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Since the beginning of this year, the bond market has continued to rise. There has been a great divergence in the subscription and redemption of public fund institutions for their own fixed income products. Some institutions choose to purchase them in large quantities, while others choose to withdraw quietly.

China Securities Journal reporter learned that the subscription and redemption of fixed-income products by fund companies are mainly decided by their financial departments, which are used to support the business development of fund companies on the one hand, and to meet the financial management needs of idle funds and conduct liquidity management on the other hand. Recently, fund companies are more inclined to choose fixed-income products with shorter duration and better liquidity.

As the central bank launched a "combination punch" of interest rate cuts and state-owned banks collectively lowered deposit rates, many institutions said that short-term bond yields are expected to follow the downward trend, and the trend of deposits moving to wealth management and then to the bond market will continue, and the bond market's allocation belief will be strengthened. The decline in long-term deposit rates is even greater, which has given the market more room for imagination about the downward trend of long-term interest rates. In terms of subsequent allocation, in the short term, we can focus on medium- and short-term products, and after the long-term and ultra-long-term yields return to a relatively reasonable level, we can look for allocation opportunities in the volatility. (China Securities Journal)