In the first three quarters, bond market yields fluctuated upwards, with pure bond funds earning up to 5.5%.

Jin10 data reported on October 13th that in the first three quarters of this year, the bond market yields showed a fluctuating upward trend, with most credit bond spreads narrowing, and government bonds also showing a “bear steep” pattern. Against this backdrop, the overall yield of bond funds has not been ideal, while some rights-containing bond funds performed exceptionally well. For pure bond funds, the highest net value yield in the range was 5.5%. Some analyses pointed out that at the beginning of the year, the Central Bank paused government bond trading and reduced open market operations to stabilize the exchange rate, leading to a tightening of funds that caused the overall bond market yields to rise, and the bond market entered a fluctuating downward channel. In the first three quarters, the continuous strengthening of the equity market has also been attracting funds from the bond market. Although low-risk aversion financial funds will not withdraw from the bond market, the institutional logic of overweighting bonds around risk-hedging strategies has clearly weakened before the first three quarters of 2025. As we enter the fourth quarter, with the emergence of tariff disturbance factors, the macroeconomic impact is stirring concerns. Some analyses suggest that future investment strategies in the bond market should pay more attention to position and duration control.