中债指数 统计及分析月报 2025年12月 业务联系方式 产品获取：400-898-8989 指数编制：021-60813551、010-88174257 质量控制：021-60813562、021-60813561 咨询投诉邮箱：cbpc_complaints@chinabond.com.cn 中债金融估值中心有限公司 中债金融估值中心有限公司 债市动态及中债指数走势 2025年债券市场回顾 2025年，债券市场持续平稳健康发展。表征境内债券市场的中债-新综合指数全年持有收益1.81%、价 格收益-1.16%，指数全年总收益获0.65%。利率债中，长端利率债全年持有收益更高，在价格收益上稍 有逊色，总体呈现出久期越长，价格收益越负、总收益越低的特点。信用债同样受到利率波动上行的影 响，但因为久期较短价格下跌幅度比利率债小，总收益相对较好。其中，中债-短融AAA指数由于价格收 益的正贡献，全年收益达1.82%，略好于其他代表性宽基信用债指数。全年信用债市场整体信用利差进 一步收敛，信用债指数的利差收益贡献都为正，部分弥补了利率上行带来的价格下跌。主题指数中，中 债-投资优选绿色债券指数和中债-AAA科技创新债 ...

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].