1. Report Industry Investment Rating - No relevant information provided in the report. 2. Core Views of the Report - In the fourth quarter of 2025, the performance of short - term pure bond funds recovered in the volatile market, and the scale increased against the trend. The average net value growth rate of short - term pure bonds in the fourth quarter was 0.48%, and the growth rate recovered compared with the previous quarter [1][22]. - The bond assets of short - term pure bond funds accounted for the highest proportion, but the proportion decreased slightly compared with the previous quarter. The proportion of interest - rate bonds, financial bonds, and policy - based financial bonds in bond assets increased [2][27]. - The fund with the highest return rate was fully allocated to policy - based financial bonds, adopted a defensive strategy, reduced leverage, and maintained a low duration, achieving a net value return of 1.06% in the fourth quarter [2]. 3. Summary According to the Directory 2025 Fourth - Quarter Basic Situation of Short - Term Pure Bond Funds 1. Number of Bond Funds - As of the end of the fourth quarter of 2025, there were 368 short - term pure bond funds issued, accounting for 2.70% of the entire fund market. The issuance in the fourth quarter decreased compared with the same period last year [1][9]. 2. Bond Fund Scale - As of the end of the fourth quarter of 2025, 342 short - term pure bond funds disclosed their quarterly reports. The total assets and net assets were 10,821 billion yuan and 9,668 billion yuan respectively, increasing by 915 billion yuan and 767 billion yuan compared with the previous quarter. The average total assets and net assets were 32 billion yuan and 28 billion yuan respectively, rising by 2 billion yuan compared with the previous quarter [10]. 3. Leverage Ratio - At the end of the fourth quarter of 2025, the average leverage ratio of short - term pure bond funds was 1.12 under the overall method, slightly increasing by 0.01 compared with the previous quarter. Under the average method, it was basically the same as the previous quarter [16]. 4. Net Value Growth Rate - In the fourth quarter of 2025, the single - quarter average net value growth rate of short - term pure bonds was 0.48%, and the growth rate recovered compared with the previous quarter. Among the 342 funds that disclosed performance, 308 had a positive net value growth rate, accounting for 90.1% [22]. 2025 Fourth - Quarter Asset Allocation of Short - Term Pure Bond Funds 1. Large - Category Asset Allocation - As of the end of the fourth quarter of 2025, bond assets accounted for 95.6% of the total assets, with a 0.1% decrease compared with the previous quarter. The proportion of repurchase assets was 2.6%, basically unchanged from the previous quarter. Bank deposits and other assets accounted for 1.3% and 0.5% respectively, with a 0.1% increase and no change respectively compared with the previous quarter [27]. 2. Bond Type Allocation - As of the end of the fourth quarter of 2025, the main bond types held by short - term pure bond funds were interest - rate bonds, financial bonds (excluding policy - based financial bonds), and corporate - issued bonds, accounting for 16.8%, 18.4%, and 61.2% of the total bond assets respectively. Compared with the end of the previous quarter, the proportions of interest - rate bonds, financial bonds, and policy - based financial bonds increased [30]. Analysis of High - Performing Funds in the Fourth Quarter of 2025 - Fund A, which had the highest net value return in the fourth quarter, adopted a low - duration and low - leverage strategy. It reduced the portfolio leverage from about 120% in the third quarter to 104% in the fourth quarter and maintained the duration at about 1.4 years. It was fully allocated to policy - based financial bonds, participated in the band trading of mid - term interest - rate bonds, and achieved a net value growth rate of 1.06% in the fourth quarter [40][45].

相关机构表示，当前股债跷跷板效应凸显，债券资产性价比逐步提升，成为震荡市场中的优质防御配 置。从经济基本面来看，经济处于新旧动能切换阶段，实体经济回报率偏低，为债市提供了友好环境。 同时，宽松货币政策持续，市场对明年降准降息有合理预期，通胀数据逐步回暖也印证经济复苏趋势， 进一步夯实债市支撑。 十年国债ETF（511260）跟踪上证10年期国债指数，选取剩余期限7到10年且在上交所挂牌的国债作为 样本，久期恒定。从过往表现来看，十年国债ETF（511260）成立以来净值屡创新高，历史业绩持续稳 健。根据基金定期报告，截至二季度末，近1年回报率达5.88%，近3年回报率达16.13%，近5年回报率 达22.41%，成立至今累计回报率达36.68%。 每日经济新闻 值得关注的是，十年国债ETF成立以来经历了2018~2024年共计7个完整自然年度，均保持每年正收益， 有望成为穿越牛熊周期的资产配置利器。 风险提示：数据来源基金定期报告、Wind，相关业绩经托管行核对，过往表现不代表未来。十年国债 ETF成立于2017年8月4日，2017年~2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； ...

Domestic News - The National Flood Control and Drought Relief Headquarters has initiated a Level 4 emergency response for flood control in Zhejiang, maintaining a Level 3 emergency response for Guangdong and Guangxi [3] - The Ministry of Finance has allocated 40 million yuan in emergency disaster relief funds to support flood and typhoon response efforts in Hainan, Guangdong, and Guangxi due to the impact of Typhoon "Butterfly" [3] - The first flood of the year in Guangxi, named "Beiliu River No. 1 Flood of 2025," was recorded with water levels reaching 33.00 meters, which is at the warning level [3] - From January to May, China's railway construction saw a fixed asset investment of 242.1 billion yuan, a year-on-year increase of 5.9%, contributing to economic growth [3] - The Fourth China-Africa Economic and Trade Expo reported 176 signed projects with a total value of 11.39 billion USD, marking a 45.8% increase in project numbers and a 10.6% increase in project value compared to the previous session [3] - China's trade with five Central Asian countries has expanded from 312.04 billion yuan in 2013 to 674.15 billion yuan in 2024, representing a growth of 116% with an average annual growth rate of 7.3% [3] - The Chinese bond market is becoming a key focus for foreign public funds, with expectations for bonds to provide stable returns amid economic uncertainties [3] International News - Iran has launched a new round of missile attacks against Israel, which has retaliated by targeting Iranian military and nuclear facilities [5] - U.S. President Trump warned Iran against attacking American targets, stating that the U.S. would respond with full force [5] - The escalating conflict between Israel and Iran has led to concerns about a larger regional conflict, causing significant declines in Middle Eastern stock markets, with Egypt's index dropping by 7.4% and Kuwait's by over 5% [6] - The price of WTI crude oil surged over 6% at the beginning of the week, reaching 76.65 USD per barrel, amid fears that the conflict could disrupt oil supplies in the region [6] - New Zealand announced a trial visa waiver for Chinese citizens holding valid Australian visas starting November 2025, which will last for 12 months [6]