Macro Overview - The core focus for the second half of the year is to consolidate the positive economic situation while addressing prominent issues such as low prices, declining investment growth, and continuity in consumption policies. The GDP growth rate for the first half of the year reached 5.3%, exceeding expectations [2][3][4] Fixed Income Strategies - In the recent period, strategies such as low-price enhancement, improved dual-low, and high-price high-elasticity recorded returns of 2.6%, 2.3%, and 4.8% respectively, outperforming the benchmark of 2.4%. Year-to-date, these strategies have achieved returns of 9.7%, 21.3%, and 38.4% against a benchmark of 10.3% [12][13][14] Agriculture Sector - The pig farming industry shows a recovery in profitability, with July pig prices stabilizing after a decline. The average price in July was 14.96 yuan/kg, down 8% from the end of 2024. The focus remains on high-quality pig enterprises with good financial conditions [24][25][26] - The pet food sector is in a growth phase, with an increase in market share for quality enterprises. The export value of pet food in the first half of the year saw a slight increase of 0.4% year-on-year [24][26] Steel Industry - The commencement of the Yajiang hydropower project, with an investment of approximately 1.2 trillion yuan, is expected to boost demand for basic and special steel. The project will require significant amounts of steel, estimated at 180,000 tons for basic materials alone [30][31][33] - The recent publication of the "Rural Road Regulations" is anticipated to release demand for infrastructure upgrades, further benefiting the steel sector [31][33] Investment Recommendations - For the agriculture sector, it is recommended to focus on high-quality pig farming enterprises and monitor cost changes closely. In the steel industry, the focus should be on leading enterprises that can benefit from infrastructure projects and capacity adjustments [26][33]

Investment Rating - The report maintains a "Recommended" investment rating for the non-ferrous metals industry [1]. Core Insights - In Q2 2025, active equity public funds continued to increase their holdings in the A-share non-ferrous metals industry, with the market value of heavy holdings rising to 2.21% of total stock investment value, up from 2.18% in Q1 2025, marking two consecutive quarters of increases [3][5][4]. - The report highlights a structural adjustment in fund holdings, with significant increases in precious metals and rare metals sectors, while industrial metals were reduced [5][8]. - The report suggests that the non-ferrous metals industry, particularly aluminum, copper smelting, and lithium sectors, may become key targets for policy reforms in Q3 2025, leading to potential improvements in industry conditions and supply-demand structures [18]. Summary by Sections Fund Holdings Analysis - In Q2 2025, the market value of heavy holdings in the non-ferrous metals sector accounted for 2.21% of total stock investment value, reflecting a 0.03 percentage point increase from Q1 2025 [4][5]. - The top ten stocks in the non-ferrous metals sector accounted for 73.31% of the total market value of heavy holdings, indicating a concentration in major companies [5][8]. Sector Performance - The report categorizes the non-ferrous metals sector into sub-industries, noting that the fund's heavy holdings in precious metals and rare metals increased, while industrial metals saw a decrease [8][18]. - Specific stocks such as Zijin Mining, Shandong Gold, and Huayou Cobalt were highlighted as significant holdings, with notable increases in positions for companies like Guangsheng Nonferrous and Haotong Technology [14][15]. Investment Recommendations - The report recommends focusing on leading companies in the aluminum sector such as China Aluminum, Shenhuo Co., and Tianshan Aluminum, as well as lithium companies like Ganfeng Lithium and Tianqi Lithium [18]. - It also suggests that the gold sector, particularly stocks like Shandong Gold and Zhongjin Gold, may see increased allocations from funds due to favorable market conditions [18].

Regulatory Framework - RWA policies are evaluated across six dimensions: ownership mechanism, circulation restrictions, licensing thresholds, tax environment, stablecoin adaptation, and asset structure compliance[11] - The regulatory intensity varies significantly, with some regions emphasizing strong regulation and safety, while others focus on innovation and pilot programs[16] Global Comparisons - The United States, United Kingdom, and Japan maintain high regulatory barriers, reflecting a "strong regulation, safety first" approach, with scores indicating high institutional density and limited innovation space[17] - In contrast, Singapore, UAE, and South Korea adopt a "innovation-oriented, pilot-first" strategy, lowering entry barriers and fostering a flexible regulatory environment[17] Taxation and Incentives - Tax policies are becoming a critical variable, with regions like the EU and South Korea having higher tax burdens but stronger regulatory frameworks, while Singapore and UAE attract projects with low tax rates and flexible regulations[24] - The EU has not established a unified income tax law for crypto assets, leading to structural inconsistencies across member states, impacting the attractiveness of RWA development[36] Regional Practices - The EU employs a standardized regulatory approach through MiCA, ensuring cross-border operational predictability and compliance for RWA assets[32] - South Korea has significantly lowered entry barriers for RWA and stablecoin issuance, promoting rapid market growth and innovation[38] Hong Kong's Unique Position - Hong Kong combines strict licensing with low tax burdens, establishing a regulatory model that supports RWA development while ensuring investor protection[42] - The region's legal system recognizes virtual assets as property, facilitating the establishment of a compliant RWA ecosystem[47] China's Regulatory Stance - China currently restricts RWA to "on-chain registration, off-chain issuance," limiting the operational scope for digital assets within its jurisdiction[48] - The country emphasizes technological service over financial attributes in its asset digitization efforts, focusing on traceability rather than market circulation[49]

Key Insights - The report highlights the impact of the U.S. imposing discriminatory tariffs on ASEAN countries, with rates ranging from 20% to 40% starting August 1, 2025, affecting countries like Malaysia and Indonesia [2] - ASEAN's response to U.S. tariffs includes targeted negotiations for tariff exemptions, internal economic stimulus policies, and strengthening multilateral cooperation to mitigate risks [2][3] - The inclusion of Indonesia in the BRICS group marks a significant expansion, with BRICS now covering 46% of the global population and 35% of the global economy, enhancing its role as a platform for global South cooperation [3] Economic Cooperation - China and ASEAN are deepening their cooperation mechanisms amidst global uncertainties, focusing on the implementation of the China-ASEAN Comprehensive Strategic Partnership Action Plan and advancing negotiations for a new version of the free trade area [5] - The economic collaboration between China and ASEAN is centered around the digital economy, with significant activities in digital technology, artificial intelligence, and green transportation [5] Capital Market Dynamics - The ASEAN stock indices have shown slight increases, with Vietnam leading at a 7.09% rise, while the overall market sentiment remains stable due to supportive policies [4] - The report notes that the A-share market experienced a daily average trading volume of 1.55 trillion yuan, with a 3.35% increase compared to the previous week [8][9] - The securities sector is expected to benefit from ongoing government policies aimed at stabilizing growth and boosting investor confidence, leading to an improved outlook for the sector [10]

Key Insights - The report highlights a continued increase in stock positions among actively managed equity funds, with a total stock value of 2.94 trillion yuan in Q2 2025, a slight decrease from the previous quarter. The stock allocation ratio rose to 84.24%, the highest level since 2005, while the A-share allocation continued to decline [2][3] - The communication, defense, media, and electronic sectors have seen significant increases in fund allocations, indicating a strong preference for technology growth sectors. The financial sector remains underweight despite increased interest [3][4] - The report notes a robust demand for engineering machinery driven by the construction of the Yarlung Tsangpo River hydropower project, with an estimated investment of 1.2 trillion yuan and a projected equipment demand of 120 to 180 billion yuan [14][17] - The introduction of the 科创债 ETF (Science and Technology Innovation Bond ETF) is expected to provide investment opportunities, with a focus on high-quality credit bonds and a favorable risk-return profile compared to other bond ETFs [7][10] Fund Holdings - In Q2 2025, the top ten industries with increased holdings include communication equipment, chemical pharmaceuticals, and logistics, while industries like white goods and engineering machinery saw significant reductions [3][4] - The report identifies a shift in the top twenty individual stocks held by funds, with Zijin Mining and Xiaomi Group rising in rank, while brands like Wuliangye and Shanxi Fenjiu saw declines [4] Company-Specific Insights - 科沃斯 (Ecovacs Robotics) is positioned as a market leader in the global vacuum cleaner and cleaning robot market, with a projected revenue of 16.5 billion yuan in 2024. The company has seen a resurgence in domestic sales due to new product launches and government subsidies [19][20] - The report emphasizes the competitive landscape in the cleaning appliance market, noting that while the market is growing, major players face intense competition, particularly in the smart lawn mower segment [21][22]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the Q2 2025 positions of public funds, covering aspects such as scale changes, stock positions, A-share sector and style allocation, industry and individual stock positions, and Hong Kong stock market allocation changes [2]. Summary by Directory 1. Q2 Public Fund Scale Changes - By the end of Q2 2025, there were 12,907 public funds in China, an increase of 307 from Q1 2025. Among them, there were 3,015 stock funds, 4,702 hybrid funds, and 3,862 bond funds, increasing by 209, 31, and 54 respectively compared to Q1 2025 [4]. - The total net asset value of all public funds at the end of Q2 2025 was 33.72 trillion yuan, a growth of 2.1112 trillion yuan from Q1 2025. Stock funds reached 4.27 trillion yuan, hybrid funds 3.21 trillion yuan, bond funds 10.91 trillion yuan, and money market funds 14.23 trillion yuan [5]. - In terms of equity fund sub - types, passive index funds and enhanced index funds both saw increases in quantity and net asset value [11]. - By the end of Q2 2025, the total number of actively managed equity - oriented funds was 4,582, an increase of 45 from Q1 2025, but the total net asset value decreased by 21.18 billion yuan [13]. 2. Actively Managed Equity - Oriented Funds: Stock Positions Continue to Rise - In Q2 2025, actively managed equity - oriented funds held stocks worth 2.94 trillion yuan, a decrease of 0.02 trillion yuan from the end of Q1. However, the stock position in asset allocation continued to rise, from 84.01% at the end of Q1 to 84.24%, a historical high since 2005. The proportion of A - shares in the fund's asset allocation continued to decline [2]. - Most of the stock positions of the four types of actively managed equity - oriented funds increased. The positions of common stock, balanced hybrid, and flexible allocation funds rose by 0.57, 2.05, and 0.49 percentage points respectively, while the position of partial - stock hybrid funds remained basically unchanged [24]. 3. A - Share Sector Distribution and Style Allocation (1) Increased Allocation in the GEM - In Q2 2025, the allocation ratio of the GEM reversed the previous two - quarter decline, rising from 16.58% at the end of Q1 to 18.93%. The allocation ratio of the Sci - Tech Innovation Board increased by 0.18 percentage points, and the allocation ratio of the Beijing Stock Exchange rose from 0.23% at the end of Q1 to 0.41%. The market value of main - board holdings decreased by 2.71 percentage points [25]. (2) Positioning Style Tends towards Growth and Finance - In the A - share market, the market value ratio of large - cap stocks represented by the CSI 300 decreased by 2.55 percentage points in Q2, and the investment enthusiasm for large - cap stocks continued to decline. The allocation ratio of small - cap stocks also decreased by 0.93 percentage points. In terms of growth and value styles, the growth style increased by 0.92 percentage points, and the value style increased by 0.42 percentage points [26]. - From the perspective of the five - style index classification, the growth style increased by 3.98 percentage points, the financial style by 1.72 percentage points, and the stable style by 0.02 percentage points. The consumption and cyclical styles decreased [27]. 4. A - Share Industry Allocation: Increased Allocation in the Communication Industry and Rising Finance Popularity (1) First - Tier Industry Allocation - In Q2 2025, the industries with high market value ratios were electronics (18.67%), pharmaceutical biology (10.91%), power equipment (9.89%), food and beverage (6.73%), and automobiles (6.32%). Industries with relatively low ratios included comprehensive (0.11%), steel (0.34%), coal (0.37%), petroleum and petrochemicals (0.38%), and textile and apparel (0.41%) [30]. - In Q2 2025, industries such as electronics, pharmaceutical biology, power equipment, communication, and household appliances were significantly over - allocated, while non - bank finance, computer, bank, public utilities, and machinery were under - allocated [30]. - In Q2 2025, the market value ratios of 15 first - tier industries increased. Industries with an increase of over 0.5 percentage points included communication, bank, national defense and military industry, non - bank finance, and media. Industries with a decline included food and beverage, automobiles, power equipment, household appliances, and machinery [32]. - In terms of the change in the over - allocation ratio, communication, national defense and military industry, non - bank finance, bank, and media increased significantly, while food and beverage, automobiles, power equipment, machinery, and household appliances decreased [35]. (2) Second - Tier Industry Allocation - In Q2 2025, semiconductor, chemical pharmaceutical, battery, Baijiu II, communication equipment, components, automobile parts, white goods, consumer electronics, and industrial metals ranked high in terms of market value ratio. Chemical pharmaceutical rose to the second place, and Baijiu II dropped to the fourth place [41]. - The top ten industries with increased holdings were communication equipment, components, chemical pharmaceutical, city commercial banks II, insurance II, aviation equipment II, logistics, games II, joint - stock commercial banks II, and feed industry. Industries with significant reductions included Baijiu II, passenger cars, consumer electronics, white goods, and construction machinery [43]. 5. Heavy - Positioned Individual Stocks: Decreased Concentration - Among the top 20 individual stocks by total market value held by actively managed equity - oriented funds, there were 14 A - shares and 6 Hong Kong stocks. Compared with Q1, Zijin Mining and Xiaomi Group - W rose to the 5th and 6th places respectively, and Wuliangye and Shanxi Fenjiu dropped significantly. Newly included stocks were 3 A - shares and 2 Hong Kong stocks [51]. - The top ten stocks with increased holdings were Zhongji Innolight, New Fiber Optic, Hudian Co., Ltd., Cinda Bio (HK), Pop Mart (HK), Shenghong Technology, 3SBio (HK), SF Holding, Haid Group, and AVIC Shenfei. The top ten stocks with reduced holdings were BYD, Alibaba Group Holding Limited - W (HK), Luxshare Precision Industry Co., Ltd., Tencent Holdings Limited (HK), Kweichow Moutai Co., Ltd., Wuliangye, Luzhou Laojiao Co., Ltd., Midea Group Co., Ltd., Shanxi Fenjiu, and Semiconductor Manufacturing International Corporation (HK) [52]. - In Q2 2025, the concentration of heavy - positioned individual stocks in actively managed equity - oriented funds decreased overall. The proportions of the top 10, 20, 30, 40, and 50 stocks in the total market value of heavy - positioned stocks decreased by 3.16, 3.31, 2.90, 2.60, and 2.19 percentage points respectively compared with the end of Q1 [59]. 6. Hong Kong Stock Market Allocation Changes - The allocation ratio of the A - share market in the heavy - positioned stocks of actively managed equity - oriented funds has declined for six consecutive quarters, from 91.34% at the end of 2023 to 80.09% at the end of Q2 2025. The allocation ratio of the Hong Kong stock market has increased from 8.66% at the end of 2023 to 19.91% at the end of Q2 2025, rising by 0.81 percentage points compared with Q1 2025 [62]. - By the end of Q2 2025, there were 360 Hong Kong stocks in the heavy - positioned stocks of actively managed equity - oriented funds, an increase of 33 from Q1. The market value of Hong Kong stock holdings was 326.5 billion yuan, an increase of 8.2 billion yuan from Q1 [63]. - In terms of the Hang Seng primary industries, the market value of information technology, non - essential consumer goods, healthcare, and finance accounted for 32.41%, 26.87%, 14.32%, and 6.33% respectively. The market value and proportion of healthcare and finance increased, while information technology and non - essential consumer goods decreased [63]. - In terms of the Hang Seng secondary industries, the top five industries were software services, pharmaceuticals and biotechnology, professional retail, information technology equipment, and household appliances and products. The market value of eight industries such as pharmaceuticals and biotechnology increased by over 1 billion yuan, while the professional retail industry had the largest decline [67][70]. - In Q2 2025, actively managed equity - oriented funds significantly increased their holdings of Cinda Bio, Pop Mart, 3SBio, JD Health, and Xiaomi Group - W, and significantly reduced their holdings of Alibaba Group Holding Limited - W, Tencent Holdings Limited, Semiconductor Manufacturing International Corporation, XPeng Inc. - W, and Geely Automobile [73].

证券|CGS 行业点评报告 · 机械设备行业 分析师承诺及简介 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 23-01 23-03 23-05 23-07 23-09 23-11 24-01 24-03 24-05 24-07 24-09 24-11 25-01 25-03 25-05 25-07 工程机械指数 沪深300 ⚫ ⚫ ⚫ ⚫ 本人承诺以勤勉的执业态度,独立、客观地出具本报告,本报告清晰准确地反映本人的研究观点。本人薪酬的任何部分过去不 曾与、现在不与、未来也将不会与本报告的具体推荐或观点直接或间接相关。 鲁佩, 机械首席分析师 伦敦政治经济学院经济学硕士,证券从业 10 年,2021 年加入中国银河证券研究院,曾获新财富最 佳分析师、IAMAC 最受欢迎卖方分析师、万得金牌分析师、中证报最佳分析师、Choice 最佳分析师、金翼奖等。 免责声明 本报告由中国银河证券股价有限公司（以下简称银河证券）向其客户提供。银河证券无需因接收人收到本报告而视其为客户。 若您并非银河证券客户中的专业投资者,为保证服务质量、控 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a recommendation for investment based on its growth potential and profitability improvements [4]. Core Insights - The company is positioned as a key player in the thermal power sector in Hebei, with a significant market share and a robust growth trajectory in revenue and profit margins [6][8]. - The company has shown a strong recovery in profitability due to declining coal prices and an increase in installed capacity, with expectations for continued growth in net profit over the next few years [6][19]. - The company is actively transitioning towards renewable energy, with substantial investments in solar power and other green initiatives, aiming to enhance its low-carbon footprint [46][52]. Financial Performance Summary - Revenue is projected to grow from 23.52 billion yuan in 2024 to 23.50 billion yuan in 2027, with a compound annual growth rate of 11.22% from 2020 to 2024 [2][15]. - Net profit attributable to shareholders is expected to rise significantly, reaching 1.33 billion yuan in 2025 and 1.58 billion yuan in 2027, reflecting a growth rate of 149.62% and 8.41% respectively [2][6]. - The gross margin is forecasted to improve from 15.35% in 2024 to 24.45% in 2027, indicating enhanced operational efficiency [2][19]. Business Operations Summary - The company operates primarily in thermal power generation, with a dominant market share of approximately 25% in Hebei province, and plans to increase its installed capacity significantly by 2026 [6][11]. - The company has a strong focus on coal-fired power generation, which constitutes over 90% of its revenue, while also expanding its renewable energy portfolio [6][13]. - The company has several ongoing projects, with a total of 16.02 GW of equity-installed capacity expected by 2026, marking a 32% increase from current levels [41][46]. Future Outlook Summary - The company anticipates a continued upward trend in profitability, driven by lower coal prices and increased efficiency in power generation [6][41]. - The transition to renewable energy is expected to accelerate, with significant investments in solar and storage technologies, positioning the company favorably in the evolving energy landscape [46][52]. - The projected net profit for 2025 is 13.26 billion yuan, with a corresponding price-to-earnings ratio of 10.6x, indicating attractive valuation metrics for potential investors [2][6].

Policy Dynamics - The Central Urban Work Conference emphasized a shift from rapid urbanization to high-quality, inclusive development, focusing on five transformations and five areas of increased attention[22] - The Central Financial Committee's sixth meeting highlighted the deepening of the national unified market construction and high-quality development of the marine economy, with a focus on eliminating "involution" competition[8][9] Fiscal Policy - The adjustment of the long-cycle assessment mechanism for state-owned insurance companies aims to enhance their role as stabilizers in the market, with total commercial insurance fund utilization reaching approximately CNY 34.9 trillion by March 2025[44][45] - The management of special bond project revenues will be strengthened to improve the efficiency of fund usage and ensure sustainable fiscal operations[46] Monetary Policy - The monetary policy remains moderately loose, with June 2025 financial data showing M1 growth at 4.6% and M2 at 8.3%, indicating a recovery in liquidity and credit support for the economy[54][55] - New social financing in June 2025 reached CNY 4.2 trillion, with a year-on-year growth rate of 8.9%, supported mainly by government bonds and loans[54] Regional Policy - The experience from the Shanghai Free Trade Zone will be further promoted to other regions, with 77 tasks outlined for enhancing trade and investment environments[59] - The Yangtze River Delta region is collaborating to build a national unified market pilot area, focusing on optimizing the business environment and maintaining fair competition[63]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, with policy focus, the "technology board" of the bond market has accelerated its progress. On July 17, the first batch of Sci - tech Bond ETFs were collectively listed. The Sci - tech Bond ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, spread compression potential, and suitability for certain types of investors [1][8][9]. - The Sci - tech Bond ETFs have differences from other mainstream ETFs in terms of sample range, sample rating, and sample remaining term, and the Shanghai AAA Sci - tech Bond Index has the characteristics of high return, low volatility, and low drawdown [4]. - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both stable - allocation investors and stock - bond portfolio rotation strategies [5]. 3. Summary According to the Catalog 3.1 How to Evaluate the Investment Value of Sci - tech Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Sci - tech Bond ETF products, 6 track the China Securities AAA Sci - tech Bond Index, 3 track the Shanghai AAA Sci - tech Bond Index, and 1 tracks the Shenzhen AAA Sci - tech Bond Index. The Shanghai AAA Sci - tech Bond Index has better sample subject qualifications, a relatively larger sample size, and uses physical redemption [11]. - The industry distributions of the China Securities AAA Sci - tech Bond Index, Shanghai AAA Sci - tech Bond Index, and Shenzhen AAA Sci - tech Bond Index are similar and highly concentrated. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, in bear markets, the yield of sci - tech bonds has increased 3BP less than that of medium - term notes and short - term financing bills; in bull markets, it has decreased 6BP more. The policy attributes of sci - tech bonds provide strong support for their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating narrowly in the range of 1.63% - 1.73% for over 2 months. The 3 - year and 5 - year AAA - rated sci - tech bonds still have an excess spread of 29BP and 5BP compared to medium - term notes of the same term and rating, and their yield levels are still attractive [2][22]. 3.1.4 High Correlation between Sci - tech Bond Index and Dividend Index: Suitable for Conservative Allocation - Oriented Investors - The Shanghai AAA Sci - tech Bond Index has a strong positive correlation with the Shanghai Dividend Index, with a correlation coefficient of 0.56. Sci - tech Bond ETFs are more suitable for conservative allocation - oriented investors and those who prefer stable high - coupon income [3][25]. 3.2 Comparison between Sci - tech Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Sci - tech Bond ETFs, as a new listing category, differ from other mainstream ETFs in sample range, sample rating, and sample remaining term. For example, the ChinaBond 7 - 10 - year Policy Financial Bond Index and the Shanghai 10 - year Treasury Bond (Net) Index have no restrictions on sample ratings, while the Shanghai Market - Making Corporate Bond Index and the Shanghai AAA Sci - tech Bond Index require high - credit - rated bonds [30][31]. 3.2.2 The Index Tracked by Sci - tech Bond ETFs Has High Return, Low Volatility, and Low Drawdown - The Shanghai AAA Sci - tech Bond Index has the highest annualized return (5.41%), relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) among the four indexes [38][39]. 3.3 Introduction to Sci - tech Bond ETF Products 3.3.1 Product Information of GF Sci - tech Bond ETF - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Sci - tech Bond Index. As of July 17, 2025, its liquid scale is 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading, has no subscription and redemption limits, and allows "T + 0" real - time trading. It also has a cash dividend mechanism, providing flexibility and predictable cash flow for investors [46][47]. 3.3.3 The Index Tracked by the ETF Has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Sci - tech Bond Index has a medium - to - short duration, with bonds with a maturity of less than 5 years accounting for 80% of the total scale and a weighted average duration of 4.40 years. The component bonds are mainly of high - credit rating, and the top four industries account for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make It Suitable for Stock - Bond Rotation Strategies - The ETF is suitable for stable - allocation investors and stock - bond portfolio rotation strategies due to its low credit risk, stable coupon income, anti - drawdown ability, low correlation with the Shanghai Composite Index, and good secondary - market liquidity [5][55].