Core Viewpoint - The article discusses the performance of various bond funds in 2023, highlighting significant losses in certain categories, particularly in government bond funds and long-term bond funds, due to rising yields and market conditions. Group 1: Index Bond Funds - The 30-year government bond ETF has declined by approximately 4%, while the benchmark market-making government bond ETF has dropped by 0.65% [2] - The main contributors to the decline are the rising yields of government bonds, with the 5-year government bond yield increasing from 1.41% to 1.61%, a rise of 19 basis points, and the national development bond yield increasing from 1.47% to 1.79%, a rise of 32 basis points [2] - The "Dacheng Interbank Certificate of Deposit Index 7-Day Holding" has a small scale of only 4 million yuan, leading to losses as investment returns do not cover fund expenses [2] Group 2: Short-term Bond Funds - Short-term bond funds have averaged a return of 1.4%, with two funds reporting losses and 16 funds yielding less than 0.5% [3] - The two funds that lost money are small in scale, and their low size has led to high expense ratios eating into profits [3] Group 3: Long-term Bond Funds - Among 2019 long-term bond funds, 257 have reported losses, accounting for 12.7% of the total [4] - Long-term bond funds have averaged a return of 0.97%, which is about 0.4% lower than short-term bond funds [4] - The primary reason for the losses is the heavy investment in long-duration government bonds and policy financial bonds [5] Group 4: Market Conditions - The yield on 30-year government bonds is currently at 2.2%, with a low of 1.8% earlier this year, resulting in an average annual coupon yield of around 2% [6] - The maximum drawdown for the 30-year government bond index has been 16.75%, with a maximum drawdown of 6.41% this year, indicating a low investment value for long-duration government bonds [6] - Fund managers have been increasing the duration of their bond funds, which is seen as a risky move given the current yield environment [6] Group 5: Overall Market Sentiment - The overall market is still in an adjustment phase, with recent weak rebounds not indicating an end to the adjustment [11] - There is a lack of excitement in the market, with many sectors experiencing declines after previous rebounds, suggesting a cooling of market sentiment [11] - Despite the potential for further declines, there may be limited downside due to external funds eyeing investment opportunities [12]

1小时行情走入震荡，方向多变，会不会再次大跌？金十研究员郝仁GMA行情分析中，点击进入直播间 相关链接 ...