CSRC: Bond Fund Managers Shine with "Real Kung Fu", Finding the Right Position in the Cycle is the Key to Victory

"We now monitor the market intensively every day, and we are actively involved in trading within a range of 0.25 to 0.5 basis points." Wu Qiujun, the bond fund manager from Citic-Prudential Fund, described her daily work routine to reporters. As of July 22, both the long and short end of the pure bond fund index reached historical highs, with only 14 pure bond products in the market showing negative returns since 2026. Some top-performing products even saw a net asset value growth rate exceeding 6%. Against the backdrop of "asset under-allocation" and low interest rates, the resilience of fixed-income camps far exceeded expectations. The era of making money from one-way trends is fading, and excess returns are shifting towards interest rate trading and dividend exploration. In the extreme internal competition, fund managers rely on duration timing, leverage arbitrage, and high-frequency trading to explore alpha returns, while identifying the position in the asset cycle has become an important rule for navigating through the fog of low interest rates.