CITIC Securities: It is expected that the bond fund market will maintain steady expansion in 2025, and the instrumental features will become more prominent.

On February 18th, according to the Jinshi data, the research report of CITIC Securities stated that as of Q4 24, the total size of public sale funds in the entire market was 31.15 trillion yuan, a slight decrease compared to the previous quarter, mainly affected by the net value Fluctuation of equity products, while bond funds, QDII funds, and alternative funds overall saw an expansion in shares. Specifically, various types of products in bond funds showed differentiated performance, with increased difficulty for active product managers to achieve excess returns, maintaining a relatively high level of overall duration preference, while passive products continued to rise rapidly since last year. We expect the bond fund market to maintain steady expansion by 2025, but the utilitarian characteristics of the overall market will become more prominent, with the overall size and market share of passive index products further increasing.