【公募基金】关税反复，震荡延续——泛固收类公募基金指数跟踪周报(2025.05.26-2025.05.30)

Market Overview - The bond market experienced fluctuations and closed lower during the week of May 26 to May 30, 2025, with the China Bond Comprehensive Wealth Index (CBA00201) remaining flat and the China Bond Comprehensive Full Price Index (CBA00203) declining by 0.08% [2][11] - Interest rates on bonds generally rose, with short-term rates increasing more than long-term rates, specifically, the yields on 1-year, 3-year, 5-year, and 10-year government bonds rose by 1.5 basis points and 0.6 basis points respectively [11][12] Economic Conditions - The funding environment was relatively loose, but the economic fundamentals remained weak, with a slight increase in the R007 rate to 1.70% due to month-end effects [12] - The manufacturing PMI for May rose by 0.5 percentage points to 49.5%, still below the 50% threshold, indicating ongoing weakness in domestic demand despite some recovery in external demand [12][13] Policy and Regulatory Changes - The first batch of nine credit bond ETFs officially launched a general pledge repo business on May 29, 2025, which is expected to enhance financing channels for investors and improve capital efficiency [3][15] - The approval of these ETFs for general pledge repo business is anticipated to facilitate rapid development in the credit bond ETF market [15] REITs Market Dynamics - The REITs market continued to show strong interest, driven by declining bond yields and expectations of economic recovery, with property types like industrial parks and rental housing performing particularly well [14] - Recent approvals for new REITs indicate a significant acceleration in the market, although the high demand may increase the difficulty of new issuances [14] Fund Performance Tracking - Short-term bond fund indices recorded a slight increase of 0.01% last week, while medium to long-term bond fund indices saw a decrease of 0.02% [4][5] - REITs funds outperformed with a weekly increase of 0.90%, accumulating a year-to-date return of 37.79% [10][17]