Group 1: Company Bond ETF (511030) - As of June 4, 2025, the Company Bond ETF (511030) increased by 0.01%, with the latest price at 105.82 yuan [1] - Over the past year, the Company Bond ETF has accumulated a rise of 2.13% [1] - The latest scale of the Company Bond ETF reached 15.248 billion yuan, marking a new high since its inception [1] - The latest share count for the Company Bond ETF is 14.4 million shares, also a new high in the past month [1] - In the last 14 days, the Company Bond ETF has seen continuous net inflows, with a maximum single-day net inflow of 323 million yuan, totaling 1.557 billion yuan, averaging 111 million yuan daily [1] - The latest margin buying amount for the Company Bond ETF is 2.0106 million yuan, with a margin balance of 2.7483 million yuan [1] Group 2: National Bond ETF (511020) - As of June 4, 2025, the National Bond ETF (511020) is in a state of market indecision, with the latest quote at 117.15 yuan [3] - Over the past six months, the National Bond ETF has accumulated a rise of 2.22% [3] - The latest scale of the National Bond ETF is 1.435 billion yuan [3] - Recent fund inflows and outflows for the National Bond ETF have been balanced, with a total of 17.566 million yuan in the last four trading days [3] Group 3: National Development Bond ETF (159651) - As of June 4, 2025, the National Development Bond ETF (159651) is also in a state of market indecision, with the latest quote at 106.04 yuan [5] - Over the past year, the National Development Bond ETF has accumulated a rise of 1.96% [5] - The trading volume for the National Development Bond ETF was 6.0126 million yuan, with a turnover rate of 0.52% [5] - The scale of the National Development Bond ETF has increased by 123 million yuan over the past six months, ranking it in the top half among comparable funds [5] Group 4: Market Overview and Insights - During the Dragon Boat Festival holiday, domestic travel reached 119 million trips, a year-on-year increase of 5.7%, with total spending of 42.73 billion yuan, up 5.9% [6] - The secondary market for interest rate bonds saw significant net selling by joint-stock banks, with a net sell of 59 billion yuan from joint-stock banks and a net buy of 24 billion yuan from large banks [6] - The market outlook for Hong Kong financial stocks remains positive, with a potential 30% upside for Hong Kong banks due to stable net interest margins and low domestic risk-free rates [6] - Year-to-date, the pure bond fund index has yielded 0.47%, underperforming money market funds [6] Group 5: ETF Product Overview - The three main members of the bond ETF family managed by Ping An Fund include the Company Bond ETF (511030), National Development Bond ETF (159651), and National Bond ETF (511020), covering government bonds, policy bank bonds, and credit bonds across various durations [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The recent reduction in deposit interest rates has two characteristics: a relatively large adjustment range and fast follow - up by banks, indicating significant net interest margin pressure on banks. For banks, on the asset side, the requirement for interest rate levels will decrease, and the motivation to allocate bonds will increase due to weak credit issuance and improved bond cost - effectiveness. However, on the liability side, the scale of funds flowing out of the balance sheet may be large, and the pressure on the liability side may increase, making the scale of bond allocation uncertain. For generalized asset management, the demand for 1 - 3Y credit bonds will increase, and the spread of 3Y credit bonds will narrow about 3 - 4 weeks after the interest rate cut, with the outflow process lasting 2 - 3 months. For investors, credit bonds are a more certain choice, and for interest - rate bonds, new marginal changes need to be observed. Considering the possibility of further interest rate cuts this year, investors can gradually increase their allocation of 10Y Treasury bonds when the yield is above 1.7% [2][13]. 3. Summary According to the Table of Contents 3.1 Deposit Interest Rate Cut and Its Impact on the Bond Market - **Characteristics of the Current Cut**: The adjustment range is large. With the 1Y and 5Y LPR both cut by 10BP, the deposit interest rate cuts of large - scale banks are 15BP and 25BP respectively, higher than previous levels. Also, banks have followed up quickly. As of May 22, 2025, 12 joint - stock banks have completed the adjustment, and some city and rural commercial banks are following suit, reflecting the large net interest margin pressure on banks [13]. - **Impact on Institutional Behavior**: - **Banks**: On the asset side, after the deposit interest rate cut, the average liability cost of the six major banks is expected to decrease by 10.3BP. With a large number of fixed - term deposits maturing in the next two years, the liability - side cost pressure will further ease, and the requirement for asset - side yields will decrease. Also, weak credit issuance and the improved cost - effectiveness of bonds increase the motivation to allocate bonds. On the liability side, the large - scale deposit interest rate adjustment may lead to a significant outflow of funds, and the liability - side pressure may increase, making the scale of bond allocation uncertain [17][21][25]. - **Generalized Asset Management**: Referring to previous interest rate cuts, after funds flow out of the balance sheet, the demand for 1 - 3Y credit bonds increases, usually leading to a narrowing of the 3Y credit bond spread. The spread starts to narrow about 3 - 4 weeks after the interest rate cut, and the outflow process lasts 2 - 3 months [26]. - **Investment Opportunities in the Bond Market**: Credit bonds are a more certain choice for investors, supported by coupon advantages and increased demand from funds flowing out of the balance sheet. Interest - rate bonds are in an oscillating upward phase and need new marginal changes to determine the direction. Considering the possibility of further interest rate cuts this year, investors can gradually increase their allocation of 10Y Treasury bonds when the yield is above 1.7% [30]. 3.2 Institutional Bond Custody No specific content provided in the given text. 3.3 Institutional Fund Tracking - **Fund Prices**: In the week of May 19 - 23, 2025, liquidity slightly eased. R007 closed at 1.63%, unchanged from the previous week, DR007 closed at 1.59%, down 5BP from the previous week, and the 6 - month national - share transfer discount rate closed at 1.14%, down 4BP from the previous week [40]. - **Financing Situation**: The balance of inter - bank pledged reverse repurchase this week was 108,111.6 billion yuan, up 0.2% from the previous week. For generalized asset management, the net financing of fund companies and bank wealth management products was - 848 million yuan and - 5.326 billion yuan respectively [43]. 3.4 Quantitative Tracking of Institutional Behavior - **Fund Duration**: This week, the measured durations of high - performance interest - rate bond funds and general interest - rate bond funds in the market were 6.53 and 5.09 respectively, increasing by 0.18 and 0.25 compared to the previous week [48]. - **Asset Scarcity Index**: The "asset scarcity" index slightly increased, with a smaller index value indicating looser liquidity, lower credit bond supply, and higher credit bond demand [58]. - **Institutional Behavior Trading Signals**: Trading signals for secondary capital bonds, ultra - long - term Treasury bonds, and 10Y local bonds are provided, with gray areas indicating bullish signals [61][65][67]. - **Institutional Leverage**: The overall market leverage ratio remained unchanged at 106.8% this week. Among generalized asset management institutions, the leverage ratio of insurance institutions was 113.3%, up 0.6 percentage points from the previous week; the fund leverage ratio was 101.9%, down 0.4 percentage points; and the securities firm leverage ratio was 184.9%, down 2.6 percentage points [68]. - **Bank Self - investment Comparison Table**: A comparison table for bank self - investment is provided, showing the nominal yields, tax costs, capital occupation costs, and post - tax and risk - adjusted returns of various assets such as general loans, 10Y Treasury bonds, and 10Y local bonds [73]. 3.5 Asset Management Product Data Tracking - **Funds**: No specific analysis content provided, only relevant charts are mentioned [75]. - **Bank Wealth Management**: The overall market wealth management product break - even rate slightly decreased this week, with the break - even rate of all products at 2.0% [78]. 3.6 Treasury Futures Trend Tracking No specific analysis content provided, only relevant charts are mentioned [83]. 3.7 Generalized Asset Management Landscape No specific analysis content provided, only relevant charts are mentioned [88].

Group 1: Company Bond ETF Performance - As of May 22, 2025, the Company Bond ETF (511030) rose by 0.04%, marking its fourth consecutive increase, with the latest price at 105.77 yuan [1] - Over the past six months, the Company Bond ETF has accumulated a total increase of 1.15% [1] - The latest scale of the Company Bond ETF reached 14.591 billion yuan, a record high since its inception [1] - The ETF has seen a continuous net inflow of funds over the past seven days, with a maximum single-day net inflow of 263 million yuan, totaling 907 million yuan [1] Group 2: Government Bond ETF Performance - As of May 22, 2025, the 5-10 Year Government Bond ETF (511020) was in a state of equilibrium, with the latest quote at 117.2 yuan, and a cumulative increase of 2.88% over the past six months [3] - The latest scale of the 5-10 Year Government Bond ETF reached 1.491 billion yuan [3] - The ETF experienced a total net inflow of 24.605 million yuan over the past five trading days [3] Group 3: National Development Bond ETF Performance - As of May 22, 2025, the National Development Bond ETF (159651) was also in a state of equilibrium, with the latest quote at 106.01 yuan, and a cumulative increase of 2.05% over the past year [5] - The latest scale of the National Development Bond ETF reached 1.425 billion yuan [5] - The ETF's trading volume was active, with a turnover rate of 16.29% and a transaction volume of 233 million yuan [5] Group 4: Market Insights and Economic Outlook - Industry experts suggest that the economy may stabilize, maintaining a bullish outlook on Hong Kong bank stocks, with significant net purchases of interest rate bonds by debt funds [8] - The consumer sector is showing steady recovery, and strong exports are expected to continue, with a forecast for the 10-year government bond yield to peak around 1.8% in the next six months [8] - The banking sector's net interest margin is expected to stabilize and slightly improve by 2026, with revenue and profit growth anticipated to turn positive [8] - The valuation of A-share banks in Jiangsu and Zhejiang may approach 1x PB, indicating potential for further upside [8]

截至2025年5月22日 09:47，公司债ETF(511030)多空胶着，最新报价105.73元。拉长时间看，截至2025年5月21日，公司债ETF近半年累计上涨1.12%。 华泰固收认为2025 年债市呈现 "高起点"，春节前处于基本面及政策真空期，低位震荡，多看少动。中期看，债市有可能进入大的震荡格局中，呈现低回 报、高波动、重交易特征。 浙商证券认为近期债市调整仍将持续，但鉴于基本面无明确利空，货币宽松基调不变，建议按利率底部区间震荡思路交易，逢调整做多仍然适用。 流动性方面，公司债ETF盘中换手0.1%，成交1478.08万元。拉长时间看，截至5月21日，公司债ETF近1周日均成交16.41亿元。 规模方面，公司债ETF最新规模达144.75亿元，创近1年新高。 份额方面，公司债ETF最新份额达1.37亿份，创近1月新高。 从资金净流入方面来看，公司债ETF近6天获得连续资金净流入，最高单日获得2.63亿元净流入，合计"吸金"7.94亿元，日均净流入达1.32亿元。 关税大降后，经济担忧减弱，债市开始陡峭化。近期，美日等国债收益率不断创近年新高；股市亦稳步上涨。 有业内人士认为，存款利率下调后，大行 ...

资金面小幅收敛，债市情绪偏弱 上周（5.12-5.18），中美关税政策的调整对全球资本市场带来正面影响，尤其是权益类市场重获资金关注，也造成了债市短期的压力，资金面出现了小幅收 敛，债市情绪偏弱。 公开数据统计，上周央行公开市场开展4860亿7天逆回购操作，到期8361亿，全周净回笼3501亿元，全周DR007围绕于1.50%波动，资金价格后半周有所抬 升。 每经记者｜任飞 每经编辑｜叶峰 上周，国债期货震荡走弱，资金面又一次出现收敛。债市情绪偏弱背景下，基金投资收益率并不理想，不过，市场中并不缺少做多的理由。总体来看，目前 影响债市的关键是不确定性因素对短期市场情绪的扰动，不过，有分析指出，利多事件的冲击对于债市的影响在今年来看是一个非常迅速的过程，债券资产 依然在年内有配置的必要和机会。 资金面是市场最为关注的因素，就目前市场的预期来看，有分析指出，预计税期资金面均衡略转紧，市场情绪整体偏弱。 根据上海东证期货的研报分析，由于中美贸易谈判进展超预期，资金面边际收敛，国债期货震荡调整，5年期到7年期品种调整幅度相对较大。 从基金的表现来看，中长期纯债基金平均业绩表现不及短债基金。Wind统计显示，短债基金上 ...

（原标题：英华号周播报|从博弈到缓和，大类资产配置怎么看？） # " 当期热文 NO.1 华夏基金 关税变局再起！从博弈到缓和，大类资产配置怎么看？ NO.2 国泰基金 大咖研习社 | 国泰基金李海："新"消费为矛，"旧"消费为盾 NO.3 泉果基金 关税战背景下，理解复杂中国的当下和未来 | 泉果无限对话 （点击文章标题跳转原文，下同） # " 热转好文 NO.1 睿远基金 黄金又又又创新高 如何理解黄金投资 NO.2 德邦基金 投资风向标 | 央行连发"十箭"！利好政策频出,债市后续怎么看? NO.3 长城基金 长城固收：资金面持续宽松，相对看好信用类资产机会 # " 趣投教 NO.1： 前海开源基金 走进2025中国人形机器人生态大会 NO.2： 中国基金报 规模突破100亿元！首只百亿跨境策略ETF，同类规模第一！摩根标普港股通低波红利ETF NO.3： 财通证券资管 基金梦工厂——投入基金的钱将去往何处？ # " 热门直播 NO.1： 深圳证券交易所 信通智联引领新浪潮 ——深市公司2024年度集体业绩说明会 NO.2： 中国基金报 #投资热点说# 指数还是量化：哪个有更好的未来 NO.3： 鹏华基 ...

Group 1: Report Industry Investment Rating - The report does not explicitly provide an industry investment rating. Group 2: Core Views of the Report - The progress of China - US tariff negotiations exceeded expectations, with US tariffs on China significantly reduced. The 24% tariff will be suspended for the initial 90 days, 10% will be retained, and the remaining additional tariffs will be cancelled, equivalent to a 115 - percentage - point reduction (24% suspended for 90 days). There is a possibility that the 20% fentanyl tariff will be further reduced [2]. - China's export resilience exceeded expectations. In April, despite a 20% drop in exports to the US, total export volume increased by 9.3% year - on - year, reflecting strong industrial competitiveness. The report predicts that China's economy will stabilize internally in 2025 [2]. - After the significant tariff reduction, the money market is expected to gradually tighten. The DR001 weighted average interest rate is expected to rise to around 1.7% in the next month, and the 1Y national - share inter - bank certificate of deposit rate will reach 1.8%. If the 20% fentanyl tariff is also reduced to 0, the DR001 weighted average interest rate may further rise to around 1.8% [2]. - It is recommended to consider allocating 10Y Treasury bonds at 1.8% and 30Y Treasury bonds at around 2.1%. It is expected that there will be no trend - based opportunities in pure - bond investment in the next two years. For 5Y national - share secondary capital bonds, it is advisable to wait until the yield is above 2.1% [2]. - With the implementation of reserve requirement ratio cuts and interest rate cuts, the positive factors for the bond market may have been exhausted. The report recommends a full - scale defensive strategy for the bond market and suggests paying more attention to stocks and convertible bonds in 2025 [2]. Group 3: Summary by Related Content China - US Tariff Negotiation Progress - On May 11, the US and China reached a trade agreement, and on May 12, the "Joint Statement of the China - US Geneva Economic and Trade Talks" was released, with significant tariff reductions [2]. China's Economic Situation - In April, China's total export volume increased by 9.3% year - on - year despite a 20% drop in exports to the US, indicating strong industrial competitiveness. Domestic consumption is steadily recovering, the real estate market is gradually stabilizing, and the stock market is slowly rising [2]. Capital Market and Bond Market Outlook - After the tariff reduction, the money market is expected to tighten. The DR001 weighted average interest rate and 1Y national - share inter - bank certificate of deposit rate are expected to rise. The report advises waiting for appropriate yields when investing in Treasury bonds and secondary capital bonds and adopting a defensive strategy for the bond market [2].

Group 1 - The market experienced volatility today, with sectors such as military, computer, securities, new energy, and chips all retreating, leading to declines in the Shenzhen Composite Index and the ChiNext Index [1] - As of May 12, the total scale of bond ETFs has surpassed 250 billion yuan, indicating an influx of incremental capital into the bond market [1] - Huatai Futures suggests that short-term government bond futures will remain supported due to a loose funding environment and expectations of policy easing, although long-term interest rates are at low levels with limited room for further decline [1] Group 2 - Zheshang International forecasts that the impact of fundamentals on the bond market will gradually weaken, and the relatively loose funding environment in May may provide better investment opportunities for short-term instruments [1] - Investors are encouraged to maintain a certain duration position in their portfolios to capture potential rapid gains following any cuts in reserve requirements or interest rates [1] - Due to the low default risk associated with government bonds, the historical returns of government bond ETFs are relatively stable and reliable, with specific ETFs like the 10-Year Government Bond ETF (511260) and the Government Bond ETF (511010) recommended for interested investors [1]

Core Insights - The article emphasizes the importance of timing, drawdown control, and flexibility as core competencies in navigating risks within the bond market [1][5][6] - The investment philosophy of the company is centered around the principle that "investment is the only standard to test research" [5][10] Group 1: Investment Philosophy - The company believes that practical experience in trading is essential for validating research and investment strategies [2][5] - The investment approach is built on three key concepts: timing, drawdown control, and flexibility, which are interdependent and form a comprehensive methodology [6][7] Group 2: Market Strategy - The company recognizes the challenges of predicting market movements in the short term but maintains that a clear understanding of uncertainty allows for resilient strategies [2][9] - The current bond market is viewed as having upward potential, with the company identifying key signals such as inflation and housing prices as indicators for market direction [8][9] Group 3: Team Collaboration - The company employs a differentiated management strategy among its fund managers, allowing for independent decision-making while maintaining a unified strategic framework [7] - The use of futures for hedging is highlighted, with a distinction made between short-term risk management and mid-term hedging strategies [7][9] Group 4: Market Outlook - The company anticipates that the bond market will face upward pressure due to ongoing trade tensions and economic conditions, which provide a fundamental support for bond prices [9][10] - The company advises that ordinary investors should engage with the bond market through bond funds rather than direct participation in high-risk derivatives [10]

新华财经上海5月7日电（张天源）市场期待已久的降准降息落地。由于市场在节前已发力"抢跑"宽松行情，落地首日债市整体反应较平 静，市场走势分化，中长券收益率普遍上行，资金宽松环境下，投资者关注短端资产。 在7日国新办举行的新闻发布会上，中国人民银行行长潘功胜宣布降低存款准备金率0.5个百分点，同时下调政策利率0.1个百分点，即公 开市场7天期逆回购操作利率从目前的1.5%调降至1.4%。 受此影响，当日资金面价格全线下行，Shibor短端品种集体下探。隔夜品种下行4.5BP报1.657%；7天期下行4.6BP报1.661%；14天期下行 1.2BP报1.725%；1个月期下行1.3BP报1.719%。银存间1天质押式回购（DR001）加权平均价下行6.78bp报1.6417%；7天期（DR007）加 权平均价下行13.04bp报1.5968%。 华创投顾部表示，未来更重要的还是二级市场回购利率的变化趋势，只要回购利率能下行，债券利率也就会有向下的空间。预计未来二 级市场回购利率会逐步靠近1.4，资金利率的下行会改善目前债券利率和回购利率倒挂的程度，也就会带动中长期利率下行。 降准降息落地后，国债期货收盘全线下跌 ...