【公募基金】年末扰动仍存，静等配置时机——泛固收类公募基金指数跟踪周报（2025.12.01-2025.12.05）

Market Overview - The bond market showed weak performance last week, with the 1-year government bond yield remaining at 1.40%, the 10-year yield rising by 0.68 basis points to 1.85%, and the 30-year yield increasing significantly by 7.2 basis points to 2.26%. The overall bond market is influenced by the recovering sentiment in the equity market and the year-end demand for banks to sell bonds to realize profits, leading to a trend of short-end fluctuations and long-end weakness, particularly in ultra-long bonds [3][15]. - The bond market is expected to face year-end negative disturbances, with increased selling pressure from institutions and uncertainties surrounding upcoming political meetings affecting bullish sentiment. The 10-year government bond yield is anticipated to operate above 1.80%, and a neutral duration strategy is recommended while waiting for better allocation opportunities [15]. Public Fund Market Dynamics - A draft for the performance assessment management guidelines for fund management companies has been released, emphasizing the need for fixed-income products to focus more on credit and liquidity management. This marks a new phase in the reform of compensation and performance assessment in the public fund industry, aiming to establish a long-term incentive mechanism centered on medium to long-term investment returns [17]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.37% since inception [4]. - The Short-term Bond Fund Index fell by 0.01%, with a cumulative return of 4.50% since inception [5]. - The Medium to Long-term Bond Fund Index decreased by 0.15%, with a cumulative return of 6.58% since inception [6]. - The Low Volatility Fixed Income + Fund Index fell by 0.01%, with a cumulative return of 4.24% since inception [7]. - The Medium Volatility Fixed Income + Fund Index increased by 0.51%, with a cumulative return of 6.15% since inception [8]. - The High Volatility Fixed Income + Fund Index rose by 0.43%, with a cumulative return of 7.76% since inception [9]. - The Convertible Bond Fund Index increased by 0.53%, with a cumulative return of 21.98% since inception [9]. - The QDII Bond Fund Index fell by 0.21%, with a cumulative return of 10.09% since inception [10]. - The REITs Fund Index decreased by 1.16%, with a cumulative return of 31.68% since inception [11].