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中长期纯债基金季报分析
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中长期纯债基金季报分析:业绩回暖,规模大幅增加
Guoxin Securities· 2025-07-24 04:59
Report Industry Investment Rating No information provided in the report. Core Viewpoints - As of the end of Q2 2025, there were 2,405 medium - and long - term pure bond funds, accounting for 18.5% of the entire fund market. The issuance heat in Q2 recovered quarter - on - quarter. - The total assets and net assets of medium - and long - term pure bond funds with semi - annual reports disclosed at the end of Q2 2025 increased compared to the end of the previous quarter, and the average scale also recovered. - The average leverage ratio of medium - and long - term pure bond funds increased compared to the end of the previous quarter. - In Q2 2025, the single - quarter average net value growth rate of medium - and long - term pure bonds was 0.98%, and the growth rate recovered compared to the previous quarter. - In asset allocation, bonds accounted for the highest proportion in the allocation of major asset classes, and the proportion of financial bonds and corporate - issued bonds increased in the allocation of specific bond types. - The two medium - and long - term pure bond funds with the highest returns adopted short - duration and ultra - long - duration strategies respectively, both overweighted treasury bonds and policy - financial bonds, and obtained net value returns of 3.4% and 4.6% respectively in the "bullish steepening" trend in Q2 [55]. Summary by Directory 2025 Q2 Medium - and Long - Term Pure Bond Fund Basic Situation - **Issuance Quantity and Scale**: By the end of Q2 2025, there were 2,405 medium - and long - term pure bond funds, accounting for 18.5% of the entire fund market. In Q2, 105 medium - and long - term pure bond funds were issued, with an issuance share of 57 billion, an increase compared to the previous quarter but a decline compared to the same period last year [9]. - **Fund Scale**: As of the end of Q2 2025, the total assets and net assets of medium - and long - term pure bond funds with semi - annual reports disclosed were 80,150 billion yuan and 65,234 billion yuan respectively, an increase of 4,099 billion yuan and 2,890 billion yuan compared to the end of the previous quarter. The average total assets and net assets were 39 billion yuan and 31 billion yuan respectively, a recovery of 1.5 billion yuan and 1.0 billion yuan compared to the end of the previous quarter. Among the 2,078 old medium - and long - term pure bond funds that had announced their performance, 1,392 achieved positive growth in net asset scale in Q2, and the largest increase in net asset scale was Dongfang Zhenbao Pure Bond, with an increase of 12.9 billion yuan [10]. - **Average Leverage Ratio**: At the end of Q2 2025, the average leverage ratio of medium - and long - term pure bond funds under the overall - method caliber was 1.23, an increase of 0.01 compared to the end of the previous quarter. Under the average - method caliber, the average leverage ratio was 1.20, an increase of 0.02 compared to the end of the previous quarter [14]. - **Net Value Growth Rate**: In Q2 2025, the bond market yield declined from a high and then turned to volatility. The 10 - year treasury bond yield fluctuated between 1.62% - 1.81% and closed at 1.65% at the end of Q2. The economic growth in Q2 continued to be stable, with the real GDP in Q2 2025 growing by 5.2% year - on - year. The single - quarter average net value growth rate of medium - and long - term pure bonds in Q2 2025 was 0.98%, and the growth rate recovered compared to the previous quarter. Among the 2,084 funds that disclosed their performance, 2,083 had a positive net value growth rate, accounting for 99.8%, and the net value growth rate in Q2 was mainly distributed between [0,1) and [1,2), accounting for 56.8% and 40.9% respectively [16][18]. 2025 Q2 Medium - and Long - Term Pure Bond Fund Asset Allocation - **Major Asset Allocation**: As of the end of Q2 2025, the total assets of medium - and long - term pure bond funds were 80,150 billion yuan. Bonds accounted for the highest proportion of 97.7%, an increase of 0.3% compared to the previous quarter; bank deposits accounted for 1.0%, a decrease of 0.1% compared to the previous quarter; repurchase assets and other assets accounted for 0.9% and 0.4% of the total assets respectively, with changes of - 0.3% and 0.2% compared to the previous quarter [24]. - **Specific Bond Type Allocation**: As of the end of Q2 2025, the main bond types held by medium - and long - term pure bond funds were interest - rate bonds, financial bonds (excluding policy - financial bonds), and corporate - issued bonds, accounting for 49.6%, 22.3%, and 23.6% of the total bond assets respectively. Compared to the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and corporate - issued bonds in bond assets changed by - 0.4%, 0.3%, and 0.2% respectively. The proportions of inter - bank certificates of deposit and other bonds changed by - 0.1% and 0.1% respectively, and the proportion of asset - backed securities was basically the same as that of the previous quarter [25]. 2025 Q2 Analysis of High - Performing Funds - **Fund A with the Highest Net Value Return**: Fund A had a high concentration of top - heavy bonds and was flexible in adjustment. In Q2, it significantly reduced its allocation of ultra - long - term treasury bonds. Its net value growth rate in Q2 was 4.6%. In terms of bond - selection strategy, it still overweighted treasury bonds, accounting for about 85.3%, a reduction of about 10% compared to the previous quarter, while increasing the allocation of policy - financial bonds to 14.7%. In terms of duration strategy, its duration dropped significantly from 13.9 years to 1.6 years in Q2, seizing the structural opportunities in Q2. The concentration of its top five heavy - position bonds was high, and the duration was short. The market value of the top five heavy - position bonds in Q2 accounted for 89.8% of the total asset scale, and the first four were treasury bonds with a maturity of less than 2 years, and the fifth was a 10 - year CDB bond. Compared to the previous quarter, it significantly reduced its allocation of 30 - year treasury bonds and significantly increased its allocation of short - term treasury bonds [37][42]. - **Fund B with the Second - Highest Net Value Return**: Fund B adopted a strategy of extending duration, and the concentration of its heavy - position bonds was high. Its net value growth rate in Q2 was 3.4%. In terms of bond - type allocation strategy, it also focused on treasury bonds and policy - financial bonds, and increased its allocation of treasury bonds to 85.6% in Q2, while the allocation ratio of policy - financial bonds dropped from 33.6% to 14.4%. In terms of duration strategy, its duration extended from 16.1 years to 20.0 years in Q2. The concentration of its top five heavy - position bonds was also high and focused on long - duration interest - rate bonds. The market value of the top five heavy - position bonds in Q2 accounted for 89.1% of the total asset scale, and four of the top five were 30 - year treasury bonds, and the third was a 20 - year policy - financial bond. Compared to the previous quarter, it significantly increased its allocation of 30 - year treasury bonds and 20 - year policy - financial bonds, significantly reduced its allocation of 10 - year policy - financial bonds, and significantly extended the duration [46][48].