Today, a friend told me that a bond ** actually soared by 67% in one day today, and I was shocked on the spot, I have heard of the bond bull market, but I have never heard of it skyrocketing so much in one day, so I quickly looked at it, as shown below.
Looking at other bonds**, more than 6,000 bonds**, today's daily growth rate ranks among the top as shown in the figure below
The top two are Tongtai Hengli pure bonds (subordinate classifications with Tai Hengli pure bonds A and Tongtai Hengli pure bonds C), this increase gap is not ordinarily large, if there is this increase every day, the bond ** is not to buy up, shareholders have already run into the market, or listen to what's going on. Bonds**
Bonds**, also known as bond type, refers to the investment in bonds, which seeks more stable income by concentrating the funds of many investors to invest in bonds in a portfolio.
Bonds are issued to investors when financial institutions, industrial and commercial enterprises and other institutions directly borrow from the society to raise funds, and promise to pay interest at a certain interest rate and repay the principal according to the agreed conditions.
According to the classification standard of the China Securities Regulatory Commission for ** categories, more than 80% of the ** assets invested in bonds are bonds**.
In China, the investment objects of bonds** are mainly treasury bonds, financial bonds and corporate bonds. Generally, bonds provide investors with a fixed return and repayment of principal at maturity, and the risk is lower than **, so compared to *** bonds**Stable returns and low riskfeatures:
The trend of bonds is greatly affected by the central bank's monetary policy, the central bank's interest rate cut is good for the bond market, and the bond ** is bullish, and the interest rate hike is bearish. In the past year, the central bank has successively cut interest rates and RRR cuts, and China's capital market, the bond market has gone to a bull market, and the A-share market has gone through a bear market. Of course, the scale of businesses that can make money will gradually expand, and the scale of the debt base will hit a record high.
Wind data shows that as of December 31, 2023, among the more than 4,258 bonds** (including pure bonds and hybrid bonds, etc.) in the whole market, 3,178 have a positive return in 2023, accounting for about 75%. Among them, 5 bond types**, including ICBC Convertible Bond and Tianhong Wenli A, will have an annual return of more than 10% in 2023, and a total of 384 bond types** with a return rate of more than 5%.
According to the data, the top three in terms of return in 2023 are ICBC Credit Suisse's convertible bond **ICBC convertible bond, Tianhong**'s hybrid bond first-class **Tianhong Wenli A, and Dongxing**'s medium and long-term pure debt **Dongxing Xingrui one-year fixed opening A, and the return rate in 2023 is respectively. 90%。
Why is it skyrocketing?
Before talking about skyrocketing, let's popularize a formula:
Today's Equity Growth Rate (Today's Equity Yesterday's Equity) Yesterday's Equity 100%.
If there is a dividend on the day, the growth rate of today's net value (yesterday's net dividend) (yesterday's net dividend) is 100%.
The key to the sharp rise in bonds** on the day is how to calculate the net value. The redemption fee should be included in the asset, for the redeemer, the income part is less than the redemption fee, but the remaining holders will share the redemption fee equally. I checked the prospectus of Tongtai Hengli Pure Bond **Investment**, and the agreement on redemption fees.
Do you understand, that is to say, today's large redemption has caused a rise in net value, and it is very likely that the redemption share will be held for less than 7 days, and the redemption fee will be fully included in the ** asset. Take a look at the holdings at the end of 2023The preliminary calculation is that the huge redemption amount is roughly 300 million yuan
Postscript
Can I buy it? In fact, the redemption fee is included in the assets is also the protection of investors, in case of a huge redemption leads to the liquidation of **, then the remaining investors will incur great losses, then again, can I buy such a **, unless you can know in advance that the big guy is in a hurry to use the money, a few working days in advance of the ambush, if the big guy is not in a hurry to use the money, the redemption share is held for a few more days, then you buy it is you pay the redemption fee.
How long can the bond bull market last, it depends on the fundamentals of the economy, as long as there is an expectation of interest rate cuts, bond bulls can still be expected.
In a word, pure bonds** can be bought, but it is enough to expect so much to skyrocket in a single day. Maybe it's a big guy who has blown up this time, otherwise ** can't wait for the big money owner to find this kind of 7 days.