Group 1 - The core viewpoint of the news is that the credit bond ETF from Bosera is experiencing active trading and has shown resilience in its performance despite short-term market challenges [1][2]. - As of July 29, 2025, the Bosera credit bond ETF is priced at 100.75 yuan, with a recent drop of 0.18% [1]. - The ETF has a recent trading volume of 24.04 billion yuan, indicating a high level of market activity, with an average daily trading volume of 46.04 billion yuan over the past month, ranking it first among comparable funds [1][2]. Group 2 - The latest scale of the Bosera credit bond ETF has reached 12.094 billion yuan, with a net inflow of 4.44 billion yuan over the last 21 trading days [2]. - The ETF has shown a net value increase of 1.11% over the past six months, ranking 20 out of 480 in the index bond fund category, placing it in the top 4.17% [2]. - Since its inception, the ETF has recorded a maximum drawdown of 0.89%, with a recovery time of 26 days [2]. Group 3 - The management fee for the Bosera credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3]. - The tracking error for the ETF over the past six months is 0.008%, indicating the highest tracking precision among similar funds [3]. - The ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market in Shenzhen [3].

摘要 折价幅度靠前 AA 城投债（主体评级）中，"20 淮南建发 MTN003"估值价格偏离程度最大。净价跌幅靠前 50 只个券中， "23 黄石城发 MTN005"估值价格偏离幅度最大。净价上涨幅度靠前 50 只个券中，"19 昆租 02"估值价格偏离幅度最 大。净价上涨幅度靠前 50 只二永债中，"24 浦发银行二级资本债 01B"估值价格偏离程度最大。 风险提示 统计数据偏差或遗漏，高估值个券出现信用风险 敬请参阅最后一页特别声明 1 扫码获取更多服务 固定收益动态(动态) 图表1：折价幅度靠前 AA 城投债（主体评级） | 债券名称 | 剩余期限 | 估值价格 | 估值净价 | 估值收益率 | 当日估值 | 票面利率 | 隐含 | 主体 | 成交日期 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | (年) | 偏离(%) | (元) | 偏离(bp) | 收益(%) | (%) | 评级 | 评级 | | | 20 淮南建发 MTN003 | 0.28 | -0.59 | 100.64 | 8.18 | 1.73 ...

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Among bonds with discounted transactions, "20 Huainan Jianfa MTN003" had a relatively large deviation in bond valuation price. Among bonds with rising net - price transactions, "25 Changde Jingjian MTN002" ranked high in terms of valuation price deviation. Among secondary and perpetual bonds with rising net - price transactions, "20 CITIC Bank Secondary" had a relatively large deviation in valuation price; among commercial financial bonds with rising net - price transactions, "22 Industrial Bank 04" ranked high in terms of valuation price deviation. Among individual bonds with a transaction yield higher than 6%, real - estate bonds ranked high. Credit bond valuation yield changes were mainly distributed in the (0,5] interval. Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions; secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years. By industry, bonds in the communication industry had the largest average valuation price deviation [2]. 3. Summaries According to Relevant Catalogs 3.1 Discounted Transaction Tracking - Bonds such as "20 Huainan Jianfa MTN003" had discounted transactions, with different remaining terms, valuation price deviations, and transaction scales. For example, "20 Huainan Jianfa MTN003" had a remaining term of 0.28 years, a valuation price deviation of - 0.59%, and a transaction scale of 8,053 yuan [4]. 3.2 Tracking of Bonds with Rising Net - Price Transactions - Bonds like "25 Changde Jingjian MTN002" had rising net - price transactions, with different remaining terms, valuation price deviations, and transaction scales. For instance, "25 Changde Jingjian MTN002" had a remaining term of 4.96 years, a valuation price deviation of 0.16%, and a transaction scale of 5,000 yuan [5]. 3.3 Tracking of Secondary and Perpetual Bond Transactions - Secondary and perpetual bonds such as "20 CITIC Bank Secondary" were tracked. "20 CITIC Bank Secondary" had a remaining term of 0.06 years, a valuation price deviation of - 0.01%, and a transaction scale of 35,046 yuan [6]. 3.4 Tracking of Commercial Financial Bond Transactions - Commercial financial bonds like "22 Industrial Bank 04" were tracked. "22 Industrial Bank 04" had a remaining term of 0.03 years, a valuation price deviation of 0.00%, and a transaction scale of 16,004 yuan [7]. 3.5 Tracking of Individual Bonds with a Transaction Yield Higher than 6% - Real - estate bonds such as "23 Vanke MTN002" had a transaction yield higher than 6%. "23 Vanke MTN002" had a remaining term of 0.80 years, a valuation price deviation of 0.07%, and a transaction scale of 7,781 yuan [8]. 3.6 Distribution of Credit Bond Transaction Valuation Deviations on the Day - Credit bond valuation yield changes were mainly distributed in the (0,5] interval [2][10]. 3.7 Distribution of Non - Financial Credit Bond Transaction Terms on the Day - Non - financial credit bond transaction terms were mainly distributed between 2 and 3 years, with the 3 - 4 - year - term variety having the highest proportion of discounted transactions [2][12]. 3.8 Distribution of Secondary and Perpetual Bond Transaction Terms on the Day - Secondary and perpetual bond transaction terms were mainly distributed between 4 and 5 years [2][15]. 3.9 Discounted Transaction Proportion and Transaction Scale of Non - Financial Credit Bonds in Each Industry - Bonds in the communication industry had the largest average valuation price deviation, and different industries had different transaction scales [2][17].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The new - listed sci - tech bond ETF is expected to take over the outstanding performance of credit bond ETFs. In the short term, sentiment support may drive the sci - tech bond ETF to outperform credit bond ETFs; in the long term, it has the characteristics of controllable risks and stable returns [7]. - In the current interest - rate environment, bond - type assets still play a "ballast" role in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation. Sci - tech bonds are the "new hot spot" among credit bond assets [30]. - The sci - tech bond ETF has a certain industry linkage with the equity market and is suitable for long - term investors expecting small asset fluctuations and stable returns [36]. 3. Summary According to Relevant Catalogs 3.1 Sci - tech Bond ETF Value Analysis - The tracking index of the GF Sci - tech Bond ETF includes high - quality sci - tech bonds listed on the Shanghai Stock Exchange, covering industries of high importance and strong stability. The index calculation method is the total market - value weighted method, with a monthly sample - adjustment cycle [4][18]. - The Shanghai AAA Sci - tech Corporate Bond Index has good offensive performance in a bond bull market. Since 2023, its cumulative return is 14.78%, and the annualized return rate is 4.68%, similar to the yields of mainstream credit indexes in the market [20]. - In the current low - inflation environment, the real yield of fixed - income assets has increased since 2024. Bond - type assets are the main part of fixed - income assets in the investment portfolio, and credit bonds are the preferred choice for bond - type asset allocation [30]. - Sci - tech bonds are the "new hot spot" among credit bond assets. The central bank's creation of the "sci - tech innovation bond risk - sharing tool" has created a good investment environment for sci - tech bonds [31]. 3.2 Information Introduction of GF Sci - tech Bond ETF (511120) 3.2.1 Product Basic Situation Introduction - The GF Sci - tech Bond ETF was established on July 10, 2025, and officially listed for trading on July 17, 2025. The product's issuance and fundraising scale reached 2.968 billion yuan, and after listing, the scale increased to 5.662 billion yuan, with an increase rate of 90.73%. The average daily trading volume is about 2.738 billion yuan, and the turnover rate is 48.35% [37]. - The product has a management fee of 0.15% and a custody fee of 0.05%, which has an advantage over traditional active bond funds [37]. - It uses a physical subscription and redemption mechanism. The income distribution adopts the cash - dividend method, with no mandatory dividend commitment [37][41]. 3.2.2 Characteristics Introduction of Shanghai AAA Sci - tech Bond Index - It is expected to be included in the pledge library, with a potentially higher pledge discount coefficient than the Shanghai Market - Making Corporate Bond Index [42]. - It belongs to the medium - duration index, more offensive in a bull market compared to short - term financing ETFs and urban investment bond ETFs [42]. - The underlying bonds are for supporting the development of the sci - tech innovation field, with clear capital uses [42]. - It has a relatively high credit level, and its sample bond stock scale exceeds 970 billion yuan, with a larger strategic capacity [42][43]. 3.2.3 Applicable Scenarios of GF Sci - tech Bond ETF - From a long - term investment perspective, it is suitable for credit - bond allocation enhancement strategies in a low - interest - rate environment and can replace corporate bonds and active bond funds [44]. - From a short - term investment perspective, it can be applied to investment strategies such as spread trading, arbitrage trading, and credit short - selling [44]. 3.3 Comparison with Mainstream Bond ETF Products - The GF Sci - tech Bond ETF has a more neutral duration. It is more suitable for obtaining richer returns in a declining interest - rate environment compared to short - duration products and can better control the retracement range compared to long - duration products [45]. - The tracking index of the GF Sci - tech Bond ETF has advantages such as a large number of issuers, a large market capacity, and high single - bond balances, which are conducive to risk dispersion, strategy reserve, and bond - replenishment operations [7][48].

Group 1: Report's Core View - The capital flow of wealth management products is an important influencing factor in the credit bond market. This report analyzes the changes in wealth management scale and bond - allocation behavior under the background of net - value transformation to enrich the credit bond analysis framework [1][9] Group 2: Wealth Management Scale Trends 2.1 Overall Scale and New Product Term - Deposit interest rate decline drives deposit transfer to wealth management, leading to an increase in wealth management scale. As of Q1 2025, the wealth management product scale reached 29.14 trillion yuan. The average 1 - year fixed - deposit rate of the six major banks was only 0.96% in June 2025, while the wealth management yield was 3.01%. Newly issued products are mainly closed - end, and the term of new products has been extended, with the proportion of new wealth management products with a term over 1 year reaching 47% in June 2025, up about 14 percentage points from March 2024 [10][12] 2.2 Main Expansion Force - Open - ended products are more popular among individual investors. In 2024, the scale of open - ended products increased by 2.7 trillion yuan year - on - year, while that of closed - ended products increased by only 160 billion yuan. The minimum - holding - period products are the main expansion force of wealth management products in 2024, balancing liquidity and yield. As of the end of June 2025, the average maximum drawdown of minimum - holding - period products in the past 1 year was 0.18%, the lowest among open - ended products, and the average annualized yield in the past 1 year reached 2.53%, about 70bp higher than daily - open products [16][17] Group 3: Impact of the "Impossible Triangle" on Bond - Allocation Style 3.1 Bond Allocation Changes - To stabilize the net value of wealth management products, wealth management has reduced bond allocation in recent years and increased the allocation of cash and bank deposits with higher liquidity and lower valuation fluctuations. As of Q1 2025, the scale of wealth management investment in bonds, cash and bank deposits, and inter - bank certificates of deposit was 13.68 trillion yuan, 7.27 trillion yuan, and 4.20 trillion yuan respectively, accounting for 43.9%, 23.3%, and 13.5% of the total investment assets, with changes of - 6.5%, 5.8%, and 0.2% respectively compared to Q4 2022 [23] 3.2 Credit Bond Allocation - Credit bonds are the main investment direction of wealth management funds, accounting for 41% of the total investment assets. As of the end of 2024, the proportions of interest - rate bonds and credit bonds in bond investment were 5% and 95% respectively. In Q1 2025, wealth management preferred to allocate urban investment bonds, secondary perpetual bonds, and industrial bonds, accounting for 35%, 26%, and 23% of credit bonds respectively. Due to the short - term nature of most wealth management products and the instability of the liability side, the duration of credit bond allocation is short [33][37] 3.3 Increased Fund Entrustment - It is difficult for wealth management to meet the performance benchmark by directly investing in bonds. In Q2 2025, the wealth management performance benchmark dropped to 2.88%, still 84 - 87bp higher than the yields of 3Y AA(2) urban investment bonds and 7Y AA+ secondary perpetual bonds. With the blockage of insurance and trust channels, wealth management has increased entrusted investment in funds. The proportion of wealth management's penetrated investment in funds has been rising, indicating an increasing importance of entrusted funds [39][47] 3.4 Bond - Buying Behavior after Self - Built Valuation Model Restrictions - The "self - built valuation model" is a new way for wealth management to smooth net - value fluctuations but has problems such as liquidity risk and unfair returns. After the restriction of the self - built valuation model, some wealth management may reduce the allocation of long - term secondary perpetual bonds and medium - low - rated credit bonds and increase the allocation of short - term high - rated bonds [52][53] Group 4: Impact of Wealth Management on the Credit Bond Market 4.1 Influence of Scale Changes - The bond - allocation rhythm of wealth management is highly correlated with the scale change, which affects the credit spread trend. When the wealth management scale rises, the credit spread tends to narrow; when it falls, the credit spread tends to widen. The seasonal change of wealth management scale also makes the credit spread show seasonal characteristics. Quarter - beginning is a good time for credit spread compression, especially from August to the end of the year. September is a good allocation window, but beware of widening credit spreads in November [3][57] 4.2 Observing Market Adjustment from Wealth Management - During bond market adjustments, pay attention to the risk of "redemption tides". The "redemption tide" occurs when wealth management passively sells bonds due to significant net - value drawdowns. The "redemption tide" is accompanied by an increase in the net - value break - even rate. When the weekly环比 change of the 4 - week rolling net - value break - even rate exceeds 6%, the possibility of a "redemption tide" increases. The maximum drawdown rate of wealth management products can be a leading indicator of credit spread changes, leading by about 7 - 60 days [3][64]

Group 1 - The recent rise in equity market sentiment has led to a narrow fluctuation in the bond market, with 10-year and 30-year government bonds struggling to break previous lows, while credit bonds and local government bonds are performing relatively strongly, indicating that compressing yield spreads is becoming a less obstructive direction in an unclear benchmark interest rate environment [1] - As of July 18, 2025, the active bond index for 5-10 year government bonds has decreased by 0.02%, while the government bond ETF for the same duration has seen a recent price of 117.55 yuan, with a nearly 1-year cumulative increase of 5.06% [3] - The government bond ETF for 5-10 years has a recent trading volume of 16.18 billion yuan, with an active market turnover rate of 108.29%, and an average daily trading volume of 7.40 billion yuan over the past month [3] Group 2 - The government bond ETF for 5-10 years has a recent scale of 1.494 billion yuan, with net inflows and outflows remaining balanced, accumulating a total of 61.71 million yuan in inflows over the past 21 trading days [3] - The government bond ETF for 5-10 years has achieved a net value increase of 21.14% over the past 5 years, with a maximum monthly return of 2.58% and a historical profitability rate of 100% over 3 years [3] - The Sharpe ratio for the government bond ETF for 5-10 years over the past 2 years is 1.26, with a maximum drawdown of 2.15% this year, and a management fee rate of 0.15% and a custody fee rate of 0.05% [4]

Important Recommendations - The report highlights that Tai Chen Guang (300570) is a core supplier in the MPO sector, entering a phase of simultaneous volume and price increase, driven by unexpected AI demand from downstream clients and sustained growth in overseas customer demand. Revenue projections for 2025-2027 are estimated at 2050.96 million, 2993.74 million, and 4332.29 million yuan, with corresponding net profit forecasts of 448.30 million, 717.69 million, and 1064.04 million yuan, indicating growth rates of 71.59%, 60.09%, and 48.26% respectively [4][5][6] - The report also discusses Mai Di Technology (603990) as a leading player in domestic medical informationization, benefiting from three main lines: the profitable spin-off of its photovoltaic business, the launch of smart medical products, and the development of health care robots. The company is expected to achieve revenues of 338 million, 411 million, and 503 million yuan for 2025-2027, with net profits of 62 million, 83 million, and 124 million yuan, reflecting growth rates of -34.7%, 47.9%, and 49.4% respectively [4][6][7] Key Insights - The report indicates that the medical informationization industry is expected to grow at a CAGR of 11.5% from 2024 to 2029, driven by the integration of AI and full-link data connectivity, with Tai Chen Guang positioned to capitalize on new business opportunities in emergency medical solutions and drone delivery systems [5][6] - The report emphasizes the importance of strategic partnerships, such as those with Huawei and Youbixuan, in expanding the market for health care robots, which is projected to reach a scale of 100 billion yuan [5][6] - The A-share strategy report suggests that the market is currently in a phase of growth, with major indices rising and a recommendation for investors to adopt a balanced portfolio approach, including banking stocks as a stabilizing force [8][9]

Group 1: Primary Market - In the week from July 14 to July 18, 2025, a total of 386 credit bonds were issued, with a total issuance scale of 401.095 billion yuan, a decrease of 14.72% week-on-week [2] - Among the issued bonds, industrial bonds accounted for 173 issues with a scale of 175.91 billion yuan, down 2.02%, representing 43.86% of the total issuance [2] - City investment bonds had 178 issues with a scale of 106.535 billion yuan, an increase of 16.25%, making up 26.56% of the total [2] - Financial bonds totaled 35 issues with a scale of 118.65 billion yuan, down 40.42%, accounting for 29.58% of the total [2] - The average issuance term for credit bonds was 3.17 years, with industrial bonds averaging 2.39 years, city investment bonds 4.07 years, and financial bonds 2.21 years [2] - The overall average coupon rate for credit bonds was 2.07%, with industrial bonds at 1.93%, city investment bonds at 2.25%, and financial bonds at 1.83% [2] Group 2: Secondary Market - Credit spreads varied by industry, with the largest increase in AAA-rated spreads in the pharmaceutical and biological sector, up 6.1 basis points, while the largest decrease was in the electronics sector, down 2.8 basis points [4] - For AA+ rated spreads, the steel industry saw the largest increase of 8 basis points, while the pharmaceutical and biological sector had the largest decrease of 5 basis points [5] - In the city investment bond sector, the largest increase in AAA-rated spreads was in Jilin, up 1.8 basis points, while Shanxi saw the largest decrease, down 3.4 basis points [5] - The trading volume for credit bonds ranked as follows: commercial bank bonds at 433.848 billion yuan (up 2.87%), company bonds at 356.402 billion yuan (down 1.49%), and medium-term notes at 324.001 billion yuan (down 5.68%) [5]

Core Viewpoint - The credit bond ETF from Bosera has shown a slight increase in value and significant growth in scale and shares, indicating strong demand and positive supply-demand dynamics in the credit bond market [3][4]. Group 1: Performance Metrics - As of July 15, 2025, the Bosera credit bond ETF has increased by 0.12% this month, with a current price of 101.24 yuan [3]. - The ETF has experienced a significant increase in scale, growing by 6.02 billion yuan over the past two weeks, ranking second among comparable funds [3]. - The ETF's share count has increased by 583.40 million shares in the last two weeks, also ranking second among comparable funds [4]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 1.12% with a trading volume of 1.44 billion yuan on the latest trading day [3]. - Over the past month, the average daily trading volume has been 52.26 billion yuan, ranking first among comparable funds [3]. - In the last ten trading days, there have been net inflows on six days, totaling 613 million yuan, with an average daily net inflow of 61.33 million yuan [4]. Group 3: Risk and Return Analysis - The ETF has a historical monthly profit probability of 75.49% and a 100% probability of profit over a three-month holding period [4]. - The maximum drawdown since inception is 0.89%, with a recovery time of 26 days [4]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are the lowest among comparable funds [4]. Group 4: Market Context - The People's Bank of China announced a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system, which may support the credit bond market [3]. - The demand for credit bonds remains strong, supported by the growth of wealth management products and the increasing popularity of credit bond ETFs [3].

Core Viewpoint - The company bond ETF (511030) has shown a mixed performance with a current price of 106.2 yuan and a year-to-date increase of 1.04% as of July 11, 2025 [1] Trading Activity - The company bond ETF recorded a turnover rate of 4.16% with a transaction volume of 922 million yuan [1] - The average daily trading volume over the past month was 2.276 billion yuan [1] - The latest scale of the company bond ETF reached 22.173 billion yuan, marking a one-year high [1] - The latest share count for the company bond ETF is 209 million shares, also a three-month high [1] - The net inflow of funds into the company bond ETF was 42.478 million yuan, with a total of 279 million yuan net inflow over the last five trading days [1] Market Sentiment - The bond market has been influenced by the strong performance of the stock market, although the actual capital flow indicates limited impact [3] - The credit bond market remains stable despite rising interest rates, reflecting strong market confidence in credit bonds [3] Performance Metrics - The company bond ETF has seen a net value increase of 13.98% over the past five years [3] - The highest monthly return since inception was 1.22%, with the longest consecutive monthly gain being nine months and a maximum gain of 3.80% [3] - The annual profit percentage stands at 83.33%, with a monthly profit probability of 79.66% and a historical three-year holding profit probability of 100% [3] - Since inception, the company bond ETF has outperformed its benchmark with an annualized excess return of 1.97% [3] Risk and Recovery - The maximum drawdown for the company bond ETF this year was 0.50%, with a relative benchmark drawdown of 0.08% [3] - The recovery period after drawdown was 23 days [3] Fee Structure - The management fee for the company bond ETF is 0.15%, and the custody fee is 0.05% [3] Tracking Accuracy - The tracking error for the company bond ETF over the past two months was 0.010% [4] - The ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which serves as a performance benchmark for medium to high-grade corporate bonds [4]