16 May 2025 | 7:22PM BST Simon Freycenet +44(20)7774-5017 | simon.freycenet@gs.com Goldman Sachs International Friedrich Schaper +44(20)7774-7906 | friedrich.schaper@gs.com Goldman Sachs International This report is intended for distribution to GS institutional clients only. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. c45a43530 ...

Group 1 - The short-term bond ETF (511360) has seen significant trading activity, with a net inflow of over 900 million yuan on May 15, and a total of over 7.4 billion yuan in the last 10 trading days [1] - As of May 15, the total scale of the short-term bond ETF reached a historical high of 40.041 billion yuan, with a circulating share of 358 million [1] - The ETF tracks the CSI Short-term Bond Index, which selects investment-grade short-term bonds from the interbank market to reflect the overall performance of such bonds [1] Group 2 - The total management scale of bond ETFs by Hai Fu Tong Fund has exceeded 71.3 billion yuan, growing over 40% since the beginning of the year [1] - According to Huachuang Securities, in the first quarter of 2025, bond funds are expected to increase allocations to financial bonds, medium-term notes, short-term financing bonds, and treasury bonds, while slightly reducing allocations to corporate bonds and government-supported agency bonds [1] - The implementation of the dual reduction policy and the emphasis on quantitative tools in monetary policy are expected to favor the short end of the market, potentially leading to trend opportunities if funding rates decline [2]

美国至5月15日4周国债竞拍-得标利率 4.22%，前值4.225%。 ...

Core Points - Jyske Realkredit is set to conduct auctions for refinancing on 27 May 2025, specifically for loans in cover pool E [1] - The total refinancing amount includes DKK 14 billion for Var. 422.E.OA Cb3.ju29 RF and DKK 8 billion for Var. G422.E.OA Cb3.ju29 RF [1] - The auction will utilize Bloomberg's auction system and will offer bonds at a price of 100.20 [3] Auction Terms - Floating-rate loans will be refinanced in a single auction on 27 May 2025, with bids required to be made in multiples of DKK 1,000,000 [3] - Bids must be placed correct to one basis point based on the reference rate spread used for coupon fixing [3] - All bids below the cut-off fixing spread will be settled in full, while proportional allocation may apply for bids at the exact cut-off fixing spread [4] Settlement and Reverse Facility - The value date for all trades executed at the auction will be 1 July 2025, and all bonds will be subject to long settlement [5] - A reverse facility will be available for auction participants who need the bonds after only two days, allowing for the sale and subsequent repurchase of allotted bonds [6][7] - The size of the reverse facility will be determined individually but cannot exceed the amount allotted to each bidder [7] Technical and Other Considerations - In case of technical issues preventing the auction, a stock exchange announcement will provide practical details [8] - Jyske Realkredit is not obligated to sell the announced offering, which may be subject to changes or postponements [9][10] - Credit ratings for all auctioned bonds issued through Capital Centre E are rated AAA by S&P [7]

格林基金、博时基金等产品收益率居前 具体来看，格林泓旭利率债、博时上证30年期国债ETF、鹏扬中债-30年期国债ETF在债券型基金中排名居前。此外，包括前述产品在内，还有汇安稳裕A、 方正富邦鸿远A等债券型基金4月收益率超过3%。 新华财经北京5月15日电数据显示，剔除4月新成立的基金，公募市场存续的3000余只债券型基金（仅统计初始基金，下同），4月平均收益率为0.4%，浮盈 产品约九成。 具体来看，格林泓旭利率债、博时上证30年期国债ETF、鹏扬中债-30年期国债ETF的4月收益率在债券型基金中排名居前。另一方面，诺安增利A、光大安 诚A等债基回撤幅度靠前，风险控制能力待提升。 4月平均收益率0.4% 增强指数型债基表现较好 剔除4月新成立的基金，公募市场存续的3000余只债券型基金（仅统计初始基金，下同）4月平均收益率为0.4%，浮盈产品约九成。 图1：2025年4月各类型债券型基金平均回报率 分类型来看，增强指数型债券基金4月表现较好，平均回报率达到0.79%。中长期纯债型基金表现紧随其后，4月平均收益率达到0.58%。 混合债券型二级基金、可转换债券型基金表现相对落后，分别下跌0.05%、1.23% ...

we discuss ideas like this as they happen in more detail. All active investors are welcome to join on a free trial and ask any question in our chat room full of sophisticated traders and investors.This article was first published for our subscribers, and some of the numbers may be outdated./ Today's article is a comparison between the exchange-traded and over-the-counter bonds from Navient Corporation (NASDAQ: NAVI ) and the opportunities they offer us. As theDenislav leads the investing group Trade With Be ...

Core Viewpoint - After the easing of trade disputes, the global bond market's pricing logic has shifted, leading to a rapid increase in long-term bond yields and heightened pressure on the bond market [1] Group 1: Market Trends - The bond market is experiencing a pullback due to rising long-term yields [1] - Industry experts recommend that investors should moderately control duration and adjust asset allocation accordingly [1] Group 2: Investment Strategies - Short-term bond funds and short-term financial products may become stable investment choices [1] - Investors holding USD-denominated financial products need to be cautious of dual risks from exchange rate fluctuations and capital losses [1]

Core Insights - Coop Pank experienced strong growth in its loan portfolio due to a significant issuance of business and home loans in April 2025 [1] - The bank's loan portfolio quality remains robust despite economic uncertainties, with a new leasing product introduced for used vehicle financing [2] - A deliberate reduction in deposit volume was linked to a successful issuance of covered bonds, providing a stable funding source [3] Financial Performance - The number of clients increased by 1,700 to reach 214,400, while active clients decreased by 100, marking a 12% growth in the customer base year-over-year [5] - Customer deposits decreased by 107 million euros to 1.81 billion euros, with corporate deposits down by 74 million euros and private deposits down by 5 million euros [5] - The loan portfolio grew by 53 million euros to 1.87 billion euros, with business loans increasing by 39 million euros and home loans by 13 million euros [5] - The bank's net profit for April was 1.8 million euros, with a 19% decrease in net profit for the first four months compared to the previous year [5] - Return on equity stood at 10.3% and the cost-income ratio was 53% in April [5]

AI 发展的关键，HBM 堆叠工艺的演变-从 TC- NCF、MR-MUF 到 Advanced MR-MUF20250512 摘要 • 国内 HBM 产业链面临国际供应链挑战，需自主研发关键设备和材料，以 追赶海力士等海外龙头企业。海力士已推出 36GB HBM 产品，并计划推 出 48GB 新产品，国内企业需加速从四层堆叠向八层、十二层迭代。 • 键合技术在半导体封装中应用广泛，包括引线键合、FC 倒装封装和热压键 合。先进封装技术推动 pitch size 缩小至 25-40 微米，增加了键合难度， 英特尔 Foveros 和台积电 CoWoS 等技术均在此范围内。 • 热压键合（TCB）是高密度封装的关键，通过加热粘合芯片与基板，适用 于 die to interposer 连接。Advanced MR-MUF 工艺通过大规模回流焊 提高生产效率，海力士在该领域具有优势。 • 韩美半导体通过与海力士合作研发 MR Max 设备，占据 HBM 用 TCB 设备 市场 60%-70%的份额。海力士正引入更多供应商如 APT、韩华，以分散 风险并促进竞争。 • Hybrid Bonding 技术在高层 HB ...

J P M O R G A N Europe Equity Research 09 May 2025 First Principles - Advanced packaging European Tech Hardware & Payments Sandeep Deshpande AC (44-20) 7134-5276 sandeep.s.deshpande@jpmorgan.com J.P. Morgan Securities plc Craig A McDowell (44-20) 7742-4576 craig.mcdowell@jpmorgan.com J.P. Morgan Securities plc Anchal Sahu (91-22) 6157-3038 anchal.sahu@jpmchase.com J.P. Morgan India Private Limited Specialist Sales contact details: Scott Silver - Specialist Sales - European TMT (44-20) 7134-0412 scott.silver ...