2025 年 12 月 15 日 证券研究报告 | 公募基金周报 情绪稍有回暖，等待配置机会 公募基金泛固收指数跟踪周报（2025.12.08-2025.12.12） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 1、《年末扰动仍存，静等配置时 机—公募基金泛固收指数跟踪周报 （2025.12.01-2025.12.05）》2025- 12-08 2、《市场缩量上涨，宏观博弈临 近 — 公 募 基 金 权 益 指 数 跟 踪 周 报 （2025.12.01-2025.12.05）》2025- 12-08 3 、 《 ETF 策 略 指 数 跟 踪 周 报 — 2025/12/8》2025-12-08 4、《市场震荡因素缓解，关注短期 低位布局机会 —公募基金量化遴选 类 策 略 指 数 跟 踪 周 报 （2025.11.30）》2025-12-02 5、《 ...

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]

Market Overview - The bond market experienced a slight increase last week (June 9-13, 2025), with the China Bond Composite Wealth Index (CBA00201) rising by 0.18% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.15% [2][11] - The yield on government bonds remained stable, while credit bond yields showed a downward trend, leading to a narrowing of credit spreads [2][11] - The second round of China-US negotiations concluded without significant new information, and macroeconomic data appeared weak, contributing to the decline in bond yields [11][12] Public Fund Market Dynamics - There has been a significant expansion of credit bond ETFs in 2025, with the total scale exceeding 110 billion yuan. Numerous fund companies are actively applying for technology innovation bond index funds, with the first batch potentially including 10 companies [14][15] - The first public rental housing REIT expansion was completed, raising approximately 946 million yuan through the issuance of about 224 million fund shares, which has positively impacted the REITs market [13][14] Fund Index Performance Tracking - Short-term bond fund index rose by 0.05% last week, with a cumulative return of 3.87% since inception [3][17] - Medium to long-term bond fund index increased by 0.11%, achieving a cumulative return of 6.36% since inception [4][17] - REITs fund index surged by 1.98%, with a remarkable cumulative return of 39.45% since inception [10][17] Specific Fund Index Insights - The low volatility fixed income + fund index rose by 0.13%, with a cumulative return of 2.23% since inception [5][17] - The medium volatility fixed income + fund index increased by 0.12%, with a cumulative return of 1.51% since inception [6][17] - The high volatility fixed income + fund index saw a rise of 0.28%, with a cumulative return of 2.96% since inception [7][17] REITs Market Development - The REITs market maintained high activity levels, with the China REITs Total Return Index rising by 0.69% last week, driven by the performance of public rental housing projects [13][14]