The overall average daily return of "fixed income +" funds has turned negative, with a single - day return of - 1.4% on November 21. The higher the equity position in "fixed income +" funds, the more obvious the decline in the daily return in the recent week, and the more obvious the drawdown [7][15]. - When "fixed income +" funds face redemption pressure, fund managers may prefer to sell liquid bonds rather than reduce equity positions. This "sell bonds to protect stocks" strategy meets the liquidity needs of redemptions and avoids passive reduction of equity at a low point in the equity market. As a result, the bond market has been dull under selling pressure, and the net - value growth of "fixed income +" funds has been pressured by the weakness of the equity part [7][15]. - Although the cash reserves of "fixed income +" funds (current deposit ratio of about 1.3% - 1.6%) are generally higher than those of non - "fixed income +" funds (about 0.7% - 0.8%), during significant market fluctuations, the peak of single - day net redemptions may exceed the cash reserve level. Therefore, when facing strong liquidity pressure, "fixed income +" funds may still have to sell liquid bonds [7][26].