文 | 银行螺丝钉 （转载请注明出处） (2) 股票基金 股票基金,假期不更新基金净值。 不过，可以通过观察港股、美股等市场指 数的涨跌情况，来大致判断假期里的A股 涨跌幅。 比如,美股里,有投资A股的指数基金。 长假之后第一天，一般纯债债券基金都是 上涨，将假期的收益补上。 这个特点对90天投顾组合里的纯债基金来 说，通常也是成立的。 我们以组合里的某一只纯债债基为例,通 常情况下,这只基金一天涨跌大约是 0.01%-0.015%左右。 在2022年国庆假期，10天左右的时间里, 净值没有变化，不涨不跌。但假期回来的 第一个交易日，上涨0.05%。 其实这个涨幅，就是把假期里的收益集中 体现了。 像五一、春节等假期也是如此。 ASHR，就是对应A股的沪深300指数基 金。ASHR假期里的涨跌幅，可以近似地 看作美股投资者对A股涨跌的看法。 再比如，有代表性的富时A50指数。这个 指数，从沪深两市，挑选了市值规模最大 的50只股票，每季度调整一次成分股。 整体来看，这50只成分股的市值，占了A 股全部公司总市值的三分之一左右。它的 涨跌可以反映A股市场大致的波动幅度。 假期A股不开盘，但是海外市场有追踪 A5 ...

Group 1 - The core viewpoint of the articles indicates that institutional investors are reducing their allocation to credit bonds while increasing their holdings in policy financial bonds and government bonds in the first quarter of 2025 [2][3]. - The total management scale of actively managed bond funds reached 89,902.19 billion, a decrease of 3.95% compared to the previous quarter [2]. - The issuance of new actively managed bond funds in the first quarter totaled 797.09 billion, down approximately 175.69 billion from the previous quarter [2]. Group 2 - The proportion of credit bonds decreased from 54.63% to 53.12% compared to the previous quarter, indicating a shift in investment strategy [3]. - The median duration of pure bond funds slightly decreased from 2.30 years to 2.22 years, while the leverage ratio for "fixed income+" funds showed a downward trend [3]. - The market is expected to maintain a volatile pattern leading up to the May Day holiday, with cautious trading attitudes prevailing [4]. Group 3 - The analysis suggests that long-term interest rates are likely to continue fluctuating widely throughout the year, influenced by factors such as fiscal stimulus [5]. - The performance of certain medium to long-term pure bond funds has been strong, with some funds achieving notable weekly returns [4].