Since this year, the domestic bond market has strengthened as a whole, and the earnings performance of pure bond funds has been steady. In particular, in the face of recent stock market adjustments, the earnings performance of some pure bond funds has become more prominent. According to Wind data, as of November 9, the yield of a number of medium- to long-term pure debt funds, such as Minsheng CIDA Bank Ruixia's one-year fixed term bonds and CITIC Prudential Wenyue, has risen to more than 10% since this year, even surpassing many equity funds. Fu Yu, fund manager of Minsheng Bank Canada Ruixia's one-year fixed term bonds, responded that the fund's revenue sources include local bond dividends, interest rate bond long-term bands, leveraged interest rate bond contributions, and other income curve opportunity transactions. Fu Yu said that from the perspective of valuation and crowded transactions, long-term bond yields have been historically low and congested for a long time, which means that odds are declining. Once negative and disrupted, fluctuations will increase significantly. Overall, the long-term trend in the bond market is strong, but the phased rate of increase may slow down, making it easier to cause range-bound fluctuations and box operation trends. There is an opportunity for correction to catch up with the decline in cost efficiency.

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