Market Overview - The bond market maintained a volatile trend during the week of November 10-14, 2025, with the 1-year government bond yield rising by 0.59 basis points to 1.41%, the 10-year yield remaining flat at 1.81%, and the 30-year yield decreasing by 1.00 basis points to 2.15% [3][16] - The third quarter monetary policy execution report indicated a shift towards further easing, but rising inflation data tempered expectations for additional monetary easing, leading to a continuation of the short-term volatile market [3][16] Public Fund Market Dynamics - The issuance of the Huaxia Anbo Warehousing REIT was highly successful, selling out in one day, indicating strong market demand for such assets [4][20] Fund Index Performance Tracking - The Money Enhancement Index rose by 0.03% last week, with a cumulative return of 4.30% since inception [5][21] - The Short-term Bond Fund Index also increased by 0.03%, achieving a cumulative return of 4.48% since inception [6][21] - The Mid-to-Long-term Bond Fund Index saw a rise of 0.07%, with a cumulative return of 6.82% since inception [7][21] - The Low Volatility Fixed Income + Fund Index increased by 0.07%, with a cumulative return of 4.78% since inception [8][21] - The Medium Volatility Fixed Income + Fund Index rose by 0.04%, achieving a cumulative return of 6.12% since inception [9][21] - The High Volatility Fixed Income + Fund Index decreased by 0.06%, with a cumulative return of 8.11% since inception [10][21] - The Convertible Bond Fund Index rose by 0.03%, with a cumulative return of 23.54% since inception [11][21] - The QDII Bond Fund Index increased by 0.08%, achieving a cumulative return of 10.35% since inception [12][21] - The REITs Fund Index rose by 1.67%, with a cumulative return of 33.81% since inception [13][21]

Market Overview - The bond market experienced fluctuations during the week of November 3 to November 7, 2025, with the 1-year government bond yield rising by 2.19 basis points to 1.40%, the 10-year yield increasing by 1.88 basis points to 1.81%, and the 30-year yield up by 1.50 basis points to 2.16% [3][15] - The central bank announced a resumption of bond purchases amounting to 20 billion yuan in October, which fell short of market expectations, contributing to a slight decline in bond market sentiment amid a strong stock market [15] - The U.S. Treasury yields showed a downward trend, with the 1-year yield decreasing by 7 basis points to 3.63% and the 2-year yield down by 5 basis points to 3.55% [15] Public Fund Market Dynamics - The scale of bond ETFs surpassed 700 billion yuan, reaching 700.44 billion yuan as of October 31, 2025, marking a significant increase from less than 180 billion yuan at the beginning of the year [4][18] - Among the 53 bond ETFs in the market, 50 have surpassed 1 billion yuan in scale, with 30 exceeding 10 billion yuan [18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.27% since inception [19][20] - The Short-term Bond Fund Index increased by 0.02%, achieving a cumulative return of 4.45% since inception [20] - The Long-term Bond Fund Index saw a slight increase of 0.01%, with a cumulative return of 6.75% since inception [20] - The Low Volatility Fixed Income + Fund Index rose by 0.12%, with a cumulative return of 4.71% since inception [20] - The High Volatility Fixed Income + Fund Index increased by 0.24%, achieving a cumulative return of 8.17% since inception [20] - The Convertible Bond Fund Index rose by 0.46%, with a cumulative return of 23.51% since inception [20] - The QDII Bond Fund Index decreased by 0.17%, with a cumulative return of 10.27% since inception [20] - The REITs Fund Index fell by 1.21%, with a cumulative return of 31.61% since inception [20]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (Oct 13 - Oct 17, 2025), the bond market sentiment warmed up with yields oscillating and recovering. The stock market's decline and the central bank's loose liquidity pushed the ultra - long - end bonds to rebound and lead the market. The short - term bond market's allocation cost - performance improved, and it may continue a mild oscillating pattern [3][10]. - The continuous decline of bond yields needs further observation, affected by factors such as the "15th Five - Year Plan" policy signals from the Fourth Plenary Session, the possibility of monetary policy easing (e.g., interest rate cuts), and the results of Sino - US trade negotiations [10]. - Last week, the US Treasury yields declined. The 10 - year US Treasury yield once fell below 4.0% and then rebounded above 4.0% due to improved market sentiment [10]. - Last week, the CSI REITs Total Return Index declined by 1.44%. Various types of REITs generally fell, but there were new developments in the primary market [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year Treasury yield rose 5.93BP to 1.44%, the 10 - year yield dropped 1.4BP to 1.82%, and the 30 - year yield dropped 7BP to 2.20%. The short - term bond market may maintain a mild oscillating pattern, and the continuous decline of yields needs further observation [10]. - **US Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year US Treasury yield dropped 4BP to 3.56%, the 2 - year yield dropped 6BP to 3.46%, and the 10 - year yield dropped 3BP to 4.02%. The 10 - year yield once fell below 4.0% and then rebounded [10]. - **REITs Market**: From Oct 13 to Oct 17, 2025, the CSI REITs Total Return Index declined 1.44% to 1043.46 points. There were 3 new first - issue REITs and 2 new expansion - offering REITs in the primary market [11]. 3.1.2 Public Fund Market Dynamics - On Oct 14, 2025, the CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund completed its fundraising, becoming the first successfully issued public REITs project in Northeast China [3][12]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | Last Week's Return | Since Inception Return | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.19% | | Short - Term Bond Fund Preferred Index | 0.05% | 4.32% | | Medium - and Long - Term Bond Fund Preferred Index | 0.16% | 6.23% | | Low - Volatility Fixed - Income + Fund Preferred Index | - 0.06% | 3.93% | | Medium - Volatility Fixed - Income + Fund Preferred Index | - 0.85% | 4.69% | | High - Volatility Fixed - Income + Fund Preferred Index | - 1.00% | 6.70% | | Convertible Bond Fund Preferred Index | - 2.61% | 19.80% | | QDII Bond Fund Preferred Index | 0.18% | 10.57% | | REITs Fund Preferred Index | - 2.43% | 31.01% | [4][5][13] 3.2.1 Money Enhancement Index Tracking - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve surpassing money funds. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 3.2.2 Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, pursues a smooth curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns. It selects 5 funds each period, adjusting duration and the ratio of credit bond funds and interest - rate bond funds according to the market [18]. 3.2.3 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is 10%, with 10 funds selected each period. It focuses on funds with an equity center within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%, with 5 funds selected each period. It selects funds with an equity center between 15% - 25% in the past three years and recently [23]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, with 5 funds selected each period. It selects funds with an equity center between 25% - 35% in the past three years and recently, focusing on bond - end stability and equity - end offensive capabilities [27]. 3.2.4 Convertible Bond Fund Preferred Index - Selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. 3.2.5 QDII Bond Fund Preferred Index Tracking - The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration [32]. 3.2.6 REITs Fund Preferred Index Tracking - The underlying assets are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity according to the type of underlying assets [33].

Market Overview - The bond market sentiment improved last week (2025.10.13-2025.10.17), with yields fluctuating. The 1-year government bond yield rose by 5.93 basis points to 1.44%, while the 10-year yield fell by 1.4 basis points to 1.82%, and the 30-year yield decreased by 7 basis points to 2.20%. The overall weak stock market and the central bank's release of liquidity contributed to the rebound of long-term bonds, leading the bond market [3][14]. - The U.S. Treasury yields also declined last week, with the 1-year yield down by 4 basis points to 3.56%, the 2-year yield down by 6 basis points to 3.46%, and the 10-year yield down by 3 basis points to 4.02%. The decline was influenced by dovish comments from the Federal Reserve Chairman and concerns about the U.S. regional banking system [14]. Public Fund Market Dynamics - On October 14, the CITIC Construction Investment Shenyang International Software Park closed-end infrastructure securities investment fund (referred to as "Shenyang International Software Park REIT") successfully completed its fundraising, marking the first public REIT project successfully issued in Northeast China. The initial assets of the Shenyang International Software Park REIT consist of 13 industrial buildings in Shenyang, with a total property area of 201,200 square meters, primarily focused on research and development office space [17][16]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 4.19% since inception [4][19]. - The Short-term Bond Fund Index increased by 0.05%, with a cumulative return of 4.32% since inception [5][19]. - The Medium to Long-term Bond Fund Index rose by 0.16%, with a cumulative return of 6.23% since inception [6][19]. - The Low Volatility Fixed Income + Fund Index fell by 0.06%, with a cumulative return of 3.93% since inception [7][19]. - The Medium Volatility Fixed Income + Fund Index decreased by 0.85%, with a cumulative return of 4.69% since inception [8][19]. - The High Volatility Fixed Income + Fund Index dropped by 1.00%, with a cumulative return of 6.70% since inception [9][19]. - The Convertible Bond Fund Index fell by 2.61%, with a cumulative return of 19.80% since inception [10][19]. - The QDII Bond Fund Index rose by 0.18%, with a cumulative return of 10.57% since inception [11][19]. - The REITs Fund Index decreased by 2.43%, with a cumulative return of 31.01% since inception [12][19].

Market Overview - The bond market maintained a weak fluctuation before the National Day holiday, with the 1-year government bond yield decreasing by 1.72 basis points to 1.37%, the 10-year yield down by 0.42 basis points to 1.86%, and the 30-year yield increasing by 5.7 basis points to 2.25% [3][16] - After the holiday, the 1-year yield further decreased by 0.88 basis points to 1.37%, the 10-year yield fell by 1.45 basis points to 1.85%, while the 30-year yield rose by 3.68 basis points to 2.28% [3][16] - The easing of profit-taking pressure at the end of the quarter, combined with the central bank's continued support for market liquidity, led to a recovery in bond market sentiment, resulting in an overall decline in yields [3][16] Public Fund Market Dynamics - The first foreign-funded consumer REIT, Huaxia CapitaLand Commercial REIT, successfully listed on the Shanghai Stock Exchange, marking a significant step in the internationalization and diversification of China's public REIT market [4][19] Fund Index Performance Tracking - The Money Enhanced Index recorded a weekly return of 0.00%, with a cumulative return of 4.16% since inception [5][21] - The Short-term Bond Fund Index also saw a weekly return of 0.00%, with a cumulative return of 4.27% since inception [6][21] - The Long-term Bond Fund Index had a slight increase of 0.01%, accumulating a return of 6.06% since inception [7][21] - The Low Volatility Fixed Income + Fund Index decreased by 0.18%, with a cumulative return of 3.99% since inception [8][21] - The Medium Volatility Fixed Income + Fund Index fell by 0.45%, accumulating a return of 5.59% since inception [9][21] - The High Volatility Fixed Income + Fund Index decreased by 0.42%, with a cumulative return of 7.78% since inception [10][21] - The Convertible Bond Fund Index increased by 0.89%, with a cumulative return of 23.01% since inception [10][21] - The QDII Bond Fund Index rose by 0.23%, accumulating a return of 10.37% since inception [11][21] - The REITs Fund Index decreased by 0.19%, with a cumulative return of 34.27% since inception [12][21]

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - The bond market in China showed a pattern of rising first and then falling last week, with large yield fluctuations throughout the week. The domestic bond market is likely to maintain a volatile trend in the short - term, and the 10 - year Treasury yield may oscillate around the 1.75% - 1.80% range. [10] - The US Treasury yield curve rose last week. After the Federal Reserve cut interest rates, the yield went up due to various factors. [11] - The REITs market had a dull performance last week, with the CSI REITs Total Return Index rising slightly, and different types of REITs showing mixed performance. Policy support for REITs issuance in certain consumption infrastructure projects was introduced. [11] Summary by Directory 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: From September 15 - 19, 2025, the 1 - year Treasury yield dropped 1BP to 1.39%, the 10 - year yield rose 1.19BP to 1.88%, and the 30 - year yield rose 1.56BP to 2.20%. The market sentiment was affected by factors such as central bank bond - buying expectations and bond issuance results. [10] - **US Treasury Bonds**: The 1 - year US Treasury yield dropped 6BP to 3.60%, the 2 - year yield rose 1BP to 3.57%, and the 10 - year yield rose 8BP to 4.14%. The yield was influenced by economic data, the Federal Reserve's interest - rate cut, and labor - market data. [11] - **REITs Market**: The CSI REITs Total Return Index rose 0.12% to 1071.34 points. Different types of REITs had mixed performance, with data centers and warehousing logistics performing relatively well. As of September 19, 2025, 16 REITs were successfully issued this year, with a total issuance scale of 33.65 billion yuan. One new public offering REIT was established last week. [11][12] 1.2. Public Fund Market Dynamics - On September 12, Guozheng Index announced the release of the Guozheng Free Cash Flow Market - Making Bond Mixed Index series on September 17, including four indices with different asset - allocation weights. [13] 2. Pan - Fixed - Income Fund Index Performance Tracking | Index Type | Last Week's Return | One - Month Return | YTD Return | Cumulative Return Since Inception | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.10% | 4.07% | | Short - Term Bond Fund Selection | 0.03% | 0.09% | 0.79% | 4.20% | | Medium - and Long - Term Bond Fund Selection | 0.04% | 0.00% | 0.48% | 6.11% | | Low - Volatility Fixed - Income + Fund Selection | - 0.05% | 0.48% | 2.51% | 3.80% | | Medium - Volatility Fixed - Income + Fund Selection | 0.03% | 1.20% | 4.59% | 5.12% | | High - Volatility Fixed - Income + Fund Selection | - 0.07% | 1.20% | 7.06% | 6.80% | | Convertible Bond Fund Selection | - 1.37% | 0.44% | 15.60% | 19.22% | | QDII Bond Fund Selection | 0.11% | 0.99% | 5.05% | 10.13% | | REITs Fund Selection | - 1.01% | 3.62% | 27.09% | 36.17% | [5][14][15] 2.1. Money Enhancement Index Tracking - The money enhancement strategy index aims for liquidity management and a curve that outperforms money - market funds. It mainly invests in money - market funds and inter - bank certificate of deposit index funds, with a benchmark of the CSI Money Fund Index. [16] 2.2. Pure Bond Index Tracking - **Short - Term Bond Fund Selection Index**: It focuses on liquidity management and risk control, mainly investing in five funds with stable long - term returns and strict risk control, with a benchmark of 50% Short - Term Pure Bond Fund Index + 50% Ordinary Money - Market Fund Index. [19] - **Medium - and Long - Term Bond Fund Selection Index**: It invests in medium - and long - term pure bond funds, aiming for stable returns and controlling drawdowns. It selects funds with both return and risk - control capabilities and adjusts the portfolio according to market conditions. [21] 2.3. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Selection Index**: With an equity central position of 10%, it selects 10 fixed - income + funds with an equity position within 15%, aiming for a balance between risk and return and a good holding experience, with a benchmark of 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index. [24] - **Medium - Volatility Fixed - Income + Selection Index**: With an equity central position of 20%, it selects five fixed - income + funds with an equity position between 15% - 25%, emphasizing performance elasticity on the basis of risk - return ratio, with a benchmark of 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index. [25] - **High - Volatility Fixed - Income + Selection Index**: With an equity central position of 30%, it selects five fixed - income + funds with an equity position between 25% - 35%, focusing on funds with strong stock - selection ability on the equity side and stable bond - end returns, with a benchmark of 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index. [28] 2.4. Convertible Bond Fund Selection Index - It selects bond - type funds with a high proportion of convertible - bond investment as the sample space, and constructs an evaluation system from multiple dimensions to select five funds to form the index. [28][31] 2.5. QDII Bond Fund Selection Index Tracking - It selects six QDII bond funds with stable returns and good risk control based on credit and duration conditions, with underlying assets of overseas bonds. [32] 2.6. REITs Fund Selection Index Tracking - It selects ten REITs funds with stable operation, reasonable valuation, and certain elasticity based on the type of underlying assets, which are mainly infrastructure projects with stable cash - flow expectations. [35]

Market Review - The bond yields experienced fluctuations and declined last week (2025.08.04-2025.08.08), with the China Bond Composite Wealth Index (CBA00201) rising by 0.08% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.05%. The yields of government bonds across various maturities decreased, with 1-year, 3-year, 5-year, and 10-year government bond yields changing by -1.71bp, -1.91bp, -2.32bp, and -1.76bp respectively compared to the previous week [15][16]. - The credit bond yields across various maturities and ratings mostly declined, leading to a significant compression of credit spreads. The funding environment remained loose, and the new VAT policy boosted market sentiment towards bonds [15][16]. Market Observation - The US Treasury market stabilized with slight increases in yields. The overall volatility decreased, and the yields of various maturities saw minor upward movements. The market is currently in a wait-and-see mode regarding potential interest rate cuts in September [17]. - The REITs secondary market experienced fluctuations, with a decrease in trading activity. The CSI REITs Total Return Index fell by 0.33% last week, with property rights performing better than operational rights. The market sentiment for REITs has cooled compared to earlier in the year, and trading activity has declined [17]. Public Fund Market Dynamics - On August 7, 2025, Morgan Stanley's Yingyuan Stable Three-Month Holding Period Mixed FOF was officially announced, raising 2.752 billion yuan on its first day, making it the first public FOF of 2025 to achieve "one-day fundraising." This fund adopts a diversified "fixed income +" strategy, limiting equity assets to no more than 30% [18]. - As of August 6, 2025, a total of 37 new public FOFs were established in the market this year, with a total fundraising scale exceeding 33.7 billion yuan, averaging about 910 million yuan per fund, marking a new high since 2023 [18]. Fund Index Performance Tracking - The Money Enhanced Index rose by 0.03% last week, with a cumulative return of 3.91% since inception [19]. - The Short-term Bond Fund Preferred Index increased by 0.06%, with a cumulative return of 4.13% since inception [20]. - The Medium to Long-term Bond Fund Preferred Index rose by 0.02%, with a cumulative return of 6.48% since inception [5]. - The Low Volatility Fixed Income + Fund Preferred Index increased by 0.31%, with a cumulative return of 3.28% since inception [6]. - The Medium Volatility Fixed Income + Fund Preferred Index rose by 0.42%, with a cumulative return of 3.09% since inception [7]. - The High Volatility Fixed Income + Fund Preferred Index increased by 0.61%, with a cumulative return of 4.71% since inception [8]. - The Convertible Bond Fund Preferred Index rose by 1.60%, with a cumulative return of 15.86% since inception [9]. - The QDII Bond Fund Preferred Index increased by 0.38%, with a cumulative return of 8.91% since inception [10]. - The REITs Fund Preferred Index fell by 0.48%, with a cumulative return of 37.50% since inception [11].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (July 21 - July 25, 2025), bond yields oscillated upwards. The ChinaBond Composite Wealth Index (CBA00201) fell 0.39%, and the ChinaBond Composite Full - Price Index (CBA00203) fell 0.44%. Interest - rate bonds and credit bonds across all tenors and ratings saw yield increases, and most credit spreads widened. The bond market adjusted due to the release of negative factors, the US Treasury yield curve flattened, and the secondary market for REITs declined while trading activity picked up [3][10]. - As of July 25, the total scale of 39 bond ETF products in the market exceeded 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase from the beginning of the year, with science - innovation bond ETFs as the core growth driver [4]. Summary by Related Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Last week, bond yields oscillated upwards. Interest - rate bonds across all tenors declined, with medium - and long - term yields rising significantly more than short - term ones. Credit bond yields across all tenors and ratings increased, and most credit spreads widened. The 1 - year, 3 - year, 5 - year, and 10 - year Treasury yields rose 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [3][10]. - **Bond Market Adjustment**: The bond market adjusted due to the release of negative factors. The central bank's net open - market injection was 10.95 billion yuan last week. The money market was tight at first and then loose, with DR007 and R007 rising 14.56bp and 18.65bp respectively. The bond market adjusted significantly due to factors such as improved fundamental expectations, a higher issuance rate of 30 - year special Treasury bonds, and the stock - bond seesaw effect. In the short term, the broad - money direction is unlikely to change, and the money market may be a disturbing factor. The central bank's support means limited liquidity risk, but the stock market may continue to affect the bond market [10][11]. - **US Treasury Yield Curve**: The US Treasury yield curve flattened. At the beginning of the week, yields declined due to risk - aversion, then rebounded as tensions eased. On Thursday, lower - than - expected initial jobless claims data pushed up short - term yields. In the future, the FOMC meeting may keep interest rates unchanged, and strong economic data may further dampen rate - cut expectations. Short - term yields can be traded on the dips, while caution is advised for long - term bonds [12]. - **REITs Market**: The secondary market for REITs declined, but trading activity picked up. The CSI REITs Total Return Index fell 1.56% last week. After the decline in July, the valuations of REITs projects adjusted, and the cash distribution rate increased. Individual bonds in sectors such as consumption and affordable housing have increased cost - effectiveness [13]. 1.2. Public Fund Market Dynamics - As of July 25, the total scale of 39 bond ETF products in the market reached 510.505 billion yuan, a nearly 200% increase from the beginning of the year. Science - innovation bond ETFs were the core growth driver, with the first batch of 10 products reaching over 100 billion yuan in scale in the first week after listing. The bond ETF market has diverse product types, and there is still room for development in terms of supply, product innovation, and investor structure [4][14][15]. 2. Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | This Week | Last Month | YTD | Since Strategy Inception | | --- | --- | --- | --- | --- | | Short - Term Bond Fund Selection | - 0.08% | 0.07% | 0.59% | 4.00% | | Medium - and Long - Term Bond Fund Selection | - 0.30% | - 0.13% | 0.68% | 6.32% | | Low - Volatility Fixed - Income + Fund Selection | - 0.11% | 0.40% | 1.62% | 2.90% | | Medium - Volatility Fixed - Income + Fund Selection | 0.14% | 1.02% | 2.33% | 2.85% | | High - Volatility Fixed - Income + Fund Selection | 0.42% | 1.34% | 4.68% | 4.42% | | Convertible Bond Fund Selection | 2.24% | 4.77% | 11.60% | 15.09% | | QDII Bond Fund Selection | 0.33% | 0.42% | 3.17% | 8.16% | | REITs Fund Selection | - 1.61% | - 3.99% | 26.83% | 35.47% | 2.1. Pure Bond Index Tracking - **Short - Term Bond Fund Selection Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, and uses 50% Short - Term Pure Bond Fund Index + 50% General Money - Market Fund Index as the benchmark [17]. - **Medium - and Long - Term Bond Fund Selection Index**: Aims at stable returns by investing in medium - and long - term pure bond funds, selects 5 funds, adjusts duration and the ratio of credit and interest - rate bond funds according to market conditions [19]. 2.2. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Selection Index**: Has an equity central position of 10%, selects 10 funds with an equity central position of less than 15% in the past three years and recently, and uses 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index as the benchmark [24]. - **Medium - Volatility Fixed - Income + Selection Index**: Has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently [24]. - **High - Volatility Fixed - Income + Selection Index**: Has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, and focuses on funds with strong stock - picking ability in the equity segment [27]. 2.3. Convertible Bond Fund Selection Index - Selects bond - type funds with an average convertible - bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters as the sample space, and selects 5 funds based on an evaluation system [29][33]. 2.4. QDII Bond Fund Selection Index Tracking - Selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [35]. 2.5. REITs Fund Selection Index Tracking - Selects 10 REITs funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset type [37].

Market Overview - The bond market experienced a slight increase during the week of June 3 to June 6, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.13% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.09% [12] - Interest rates on bonds generally declined, with short-term rates falling more than long-term rates, while credit bond yields primarily decreased, leading to an expansion in credit spreads [12][13] - The People's Bank of China (PBOC) conducted a 1 trillion yuan reverse repurchase operation to support liquidity in the market, indicating a proactive stance towards market conditions [12][13] REITs Market Dynamics - The total market value of China's REITs surpassed 200 billion yuan, reaching 201.99 billion yuan as of June 5, 2025, marking a historical milestone [14][15] - The Shanghai Stock Exchange accounted for 67% of this total, with a market value of 135.2 billion yuan [14] - The performance of the China Securities REITs Total Return Index increased by 1.58% during the week, with operational rights REITs outperforming property rights REITs [14] Public Fund Market Developments - On June 3, 2025, the Shanghai Municipal Development and Reform Commission issued a notice to enhance project reserves for infrastructure REITs, establishing a dynamic reserve library to support quality projects that do not yet meet issuance criteria [16][17] - The notice encourages collaboration with existing REIT platforms and aims to facilitate asset restructuring to inject projects into listed REITs [16][17] - Since March 2, 2025, various local governments have been promoting public REITs development, supported by national policies aimed at expanding the types of underlying assets for REITs [17] Fund Performance Tracking - Short-term bond fund index rose by 0.04% last week, with a cumulative return of 3.83% since inception [19] - Medium to long-term bond fund index increased by 0.10%, achieving a cumulative return of 6.24% [19] - REITs fund index saw a rise of 0.49%, with a remarkable cumulative return of 36.44% since inception [19]

Market Overview - The bond market experienced fluctuations and closed lower during the week of May 26 to May 30, 2025, with the China Bond Comprehensive Wealth Index (CBA00201) remaining flat and the China Bond Comprehensive Full Price Index (CBA00203) declining by 0.08% [2][11] - Interest rates on bonds generally rose, with short-term rates increasing more than long-term rates, specifically, the yields on 1-year, 3-year, 5-year, and 10-year government bonds rose by 1.5 basis points and 0.6 basis points respectively [11][12] Economic Conditions - The funding environment was relatively loose, but the economic fundamentals remained weak, with a slight increase in the R007 rate to 1.70% due to month-end effects [12] - The manufacturing PMI for May rose by 0.5 percentage points to 49.5%, still below the 50% threshold, indicating ongoing weakness in domestic demand despite some recovery in external demand [12][13] Policy and Regulatory Changes - The first batch of nine credit bond ETFs officially launched a general pledge repo business on May 29, 2025, which is expected to enhance financing channels for investors and improve capital efficiency [3][15] - The approval of these ETFs for general pledge repo business is anticipated to facilitate rapid development in the credit bond ETF market [15] REITs Market Dynamics - The REITs market continued to show strong interest, driven by declining bond yields and expectations of economic recovery, with property types like industrial parks and rental housing performing particularly well [14] - Recent approvals for new REITs indicate a significant acceleration in the market, although the high demand may increase the difficulty of new issuances [14] Fund Performance Tracking - Short-term bond fund indices recorded a slight increase of 0.01% last week, while medium to long-term bond fund indices saw a decrease of 0.02% [4][5] - REITs funds outperformed with a weekly increase of 0.90%, accumulating a year-to-date return of 37.79% [10][17]