债券收益率大幅攀升，10年期国债收益率突破1.8%

Core Viewpoint - The recent changes in public fund fee regulations have significantly impacted the bond market, leading to increased bond yields and a shift in investment strategies among institutions [3][4][7]. Group 1: Bond Market Reactions - The 10-year government bond yield rose sharply from 1.74% on September 4 to 1.83% by September 10, indicating a significant market adjustment [3]. - As of September 11, 751 out of 930 short-term pure bond funds reported negative returns over the past week, reflecting the adverse effects of the market turmoil [3]. - The CNEX bond divergence index shows that fund institutions have become the main sellers in the market during this period of volatility [3]. Group 2: Impact of New Fund Fee Regulations - The new fund fee regulations, effective from September 5, adjust redemption fees for bond funds, which previously had a simpler fee structure [7][8]. - Under the new rules, investors face a minimum redemption fee of 0.5% for holding periods of 30 days to six months, which discourages short-term trading and affects the attractiveness of bond funds for liquidity management [9]. - The regulations aim to encourage long-term holding of bond funds, which may lead to a shift in investment strategies, favoring longer-duration bonds [10]. Group 3: Changes in Investment Preferences - With the new fee structure, institutions that previously used short-term bond funds for liquidity management are likely to shift their investments towards bank wealth management products, which do not have redemption fees [9][10]. - The demand for different types of bonds is expected to change, with banks and wealth management firms favoring short-term credit bonds over long-duration bonds, leading to a potential decline in demand for certain bond types [10]. - The new regulations may also lead to an increased interest in bond ETFs as a substitute for liquidity management, as institutions adapt to the changing landscape [10].