Core Viewpoint - The bond fund market has seen a significant recovery since June, with record numbers in both the number of new funds and issuance scale, indicating strong investor interest in credit bonds [1][2]. Group 1: Bond Fund Issuance - As of June 26, 132 new public funds were established in June, with a total issuance of 1,038.73 billion units, marking the highest monthly record for the year [2]. - Among these, 30 bond funds were established, with a total issuance of 513.44 billion units, also a record for the year [2]. - Several bond funds experienced explosive demand, leading to early closures, such as the Huisheng and Shengchun bond fund, which reached its fundraising cap of 6 billion yuan in just 3 days [2]. Group 2: Credit Bond Market - There has been a notable increase in institutional investment in credit bonds, with a total of 2,130 billion yuan in 11 listed credit bond ETFs as of June 26, and a net subscription of over 80 billion yuan in the past month [3]. - Major credit bond ETFs, such as the Hai Fu Tong Zhong Zheng Short-term Bond ETF, have surpassed 50 billion yuan in scale, reflecting strong demand [3]. - Institutions are increasingly optimistic about credit bonds, particularly long-duration varieties, as they adjust their portfolios in response to market conditions [3][4]. Group 3: Market Outlook - The bond market is expected to maintain stability in the context of ongoing liquidity support from the central bank, with long-duration credit bonds likely to continue performing well [4]. - The current credit spread for 10-year bonds is considered relatively attractive, prompting attention to both primary and secondary market opportunities [4].

Group 1 - A total of 17 new funds were launched in the week from June 16 to June 20, with index funds being the main focus of issuance [1][2] - On June 16 alone, 11 new products were introduced, including various ETFs and index funds [1][2] - The previous week saw 15 new funds established, with a total issuance scale of nearly 9 billion yuan, predominantly driven by bond funds, which accounted for over 85% of the total [1][3] Group 2 - Among the new funds, the Huatai-PineBridge Hong Kong Stock Connect Medical Selection Fund focuses on investing in quality listed companies related to the medical industry [2] - The Ping An Yingxuan 90-Day Holding Fund is an ETF-FOF product that allocates over 80% of its funds to bond ETFs while also investing in various risk assets [2] - Several funds, including the Morgan Stanley CSI 300 Free Cash Flow Linked Fund and the Fortune Growth Enterprise AI ETF, have a maximum fundraising limit of 8 billion units [2] Group 3 - Last week, two interbank certificate funds raised a total of 4.265 billion yuan, representing 46.74% of the total issuance volume [3] - The top-performing fund, the People's Insurance CSI Interbank Certificate AAA Index 7-Day Holding Fund, raised 3.910 billion yuan [3] - The Jia Shi Hui Ming 7-Month Closed Pure Bond Fund raised 2.746 billion yuan, making it the second-largest new fund by issuance scale for the week [3]