According to choice data, as of November 18, the average net worth growth rate of all primary bond funds this year was 2.44%, the average net worth growth rate of secondary bond funds was 5.45%, the average net worth growth rate of medium and short-term pure bond funds was 0.90%, and the average net worth growth rate of long-term pure bond funds was only 0.03%

A bond investment researcher said that since the third quarter, the bond market has shown a weak shock pattern. Under the triple impact of performance, credit risk and liquidity, the bond base may face some redemption pressure. Especially since April this year, bond yields have risen, and the overall yield of the bond base is not satisfactory. Generally speaking, there will be seasonal liquidity tension at the end of December and around the Spring Festival, and individual institutions are also willing to redeem. In addition, since October, high rated credit bond defaults have occurred one after another, which has impacted investor confidence and brought redemption pressure

For the debt base, institutional investors account for the majority. Insiders said that once the funds with a high proportion of these institutions are redeemed by the fund side, if other sources of funds cannot be found, the fund company can only choose to liquidate. According to the third quarterly report of the fund that issued the liquidation announcement in November, the institutional investors of multiple funds accounted for 100%

Due to the turmoil in the bond market, industry insiders believe that the follow-up impact needs to be observed. According to the research of Tianfeng securities (601162, diagnostic shares), the recent default of state-owned enterprise bonds has caused turbulence in the credit market. For the stock market, the risk of the credit market is not isolated. Once the risk appetite of the credit market decreases, the credit premium will rise, resulting in the effect of credit contraction. At the same time, it will be difficult to issue bonds in the primary market, amplifying the effect of credit contraction. In this process, the selling behavior of institutions will also accelerate the rise of credit premium. In the long run, the bond market will continue to move towards breaking the rigid exchange and market-oriented pricing. Breaking the rigid exchange will inevitably bring down the risk-free interest rate, which means that the risk premium will rise for stocks. In the environment of market-oriented pricing of credit risk, the risk return ratio of stock assets is also rising