2025Q4参与国债期货的基金有哪些？

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The public - offering funds are important participants in the treasury bond futures market. In Q4 2025, the number of public - offering funds participating in treasury bond futures decreased marginally, but the participation degree was still at a historical high. Treasury bond futures played a role in managing interest - rate risks, stabilizing net - value fluctuations, and flexibly adjusting duration for public - offering products [6]. 3. Summary According to Relevant Catalogs 3.1 Public - Offering Fund Investment Scope Covering Treasury Bond Futures - As of January 25, 2026, 917 medium - and long - term pure - bond funds, about 43% of the total, had treasury bond futures in their investment scope; 251 short - term pure - bond funds, about 68% of the total, also included it. Additionally, 226 first - tier bond funds, 515 second - tier bond funds, and 594 partial - debt hybrid funds had treasury bond futures in their investment scope [11]. - Since 2021, the proportion of newly established medium - and long - term pure - bond funds and short - term pure - bond funds with treasury bond futures in their investment scope has been increasing [12]. - As of February 1, 2026, 40 out of 53 bond ETFs had treasury bond futures in their investment scope, and all newly listed bond ETFs in 2025 covered treasury bond futures [22]. 3.2 Q4 2025: Marginal Decrease in the Number of Public - Offering Funds Participating in the Treasury Bond Futures Market - In Q4 2025, 362 public - offering funds (incomplete statistics) participated in the treasury bond futures market, 51 fewer than in Q3 2025, possibly due to the decreasing duration of public - offering bond funds after September 2025, reducing the need for hedging with treasury bond futures [28]. - Among them, there were 118 medium - and long - term pure - bond funds (15 fewer than Q3), 49 short - term pure - bond funds (15 fewer), 45 partial - debt hybrid funds (8 fewer), 58 first - tier hybrid bond funds (9 fewer), 83 second - tier hybrid bond funds (2 more), 6 flexible - allocation funds (4 fewer), and 3 index bond funds (the same as Q3) [28]. 3.3 Improvement of Maximum Drawdown and Annualized Volatility Indicators for Products Participating in Treasury Bond Futures - In Q4 2025, more than half of the public - offering products participating in treasury bond futures had better maximum drawdown and annualized volatility indicators than the industry average, indicating that treasury bond futures played a role in managing interest - rate risks and promoting net - value stability. This conclusion also holds for pure - bond products [34]. - In the long run, participating in treasury bond futures can still improve the maximum drawdown and annualized volatility of products, and the effect on improving annualized volatility is more stable [36]. 3.4 Sample Analysis of Public - Offering Funds Holding Treasury Bond Futures at the End of the Quarter - At the end of Q4 2025, there were 113 public - offering funds disclosing treasury bond futures positions (28 fewer than the end of Q3). Among them, 39 funds bought treasury bond futures (22 fewer), 55 sold (7 fewer), and 15 had cross - variety transactions (2 more). The proportion of public - offering funds holding long positions in treasury bond futures decreased [45]. - For public - offering products, treasury bond futures can flexibly adjust duration, mainly to reduce it. As of the end of 2025, for products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 20% and 8.1%, with a median of about - 0.5%; the impact on portfolio duration was between - 3.4 and + 1.01, with a median of about - 0.07 [51]. - For medium - and long - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts increased slightly compared to the end of Q3, and the number of sold contracts decreased significantly [52]. - For short - term pure - bond funds at the end of Q4 2025, the number of bought treasury bond futures contracts decreased significantly compared to the end of Q3, and the number of sold contracts increased significantly. For products with a scale of ≥ 500 million yuan, the proportion of the contract value of treasury bond futures held by public - offering funds to the total value of bonds held by the funds was between - 4.8% and 1.8%, with a median of about - 0.8%; the impact on portfolio duration was between - 0.51 and + 0.08, with a median of about - 0.06 [60].