中国基金业协会近日就《公开募集证券投资基金投资者适当性管理细则》公开征求意见，拟从四大维度 强化基金销售规范。文件明确直播销售须全程风险提示，并为65岁以上投资者购买高风险产品设置冷静 期机制。 征求意见稿包含18项条款，要求基金销售机构根据投资者风险承受能力匹配产品，建立股票仓位、净值 波动率、最大回撤等量化指标评定基金风险等级。新规拟限制投资者风险测评次数，单日同一机构评估 不得超过两次，年度累计不超过八次，评估结果有效期最长12个月。 意见反馈截止时间为2025年11月26日，业内普遍认为这将推动投资者保护与产品销售的良性互动，缓解 市场波动带来的售后压力。 针对直播销售新业态，文件要求将适当性管理嵌入线上流程，直播中需完整说明风险收益特征，确保投 资者完成风险测评，所有销售环节实现可回溯管理。对于老年投资者群体，销售R4及以上风险产品需 追加风险提示、延长考虑时间并提高回访频率。 ...

Core Viewpoint - The bond market is expected to exhibit a "bull flattening" trend in the fourth quarter, characterized by declining yields and a flattening yield curve, with a focus on certain returns and structural opportunities [1][5]. Group 1: Market Conditions - In the third quarter, the bond market experienced a range-bound adjustment, with the 30-year government bond yield rising approximately 10 basis points in September, leading to a bear steepening of the yield curve [3]. - The overall risk appetite in the market has suppressed bond market performance, as risk assets like equities performed well, exerting pressure on bonds [3]. - The market anticipates potential changes in policy, with expectations of reserve requirement ratio cuts and interest rate reductions to support economic growth, which has shaken investor confidence in long-term bonds [3][5]. Group 2: Investment Strategies - Fund managers suggest focusing on coupon income while being cautious with duration, and closely monitoring policy changes and structural opportunities in the bond market [8]. - The probability of reserve requirement ratio cuts and interest rate reductions remains, with an emphasis on macroeconomic policy and its timing and magnitude [9]. - Investment strategies should consider extending duration moderately, exploring coupon income, and being flexible in trading while keeping an eye on policy and funding changes [9][10]. Group 3: Future Outlook - The bond market is expected to improve in the fourth quarter compared to the third quarter, although uncertainties remain [5]. - The ten-year government bond yield is projected to fluctuate between 1.65% and 1.85%, with a tendency for long-term rates to decline while short-term rates may be influenced by funding fluctuations and policy rate guidance [5]. - The bond market's short-term outlook is likely to remain range-bound, with potential for adjustments based on macroeconomic indicators and policy developments [6].