“双降”落地债市迎利好，0-4地债ETF(159816)近1年业绩2.93%

Core Viewpoint - The recent "double reduction" policy has positively impacted the bond market, particularly in the short-end segment, leading to strong performance in short-duration local government bond ETFs [1][2]. Group 1: Market Performance - As of May 15, 2025, the Penghua 0-4 Local Government Bond ETF (159816.SZ) has increased by 1.13% over the past six months and 2.93% over the past year, while the Penghua 5-Year Local Government Bond ETF (159972.SZ) has risen by 1.89% and 4.51% respectively [1]. - On May 15, 2025, the trading volume of the Penghua 0-4 Local Government Bond ETF reached 2.353 billion yuan, with a turnover rate of 127% [1]. Group 2: Policy Impact - The recent interest rate cuts (10 basis points) have led to a decrease in money market rates, with overnight rates dropping to around 1.5%, benefiting short-end local government bonds [2]. - The upcoming net issuance of government bonds is expected to surge to approximately 645.3 billion yuan, while the reserve requirement ratio cut will provide 1 trillion yuan in long-term liquidity support [2]. Group 3: Product Differentiation - Penghua Fund has established itself as the largest manager of local government bond ETFs in the market, launching the first 5-year local government bond ETF in 2019 and the only short-duration local government bond ETF in 2020, creating a complementary product matrix [2][3]. - The Penghua 5-Year Local Government Bond ETF is designed for longer duration investments, suitable for swing trading, while the Penghua 0-4 Local Government Bond ETF focuses on short-duration investments aimed at capital preservation [3]. Group 4: Performance Metrics - The Penghua 5-Year Local Government Bond ETF has shown stable long-term performance, with annual net value growth rates from 2020 to 2024 of 2.61%, 4.91%, 2.96%, 3.92%, and 6.82% [3]. - The Penghua 0-4 Local Government Bond ETF recorded net value growth rates of 3.44%, 2.55%, 3.09%, and 4.57% from 2021 to 2024 [3].