【公募基金】权益风偏回升，债市震荡蓄势——公募基金泛固收指数跟踪周报（2025.07.14-2025.07.18）

Market Overview - The bond market experienced narrow fluctuations last week (July 14-18, 2025), with the China Bond Composite Wealth Index (CBA00201) rising by 0.08% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.03%. Short- to medium-term yields outperformed long-term yields, with 1-year, 3-year, 5-year, and 10-year government bond yields decreasing by 0.55bp, 1.56bp, 1.44bp, and 0.54bp respectively [12][14] - The central bank's liquidity support stabilized the funding environment during the tax period, leading to a strong equity market and fluctuating bond yields. The central bank injected a net of 12,611 billion yuan into the market, with 17,868 billion yuan in injections and 5,257 billion yuan in withdrawals [14] - The long-end U.S. Treasury yields rose due to concerns over inflation driven by tariff issues, while short-end yields remained stable under the expectation of interest rate cuts [15] Public Fund Market Dynamics - Huaxia Fund Management Company (Hong Kong) launched the world's first RMB-denominated tokenized money market fund, marking a significant advancement for RMB assets in the blockchain financial application sector. This fund series includes USD, HKD, and RMB tokenized funds [17][18] - The new fund series adopts a dual distribution model, allowing investors to transact through traditional financial institutions and licensed virtual asset trading platforms [17][19] Fund Performance Tracking - Short-term bond funds rose by 0.05% last week, with a cumulative return of 4.08% since inception [3] - Medium- to long-term bond funds increased by 0.08%, achieving a cumulative return of 6.64% since inception [4] - Low-volatility fixed income plus funds rose by 0.17%, with a cumulative return of 3.01% since inception [5] - Medium-volatility fixed income plus funds increased by 0.36%, with a cumulative return of 2.71% since inception [6] - High-volatility fixed income plus funds also rose by 0.36%, achieving a cumulative return of 3.99% since inception [7] - Convertible bond funds increased by 0.78%, with a cumulative return of 12.56% since inception [8] - QDII bond funds decreased by 0.18%, with a cumulative return of 7.80% since inception [9] - REITs funds rose by 0.35%, achieving a cumulative return of 37.68% since inception [10]