Market Overview - The bond market experienced fluctuations and an upward trend during the week of June 30 to July 4, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.17% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.14% [2][12] - Short-term interest rates showed strong performance, with key yield spreads widening, while credit bond yields generally declined, leading to a narrowing of credit spreads [2][12] - The liquidity in the market improved post-quarter, supporting the bond market's strength, and the demand for coupon assets returned to stability [2][12][13] US Market Dynamics - Strong US non-farm payroll data reduced expectations for interest rate cuts, leading to an upward trend in US Treasury yields [14] - The Federal Reserve's cautious stance and the unexpected strength in employment data contributed to a shift in market sentiment regarding future monetary policy [14] REITs Market Activity - The REITs secondary market saw fluctuations but ultimately rose, with the CSI REITs Total Return Index increasing by 0.66% [15] - Despite some adjustments in the market, the overall trading activity remained robust, indicating a healthy development trend [15] Public Fund Market Developments - The first batch of 10 Sci-Tech Innovation Bond ETFs received approval from the China Securities Regulatory Commission on July 2, 2025, which is expected to provide new credit base options for investors amid a low-interest-rate environment [16][17] Fund Performance Tracking - Short-term bond funds rose by 0.08% last week, with a cumulative return of 4.02% since inception [3] - Medium to long-term bond funds increased by 0.19%, achieving a cumulative return of 6.69% since inception [4] - Low-volatility fixed income plus funds rose by 0.31%, with a cumulative return of 2.79% since inception [5] - Medium-volatility fixed income plus funds increased by 0.54%, with a cumulative return of 2.33% since inception [6] - High-volatility fixed income plus funds rose by 0.40%, achieving a cumulative return of 3.40% since inception [7] - Convertible bond funds increased by 0.74%, with a cumulative return of 10.79% since inception [8] - QDII bond funds decreased by 0.08%, with a cumulative return of 7.87% since inception [9] - REITs funds rose by 1.00%, achieving a cumulative return of 40.41% since inception [10]

分析师：王骅 登记编号：S0890522090001 分析师：顾昕 登记编号：S0890524040001 分析师：冯思诗 登记编号：S0890524070001 投资要点 市场回顾： 上周（2025.06.23-2025.06.27）债券市场小幅下跌，中债-综合财富指数（CBA00201）收跌 0.05%，中债-综合全价指数(CBA00203)收跌0.09%。利率债收益率呈现短端下行而长端上行的变化，信用债收 益率普遍上行，信用利差有所走扩 。 市场观察： 跨季将至，央行呵护态势不改；理财资金回表，票息资产受压制；降息博弈持续升温，"大而美"法 案或加剧美债不确定性；REITs二级市场高位调整，新发产品首日涨停 。 公募基金市场动态： 2025年6月18日，中国人民银行副行长、国家外汇管理局局长朱鹤新在2025陆家嘴论坛上 表示，国家外管局将在近期开放最新一批合格境内机构投资者(QDII)投资额度，以满足境内投资人的需求。这 也将是继上一次QDII额度下发时隔一年后的再度"放开" 。 泛固收基金指数表现跟踪 短期债基优选：上周收涨0.02%，成立以来累计录得3.94%的收益。 高波固收+基金优选：上周收涨0 ...

低波固收+基金优选：上周收涨0.13%，成立以来累计录得2.23%的收益。 中波固收+基金优选：上周收涨0.12%，成立以来累计录得1.51%的收益。 分析师：孙书娜 登记编号：S0890523070001 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 投资要点 市场回顾： 上周（2025.06.09-2025.06.13）债券市场小幅上涨，中债-综合财富指数（CBA00201）收涨 0.18%，中债-综合全价指数(CBA00203)收涨0.15%。利率债收益率基本走平。信用债收益率以下行为主，信用 利差有所收窄。 市场观察： 中美二轮谈判尘埃落地，宏观经济数据偏弱；临近税期资金偏紧，央行积极维护资金面；降息预期 升温，美债标售需求稳健；首单保租房REIT扩募完成，"首发+扩募"带动市场平稳发展。 公募基金市场动态： 年内信用债ETF大扩容，基金公司积极上报科创债指数基金：据悉，近期，数十家基金公 司已递交了关于科创债ETF的申请，此次科创债ETF有数十家基金公司参与申请，首批名单或有10家。首批科 创债ETF可能主要跟踪中证AAA科技创新公司债 ...