公募基金市场月度跟踪（2024年2月）：债券型基金在零售市场打开局面

Investment Rating - The report maintains a positive investment suggestion for the public fund market, particularly highlighting the performance of bond funds in the retail market [2]. Core Insights - The equity market showed overall recovery in February, with the CSI 300 index, CSI 500 index, and CSI 1000 index increasing by +9.4%, +13.8%, and +11.7% respectively, which also boosted the performance of mixed equity funds [8]. - The bond market continued its upward trend, with the CSI All Bond Index, CSI Financial Bond Index, and CSI Corporate Bond Index rising by +0.8%, +0.7%, and +0.7% respectively [8]. - Bond funds have become the dominant force in the new fund issuance market, accounting for nearly 70% of the total new issuance from 2022 to 2023, with a total scale of 9.04 trillion yuan by the end of 2023, representing 33.1% of the total fund scale [4][24]. Summary by Sections 1. Market Review - In February, the equity market rebounded significantly, leading to a 10.7% increase in the mixed equity fund index [8]. - The bond market maintained its upward momentum, contributing to a stable investment environment [8]. 2. Product Application Situation - A total of 102 funds were applied for in February, a decrease of 52 from the previous month and 16 from the same month last year, with a focus on low-risk index and bond funds [10]. - The application included 1 stock fund, 8 mixed funds, 46 bond funds, 34 index funds, 1 FOF fund, 11 QDII funds, and 1 REITs fund [10]. 3. Product Issuance and Establishment Situation - In February, 361 billion yuan worth of new funds were issued, a year-on-year decrease of 59.2% and a month-on-month decrease of 36.2% [16]. - The issuance volumes for stock, mixed, and bond funds were 39 billion, 53 billion, and 251 billion yuan respectively, with bond funds seeing a significant drop of 42.3% [16]. 4. Existing Scale - By the end of February, the net asset value of public funds reached 29.30 trillion yuan, an increase of 8.8% year-on-year and 7.1% month-on-month [4]. - The net asset values of stock, mixed, and bond funds were 3.09 trillion, 3.63 trillion, and 5.55 trillion yuan respectively, with equity funds accounting for 22.9% of the total fund net value [4]. 5. Bond Funds Opening Up in Retail Market - Since 2022, bond funds have gained traction in the retail market, driven by a decline in equity fund issuance and increased interest from retail investors [4]. - The growth of bond fund scale is attributed to factors such as the weak performance of equities, declining yields on bank deposits and money market funds, and the stable returns of bond funds appealing to low-risk investors [4].