与此同时，股债跷跷板效应逐渐显现。在权益基金表现强势的同时，此前担当公募份额增长主力的债券 基金却出现规模和份额双双下滑。"尽管短期内债券基金面临一定压力，但从长期来看，债券市场仍有 发展空间。"娄鹏飞认为，一方面，随着经济复苏和货币政策的逐步调整，债券市场有望迎来阶段性回 暖；另一方面，政策层面对于债券市场的发展仍持支持态度，央行通过公开市场操作维持流动性宽松， 推动中长期债券收益率上行。 政策红利持续释放，改革创新利好市场。从2024年发布的《关于加强监管防范风险推动资本市场高质量 发展的若干意见》提出"大力发展权益类公募基金，大幅提升权益类基金占比。建立交易型开放式指数 基金(ETF)快速审批通道，推动指数化投资发展"，到今年5月《推动公募基金高质量发展行动方案》的 出台，再到近期《公开募集证券投资基金销售费用管理规定(征求意见稿)》发布，公募基金发展迎来了 越来越好的政策环境。 上海交通大学上海高级金融学院教授吴飞表示，公募基金费率改革持续推进将会给优质服务留出更多成 长空间，这些优质服务或将包含贴心的投资者教育、多元化的产品设计、更加细分的风险管理等。 展望未来，公募基金行业应在切实服务实体经济的同 ...

来源：郁言债市 9月中旬，债市多空对于定价权的争夺变得愈发激烈。以10年国债为例，利率的运行箱体界限更加明确，当利率上至1.80%，多头的买入力量显著提升， 而当利率下至1.75%，空头的势力开始变大。从近期定价内容来看，市场交易主要围绕两个逻辑，一是潜在的央行重启买债，二是公募债基赎回费问题。 ►央行是否会重启买债？ 从目前的线索来看，似乎很难给出准确定论。当下市场博弈的依据是部分大行存在主动买入中长久期利率债的行为，如9月以来大行净买入7-10年国债93 亿元。对于这一品种，大行已经连续8个月维持净卖出操作。与此同时，大行同期还净买入3-5年国债、7-10年政金债843、259亿元，二级买债偏好逐渐向 长久期品种靠拢。 不过，相似的买债行为在5-6月也曾出现，当时大行时隔多月后重新在二级市场配置短债，投资者普遍猜想6月或是央行重启买债的新起点，不过事后来看 这一行为仅仅源自银行内部的止盈后再投资需要。 ►债基过严的惩罚性赎回费率能否优化？ 参考以往案例，新规初步落地后市场往往有一个月的时间内部讨论方案，最终向上反馈，随着汇报期限将至，月末各家机构可能会对此有更加清晰的预 期。 截止2025上半年末，万得口 ...

Core Insights - The article discusses the emotional and financial aspects of retirement savings, highlighting how personal comparisons can impact individuals' perceptions of their financial readiness for retirement [2][4]. Group 1: Retirement Savings Statistics - A 60-year-old administrative assistant has accumulated $320,000 in retirement savings, which is above the national median for her age group [2][4]. - According to the Federal Reserve's 2022 Survey of Consumer Finances, the median retirement savings for households aged 55-64 is $185,000, while the average is over $537,000, skewed by wealthy outliers [3]. Group 2: Cultural Expectations and Social Security - Many Americans believe they need between $1.2 million to $1.5 million to retire comfortably, which has become a cultural benchmark despite the reality being more complex [5]. - The average retired worker receives $1,976 per month from Social Security, with higher earners receiving more; the individual in the article expects $2,200 per month, providing a solid foundation for retirement [6]. Group 3: Strategies for Maximizing Retirement Income - Delaying Social Security benefits can increase monthly checks significantly, with an approximate 8% increase for each year of delay after full retirement age [9]. - Individuals can explore rental income through platforms like Arrived, which allows investment in rental properties without the responsibilities of being a landlord [9]. - Catch-up contributions to retirement accounts are allowed for those over 50, enabling additional savings [9]. - Rebalancing portfolios into income-producing assets, such as dividend stocks and bond funds, can provide reliable income [10]. - Part-time work or consulting can supplement retirement income, with even $10,000 a year making a significant difference [10]. - Reducing major expenses through downsizing or refinancing can lead to substantial savings [10]. - Consulting with a financial advisor can help individuals navigate their retirement plans and adjust for various financial factors [10].

近两日，债券收益率大幅攀升。10年期国债收益率自9月4日1.74%的低位于几个交易日内连续快速上 行，9月10日，债市跌势仍未止步，10年期国债收益率当日下午突破1.8%的关键点位，一度触及1.83% 的高点；30年期国债收益率也上行2.9个基点，来到2.10%附近。 9月11日截至发稿，债市现已有企稳迹象，呈现长短端表现分化。利率债品种中，长端还在继续跌，比 如30年期国债活跃券"25超长期特别国债02"当日收益率上行1.7bp来到2.11%，30年期地方债活跃券"25 河北债59"收益率上行1.75bp至2.35%。短端利率债小幅回暖，1年期国债活跃券"25附息国债08"收益率 下行1.25bp至1.3475%。 受此影响，最近一周债基收益较为低迷。Wind数据显示，截至9月11日发稿，所收录的930只短期纯债 型基金中有751只近一周回报为负；3571只中长期纯债基金中有2926只近一周回报为负。 CNEX债券分歧指数显示，在此轮债市"阵痛"行情中，基金机构持续抛券，成为市场卖方主力。 业界普遍认为，横向比较各类资产变动，本轮债券市场剧烈调整与以往"股债跷跷板"效应不同，未发现 明显跨市场联动，主要源于 ...

Market Overview - The A-share market exhibited a structurally differentiated pattern from September 1 to September 5, with policy-driven and capital rotation dominating sector performance. Major indices showed reduced volatility, with the ChiNext 50 index rising over 3%, while the STAR 50 index fell significantly by 5.42%. The CSI 500 and CSI 1000 indices declined by 1.85% and 2.59%, respectively, indicating overall liquidity pressure on small-cap stocks [2][3] - The Shanghai Composite Index fell by 1.18%, and the Shenzhen Index decreased by 0.83%, while the ChiNext Index increased by 2.35%. High dividend strategies faced dual pressure from weakened interest rate expectations and cyclical industry profit corrections, reflecting a shift of funds from "bond-like" assets to policy-sensitive small-cap stocks [2][3] Sector Performance - The average decline of Wind's first-level sectors was 0.80%, with 39% of the Wind Top 100 concept indices showing positive returns. Sectors such as electric equipment, comprehensive, and non-ferrous metals performed relatively well, rising by 7.39%, 5.38%, and 2.12%, respectively. Conversely, non-bank financials, computers, and defense industries showed significant weakness, declining by 4.96%, 7.27%, and 10.25% [2][3] Fund Issuance - A total of 38 funds were issued last week, including 23 equity funds, 11 mixed funds, and 4 bond funds, with a total issuance of 27.573 billion units [3][4] Fund Performance - The Wind All Fund Index fell by 0.29% last week. The ordinary equity fund index decreased by 0.30%, while the mixed equity fund index dropped by 0.60%. The bond fund index, however, rose by 0.05% [3][6] Global Market Overview - Global asset classes continued to show a "rising East and falling West" structural differentiation. U.S. stock indices showed mixed results, with the S&P 500 index slightly down, while the Nasdaq index rose over 1% due to the resilience of tech stocks. European markets faced political crises, leading to a lack of bullish sentiment among investors [4][6] - Asian markets displayed a "weak North and strong South" characteristic, with indices such as India's SENSEX30, Nikkei 225, and the Korean Composite all recording gains. The Hang Seng Index rose over 1%, with the semiconductor industry expected to be a core driver of market volatility [4][6] Domestic Bond Market Review - The overall sentiment in the bond market was stable last week, with the national bond futures index (CFFEX 10-year) rising by 0.12%. The short-end funding spread (R007-DR007) showed little significant change compared to the previous week, while medium to long-term rates remained low [11][12]

Group 1: Deposit Growth - In the first seven months of this year, RMB deposits increased by 18.44 trillion yuan, compared to an increase of 10.66 trillion yuan in the same period last year, resulting in an additional increase of 7.78 trillion yuan this year [2] - Household deposits rose by 9.66 trillion yuan this year, up from 8.94 trillion yuan last year, indicating a growing trend in household savings despite economic pressures [2] - Non-financial corporate deposits increased by 310.9 billion yuan this year, a recovery from a decrease of 3.23 trillion yuan last year, attributed to a significant issuance of local government bonds [2][3] Group 2: Local Government Bonds - In the first seven months, local government bonds totaled approximately 60.65 billion yuan, a 9.5% increase compared to 55.4 billion yuan in the same period last year [3] - The issuance of local government bonds has improved corporate balance sheets, leading to an increase in non-financial corporate deposits [3] - A substantial portion of the funds raised through bond issuance has not yet been allocated to projects, indicating potential future liquidity in the market [3] Group 3: Financial Products and Investment Behavior - Non-bank financial institutions saw deposits increase by 4.69 trillion yuan this year, up from 2.96 trillion yuan last year, reflecting a shift of funds from traditional deposits to higher-yield financial products [4] - The number of new public funds issued from January to July reached 708, with a total issuance of 714.67 billion units, marking a 22% increase year-on-year [4] - The majority of new fund issuance was in bond funds, which accounted for 80% of total issuance, indicating a preference for fixed-income investments [4] Group 4: Wealth Management and Capital Markets - As of June 2025, the scale of China's banking wealth management market was 30.67 trillion yuan, with a year-to-date growth of 2.38% and a year-on-year increase of 7.53% [5] - In July, there was a decrease of 1.1 trillion yuan in household deposits, while non-bank deposits increased by 2.14 trillion yuan, suggesting a trend of funds moving towards financial products and capital markets [5] - The increase in non-bank financial institution deposits is indicative of a more active financial investment environment among private sectors, particularly in the context of declining deposit rates [6]

Core Insights - The total issuance scale of new funds in the first half of 2025 reached 540.85 billion yuan, a nearly 20% decline compared to the same period last year, despite an increase in the number of new funds established [2][3] - Stock funds saw a significant increase, with issuance reaching 188.06 billion yuan, representing a growth of over 183% year-on-year, marking a historical high in both issuance quantity and share [3][4] - Bond funds remained the mainstay of new fund issuance but experienced a substantial decline, with 126 new bond funds established, raising 247.85 billion yuan, a decrease of nearly 54% compared to last year [2][4] Fund Issuance Overview - A total of 672 new funds were established by the end of June, with a combined issuance of 5,303.47 million units, raising a total of 540.85 billion yuan [2] - The share of bond funds in the total issuance fell below 50% for the first time since 2022, accounting for 46.73% of the total new fund issuance [2][3] - Mixed funds also saw growth, with 111 new mixed funds established, raising 52.35 billion yuan, achieving a share of 9.87% [3] Market Highlights - The first half of 2025 saw a notable performance in the FOF (Fund of Funds) category, with 30 new FOF funds established, raising 32.75 billion yuan, marking a significant recovery in this segment [4] - Bond index funds emerged as a highlight, with 27 new bond index funds established, accounting for over 20% of the total new bond funds [4] - The REITs market also showed strong performance, with 10 new public REITs issued, raising a total of 15.3 billion yuan, all of which were sold out on the first day [5]

Group 1 - The total net asset value of public funds in China reached a record high of 33.74 trillion yuan as of the end of May 2025, marking the eighth consecutive record since 2024 [1] - The number of public fund products also hit a new high, totaling 12,772, an increase of 67 products from April [1] Group 2 - A total of 60 qualified domestic institutional investors received approval for a new round of QDII quotas, amounting to a combined 2.12 billion USD [2] - Notable fund companies such as E Fund, GF Fund, and others received individual QDII quotas of 50 million USD, while several other institutions received varying amounts between 10 million to 40 million USD [2] Group 3 - In June, the scale of newly launched funds exceeded 90 billion yuan, with bond funds dominating the issuance [3] - Mixed FOF funds emerged as the top fundraising category in June, raising 6.573 billion yuan, while the issuance of passive index products saw a decline [3] Group 4 - The China Securities Regulatory Commission approved the establishment of a subsidiary in Singapore by Xingzheng Global Fund, with a registered capital of 10 million SGD [4] - The subsidiary is restricted to conducting financial or related businesses and is prohibited from engaging in non-financial activities [4] Group 5 - The head of quantitative index and multi-asset departments at CICC Fund emphasized the importance of long-term investment strategies for achieving sustainable excess returns [5] - The focus should be on high-quality assets with significant "double high" characteristics, specifically those meeting the criteria of high and stable ROE and high safety margins [5] Group 6 - Looking ahead to the second half of 2025, it is anticipated that domestic economic growth will be further supported by ongoing policy initiatives, enhancing the profitability of listed companies [6] - Long-term capital is expected to increase its allocation to A-shares, benefiting quality companies with effective governance and innovative growth potential [6] Group 7 - Gao Xiyang resigned as the manager of Yimin Innovation Advantage Mixed Fund due to personal reasons, with Zhang Ting continuing the management of the fund [7] - Gao Xiyang also stepped down as the deputy general manager of Yimin Fund and will not transition to another position within the company [7] Group 8 - On June 27, the market experienced fluctuations, with the Shanghai Composite Index falling by 0.7% while the Shenzhen Component Index and the ChiNext Index rose by 0.34% and 0.47%, respectively [8] - The trading volume in the Shanghai and Shenzhen markets was 1.54 trillion yuan, a decrease of 42.1 billion yuan from the previous trading day [8]

Group 1 - The total net asset value of public funds in China reached 33.74 trillion yuan by the end of May 2025, an increase of 0.62 trillion yuan from the end of April [1] - Among various fund types, money market funds and bond funds continued to grow, with money market funds increasing by 407.13 billion yuan (approximately 2.91%) to 14.40 trillion yuan, and bond funds increasing by 221.88 billion yuan (approximately 3.38%) to 6.78 trillion yuan [1][3] - In May, 20 new bond funds were launched, raising a total of 36.21 billion units, accounting for 55.07% of the total issuance of public funds, with an average size of 1.81 billion units per fund [3] Group 2 - The growth in bond fund scale was driven by both new issuances and additional investments in existing products, as institutional clients preferred bond funds for risk aversion amid market fluctuations [3] - Money market funds benefited from a declining interest rate environment, with their ability to invest in high liquidity short-term instruments like government bonds and commercial papers, leading to diverse income sources [3] - QDII and equity funds also saw slight increases in net value, with QDII funds rising by 10.25 billion yuan (approximately 1.59%) and equity funds by 3.43 billion yuan (approximately 0.07%) [3]

市场概况： 上周（4月21日至4月25日）A 股市场呈现显著的结构性分化特征，A 股市场呈现 "中 小盘成长领涨、大盘价值承压" 的分化格局。上证指数微涨 0.56%，深证成指上行1.38%，创业板 指表现强劲，上涨超过1.5%，万得微盘指数上涨2.52%，涨幅领先其他宽基指数，反映资金加速 向高弹性小盘股聚集。全周上证指数上涨0.56%，深证指数上涨1.38%，创业板指上涨1.74%。 行业板块： 上周Wind一级平均涨幅0.76%，Wind百大概念指数上涨比例78%。板块方面，77% 板块获得正收益，汽车、美容护理、基础化工相对表现良好，分别上涨4.87%、3.80%、2.71%， 而煤炭、房地产、食品饮料相对表现不佳，小幅下跌0.63%、1.31%、1.36%。 基金发行： 上周合计发行27只，其中股票型基金发行17只，混合型基金发行4只，债券型基金发行 5只， FOF型基金发行1只，总发行份额245.79亿份。 基金表现 ： 上周万得中国基金总指数上涨0.81%。其中，万得普通股票型基金指数上涨1.66%， 万得偏股混合型基金指数上涨1.90%，万得债券型基金指数上涨0.03%。 数据来源：Wind ...