CITIC Securities: Expected to surpass 11 trillion yuan in bond fund scale for the whole year.

CITIC Securities pointed out that in the second quarter of 2025, the public fund market saw a dual recovery in stocks and bonds, with actively managed pure bond funds rebounding in size and passive index products rapidly expanding. In terms of strategy, the duration preference of pure bond funds continued to rise, credit allocation concentrated on higher grades, and the trend of interest rate cut credit in structured bond fund products was further confirmed. In the second half of the year, a large number of products are expected to be opened up or further increase institutional demand for middle to high-grade credit bonds. Looking ahead, it is expected that the total scale of bond funds for the whole year may exceed 11 trillion yuan, with passive index and fixed income + strategy as key leverage to break through low interest rates, but attention should also be paid to redemption risks due to interest rate fluctuations and changes in risk appetite.