Core Viewpoint - Foreign public funds have significantly increased their product layout in bond funds this year in response to ongoing market volatility [1][2]. Group 1: Product Launches and Market Response - Foreign public funds have launched a variety of new bond funds this year, including medium to long-term pure bond funds, first-level bond funds, and second-level bond funds, indicating a strong market recognition of foreign bond funds [2][3]. - Notable new products include the BlackRock Fuyuan Tianyi, a second-level bond fund that started subscription on April 7, focusing on quantitative investment strategies [3]. - Schroders launched a medium to long-term pure bond product, Schroders Tianyuan Pure Bond, with a first issuance scale close to 6 billion yuan, reflecting continued investor interest in stable bond products [4]. - Allianz Fund introduced the Allianz Anyu, a second-level bond fund emphasizing stable returns and flexible responses, enhancing its fixed income product line [5]. - Manulife Financial actively launched bond products, including the Manulife Yueli Rate Bond and Manulife Interbank Certificate Index 7-Day Holding, with first issuance scales of 6 billion yuan and 5 billion yuan respectively, indicating high market recognition [5][6]. Group 2: Market Outlook and Structural Opportunities - The bond market is expected to present structural opportunities, with credit bonds gaining relative attractiveness as the interest rate bond market may exhibit "small year" characteristics in 2025 [7][11]. - The market has seen fluctuations since the beginning of the year, with expectations of rapid interest rate cuts influencing long-term yield declines [8]. - After mid-March, the funding environment improved, leading to a short-term rebound in the bond market, with expectations that interest rate bonds may continue to decline [9][10]. - Investors are advised to focus on short-duration products in the city investment bond sector, while the credit bond market remains sensitive to policy changes [11][12]. Group 3: Investment Strategies and Flexibility - The current environment is seen as an opportune time for allocating to second-level bond funds, with expectations of a dual bull market in stocks and bonds in the medium term [13]. - The convertible bond market presents structural opportunities, with a reduction in new issuance and a focus on shorter remaining maturities, enhancing the value of convertible bond options [13].

Core Viewpoint - The bond market is experiencing adjustments, yet the new fund issuance market continues to see "explosive" offerings, with several bond funds reaching their fundraising limits and closing early [2][4][6]. Group 1: Fundraising Performance - Multiple bond funds have recently closed early due to reaching their fundraising caps, including Dachen Jing Su interest rate bond fund and Hongli Yue Li interest rate bond fund, both nearing 6 billion RMB in size, making them the largest new funds in March [2][7]. - The Dachen Yuan Hong Jin interest rate bond fund, initially set to raise funds from March 12 to March 27, 2025, also closed early on March 26, 2025, after reaching its 6 billion RMB cap [4][6]. Group 2: Market Trends and Analysis - Despite significant fluctuations in the bond market leading to negative returns for some funds, the new issuance market remains robust, indicating a potential recovery in value [3][4]. - Industry experts believe that the long-term trend in the bond market has not reversed, but the adjustments have improved the cost-performance ratio, suggesting a period of accumulation and stabilization [3][8]. - The current economic indicators suggest that the bond market is in a process of bottoming out, with some institutions increasing their buying power, which may stabilize the market [8][9].