【公募基金】央行恢复购债，债市情绪回暖——公募基金泛固收指数跟踪周报（2025.10.27-2025.10.31）

Market Overview - The bond market showed signs of recovery last week (October 27-31, 2025), with the 1-year government bond yield decreasing by 8.90 basis points to 1.38%, the 10-year yield down by 5.32 basis points to 1.80%, and the 30-year yield down by 6.95 basis points to 2.14%. This recovery was supported by the central bank's resumption of open market operations and the successful meeting between the US and Chinese presidents, which boosted market sentiment [3][14]. - Short-term outlook indicates that the benefits of the central bank's bond purchases have largely been priced in. The stock market's slow bullish trend may continue to suppress bond market sentiment, while upcoming fund rate regulations could lead to redemptions and portfolio adjustments, causing temporary disruptions in the bond market [14]. Public Fund Market Dynamics - On October 31, the China Securities Regulatory Commission (CSRC) released a draft guideline for the performance comparison benchmarks of publicly offered securities investment funds, seeking public feedback. This guideline emphasizes the representation, constraint, evaluation, and interaction of performance benchmarks [17][18][19][20]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.24% since inception [4]. - The Short-term Bond Fund Index increased by 0.07%, achieving a cumulative return of 4.42% since inception [5]. - The Medium to Long-term Bond Fund Index saw a rise of 0.28%, with a cumulative return of 6.74% since inception [6]. - The Low Volatility Fixed Income + Fund Index increased by 0.37%, with a cumulative return of 4.58% since inception [7]. - The Medium Volatility Fixed Income + Fund Index rose by 0.33%, achieving a cumulative return of 6.04% since inception [8]. - The High Volatility Fixed Income + Fund Index increased by 0.32%, with a cumulative return of 7.90% since inception [9]. - The Convertible Bond Fund Index rose by 0.94%, achieving a cumulative return of 22.94% since inception [10]. - The QDII Bond Fund Index decreased by 0.07%, with a cumulative return of 10.46% since inception [11]. - The REITs Fund Index increased by 0.99%, achieving a cumulative return of 33.23% since inception [12].