【公募基金】股债跷跷板效应显著，国内债市持续承压——公募基金泛固收指数跟踪周报（2025.08.18-2025.08.22）

Market Review - The bond market experienced an overall adjustment with most yields rising, including a 1.75 basis point increase in the 1-year government bond yield to 1.3775%, a 4 basis point increase in the 10-year yield to 1.7850%, and a 4.35 basis point increase in the 30-year yield to 2.0375% [13][14] - Credit bond yields generally rose, with spreads widening [13] - The US Treasury yields fluctuated downwards, with the 1-year yield decreasing by 0.06% to 3.87% and the 10-year yield down 0.06% to 4.26% [15] REITs Market - The REITs market continued to weaken, with the CSI REITs total return index declining by 1.74% over the week, particularly in the rental housing and water infrastructure sectors [15][16] - As of August 22, 2025, there were 23 public REITs awaiting listing, including 12 new issues and 11 expansions [15] Public Fund Market Dynamics - The bond ETF market is experiencing rapid expansion, with the second batch of products being submitted for approval, including 14 new bond ETFs tracking various indices [17] - The total scale of the first batch of technology innovation bond ETFs exceeded 120 billion yuan, growing over 300% since their initial issuance [17] Fund Index Performance Tracking - The money market enhancement index rose by 0.02% last week, with a cumulative return of 3.96% since inception [18] - The short-term bond fund index remained flat, with a cumulative return of 4.12% since inception [19] - The medium to long-term bond fund index fell by 0.16%, with a cumulative return of 6.13% since inception [20] - The low volatility fixed income + fund index rose by 0.19%, with a cumulative return of 3.51% since inception [21] - The medium volatility fixed income + fund index rose by 0.60%, with a cumulative return of 4.24% since inception [22] - The high volatility fixed income + fund index rose by 0.83%, with a cumulative return of 6.05% since inception [23] - The convertible bond fund index rose by 2.26%, with a cumulative return of 19.99% since inception [24] - The QDII bond fund index fell by 0.14%, with a cumulative return of 8.91% since inception [25] - The REITs fund index fell by 1.92%, with a cumulative return of 35.66% since inception [26]