Haitong Securities(SH:600837) Shanghai Securities·2026-02-14 07:20Fund Size and Growth - The total size of open-end bond funds increased by CNY 368.6 billion to CNY 7.5657 trillion, representing a growth of 5.1%[1] - Index bond funds grew by 15.7% (+CNY 229.3 billion), while ordinary bond funds increased by 11.0% (+CNY 223.1 billion)[2] - Long-term pure bond funds saw a decline of 4.8% (-CNY 136.8 billion) in size[2] Performance Analysis - The median returns for short-term, medium-term, and long-term pure bond funds were 0.44%, 0.51%, and 0.51%, respectively[1] - Ordinary bond funds, convertible bond funds, and mixed bond funds had median returns of 0.51%, 1.09%, and 0.81%[1] - The yield curve showed a "bear steepening" trend, with 1-year and 10-year government bond yields at 1.34% and 1.84%, respectively[7] Asset Allocation - There was a general reduction in equity allocations across various bond funds, with ordinary bond funds decreasing by 0.7%, convertible bond funds by 0.4%, and mixed bond funds by 1.8%[18] - The allocation to pure bonds increased by 1.7% for ordinary bond funds and 1.7% for mixed bond funds[18] Bond Type Allocation - Financial bonds (government and corporate) saw an increase in allocation, while government bonds and short-term bonds decreased[22] - Long-term pure bond funds increased their medium-term bond allocation by 1.06%, while mixed bond funds increased corporate bond allocation by 3.03%[22]