信用债正面消息多，本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一

Core Insights - The new mechanism for PPP projects and industrial gradient transfer may activate local economies [1] - The State Council has forwarded the latest guidance on "PPP stock projects," allowing the use of "general bonds and special bonds" for expenditures on these projects, which is a significant benefit for the main lending banks involved [1] - Long-term, the bank loans for PPP projects may achieve full repayment, significantly improving local government debt situations and enhancing the operational efficiency of local banks [1] - A series of "China's industrial transfer development docking activities" and the active introduction and support of eastern enterprises by various provinces and cities are facilitating the gradual transfer of certain industries from eastern regions to central and western regions [1] - This regional industrial collaboration and benefit-sharing mechanism is a major national strategy that may assist local governments in upgrading industries, increasing tax revenues, and continuously reducing debt ratios [1] Bond Market Insights - The Ping An Company Bond ETF (511030) has the best performance in controlling drawdown during the recent bond market adjustment, with the least market discount in the past week and a relatively stable net value [1] - The bond market adjustment began on August 8, 2025, and the table provided shows various ETFs with their respective performance metrics [1] - The data indicates that the average discount and year-to-date performance of several ETFs, including their pledge rates and drawdown metrics, are presented, highlighting the stability of the Ping An Company Bond ETF compared to others [1]