分析师：孙书娜 登记编号：S0890523070001 分析师：宋逸菲 登记编号：S0890524080003 市场回顾： 上周（2025.08.18-2025.08.22）债市整体呈现调整态势，各期限收益率多数上行，1年期国债收益 率上行1.75BP至1.3775%，10年期国债收益率上行4BP至1.7850%，30年期国债收益率上行4.35BP至2.0375%。 信用债各品种收益率普遍上行，利差多数走阔。 美债震荡下行：上周，美债收益率震荡下行，周初，美联储7月会议纪要的偏鹰表态使得美债有所调整，周四， 通胀指数加剧，叠加美联储鹰声不断，美债收益率反弹上行，周五，鲍威尔在杰克逊霍尔央行年会上鸽派的发 言令美债重新走强。 REITs 二级市场延续调整：上周，REITs市场走弱，中证REITs全收益指数全周下行1.74%，产权类及特许经营 权类公募REITs普跌，保障性租赁租房、水利设施板块跌幅最大。发行市场方面，截至2025年8月22日，共有23 只公募REITs基金待上市，其中12只为首发，11 只为扩募。 公募基金市场动态： 第二批产品密集申报，科创债ETF赛道持续扩容。 泛固收基金指数表现跟踪 货币增 ...

Group 1 - In April, a total of 127 new funds were issued, with nearly half being index funds, amounting to 36.3 billion units [1][4] - The issuance of stock funds was the highest, with 84 funds accounting for 66.14% of the total, indicating a strong focus on equity funds by fund companies [2][4] - Passive index funds dominated the new stock fund issuance, with 58 such funds making up 69% of stock fund issuance and 45.67% of all fund types [2][4] Group 2 - Bond funds had the largest issuance volume in April, with 20.5 billion units, while stock funds issued 11.9 billion units [4] - The top 11 funds, including products like浦银安盛普航3个月定开债券, accounted for 72% of the total issuance volume [4] - The market is experiencing a recovery phase, with investors favoring stable products, leading to a need for fund companies to optimize strategies and enhance product quality [5]