彭博是全球首家将中国债券纳入全球主流指数的指数提供商。彭博中国固定收益指数系 列作为衡量中国债券市场的旗舰指数，为全球投资者提供了清晰且独特视角和观察。 《彭博中国固定收益指数月报》 由彭博指数团队和彭博行业研究分析师共同撰写，为 您呈现月度指数回顾、短期宏观经济和债市展望。 收益指数月报 2025年10月 彭博指数团队与彭博行业研究联合发布 10月，彭博中国综合指数（衡量中国债券市场的旗舰指数）录得0.65%的回报率，年至今 回报达到0.71%。在此期间，其30天波动率呈下降趋势。 中国国债和政策性银行债指数10月回报率为0.66%。在全球综合指数内27种货币中，以本 币计价来衡量，人民币的年至今回报率为0.60%，排名从上月的第26位攀升至第25位。以 美元计价，其年至今回报率为3.22%，排名第26位。 10月，长期限债券的表现优于短期限债券。1-3年期、3-5年期、5-7年期、7-10年期及10年 期以上指数的当月回报率分别为0.28%、0.45%、0.60%、0.83%和1.54%。 10月关键洞察 彭博中国固定 彭博行业研究观点 扫码阅读本期全文，您还将了解： 扫码阅读完整报告 8月流出中国债券市 ...

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market [1] - The Bloomberg China Aggregate Index recorded a return of 0.47% in June, with a year-to-date return of 0.87% [3][5] - The 30-day volatility of the index has shown a downward trend during this period [3] Index Performance - The China Treasury and Policy Banks Index achieved a return of 0.48% in June, with a year-to-date return of 0.76% [5] - The performance of various indices is as follows: - China Aggregate Index: -0.01% (1D), 0.47% (MTD), 0.87% (YTD) [5] - China Treasuries: -0.04% (1D), 0.60% (MTD), 0.91% (YTD) [5] - China Corporate: 0.03% (1D), 0.28% (MTD), 1.04% (YTD) [5] - 10+ Year Maturity: -0.13% (1D), 1.30% (MTD), 2.23% (YTD) [5] Market Outlook - The yield spread between US and Chinese 10-year government bonds has widened due to market concerns over US debt credibility, although it has narrowed since the trade "truce" in April [11] - The upcoming third-quarter US-China trade negotiations may shift market focus back to macroeconomic drivers, potentially affecting capital inflows into Chinese government bonds [11] - The return rate for high-rated dollar bonds in Asian emerging markets is approximately 3% year-to-date, driven mainly by benchmark yields [11]

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market [1] - The Bloomberg China Aggregate Index recorded a return of -0.01% in May, with a year-to-date return of 0.41% [3][5] - The Chinese government bonds and policy bank bonds index saw a return of -0.14% in May, with a year-to-date return of 0.28% in local currency [3][5] Index Performance - The China Aggregate Index (I08271CN) had a 1-day return of 0.06%, a month-to-date return of -0.01%, and a year-to-date return of 0.41% [5] - The China Treasury and Policy Banks Index (I32561CN) recorded a 1-day return of 0.10%, a month-to-date return of -0.14%, and a year-to-date return of 0.28% [5] - The China Corporate Index (I08275CN) achieved a year-to-date return of 0.76% [5] Market Trends - The Asian emerging market high-yield dollar bond index spread narrowed by nearly 130 basis points from the April peak of 5.63%, leading to a 1.42% increase in the index for May [9] - The yield curve of U.S. Treasuries is experiencing a "bull steepening," which may increase the hedging costs for RMB southbound investors in the dollar bond market [9] - Despite rising hedging costs in 2025, dollar bonds still offer a yield advantage of 44.5 basis points compared to the domestic market priced in RMB [9]

Core Insights - Bloomberg is the first global index provider to include Chinese bonds in mainstream global indices, offering a unique perspective on the Chinese bond market [1] - The Bloomberg China Aggregate Index experienced a negative return of -0.69% in February 2025, reversing the positive returns seen at the beginning of the year [3] - The 30-day volatility of the index slightly decreased from 1.21% at the end of January to 1.18% in February [3] Index Performance - The China Aggregate Index recorded a year-to-date return of -0.40% as of February, with various sub-indices showing mixed performance [4] - The China Treasury and Policy Banks Index had a return of -0.71% for the month, while the China Corporate Index reported a -0.26% return [4] - The 10+ Year bonds showed the worst performance with a return of -1.39% for the month [4] Currency Performance - The year-to-date return for the renminbi-denominated bonds was -0.47%, while the dollar-denominated bonds had a return of -0.25%, ranking 25th out of 27 currencies in the global composite index [3] Market Trends - The preference for U.S. Treasury bonds may benefit Chinese bonds, particularly government bonds, as it could support the yield premium after hedging against the dollar [9] - Recent refinancing activities in the real estate sector have improved the returns of high-yield Chinese real estate bonds, with a year-to-date return of 1.99% in February, recovering from -5.11% in January [9] - The Chinese government's recent actions indicate a commitment to stabilizing the market, which may positively impact the returns in the real estate sector [9]