中长期纯债基金四季报分析：业绩有所回暖，负久期策略助力风险对冲

Group 1 - The core viewpoint indicates that the performance of medium- and long-term pure bond funds has shown signs of recovery, aided by a negative duration strategy for risk hedging [1][50] - As of the end of Q4 2025, there are 2,112 medium- and long-term pure bond funds, accounting for 15.5% of the total fund market, with a significant decrease in issuance and scale compared to the previous quarter and the same period last year [9][50] - The total assets and net assets of these funds are reported at 69,425 billion and 58,042 billion respectively, reflecting a decline of 2,038 billion and 1,633 billion from the previous quarter [10][50] Group 2 - The average leverage ratio for medium- and long-term pure bond funds at the end of Q4 2025 is 1.20, remaining stable compared to the previous quarter but down 0.02 from the end of the previous year [14][50] - The average net value growth rate for these funds in Q4 2025 is 0.56%, showing a significant recovery compared to the previous quarter, with 92.1% of the funds reporting positive growth [19][50] Group 3 - In terms of asset allocation, bond assets constitute the highest proportion at 97.1%, with a slight increase from the previous quarter, while bank deposits have increased to 1.2% [24][50] - The main types of bonds held by these funds include interest rate bonds, financial bonds (excluding policy financial bonds), and corporate bonds, which account for 47.0%, 21.4%, and 28.1% of total bond assets respectively [25][50] Group 4 - As of Q4 2025, 39 medium- and long-term pure bond funds hold government bond futures, with a majority focusing on hedging and duration management [37][51] - The negative duration strategy is employed by certain funds, with the 平安惠嘉纯债 fund having an estimated duration of -1.96 years and 嘉实稳华纯债 fund at -0.74 years [48][49][51]