在震荡市中保持久期适中，聚焦信用债ETF基金(511200)配置机会

Group 1 - The core viewpoint of the news highlights the performance and growth of the credit bond ETF fund, indicating a positive trend in both liquidity and returns [1] Group 2 - As of October 27, 2025, the credit bond ETF fund (511200) has increased by 0.05%, with the latest price at 100.59 yuan [1] - The fund has achieved an average daily trading volume of 7.695 billion yuan over the past week, ranking first among comparable funds [1] - In terms of shares, the credit bond ETF fund has seen an increase of 160 million shares over the past six months, indicating significant growth [1] - The fund's scale has grown by 28.405 million yuan in the past week, reflecting substantial growth [1] - The fund has recorded a maximum consecutive monthly increase of 5 months since its inception, with the highest increase percentage being 1.62% [1] - The fund's monthly profit-loss ratio stands at 5/3, with a weekly profit percentage of 67.5% and a historical 100% probability of profit over a 6-month holding period [1] - Over the past three months, the fund has outperformed its benchmark with an annualized return of 0.12%, ranking first among comparable funds [1] - The management fee for the credit bond ETF fund is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [1] - The tracking error for the fund over the past month is 0.006%, indicating the highest tracking accuracy among comparable funds [1] Group 3 - The analysis from Galaxy Securities indicates that last week's bond market saw rising yields, influenced by factors such as the stock-bond seesaw effect and key meetings [2] - It is anticipated that under the central bank's support, the cross-month liquidity will remain stable, and there may be further policy measures to stabilize growth in the fourth quarter [2] - Attention should be paid to the macroeconomic data in the fourth quarter and the discrepancy with the annual GDP target of 5%, as well as the impact of increased government bond supply and the Federal Reserve's ongoing rate cuts [2] - The recommendation is to maintain a moderate duration in a volatile market, buying on adjustments and focusing on short-term allocation opportunities [2]