Group 1 - The local government bond market in China has entered a new expansion cycle since 2025, with the total number of local government bonds reaching 12,535 and a balance of approximately 51 trillion yuan, reflecting an 8% increase compared to the end of 2024 [1] - In 2025, a total of 832 local government bonds were issued, amounting to 4.46 trillion yuan, with a significant year-on-year increase and an advanced issuance pace [1] - The current low-interest-rate environment, driven by policy expansion and monetary easing, has enhanced the investment value of local bonds, with increasing turnover rates and improving liquidity [1] Group 2 - As of June 6, 2025, the yield spread between short-term local bonds and government bonds has widened by nearly 10 basis points, with 2Y and 3Y local bonds showing spreads exceeding 15 basis points, placing them in the top 60% since 2022 [2] - The funding rate remains around 1.4%, with short-term local bonds offering positive yield spreads, making them an attractive choice under the current monetary easing expectations [2] Group 3 - There are currently four local bond ETFs in the market, including two managed by Penghua Fund, which cater to different investor needs with varying durations [3] - The Penghua 5-Year Local Bond ETF focuses on medium to long-term local bonds, offering higher yield potential with lower credit risk, while the Penghua 0-4 Year Local Bond ETF targets short-term local bonds, providing low volatility and stable returns [3] Group 4 - Both Penghua local bond ETFs support T+0 trading and can be used for pledged financing, with a low annual comprehensive fee rate of only 0.2% [4] - The trading activity of these ETFs has been robust, with average weekly trading volumes of 1.5 billion yuan and 2.1 billion yuan, and daily turnover rates of 35% and 117% respectively [4] - The investment team at Penghua Fund has extensive experience, with an average of over 8 years in the industry, and is well-equipped to manage various market conditions [4]
地方债进入新一轮扩容周期 借地方债ETF分散风险把握机遇
Sou Hu Cai Jing·2025-06-20 17:59