First of all, the decline of bond products is closely related to the changes in interest rates, treasury bonds and financial policies. Although the recent decline in the total index of CSI bonds is less than 1%, there are great differences among products, mainly due to the following reasons:

1, some bond funds have poor liquidity, and they can only sell a few points in case of large redemption, so they will fall two or three points more than the index;

2. Some bond products are highly volatile positions containing stock "convertible bonds", which will lead to a large decline;

3. Some bond products are leveraged, which will increase the fluctuation of the fund's net value (it is said that this is more common);

4. Some bond products have hedging strategies, which will be hedged by long-short operation in treasury bond futures, and the recent operation direction may be just the opposite;

5. Even some wealth management products are mixed positions, and there may be other high-risk varieties;

6. For all-money funds, funds tracking the CSI bond index are actually just normal fluctuations.