年内密集发行！外资基金抢滩债市机会

Core Viewpoint - Foreign public funds have significantly increased their product layout in bond funds this year in response to ongoing market volatility [1][2]. Group 1: Product Launches and Market Response - Foreign public funds have launched a variety of new bond funds this year, including medium to long-term pure bond funds, first-level bond funds, and second-level bond funds, indicating a strong market recognition of foreign bond funds [2][3]. - Notable new products include the BlackRock Fuyuan Tianyi, a second-level bond fund that started subscription on April 7, focusing on quantitative investment strategies [3]. - Schroders launched a medium to long-term pure bond product, Schroders Tianyuan Pure Bond, with a first issuance scale close to 6 billion yuan, reflecting continued investor interest in stable bond products [4]. - Allianz Fund introduced the Allianz Anyu, a second-level bond fund emphasizing stable returns and flexible responses, enhancing its fixed income product line [5]. - Manulife Financial actively launched bond products, including the Manulife Yueli Rate Bond and Manulife Interbank Certificate Index 7-Day Holding, with first issuance scales of 6 billion yuan and 5 billion yuan respectively, indicating high market recognition [5][6]. Group 2: Market Outlook and Structural Opportunities - The bond market is expected to present structural opportunities, with credit bonds gaining relative attractiveness as the interest rate bond market may exhibit "small year" characteristics in 2025 [7][11]. - The market has seen fluctuations since the beginning of the year, with expectations of rapid interest rate cuts influencing long-term yield declines [8]. - After mid-March, the funding environment improved, leading to a short-term rebound in the bond market, with expectations that interest rate bonds may continue to decline [9][10]. - Investors are advised to focus on short-duration products in the city investment bond sector, while the credit bond market remains sensitive to policy changes [11][12]. Group 3: Investment Strategies and Flexibility - The current environment is seen as an opportune time for allocating to second-level bond funds, with expectations of a dual bull market in stocks and bonds in the medium term [13]. - The convertible bond market presents structural opportunities, with a reduction in new issuance and a focus on shorter remaining maturities, enhancing the value of convertible bond options [13].