业 研 究 2026 年 01 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -10% 0% 10% 19% 29% 2025-01 2025-05 2025-09 银行 沪深300 相关研究报告 《 银 行 视 角 解 码 《 金 融 稳 定 报 告 （ 2025 ）》 — 行业点评报告》 -2025.12.31 《存款搬家股市放缓，中小行储蓄回 流大行—11 月央行信贷收支表要点解 读》-2025.12.18 《存款非银化放缓，关注 2026Q1 大 行资负缺口压力—11 月金融数据点 评》-2025.12.13 2026 钱往何处：理财真净值化时代的攻守之道 ——2026 年理财资产配置展望 liuchengxiang@kysec.cn 刘呈祥（分析师） 吴文鑫（分析师） wuwenxin@kysec.cn 证书编号：S0790524060002 负债端：增长无虞，"存款搬家"为主要催化 预计 2026 年理财稳步增长 3.8 万亿元。根据央行披露的住户金融资产流量表， 2023 年上半年居民定期存款占比陡增至最高 85.57%，随后在 2023 年、2024 年 分别降至 55.3 ...

基金费率新规落地如何影响债市 [Table_Authors] 唐元懋(分析师) ——债券基金周度数据观察 本报告导读： 短期利空因素修复，但中期结构优化未完。 投资要点： 债券研究 /[Table_Date] 2026.01.04 | | 0755-23976753 | | --- | --- | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 吴宇擎(分析师) | | | 021-38674702 | | | wuyuqing@gtht.com | | 登记编号 | S0880516050001 | [Table_Report] 相关报告 2026 年地方债发行久期和节奏怎么看 2025.12.30 重"稳"轻"赎"，配短博长 2025.12.26 因时制宜：周期转换中的转债因子轮动 2025.12.06 定量拆解：债基跨年行情的几个关键点 2025.12.05 2026 年货币政策展望：目标函数和宽松模式重构 2025.12.05 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 券 债 究 专 题 研 究 [Table_Summa ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - As of the end of Q3 2025, the total number of active bond funds increased by 1.4% quarter-on-quarter, while the total fund size decreased by 3.5% quarter-on-quarter. Among them, the scale of hybrid secondary bond funds increased significantly by 61.1% [2][5][6]. - In Q3 2025, the yield of Treasury bonds increased, and the performance of short-term pure bond funds was better than that of medium and long-term pure bond funds. Driven by equity assets, secondary bond funds performed better [2][15][17]. - In terms of positions, medium and long-term pure bond funds, short-term bond funds, and hybrid primary bond funds all reduced leverage and duration. The bond positions of medium and long-term pure bond funds and short-term bond funds decreased, while the convertible bond positions of hybrid primary bond funds increased. Hybrid secondary bond funds increased their stock positions and decreased their bond positions, and increased their positions in sectors such as electronics, power equipment, and media [2]. Summary by Directory 1. Scale and Issuance of Active Bond Funds - **Scale Change**: As of the end of Q3 2025, the number of active bond funds was 3,349 (excluding amortized cost method funds), a quarter-on-quarter increase of 1.4%. The total fund size was 7.68 trillion yuan, a quarter-on-quarter decrease of 3.5%. Among them, the number of medium and long-term pure bond funds, hybrid primary bond funds, and hybrid secondary bond funds increased by 0.8%, 1.7%, and 3.8% respectively quarter-on-quarter, while the number of short-term pure bond funds decreased by 0.3% quarter-on-quarter. The scale of medium and long-term pure bond funds, short-term pure bond funds, and hybrid primary bond funds decreased by 11.1%, 18.0%, and 1.0% respectively, while the scale of hybrid secondary bond funds increased significantly by 61.1% quarter-on-quarter [5][6]. - **Fund Issuance**: In Q3 2025, 75 active bond funds were issued, an increase of 11 from the previous quarter, a growth rate of 17.2%. The total issuance scale was 50.41 billion yuan, a quarter-on-quarter decrease of 39%. Among them, the issuance scale of medium and long-term pure bond funds and short-term pure bond funds decreased compared with the previous quarter, while the issuance scale of hybrid primary bond funds and hybrid secondary bond funds increased by 37.8% and 39.5% respectively quarter-on-quarter [10][12]. 2. Performance of Active Bond Funds - **Treasury Yield Increase**: In Q3 2025, the yields of 1-year, 3-year, 5-year, 7-year, 10-year, and 30-year Treasury bonds increased by 3bp, 12bp, 10bp, 16bp, 22bp, and 39bp respectively. Against the background of rising interest rates, the performance of medium and long-term pure bond funds was poor. The yield of the short-term pure bond fund index was 0.16%, and the yield of the medium and long-term pure bond fund index was -0.37% [15]. - **Better Performance of Equity-Containing Products**: Driven by equity assets in Q3 2025, secondary bond funds performed better. The yield of the hybrid primary bond fund index was 0.64%, with a maximum drawdown of -0.50%; the yield of the hybrid secondary bond fund index was 3.18%, with a maximum drawdown of -0.73% [17]. 3. Position Analysis of Active Bond Funds - **Medium and Long-Term Pure Bond Funds**: Reduced leverage and duration, and bond positions generally decreased. Both closed - end and open - end medium and long-term pure bond funds reduced their positions in interest rate bonds, credit bonds, and financial bonds [20][26][28]. - **Short-Term Bond Funds**: Reduced leverage and duration, and the financial bond position decreased. The bond position and the weighted duration of the top five heavy - held bonds also decreased [35][37][42]. - **Hybrid Primary Bond Funds**: Reduced leverage and duration, and the convertible bond position increased. The leverage ratio and bond position decreased, while the convertible bond position increased [44][46][48]. - **Hybrid Secondary Bond Funds**: - **Asset Allocation**: The bond position decreased, and the stock position increased. The median convertible bond position decreased compared with the end of the previous quarter [56][58]. - **Industry Distribution of Heavy - Held Stocks**: In Q3, sectors such as electronics, power equipment, and media were increased, while sectors such as banks, public utilities, and transportation were reduced [63]. - **Heavy - Held Stocks**: Zijin Mining was the largest heavy - held stock, and the heavy - held scale of the top ten heavy - held stocks increased. Stocks such as CATL and Alibaba - W were increased significantly, while stocks such as Yangtze Power and China Merchants Bank were reduced [67][68].

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]