From quietly popular to intensive purchase debt -based classes enter the "defense" stage?

Economic Observation Network reporter Chen Shan recently issued a "purchase restriction order" densely. On June 21, Yinhua Yongfeng Bonds, China Resources Yuan Yinxin Bonds, Wanjia 1-3 Years Pure Bonds Pure Bonds, Taixin Huiying Bonds and other funds announced that they would suspend large subscriptions, single-day single-day single day, a single day alone, a single day alone, a single day alone, a single day alone, a single day alone, a single day alone, a single day alone. The cumulative purchase limit of the fund account is set to 10 million yuan, 1 million yuan, and 500,000 yuan.

Earlier, many debt -based bonds such as Wanjiaxin Pure Bonds, Yinhua Anxin Short Bonds, and BOC Golfen Bonds have suspended large purchases from June 20, and the upper limit of the purchase is also set up at 1 million yuan and 10 million yuan.

According to incomplete statistics, since June, more than a hundred debt -based implementation has been suspended or suspended for large -scale purchase or suspension. A restricted purchase amount was restricted.

Why restricted purchase

What considerations are more debt -based implementation of purchase restrictions in the near future? Judging from the announcement of various fund companies, the purchase restriction is mostly based on the consideration of "the interests of the protection of the fund holder".

Regarding the main reasons for the densely restrictions on the debt -based densely purchase, He Jinlong, general manager of the beautiful investment, told reporters that the main reason is that the absolute yield of the debt market is already low in the historical division, especially the high -quality assets in the medium and long period of long periods as the short -term period as the short -term assets as the short -term period as the short -term assets as the short -term period as the short -term assets. Lord, the influx of new purchase funds will impact the product performance, and the balance of supply and demand of the bond market will be destroyed, which will affect the overall investment strategy of the original stock funds. "In order to protect the interests of existing investors, the stable performance of the product itself is not affected by a large number of influx of subscription funds, so more debt bases have limited the purchase and purchase amount."

Hu Po, the manager of Rongzhi Investment FOF Fund, also told reporters that "the market is really worried that when bond funds are too much to purchase funds, on the one hand, the overall yield may be significantly down. On the other hand, when the funds flow quickly, Instead, it will bring the risk of great fluctuations in bond prices. "

Zhang Bixuan, a researcher at the Ji'an Jinxin Fund Evaluation Center, told reporters that this year, due to the repeated domestic epidemic and the violent fluctuations in the rights and interests of the rights and interests this year, investors' risk preferences have significantly declined, so the attention of bond funds with relatively stable returns has increased. However, from the perspective of the bond market on the asset side, the structure of structural assets is deepening, and the yields of the main investment varieties are all down from the previous period, which is already relatively low, and the subsequent investment profit space may be relatively limited. At this time It is difficult to reach the yield of assets to reach the level of existing stock assets. Therefore, it may lower the overall income of the product. In order to ensure the performance stability of the fund products and the interests of the already holding investors, appropriate restriction of incremental capital inflows are the inflow of funds. More reasonable measures.

Quietly become popular

In fact, since 2022, the stock bond market has both shocked, but short -term bond funds have quietly become popular.

Affected by factors such as the conflict between Russia and Ukraine, the Federal Reserve ’s interest rate hike, and the repeated epidemic, the domestic stock market and the bond market fluctuated. Some asset management products that have just completed the transformation of net worth have retracted the net worth or even fell below the net value. Funds return

Public funds for pure debt products. Among them, the net value of short debt funds has relatively stable and liquidity, and the scale continues to grow.

Wind data shows that from 2022 to June 13, the short -term pure debt fund index has risen by 1.31%, becoming a variety of funds this year. The good performance of short debt funds has also been popular in the issuance market. From June 10 this year, short debt funds have set up 33 (main funds), which is 3.3 times the same period last year. The scale of short debt funds has also risen sharply. From 503 billion yuan at the end of last year, it increased to 601.2 billion yuan at the end of the first quarter of this year, an increase of 19.5%in a quarter.

Luo Xiaoqian, the fund manager of the Fixed Investment Department of Caitong Fund, told reporters, "Generally speaking, short -term debt funds are a supplement to short -term financial management. In the environment, especially when the short -term trend is unclear, short debt or relatively high cost -effective options are more suitable for leisure money wealth management and liquidity management. "

Hu Bo, manager of Rongzhi Investment FOF Fund, believes that the sharp fluctuations in the equity market in the first four months of this year have a greater impact on the market's confidence, and the confidence of overall market investment has become more conservative, which has led to the obtaining fixed income funds to obtain It has greatly paid attention to the market and the inflow of funds, especially the short -term strategy, so the seven -day deposit index fund fund has recently issued a large number of scale, and each has issued a large number of scale, which has received positive responses in the market. Essence

From the perspective of He Jinlong's analysis, this year, the yield of the bond market has shocked a downward trend, especially the high -quality medium -long and long -term varieties, which are highly determined, and have taken out the structure of the structure. Therefore, under such a market, the growth rate of the newly issued in the short -term bond funds has increased rapidly, resulting in a certain degree of mismatch of supply and demand. The scarcity of high -quality and short -term long -term assets has even caused the short -term debt funds to be popular.

How to deal with the second half of the year

Regarding the bond market in the second half of the year, the China -EU Fund stated that "maintaining the judgment of the shock market, it is recommended to continue neutral long -term and low -level leverage to wait and see." The agency believes that the economic recovery direction will continue to improve, and it will be difficult to return to the timely. Before the epidemic, the currency loose is subject to peripheral constraints, and the interest rates are difficult to break up and downward. Economic rebound will not happen overnight, and interest rates can be considered as much as possible. Near the cross -seasons, the centralized issuance of local debt was superimposed, and the fiscal tax refund was close to the end. The risk of convergence of funds has not been lifted. The convergence of funds+urban investment gradually returns to the fundamentals. It is recommended to optimize the main body of the area to avoid weak areas. Luo Xiaoqian said that in the short term, there is still a certain game space in the bond market. Affected by the epidemic, economic data is under pressure to a certain extent. In the case of increased fundamentals, the necessity and possibility of further relaxation of monetary policy. Therefore, the market will continue to relax the fundamental pressure and monetary policy in the short term.

"But it should also be noted that under the expected goal of 5.5%of the annual economic growth rate, if the stable growth policy increases in the second quarter, especially the continued relaxation of real estate regulation and control policies and the front of finances. It will continue to constitute pressure. At the same time, under the continuous interest rate hikes of the Fed, the domestic monetary policy is also facing certain constraints. "Therefore, Luo Xiaoqian said that although the short -term game can be the same, it is necessary to pay attention to space and odds. The debt market may face the adjustment pressure brought by wide credit.

Facing the market trend of the shock game, the follow -up operation of the fund manager is generally more cautious.

Regarding the investment ideas of the bond market in the second half of the year, Luo Xiaoqian said, "At the level of combination management, I will continue to maintain a relatively short and medium -term period, focusing on the control of net value retracement and the management of combined liquidity. Strive to obtain more interest margins, and at the same time, according to the combination of redemption and market conditions, the long -term and leverage of the combination and leverage are made. "

A solid income+fund manager in East China admits that with the effective growth policy of the domestic market in the second half of the year, the wide credit has strengthened to transmit to the real economy, the yield of bond markets is easy to increase, some bonds have small opportunities, and the cost performance is not high. Therefore, while increasing the position of the equity position, he slightly reduced the bond position. At present, the investment portfolio maintains a short -term configuration. The short -term debt within one year is the main investment target.

"In terms of bond market, our views have always been very clear. In the first half of the year, the bull market was mainly defensive." Zou Deli, general manager and fund manager of the Great Wall Fund Solid Harvest Investment Department, said that the bonds in the second half of the year should mainly carry out defense operations and shorten the long -term period. Based on short debt bonds, long -term and medium -end bonds are flexibly grasped opportunities, focusing on safety and liquidity.

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