Core Viewpoint - Multiple fund companies are increasing the precision of their net asset values (NAV) in response to large redemptions, primarily affecting bond funds, to protect the interests of their investors [1][2][5]. Fund Adjustments - On July 9, Xinda Australia Fund announced an adjustment to the NAV precision of its Xin'ao Anshengli Pure Bond Fund due to a significant redemption on July 8, 2025, increasing the precision to eight decimal places [2]. - Similarly, Hui'an Fund announced on July 9 that its Hui'an Yutai Pure Bond Fund would also increase its NAV precision to eight decimal places following a large redemption on July 7, 2025 [5]. - Other fund companies, including Huashan, Guotai Junan Asset Management, and others, have also made similar announcements regarding NAV precision adjustments due to large redemptions occurring in early July [5]. Market Conditions - The bond market has transitioned from a bull market to a high-volatility phase, with cautious sentiment prevailing among fund companies [6]. - According to Yifangda Fund, liquidity issues in July are less severe than in June, and the recent stock market rally has improved market risk appetite, which may temporarily affect long-term bond rates [6]. - Jia Shi Fund anticipates that macroeconomic and liquidity conditions will remain favorable for both stock and bond investments, with expectations of continued monetary easing [6]. Future Outlook - Ping An Fund highlights potential risks in the bond market due to adjustments after significant gains, with limited upside in yield levels [7]. - Credit bond yields and spreads have fluctuated since the beginning of 2025, with expectations of continued downward movement in credit bond yields due to sustained liquidity [7].

Core Viewpoint - Multiple fund companies are increasing the precision of net asset values to address redemption issues, particularly in bond funds, as the bond market enters a recovery phase but remains cautious [2][6]. Group 1: Fund Adjustments - Several fund companies, including Xinda Australia Fund and Huian Fund, have announced adjustments to the net asset value precision of their funds due to significant redemptions, increasing precision to eight decimal places [4][5]. - Other companies such as Guotai Junan, Changcheng, and Jiashi have also made similar announcements regarding their bond funds in response to large redemptions [4][5]. Group 2: Bond Market Outlook - The bond market has transitioned from a bull market to a high-volatility phase due to factors like liquidity, tariff negotiations, and risk appetite, with a cautious sentiment prevailing [7]. - Companies like Yifangda Fund indicate that liquidity issues have lessened compared to June, and while short-term impacts from stock market strength may affect long-term bond yields, the overall trend is expected to be downward [7]. - The macroeconomic environment remains favorable for both stock and bond investments, with expectations of continued monetary easing and potential rate cuts to support market liquidity [7]. - Credit bonds are anticipated to see a decline in yields, with limited space for compression in short- to medium-term credit spreads, while long-term credit bonds may experience a similar trend [8].