Market Review - The bond market experienced fluctuations with rising yields during the week of July 21-25, 2025. The China Bond Composite Wealth Index (CBA00201) fell by 0.39%, while the China Bond Composite Full Price Index (CBA00203) decreased by 0.44%. Yields on government bonds across various maturities rose, with the 1-year, 3-year, 5-year, and 10-year government bond yields increasing by 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [12][13] - The central bank's net injection in the open market was 109.5 billion yuan, with a total of 21.563 trillion yuan injected and 20.468 trillion yuan withdrawn. The overall liquidity was balanced, with DR007 and R007 rising by 14.56bp and 18.65bp to 1.65% and 1.59% respectively [13] - The U.S. Treasury market showed limited volatility, with a flattening yield curve. Initial jobless claims data unexpectedly declined, reinforcing a strong labor market view and reducing recent rate cut expectations [14] Public Fund Market Dynamics - As of July 25, 2025, the total scale of bond ETF products in the market surpassed 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase since the beginning of the year. The Sci-Tech Innovation Bond ETF has become a core growth driver, with the first batch of 10 products launched after the Lujiazui Forum in June, achieving over 100 billion yuan in the first week [16][17] - The bond ETF market features a diverse range of products, with significant growth in various categories. For instance, the Pengyang 30-Year Treasury ETF exceeded 20 billion yuan, and the Bosera CSI Convertible Bond ETF surpassed 40 billion yuan [17] - The bond ETF market's growth indicates a deep integration of finance and technology, with ongoing product innovation and an optimized investor structure expected to inject sustained momentum into the high-quality development of China's capital market [17] Performance Tracking of Fixed Income Funds - Short-term bond fund index fell by 0.08% last week, with a cumulative return of 4.00% since inception [19] - Medium to long-term bond fund index decreased by 0.30%, with a cumulative return of 6.32% since inception [19] - Convertible bond fund index rose by 2.24%, achieving a cumulative return of 15.09% since inception [19]