记者丨 庞华玮 编辑丨姜诗蔷 年终临近，债券基金市场再度掀起波澜。 继三季度全市场债基遭遇逾4700亿份的净赎回后，四季度赎回压力仍在持续。 截至12月2日， 10月以来，已有至少60只债券型基金因遭遇机构大额赎回而发布提高份额净值 精度的公告。 一场由市场风格切换、政策预期与机构行为共同驱动的资金迁徙正在上演，而纯债基金与"固 收+"产品的命运走向不同：纯债基金的"稳定器"功能被重新定价，而"固收+"的平衡优势得到 凸显。 债基市场的格局之变，已然拉开序幕。 赎回潮持续 多家基金公司向记者证实了赎回压力的存在。 一位大型基金公司人士透露，年底公司旗下部分纯债产品确实流失了很多份额， 主要是机构 端资金的赎回。 另一家基金公司则指出，四季度以来，公司固收业务整体规模保持平稳，从结构上看，公司旗 下中长期纯债基金出现小幅赎回，而二级债基则实现了净流入。 今年下半年， 债基成为"失血"最严重的基金品类。 Wind数据显示，本轮赎回潮贯穿下半年。截至三季度末，全市场债基份额较二季度末锐减 4743.96亿份（二季度末份额为95938.18亿份，三季度末降至91194.22亿份），规模也同步缩 水1695.34亿元（ ...

Core Viewpoint - The bond market is experiencing significant short-term adjustments, with rising government bond yields and a tightening liquidity environment impacting fund performance [1][3][9]. Group 1: Market Adjustments - As of February 26, the 10-year government bond yield rose to 1.71% and the 30-year yield to 1.91%, indicating a notable increase since February 5 [1]. - The pure bond funds have seen a maximum decline of over 2% in the past week, with more than 80 medium to long-term pure bond funds dropping over 1% in net value [1]. Group 2: Factors Influencing the Bond Market - Tight liquidity is a direct factor for the current bond market adjustment, with the central bank's fund injection falling short of market demand, leading to concerns about future liquidity [3]. - The DR007 rate is at 2.33%, significantly higher than the 10-year government bond yield, resulting in an inversion that has contributed to the market's downturn [3]. - The "spring market" has increased risk appetite, diverting funds from the bond market due to structural trends in the equity market driven by technology sector growth [4]. Group 3: Wealth Management and Redemption Risks - The overall performance of the wealth management market remains stable, with only 3.48% of products in the market being below par, indicating limited redemption risks [6]. - The rapid recovery of wealth management scale post-Spring Festival suggests that redemption pressures are manageable, supported by previous market experiences [6][7]. Group 4: Long-term Outlook - Industry experts believe the current bond market adjustment is short-term, with a positive long-term outlook remaining intact due to ongoing monetary policy support and economic recovery [9][10]. - The expected stabilization range for the 10-year government bond yield is between 1.65% and 1.75%, with core fluctuations projected between 1.5% and 1.9% throughout the year [9].