Group 1 - Multiple bond funds have resumed large-scale subscription services for institutional investors, with Tianhong Fund's Tianhong Tongli Bond (LOF) being one of them, effective from August 11 [1] - Since July, 19 funds have announced similar resumption of large-scale subscriptions, including 11 bond funds, 3 money market funds, 3 equity funds, and 2 mixed funds [3] - The resumption of large-scale subscriptions for bond funds is attributed to supportive policies, improved market conditions, and adjustments in fund management strategies, reflecting ample liquidity in the bond market and ongoing institutional demand for allocation [3] Group 2 - In July, the trading activity in the bond market significantly increased, with a total transaction volume of 25.6 trillion yuan for all exchange-traded bonds (not yet matured), marking a month-on-month increase of 40.89% and a year-on-year increase of 45.08% [3] - Institutional investors continue to have a demand for bond funds, as they align with the needs for stability and low volatility, particularly for those with lower risk tolerance such as insurance and bank wealth management [3] - For higher risk-tolerant institutional investors, bond funds can hedge against equity asset volatility, thereby reducing overall portfolio volatility, indicating a broad demand for bond fund allocation regardless of risk preference [3]

Group 1 - The issuance of funds remains strong, with 51 funds scheduled for release in May, including 28 equity funds, 12 bond funds, 8 mixed funds, and 3 funds of funds (FOF) [1] - Equity products account for over 70% of the total issuance, with passive index funds and thematic ETFs being the main drivers [1][2] - There is a notable increase in demand for low-risk asset allocation, as evidenced by the concentrated launch of mid-to-long-term pure bond funds [1][3] Group 2 - Among the 36 planned equity products, 21 are passive index funds, with major fund managers focusing on broad-based products covering key indices like the Sci-Tech 50 and CSI A50 [2] - Thematic ETFs are also actively being issued, with a focus on policy-supported sectors such as digital economy and aerospace [2][3] - Fund companies are shortening issuance cycles to capture emerging sectors, while cautioning against the risks of blindly chasing high valuations in thematic ETFs [3][4] Group 3 - The appeal of mid-to-long-term pure bond funds is attributed to their stable returns, ability to hedge equity volatility, and favorable liquidity management [4] - These funds are positioned as a preferred choice during periods of declining risk appetite, with a focus on long-duration bonds for higher yield potential [4][5] - The competitive landscape for ETFs is intensifying, with first-mover advantages and operational capabilities becoming critical for success [4]