在当前的债市环境下，由谢志华管理的民生加银鑫享债券凭借较好的业绩表现和严格的风险控制，成为 投资者关注的对象。该基金投资范围涵盖利率债、高等级信用债及可转债，通过同类资产内部分散投资 增强收益。截至三季末，民生加银鑫享债券A（003382）在多个时间维度下均表现突出，近3年、近1 年、近半年净值增长率分别为33.61%、26.50%及16.31%，均远优于4.76%、0.57%及-0.45%的同期业绩 比较基准收益率，超额收益显著。同时，其近三年同类（A类-可投转债）排名中位居第二（2/221）， 近一年排名中亦位列前2%（3/266）。（排名数据来源：银河证券三季末，业绩数据来源：2025年基金 三季报） 近期债市波动明显加大，呈现震荡格局，市场观点认为其触发因素具体集中在公募销售费用新规、分红 管控传闻等。自9月以来公募销售费用新规相关传闻反复发酵，虽然最新流传版本较征求意见稿有所松 动，但在靴子落地前市场观望情绪浓厚。自上周以来，公募销售费用新规小作文扰动不断。12月3日传 闻除货币基金、基础设施基金和股票基金，公募分红不得高于上次分红基准日至本次分红基准日之间的 基金产品净利润，并且从即日起落实，明显 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The bond market is generally in an oscillating and favorable situation in the short - term, but there may be short - term fluctuations. The allocation value of the 10 - year bond around 1.8% continues to emerge. It is recommended to increase positions on rallies, and actively seize short - term opportunities when a significant pulse of 2 - 4BP or more occurs in a single day [2][4]. - After the cross - month period, the bond market's capital supply is likely to face limited pressure under the central bank's support. The strong positive of the central bank's restart of treasury bond trading and the accelerated debt - resolution leading to the increased supply of government bonds still leave room for the market to bet on loose monetary policy. However, changes in risk appetite and the upcoming implementation of the new public - offering fee regulations may cause short - term fluctuations in the bond market [2]. Summary According to Relevant Catalogs 1. This Week's Bond Market Review - The bond market yields declined overall this week (10/27 - 10/31). As of 10/31, the yields of 30Y, 10Y, and 1Y treasury bonds changed by - 6BP, - 4.5BP, and - 8BP respectively, closing at 2.14%, 1.80%, and 1.38%. The term spreads of 30Y - 10Y and 10Y - 1Y changed by - 1.5BP and 3.5BP respectively, closing at 35BP and 41BP [1]. - The decline in the 10Y yield was due to factors such as the market's risk - aversion sentiment under Sino - US trade frictions, the central bank's announcement of restarting open - market treasury bond trading, and the market's expectation of loose monetary policy [6]. 2. Next Week's Bond Market Outlook and Strategy (1) Bond Market Outlook - **Fundamentals**: Production indicators showed differentiation, real - estate transactions had different year - on - year performances, and most price sectors rebounded. Production indicators mostly declined, demand on the consumer side mostly fell, and real - estate transactions varied. The price index rebounded this week, with a month - on - month increase ranging from 0.4% to 1.6% [25][40]. - **Supply**: From 10/27 - 11/2, the issuance scale of interest - rate bonds declined. The issuance of treasury bonds was 0 billion yuan, local bonds was 2706.82 billion yuan, and inter - bank certificates of deposit was 7349.2 billion yuan, a decrease of 8930.16 billion yuan compared with last week. The issuance progress of local bonds reached 89.7%, and the issuance progress of new special bonds and new general bonds were 90.4% and 86.3% respectively [54]. - **Funding**: From 10/27 - 10/31, the central bank net - injected 12008 billion yuan through 7 - day reverse repurchase and 2000 billion yuan of MLF this month. The funding situation fluctuated and tightened marginally. It is expected that after the cross - month period, the funding situation will likely return to equilibrium [60]. (2) Bond Market Strategy - Next week, attention should be paid to four aspects: the return of funds to equilibrium after the cross - month period, the situation of subsequent treasury bond trading and further monetary operations under loose monetary policy, the impact of changes in risk appetite on the bond market driven by short - term risk - aversion sentiment, and the impact of the new public - offering fee regulations [74]. - The bond market is favorable in the short - term. It is necessary to grasp the key position of 1.8%. Although the Sino - US consultations reached an agreement at the end of October, the market sentiment was not significantly boosted. The new public - offering fee regulations may cause short - term negative feedback, but the probability of substantial large - scale redemptions disturbing the market is currently limited [2][78]. 3. Next Week's Open - Market Operations and Financial Calendar - **Open - market operations**: The net injection (withdrawal) situation in the past four weeks and the next four weeks is provided, including reverse - repurchase and MLF operations. For example, this week (2025/10/31), the net injection was 14,008 billion yuan [79]. - **Financial calendar**: Information on local - government bond issuance, certificate - of - deposit maturity, reverse - repurchase maturity, MLF maturity, tax - payment weeks, and reserve - payment weeks from November 3rd to November 9th is provided [79].

Core Viewpoint - The A-share market is experiencing a significant rally, with the Shanghai Composite Index rising over 1.6% and trading volume exceeding 2.3 trillion yuan, marking 22 consecutive days of trading volume above 2 trillion yuan since August 13 [1][5]. Group 1: Market Performance - The leading Securities ETF (560090) has seen a 2.84% increase, with trading volume surging to 220 million yuan, accumulating over 380 million yuan in inflows over the past nine days [1][3]. - Major components of the Securities ETF index have all risen, with Dongfang Caifu increasing nearly 4% and trading volume surpassing 10 billion yuan [3][4]. Group 2: Regulatory Developments - The release of the draft regulations on public fund sales fees is a significant move by the China Securities Regulatory Commission (CSRC) aimed at promoting high-quality development in the public fund industry and protecting investor rights [5]. - According to Zhongtai Securities, the new sales fee regulations are favorable for the long-term steady development of the industry, maintaining the current commission payment ratios, which is better than market expectations [5]. Group 3: Liquidity and Investment Trends - Western Securities indicates that various funds are entering the market, with insurance companies increasing their stock allocation, and public fund issuance/net subscriptions showing signs of recovery [6]. - The ongoing trend of "deposit migration" among residents is just beginning, with a notable increase in net subscriptions to actively managed equity funds and a rise in new individual investor accounts [6][7]. - The capital market's total market value to residents' deposits ratio remains low at 0.59, suggesting significant room for growth as residents seek better returns in the stock market [6]. Group 4: Broker Sector Outlook - The broker sector is positioned for further gains, with a 74% increase in broker stocks from July 10 to August 31, driven by increased trading volume from resident funds [8]. - Historical data shows that significant increases in the A-share liquidity index coincide with broker stock performance, indicating potential for further upside as liquidity improves [7][8].