公募销售新规利好债券ETF，公司债ETF(511030)定位独特坚决反内卷

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation on the management of sales fees for publicly raised securities investment funds, which includes new rules for redemption fees on bond funds, exempting ETFs and index funds, thus benefiting bond ETFs significantly [1] Group 1: Company Bond ETF Performance - The company bond ETF (511030) has a static yield of 1.91% and a stable net value with minimal market discount, maintaining a unique positioning amidst increasing competition in the bond ETF market [1] - As of September 5, 2025, the company bond ETF has seen a cumulative increase of 1.18% over the past six months [1] - The latest price for the company bond ETF is 106.21 yuan, with a trading volume of 24.98 billion yuan and a turnover rate of 10.93% [1] Group 2: Fund Flow and Liquidity - The company bond ETF has a current scale of 22.861 billion yuan, with recent fund inflows and outflows remaining balanced [1] - Over the past five trading days, there have been net inflows on four days, totaling 444 million yuan, with an average daily net inflow of 8.877 million yuan [1] Group 3: Historical Performance Metrics - Over the past five years, the net value of the company bond ETF has increased by 13.69% [2] - The highest monthly return since inception was 1.22%, with the longest consecutive monthly gains being nine months and a maximum increase of 3.80% [2] - The annual profit percentage stands at 83.33%, with a monthly profit probability of 79.48% and a 100% probability of profit over a three-year holding period [2] Group 4: Risk and Fee Structure - The maximum drawdown for the company bond ETF over the past six months is 0.19%, with a relative benchmark drawdown of 0.08% [3] - The management fee for the company bond ETF is 0.15%, and the custody fee is 0.05% [4] - The tracking error for the company bond ETF year-to-date is 0.013% [4]