Market Performance - The Shanghai Composite Index increased by 18.4% from November 2024 to September 2025, reaching a new high of over 3900 points in October, the highest in 10 years [1] - The average daily trading volume of stocks in Shanghai and Shenzhen was approximately 2.3 trillion yuan since August, significantly higher than the average of about 700 billion yuan during the same period last year [1] - The yield on 10-year government bonds remained stable between 1.75% and 1.85%, reversing the rapid decline seen in 2024 [1] Currency and Capital Flow - The onshore and offshore RMB exchange rates against the USD have stabilized around 7.1 to 7.2 since June, indicating balanced cross-border capital flows [1] Bond Market Dynamics - Despite a general outflow from credit bond ETFs, the Ping An Company Bond ETF (511030) saw an increase in scale by 102 million yuan, attributed to its short duration (1.94 years), high static yield (1.95%), minimal discount (weekly average -0.02%), and low drawdown (-0.50% year-to-date) [1] - The Ping An Company Bond ETF (511030) ranked first in controlling drawdown since the bond market adjustment, maintaining a relatively stable net value [1] Recent Market Trends - The bond market experienced fluctuations influenced by expectations surrounding US-China negotiations, anticipated interest rate cuts, delays in new fund redemption regulations, and policy expectations from the Fourth Plenary Session [1] - The credit performance in the bond market outperformed interest rates, with short-term credit spreads compressing to historically low levels [3] Credit Yield and Spread Analysis - As of October 24, 2025, the yield on various credit bonds showed a range of values, with AAA-rated bonds yielding between 1.67% and 2.12% for different maturities [4] - The credit spreads for AAA-rated bonds were recorded at 0.11% for 0.5-year bonds, indicating a very low risk premium [4]
公司债ETF（511030）规模逆势增长超1亿，短久期、静态高、贴水少、回撤小
Sou Hu Cai Jing·2025-10-29 05:50