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【公募基金】债市行情清淡，关注固收+方向——公募基金泛固收指数跟踪周报（2025.06.23-2025.06.27）
华宝财富魔方·2025-07-01 11:15

Market Overview - The bond market experienced a slight decline last week (June 23-27, 2025), with the China Bond Composite Wealth Index (CBA00201) down by 0.05% and the China Bond Composite Full Price Index (CBA00203) down by 0.09% [2] - Short-term interest rates decreased while long-term rates increased, with credit bond yields generally rising and credit spreads widening [11] - The People's Bank of China (PBOC) maintained a supportive stance, injecting a net of 12,672 billion yuan into the market, which favored short-term bonds [11] Public Fund Market Dynamics - The PBOC announced plans to open a new batch of Qualified Domestic Institutional Investor (QDII) investment quotas to meet domestic investor demand, marking the first release in a year [14][15] - As of May 31, 2025, the total approved QDII quota reached 167.79 billion USD, with securities accounting for the largest share at 54.93% [15] Fund Performance Tracking - Short-term bond fund index rose by 0.02% last week, with a cumulative return of 3.94% since inception [3] - Medium to long-term bond fund index fell by 0.05%, with a cumulative return of 6.48% since inception [4] - Low volatility fixed income + fund index increased by 0.16%, with a cumulative return of 2.47% since inception [5] - Medium volatility fixed income + fund index rose by 0.42%, with a cumulative return of 1.78% since inception [6] - High volatility fixed income + fund index increased by 0.35%, with a cumulative return of 3.00% since inception [7] - Convertible bond fund index rose by 2.13%, with a cumulative return of 9.98% since inception [8] - QDII bond fund index increased by 0.59%, with a cumulative return of 7.96% since inception [9] - REITs fund index fell by 2.80%, but still recorded a cumulative return of 39.01% since inception [10] REITs Market Observation - The REITs secondary market adjusted from high levels, with the CSI REITs Total Return Index down by 1.38% last week [13] - Newly launched REIT products received strong market interest, with first-day trading limits reached for new listings [13] - The Shanghai and Shenzhen Stock Exchanges released new guidelines for public REITs expansion, which may stabilize future operations [13]