今年以来，随着权益市场回暖，"固收+"基金表现优异。在刚刚过去的6月，这类基金的表现仍然亮眼，多只 产品单月收益率超过5%。 Wind统计显示，金鹰元丰A在6月录得7.52%的净值收益率，领先第二名华宝增强收益A仅0.15个百分点。这 也是6月以来"固收+"基金强势的缩影，在纯债基金表现不佳的背景下，此类含权债基的表现可圈可点。 总体来看，"固收+"基金在今年6月的平均收益率达到1.03%，同期中长期纯债基金为0.29%、短债基金为 0.18%、传统货币基金为0.10%。"固收+"基金当中，有5只单月收益率超过5%，另有2只在7%以上（统计初始 基金）。 取得这样的成绩与当月权益市场表现不无关系。今年6月，上证指数单月涨幅2.9%，突破3400点整数关口，6 月30日收于3444点；深证成指单月涨幅4.23%，6月30日报10465点；创业板指同期涨幅8.02%，领涨主要指 数，6月30日报2153点；北交所市值连续三个月大幅上涨（6月涨幅6.69%），科创板市值上涨6.54%。 另据统计，6月总成交额26.72万亿元，日均1.3万亿元，同比增长79.57%。此外，6月新开户数同比增长 53%，反映散户情绪显 ...

金融工程丨深度报告 [Table_Title] 持中守正，应势而动 ——金融工程 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 风格上，在利率低位及流动性充裕的宏观背景下，红利+微盘的杠铃策略有望持续占优。长期来 看，红利和微盘是天然的风格对冲工具，二者的长期战略配置中枢在 7:3 左右，能有效降低回 撤，提高收益。行业上，寻找尚未过热的强趋势赛道，目前可关注的方向有：红利方向的城商 行，医药方向的医药零售、化学制药，消费方向的其他农产品加工、快递、零售-专业市场等。 分析师及联系人 [Table_Author] 覃川桃 邓越 SAC：S0490513030001 SAC：S0490517070010 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 20 [Table_Title 持中守正，应势而动 2] ——金融工程 2025 年度中期投资策略 [Table_Summary2] 宽基横盘降波，主题轮动加速 回顾 2025 年 ...

此外，债券基金工具化趋势加速。债券ETF规模从2023年末的801.52亿元快速增至2024年底的1739.73亿 元，一年时间实现翻倍，再到最新的3635.85亿元，半年内再次实现翻倍。 ● 本报记者 张舒琳 伴随近期央行"呵护为主"的信号，债市利率普遍下行，债券基金强势回归。近日，近九成短期纯债基 金、超四成中长期纯债基金净值悄然创下历史新高，十余只中长债产品年内回报率已超3%。 部分债券基金采取了"拉长久期"的投资策略，反映出市场对央行重启买债的乐观及货币政策维持适度宽 松的后市预期。不过，受访基金经理认为，债市能否全面转牛，仍需等待政策落地及更强的信号催化。 多只中长债产品回报率超3% 经历数月震荡调整后，债券市场自5月底迎来强势上涨。上周，债市继续走强，利率债收益率普遍下 行，短债、超长期国债利率均出现大幅下行，信用债利率也随之下行。Wind数据显示，上周，1年期、 10年期、20年期、30年期、50年期国债收益率分别下行4.5BP、0.4BP、5.5BP、1.2BP、4.7BP。 在此背景下，沉寂了一段时期的债券基金悄然创下净值新高。截至6月24日，全市场909只开放式短期纯 债基金（不同份额分开 ...

Core Viewpoint - The bond market experienced fluctuations in May, with a tight funding environment and weak market sentiment leading to subdued bullish intentions. However, "fixed income +" funds performed well, ranking first among all bond funds in terms of average performance [1][2]. Bond Market Performance - In May, many institutional investors awaited adjustments in monetary policy following the "double reduction," but the market's positive impact was limited. The bond market showed a noticeable decline compared to previous performance, with pure bond funds generally yielding low returns [2]. - According to Wind statistics, the top-performing pure bond fund in May was Jin Xin Min Xing A, which recorded a monthly return of 0.75%. Other notable funds included Hui An Jia Xin Pure Bond and Dong Hai Xiang Rui A, with short bond funds showing a higher average monthly performance than medium to long-term pure bond funds [2]. - The average monthly performance for medium to long-term pure bond funds was 0.12%, while short bond funds recorded 0.18%, indicating a significant demand for short-duration bonds in the current market [2]. Market Sentiment and Future Outlook - The overall weak sentiment in the bond market during the first quarter led to increased redemptions from funds and wealth management products. However, as the market stabilizes in the second quarter, fund liabilities may enter a recovery phase, potentially leading to a rebound in scale [3]. - Analysts suggest that the central bank is likely to maintain a loose policy stance, supporting the bond market. The overall environment remains supportive, although the market's risk-reward profile appears limited [3]. Investment Strategy - The configuration of "fixed income +" funds continues to be advantageous, as they allow investors to participate in equity market opportunities while providing stability through bond assets. This type of fund has gained attention in 2023, with a significant increase in issuance and net inflows [4]. - In the first quarter, the issuance of "fixed income +" funds reached 33.9 billion yuan, a 65% increase from the previous quarter, with total market size nearing 2 trillion yuan, reflecting a 5.5% year-on-year growth [4]. - The top 40 "fixed income +" funds had an average pure bond allocation of 46.2%, stock allocation of 14.5%, and convertible bond allocation of 23.1%, with high returns driven by overexposure to technology stocks and reduced positions in financial stocks [4]. Future Market Conditions - Looking ahead, the core factors supporting the bond market remain unchanged, with policies focusing on technology and industrial upgrades expected to benefit medium to high-risk assets. A diversified asset allocation strategy is recommended to enhance yield elasticity [5].

Core Viewpoint - The bond market is experiencing a weak and volatile trend, with expectations for liquidity driven by recent interest rate cuts and reserve requirement ratio reductions, but the sentiment remains limited [1][5]. Group 1: Market Performance - The bond market showed a fluctuating trend from May 19 to May 25, with adjustments in interest rate bonds and a slight compression in credit spreads [3]. - The average yield of medium to long-term pure bond funds was 0.08%, while short-term bond funds recorded an average yield of 0.05% [6]. - Major bond funds have seen significant fundraising activity, with 48 out of 85 newly established bond funds raising over 1 billion yuan, and 12 funds exceeding 5 billion yuan [7][8]. Group 2: Investment Strategy - Analysts suggest maintaining duration allocation while increasing the proportion of swing trading due to the current market conditions [5][6]. - The market is focused on upcoming economic data, supply pressures, and changes in liquidity, but lacks factors that could lead to a trend-driven market [5]. - Following the recent interest rate cuts, there is an expectation that the central bank will continue to support liquidity, reducing concerns about significant increases in funding costs [7][8].

每经记者｜任飞 每经编辑｜赵云 整体来看，中小行以及外资、货基、基金是上周国债、国开、信用与存单利率下行的主要推手。当前的 中短端博弈实际已经较为充分（此前已经在期货TS合约中体现），后续关注点可能仍在大行的买入力 度与资金融出量。 此外，上周债市杠杆率延续低位震荡，整体上升至106.70%，但基金出现加杠杆的情况（资金融入回升 至1.99万亿元），银行系资金融出边际回升，而中长期债基久期整体有所回落，当前非银机构可能更加 偏好杠杆策略，对久期相对保持中性。 各类型纯债基金周收益率均值差距并不大 尽管长债基金上周的平均收益率略好于短债基金，但市场对短债的关注却在提升，且短期来看，短债资 产的需求或有望进一步提升。 上周，降息降准的消息落地之后，中短债受到利好影响，利率出现明显下行；而在长端则出现"买入预 期、卖出现实"的博弈现象。 基金产品表现方面，长债基金上周的平均收益率略好于短债基金，但市场对短债的关注度不小。短期来 看，短债资产的需求或有望进一步提升。 "双降"之后，谁在买入短债？ 上周（5月5日至5月11日），降息降准消息落地后，中短端受利好出现明显下行，虽然符合市场预期， 但业内也关注激增的买盘—— ...