As of mid-July, there are as many as 83 (counted separately as A\C\D\E) bond funds that announced purchase restrictions, of which 25 have directly suspended subscription. As of July 15th, the total number of bond funds that have announced purchase restrictions this year has reached 1413, which is 1.1 times higher than the scale of only 669 last year.

As of July 15th, more than ten fund companies, including Guangfa Fund, Galaxy Fund, Xingyin Fund, Ping An Fund, Huabao Fund, and Huitianfu Fund, have successively issued announcements to suspend large-scale subscription of their bond funds. In addition, some fund companies have announced that their bond funds have stopped accepting subscriptions due to exceeding the total scale limit during the open period.

On July 15th, Guangfa Jingfeng Pure Bond C, Guangfa Jingfeng Pure Bond A, Galaxy Jiutai Pure Bond, and Guangfa Jingfeng Pure Bond D announced the suspension of large-scale subscription, the reason being to better protect the interests of fund shareholders.

The reason why bond funds are generally restricted is to protect the interests of shareholders, maintain the smooth operation of funds, suspend subscription and redemption during the operation period, and to meet the financial needs of investors.

The frequent announcements of bond fund restrictions come behind the surge in bond fund scale.

According to Wind data, as of July 15th, the latest scale of bond funds is 9.72 trillion yuan, which is an increase of 500 billion yuan compared to the end of last year's 8.82 trillion yuan, accounting for 30.44% of the entire public fund market.

The surge in bond fund scale is behind the continuous decline of national bond yields of various terms since this year, and the net value of bonds continues to rise. The performance of the Wind Fund Index shows that QDII funds perform best in the bond category index. The enhanced index of bond-hybrid funds, selected index of bond-hybrid funds, and long-term pure bond index rose by 3.06%, 2.98%, and 2.42% respectively this year.

However, the ability of long-term national bond yields to decline is still uncertain.

The central bank has turned from "good advice" to action. On July 1st, the central bank announced that it will conduct national bond borrowing operations for some first-tier traders in the near future, and stated that selling national bonds is also in progress. On July 8th, the central bank resumed regular repurchases after a decade.

The People's Bank of China, the weekend's supervisory media "Financial Times" issued two warnings in two days about the risk of rising bond yields. The article "Don't underestimate the determination of the central bank to keep the yield curve upward and correct the risk of the bond market" on July 12th said: "The central bank intends to maintain a large upward trend of the yield curve and correct the risk of the bond market."

"Financial professionals: Crazy buying of national bonds is also a "disturbance" to the economy" on July 13th said:"Since this year, China's bond market has continued to be hot, but potential risks cannot be ignored. Industry experts have warned many times that the bond market will not always rise and the risk of market reversal is increasing."

Today, the Ministry of Finance announced the decision to carry out national bond market support operations, and the yields of national bond existing stocks rose in the short term. The yields of the 10-year national bonds 240004 rose above 2.26%, and the yields of the 30-year national bonds 230023 rose to 2.4650%.

As of the close, the yield of the 10-year national bond was 2.2615%, and the yield of the 30-year national bond was 2.4635%.

The main contract of the 30-year term rose sharply, closing up 0.22%. In addition, the main contract of the 10-year national bond futures rose by 0.07%, the main contract of the 5-year term rose by 0.04%, and the main contract of the 2-year term rose by 0.01%.

From the change in the capital trend of bond-themed ETFs last week, the Guotai Fund's national bond ETF had a net outflow of 0.41 billion yuan last week, and Pengyang Fund 30-year national bond ETF and Boshi Fund 30 national bond ETF had a net outflow of 0.085 billion yuan and 0.41 billion yuan, respectively.