Core Viewpoint - The bond market exhibits seasonal characteristics, with specific trends observed in each quarter, leading to expectations of a favorable year-end market performance [1][9]. Group 1: Seasonal Characteristics of the Bond Market - The bond market typically faces disturbances in the first quarter, followed by a downtrend in yields in the second quarter, a turning point in the third quarter, and a recovery in value after adjustments in the fourth quarter [1]. - Key economic and policy cycles influence these seasonal trends, with the first quarter often showing strong performance, while the second quarter sees a weakening economic momentum [4]. - Important political meetings throughout the year, such as the National People's Congress in March and various Politburo meetings, create fluctuations in market expectations [4]. Group 2: Monetary Policy and Market Dynamics - Central bank actions, such as interest rate cuts and reserve requirement ratio reductions, are concentrated around year-end and significant meetings, contributing to a generally favorable liquidity environment at these times [5]. - The seasonal supply of bonds also plays a role, with government bond issuance typically peaking in the second and third quarters, affecting market supply and demand dynamics [6]. Group 3: Institutional Behavior and Market Sentiment - Institutional investors, including banks and insurance companies, tend to follow a strategy of early allocation for early returns, influenced by the beginning of the year and the need to meet performance benchmarks [7]. - The performance of the stock market, particularly A-shares, also exhibits seasonal patterns that indirectly impact bond market behavior [8]. Group 4: Year-End Market Outlook - As of November, the monetary market maintains a loose stance, with signs of recovery in the bond market as liquidity pressures ease and fiscal spending stabilizes [9]. - Institutions anticipate a year-end bond market characterized by stable funding, declining interest rates, and improved market sentiment, supported by a weak macroeconomic backdrop and a clear monetary easing policy [10]. Group 5: Investment Opportunities - For investors seeking stable, long-term returns, pure bond funds are highlighted as a suitable choice, particularly in the context of increasing market volatility in equities [12]. - The performance of specific funds, such as the Huatai-PineBridge Fengsui 60-Day Pure Bond Fund, demonstrates resilience against market fluctuations, achieving a cumulative return of 2.68% since inception, significantly outperforming its benchmark [14].

从基金经理、投资策略到产品机制，全方位专业布局。 当前期收益悄然回吐、新入场资金举棋不定——绝大多数投资者都在经历一场 "情绪与财富的双重考 验"。 在贪婪与恐惧的摇摆之间，究竟该如何为资产寻找一处安稳的栖息地？ 此时，底层资产稳固纯债基金，价值愈发凸显。作为其中一员，汇添富丰穗60天纯债基金（A 类： 021801/C 类：021802）凭借其专业设计与亮眼表现，为投资者在不确定的市场中搭建起一道坚实的财 富防线。 与此同时，当前市场普遍预期货币政策将趋于宽松。而利率下行往往会推动债券价格上涨，使得债券型 基金有望实现净值与市值的双重提升。这意味着纯债基金不仅是风险对冲的工具，更是把握利率下行机 遇的优质载体。 图源：罐头图库 此外，相较于传统银行存款及第三方平台货币基金，债券型基金在保持较好流动性的同时，能够在风险 可控的基础上，争取进一步增厚组合收益。以中国银行2025年5月20日发布的人民币存款利率表为例， 整存整取1年利率仅为0.95%；第三方平台的某货基产品近7日年化收益率也仅为1.02%。（数据来源： 中国银行官网，支付宝，截至2025/11/5） 与此相对应的，是万得中长期纯债型基金指数在20 ...