2025.06. 17 本文字数：2460，阅读时长大约4分钟 作者 | 第一财经 曹璐 6月以来，债券市场回暖显著，带动债基投资热度攀升，发行与存量市场双双升温。Wind数据显示， 截至16日，99%的债券型基金实现月内正收益，其中有超过四分之三的产品净值于月内创下历史新 高。 业绩修复推动市场配置热情高涨，资金端反馈迅速。一方面，惠升和盛纯债等产品迅速达募并提前结 募，新发债基市场持续升温；另一方面，债券ETF单月净流入规模已达319.79亿元，超过4月全月水 平，资金正加速布局。与此同时，部分债基启动限购模式，近一个月内至少127只产品公告限制大额 申购。 第一财经从部分基金公司处了解到，债市情绪回暖驱动配置需求改善，线上申购量提升明显，并正为 冲刺半年度规模目标积极行动。在业内人士看来，当前基本面条件对债市依然相对友好，可以继续把 握短期资金扰动带来的窄波动之下的交易机会。 "短期看，基本面在趋势上仍利多债市。"招商基金投研人士对第一财经表示，央行主动呵护之下资金 波动幅度可控，10年期国债收益率或延续窄区间震荡行情，跨季后理财规模回升或带动短端配置行 情，大行增持短债力度仍强，央行重启买债可能性仍存 ...

Group 1 - The core viewpoint of the articles indicates that institutional investors are reducing their allocation to credit bonds while increasing their holdings in policy financial bonds and government bonds in the first quarter of 2025 [2][3]. - The total management scale of actively managed bond funds reached 89,902.19 billion, a decrease of 3.95% compared to the previous quarter [2]. - The issuance of new actively managed bond funds in the first quarter totaled 797.09 billion, down approximately 175.69 billion from the previous quarter [2]. Group 2 - The proportion of credit bonds decreased from 54.63% to 53.12% compared to the previous quarter, indicating a shift in investment strategy [3]. - The median duration of pure bond funds slightly decreased from 2.30 years to 2.22 years, while the leverage ratio for "fixed income+" funds showed a downward trend [3]. - The market is expected to maintain a volatile pattern leading up to the May Day holiday, with cautious trading attitudes prevailing [4]. Group 3 - The analysis suggests that long-term interest rates are likely to continue fluctuating widely throughout the year, influenced by factors such as fiscal stimulus [5]. - The performance of certain medium to long-term pure bond funds has been strong, with some funds achieving notable weekly returns [4].