【公募基金】美联储降息落地，债市延续区间震荡——公募基金泛固收指数跟踪周报（2025.09.15-2025.09.19）

Market Overview - The bond market experienced significant fluctuations last week (September 15-19, 2025), with the 1-year government bond yield decreasing by 1 basis point to 1.39%, while the 10-year and 30-year yields increased by 1.19 basis points to 1.88% and 1.56 basis points to 2.20%, respectively. The market sentiment improved in the first half of the week due to expectations of central bank bond purchases, but weakened in the latter half due to poor bond issuance results and other factors [3][16][17]. Public Fund Market Dynamics - On September 12, the National Index announced the launch of the National Index Free Cash Flow Market Bond Mixed Index series on September 17, which includes various indices with different asset allocation targets [4][19]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.07% since inception. The Short-term Bond Fund Index also increased by 0.03%, with a cumulative return of 4.20% [5][6][21]. - The Mid-to-Long-term Bond Fund Index saw a 0.04% increase, accumulating a return of 6.11%. Conversely, the Low Volatility Fixed Income + Fund Index decreased by 0.05%, with a cumulative return of 3.80% [7][8][9][10][21]. - The Convertible Bond Fund Index fell by 1.37%, but has a cumulative return of 19.22% since inception. The QDII Bond Fund Index increased by 0.11%, with a cumulative return of 10.13% [11][12][21]. REITs Market - The REITs market showed mixed performance, with the China Securities REITs Total Return Index rising by 0.12%. As of September 19, 2025, there have been 16 successful REITs issuances this year, totaling 33.65 billion yuan [13][18][21].