Core Insights - The mid-year reports from Guoyuan Securities reveal significant declines in profits for fixed-income funds, particularly bond funds, despite reduced operating expenses [1][2][3] - The overall market sentiment has shifted towards equities, leading to substantial redemptions from bond funds as investors seek better returns [3][5] Fund Performance - Guoyuan Yuan Ying Six-Month Open Bond Fund reported a profit of 4.09 million yuan in the first half of the year, down from 40.07 million yuan in the same period last year, despite a decrease in total operating expenses from 4.45 million yuan to 3.89 million yuan [2] - The fund's fair value changes were negative at -19.11 million yuan, contrasting with a positive change of 20.44 million yuan in the previous year [2] - Guoyuan Yuan Ying 30-Day Holding Bond Fund also experienced a profit drop from 8.95 million yuan to 2.65 million yuan, despite lower operating expenses [2] Investor Behavior - A high proportion of individual investors are redeeming their shares in fixed-income funds, with Guoyuan Yuan Ying Six-Month Open Bond Fund having 96.30% of its holdings from individual investors, who redeemed 34 million shares against 54.95 million shares purchased [4] - Guoyuan Yuan Ying 30-Day Holding Bond Fund also saw significant redemptions, with individual investors holding 82.72% of A shares and 98.25% of C shares, leading to substantial outflows [4] - The Guoyuan Yuan Zeng Li Money Market Fund reported a 97.36% individual investor holding, with total redemptions exceeding total subscriptions [4] Market Outlook - The bond market is expected to remain in a state of fluctuation, with fund managers suggesting that investors should seize opportunities arising from market events [3][6] - The performance of the stock market is becoming a key factor in determining bond market pricing, with potential stabilization dependent on improvements in liquidity [6]

Report Summary 1. Report Industry Investment Rating The provided report does not mention the industry investment rating. 2. Core Viewpoints - **Hua'an Securities' View**: Amid the market style shift, there are still short - term long - trading opportunities in the bond market. Although the bond market has faced a style shift due to the strong performance of the stock and commodity markets, investors can still find long - trading opportunities such as taking advantage of the steeper curve and wider spreads, paying attention to the increased willingness of allocation investors to buy bonds when funds are loose, considering the possible short - covering of certain 30 - year Treasury bonds, and seizing the entry opportunity after the bond market correction. [2] - **Seller's View**: Only 30% of fixed - income sellers are bullish on the bond market, over 60% hold a neutral attitude, and the sentiment remains the same as last week. [3] - **Buyer's View**: The overall view of fixed - income buyers is neutral, and the sentiment index has declined. Over 80% of buyers hold a neutral view. [3] 3. Summary by Directory 3.1 Seller and Buyer Market - **Seller Market Sentiment Index and Interest - rate Bonds**: The weighted sentiment index this week is 0.21, up from last week, and the unweighted index is 0.26, unchanged from last week. 32% of institutions are bullish, 61% are neutral, and 6% are bearish. [11] - **Buyer Market Sentiment Index and Interest - rate Bonds**: The weighted sentiment index this week is 0.05, down 0.07 from last week, and the unweighted index is 0.06, down 0.097 from last week. 13% of institutions are bullish, 81% are neutral, and 6% are bearish. [12] - **Credit Bonds**: The market focuses on the "stock - bond seesaw" and "stable wealth - management scale". Due to the continuous rise of the equity market suppressing the bond market, it is recommended to shorten the duration. The wealth - management scale is stable, and the short - term liability pressure is controllable. [16] - **Convertible Bonds**: Institutions generally hold a neutral - to - bullish view this week. 77% of institutions are bullish, and 23% are neutral. [19] 3.2 Treasury Bond Futures Tracking - **Futures Trading**: As of August 15, the prices of TS/TF/T/TL Treasury bond futures contracts decreased compared to last Friday, the trading volume increased, the open interest decreased, and the trading - to - open - interest ratio increased. [24][25] - **Cash Bond Trading**: On August 15, the turnover rates of 30Y Treasury bonds, interest - rate bonds, and 10Y China Development Bank bonds all increased compared to last week. [32] - **Basis Trading**: Except for the TS contract, the basis of other main contracts narrowed. The net basis of TS/T/TL main contracts widened, and the IRR of main contracts generally increased. [44][45][47] - **Inter - period and Inter - variety Spreads**: The inter - period spreads of main contracts generally widened, and the inter - variety spreads showed mixed trends. [58][59]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Despite the weak domestic fundamentals in July, the stock and bond markets deviated from the fundamentals. The stock market reflected the expectations of the fundamentals, while the bond market anticipated the reality. The central bank maintained a supportive attitude towards liquidity through continuous over - subscription of repurchase agreements, which made it difficult for bond yields to rise. It is recommended to allocate 10 - year treasury bonds when the yield reaches 1.75% [21]. - Overseas, the long - end of US Treasury bonds remained in a wide - range oscillation of 4.0 - 4.5%. The Fed may cut interest rates by 25 - 50bp in the remaining time of 2025, which could support the high valuation of US stocks and reshape the valuation of global risk assets. It is advisable to be bullish on the short - end of US Treasury bonds and gold [22][24]. 3. Summary According to the Directory 3.1 One - Week Views 3.1.1 Why the Bond Market Showed "Desensitization" - From August 11 - 15, 2025, the yield of the 10 - year treasury bond active bond rose 5.4bp from 1.691% to 1.745%. The bond market showed "desensitization" to the worse - than - expected July data such as financial data [16][17]. 3.1.2 Future Trend of US Treasury Bond Yields - Last week, the long - end of US Treasury bonds oscillated between 4.0 - 4.5%, and the term spread narrowed marginally. The US economic data in July and August showed mixed signals. The CPI data increased the expectation of interest rate cuts, while the PPI inflation accelerated. The consumer confidence index declined, and the unemployment benefit data was better than expected. The US Treasury Secretary predicted a possible 50bp interest rate cut in September, and the market's expectation of a 25bp interest rate cut in September reached 92.1% [22][25][35]. 3.2 Domestic and Overseas Data Aggregation 3.2.1 Liquidity Tracking - In the open - market operations from August 11 - 15, 2025, the total net investment was - 4149 billion yuan. The money - market interest rates generally increased slightly this week compared with last week [39][42]. 3.2.2 Domestic and Overseas Macroeconomic Data Tracking - The total commercial housing transaction area declined comprehensively. Steel prices showed mixed trends, and LME non - ferrous metal futures official prices also had mixed movements [57][59][61]. 3.3 One - Week Review of Local Government Bonds 3.3.1 Primary Market Issuance Overview - This week, 26 local government bonds were issued in the primary market, with a total issuance amount of 914.32 billion yuan, a repayment amount of 1051.68 billion yuan, and a net financing amount of - 137.36 billion yuan. Six provinces and cities issued local government bonds, with Sichuan, Qingdao, and Liaoning ranking in the top three in terms of issuance volume [68][71]. 3.3.2 Secondary Market Overview - This week, the outstanding amount of local government bonds was 52.63 trillion yuan, the trading volume was 3411.79 billion yuan, and the turnover rate was 0.65%. The yields of local government bonds across all maturities increased [87][94]. 3.3.3 This Month's Local Government Bond Issuance Plan No specific content provided other than the source. 3.4 One - Week Review of the Credit Bond Market 3.4.1 Primary Market Issuance Overview - This week, 350 credit bonds were issued in the primary market, with a total issuance amount of 2598.96 billion yuan, a total repayment amount of 2764.12 billion yuan, and a net financing amount of - 165.16 billion yuan, a decrease compared with last week [96]. 3.4.2 Issuance Interest Rates - The issuance interest rate of short - term financing bonds was 1.7348%, down 45.24bp; that of medium - term notes was 2.1890%, up 3.98bp; and that of corporate bonds was 2.0730%, down 3.47bp [109]. 3.4.3 Secondary Market Transaction Overview - This week, the total trading volume of credit bonds was 5369.15 billion yuan [111]. 3.4.4 Maturity Yields - The maturity yields of national development bonds, short - term financing bonds, medium - term notes, corporate bonds, and urban investment bonds all increased across the board this week [110][112][114]. 3.4.5 Credit Spreads - The credit spreads of short - term financing bonds and medium - term notes generally narrowed, those of corporate bonds narrowed across the board, and those of urban investment bonds showed a differentiated trend [120][125][126]. 3.4.6 Grade Spreads - The grade spreads of short - term financing bonds and medium - term notes generally narrowed, those of corporate bonds generally narrowed, and those of urban investment bonds generally widened [129][131][134]. 3.4.7 Trading Activity - This week, the top five most actively traded bonds in each bond type were listed, and the industrial sector had the largest weekly trading volume of bonds [137]. 3.4.8 Issuer Rating Changes - Only the issuer Shenzhen Investment Holdings Co., Ltd. had its rating upgraded, and there were no bonds with downgraded ratings or outlooks this week [139].

Core Viewpoint - The recent performance of the stock market has been strong, surpassing 3700 points, while the bond market has shown increased volatility, indicating a clear stock-bond seesaw effect. Investors are shifting their focus towards the stock market, benefiting certain "fixed income + equity" products, which have shown impressive returns due to the stock market's rise [2][7]. Group 1: Product Performance - The "Yangguang Jin Zengli Le Xiang Ri Kai 1 Hao" product has recently achieved an annualized return of 6.39% over the past month, benefiting from the stock market's upward trend [7]. - The product's equity investment ratio was reported at 4.65% as of June 30, indicating a low exposure to equities, which helps in controlling risk [7][25]. - In the first half of the year, this product outperformed many of its peers, with an average net value growth rate of 1.43%, translating to an annualized return of 2.86% [9][23]. Group 2: Risk and Return Metrics - The product received a score of 73 for performance and 90 for risk control, ranking 29th out of 968 similar products, indicating strong risk management and performance metrics [9][11]. - The product's maximum drawdown since inception was only 0.25%, showcasing its risk control capabilities [17]. - The product's Sharpe ratio stands at 6.40, reflecting a favorable risk-return profile [17]. Group 3: Investment Strategy - The product primarily invests in fixed income assets (80%-100%), with a maximum equity investment of 20%, and a focus on low-volatility preferred stocks and dividend strategies [13][25]. - The use of derivatives, such as government bond futures, is employed for risk hedging, indicating a proactive approach to managing market risks [21][22]. - The product is designed for investors with a moderate risk tolerance seeking slightly higher returns, with a minimum holding period of 30 days [25].

曾经备受债市追捧的30年期国债期货，随着近期权益市场持续强势走高，热度呈现出持续下降趋势。 8月18日，30年期国债期货主力合约大跌超1%，创今年4月初以来新低。10年期国债期货、5年期国债期货、2年期 国债期货等均出现不同程度下跌。 对于当前的债市，业内认为，"反内卷"主线下的股市强势表现压制债市情绪，叠加机构赎回等行为，构成债市短 期风险点。不过，债市仍存在支撑因素，趋势性逆转的概率还不高。 30年期国债期货跌超1% 近期，股债"跷跷板"效应愈发明显。在基本面和资金面并无明显变化的情况下，债市近期出现接连调整走势，市 场关注焦点转向权益市场与商品市场。 8月18日，30年期、10年期、5年期、2年期国债期货均出现下跌。其中30年期国债期货的跌幅超过1%。截至收 盘，30年期国债期货主力合约跌1.33%，10年期国债期货主力合约跌0.29%，5年期国债期货主力合约跌0.21%，2年 期国债期货主力合约跌0.04%。 银行间主要利率债收益率快速上行。截至发稿，30年期国债活跃券的到期收益率上行4.35个基点，报2.0375%，重 返2%关口；10年期国债活跃券的到期收益率上行3个基点，报1.775%；5年期国 ...

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The convertible bond index led the market, while the sci - tech innovation bond index and the benchmark market - making credit bond index declined this period, with negative stage returns. Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [1]. - The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale [1]. - The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, and the coupon rates of bond index sample bonds were relatively low, with concentrated issuance terms [1]. - In the secondary market, convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp [1]. - In the past two weeks, the cancellation of bond issuance amounted to 1.745 billion yuan, and the Ministry of Finance and the State Taxation Administration issued an announcement on the VAT policy for the interest income of bonds such as treasury bonds [1]. - It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [1]. 3. Summaries According to Related Catalogs Market Conditions - **Bond Index Market Conditions**: The convertible bond index led the market. The Shanghai Investment - Grade Convertible Bond and Exchangeable Bond Index and the China Securities Convertible Bond and Exchangeable Bond Index had significant gains in the past two weeks, outperforming most pure - bond indexes. Affected by the bond market fluctuations and the stock - bond seesaw effect, the sci - tech innovation bond index and the benchmark market - making credit bond index declined. The China Securities Financial Bond Index and the Shanghai 10 - year Local Government Bond Index had the largest declines, while the Shanghai Urban Investment Bond Index, the China Securities Short - Term Financing Index, and the 0 - 4 - year Local Government Bond Index had positive stage returns due to their short durations [6]. - **Bond ETF Market Conditions**: Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [8]. - **Bond ETF Unit Net Value**: The unit net value performance of bond ETFs was differentiated. Convertible bond - related ETFs showed an upward - fluctuating trend in 2025, breaking through 13 yuan in the past two weeks. Sci - tech innovation bond - related ETFs had a downward - fluctuating net value after listing, with all net values falling below 100 yuan as of August 15, 2025. The short - term financing ETFs had a stable and rising unit net value, exceeding 112.2 yuan as of August 15, 2025 [12]. - **Bond ETF Fund Flows**: Convertible bond - related ETFs/short - term financing ETFs had continuous net inflows of funds, and local government bond - related ETFs were actively traded. The scale of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) increased by a total of 7.759 billion yuan in the past two weeks. The short - term financing ETF (511360.SH) had a subscription scale of 5.802 billion yuan in the past two weeks [25]. Credit Bond ETF Overview The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale. The annualized yields of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) were 26.57% and 19.25% respectively. Among pure - bond ETFs, Credit Bond ETF Dacheng (159395.SZ) had the highest annualized yield of 2.25%. Nine sci - tech innovation bond - related ETF products had negative annualized yields after listing in July [30]. Primary Market - **Primary Issuance of Important Bond Index Sample Bonds**: The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, convertible bond - related indexes had the smallest issuance scale, and the coupon rates of bond index sample bonds were relatively low. The issuance terms of bond index sample bonds were concentrated, with the weighted issuance term of China Securities Short - Term Financing sample bonds being 0.61 years and that of the Shanghai 10 - year Local Government Bond Index sample bonds being 9.18 years [33]. - **Primary Issuance of Important Bond Index Sample Bonds Since This Year**: The issuance of sci - tech innovation bond - related indexes and the Shanghai 10 - year Local Government Bond Index sample bonds accelerated in June and July. In early August, the issuance rates of most sample bonds increased, and the issuance terms of sci - tech innovation bond - related index sample bonds shortened [35]. Secondary Market - **Trading of Important Bond Index Component Bonds**: Convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The trading volumes of the 0 - 4 - year Local Government Bond, Shanghai 5 - year Local Government Bond, and 5 - year Local Government Bond were less than 200 million yuan, with poor liquidity [40]. - **Spreads of Important Credit Bond Indexes**: The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp. The yields of the Shanghai AAA Sci - tech Innovation Bond Index, Shenzhen AAA Sci - tech Innovation Bond Index, AAA Sci - tech Innovation Bond Index, Shanghai Urban Investment Bond Index, China Securities Short - Term Financing Index, and Shanghai Market - Making Corporate Bond Index all increased in the past two weeks [43]. Credit Events and Market News - **Deferred/Cancelled Bond Issuance**: The cancelled issuance amount in the past two weeks was 1.745 billion yuan. Due to large market interest - rate fluctuations in the past two weeks, 15 bonds were cancelled for issuance, with a planned issuance amount of 1.745 billion yuan [48]. - **Market News**: Since August 8, 2025, the VAT on the interest income of newly issued treasury bonds, local government bonds, and financial bonds (including those issued after August 8, 2025) has been restored. The interest income of treasury bonds, local government bonds, and financial bonds issued before this date (including the part issued after August 8, 2025) will continue to be exempt from VAT until the bonds mature [50]. Investment Recommendations The sentiment in the bond market was weak. Although the CPI increased by 0.4% month - on - month, the fundamentals still favored the bond market. The central bank's open - market operations maintained a net withdrawal in the past two weeks, the capital market was slightly tight, and bond valuation yields increased. It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [51].

曾经备受债市追捧的30年期国债期货，随着近期权益市场持续强势走高，热度呈现出持续下降趋势。 8月18日，30年期国债期货主力合约大跌超1%，创今年4月初以来新低。10年期国债期货、5年期国债期货、2年期 国债期货等均出现不同程度下跌。 对于当前的债市，业内认为，"反内卷"主线下的股市强势表现压制债市情绪，叠加机构赎回等行为，构成债市短 期风险点。不过，债市仍存在支撑因素，趋势性逆转的概率还不高。 30年期国债期货跌超1% 近期，股债"跷跷板"效应愈发明显。在基本面和资金面并无明显变化的情况下，债市近期出现接连调整走势，市 场关注焦点转向权益市场与商品市场。 8月18日，30年期、10年期、5年期、2年期国债期货均出现下跌。其中30年期国债期货的跌幅超过1%。截至收 盘，30年期国债期货主力合约跌1.33%，10年期国债期货主力合约跌0.29%，5年期国债期货主力合约跌0.21%，2年 期国债期货主力合约跌0.04%。 银行间主要利率债收益率快速上行。截至发稿，30年期国债活跃券的到期收益率上行4.35个基点，报2.0375%，重 返2%关口；10年期国债活跃券的到期收益率上行3个基点，报1.775%；5年期国 ...

Core Viewpoint - The 30-year government bond futures, once favored in the bond market, are experiencing a decline in popularity as the equity market continues to perform strongly, leading to a bearish sentiment in the bond market [1][2]. Group 1: Market Performance - On August 18, the 30-year government bond futures fell over 1%, marking a new low since early April this year. Other maturities, including 10-year, 5-year, and 2-year government bond futures, also saw varying degrees of decline [2][4]. - The 30-year government bond futures closed down 1.33%, while the 10-year, 5-year, and 2-year futures fell by 0.29%, 0.21%, and 0.04%, respectively [4]. - The yields on major interbank government bonds have risen sharply, with the 30-year bond yield increasing by 4.35 basis points to 2.0375%, and the 10-year bond yield rising by 3 basis points to 1.775% [4]. Group 2: Market Sentiment and Dynamics - The bond market is currently under pressure due to the strong performance of the equity market, which is suppressing bond market sentiment. Additionally, institutional redemptions are contributing to short-term risks in the bond market [2][4]. - The prevailing sentiment in the bond market is one of weakness, as it has shown a muted response to positive economic data while being more sensitive to negative influences from the equity and commodity markets [5][6]. Group 3: Future Outlook - According to research from Everbright Securities, the banking system currently has ample liquidity, and despite upcoming tax periods and month-end factors, the average DR007 is expected to be the lowest of the year in late August, alleviating concerns over significant increases in bond yields [6]. - The bond market may either decouple from the equity market or continue to react to its movements. The likelihood of bond yields declining in the short term is greater than the chance of them rising [6]. Group 4: Redemption Risks - The ongoing adjustments in the bond market could trigger a wave of redemptions from bond funds, further increasing volatility. The research team at Huachuang Fixed Income suggests that while there may be minor redemption pressures, the overall risk remains manageable as long as yields stay below 1.9% [8]. - The Ministry of Finance has announced measures to support the liquidity of government bonds in the secondary market, which could help stabilize the market amid these adjustments [8][9].

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the economic performance and outlook for the Chinese economy, focusing on consumption, investment, and market sentiment in 2025 [1][3][4]. Core Insights and Arguments - **July Economic Performance**: In July, consumption growth slowed to 3.7% year-on-year, below expectations, indicating a significant deceleration in recovery momentum from the first half of the year. The "old-for-new" policy's effects are becoming apparent, with low restaurant consumption growth attributed to high temperatures [1][3]. - **Investment Trends**: Fixed asset investment fell by 5.2% year-on-year in July, with real estate investment down 17%, infrastructure down 5%, and manufacturing down 0.2%. The slowdown is linked to price fluctuations, weather conditions, and external factors, with expectations for infrastructure investment to rebound in the second half of the year [1][3][4]. - **Economic Uncertainty**: The third quarter faces uncertainties, and if downward pressure persists, monetary and real estate policies may be intensified to stabilize the economy and market expectations [4]. - **Market Optimism**: Despite challenges, the market remains optimistic due to improved economic data, enhanced profit expectations from anti-involution policies, and increased risk appetite leading to significant inflows of margin trading funds [5][6]. - **Trading Activity**: Current trading activity in margin financing, retail, and quantitative trading is at historical highs, suggesting potential for further upward movement in the market [5][6]. - **Long-term Investment Appeal**: The stock market is expected to attract continued inflows due to the profit-making effect and the relative yield advantage of equity markets over other assets [7]. - **Corporate Profit Expectations**: Corporate profits are likely to improve in 2025, supported by stable economic growth and policy backing, with a gradual upward trend anticipated over the next quarter [8]. - **Industry Focus**: Short-term attention should be on industries like building materials and media, while mid-term focus should include consumer sectors and technology sectors such as AI, semiconductors, and military industries [2][9]. Additional Important Insights - **Market Dynamics**: The strong inverse relationship between stock and bond markets has been noted, with a correlation coefficient of 0.92 between the CSI 300 index and 10-year government bond yields since July 1, indicating a shift in investor preference towards risk assets [10]. - **Market Style Characteristics**: Recent market characteristics show positive returns from beta and size factors, with notable performance in total asset gross margin and quarterly ROE among large-cap stocks [11]. - **Market Performance**: The overall market has shown a strong upward trend, with indices reaching new highs since September 2024, particularly in the ChiNext index [12][13]. - **Sector Performance**: The brokerage sector has led the market as a bullish indicator, with new energy sectors also contributing to index gains [14]. - **Market Sentiment and Fund Flows**: Market sentiment has improved with increased trading volumes, although there is a divergence in fund flows, with stock ETFs experiencing net outflows despite rising risk appetite [15]. - **Future Market Expectations**: The market is expected to continue its upward trend, with a focus on previously hot sectors like brokerages and potential opportunities in undervalued sectors during periods of increased risk appetite [16].

Core Viewpoint - The scale of interbank certificate of deposit (CD) funds has significantly declined, with a drop of over 60% from their peak fundraising size, leading to a substantial number of funds nearing liquidation [1][2][6]. Fund Scale Decline - As of August 15, the total scale of 101 interbank CD funds is less than 130 billion yuan, down from over 350 billion yuan [1][5]. - More than 25% of these funds are classified as "mini funds," with assets below 50 million yuan, indicating a trend towards potential liquidation [1][5]. - A specific fund established in December 2022 saw its scale shrink from approximately 3.7 billion yuan to just 51 million yuan by mid-2025, exemplifying the drastic reductions in fund sizes [3][4]. Reasons for Decline - The decline in fund scale is attributed to two main factors: lack of investment performance advantages and changes in market conditions, including a rise in bond markets and recovery in equity assets [2][9]. - The average yield of interbank CD funds over the past year is only 1.41%, with only two funds exceeding 2%, which is less competitive compared to other investment options [9]. Fund Performance - Since their introduction in late 2021, interbank CD funds were initially popular, with several funds raising over 10 billion yuan. However, most have experienced significant shrinkage, with some funds losing over 90% of their initial size [6][9]. - As of now, 88.12% of these funds have seen a reduction in scale, with 63.37% experiencing declines of over 80% [6]. Market Environment Impact - The changing market environment has led to a shift in investor focus, with a preference for bond and equity investments over interbank CD funds, which were once considered a viable alternative for wealth management [9][10]. - The "stock-bond seesaw" effect has become prominent, with bond markets attracting more attention as equity assets recover from lows [9]. Fund Management Responses - Some fund companies are taking measures to maintain operations despite scale declines, such as proposing continuous operation plans to regulatory bodies [4].