Core Insights - The bond fund market has been experiencing significant redemption pressure since July, with no signs of recovery in September, leading to a need for increased net asset value precision in several funds [1][2] - A total of 67 funds have announced adjustments to their net asset value precision due to large redemptions, with nearly 90% being bond funds [2][4] - The current redemption wave is attributed to various factors, including the "scissors effect" between stock and bond markets and the impact of public fund fee reforms [1][4] Redemption Pressure - Since July, 67 funds have announced increases in net asset value precision due to large redemptions, with 60 of these being bond funds [2][3] - Among the bond funds, 44 are pure bond funds, 11 are passive index bond funds, and 5 are mixed bond funds [2] - The mid-to-long-term pure bond fund index has seen a significant decline, with a total drop of 0.80% over July and August, and a slight decrease of 0.01% in September [2][6] Market Dynamics - The bond market has been volatile, leading to frequent large redemptions, with the current situation being more widespread compared to previous instances [2][4] - The redemption pressure is primarily seen in pure bond funds, particularly mid-to-long-term bond funds [2][3] - The bond funds experiencing large redemptions include those managed by various public institutions, including both securities and banking-related fund managers [3][4] Fee Reform Impact - The recent public fund fee reform is expected to influence investor behavior, with lower subscription fees for stock and mixed funds, while bond fund redemption fees will increase [5][6] - The new fee structure aims to align redemption costs across different fund types, potentially leading to higher trading costs for bond funds [5][6] - The stock market has seen a significant increase in fund sizes, with equity ETFs surpassing 4.35 trillion yuan, contrasting with the negative performance of over 1200 bond funds [5][6]