SWHY(SZ:000166) Shenwan Hongyuan Securities·2025-11-15 15:26Group 1 - The duration of pure bond funds has increased, with the median duration of all medium to long-term pure bond funds reaching 2.50 years, up 0.05 years week-on-week, placing it at the 77.90% percentile over the past three years [4][11][12] - The median duration of short-term pure bond funds has also risen to 0.97 years, an increase of 0.02 years week-on-week, which is at the 87.60% percentile over the past three years [4][11][12] Group 2 - The turnover rate of various bond types has mostly declined, indicating a decrease in market trading activity. For instance, the turnover rate of 10-year and above government bonds decreased by 0.21 percentage points to 2.12% [4][20][25] - The turnover rates for local government bonds in Jiangxi, Guangdong, and Chongqing are relatively high, with valuation spreads of 13.07 bps, 11.65 bps, and 13.93 bps respectively [4][20][29] Group 3 - The leverage ratio in the interbank bond market has decreased by 0.23 percentage points to 106.97%, while the leverage ratio for insurance companies has increased by 0.76 percentage points to 128.31% [4][30][36] - The leverage ratio for banks has decreased by 0.05 percentage points to 102.60%, and for securities companies, it has increased by 0.60 percentage points to 236.13% [4][30][36] Group 4 - The total scale of wealth management products in the market increased by 660.54 billion, consistent with seasonal trends, and the net value break-even rate has slightly decreased [4][37][41] - The increase in wealth management products was particularly significant for fixed-income products, while other investment types showed minor changes [4][41][43]