公募基金泛固收指数跟踪周报（2025.11.24-2025.11.28）：全球风偏环比提升，债市回调后待情绪修复-20251201

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Last week, the bond market performed poorly, with short - end volatility and long - end weakness affected by the warming of the equity market and the Vanke bond extension event. Credit bonds generally declined. However, the cost - performance of bond market allocation has increased, and there is limited room for a further significant increase in yields. It is recommended to use a band - trading strategy, appropriately extend the duration of interest - rate bonds while controlling the overall duration, or invest in liquid credit bonds and wait for the bond market sentiment to recover [3][9]. - The U.S. bond yields continued to decline last week. The market's expectation of a December interest - rate cut by the Fed increased due to weaker - than - expected retail sales data and dovish signals from Fed officials [10]. - The China Securities Regulatory Commission released a draft for public comments on the pilot program of commercial real estate investment trust funds, indicating a new round of expansion in the REITs market [3][11]. 3. Summary by Relevant Catalogs 3.1. Weekly Market Observation 3.1.1. Pan - Fixed - Income Market Review and Observation - Domestic Bond Market: Last week (2025.11.24 - 2025.11.28), the domestic bond market was sluggish. The 1 - year Treasury yield remained at 1.40%, the 10 - year yield rose 2.46BP to 1.84%, and the 30 - year yield rose 2.75BP to 2.19%. Credit bonds generally declined [3][9]. - U.S. Bond Market: Last week, U.S. bond yields continued to fall. The 1 - year yield dropped 1BP to 3.61%, the 2 - year yield dropped 4BP to 3.47%, and the 10 - year yield dropped 4BP to 4.02%. This was due to weaker - than - expected retail sales data and dovish signals from the Fed [10]. - REITs Market: Last week, the China Securities REITs Total Return Index slightly fell 0.08% to 1040.34 points. Most sectors declined, except for the data center and affordable housing sectors. In the primary market, 19 REITs have been successfully issued in 2025 as of November 28, 2025, and 3 new REITs made progress last week [10]. 3.1.2. Public Fund Market Dynamics - The China Securities Regulatory Commission issued a draft for public comments on the pilot program of commercial real estate investment trust funds to promote the high - quality development of the REITs market, enrich investment and financing tools, support the new real - estate development model, and serve the real economy [11]. 3.2. Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | Last Week | Since Inception | | --- | --- | --- | | Currency Enhancement Index | +0.02% | +4.35% | | Short - Term Bond Fund Selection | 0.00% | +4.50% | | Medium - and Long - Term Bond Fund Selection | - 0.10% | +6.75% | | Low - Volatility Fixed - Income + Fund Selection | +0.02% | +4.25% | | Medium - Volatility Fixed - Income + Fund Selection | +0.44% | +5.61% | | High - Volatility Fixed - Income + Fund Selection | +0.38% | +7.29% | | Convertible Bond Fund Selection | +0.24% | +21.33% | | QDII Bond Fund Selection | +0.12% | +10.33% | | REITs Fund Selection | +0.74% | +33.22% | [4][12] 3.2.1. Currency Enhancement Index Tracking - Currency Enhancement Strategy Index: Aims at liquidity management, pursues a curve that exceeds money - market funds and rises smoothly. It mainly invests in money - market funds with good performance and inter - bank certificate of deposit index funds. The performance benchmark is the China Securities Money Fund Index [13]. 3.2.2. Pure Bond Index Tracking - Short - Term Bond Fund Selection Index: Focuses on liquidity management, pursues a smooth - rising curve while controlling drawdowns. It mainly invests in 5 funds with stable long - term returns, strict drawdown control, and strong absolute - return ability. The performance benchmark is 50% Short - Term Pure Bond Fund Index + 50% Ordinary Money - Market Fund Index [17]. - Medium - and Long - Term Bond Fund Selection Index: Invests in medium - and long - term pure - bond funds to pursue stable returns while controlling drawdowns. It aims for excess returns compared to the medium - and long - term bond fund index and a smooth - rising net - value curve. It selects 5 funds, adjusts the duration according to market conditions, and balances coupon - based and band - trading strategies [19]. 3.2.3. Fixed - Income + Index Tracking - Low - Volatility Fixed - Income + Selection Index: The equity center is set at 10%, and 10 funds are selected each period. It focuses on fixed - income + funds with an equity center (considering convertible bond and stock positions) within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [21]. - Medium - Volatility Fixed - Income + Selection Index: The equity center is 20%, and 5 funds are selected each period. It selects fixed - income + funds with an equity center between 15% and 25% in the past three years and recently, emphasizing both risk - return ratio and performance elasticity. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [25]. - High - Volatility Fixed - Income + Selection Index: The equity center is 30%, and 5 funds are selected each period. It selects fixed - income + funds with an equity center between 25% and 35% in the past three years and recently, emphasizing risk - return ratio and performance elasticity. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [26]. 3.2.4. Convertible Bond Fund Selection Index - The index selects bond - type funds with an average convertible - bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters as the sample space. It evaluates funds from multiple dimensions and selects 5 funds based on market conditions [30]. 3.2.5. QDII Bond Fund Selection Index Tracking - The underlying assets of QDII bond funds are overseas bonds. The index selects 6 funds with stable returns and good risk control based on credit and duration conditions [33]. 3.2.6. REITs Fund Selection Index Tracking - The underlying assets of REITs are mainly high - quality, stable - operating infrastructure projects. The index selects 10 funds with stable operations, reasonable valuations, and some elasticity based on underlying asset types [34].