Core Viewpoint - The company bond ETF (511030) is influenced by macroeconomic policies, interest rate changes, and credit risks in the bond market [1] Group 1: Market and Economic Indicators - The U.S. Treasury auctioned a four-month Treasury bill with a winning yield of 3.815% and a bid-to-cover ratio of 3.06 [2] - The Bank of Canada lowered its benchmark overnight rate by 25 basis points to 2.5% due to economic weakness and reduced inflation risks, with no forward guidance provided [2] - The Federal Reserve also cut rates by 25 basis points, bringing the federal funds rate target range to 4.00%-4.25%, amid rising inflation and employment risks [2][3] Group 2: ETF Performance Metrics - As of September 17, 2025, the company bond ETF (511030) increased by 0.03%, marking three consecutive days of gains, with a latest price of 106.15 yuan [3] - The ETF's scale reached 22.851 billion yuan, with recent inflows and outflows remaining balanced, totaling 97.7382 million yuan over the last ten trading days [4] - The ETF has achieved a net value increase of 13.47% over the past five years, with a maximum monthly return of 1.22% since inception [4] Group 3: Risk and Return Analysis - The maximum drawdown for the ETF in the last six months was 0.19%, with a relative benchmark drawdown of 0.08% [5] - The ETF's management fee is 0.15%, and the custody fee is 0.05% [6] Group 4: Tracking Accuracy - The ETF's tracking error over the past month was 0.012%, closely following the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [7]

行业 国债日报 日期 2025 年 9 月 16 日 研究员：何卓乔(宏观贵金属) 18665641296 hezhuoqiao@ccb.ccbfutures.com 期货从业资格号：F3008762 研究员：黄雯昕(国债集运) 021-60635739 huangwenxin@ccb.ccbfutures.com 期货从业资格号：F3051589 研究员：聂嘉怡(股指) 021-60635735 niejiayi@ccb.ccbfutures.com 期货从业资格号：F03124070 宏观金融团队 请阅读正文后的声明 ＃summary＃ 当日行情： 经济数据走弱提振债市，国债期货全线收涨。 利率现券： 银行间各主要期限利率现券收益率短降长升，中长端幅度多在 1bp 左右，至 下午 16：30，10 年国债活跃券 250011 收益率报 1.8000%上行 1.05bp。 资金市场： 央行公开市场回笼资金，资金面整体平稳。今日有 3115 亿元逆回购到期，央 行开展了 2800 亿元逆回购操作，全口径实现净回笼 315 亿元。银行间资金情绪指 数持稳，短端资金利率多数小幅抬升，其中银存间隔夜加权回升约 5b ...

Group 1: Report Industry Investment Ratings No information provided regarding industry investment ratings. Group 2: Report Core Views - Various commodities in the futures market are expected to have different trends, including upward movement, downward movement, and oscillatory trends [2][4]. - Macroeconomic and industry news, such as economic data releases, policy announcements, and corporate events, will impact commodity prices [8][14][18]. Group 3: Summary by Commodity Precious Metals - Gold: Prices may be affected by the downward revision of non - farm employment data, with a trend strength of 0 [2][8]. - Silver: Expected to break through and move upward, with a trend strength of 0 [2][8]. Base Metals - Copper: Multiple factors drive price increases, with a trend strength of 1 [2][14]. - Zinc: Maintains an oscillatory trend, with a trend strength of 0 [2][17]. - Lead: Decreasing inventory supports prices, with a trend strength of 0 [2][20]. - Tin: Ranges within an oscillatory pattern, with a trend strength of 0 [2][24]. - Aluminum: Ranges within an oscillatory pattern, with a trend strength of 0 [2][27]. - Alumina: Rebounds upward, with a trend strength of 0 [2][27]. - Cast Aluminum Alloy: Follows the trend of electrolytic aluminum, with a trend strength of 0 [2][27]. - Nickel: The smelting end shows no significant contradictions; focus on news - related risks at the ore end, with a trend strength of 0 [2][30]. - Stainless Steel: The steel price may oscillate due to the game between long - and short - term logics, with a trend strength of 0 [2][30]. Energy and Chemicals - Lithium Carbonate: Long - term demand may exceed expectations, with an oscillatory trend and a trend strength of 0 [2][37]. - Industrial Silicon: The "anti - involution" sentiment has re - emerged, with a trend strength of 1 [2][40]. - Polysilicon: Market sentiment has reignited, and the market may continue to rise, with a trend strength of 2 [2][41]. - Iron Ore: Expectations are fluctuating, with a relatively strong oscillatory trend and a trend strength of 0 [2][44]. - Rebar: The "anti - involution" sentiment has re - emerged, with a relatively strong oscillatory trend and a trend strength of 1 [2][48]. - Hot - Rolled Coil: The "anti - involution" sentiment has re - emerged, with a relatively strong oscillatory trend and a trend strength of 1 [2][49]. - Ferrosilicon: Boosted by macro - sentiment, with a relatively strong oscillatory trend and a trend strength of 1 [2][52]. - Silicomanganese: Boosted by macro - sentiment, with a relatively strong oscillatory trend and a trend strength of 1 [2][52]. - Coke: Expectations are fluctuating, with a wide - range oscillatory trend and a trend strength of 0 [2][55]. - Coking Coal: Expectations are fluctuating, with a wide - range oscillatory trend and a trend strength of 0 [2][56]. - Logs: Oscillate repeatedly, with a trend strength of 0 [2][58]. - Rubber: Oscillate in a wide range, with no specific trend strength mentioned [2][62]. - Synthetic Rubber: In the short - term, macro - sentiment is positive, with an oscillatory trend [2]. - Asphalt: Production has increased, and inventory reduction has slowed down [2]. - LLDPE: Strong in the short - term, with an oscillatory trend in the medium - term [2]. - PP: Caution is needed when short - selling at low levels in the later stage, with an oscillatory market in the medium - term [2]. - Caustic Soda: Oscillates in a wide range [2]. - Pulp: Oscillates [2]. - Glass: The price of the original sheet remains stable [2]. - Methanol: Macro - sentiment is positive, with a short - term rebound [2]. - Urea: Macro - sentiment is strong, with a short - term rebound [2]. - Styrene: Strong in the short - term, bearish in the medium - term [2]. - Soda Ash: The spot market shows little change [2]. - LPG: Oscillates narrowly and strongly in the short - term [2]. - Propylene: Runs weakly at a high level in the short - term [2]. - PVC: Strong in the short - term [2]. Fuel and Shipping - Fuel Oil: Oscillates strongly with a short - term adjustment trend [4]. - Low - Sulfur Fuel Oil: The rebound trend continues, and the price difference between high - and low - sulfur in the overseas spot market has slightly increased [4]. - Container Shipping Index (European Line): The October contract runs under pressure, while the December and February contracts oscillate widely [4]. Agricultural Products - Palm Oil: Supported by US soybean oil, it is advisable to go long at low levels [4]. - Soybean Oil: US soybean prices have risen; pay attention to the results of China - US negotiations [4]. - Soybean Meal: Affected by the sentiment of economic and trade talks, it may rebound from an oversold position [4]. - Soybean: Rebounds and oscillates [4]. - Corn: Oscillates [4]. - Sugar: Pay attention to macro - policies [4]. - Cotton: The market focuses on the listing of new cotton [4]. - Eggs: The peak season for spot sales is approaching, and inventory remains high [4]. - Live Pigs: The weakness of the spot market is difficult to change, and policies are relatively strong [6]. - Peanuts: Pay attention to the listing of new peanuts [6].

Economic Overview - In August, China's exports increased by 4.8% year-on-year, marking six consecutive months of positive growth in monthly exports [2] - The total retail sales of consumer goods grew by 3.4% year-on-year, with a declining growth rate for three consecutive months [2] - Fixed asset investment (excluding rural households) saw a year-on-year increase of 0.5% in the first eight months, a decline of 1.1 percentage points compared to the previous seven months [2] Trade Performance - The total value of imports and exports in the first eight months increased by 3.5% year-on-year, with exports rising by 6.9% [5] - Exports of mechanical and electrical products reached 10.6 trillion yuan, growing by 9.2% and accounting for 60.2% of total exports [5] - ASEAN became China's largest trading partner, with trade totaling 4.93 trillion yuan, an increase of 9.7% [5] Consumer and Investment Trends - Retail sales growth declined from 6.4% in May to 3.4% in August, with restaurant revenue showing negative growth in some months [8] - Fixed asset investment growth fell from 4.2% in the first quarter to 0.5% in the first eight months, with private investment in real estate down by 16.7% [9] - The decline in investment is attributed to reduced real estate development, impacting overall investment growth [9] Policy Implications - Analysts suggest that to stimulate consumption, policies should focus on increasing employment and residents' income [2][4] - There is a call for significant expansion of government public product investment to boost infrastructure and improve overall economic conditions [10] - The government is expected to introduce new macroeconomic measures in the fourth quarter to stabilize economic growth and employment [4]

Company Developments - Tianpu Co., Ltd. will hold an investor briefing on September 16 regarding the transfer of control, allowing investors to ask questions via online text interaction during the meeting [5] - Tuojing Technology plans to raise no more than 4.6 billion yuan for the construction of a high-end semiconductor equipment industrialization base [5] - Tianhua New Energy intends to acquire 75% of Suzhou Tianhua Times for 1.254 billion yuan, transferring the investment and development of lithium resources to the listed company [5] - Guoxin Technology reports a sufficient order backlog for its customized AI chip business, with supply chain improvements and active organization of chip production and delivery [5] - The delisted company Yili Clean Energy announced that it faces a potential fine of 375 million yuan due to financial fraud and related violations from 2016 to 2023, with market bans proposed for responsible individuals [5] Industry News - The China Securities Regulatory Commission announced a fine of 229 million yuan against Beijing Orient Technology Co., Ltd. for serious financial fraud, along with fines totaling 44 million yuan for seven responsible individuals and a 10-year market ban for the actual controller [4] - The Shanghai Stock Exchange is monitoring stocks with abnormal trading risks, including *ST Yazhen and Tianpu Co., Ltd., and has reported six suspected illegal cases to the CSRC [4] - The Beijing Stock Exchange will implement a new stock code system starting October 9 for existing listed companies, with preparations reportedly complete [4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - On September 11, most equity indices and CGB futures rose. Among commodity futures, slightly more products gained, while SCFIS(Europe) led the declines [11][14]. - The State Council has approved the launch of 10 comprehensive reform pilots for the market - oriented allocation of factors within 2 years from the approval date. MOFCOM will encourage foreign investors to increase investment in the digital sector. Minister of Finance Lan Fo'an will implement a more proactive and effective macro - economic policy. Chairman of the NDRC Zheng Shanjie will focus on stabilizing employment, enterprises, the market, and expectations [42][43]. Summary by Directory 1. China Futures 1.1 Overview - On September 11, most equity indices and CGB futures rose. Among commodity futures, slightly more products gained, with SCFIS(Europe) leading the declines. In China's commodity futures, the top three gainers were silicon metal, coking coal, and Chinese jujube, while the top three decliners were SCFIS(Europe), rapeseed, and iron ore. In China's financial futures, all equity indices rose and most CGB Futures increased, but TL fell by 0.1% [11][12][13]. 1.2 Daily Raise - **Coking Coal**: On September 11, coking coal rose 2.3% to 1141.5 yuan/ton. The peak season has arrived with strong overall support, and the market is fluctuating. Supply - side coal mines have mostly resumed production, and Mongolian coal customs - clearance remains high. However, downstream procurement is cautious, and the spot market is under pressure [18][21]. - **Woodpulp**: On September 11, woodpulp rose 1.8% to 5016 yuan/ton. Bullish and bearish factors coexist, and price fluctuations are expected. The spot market has weakened, and the patterns of softwood and hardwood pulp are divided. Overall, the weak performance of woodpulp remains unchanged, and the main strategy is to wait and see [27][29]. 1.3 Daily Drop - **Iron Ore**: On September 11, iron ore fell 0.8% to 795.5 yuan/ton. The fundamentals are sound, but the peak - season demand in the finished steel segment has not yet been verified, and short - term prices are expected to fluctuate. Supply has decreased month - on - month, demand has short - term support, and inventory is at a neutral level [35][37]. 2. China News 2.1 Macro News - The State Council has approved the launch of 10 comprehensive reform pilots for the market - oriented allocation of factors within 2 years, covering multiple regions. MOFCOM will promote the orderly expansion of opening - up in digital - related sectors and encourage foreign investment in the digital sector. Minister of Finance Lan Fo'an will implement a more proactive and effective macro - economic policy. Chairman of the NDRC Zheng Shanjie will focus on stabilizing employment, enterprises, the market, and expectations [42][43].

Group 1 - The core issue facing China's economic growth is insufficient demand and confidence, which are interrelated [4] - Current macroeconomic policies in China have been significantly strengthened, with an emphasis on both short-term stimulus and long-term structural reforms [5][7] - The unique approach of using non-price tools and administrative measures in macroeconomic policy is linked to China's transitional economy and underdeveloped market mechanisms [7] Group 2 - It is important to elevate the pursuit of moderate inflation to the same level as the goal of medium-speed economic growth, as low inflation can harm the economy [8] - Immediate implementation of planned fiscal expenditures is necessary, shifting focus from "heavy investment, light consumption" to supporting consumption growth [8] - Utilizing sovereign credit to stabilize the market and restore confidence is recommended, with the central government taking on certain responsibilities [8] Group 3 - Structural reform policies must keep pace with macroeconomic policy shifts to ensure sustainable economic progress over the next decade [10] - Increasing household income and improving social security are fundamental to expanding consumption, which is currently low in relation to GDP [10] - Local government investment attraction behaviors need to be regulated to prevent inefficiencies and over-concentration in certain industries [11][12] Group 4 - Effective market and proactive government roles must be balanced, with decision-making authority appropriately transferred to the market and enterprises [11] - Local governments should focus on core functions such as maintaining social order, ensuring fair competition, and providing public services, rather than solely on industrial policy [12]

Core Points - In August, China's manufacturing Purchasing Managers' Index (PMI) rose slightly to 49.4%, indicating a small recovery from July's decline, reflecting the initial effects of policies aimed at expanding domestic demand and reducing competition pressure [1][2] - The production index and new orders index both showed improvements, with the production index rising to 50.8%, remaining above the critical 50% mark for four consecutive months [1][4] - The manufacturing raw material purchase price index increased to 53.3%, indicating rising costs for manufacturers, which may pressure profit margins [2][3] Economic Indicators - The new orders index rose to 49.5%, while the production index increased by 0.3 percentage points, suggesting a stabilization in market demand and supply [1][2] - The export orders index improved slightly to 47.2%, indicating resilience in external demand despite previous challenges [2] - The manufacturing production activity expectation index rose to 53.7%, reflecting increased optimism among manufacturers regarding future market conditions [3][4] Policy and Market Outlook - The government is focusing on enhancing the effectiveness of macroeconomic policies to stimulate domestic demand and investment, particularly in the context of ongoing economic recovery challenges [4] - Analysts predict that as policy effects continue to materialize and with the upcoming peak production season, various economic indicators are expected to improve further [4]

Trade Relations - The US-China tariff truce has been extended for another 90 days, reducing short-term tariff risks, with a 70% probability of maintaining the current status[1] - The average tariff rate imposed by the US on China has increased from 51.8% in May to 54.9% in August due to additional tariffs on steel and aluminum products[7] - There is a 25% chance that the US-China trade conflict may escalate in the coming months[9] Economic Data - July's economic data showed a continued decline, with retail sales growth slowing down, particularly in the automotive and home appliance sectors[14] - Fixed asset investment growth fell to 1.6%, the lowest since October 2020, indicating significant challenges in consumption and investment[19] - Exports in July exceeded expectations, suggesting a potentially better outlook for the remainder of the year, although the overall trend remains downward[27] Policy Outlook - The government is expected to introduce an additional fiscal support of 0.5 to 1.0 trillion yuan, with implementation possibly starting by the end of September[51] - Recent fiscal policies focus on accelerating government bond issuance and implementing measures to stimulate domestic demand[43] - Monetary policy adjustments, including potential interest rate cuts, are anticipated by the end of September, contingent on economic performance and external factors[53] Real Estate Market - Real estate investment continues to face downward pressure, with July showing a significant decline in both property sales and prices[24] - Recent policy changes in major cities aim to optimize housing purchase regulations, indicating a new round of support for the real estate sector[55]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Viewpoints of the Report The report analyzes the market conditions of various asset classes including macro - finance, stocks, precious metals, black metals, non - ferrous metals, energy chemicals, and agricultural products. It points out that short - term macro upward drivers are marginally strengthening, with focus on domestic incremental stimulus policies, loose expectations, Sino - US trade negotiation progress, and implementation of domestic incremental policies. Different asset classes are expected to have different short - term trends, mainly presenting震荡 (oscillation) or震荡偏强 (oscillation with a slightly upward trend) patterns [2][3]. Summaries by Relevant Catalogs Macro Finance - Overseas: The second - quarter GDP had a year - on - year growth rate of 3.3%, higher than the expected 3.1%. After the New York Fed President Williams hinted at a possible rate cut, market expectations for a Fed rate cut next month increased, the US dollar index was weak, and global risk appetite increased. - Domestic: China's economic data in July slowed down and was below expectations. The Ministry of Commerce will introduce policies to expand service consumption in September. With the extension of the Sino - US tariff truce for 90 days and increased US easing expectations, short - term external risks decreased, and domestic risk appetite increased. - Asset Performance: Stocks are expected to be short - term oscillatory and slightly stronger, with short - term cautious long positions; treasury bonds are expected to be high - level oscillatory in the short term, with cautious observation; commodities: black metals, non - ferrous metals, and energy chemicals are short - term oscillatory, with cautious observation; precious metals are high - level and slightly stronger oscillatory in the short term, with cautious long positions [2]. Stocks - The domestic stock market fell significantly due to the drag of sectors such as clothing and home textiles, biomedicine, and liquor. - The short - term macro upward driver is marginally strengthening, with focus on Sino - US trade negotiation progress and implementation of domestic incremental policies. Short - term cautious observation is recommended [3]. Precious Metals - Gold and silver prices rose on Thursday. The Fed's independence concerns and the weakening US dollar supported the upward movement of precious metals. - The number of initial jobless claims in the US decreased, and the second - quarter GDP was stronger than expected. The market is focused on the PCE data to be released on Friday. Gold has strong short - term support, but be wary of the Fed's changing attitude [3][4]. Black Metals Steel - Steel futures and spot prices rebounded slightly on Thursday, and trading volume increased slightly. The expectation of steel production cuts in the next two years has increased. - The fundamentals remain weak, with an increase in the inventory of five major steel products and a decline in the apparent consumption of some products. Supply is mixed, with an increase in rebar production and a slight decrease in hot - rolled coil production. There is a possibility of further production restrictions in the north in early September, and the steel market may continue to rebound [5]. Iron Ore - Iron ore futures and spot prices rebounded significantly on Thursday. Steel mills' profits are high, but due to production restrictions in the north in the next week, steel mills' procurement is cautious. - Global iron ore shipments and arrivals decreased this week. Port inventories decreased slightly on Monday. Iron ore prices are expected to be range - bound in the short term [5]. Silicon Manganese/Silicon Iron - Silicon iron prices were flat, and silicon manganese prices rebounded slightly on Thursday. The demand for ferroalloys is okay as the production of five major steel products continues to increase. - The production of silicon manganese in Inner Mongolia is stable, with some minor production fluctuations. There are new production capacity plans in the future, and the daily output may be affected by 500 - 800 tons. The prices of ferroalloys are expected to be range - bound in the short term [6][7]. Soda Ash - The soda ash main contract oscillated on Thursday. Supply increased due to the return of previous maintenance, and there is supply pressure with new capacity coming online. - Demand remained stable week - on - week, but overall demand support is weak. Profits decreased week - on - week. Soda ash is expected to be range - bound in the short term [7]. Glass - The glass main contract oscillated on Thursday. Supply remained stable, and demand is difficult to improve significantly. - Profits decreased as glass prices fell. With the support of real - estate news, glass is expected to be range - bound in the short term [7]. Non - Ferrous Metals and New Energy Copper - Due to concerns about US tariffs and the expected tightening of the Japanese central bank's monetary policy, and the weakening of domestic demand, the strong copper price is difficult to sustain [9]. Aluminum - Aluminum prices fell slightly on Thursday, and inventories continued to increase. The medium - term upward space for aluminum prices is limited, and it is expected to be oscillatory in the short term [9]. Aluminum Alloy - The supply of scrap aluminum is tight, the cost of recycled aluminum plants is rising, and demand is weak. The price is expected to be oscillatory and slightly stronger in the short term, but the upward space is limited [9]. Tin - The supply - side开工率 (operating rate) increased, and the mine supply is expected to be loose. The demand side is weak, but the price decline has stimulated downstream replenishment. Tin prices are expected to be oscillatory in the short term, with support from smelter maintenance and peak - season expectations, but restricted by high tariffs,复产 expectations (restoration of production expectations), and weak demand [10]. Lithium Carbonate - The lithium carbonate main contract fell on Thursday. After the previous sentiment subsided, it is expected to be widely oscillatory, with short - term short positions and long - term long positions [11]. Industrial Silicon - The industrial silicon main contract fell on Thursday. With the oscillation of black metals and polysilicon, industrial silicon is expected to be weakly oscillatory [11]. Polysilicon - The polysilicon main contract fell on Thursday. The production in August is approaching 130,000 tons, and the number of warehouse receipts is increasing. It is facing a game between strong expectations and weak reality. It is recommended to short on rebounds [12]. Energy and Chemicals Crude Oil - The possibility of more Russian oil supply entering the market in the short term has decreased, and oil prices rose slightly on Thursday. However, the market has limited risk premium digestion, and short - term oil prices are expected to be weakly oscillatory [14]. Asphalt - Due to limited oil price changes, the asphalt main price remained almost unchanged. The spot market has slightly improved, but inventory removal is limited. Asphalt is expected to be weakly oscillatory in the short term [14]. PX - After the price increase due to Zhejiang Petrochemical's maintenance, PX supply is tight, and it is expected to be oscillatory in the short term, waiting for changes in PTA devices [14]. PTA - The PTA price declined, but there is some support from domestic and South Korean petrochemical capacity adjustments and the temporary shutdown of the Huizhou device. It is expected to be oscillatory in the short term, with attention to the downstream recovery space [15]. Ethylene Glycol - Ethylene glycol prices continued to decline, and port inventories decreased slightly. It is expected to be narrowly oscillatory in the short term, with support from downstream start - up recovery, but supply pressure is still large [16]. Short - Fiber - Short - fiber prices fell slightly due to sector resonance. Terminal orders have increased seasonally, and it is recommended to short on highs in the medium term [16]. Methanol - The restart of inland devices and concentrated arrivals have pressured prices, but there is some support from the reflux window and the planned restart of MTO devices. Methanol is expected to be oscillatory [16]. PP - The supply - side pressure is increasing, and demand is showing signs of recovery. The 09 contract is expected to be weakly oscillatory, and attention should be paid to the peak - season inventory situation of the 01 contract [16]. LLDPE - The supply - side pressure remains, and demand is showing a turning point. The 09 contract is expected to be weakly oscillatory, and attention should be paid to demand and inventory situation of the 01 contract [17]. Agricultural Products US Soybeans - The CBOT soybean price was supported by the continuous improvement of US new - season soybean exports. The export sales of the current market year decreased, while the next - year exports increased significantly. Pakistan is expected to sign a purchase agreement [19]. Soybean Meal and Rapeseed Meal - The pressure of continuous inventory accumulation of domestic oil mills' soybeans and soybean meal has eased, but the near - month/spot risk has not subsided. Rapeseed meal has an upward fluctuation basis due to low inventory and few long - term purchases [19]. Oils - Rapeseed oil port inventories are decreasing, and the supply of soybean oil is expected to strengthen. Palm oil is in the production - increasing cycle, and the market is expected to be oscillatory [20]. Corn - The national corn price is running weakly, but the futures price has entered a relatively low - valuation range, and the possibility of breaking through last year's range is small [20]. Hogs - Group farms continued to reduce weight in August, and the pig price did not rebound as expected at the end of August. The theoretical slaughter volume will increase in September, but there is no need to be overly pessimistic. Some local areas have started purchasing and storage [20][21].