Core Viewpoint - The upcoming concentrated opening period for amortized cost method bond funds is becoming a significant variable in the bond market, with over 80 funds expected to open, totaling more than 400 billion yuan in scale by early 2026 [1][2][3] Group 1: Market Dynamics - As of November 14, there are a total of 190 amortized cost bond funds, with a peak opening period expected from November 2025 to the first quarter of 2026 [1][2] - The recent surge in interest for these funds is attributed to their ability to provide a stable yield in a low-interest-rate environment, making them an attractive option for institutional investors [4][6] - The shift in investment from bank proprietary trading to wealth management products is driving demand for these funds, as banks seek stable and predictable returns [7][8] Group 2: Investment Strategies - Amortized cost bond funds utilize a "buy and hold until maturity" strategy, which helps in matching the duration of the bonds with the fund's closed period, providing a stable investment experience [3][4] - The focus on 3-5 year credit bonds has increased, with significant net purchases observed in this segment, leading to a decrease in yields and a narrowing of credit spreads [6][11] - The anticipated influx of funds from the opening of these bond funds is expected to provide additional capital for 3-5 year credit bonds and policy financial bonds, potentially enhancing returns for investors [11][12] Group 3: Future Outlook - The bond market is expected to see continued interest in amortized cost bond funds, particularly in the 3-5 year credit segment, as these funds enter their next round of openings [10][11] - The market dynamics suggest that while there may be short-term gains, the overall impact on yield may be limited due to the relatively small scale of these funds compared to the broader market [9][12] - The upcoming months are likely to witness fluctuations in the bond market as high-interest fixed deposits mature, influencing the liquidity and investment strategies of wealth management products [12]