华西证券（002926）宏观固收团队相关研报披露的第三方债基申赎数据验证了这位基金经理的说法，7 月21日以来，公募债基净申购指数持续为负，24日已扩张至-29.2，显示公募债基遭遇去年"9·24"行情之 后的最大单日赎回。华泰证券固收研报显示，7月22日-7月24日基金已连续3个交易日净卖出债券，累计 净卖出规模超1200亿元。 从微观层面看，7月以来，债券基金因出现大额赎回并调整基金份额净值精度的公告相比之前大幅增 加。据不完全统计，7月以来因发生大额赎回而发布份额净值精度调整公告的基金多达42只。仅7月21日 以来，遭遇大额赎回的基金就有15只。而6月，仅有22只基金因发生大额赎回而发布份额净值精度调整 公告。 债券基金经理王飞（化名）又一次踏入机构客户的大门——这已是近10天内，他第3次拜访机构，只为 恳请客户暂缓或分批赎回自己管理的债券基金。 故事的背后是债券基金又一次出现"赎回风暴"。7月24日债市大幅回调引发连锁反应，公募债基创去 年"9·24"行情后最大单日赎回规模纪录，基金连续3个交易日累计净卖出债券超1200亿元。7月以来，更 有40余只债基因大额赎回而被迫调整基金份额净值精度。 股债"跷 ...

Group 1 - Bond funds are experiencing a "redemption storm," with significant outflows following a market downturn on July 24, leading to the largest single-day redemption scale since last year's "9.24" event, with over 120 billion yuan net sold in three consecutive trading days [1][2] - The redemption pressure on bond funds has been somewhat alleviated after the People's Bank of China injected liquidity, but concerns remain as the market faced another downturn on July 29 [2][3] - The "stock-bond seesaw" effect is evident, as funds are flowing from bond markets to equity markets due to stronger performance in stocks and commodities, which has diminished the attractiveness of bonds [1][3] Group 2 - As of July 28, only 5.01% is the highest return among 4,252 pure bond funds this year, with over 72% yielding less than 1%, indicating poor performance in the bond market [4] - The majority of redemptions are driven by retail investors moving their funds into equities or other products, while institutional investors are redeeming pure bond funds to invest in higher-yielding secondary bond funds [4][5] - Fund managers are actively managing redemption pressures by reducing leverage and duration of bond holdings, and communicating with institutional clients to mitigate impacts [3][5] Group 3 - Many bond funds have announced dividends to retain investors, with 924 pure bond funds declaring dividends since June, compared to 848 in the same period last year [5] - The current redemption wave is shorter and less intense than previous ones, with manageable levels of net bond sales and product drawdowns [5] - Some institutions are taking advantage of the market correction to buy into bond funds, suggesting a balanced flow of capital rather than a spiral decline [5]

Group 1 - The core issue is the significant redemption wave faced by bond funds, triggered by a sharp decline in the bond market on July 24, leading to the largest single-day redemption record since last year's "9.24" event, with over 120 billion yuan in net selling of bonds over three consecutive trading days [1][2][6] - The "stock-bond seesaw" effect is causing funds to flow from bond funds to equity markets, as the stock and commodity markets continue to rise, while bond funds are experiencing adjustments [1][3] - As of July 28, only 140 out of 4252 bond funds have yielded over 2% this year, with more than 72% yielding less than 1%, indicating a lack of attractive returns in the bond market [4] Group 2 - Fund managers are implementing various strategies to manage redemption pressures, including reducing bond leverage and duration, and communicating with institutional investors to encourage staggered redemptions [5][6] - Many bond funds are using dividend distributions as a strategy to retain investors, with 924 bond funds announcing dividends since June, compared to 848 in the same period last year [5] - Despite the redemption wave, some institutions are taking the opportunity to buy into bond funds during the market correction, suggesting a balanced flow of funds [6]

Core Insights - The report highlights the current state and trends in the banking wealth management industry, emphasizing the importance of timely and accurate assessments for the sector's transformation and development [1] Market Review - The bond market experienced slight adjustments with an overall balanced and loose funding environment, as evidenced by a DR007 weighted average of 1.65% and a 10-year government bond yield of 1.73% [2] - The A-share market continued to rise, with the Sci-Tech Innovation 50 Index, CSI 500 Index, and ChiNext Index showing weekly increases of 4.63%, 3.28%, and 2.76% respectively [2] Break-even Situation - The number of underperforming wealth management products remains low, with 24,604 public wealth management products in existence, of which 100 have a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.41% [3] - The break-even rates for equity and mixed wealth management products decreased to 39.02% and 5.11% respectively, while fixed-income public wealth management products maintained a low break-even rate of 0.09% [3] New Issuance Situation - A total of 508 wealth management products were issued by 32 companies from July 21 to July 25, marking an 11.16% increase from the previous week [4] - Zhejiang Bank Wealth Management led in product issuance with 45 new products, followed by Huaxia Wealth Management with 43 products [4] Product Characteristics - New products primarily consisted of R2 (medium-low risk) fixed-income public products, with open-ended products increasing to 48.2% of total issuances [6] - The pricing for products with maturities of over three years saw the largest decline, dropping by 0.2 percentage points to 2.15% [6] Key Focus - Zhejiang Bank Wealth Management launched 45 new fixed-income public products, focusing on strategies such as ETF rotation, all-weather, and dividend strategies [8] - The newly issued "Zhongrong Jiuyue Tianli 180-day Holding No. 2 ETF Rotation Strategy Enhanced Wealth Management Product" aims to enhance returns through various strategies while primarily investing in fixed-income assets [8] Earnings Situation - The overall performance of wealth management products remained positive due to the rise in equity markets, with fixed-income products showing an average net value growth rate of 0.049% over the past week [11] - Cash management products yielded average annualized returns of 1.389% for RMB, 3.887% for USD, and 2.9% for AUD [12] Negative Earnings Situation - The proportion of wealth management products with negative returns increased significantly, with 15.54% of RMB public wealth management products reporting negative returns over the past week [15] - The highest proportion of negative returns was observed in fixed-income products with maturities over three years, reaching 24.83% [15] Industry Hotspots - As of June 30, the total scale of the banking wealth management market exceeded 30 trillion RMB, with 1.63 million new products issued in the first half of the year, raising 36.72 trillion RMB [19] - The industry is shifting from traditional fixed-income strategies to more diversified investment approaches, including increased allocations to short-duration assets and public funds [20]

Group 1 - The People's Bank of China (PBOC) announced a 7-day reverse repurchase operation of 495.8 billion yuan at a fixed rate of 1.4%, resulting in a net injection of 325.1 billion yuan on July 28 [1][6][7] - The PBOC's actions are aimed at maintaining liquidity in the market, especially as the end of the month approaches, which typically sees seasonal tightening of funds [8][12] - The bond market has shown signs of recovery following the PBOC's increased liquidity measures, with yields on government bonds declining across various maturities [10][11] Group 2 - The recent increase in liquidity is a response to rising interest rates and tightening market conditions, particularly influenced by the recent surge in commodity prices [7][12] - Analysts expect the PBOC to continue implementing significant net liquidity injections to stabilize market expectations and prevent excessive interest rate increases [12][14] - The bond market has experienced fluctuations, with the 30-year government bond yield rising to 1.98% before the PBOC's interventions led to a decrease in yields [10][11]

Group 1: Economic Outlook - July global PMI fell short of expectations, indicating limited export growth in the second half of the year[1] - Manufacturing sector remains weak due to production restrictions, with economic growth in the first half providing a stable foundation[1] - The next round of growth stabilization measures is expected in Q4, with no need for premature tightening of monetary policy[1] Group 2: Market Dynamics - The "seesaw" effect between stock and bond markets continues, with funds being diverted from the bond market as equity markets gain momentum[1] - Major commodity exchanges issued risk warnings, leading to a broad decline in commodity futures, which may help stabilize interest rates[1] - The Shanghai Composite Index briefly surpassed 3600 points, reflecting a positive market sentiment[1] Group 3: Key Developments - The third batch of 690 billion yuan in special government bonds has been allocated to support consumption upgrades[8] - The issuance of replacement bonds has reached 90% of the annual quota, with 1.8 trillion yuan issued by the end of June[8] - The insurance industry has lowered the maximum guaranteed interest rate for new products to 2.0%[9] Group 4: International Context - The U.S. and EU reached a 15% tariff agreement, with the EU committing to invest an additional $600 billion in the U.S.[12] - The EU has paused interest rate cuts after eight consecutive reductions, citing "exceptional uncertainty" in the current environment[12] - India's trade agreement with the UK will eliminate tariffs on 99% of Indian exports to the UK[12]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (July 21 - July 25, 2025), bond yields oscillated upwards. The ChinaBond Composite Wealth Index (CBA00201) fell 0.39%, and the ChinaBond Composite Full - Price Index (CBA00203) fell 0.44%. Interest - rate bonds and credit bonds across all tenors and ratings saw yield increases, and most credit spreads widened. The bond market adjusted due to the release of negative factors, the US Treasury yield curve flattened, and the secondary market for REITs declined while trading activity picked up [3][10]. - As of July 25, the total scale of 39 bond ETF products in the market exceeded 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase from the beginning of the year, with science - innovation bond ETFs as the core growth driver [4]. Summary by Related Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Last week, bond yields oscillated upwards. Interest - rate bonds across all tenors declined, with medium - and long - term yields rising significantly more than short - term ones. Credit bond yields across all tenors and ratings increased, and most credit spreads widened. The 1 - year, 3 - year, 5 - year, and 10 - year Treasury yields rose 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [3][10]. - **Bond Market Adjustment**: The bond market adjusted due to the release of negative factors. The central bank's net open - market injection was 10.95 billion yuan last week. The money market was tight at first and then loose, with DR007 and R007 rising 14.56bp and 18.65bp respectively. The bond market adjusted significantly due to factors such as improved fundamental expectations, a higher issuance rate of 30 - year special Treasury bonds, and the stock - bond seesaw effect. In the short term, the broad - money direction is unlikely to change, and the money market may be a disturbing factor. The central bank's support means limited liquidity risk, but the stock market may continue to affect the bond market [10][11]. - **US Treasury Yield Curve**: The US Treasury yield curve flattened. At the beginning of the week, yields declined due to risk - aversion, then rebounded as tensions eased. On Thursday, lower - than - expected initial jobless claims data pushed up short - term yields. In the future, the FOMC meeting may keep interest rates unchanged, and strong economic data may further dampen rate - cut expectations. Short - term yields can be traded on the dips, while caution is advised for long - term bonds [12]. - **REITs Market**: The secondary market for REITs declined, but trading activity picked up. The CSI REITs Total Return Index fell 1.56% last week. After the decline in July, the valuations of REITs projects adjusted, and the cash distribution rate increased. Individual bonds in sectors such as consumption and affordable housing have increased cost - effectiveness [13]. 1.2. Public Fund Market Dynamics - As of July 25, the total scale of 39 bond ETF products in the market reached 510.505 billion yuan, a nearly 200% increase from the beginning of the year. Science - innovation bond ETFs were the core growth driver, with the first batch of 10 products reaching over 100 billion yuan in scale in the first week after listing. The bond ETF market has diverse product types, and there is still room for development in terms of supply, product innovation, and investor structure [4][14][15]. 2. Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | This Week | Last Month | YTD | Since Strategy Inception | | --- | --- | --- | --- | --- | | Short - Term Bond Fund Selection | - 0.08% | 0.07% | 0.59% | 4.00% | | Medium - and Long - Term Bond Fund Selection | - 0.30% | - 0.13% | 0.68% | 6.32% | | Low - Volatility Fixed - Income + Fund Selection | - 0.11% | 0.40% | 1.62% | 2.90% | | Medium - Volatility Fixed - Income + Fund Selection | 0.14% | 1.02% | 2.33% | 2.85% | | High - Volatility Fixed - Income + Fund Selection | 0.42% | 1.34% | 4.68% | 4.42% | | Convertible Bond Fund Selection | 2.24% | 4.77% | 11.60% | 15.09% | | QDII Bond Fund Selection | 0.33% | 0.42% | 3.17% | 8.16% | | REITs Fund Selection | - 1.61% | - 3.99% | 26.83% | 35.47% | 2.1. Pure Bond Index Tracking - **Short - Term Bond Fund Selection Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, and uses 50% Short - Term Pure Bond Fund Index + 50% General Money - Market Fund Index as the benchmark [17]. - **Medium - and Long - Term Bond Fund Selection Index**: Aims at stable returns by investing in medium - and long - term pure bond funds, selects 5 funds, adjusts duration and the ratio of credit and interest - rate bond funds according to market conditions [19]. 2.2. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Selection Index**: Has an equity central position of 10%, selects 10 funds with an equity central position of less than 15% in the past three years and recently, and uses 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index as the benchmark [24]. - **Medium - Volatility Fixed - Income + Selection Index**: Has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently [24]. - **High - Volatility Fixed - Income + Selection Index**: Has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, and focuses on funds with strong stock - picking ability in the equity segment [27]. 2.3. Convertible Bond Fund Selection Index - Selects bond - type funds with an average convertible - bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters as the sample space, and selects 5 funds based on an evaluation system [29][33]. 2.4. QDII Bond Fund Selection Index Tracking - Selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [35]. 2.5. REITs Fund Selection Index Tracking - Selects 10 REITs funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset type [37].

Market Review - The bond market experienced fluctuations with rising yields during the week of July 21-25, 2025. The China Bond Composite Wealth Index (CBA00201) fell by 0.39%, while the China Bond Composite Full Price Index (CBA00203) decreased by 0.44%. Yields on government bonds across various maturities rose, with the 1-year, 3-year, 5-year, and 10-year government bond yields increasing by 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [12][13] - The central bank's net injection in the open market was 109.5 billion yuan, with a total of 21.563 trillion yuan injected and 20.468 trillion yuan withdrawn. The overall liquidity was balanced, with DR007 and R007 rising by 14.56bp and 18.65bp to 1.65% and 1.59% respectively [13] - The U.S. Treasury market showed limited volatility, with a flattening yield curve. Initial jobless claims data unexpectedly declined, reinforcing a strong labor market view and reducing recent rate cut expectations [14] Public Fund Market Dynamics - As of July 25, 2025, the total scale of bond ETF products in the market surpassed 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase since the beginning of the year. The Sci-Tech Innovation Bond ETF has become a core growth driver, with the first batch of 10 products launched after the Lujiazui Forum in June, achieving over 100 billion yuan in the first week [16][17] - The bond ETF market features a diverse range of products, with significant growth in various categories. For instance, the Pengyang 30-Year Treasury ETF exceeded 20 billion yuan, and the Bosera CSI Convertible Bond ETF surpassed 40 billion yuan [17] - The bond ETF market's growth indicates a deep integration of finance and technology, with ongoing product innovation and an optimized investor structure expected to inject sustained momentum into the high-quality development of China's capital market [17] Performance Tracking of Fixed Income Funds - Short-term bond fund index fell by 0.08% last week, with a cumulative return of 4.00% since inception [19] - Medium to long-term bond fund index decreased by 0.30%, with a cumulative return of 6.32% since inception [19] - Convertible bond fund index rose by 2.24%, achieving a cumulative return of 15.09% since inception [19]

近期债市调整、股市一度突破3600点，"股债跷跷板"效应再现。随着投资难度加大，通过多元化资产配 置分散风险的多元配置策略越来越受欢迎。理财通评评"理"第44期继续测评银行热销产品，本期测评民 生银行APP"每周热销理财"中排第一的产品：贵竹固收增强多策略日开1号。该产品为一款多策略产 品，通过多元化配置分散风险以及增加多元化收入来源。 上周债市出现持续调整，而股市气势如虹一度突破3600点，"股债翘翘板效应"再现，部分资金从债市悄 悄"搬家，债券型基金赎回压力明显增大。据浙商银行FICC公众号发布的相关报告，经脱敏处理的机构 净申赎数据显示，上周三纯债型基金单日赎回规模已逼近5月末"商业银行季末浮盈兑现"传闻的单日水 平。从收益率曲线形态观察，近一个月在资金分流、风险偏好提升等多重因素压制下，收益率底部呈现 渐进式抬升形态，叠加微观结构尚未修复，债市或延续震荡筑底格局。 债市调整意味着固收类产品净值面临回撤压力，那么同时配置了权益类资产的"固收+"产品，权益投资 部分是否能起到对冲效果，缓冲债市带来的净值下跌压力呢？ 从本期测评的"贵竹固收增强多策略日开1号"的净值走势来看，该产品对股市波动较为敏感，4月7 ...

Group 1 - The core viewpoint of the articles highlights a significant "seesaw effect" in the market, where the A-share market is recovering while the bond market is experiencing adjustments, leading to increased redemptions in bond funds [1] - As of July 25, over 400 bond funds have reported losses this year, with more than half of bond funds showing negative performance since July, particularly those heavily invested in long-term interest rate bonds [1][2] - The yield on major interbank bonds has generally declined, with the 30-year government bond yield dropping by 2 basis points to 1.9275% and the 10-year policy bank bond yield down by 1.75 basis points to 1.81% [1] Group 2 - The bond market is expected to experience fluctuations over the next year, with opportunities arising from adjustments; during July 21-25, bond funds rapidly reduced duration, resulting in a net sell of 236.1 billion yuan in long-term bonds [2] - As of July 25, the company bond ETF (511030) has seen a slight increase of 0.01%, with a one-year cumulative increase of 1.76% [2] - The company bond ETF has a current scale of 22.262 billion yuan, with recent inflows and outflows remaining balanced, and a total of 1.08 million yuan raised over the last ten trading days [3] Group 3 - The company bond ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [4] - The tracking error of the company bond ETF for the year is 0.013%, closely following the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [5] - The company bond ETF has achieved a maximum drawdown of 0.50% this year, with a recovery time of 23 days after the drawdown [3]