Report Summary 1. Investment Rating The document does not mention the industry investment rating. 2. Core Views - Standing at the end of August and looking forward to September, investors are confused about the general direction of the bond market. The bullish sentiment has decreased, and operations have become more prudent. The capital market and the equity market are the core concerns of investors, and the preference for local bonds, high - grade urban investment bonds, and perpetual bonds has marginally weakened [1]. - Four mainstream expectations for the September bond market: concentrated expectations for the upper and lower limits of long - term treasury bond yields; decreased bullish sentiment in the bond market, more cautious operations, and an upward - moving interest rate oscillation center; changed overall expectations for the August economy, with increased expectations for reserve requirement ratio cuts and interest rate cuts; consistent preference for medium - and short - term interest - rate bonds and increased preference for convertible bonds [2]. 3. Summary by Directory 1. Investor Expectations are Divergent and Behavior is More Prudent - **Survey Overview**: A bond market questionnaire was released on August 26, 2025, and 114 valid questionnaires were received by August 28, covering various institutional and individual investors [9]. - **Long - term Treasury Bond Yield Expectations** - **10 - year Treasury Bonds**: 85% of investors think the lower limit of the 10 - year treasury bond yield is likely to be in the 1.65% - 1.75% range, and 51% think the upper limit is likely to be in the 1.80% - 1.85% range. Investors' expectations for an increase in the 10 - year treasury bond interest rate are gradually rising [11]. - **30 - year Treasury Bonds**: 41% of investors think the lower limit of the 30 - year treasury bond yield is likely to be in the 1.90% - 1.95% range, and 44% think the upper limit is likely to be in the 2.05% - 2.10% range. Investors are cautious about the potential further increase in the 30 - year treasury bond yield [13]. - **Economic Outlook for August**: Investor responses were relatively evenly distributed. 29% think the economy in August will show a "both year - on - year and month - on - month weakening" performance. Pessimistic expectations have decreased from 31% to 29% [15][17]. - **Expectations for Reserve Requirement Ratio Cuts and Interest Rate Cuts**: 42% of investors think there will be no further reserve requirement ratio cuts this year, and 46% think there will be no interest rate cuts. Most investors tend to postpone potential reserve requirement ratio cuts and interest rate cuts to a more distant policy window [20]. - **Impact of the Equity Market on the Bond Market**: 70% of investors think the recent strengthening of the equity market will strengthen the stock - bond seesaw effect and suppress the bond market. However, some investors think the impact is short - term [24]. - **September Bond Market Outlook**: Investor expectations for the bond market are divergent. The proportions of investors expecting the bond market to "strengthen overall with a bull - flattened yield curve" and "weaken overall with a bear - steepened yield curve" are both 23%. The preference for the short - end has also decreased [25]. - **Bond Market Operations**: In September, most investors are neutral in practice. Holding cash and waiting is the mainstream view, with a marginal increase in the proportion of investors maintaining positions and taking profits [28]. - **Preferred Bond Types**: In August, investors maintained their positions in medium - and short - term interest - rate bonds and increased their preference for convertible bonds. The preference for local bonds, high - grade urban investment bonds, and perpetual bonds decreased slightly [30]. - **Main Bond Pricing Logic**: Monetary policy, capital market conditions, and the performance of the equity market are the core concerns of bond investors. This month, the attention to the equity market has increased significantly, while the attention to institutional behavior games and fiscal policy has decreased [32].

Market Overview - The A-share Shanghai Composite Index has continuously risen since the second half of 2025, surpassing 3,800 points and reaching a ten-year high, with the total market capitalization of A-shares exceeding 100 trillion yuan [1] - The bond market has seen long-term government bond yields rise after a prolonged bull market, leading to adjustments in long-term bonds and putting pressure on bond fund net values, with over 600 bond funds experiencing losses this year [1] Commodity Market - The commodity market is exhibiting a volatile trend of sharp rises and falls under the expectations of anti-involution policies [2] Investment Insights - In the context of rising market sentiment in A-shares and Hong Kong stocks, key questions for Q4 2025 include whether the A-share bull market can continue, which asset classes are worth focusing on, and the impact of anti-involution policies on commodity prices [3][10] - Notable speakers for the Alpha online closed-door private sessions include influential analysts such as Guo Jin Securities' Chief Strategist, who will discuss the potential new cycle of the A-share bull market and which assets are most worthy of attention [3][5] Expert Contributions - Xu Xiaoqing, Chief Economist at Dunhe Asset Management, will share insights on macro trends and asset allocation strategies for Q4 2025, leveraging his extensive experience in fixed income research [7][9] - The sessions will include interactive Q&A segments, allowing participants to engage directly with the experts on topics of interest [4][8]

股债调整，国债期货全线收涨 市场分析 宏观面：（1）宏观政策：7月政治局会议明确提出要落实落细更加积极的财政政策和适度宽松的货币政策，依法依 规治理企业无序竞争，积极稳妥化解地方政府债务风险，严禁新增隐性债务等一些列政策指引；2025年8月1日， 财政部与税务总局发布公告称，自2025年8月8日起，对在该日及以后新发行的国债、地方政府债券和金融债券的 利息收入将恢复征收增值税。此前已发行的上述债券（包括8月8日后续发行的部分）仍享受免征增值税政策，直 至到期。（2）通胀：7月CPI同比持平。 资金面：（3）财政：2025年7月金融数据显示，M1、M2同比增速分别回升至5.6%和8.8%，剪刀差收窄至3.2%，表 明流动性充裕、企业活期资金活跃度提升，但信贷派生效率偏弱，居民与企业中长期贷款持续收缩，投资和消费 需求不足。社融存量同比仅9%，结构上主要依赖政府债券发行加杠杆托底，企业中长期融资需求依然低迷，大量 资金流向非银机构。利率品市场呈现政府债供给显著增加、机构被动增配的格局，后续走势取决于实体融资需求 修复及财政发行节奏。（4）央行：2025-08-27，央行以固定利率1.4%、数量招标方式开展了379 ...

Core Viewpoint - The total scale of public funds in China reached a historical high of 35.08 trillion yuan by the end of July 2025, marking the tenth consecutive record since early 2024 [4]. Fund Market Overview - In July, both the Shanghai and Shenzhen indices rose, leading to significant net value increases in equity products, including stock and mixed funds. The QDII funds also saw growth in both share and net value due to the rise in Hong Kong and US stocks [3][7]. - The "see-saw" effect between stocks and bonds was evident, with over 48 billion yuan leaving bond funds as investors shifted to equity markets or "fixed income plus" products [3][8]. Fund Category Performance - The total scale of public funds increased by 130.14 billion yuan in July, with significant contributions from various fund types: - Money market funds grew by over 380 billion yuan, becoming the main driver of growth. - Stock funds increased by over 190 billion yuan, while mixed funds rose by over 130 billion yuan. - Bond funds, however, saw a decline of over 48 billion yuan [5][6]. Equity Fund Dynamics - The A-share market's recovery led to a notable increase in equity fund scales. The Shanghai Composite Index rose by 3.74%, and the Shenzhen Component Index increased by 5.2% in July. Despite a decrease in total shares for stock and mixed funds, their net values increased, resulting in a combined scale growth of over 300 billion yuan [7]. - QDII funds experienced a 3.87% increase in total shares and a 6.77% rise in net value, driven by strong market performance in both Hong Kong and the US [7]. Bond Market Challenges - The bond market faced significant outflows as investors redeemed pure bond products in favor of equity or "fixed income plus" options. This trend was exacerbated by a tightening liquidity environment and a decrease in bond fund net values, with approximately 60% of bond funds experiencing declines in July [8][9]. - The bond market's previous "crowded trade" risk, characterized by a prolonged bull market, has made it sensitive to negative signals, leading to increased volatility and adjustments in bond fund performance [9].

Core Viewpoint - The performance of "fixed income +" products has significantly diverged in the second half of the year, with those leaning towards equities and convertible bonds showing notable gains, while those focused on pure bonds have lagged behind [1][3][4] Group 1: Performance of "Fixed Income +" Products - "Fixed income +" products with higher equity and convertible bond allocations have seen substantial performance increases, with some funds achieving returns over 20% since the second half of the year [2][4] - Specific funds such as Huashang Shuangyi A and Jinying Yuanfeng A reported returns of 24.71% and around 20% respectively, with high equity allocations exceeding 40% [2][4] - Conversely, funds primarily invested in pure bonds, like Fangzheng Fubang Hongyuan A, have underperformed, with long-duration bonds leading to negative returns since July [3][4] Group 2: Market Trends and Strategies - The current market environment, characterized by a strong equity market and weak bond market, has led to a higher acceptance of "fixed income +" products, particularly those with convertible bonds [4][5] - Fund managers are advised to dynamically adjust the allocation of the "+" component based on market trends and risk preferences, enhancing the risk-adjusted returns of the portfolio [6][7] - The focus on multi-asset strategies and the exploration of various "fixed income +" investment strategies have become prevalent in the public fund industry [7][8] Group 3: Asset Allocation Insights - Successful "fixed income +" funds have shown a tendency to overweight sectors such as metals, military, TMT, and healthcare, while underweighting cyclical and financial sectors [4][5] - The strategy of using convertible bonds has proven effective, with funds capturing significant gains from high-performing stocks [2][4] - The importance of dynamic asset valuation and the ability to hedge against market fluctuations are emphasized for optimizing returns in "fixed income +" portfolios [6][8]

Core Viewpoint - The performance of "fixed income +" products has significantly diverged in the second half of the year, with those leaning towards equities and convertible bonds showing notable gains, while those focused on pure bonds have lagged behind [1][3][4] Group 1: Performance of "Fixed Income +" Products - High-volatility "fixed income +" products with a greater allocation to equities and convertible bonds have seen substantial performance increases recently [1][2] - Specific funds such as Huashang Shuangyi A and Jinying Yuanfeng A have reported returns of 24.71% and around 20% respectively since the second half of the year [2] - Funds with high equity exposure, such as Huashang Shuangyi and Huazhong Zhili, have captured significant stock gains, with top holdings experiencing over 100% increases [2] Group 2: Strategies and Recommendations - Fund managers are advised to enhance the foundational role of fixed income assets in "fixed income +" products to improve risk resilience while dynamically adjusting equity allocations based on market trends [1][6] - The current market environment favors "fixed income +" products that incorporate convertible bonds, which have shown superior performance compared to pure bond funds [3][4] - Investment strategies should focus on sectors like technology, consumer goods, and small-cap stocks while considering valuation and fundamentals [6][7] Group 3: Market Trends and Investor Behavior - The acceptance of "fixed income +" products has increased, particularly among individual investors who prefer these over direct equity market participation [5][8] - The market is currently characterized by high returns and low volatility in equity and convertible bond markets, which enhances the appeal of "fixed income +" strategies [4][5] - There is a growing interest in quantitative enhancement strategies within "fixed income +" products, reflecting a shift in investor preferences [8]

Group 1 - As of the end of July, the total scale of domestic public funds in China reached 35.08 trillion yuan, marking a historical high for the tenth time since the beginning of 2024 [1] - In July, the scale of money market funds increased by over 380 billion yuan, becoming the main driver of growth, while stock funds and mixed funds also saw increases of over 190 billion yuan and 130 billion yuan, respectively [1] - Despite a warming equity market, the growth of money market funds is attributed to low thresholds, low risks, and high liquidity, along with a shift of funds from bank deposits to money market funds due to reduced deposit rates [1] Group 2 - The technology sector, represented by artificial intelligence and semiconductors, is expected to continue benefiting from technological advancements and policy support, while non-bank financial sectors like brokerages are seen as having strong resilience amid capital market reforms [2] - A "see-saw" effect between equity and bond markets is emerging, with some investors redeeming pure bond products in favor of equity or "fixed income plus" products due to rising risk appetite in the equity market [2] - Approximately 60% of the over 3,800 bond funds experienced net value declines in July, attributed to a slowdown in liquidity injection by the central bank, leading to reduced market supply and lower bond prices [2] Group 3 - The bond market is facing "crowded trade" risks due to a previous bull market that led to a prolonged duration of bonds held by institutions, making the market highly sensitive to negative signals [3] - The consistent holding structure in the bond market has resulted in a quick exit of some trading positions upon slight fluctuations, exacerbating the adjustment in bond prices [3]

记者丨易妍君 编辑丨包芳鸣 对比今年6月末，整个7月，公募行业总规模增加了约6829.93亿元。这部分增量主要来自开放式股票基 金、混合基金、货币基金。 不过，股票基金、混合基金的规模增长主要得益于基金净值的修复，而非基民大举入场。 受访人士向21世纪经济报道记者指出，7月股票基金和混合基金的平均净值增长率分别为5.29%和 5.02%，从而带动基金规模增长。同时，ETF作为被动投资的重要工具，不断吸引资金流入。 权益、货币基金贡献增量 据基金业协会统计，截至2025年7月底，我国境内公募基金管理机构共164家，其中基金管理公司149 家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计35.08万亿元。 其中，1333只封闭式基金（包含申报为封闭运作和定期开放的基金）的净值合计为3.74万亿元；11681 只开放式基金的总规模为31.33万亿元。 公募基金行业迈入"35万亿"时代。 中国证券投资基金业协会（以下简称"基金业协会"）最新公布的数据显示，截至2025年7月底，我国境 内公募基金资产净值（即规模）合计达到35.08万亿元，为首次突破35万亿元大关。这也是公募基金市 场自2025 ...

记者丨 易妍君 编辑丨包芳鸣 公募基金行业迈入"35万亿"时代。 中国证券投资基金业协会（以下简称"基金业协会"）最新公布的数据显示 ，截至2025年7月 底，我国境内公募基金资产净值（即规模）合计达到35.08万亿元，为首次突破35万亿元大 关。这也是公募基金市场自2025年4月以来连续第4个月扩容。 据基金业协会统计，截至2025年7月底，我国境内公募基金管理机构共164家，其中基金管理 公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计35.08 万亿元。 对比今年6月末，整个7月，公募行业总规模增加了约6829.93亿元。这部分增量主要来自开放 式股票基金、混合基金、货币基金。 其中，1333只封闭式基金（包含申报为封闭运作和定期开放的基金）的净值合计为3.74万亿 元；11681只开放式基金的总规模为31.33万亿元。 不过，股票基金、混合基金的规模增长主要得益于基金净值的修复，而非基民大举入场。 开放式基金具体包含5类产品：3074只股票基金的净值合计为4.92万亿元，5203只混合基金的 净值共计3.83万亿元，而债券基金、货币基金、QDII基金的总规模分别为7. ...

Core Viewpoint - The public fund industry in China has reached a significant milestone, with total net assets surpassing 35 trillion yuan as of July 2025, marking a continuous expansion over the past four months [1][4]. Fund Industry Overview - As of July 2025, the total net asset value of public funds in China reached 35.08 trillion yuan, an increase of approximately 682.99 billion yuan from June [1][2]. - The growth in fund size is primarily attributed to the recovery of fund net values rather than a significant influx of new investors [2][6]. - The public fund management sector consists of 164 institutions, including 149 fund management companies and 15 asset management firms with public qualifications [2]. Fund Categories and Performance - The total net asset value of closed-end funds is 3.74 trillion yuan, while open-end funds account for 31.33 trillion yuan [2]. - Open-end funds include 3,074 stock funds with a net value of 4.92 trillion yuan, 5,203 mixed funds totaling 3.83 trillion yuan, and other categories such as bond funds, money market funds, and QDII funds [2]. - In July, stock funds, mixed funds, and money market funds saw increases of 192.59 billion yuan, 138.56 billion yuan, and 381.38 billion yuan, respectively [3]. Market Dynamics - The average net value growth rates for stock and mixed funds in July were 5.29% and 5.02%, respectively, indicating a positive correlation between public fund size and stock market performance [3][4]. - The total net asset value of listed ETFs reached 4.59 trillion yuan by the end of July, reflecting an increase of over 530 billion yuan since April [3]. - QDII funds also experienced growth, with a monthly increase of approximately 46.3 billion yuan [3]. Investor Behavior - Despite the growth in fund size, stock and mixed funds experienced net redemptions in July, indicating a prevailing sentiment among investors to take profits [6][7]. - The total shares of stock and mixed funds decreased by 11.47 billion and 37.06 billion shares, respectively, from June [6]. - Conversely, money market and QDII funds saw net subscriptions, with money market funds reaching a total of 14.62 trillion shares, an increase of about 2.67% [7]. Bond Fund Trends - Bond funds faced significant redemption pressure, with total shares decreasing by over 194.4 billion shares, a decline of approximately 3% [9]. - The outflow from bond funds is attributed to a shift in investor preference towards equities, driven by rising risk appetite and market conditions [9][10]. - Analysts suggest that the redemption pressure on bond funds is primarily a short-term impact, with overall redemption risks remaining manageable [9][10].