Group 1: Report Overview - Report Title: "Commercial Real Estate REITs Promising, Infrastructure Adds 'Commercial Office and Urban Renewal' - November 2025 Public REITs Market Monthly Report" [2] - Analysts: Peng Wenyu, Zhu Min, Ren Yixuan [3] - Date: December 02, 2025 [3] Group 2: Industry Investment Rating No relevant content provided. Group 3: Core Views - The future public REITs system in China will consist of infrastructure and commercial real estate. The rules emphasize the "asset - light, operation - heavy" model and the stability of profitability. The infrastructure REITs are expanding, and new asset types are added, but detailed classifications and definitions may need further clarification. [4] - The CSI REITs index continued to fluctuate and consolidate in November, with a slight decline of 0.7%. The market liquidity has been continuously improving, but there is a divergence between price and volume in the consumer REITs. [4] - Since the second half of October 2025, the dividend yields of REITs have been consistently higher than those of long - term bonds and high - dividend stocks. The valuations and IRRs of both equity and concession - based REITs have changed, with the IRRs of both types increasing. [4] - In November, the Dongjiu Industrial Park REIT completed the private placement, and the discount rate was relatively low. The Huaxun Ruchao REIT and the Zhonghang Jingneng Photovoltaic REIT are steadily advancing their expansion plans. [4] - In the first half of December, three REITs will be lifted from限售, and the first tunnel - type REIT has been submitted to the exchange. In the second half of November, the Yinhuashao Water REIT was affected by an emergency, and some REITs have new developments in terms of issuance, expansion, and project progress. [4] Group 4: Summary of Key Sections 1. Commercial Real Estate REITs Promising, Infrastructure Expanding Again - **1.1 REITs Asset Types Continuously Enriching, Stock Revitalization More Anticipated** - On November 28, 2025, the CSRC launched the pilot of commercial real estate REITs, expanding the public REITs market from infrastructure to commercial real estate. The underlying assets may include commercial complexes, retail, offices, and hotels. [10] - On November 27, the NDRC stated that infrastructure REITs would expand to urban renewal facilities, hotels, stadiums, and commercial office facilities. On December 1, the NDRC issued the 2025 version of the industry scope list, adding new types of assets. [10] [14] - **1.2 Commercial Real Estate REITs New Rules Define "Asset - light, Operation - heavy" Path** - The draft announcement on the pilot of commercial real estate REITs includes eight main contents. It clarifies the two types of commercial real estate REITs (equity and concession - based), requires fund managers to actively perform operation and management responsibilities, and the details of the application and review regulations are yet to be finalized. [12] [13] - **1.3 Newly Added Fields: Stadiums/Hotels, Commercial Offices, Urban Renewal** - The 2025 version of the industry list adds new assets to the consumption, commercial office, and urban renewal sectors. It emphasizes risk isolation and promotes the transformation of real - estate enterprises from development to asset management. However, the specific operation paths of the newly added assets need to be clarified. [15] [16] - **1.4 Overseas Commercial REITs Play a Significant Role, China May Have Trillion - level Potential** - As of November 28, commercial real estate REITs in the US accounted for 37% in terms of quantity and 22% in terms of market value. The potential market size of China's commercial real estate REITs is estimated to be between 0.4 - 1.0 trillion yuan. [21] 2. Index Continues to Fluctuate and Consolidate, Market Liquidity Continuously Improving - **2.1 CSI REITs Drops 0.7%, Continues Fluctuating Pattern** - In November 2025, due to the wavering of interest - rate cut expectations and the strengthening of the US dollar, global equities declined. The CSI REITs index had a cumulative decline of 0.7% in November, maintaining a fluctuating pattern since late October. [27] [28] [29] - **2.2.1 Consumer/Transportation/Rental - Housing Yields Turn Positive, Other Assets' Declines Deepen** - In November, the monthly yields of consumer, transportation, and rental - housing REITs turned positive, while the decline of industrial park REITs intensified, and the decline of other assets also deepened compared to October. [30] [33] [34] - **2.2.2 Most Consumer REITs Rise, Some Industrial Park Individual Bonds Drop Over 10%** - In November, the proportion of rising and falling individual REIT bonds was 36% and 64% respectively. Most consumer REITs rose, while some industrial park REITs were severely affected by the lifting of restrictions, with single - month declines exceeding 10%. [36] [38] - **2.3 Market Turnover Rate Improves Marginally for Two Consecutive Months, Consumer REITs Show Price - Volume Divergence** - In November, the overall activity of the Shanghai and Shenzhen REITs markets slightly increased, with an average daily turnover rate of 0.47%. The turnover rates of IDC decreased slightly, while those of rental - housing and industrial park REITs improved significantly. The consumer REITs index led the rise, but the turnover rate decreased slightly. [39] - **2.4 REITs Dividend Yields Have Been Higher than Long - term Bonds and High - Dividend Stocks** - As of November 28, the dividend yields of equity and concession - based REITs were 4.44% and 8.17% respectively. The dividend yields of REITs have been higher than long - term bonds and high - dividend stocks since the second half of October. The dividend yields of some asset types increased, while those of others decreased. [48] - **2.5 Equity and Concession - based Valuations Are at the 74% and 51% Percentiles Respectively** - The latest P/NAV of equity REITs is 1.25X, at the 74% historical percentile, with the industrial park having a relatively low valuation. The latest P/FFO of concession - based REITs is 13.41X, at the 51% historical percentile. [53] - **2.6 Equity and Concession - based IRRs Are 4.0% and 4.4% Respectively** - The latest IRRs of equity and concession - based REITs are 4.0% and 4.4% respectively, both at relatively low historical percentiles but higher than the previous period. The IRRs of some sub - asset types have also increased. [54] [59] 3. Dongjiu Expansion Completed, Ruchao and Jingneng Expansion Progressing Steadily - **3.1 In November, the Anbo Logistics REIT Was Issued, and the Zhongjian投 Shenyang Software Park REIT Was Listed** - As of November 28, 2025, there were 77 listed REITs in Shanghai and Shenzhen, with a total market value of 21.99 billion yuan. In November, the Zhongjian投 Shenyang Software Park REIT was listed, and the Huaxia Anbo Warehouse Logistics REIT was issued offline. [63] - **3.2 From January to November 2025, the Off - line Subscription Yield of 100 million yuan for REITs Is 3.49%** - After excluding extreme values, from January to November 2025, the absolute returns of 50 million yuan and 100 million yuan participating in the off - line subscription of REITs were 1.7443 million yuan and 3.4887 million yuan respectively, with a corresponding off - line yield of 3.49%. [64] - **3.3 Dongjiu Industrial Park REIT Has Completed the Expansion Issuance, Huaxun Ruchao and Zhonghang Jingneng PV REITs Have Initiated Expansion** - In November 2025, the Dongjiu Industrial Park REIT completed the private placement, with an issuance scale of 427.2 million yuan. The Huaxun Ruchao REIT plans to distribute shares to original holders, and the Zhonghang Jingneng PV REIT plans a private placement. [68] [70] - **3.4 Expansion Projects Generally Issue at the Maximum Scale, Dongjiu Industrial Park Has a Low Discount** - Except for some projects, most expansion projects were issued at the announced maximum scale. The Dongjiu Industrial Park REIT had a relatively low discount rate in terms of pricing, with an actual issuance price 5.06% lower than the benchmark price. [78] 4. Three Projects to Be Unlocked, Yinhuashao Water REIT Affected by Emergency - **4.1 Three REITs to Be Unlocked in the First Half of December** - In the first half of December, the Huatai Nanjing Jianye REIT (December 3), the Huaxun Ruchao REIT (December 9), and the Zhongjin Chongqing Liangjiang REIT (December 11) will be unlocked. In the second half of November, 10 REITs announced dividend plans. [83] - **4.2 Yinhuashao Water REIT Affected by Emergency** - The Yinhuashao Water REIT was affected by a water - supply emergency, which will lead to a short - term decrease in water supply and affect the project company's revenue and cash flow. The Southern Runze Technology Data Center REIT changed the investment direction of the recovered funds, and the Dongjiu Industrial Park REIT completed its private placement. [87] 5. Three New Projects Submitted to the Exchange, Including the First Tunnel - Type REIT - **5.1 New Projects Submitted to the Exchange** - As of November 28, there are 12 new issuance projects and 3 expansion projects in the pipeline at the exchange. In the second half of November, the Huaxia Zhonghe Clean Energy REIT replied to the inquiry letter, and the exchange accepted 2 new issuance projects and 1 project was submitted, including the first tunnel - type REIT. [89] [90] - **5.2 Bidding Information: Nanjiang Energy Plans to Issue Public REITs for Its Infrastructure** - In the second half of November 2025, the Nanjiang Energy (Group) Co., Ltd. plans to issue public REITs for its infrastructure and publicly tender for REIT fund managers. [91]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a revenue of 2.6 billion RMB for FY25, representing a year-on-year growth of 7.8%. The adjusted net profit was 812 million RMB, with a year-on-year increase of 5.2%, aligning with expectations [4] - The student enrollment for FY25 was 139,000, a slight decrease of 0.6% from FY24. However, the structure of students improved, with the proportion of undergraduate new students increasing by 4 percentage points and the proportion of undergraduate students rising by 1 percentage point [4] - The average tuition fee increased by 8.1% to 16,700 RMB per academic year, while accommodation fees rose by 5.2% to 1,998 RMB per academic year, contributing to the revenue growth [4] - The company's operating costs for FY25 were 1.68 billion RMB, up 9.2% year-on-year, outpacing revenue growth by 1.4 percentage points. Personnel costs increased by 14.7% to 1.08 billion RMB, reflecting the company's commitment to high-quality education [5] - The company anticipates a rebound in profitability as the peak of cost increases has passed, with capital expenditures expected to normalize. The capital expenditure for FY25 decreased to 690 million RMB from a peak of 920 million RMB in FY24 [6] - The company has revised its profit forecasts for FY26 and FY27 to 880 million RMB and 1 billion RMB, respectively, and introduced a new profit forecast of 1.14 billion RMB for FY28. The target price has been raised to 3.38 HKD from 2.99 HKD, maintaining the "Buy" rating [6] Financial Data and Profit Forecast - FY24 revenue is projected at 2.41 billion RMB, with a year-on-year growth rate of 13.81%. FY25 revenue is expected to be 2.6 billion RMB, with a growth rate of 7.78% [7] - Adjusted net profit for FY24 is estimated at 772 million RMB, increasing to 812 million RMB in FY25, with growth rates of 6.12% and 5.22%, respectively [7] - The earnings per share (EPS) for FY25 is projected at 0.49 RMB, with a price-to-earnings (P/E) ratio of 2.07 [7]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - Yang Dong's team combines subjective research with quantitative investment to build a product matrix with high strategic uniqueness and wide coverage, offering diverse investment solutions [102][103]. - The team's products can be divided into two categories: bottom - position funds aiming to outperform mainstream indices and style - enhancing funds for more advanced investors [102]. - The team has two unique features: providing a diversified product matrix with low - correlation strategies and obtaining excess returns from the comprehensive support of the team and platform [103][104]. 3. Summary According to Relevant Catalogs 3.1广发基金杨冬：主观研究与量化投资相结合，构建策略独特性高、覆盖度广的产品矩阵 - **Fund Manager Introduction**: Yang Dong, with 19 years of securities experience and 16 years of investment management experience, uses a combination of "subjective long - only + quantitative investment" framework, integrating macro - judgment and individual - stock Alpha capture [8][9]. - **Managed Products**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products are divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes and characteristics [10]. - **Unique Product Line**: The products meet two major public financial needs. They can be classified into bottom - position funds and style - enhancing funds, with different investment strategies and low correlation [13][19]. 3.2主观多头类产品: 底仓之选,兼顾均衡+价值+成长风格 - **广发多因子**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has low tracking error and high excess return, with balanced industry style and moderate rotation, and strong stock - selection ability [21][28][32]. - **广发价值领航**: A product with value - growth attributes, featuring moderate valuation and high performance elasticity in the value - type funds. It focuses on PB - ROE strategy, emphasizes growth - elastic non - consumption sectors, and has strong stock - selection ability in the A + H market [45][49][52]. - **广发均衡成长**: An actively - selected product that focuses on growth with balanced allocation. It has a high rolling win - rate, strong ability to reach new highs, low - valuation characteristics in growth funds, and can capture industry and individual - stock opportunities [60][61][68]. 3.3 "主观+量化" 类产品: 风格增强, 差异化 Smart Beta+聚焦板块 - **广发稳健策略**: A dividend - style enhanced product that balances high dividends and growth speed, with prominent excess returns and the ability to control drawdowns. It actively allocates Hong Kong stocks and creates a differentiated dividend portfolio [78][81][87]. - **广发成长智选**: Positioned as a growth - style enhanced product, it focuses on high - growth sectors, has strong industry - rotation ability, and constructs a portfolio by selecting undervalued growth - elastic stocks [89][92]. - **广发智选系列**: The "Smart Selection" series of products, including manufacturing, technology, and resource selection funds, uses a composite strategy of "subjective long - only + active quantification + AI enhancement" to pursue significant excess returns. They have high concentration in certain industries and a "quantitative - led + active - enhanced" stock - selection feature [94][97][100]. 3.4 Summary - The public funds managed by Yang Dong's team meet two major investment needs: long - term bottom - position products and style - distinct allocation products [102]. - The team's unique features lie in providing a diverse product matrix with low - correlation strategies and obtaining excess returns from the comprehensive support of the team and platform, which meets the requirements of the industry's development trend and relevant policies [103][105].

Fiscal Policy Insights - In 2025, the fiscal financing scale reached a historical high, with net government financing amounting to CNY 14.36 trillion, accounting for an estimated 10.2% of GDP[1] - The general public budget deficit reached CNY 56,600 billion, an increase of CNY 16,000 billion from 2024, marking a deficit ratio of 4% for the first time[12] - General fiscal expenditure grew by 7.9% year-on-year in the first three quarters of 2025, indicating a high expenditure intensity compared to previous years[15] Monetary Policy Insights - The central bank maintained a "moderately loose" monetary policy in 2025, with the R007 average rate around 1.50%, reflecting a low interest rate environment[25] - The frequency and magnitude of interest rate cuts in 2025 were more cautious than in 2024, with only one reduction of 10 basis points for the 7-day reverse repurchase rate[28] - Social financing growth showed a "front high and back stable" trend, with a year-on-year increase of 9.0% in July 2025, before gradually declining to 8.5% by October[30] Policy Coordination - The central bank's adjustment of government bond trading operations in 2025 demonstrated a flexible response to market changes, enhancing the overall effectiveness of fiscal and monetary policies[2] - Fiscal injections into commercial banks were aimed at stabilizing their capital adequacy ratios, with CNY 5,000 billion allocated for this purpose in 2025[43] - The government emphasized the need for fiscal policy to support economic growth and structural transformation, with a projected deficit rate of around 4% for 2026[3]

Investment Rating - The report maintains a positive outlook on the international cosmetics and medical beauty industry, indicating a recovery trend in the Chinese market and a cautious approach towards North America due to economic factors [2][3]. Core Insights - The global beauty market is projected to grow at a rate of 4.5% in 2024, a decline from the 8% growth seen in 2023, with significant regional disparities in performance [3][13]. - The Chinese market showed signs of recovery in Q3 2025, with major international brands reporting positive revenue growth after a period of decline [3][19]. - Companies like L'Oréal and Estée Lauder are adjusting their strategies to enhance their market presence in China, with Estée Lauder reporting an 8.6% revenue growth in Q3 2025 [3][47]. Summary by Sections Global Market Overview - The global beauty market is experiencing a slowdown, with North America showing signs of weakness while Europe outperforms other regions with a 7.5% growth [3][13]. - The North Asia market, particularly China, has faced a decline of 2%, marking it as the weakest among major beauty markets [3][13]. L'Oréal - L'Oréal's revenue growth for the first three quarters of 2025 is 1.2%, with a slight improvement in Q3 2025, indicating a recovery from previous declines [3][27]. - The company is focusing on acquisitions and enhancing its brand portfolio, particularly in the Chinese market, where it aims to leverage online channels [3][24]. Estée Lauder - Estée Lauder's Q3 2025 revenue growth reached 8.6%, marking a significant turnaround after four consecutive quarters of decline [3][47]. - The company is implementing a strategic overhaul to address previous challenges, including inventory issues and competition from local brands [3][47]. Shiseido - Shiseido reported an 8% revenue growth in the Chinese market for Q3 2025, although it continues to face macroeconomic challenges [3][19]. - The company is experiencing a K-shaped recovery, with its premium brands performing better than its main brand [3][19]. Investment Recommendations - The report recommends focusing on companies with strong channel and brand matrices, such as Mao Ge Ping and Shanghai Jahwa, as well as those expected to see marginal improvements in growth, like Marubi and Betaini [4][5]. - In the medical beauty sector, companies with high R&D barriers and strong profitability, such as Ai Meike, are highlighted as key investment opportunities [4][5].

2025 年 12 月 02 日 优迅股份：国内光通信电芯片龙头企 业 ——注册制新股纵览 20251202 本期投资提示： 策 略 研 究 新股分析 相关研究 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 - ⚫ AHP 得分及配售比例：剔除、考虑流动性溢价因素后，我们测算优迅股份 AHP 得分为 2.61 分、2.63 分，分别位于科创体系 AHP 模型总分 42.9%分位、44.6%分位，处于中游偏下、 中游偏上水平。假设以 90%入围率计，中性预期情形下，优迅股份网下 A、B 两类配售对 象的配售比例分别是：0.0288%、0.0213%。 ⚫ 国内光通信电芯片龙头，完 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Yang Dong's fundamental quantitative team provides a product matrix with diverse strategies and low correlations, and the excess returns come from the comprehensive support of the team and the platform [115][116][117] - Yang Dong's team's products mainly fall into two categories: bottom - position funds aiming to beat mainstream indices and style - enhancing funds for enhanced performance [115] Group 3: Summary According to the Table of Contents 1. Guangfa Fund Yang Dong: Combining Subjective Research and Quantitative Investment to Build a Product Matrix with High Strategy Uniqueness and Wide Coverage - **Fund Manager Introduction**: Yang Dong, with a master's degree in finance, has 19 years of securities experience and 16 years of investment management experience. He has worked at Guangfa Fund since 2006 and currently holds multiple positions. His team uses a framework combining "subjective long - only + quantitative investment" to pursue excess returns [11] - **Managed Product Situation**: Yang Dong manages 8 public funds with a total scale of 25.065 billion yuan. The products can be divided into subjective long - only products and "subjective + quantitative" products, each with different investment scopes, strategies, and characteristics [13] - **Product Line with Different Positions and Unique Strategies**: From the perspective of user needs, the products are divided into bottom - position funds and style - enhancing funds. Most products have "subjective + quantitative" features, with differences in position ratios. The products pursue strategy differentiation, and most have low correlations [17][19][24] 2. Subjective Long - Only Products: The Choice for Bottom - Position, Balancing Equilibrium, Value, and Growth Styles - **Guangfa Multi - Factor**: An equilibrium - style fund that has outperformed three major indices for 8 consecutive years. It has a "close - to - benchmark + outstanding - excess - return" bottom - position fund attribute, with balanced industry style and moderate rotation, and strong stock - selection ability [26][34][45] - **Guangfa Value Pilot**: A product with value - growth attributes and outstanding performance elasticity. It focuses on PB and ROE, has a unique industry structure, and its performance comes from stock - selection and industry contributions, with an emphasis on Hong Kong stocks [53][57][60] - **Guangfa Balanced Growth**: An actively - selected product with high rolling win - rates and many days of reaching new highs within the year. It has low - valuation characteristics among growth funds, with balanced industry allocation and a focus on growth, and the ability to select stocks to contribute excess returns [64][68][79] 3. "Subjective + Quantitative" Products: Style Enhancement, Differentiated Smart Beta + Focus on Sectors - **Guangfa Steady Strategy**: A dividend - style enhanced product that has achieved outstanding absolute and excess returns since Yang Dong took office. It balances income elasticity and drawdown control, combines high dividends and growth, and actively allocates Hong Kong stocks [86][89][96] - **Guangfa Growth Smart Selection**: Positioned as a growth - style enhanced product, it shows relatively stable excess returns compared to the benchmark. It emphasizes high - growth sectors, has the ability to rotate industries, and focuses on A - share growth opportunities [99][102] - **Guangfa Smart Selection Series**: The three "Smart Selection" products use a composite strategy of "subjective long - only + active quantification + AI enhancement". Taking Guangfa Manufacturing Smart Selection and Guangfa Technology Smart Selection as examples, they have high industry concentration, a "quantitative - led + active - enhanced" stock - selection feature, and have achieved excess returns compared to the relevant index [105][109][112] 4. Summary - Yang Dong's team's products meet the two solutions provided by public funds: bottom - position funds and style - enhancing funds. The team provides a diverse product matrix with low correlations, and the excess returns come from the comprehensive support of the team and the platform, which is in line with the requirements of the "Action Plan for Promoting the High - Quality Development of Public Funds" [115][116][118]

宏 观 研 究 国内政策展望 2025 年 12 月 02 日 2026 年：财政货币政策展望 —— 2026 年展望报告系列之二 政策回顾：财政货币政策协同支撑 2025 年经济增长 财政政策呈现力度加大、节奏前置、灵活性提升的突出特征，充分体现对经济的托底意图。2025 年财政融资规模创历史新高，政府债净融资达 14.36 万亿元，占 GDP 比例预计为 10.2%。2025 年前三季度广义财政支出同比增长 7.9%，支出力度为近年高位。支出节奏明显前置，配合四 季度灵活出台的增量政策，凸显财政对宏观经济支持的积极姿态。 货币政策重归"适度宽松"基调，注重预期引导与传导疏通，操作更趋精准审慎。2025 年央 行保持流动性合理充裕，资金利率整体处于较低水平；降息次数和幅度较 2024 年更为谨慎， 政策节奏前置，社融增速呈现"前高后稳"。同时，2025 年央行加强市场沟通，支持资本市 场稳定，并通过多种手段缓解银行息差压力，提升政策传导效率。 财政与货币协同持续深化，国债买卖操作与商业银行注资体现宏观治理体系不断完善。2025 年央行分阶段调整国债买卖操作，展现出灵活应对市场变化的调控艺术。财政则通过注资商 ...

-20% -10% 0% 10% 20% 30% 12-02 01-02 02-02 03-02 04-02 05-02 06-02 07-02 08-02 09-02 10-02 11-02 贵州茅台 沪深300指数 (收益率) 相关研究 上 市 公 司 公 司 研 究 / 公 司 点 评 证 券 研 究 报 告 | 报告原因：有信息公布需要点评 | | --- | | 买入（维持） | | 市场数据： 2025 年 12 月 01 日 | | --- | | 收盘价（元） 1,448.00 | | 一年内最高/最低（元） 1,657.99/1,400.00 | | 市净率 7.1 | | 股息率%（分红/股价） 3.56 | | 流通 A 股市值（百万元） 1,813,287 | | 上证指数/深证成指 3,914.01/13,146.72 | | 注："股息率"以最近一年已公布分红计算 | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 204.64 | | 资产负债率% | 12.81 | | 总股本/流通 A 股（百万） | 1,252 ...

Group 1 - The report discusses the premium and discount rates of bond ETFs, noting that most bond ETFs only exhibit a premium/discount rate due to the lack of IOPV disclosure [2][9] - The premium/discount rate is influenced by the liquidity of the underlying bonds and the product design, with a tendency for most products to trade at a discount [14][10] - The report emphasizes the importance of premium/discount rates in guiding secondary market trading decisions, suggesting that investors should focus on medium to long-term trading strategies rather than day trading [29][27] Group 2 - The report outlines the arbitrage mechanisms between primary and secondary markets for bond ETFs, highlighting that effective arbitrage requires significant price discrepancies and consideration of various practical factors [35][36] - It discusses the challenges of executing arbitrage due to minimum investment thresholds and the liquidity of the bond market, which can hinder the realization of arbitrage opportunities [35][41] - The report also mentions the impact of redemption methods on the premium/discount rates, with physical redemption products facing greater uncertainty and costs [25][23] Group 3 - The report provides a detailed analysis of the premium/discount rates across different categories of bond ETFs, indicating that municipal bonds and corporate bonds tend to have higher discount rates compared to government bonds [13][12] - It highlights the significance of selecting bond ETFs with stable premium/discount rates and lower deviations from net asset value to minimize investment risks [33][32] - The report includes a comparative analysis of various bond ETFs, focusing on their trading volumes, average premium/discount rates, and redemption methods [31][30]