成交笔数倒是上去了，这是利率债被大量抛售的信号，尤其明显，机构布局也分化明显，银行和保险趁机加仓，基金和券商成了主要卖方，整体偏空。 成交情绪能看得见地萎缩，双债成交占比都低于50%的冷暖线，说明场内买卖都没那么热闹。 利率债、信用债和同业存单几乎齐刷刷往下走，幅度大小不一，但基本都在下行通道里，股市倒是没那么弱，上证微涨0.04%，但是债市更凉。 资金面上说话，月初DR007加权利率大约在1.42%，看起来资金价格还行，但公开市场连续5个交易日净回笼，情绪从偏松回到中性，支撑力没那么坚挺了。 午盘对基金的判断是这样的，纯债基金普遍"碎蛋"，30年国债的震荡尤其厉害，混合债基金则半好半坏，产出的碎蛋比纯债少点。 我原以为今年会是股债互平衡的局面，没想到变成了混债和股基在补贴纯债的收益，顺序彻底反过来了。 12月4日午盘，债市又是一片绿雾笼罩，心里那股凉意瞬间上来了，接下来我把午间的关键点说清楚，好让你知道到底发生了啥，别急着走开。 早上看到交易屏幕，10年期国开债活跃券收益率在上午已经上行超过3个基点，成交像下雨一样密集，单单这点就够让人心慌的。 个人持仓方面，我手上有不少30年国债，看到盘面就凉了半截，还是 ...

Core Insights - Publicly offered funds of funds (FOFs) have achieved their best performance in five years, primarily due to heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1] - The shift from bond funds to equity funds has become a new growth highlight for public FOFs, with over 90% of FOFs showing positive returns this year [1] - The top 10 FOFs in the market have significantly increased their allocations to high-volatility equity funds while reducing their investments in bond funds and conservative balanced funds [1] Performance Metrics - The best-performing FOF product has recorded a return of 34.28% year-to-date, a stark contrast to the best return of only 0.29% in the 2022 fiscal year [1] - The overall market performance indicates a strong recovery and positive sentiment towards equity investments among FOFs [1]

Core Viewpoint - The total net asset value of public funds in China reached a historical high of 34.39 trillion yuan as of June 30, 2025, with significant contributions from bond funds and a mixed performance in equity funds [1][3][4]. Fund Size Growth - As of June 30, 2025, there are 164 public fund management institutions in China, managing a total net asset value of 34.39 trillion yuan, marking a growth of 651.9 billion yuan from the end of May [3][4]. - The public bond fund size increased by 507.8 billion yuan in June, reaching 7.28 trillion yuan, with a year-to-date growth trend observed over four consecutive months [6][5]. Bond Fund Performance - Bond funds were the main contributors to the overall growth, with a monthly increase exceeding 500 billion yuan in June [5]. - The bond market is expected to remain bullish in the second half of the year, supported by favorable fundamentals and liquidity conditions, although there are concerns regarding high leverage and duration risks in a low volatility environment [8][7]. Equity Fund Performance - The A-share market showed positive performance in June, with the Shanghai Composite Index rising by 2.9%, leading to an increase in the size of equity funds [9]. - Stock funds and mixed funds saw increases of 148.3 billion yuan and 121.3 billion yuan, respectively, with growth rates of 3.24% and 3.4% [10]. New Fund Issuance - In June, 110 new equity funds were established, raising a total of 51.6 billion yuan, accounting for approximately 40% of the total new fund issuance [11]. - The outlook for the A-share market remains optimistic, driven by sectors such as AI, military, and innovative pharmaceuticals, alongside supportive domestic policies [11]. QDII Fund Growth - QDII funds experienced a growth of approximately 4.51%, reaching a total size of 683.7 billion yuan by the end of June, benefiting from strong inflows and favorable market conditions [12][13].

Core Viewpoint - The public fund industry is experiencing a notable shift where several senior fund managers are choosing to step down from executive roles to focus on their investment responsibilities, indicating a new phase in the industry's development [1][2][4]. Group 1: Changes in Executive Roles - Senior fund managers, particularly those at the vice president level, are increasingly resigning from their executive positions to return to their roles as fund managers, as seen with notable figures like Yang Gu from Nuon Fund and others from various firms [1][2]. - This trend reflects a broader industry movement towards prioritizing investment expertise over management roles, as the dual responsibilities can lead to burnout and hinder effective investment decision-making [2][4]. Group 2: Implications for Investment Performance - The return of these senior managers to investment roles is expected to enhance the investment capabilities of their firms, as their focus will shift back to research and investment performance, which is crucial for the success of actively managed funds [4]. - The industry is recognizing that without strong investment performance, even large fund sizes can lead to dissatisfaction among investors, emphasizing the importance of performance over scale [4]. Group 3: Industry Trends and Future Outlook - The shift away from dual roles is seen as a response to the increasing importance of professional investment in the public fund industry, as passive investment products like ETFs gain popularity [4]. - The trend also highlights a need for better talent cultivation and incentives within the industry, ensuring that core investment personnel are respected and adequately compensated for their expertise [4].