【公募基金】大类资产风偏下行，债市回暖趋势显著——公募基金泛固收指数跟踪周报（2025.06.16-2025.06.20）

Market Overview - The bond market experienced a slight increase last week (June 16-20, 2025), with the China Bond Composite Wealth Index (CBA00201) rising by 0.25% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.19% [2][12] - Interest rates on government bonds decreased, with the short-term rates declining more than the long-term rates, while credit bond yields generally fell, leading to a narrowing of credit spreads [2][12] Market Dynamics - The funding environment was unexpectedly loose, with strong demand for short-term bonds; coupon-bearing assets continued to be favored, resulting in ongoing compression of credit spreads [2][13] - The Federal Reserve maintained its current interest rate stance, while geopolitical risks heightened demand for U.S. Treasury bonds [2][14] REITs Market Development - On June 18, 2025, the China Securities Regulatory Commission approved the first two data center REITs, marking a significant expansion in the REITs market [2][15][16] - The REITs market maintained an upward trend, with the CSI REITs Total Return Index rising by 0.9% last week, driven by the expansion of the primary market and the continued demand for rental housing REITs [2][15] Public Fund Market Trends - The approval of the first data center REITs is expected to accelerate the issuance of REITs, further enriching the types of underlying assets in the market [2][16] - As of June 20, 2025, nine new REITs have been issued this year, supported by policy incentives and rapid expansion [2][18] Fund Performance Tracking - Short-term bond funds rose by 0.05% last week, with a cumulative return of 3.93% since inception [3][21] - Long-term bond funds increased by 0.17%, achieving a cumulative return of 6.53% since inception [4][21] - REITs funds surged by 2.55%, with a cumulative return of 43.01% since inception, indicating strong performance in this asset class [10][21]