Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - Last week, the bond market remained volatile. The 1-year Treasury yield dropped 0.96BP to 1.40%, the 10-year yield slightly rose to 1.82%, and the 30-year yield increased 0.95BP to 2.16%. The short - end was stronger than the long - end, and there was no expected stock - bond "see - saw effect" [3][10]. - The short - term 10 - year Treasury yield may fluctuate between 1.75% - 1.85%. Investors can wait for the yield to reach the upper limit for potential increasing allocation opportunities [3][10]. - U.S. Treasury yields declined last week. The market's expectation of a December Fed rate cut has risen to about 70% after Fed official Williams' speech, but Fed officials' internal differences on further rate cuts are intensifying [11]. - The REITs market had a phased correction last week, with the data center, affordable housing, and warehousing logistics sectors leading the decline. There were also new developments in the primary market [11]. - E Fund's Ruyi Ying'an FOF raised over 5.8 billion yuan, and China Merchants Bank's "TREE Changying Plan" has helped expand the scale of medium - and low - risk FOFs [3][12]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: The domestic bond market was volatile last week. The short - end was stronger than the long - end, and there was no stock - bond "see - saw effect". The 10 - year Treasury yield may stay in the 1.75% - 1.85% range in the short term [10]. - **U.S. Bond Market**: U.S. Treasury yields declined last week. Fed officials' different views on rate cuts reflect internal differences, and the debate on further rate cuts continues [11]. - **REITs Market**: The REITs market had a phased correction last week. There were new developments in the primary market, with 3 new public REITs making progress [11]. 3.1.2 Public Fund Market Dynamics E Fund's Ruyi Ying'an 6 - month holding hybrid initiated (FOF) was established on November 19, 2025, with a fundraising scale of over 5.8 billion yuan. China Merchants Bank's "TREE Changying Plan" has contributed to the expansion of medium - and low - risk FOFs [12]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking 3.2.1 Currency Enhancement Index Tracking - **Currency Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that surpasses money market funds. It mainly invests in money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the China Securities Money Fund Index [14]. 3.2.2 Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Focuses on liquidity management, aiming for a smooth curve while controlling drawdowns. It selects 5 funds with stable long - term returns, strict drawdown control, and strong absolute return capabilities. The benchmark is 50% Short - Term Pure Bond Fund Index + 50% General Money Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Seeks stable returns by investing in medium - and long - term pure bond funds. It aims for excess returns compared to the medium - and long - term bond fund index and a stable net value curve. It selects 5 funds, balancing coupon strategies and band operations, and adjusts duration and bond types according to market conditions [20]. 3.2.3 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is set at 10%. It selects 10 fixed - income + funds with an equity position (considering convertible bonds and stocks) within 15% in the past three years and recently. The benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%. It selects 5 fixed - income + funds with an equity position between 15% - 25% in the past three years and recently. The benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index [23]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%. It selects 5 fixed - income + funds with an equity position between 25% - 35% in the past three years and recently. It focuses on funds with strong stock - picking ability in the equity part and no credit downgrading in the bond part. The benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index [26]. 3.2.4 Convertible Bond Fund Preferred Index It selects 5 convertible bond funds from a sample space of bond funds with a convertible bond investment ratio of at least 60% in the latest period and at least 80% on average in the past four quarters. It evaluates funds from multiple dimensions and selects the best - performing ones based on market conditions [30][31]. 3.2.5 QDII Bond Fund Preferred Index Tracking It selects 6 QDII bond funds with stable returns and good risk control, investing in overseas bonds in regions like the global market, Asia, and emerging markets, including investment - grade and high - yield products [31]. 3.2.6 REITs Fund Preferred Index Tracking It selects 10 REITs funds with stable operations, reasonable valuations, and some elasticity, based on the underlying assets of mature and high - quality infrastructure projects with relatively clear cash - flow expectations [35].