【公募基金】股债“跷跷板”持续演绎，债市显著承压——公募基金泛固收指数跟踪周报（2025.08.11-2025.08.15)

Market Overview - The bond market showed weak performance last week (August 11-15, 2025), with yields generally rising across major bond types. The China Bond Composite Wealth Index (CBA00201) fell by 0.33%, and the China Bond Composite Full Price Index (CBA00203) decreased by 0.38% [14] - The yields of interest rate bonds across various maturities increased, while credit bonds also faced upward pressure on yields, leading to a narrowing of credit spreads [14][15] - The liquidity in the market showed a slight contraction, highlighting the "see-saw" effect between stocks and bonds. The US Treasury market experienced narrow fluctuations with fluctuating rate cut expectations [15][16] Public Fund Market Dynamics - The first batch of Sci-Tech Bond ETFs has continued to attract significant investment, with total assets surpassing 110 billion yuan, reaching 116.12 billion yuan as of August 15, 2025. Eight products exceeded 10 billion yuan in size, with the largest being the Harvest CSI AAA Technology Innovation Corporate Bond ETF at 20.03 billion yuan [18][19] - The overall market for bond ETFs has expanded significantly, with total assets reaching 538.2 billion yuan, nearly doubling from 179.99 billion yuan at the end of 2024. The number of products exceeding 10 billion yuan increased from 5 to 24 [18][19] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.02% last week, with a cumulative return of 3.93% since inception [3][21] - The Short-term Bond Fund Index remained unchanged last week, with a cumulative return of 4.12% since inception [4][21] - The Mid-to-Long-term Bond Fund Index fell by 0.16% last week, with a cumulative return of 6.30% since inception [5][21] - The Low Volatility Fixed Income + Fund Index rose by 0.04%, with a cumulative return of 3.32% since inception [6][21] - The Medium Volatility Fixed Income + Fund Index increased by 0.51%, with a cumulative return of 3.62% since inception [7][21] - The High Volatility Fixed Income + Fund Index rose by 0.44%, with a cumulative return of 5.17% since inception [8][21] - The Convertible Bond Fund Index increased by 1.29%, with a cumulative return of 17.35% since inception [9][21] - The QDII Bond Fund Index rose by 0.14%, with a cumulative return of 9.06% since inception [10][21] - The REITs Fund Index fell by 0.76%, with a cumulative return of 36.05% since inception [12][21]