Market Overview - The bond market showed slight recovery during the week of December 8-12, 2025, with the 1-year government bond yield decreasing by 1.37 basis points to 1.39%, the 10-year yield down by 0.84 basis points to 1.84%, and the 30-year yield also down by 0.84 basis points to 2.25% [3][14] - The outlook for the bond market suggests a gradual easing of pressure, supported by improved supply-demand dynamics and remaining room for interest rate cuts from policy [14] - Supply pressure in the bond market for 2026 is expected to be lower than in the same period of 2025, while the central bank is likely to maintain relatively ample market liquidity, indicating a potential for bond yields to decline gradually amidst fluctuations [14] Public Fund Market Dynamics - Multiple fund companies have initiated the performance benchmark assessment in response to the upcoming implementation of new regulations for public securities investment funds [17] Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.40% since inception [4] - The Short-term Bond Fund Index increased by 0.03%, achieving a cumulative return of 4.53% since inception [5] - The Medium to Long-term Bond Fund Index saw a rise of 0.09%, with a cumulative return of 6.68% since inception [6] - The Low Volatility Fixed Income + Fund Index increased by 0.02%, with a cumulative return of 4.26% since inception [7] - The Medium Volatility Fixed Income + Fund Index decreased by 0.02%, with a cumulative return of 6.12% since inception [8] - The High Volatility Fixed Income + Fund Index rose by 0.09%, achieving a cumulative return of 7.86% since inception [9] - The Convertible Bond Fund Index increased by 0.35%, with a cumulative return of 22.41% since inception [10] - The QDII Bond Fund Index decreased by 0.09%, with a cumulative return of 10.00% since inception [11] - The REITs Fund Index rose by 0.47%, achieving a cumulative return of 32.29% since inception [11] Fund Index Specifics - The Money Enhanced Strategy Index aims for liquidity management and seeks to outperform money market funds, focusing on relative performance and risk control [20] - The Short-term Bond Fund Index emphasizes liquidity management while ensuring drawdown control, primarily investing in stable-return funds [22] - The Medium to Long-term Bond Fund Index targets stable returns while controlling drawdowns, selecting funds with a balance of yield and risk management [24][25] - The Low Volatility Fixed Income + Index focuses on a 10% equity center, selecting funds with a strong performance history and risk control [27] - The Medium Volatility Fixed Income + Index targets a 20% equity center, selecting funds with performance elasticity [30] - The High Volatility Fixed Income + Index aims for a 30% equity center, focusing on funds with strong stock selection capabilities [31] - The Convertible Bond Fund Index selects funds with a significant allocation to convertible bonds, assessing performance and risk-adjusted returns [33] - The QDII Bond Fund Index includes overseas bonds, focusing on stable returns and good risk control [35][37] - The REITs Fund Index selects funds based on stable cash flows and operational stability [39]

Market Overview - The bond market maintained a volatile trend last week, with the 1-year government bond yield decreasing by 0.96 basis points to 1.40%, while the 10-year yield slightly increased to 1.82%, and the 30-year yield rose by 0.95 basis points to 2.16% [2][4] - The overall bond market continued its oscillation, with short-term bonds performing better than long-term ones, and the expected "see-saw effect" between stocks and bonds did not materialize due to the weak stock market [4] - Short-term and medium-term momentum in the bond market is insufficient, and disturbances are expected to rise due to government debt payments and the maturity of a large number of open market operations [4] Public Fund Market Dynamics - E Fund's Ruiyi Ying'an FOF raised over 5.8 billion, marking the largest fundraising for a new fund in the fourth quarter, and is part of the招商银行 "TREE Long-term Profit Plan" [6] - The focus of these funds is primarily on low to medium-risk multi-asset products, indicating a trend towards conservative investment strategies in the public fund market [6] Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.32% since inception [3] - The Short-term Bond Fund Preferred Index also increased by 0.02%, with a cumulative return of 4.50% since inception [3] - The Medium to Long-term Bond Fund Preferred Index rose by 0.03%, achieving a cumulative return of 6.85% since inception [3] - Conversely, the Low Volatility Fixed Income + Fund Preferred Index fell by 0.53%, with a cumulative return of 4.23% since inception [3] - The High Volatility Fixed Income + Fund Preferred Index decreased by 1.13%, with a cumulative return of 6.89% since inception [3] - The REITs Fund Preferred Index dropped by 1.17%, but has a cumulative return of 32.24% since inception [3]