基石长磐，嘉木渐萌，公司债ETF（511030）助您岁月静好万事无忧

Core Insights - The bond market is experiencing a downturn amid strong fluctuations in the stock market and tight liquidity, with 30Y government bonds rising above 2.1% and 10Y government bonds above 1.8%, marking year-to-date yield peaks, indicating emerging allocation value [1] Market Overview - The total scale of credit bond ETFs is 464.9 billion yuan, with a daily increase of 2.23 billion yuan; the benchmark market-making ETF decreased by 0.1 billion yuan, while the Sci-Tech Innovation Bond ETF increased by 3.98 billion yuan [1] - The overall transaction amount is 123.8 billion yuan, with an average single transaction amount of 2.95 million yuan; the median turnover rate is 23.0% [1] - The median yield is 1.99%, with a median discount rate of -16.1 basis points [1] ETF Performance - Ping An Company Bond ETF (511030) has shown stable net value with a recent drawdown of only 10 basis points and a low average discount of 4 basis points, making it one of the few bond ETFs using the China Bond valuation [1] - The performance of various ETFs is summarized, highlighting the Ping An Company Bond ETF as having the best drawdown control since the recent bond market adjustment began on August 10, 2025 [1] Future Outlook - The probability of a rebound in the bond market is high, with key focus areas being the progress of central bank government bond transactions and liquidity conditions, as well as the slow bull market rhythm in the stock market [1] - In terms of credit, while the cost-performance ratio may not be as favorable as interest rates, opportunities still exist; 14 new Sci-Tech Innovation Bond ETFs have been listed, potentially leading to a compression of yield spreads [1] - It is recommended to strictly control duration within 2 years, with company bonds currently offering a static yield of 2%, serving as a good short-term credit alternative [1]