In the first half of 2026, the bond market as a whole emerged from a volatile and slow bullish trend. Against the backdrop of the central bank maintaining a moderately loose tone, abundant capital, weak domestic demand, and continuing “asset shortages,” interest rate bond yields fluctuated downward, and credit spreads were generally compressed. In terms of interest rate bonds, the yield on 10-year treasury bonds fell after rising to a high of about 1.9% in early January. At the end of June, 1-year and 10-year treasury bond yields closed at about 1.12% and 1.73% respectively, down about 22 bp and 11 bps from the beginning of the year. In terms of credit bonds, the yield of AAA-grade 3-year and 5-year urban investment bonds declined by about 24 bp and 21 bps, respectively, compared to the beginning of the year, and the decline in AA grade was even more obvious. Pure fixed income wealth management products are also facing downward pressure on yield. Data shows that as of June 30, 2026, financial management companies maintained a total of 14,922 publicly funded pure fixed income products. Judging from the net worth growth rate distribution in the past half year, the net worth increase of 82% of products in the past half year was less than 1.5%, and less than 3% after annualization; the net worth increase in the number of products in the 1.5% to 3.5% range accounted for 17.9%; only 8 products increased by more than 3.5%. Under the constraints of multiple factors, the yield of pure fixed income products may become the norm when entering a low-wave platform period.

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