Group 1 - The core viewpoint of the news is that the China Securities Index for 0-3 year government bonds and policy financial bonds has shown a steady increase in value over various time frames, indicating a positive trend in the bond market [1][3] - The index reported a rise of 0.07% over the past month, 0.46% over the past three months, and 0.54% year-to-date, reflecting overall growth in the bond sector [1] - The index is designed to represent the performance of government and policy financial bonds with corresponding maturities, using a base date of December 31, 2007, and a base point of 100.0 [1] Group 2 - The index consists entirely of unrated bonds, with a 100.00% allocation to such securities [2] - The sample for the index is adjusted monthly, with changes taking effect on the first trading day of each month, and new bonds entering the index from the day after their listing if they meet the criteria [2] - In the event of bond delisting or other significant changes, the index will adjust accordingly based on established maintenance rules [2]

Core Viewpoint - The China Bond Composite Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the bond market [2]. Group 1: Index Performance - The China Bond Composite Index reported a decrease of 0.10% over the past month, an increase of 0.44% over the last three months, and a year-to-date increase of 1.02% [2]. - The index is composed of government bonds, financial bonds, corporate bonds, central bank bills, and corporate short-term financing bonds with a maturity of over one month [2]. Group 2: Index Composition - As of the latest data, 76.37% of the index consists of unrated bonds, while 20.40% are rated "AAA" [2]. - The remaining ratings include 0.01% "A" rated, 0.01% "A+" rated, 0.81% "AA" rated, 2.35% "AA+" rated, and 0.04% "AA-" rated, with no bonds rated "BB" or "BBB" [2]. Group 3: Index Adjustment Mechanism - The China Bond Composite Index undergoes monthly adjustments, with the effective date being the first trading day of each month [2]. - In cases of temporary adjustments due to events like suspension or delisting of sample bonds, the index will remove those bonds as necessary [2].

Core Viewpoint - The Shanghai Composite Index experienced a decline of 0.37%, while the Shanghai Benchmark Marketable Government Bond Index reported at 113.38 points [1]. Group 1: Index Performance - The Shanghai Benchmark Marketable Government Bond Index has decreased by 0.23% over the past month and by 0.08% over the last three months, but it has increased by 0.50% year-to-date [2]. - The index is based on bonds listed on the Shanghai Stock Exchange that meet specific criteria, reflecting the overall performance of liquid bonds on the exchange [2]. Group 2: Index Composition and Adjustments - The index consists entirely of unrated bonds, with a 100.00% allocation to such securities [2]. - The sample for the index is adjusted monthly, with changes taking effect on the first trading day of each month. In cases of temporary adjustments, bonds may be removed from the index based on specific events [2]. Group 3: Related Investment Products - Public funds tracking the Shanghai Marketable Government Bonds include the Huaxia Shanghai Benchmark Marketable Government Bond ETF [2].

Core Viewpoint - The launch of the first batch of Sci-Tech Innovation Bond ETFs is a significant step in expanding the market for technology innovation financing, supported by the China Securities Regulatory Commission (CSRC) [1][2]. Group 1: ETF Launch and Market Context - The CSRC announced the development of Sci-Tech Innovation Bonds and the introduction of Sci-Tech Innovation Bond ETFs during the 2025 Lujiazui Forum, with 10 fund managers, including E Fund, submitting applications for the first batch [1]. - The Sci-Tech Innovation Bonds serve as a crucial financing tool for technology innovation companies, facilitating efficient capital flow into the sector and providing diverse financing channels [1]. Group 2: ETF Specifications - Among the 10 reported Sci-Tech Innovation Bond ETFs, 6 track the CSI AAA Technology Innovation Company Bond Index, 3 track the SSE AAA Technology Innovation Company Bond Index, and 1 tracks the SZSE AAA Technology Innovation Company Bond Index [2]. - The CSI AAA Technology Innovation Company Bond Index includes bonds with a rating of AAA or an implied rating of AA+ and above, reflecting the overall performance of technology innovation company bonds [2]. Group 3: Index Performance and Characteristics - As of May 30, the CSI AAA Technology Innovation Company Bond Index had 767 sample bonds with a total market value of 1,017.6 billion, with over 70% of the components rated AAA, indicating strong credit quality [2]. - The index has a historical annualized return of 4.62% and an annualized volatility of 1.54% since its inception on June 30, 2022 [2]. Group 4: E Fund's Development in Bond ETFs - E Fund has been actively developing bond index funds since 2012, achieving a diverse range of bond index products to meet various investor needs [3]. - The company's first bond ETF, the E Fund Corporate Bond ETF, launched earlier this year, has seen significant inflows, with its latest scale exceeding 16 billion, maintaining a leading position among similar products [3].