1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - In January 2026, the bond market showed an overall recovery. The ChinaBond New Composite Index, which represents the domestic bond market, rose 0.39% since the beginning of the year. Long - term interest - rate bonds had better returns, and the ChinaBond Preferred Investment - Grade Credit Bond Index had a return of 0.37% since the start of the year, slightly better than other representative broad - based credit bond indices. The ChinaBond AAA Science and Technology Innovation Bond Index had a slightly higher return than other representative theme indices [6]. - The yields of government bonds at most key tenors decreased slightly, and long - term interest - rate bond indices performed well. The yields of credit bonds of various grades were slightly differentiated, and the overall wealth index return of the credit bond market was positive. The spreads between various industries and government bonds remained basically unchanged, and the wealth index returns of all industries increased [7]. 3. Summary according to the Directory 3.1 2026 Bond Market Review - The ChinaBond New Composite Index rose 0.39% since the beginning of 2026. Long - term interest - rate bonds had good returns. The ChinaBond Preferred Investment - Grade Credit Bond Index had a 0.37% return, and the ChinaBond AAA Science and Technology Innovation Bond Index had a relatively high return [6]. - The yields of government bonds at most key tenors decreased slightly in January, and long - term interest - rate bond indices performed well. Credit bond yields were slightly differentiated, with positive overall wealth index returns. Industry - government bond spreads were stable, and industry wealth index returns increased [7]. - The trading volume of the domestic RMB bond market decreased slightly compared with the previous month. The monthly standard deviation of the daily return of the ChinaBond New Composite Wealth Index was about 0.047%, a 0.010 - percentage - point decrease from the previous month. The market trading volume was about 26.06 trillion yuan [13]. 3.2 This Month's Interest - Rate Bond Market Review - At the end of the month, government bond yields decreased slightly at key tenors such as 1, 5, 7, and 10 years, and slightly increased at other key tenors (including 30 years). The term spread of government bonds and the spread between China Development Bank bonds and government bonds remained basically unchanged [22]. - The ChinaBond Aggregate Index's wealth index rose 0.36%. Medium - and long - term government bond indices had slightly better returns. The ChinaBond Preferred Investment Government Bond Index performed slightly better than the ChinaBond Preferred Investment Policy - Financial Bond Index [28]. - Long - term interest - rate bond indices performed well this month. The top 5 interest - rate bond indices in terms of monthly return included the ChinaBond 10 - Year Government Bond Index with a return of 0.66% and a duration of 7.63 years [32][33]. 3.3 This Month's Credit Bond Market Review - Credit bond yields fluctuated slightly, and the overall wealth index return of the credit bond market was positive. The ChinaBond Credit Bond Aggregate Index's wealth index rose 0.30% [34]. - The spreads of high - grade credit bonds were slightly differentiated. Taking 3 - year credit bonds as an example, the spread of AAA - rated credit bonds remained basically unchanged, while the spreads of other grades narrowed slightly. The spreads between the yield curves of ChinaBond enterprise bonds of four grades (AAA, AAA -, AA +, AA) and government bonds were at the 43%, 35%, 32%, and 29% percentiles of the past 3 years respectively [37]. - The spreads between various industries and government bonds remained basically unchanged, and the wealth index returns of all industries increased. The ChinaBond Real Estate Industry Credit Bond Index had a return of about 0.44%, performing the best [40]. - The return of credit bond indices was positive, and the commercial bank secondary capital bond index performed well. The top 5 credit bond indices in terms of monthly return included the ChinaBond State - owned Large - scale Commercial Banks and Joint - stock Commercial Bank Secondary Capital Bond Index with a return of 0.50% and a duration of 3.51 years [45][46]. - There were no new default issuers this month [47]. 3.4 Appendix: Correlation of Returns of Major Bond Types - The report presents the correlation coefficients of the daily wealth index returns of various bond indices in the past 3 months as of January 30, 2026, including the ChinaBond Preferred Investment Government Bond Index, ChinaBond Preferred Investment Policy - Financial Bond Index, etc. [48] 3.5 Awards - The institution has won multiple awards, such as being the "Best Fixed - Income Index Provider" for six consecutive years (2020 - 2025) by The Asset, the "Best ETF Index Provider" in 2025 by The Asset, etc. [51]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - In 2025, the bond market continued to develop steadily and healthily. The ChinaBond New Composite Index had an annual holding return of 1.81%, a price return of -1.16%, and an annual total return of 0.65%. Interest rate bonds showed a pattern where the longer the duration, the more negative the price return and the lower the total return. Credit bonds were also affected by rising interest rates, but due to their shorter duration, the price decline was smaller than that of interest rate bonds, and the total return was relatively better. The overall credit spread of the credit bond market further converged throughout the year, and the spread return contribution of credit bond indices was positive, partially offsetting the price decline caused by rising interest rates. Some theme and strategy indices performed well [6]. - In December 2025, the overall wealth index of the domestic RMB bond market showed mixed performance, and the net - price index declined. Long - term interest rate bond yields rose, while short - term interest rate bond yields slightly declined. Short - term interest rate bond indices and floating - rate bond indices performed well. The yields of credit bonds of various grades were differentiated, and the overall wealth index return of the credit bond market was positive. The spreads between various industries and treasury bonds fluctuated slightly. Except for the real estate industry, the wealth index returns of other industries increased [10]. 3. Summary According to the Table of Contents 3.1 Bond Market Dynamics and ChinaBond Index Trends - **2025 Bond Market Review** - The ChinaBond New Composite Index had an annual total return of 0.65%. Interest rate bonds had higher holding returns for long - end bonds but lower price returns, with a negative correlation between duration and price return. Credit bonds, affected by interest rate fluctuations, had relatively better total returns due to shorter durations. The ChinaBond Short - term Commercial Paper AAA Index had an annual return of 1.82%. The overall credit spread of the credit bond market converged, and the spread return contribution was positive. Some theme and strategy indices, such as the ChinaBond Investment - Preferred Green Bond Index and the ChinaBond Credit Bond Value Factor Selected Strategy Index, performed well [6]. - The table shows the year - to - date, 1 - year rolling, and 3 - year rolling (annualized) returns of various bond indices, including comprehensive, interest rate, credit, theme, and strategy indices [7]. - The table also presents the index total return, holding return, price return, and other performance attribution factors for different bond indices in 2025 [8]. - **December 2025 Bond Market Review** - The overall wealth index of the domestic RMB bond market showed mixed performance, and the net - price index declined. Long - term interest rate bond yields rose, while short - term interest rate bond yields slightly declined. Short - term interest rate bond indices and floating - rate bond indices performed well. The yields of credit bonds of various grades were differentiated, and the overall wealth index return of the credit bond market was positive. The spreads between various industries and treasury bonds fluctuated slightly. Except for the real estate industry, the wealth index returns of other industries increased [10]. - The market activity of the domestic RMB bond market increased, with the monthly standard deviation of the daily return of the ChinaBond New Composite Wealth Index rising to about 0.057%, an increase of 0.021 percentage points from the previous month. The market trading volume increased to about 26.57 trillion yuan [13]. - The overall wealth index of the Chinese green bond market slightly rose, with the ChinaBond High - grade Green Corporate Credit - type Bond Index having a wealth index return of 0.16%. The scale of the green bond market remained stable, with the market value of "green - oriented" bonds reaching 6.64 trillion yuan, a 0.90% increase from the previous month [16]. 3.2 This Month's Interest Rate Bond Market Review - At the end of the month, long - term treasury bond yields rose, while short - term treasury bond yields slightly declined. The term spread of treasury bonds and the spread between policy - bank bonds and treasury bonds slightly widened [19]. - The ChinaBond Total Index wealth index fell by 0.19%. Short - term treasury bond indices performed slightly better. Except for the maturity segment of over 10 years, the ChinaBond Investment - Preferred Treasury Bond Index performed slightly better than the ChinaBond Investment - Preferred Policy - bank Financial Bond Index in other maturity segments [25]. - In the interest rate bond indices, short - term interest rate bonds and floating - rate bond indices performed well. The table shows the top and bottom 5 interest rate bond indices in terms of monthly return [28][29]. 3.3 This Month's Credit Bond Market Review - The yields of credit bonds fluctuated, and the overall wealth index return of the credit bond market was positive. The ChinaBond Credit Bond Total Index wealth index slightly rose by 0.13% [31]. - The spreads of high - grade credit bonds were slightly differentiated. Taking 3 - year credit bonds as an example, the spreads of AAA and AAA - credit bonds slightly narrowed, while the spreads of AA + and AA - grade credit bonds widened. The spreads between the ChinaBond enterprise bond yield curves of AAA, AAA -, AA +, and AA grades and treasury bonds were at the 39%, 41%, 45%, and 52% percentiles of the past 3 years, respectively [34]. - The spreads between various industries and treasury bonds fluctuated slightly. Except for the real estate industry, the wealth index returns of other industries increased. The ChinaBond Steel Industry Credit Bond Index had a return of about 0.21%, performing the best [39]. - The returns of credit bond indices were slightly differentiated, and the ChinaBond Commercial Bank Perpetual Capital Bond Index performed well. The table shows the top and bottom 5 credit bond indices in terms of monthly return [41][42]. - There were no new default issuers this month. The table shows the statistics of default events from 2015 to 2025 [43]. 3.4 Appendix: Correlation of Returns of Major Bond Types - The table shows the correlation coefficients of the daily wealth index returns of various bond indices in the past 3 months as of December 31, 2025 [44]. 3.5 Awards - The company won multiple awards, including the "Best Fixed - Income Index Provider" from The Asset for six consecutive years (2020 - 2025), the "Best ETF Index Provider" from The Asset in 2025, etc. [47]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In March 2025, the onshore RMB bond market showed mixed performance. Interest - rate bond yields generally increased, while floating - rate bond indices and short - term policy financial bond indices performed well. Credit bond yields fluctuated slightly, and the overall wealth index return of the credit bond market was positive. The wealth index returns of credit bonds in all industries were positive, and the spreads between each industry and Treasury bonds decreased slightly [8]. - The Chinese green bond market also showed mixed performance. The ChinaBond Medium - to - High - Grade Green Financial Bond Index had a return of 0.28%, performing strongly among green bond indices. The scale of the green bond market remained stable [15]. 3. Summary by Relevant Catalogs 3.1 This Month's Bond Market Review - The onshore RMB bond market had mixed performance. Interest - rate bond yields generally rose, and credit bond yields fluctuated slightly. The net price index and wealth index returns of the ChinaBond New Composite Index were - 0.45% and - 0.22% respectively. The market volatility increased slightly, and the trading volume recovered to about 26.56 trillion yuan [8][11]. - The Chinese green bond market was mixed. The ChinaBond Medium - to - High - Grade Green Financial Bond Index had a 0.28% return. The "green - oriented" bond market value was 6.29 trillion yuan, down 1.71% from last month. The market of "carbon - neutral" green bonds continued to develop steadily [15]. 3.2 This Month's Interest - Rate Bond Market Review - At the end of the month, except for ultra - short - term bonds, Treasury bond yields generally increased, and the term spreads of Treasury bonds widened slightly. The spreads between policy bank bonds and Treasury bonds fluctuated [19]. - The ChinaBond Aggregate Index's wealth index fell 0.30%. Short - term policy financial bond indices performed slightly better. The ChinaBond Investment - Preferred Policy Financial Bond Index outperformed the ChinaBond Investment - Preferred Treasury Bond Index [25]. - Among interest - rate bond indices, floating - rate bond indices and short - term policy financial bond indices performed well. The top 5 interest - rate bond indices in terms of monthly return included the ChinaBond Floating - Rate Policy Bank Bond Index Linked to DR with a return of 0.29%, while the bottom 5 included the ChinaBond 30 - Year Treasury Bond Index with a return of - 1.76% [28][29]. 3.3 This Month's Credit Bond Market Review - Credit bond yields fluctuated, and the overall wealth index return of the credit bond market was positive. The ChinaBond Credit Bond Aggregate Index's wealth index rose 0.30% [30]. - The spreads of high - grade credit bonds narrowed. Taking 3 - year bonds as an example, the spreads between AAA, AAA -, AA +, and AA - rated enterprise bonds and Treasury bonds were at the 25%, 21%, 15%, and 15% percentiles of the past three years respectively [32]. - The spreads between each industry and Treasury bonds decreased slightly. The wealth index returns of all industries were positive, with the ChinaBond Coal Industry Credit Bond Index having a return of about 0.34%, performing the best [34]. - The returns of credit bond indices were generally positive. Low - to - medium - rated and short - duration enterprise bond indices performed well. The top 5 credit bond indices in terms of monthly return included the ChinaBond High - Yield Enterprise Bond Index with a return of 0.45%, while the bottom 5 included the ChinaBond China Railway Bond Index with a return of - 0.31% [39][40]. - In terms of risk statistics, there was 1 new default issuer and 8 new default bonds this month, with a remaining scale of 149.19 billion yuan [43]. 3.4 Appendix: Correlation of Returns of Major Bond Types The report calculated the correlation coefficients of the daily wealth index returns of major bond types in the previous three months as of March 31, 2025, showing the relationships between different bond indices such as the ChinaBond Investment - Preferred Treasury Bond Index, ChinaBond Investment - Preferred Policy Financial Bond Index, etc. [47]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2024, the number and scale of domestic bond index fund products increased, with ChinaBond Index maintaining the leading market share [4][5]. - Most funds use ChinaBond Index as their performance benchmark, and its market share in the performance benchmark field continues to lead [20]. - Policy - financial bond index funds remain the focus of issuance in the current market [18]. 3. Summary by Relevant Catalogs 3.1 2024 Q4 Passive Bond Index Fund Market Statistics 3.1.1 This Quarter's Market Overview - By the end of Q4 2024, there were 225 domestic bond index fund products in existence, with a scale of 1174.658 billion yuan. Among them, 181 products tracked ChinaBond Index, accounting for about 80.44% of the market in terms of quantity and about 80.24% in terms of scale [4][5]. - Policy - financial bond index funds had the largest proportion in terms of quantity and scale among all types of bond index funds, and over 90% of the products tracking them were based on ChinaBond Index [4][7]. 3.1.2 This Quarter's Policy - financial Bond Index Fund Overview - Policy - financial bond index funds were mainly of medium - short - term (no more than 5 years) products, with a scale proportion of over 70%. Funds tracking the comprehensive bond index of policy banks were the most numerous, with a product scale proportion of over 40% [11]. 3.1.3 This Quarter's Application of ChinaBond Index in Passive Index Funds - By the end of Q4 2024, 35 ChinaBond Indexes were used as investment tracking targets at home and abroad, with a total asset scale of tracking fund products reaching 944.163 billion yuan [13]. 3.1.4 This Quarter's Newly Issued Passive Bond Index Funds - In Q4, 9 new bond index fund products were issued in the domestic market, with a total scale of 53.135 billion yuan. Six products tracked ChinaBond policy - financial bond indexes, and 1 product tracked the ChinaBond - Preferred Investment - grade Credit Bond Index [16]. 3.1.5 This Quarter's Acceptance and Approval of Passive Bond Index Funds - Policy - financial bond index funds remained the focus of issuance. In Q4, the CSRC accepted 12 credit bond index funds and 3 policy - financial bond index funds, and approved 3 policy - financial bond index funds, 1 credit bond index fund, and 1 comprehensive index fund [18]. 3.2 2024 Q4 Fund Performance Benchmark Statistics - By the end of Q4 2024, there were 3345 bond - type funds using bond indexes as performance comparison benchmarks, with a scale of about 8.81 trillion yuan. Among them, 2892 funds used ChinaBond Index, with a scale of about 7.68 trillion yuan, accounting for over 80% in both quantity and scale [20]. 3.3 2024 Q4 Newly Issued ChinaBond Indexes - In Q4, ChinaBond Financial Valuation Center Co., Ltd. newly issued 34 indexes, all of which were representative bond indexes, including 32 self - developed indexes and 2 customized indexes [23]. 3.4 Column: Bond Index Fund Special Issue 3.4.1 Research on the Innovation of the Investment and Operation Mechanism of 30 - year Treasury Bond ETF - The 30 - year Treasury Bond ETF provides an ultra - long - duration Treasury bond investment tool for exchange investors but faces difficulties in investment and operation due to insufficient exchange bond liquidity. The research constructs a strategy framework from the perspectives of liquidity and return enhancement and proposes an optimized PCF list scheme [26]. 3.4.2 Development, Main Features, and Relevant Insights of Foreign Bond Index Funds - Bond index funds are important tools for broadening residents' asset allocation channels, enriching bond market capital sources, and improving the financial market structure. The article summarizes the development characteristics of foreign bond index funds, especially those in the US since 2008, and provides suggestions for domestic bond index funds [27].