the bond market hit a new high, and the scale of short-term bonds held by minsheng jiayin yueyuele for 30 days increased significantly
2024-09-20
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recently, the bond market has gradually shown signs of stabilization after experiencing a deep correction in the previous period. wind data shows that as of september 10, the china bond net price composite index, which represents the overall performance of bonds, reached 107.91 points, a record high since its launch on january 4, 2002, and has risen by 0.44% since september. on the same day, the 10-year treasury bond yield reached 2.1143%, down about 14bp since august 12, indicating that the bond market has begun to strengthen again.
previously, the bond market experienced a deep correction in early august, which led to a significant decline in the net value of bond-based products and pure fixed-income wealth management products. the market was once worried about the coming of a "redemption wave". however, as the market gradually stabilized, the credit bond correction caused by concerns about redemption has stopped, and the net value of bond-based products and pure fixed-income wealth management products has also begun to recover.
as the bond market stabilizes, investors are increasingly interested in investing in short-term bonds. in particular, short-term pure bond funds have attracted a large number of investors' attention due to the characteristics of the shorter duration of the bonds they invest in, less impact from changes in market interest rates, and relatively low volatility. wind data shows that as of september 10, the scale of short-term pure bond funds in the entire market has reached 1.4885 trillion yuan, a substantial increase of nearly 500 billion yuan in less than three quarters compared to the fund scale of 997.2 billion yuan at the beginning of the year. in addition, in terms of performance, as of september 10, the average annual return of 339 short-term pure bond funds in the market reached 1.98%, and only one had a negative return, showing a good investment return overall.
faced with the recent ups and downs in the bond market, industry analysts pointed out that under the background of overall loose monetary policy, short-term bond products still have a high allocation value. especially in the context of continued decline in bank deposit interest rates, some residents and corporate deposits may turn to relatively high-yield investment products, which may further promote the prosperity of the short-term bond market.
looking ahead to the future market, xie zhihua, director of the fixed income department of minsheng jiayin, believes that due to the weak growth momentum of the real economy during the economic transition period and the difficulty in changing the loose monetary environment, the overall risk of the bond market is not large, but there are many factors affecting the market in the second half of the year, and attention should be paid to disturbances such as the domestic policy rhythm and the foreign environment.
at present, short-term bond funds have become an important part of the asset allocation of many investors, especially short-term bond funds with excellent performance are attracting investors' investment attention. it is understood that the net value growth rate of minsheng jiayin yueyuele 30-day holding period short-term bond a (016596) managed by xie zhihua in the past six months and the past year was 1.87% and 3.25% respectively, while the benchmark yields in the same period were 1.21% and 2.31% respectively, with obvious excess returns. thanks to this, the fund's management scale has climbed from 400 million shares at the end of 2023 to 3.342 billion shares at the end of the second quarter, an increase of more than 730%. (data source: fund periodic report, as of june 30, 2024)
