Market Review - The bond yields experienced fluctuations and declined last week (2025.08.04-2025.08.08), with the China Bond Composite Wealth Index (CBA00201) rising by 0.08% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.05%. The yields of government bonds across various maturities decreased, with 1-year, 3-year, 5-year, and 10-year government bond yields changing by -1.71bp, -1.91bp, -2.32bp, and -1.76bp respectively compared to the previous week [15][16]. - The credit bond yields across various maturities and ratings mostly declined, leading to a significant compression of credit spreads. The funding environment remained loose, and the new VAT policy boosted market sentiment towards bonds [15][16]. Market Observation - The US Treasury market stabilized with slight increases in yields. The overall volatility decreased, and the yields of various maturities saw minor upward movements. The market is currently in a wait-and-see mode regarding potential interest rate cuts in September [17]. - The REITs secondary market experienced fluctuations, with a decrease in trading activity. The CSI REITs Total Return Index fell by 0.33% last week, with property rights performing better than operational rights. The market sentiment for REITs has cooled compared to earlier in the year, and trading activity has declined [17]. Public Fund Market Dynamics - On August 7, 2025, Morgan Stanley's Yingyuan Stable Three-Month Holding Period Mixed FOF was officially announced, raising 2.752 billion yuan on its first day, making it the first public FOF of 2025 to achieve "one-day fundraising." This fund adopts a diversified "fixed income +" strategy, limiting equity assets to no more than 30% [18]. - As of August 6, 2025, a total of 37 new public FOFs were established in the market this year, with a total fundraising scale exceeding 33.7 billion yuan, averaging about 910 million yuan per fund, marking a new high since 2023 [18]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 3.91% since inception [19]. - The Short-term Bond Fund Preferred Index increased by 0.06%, with a cumulative return of 4.13% since inception [20]. - The Medium to Long-term Bond Fund Preferred Index rose by 0.02%, with a cumulative return of 6.48% since inception [5]. - The Low Volatility Fixed Income + Fund Preferred Index increased by 0.31%, with a cumulative return of 3.28% since inception [6]. - The Medium Volatility Fixed Income + Fund Preferred Index rose by 0.42%, with a cumulative return of 3.09% since inception [7]. - The High Volatility Fixed Income + Fund Preferred Index increased by 0.61%, with a cumulative return of 4.71% since inception [8]. - The Convertible Bond Fund Preferred Index rose by 1.60%, with a cumulative return of 15.86% since inception [9]. - The QDII Bond Fund Preferred Index increased by 0.38%, with a cumulative return of 8.91% since inception [10]. - The REITs Fund Preferred Index fell by 0.48%, with a cumulative return of 37.50% since inception [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].