Group 1 - Multiple prominent public fund managers have recently made career moves, with Ma Long joining Tianhong Fund and Wang Haifeng moving to Pengyang Fund [1][2][6] - The public fund industry is experiencing a high frequency of talent movement, with 134 fund managers having left their positions as of May 13 [2][12] - Ma Long, a well-known fixed income manager, has nearly 16 years of bond research experience and 11 years in public fund management, previously managing nearly 90 billion yuan in assets [4][5] Group 2 - Wang Haifeng has transitioned to Pengyang Fund after a long tenure at Yinhua Fund, where he managed over 14 billion yuan in assets [7][9] - Pengyang Fund, established in 2016, has a total asset management scale of 172.6 billion yuan, with a significant portion in fixed income products [9][10] - The recent moves of these fund managers align with the industry's shift towards high-quality development, emphasizing the importance of systematic research teams and high-quality talent [12][12]

Group 1 - The core point of the news is the confirmed move of renowned fixed income fund manager Ma Long to Tianhong Fund, which is expected to enhance the firm's fixed income research and investment capabilities [1][2][3] - Ma Long has nearly 16 years of experience in bond research and investment, with a significant track record in managing public funds, particularly in the credit bond investment sector, with a maximum management scale exceeding 87.6 billion [1][2] - His previous fund management performance includes a return of 68.32% over nearly 10 years for the Zhaoshang Industrial Bond fund, showcasing his expertise in credit risk control and investment strategies [2][3] Group 2 - Tianhong Fund is recognized as a leading player in the fixed income sector, with a total fixed income business scale exceeding 1 trillion yuan, and a non-monetary fixed income fund management scale of 186.3 billion, ranking 14th in the industry [2][3] - The firm has a well-established fixed income research team of over 70 members, focusing on macro and credit research, which has been instrumental in its strong performance in the bond market [3] - The recent influx of talent, including Ma Long, is part of a broader trend in the public fund industry, which is experiencing high turnover among fund managers as firms seek to enhance their research capabilities [4]

中金公司表示，纯债基金整体杠杆进一步压缩，对于资产的流动性要求更高。由于今年一季度资金利率 普遍较高，部分策略因此处于负Carry状态，纯债基整体杠杆水平连续两个季度压缩。而具体持仓层 面，国债保持高位，短久期信用债中票持仓进一步抬高，存单性价比趋弱下占比压缩。而久期层面，整 体久期在压缩，但是分歧度在提高。 今年年初，部分资金在年末抢跑行情下快速入场，并进一步拉抬债券市场平均久期，但在后续中国人民 银行主动引导资金利率中枢抬升后，短端带动长端出现调整，直至2月部分大行负债端压力陡增，被迫 卖出老券平滑业绩并进一步放大市场波动，进而在一定程度上加剧了赎回压力。 受今年一季度债市剧烈波动影响，债券型基金（简称"债基"）规模显著收缩。 数据显示，包括债券型ETF基金在内，截至今年一季度末，债券型基金的规模约为10.07万亿元，相比 2024年末减少了近4820亿元，其中，纯债基金成为规模缩水"重灾区"，中长期纯债型基金、短期纯债型 基金以及被动指数型债券基金均出现明显缩水。 市场分析人士指出，今年一季度债基缩水，或受一季度债券市场行情影响。中长期债基份额下降最多， 其次是短期纯债基，而含有权益类资产的混合债基份额 ...