1. Report Industry Investment Rating No investment rating information for the industry is provided in the given content. 2. Core Views of the Report - In the future week, as the fund - face crosses the month and the net payment scale of government bonds rises, considering the central bank's care for the fund - face, the fund - face is expected to operate in a balanced manner [1][28]. - In the future week, with a certificate of deposit (CD) maturity scale of about 65 billion, the pressure on the bank's liability side is controllable, and CD yields are expected to fluctuate following the fund - face [1][29]. - In the week before the holiday, against the background of the lack of a clear direction in the interest - rate bond market, the attention to the coupon strategy of non - bank institutions such as funds may further increase. Short - end coupon asset sinking will still be the mainstream strategy in the near future [1]. 3. Summary by Relevant Catalogs 3.1 Weekly Liquidity Tracking 3.1.1 Fund Review - Central bank operations: From May 19 to May 23, 2025, 48.6 billion of 7 - day reverse repurchase funds matured, the central bank injected 94.6 billion of 7 - day funds, renewed 50 billion of MLF, and injected 24 billion of treasury deposits, with a net injection of 120 billion in total, and the 7 - day OMO stock rose to 94.6 billion [10]. - Exchange rate: The on - the - spot exchange rate of the RMB against the US dollar appreciated by 2 basis points, and the use of the counter - cyclical factor basically disappeared [10]. - Government bond progress: Last week, the net financing of treasury bonds was 24.349 billion, and the net financing since the beginning of the year was 264.401 billion, completing 39.7% of the annual plan. The issuance of new local bonds was 11.3083 billion, and the issuance since the beginning of the year was 180.3 billion, completing 34.7% of the annual plan. As of May 23, the issuance of special refinancing bonds for replacing hidden debts was 1.62 trillion, completing 81.2% of the annual plan [13]. - Fund structure: The lending scale of state - owned and joint - stock banks decreased, while that of money market funds and wealth management products increased. The overall borrowing scale of non - bank institutions decreased slightly. Overnight and 7 - day fund rates declined marginally, while the 14 - day fund rate rose slightly due to cross - month arrangements. The liquidity stratification was at a low level [17]. 3.1.2 CD Review - Primary market: The net financing of inter - bank CDs was - 2.4 billion, with a total issuance of 71.434 billion and a maturity of 73.834 billion. The future three - week maturities will be 65.273 billion, 66.655 billion, and 120.363 billion respectively. The primary issuance rate rose slightly to 1.6688% [20]. - Secondary market: Core buyers such as funds, wealth management products, and large - scale banks continued to increase their holdings, while money market funds switched to selling. Insurance, other non - bank institutions, and product accounts continued to increase their holdings. The secondary - market yields of CDs fluctuated slightly upwards, and the yield curve steepened [23]. 3.1.3 Next Week's Focus - Fund - face: The asymmetric cut of deposit and loan interest rates on May 20 may relieve the pressure on banks' net interest margins, but the policy effect needs to be observed. The central bank's over - renewal of MLF on May 23 and net injection of liquidity in the open market throughout the week reflect its care for the fund - face. Before the next interest - rate cut, the central bank is likely to guide the fund - face to maintain a balanced state. In the future week, as the fund - face crosses the month and the net payment scale of government bonds rises, the fund - face is expected to operate in a balanced manner [28]. - CD: The net financing of CDs was still negative last week, but the amplitude narrowed, and the primary - market rate rose slightly. In the future week, with a CD maturity scale of about 65 billion, the pressure on the bank's liability side is controllable, and CD yields are expected to fluctuate following the fund - face [29]. 3.2 Weekly Institutional Behavior and Micro - structure Review - Regarding institutional asset - liability sides: After the policy - rate cut and deposit - rate reduction, it is still difficult to reduce banks' liability costs. The classification supervision trial rating results for wealth management products have been released, and some leading wealth management companies may need to optimize and adjust their indicators. June is the peak of CD maturities this year, and large - scale banks may start to reserve liabilities in advance in late May. Short - end coupon asset sinking will still be the mainstream strategy [31]. - Specific data: On May 23, the median duration of medium - and long - term bond funds in the past 10 - day rolling average was 3.18 years, a slight increase. The bond - market leverage ratio in the week before the holiday was 106.84%, a slight decrease. The 10Y China Development Bank - 10Y treasury bond term spread was - 1.74bp, and the 1Y China Development Bank - R001 spread was - 6.18BP, with the inversion pattern of short - term bonds and fund prices converging [32][33][36].

Macro and Strategy Research - In April 2025, the industrial added value increased by 6.1% year-on-year, exceeding the expected 5.2% but lower than the previous value of 7.7% [2] - The retail sales of consumer goods grew by 5.1% year-on-year, slightly below the expected 5.5% and previous 5.9% [2] - Fixed asset investment accumulated a year-on-year growth of 4.0%, which is lower than both the expected 4.2% and the previous value of 4.2% [2] - The production growth rate of nearly 80% of industries slowed down due to tariff impacts, with industrial enterprises' export delivery value growth dropping significantly by 6.8 percentage points to 0.9% [2] - The service industry production index grew by 6.0% year-on-year, with modern service sectors like information technology and finance showing relatively fast growth [2] Consumption Trends - The year-on-year growth rate of retail sales of consumer goods slowed down in April, primarily due to a decline in automobile consumption driven by price reductions [3] - The "old-for-new" policy continued to boost furniture and home appliance consumption, while rising gold prices increased jewelry consumption [3] - Service retail sales from January to April grew by 5.1% year-on-year, outpacing the growth of goods retail sales by 0.4 percentage points [3] - May is expected to see an increase in retail sales growth due to holiday consumption and the continuous refinement of national policies to expand domestic demand [3] Investment Insights - Fixed asset investment growth slightly decreased in April, with manufacturing investment dropping by 1.0 percentage points to 8.2% year-on-year [4] - Infrastructure investment growth fell by 3.0 percentage points to 9.6%, with central government-led investments in electricity, heating, and water declining [4] - Real estate investment growth saw a year-on-year decline of 1.3 percentage points to -11.3%, with sales in major cities stabilizing [4] - The central bank's further reduction of mortgage rates may not yield immediate effects, and real estate investment growth is expected to remain at a low level until urban renewal projects progress [4] Fixed Income Research - The issuance scale of credit bonds decreased, with corporate bonds seeing zero issuance and a reduction in company bonds, medium-term notes, and directed tools [6] - The net financing amount of credit bonds decreased, with corporate bonds and short-term financing bonds showing negative net financing [6] - The secondary market saw an increase in transaction amounts, with credit bond yields showing differentiation [6] - The overall conditions for a bear market in credit bonds are not sufficient, and long-term yields are expected to enter a downward channel [6] Industry Research - The Guinea government has reclaimed 51 mining licenses, impacting the mining sector [10] - The steel industry faces short-term pressure due to increased rainfall in southern regions, affecting demand [10] - The copper market is influenced by macroeconomic sentiment and export behaviors, with prices expected to fluctuate [10] - The aluminum market is supported by improved US-China trade relations, but domestic demand is entering a low season [10] - The gold market may experience fluctuations influenced by US economic data and geopolitical situations [10] - The lithium market is facing oversupply, with export behaviors impacting demand [10]

Core Insights - The total scale of bond ETFs has surpassed 260 billion yuan, reflecting strong market demand and policy support [1][3][6] - New bond ETFs have raised significant capital, contributing to the overall growth of the market [5][9] - The bond ETF market is expected to continue expanding due to ongoing product innovation and increasing institutional demand [7][10] Market Growth - As of May 19, the scale of bond ETFs reached 262.47 billion yuan, an increase of approximately 88.5 billion yuan compared to the end of 2024 [3][8] - Eight new bond ETFs launched this year have collectively raised 21.71 billion yuan, with their total management scale doubling to 44.08 billion yuan [5][6] - Existing bond ETFs have also seen significant net inflows, with notable increases in fund shares for specific ETFs [5][9] Investor Demand - The demand for low transaction costs and high trading efficiency has made bond ETFs a key option for investors [3][9] - The ongoing bull market in bonds and favorable policy environment have driven investor interest in bond ETFs [6][12] - The introduction of various policies aimed at enhancing the bond market is expected to further support the growth of bond ETFs [10][12] Future Outlook - The bond ETF market is anticipated to continue expanding, driven by factors such as increased participation from pension and social security funds [9][10] - The introduction of measures to enhance market liquidity and the growing interest from foreign investors are expected to contribute to the market's growth [10][12] - The current market dynamics, including structural volatility and macroeconomic factors, will influence the future performance of bond ETFs [12][13]

Group 1 - The core viewpoint of the articles highlights the positive impact of recent monetary policy changes, including interest rate cuts, on the credit bond market and related ETFs [1][2] - Tianhong Credit Bond ETF (159398) has seen significant capital inflow, accumulating nearly 400 million yuan over the past five trading days, indicating strong investor interest [1] - The recent reduction in the Loan Prime Rate (LPR) by 10 basis points for both 5-year and 1-year rates is expected to support the credit bond market, with the new rates being 3.5% and 3% respectively [1] Group 2 - Huachuang Securities notes that the recent monetary easing measures, including reserve requirement ratio cuts and interest rate reductions, are favorable for short-term instruments and will likely support a downward trend in interest rates [2] - The credit bond default rate continues to decline, and the market has fully priced in the positive effects of policy changes, leading to a significant compression of risk premiums [2] - Despite the overall positive outlook, there are still sporadic risks that could affect the valuation of individual credit bonds, which require careful monitoring [2]

华创证券研报称，上周信用债银行间市场成交活跃度与交易所市场成交活跃度有所上升。其中银行间市 场成交额由上周的4320亿元上升至5501亿元，交易所市场成交额由上周的2341亿元上升至3362亿元。短 期信用债收益率下行、利差收窄的空间均较为有限，交易盘可等待市场调整后更合适的位置参与博弈， 当前重点关注确定性的票息机会，从绝对收益率的角度考虑配置。 5月19日，信用债ETF天弘（159398）走势震荡，截至发稿，微跌0.02%，盘中成交额突破24亿元，换手 率超56%，交投活跃。 从资金净流入看，Wind金融终端数据显示，信用债ETF天弘（159398）近7日持续获资金净流入；近一 周获资金净流入超4.53亿元。 中信证券研报称，债市震荡期，信用债ETF表现好于利率债ETF，配置价值显现。2025年以来，债券市 场宽幅震荡，利率债ETF表现下滑则更为明显，2025年30年国债ETF和国债ETF年化收益率（2月以来） 分别为-0.44%和-0.03%，国开债ETF和政金债券ETF的年化收益率也在1%以内，而信用债ETF由于久期 较短，波动率更低，在债市震荡期收益率下滑相对而言更可控，加权平均年化收益率为1.53 ...

从资金净流入方面来看，信用债ETF基金近4天获得连续资金净流入，最高单日获得1.30亿元净流入，合计"吸金"2.9亿元，日均净流入达7259.81万元。 中信证券分析称，2025年以来，债券市场宽幅震荡，利率债ETF表现下滑明显，而信用债ETF由于久期较短，波动率更低，在债市震荡期收益率下滑相对而 言更可控，今年以来加权平均年化收益率为1.53%，特别是在债市波动行情中表现相对更佳，因此相对配置价值也由此显现。 信用债ETF基金（511200）跟踪上证基准做市公司债指数，从上交所上市的债券中，选取符合基准做市品种规则的债券作为指数样本。成分券剩余期限分布 在0-30年，基本实现收益率曲线全覆盖，目前成分券数量为208只，每月定期调整一次，指数最新修正久期4.14，整体呈现中短久期信用债特征。 截至2025年5月19日 10:04，信用债ETF基金(511200)上涨0.06%，最新价报100.44元。 流动性方面，信用债ETF基金盘中换手12.61%，成交5.44亿元，市场交投活跃。拉长时间看，截至5月16日，信用债ETF基金近1周日均成交40.88亿元。 规模方面，信用债ETF基金最新规模达43.09亿元， ...

民生银行首席经济学家温彬对记者表示，降准0.5个百分点以后，整体存款准备金率的平均水平将从原 来的6.6%降低到6.2%。降准将有效熨平资金波动、稳定信用扩张和促进内需修复，并有效缓解银行息 差压力。 兴证证券指出，当前的信用债市场独立行情演绎了一段时间，从Carry、流动性以及市场弹性等多方面 考虑，中短久期信用债是短期内较好的选择。修复行情若能加速，则可以随着利率下行趋势的明朗化而 逐步由短及长进行信用债配置。 长江证券指出，后期市场逻辑逐步回归基本面验证。全周期视角下，利率债与信用债呈现"避险属性强 化、风险溢价分化"的联动格局，政策对冲有效性、信用修复节奏与跨境资本流动成为影响市场走向的 关键变量。 5月15日，信用债ETF天弘（159398）截至发稿跌0.02%，成交额超1400万元。拉长时间来看，截至5月 14日，该ETF本周（5月12日—5月14日）日均成交额位居同标的产品第一。 资金流向方面，信用债ETF天弘（159398）近期获资金持续净流入。Wind金融终端数据显示，截至5月 14日，该ETF当日获资金净流入超1.7亿元，已连续5日获资金净流入，累计"吸金"超3.4亿元。 规模上，截至5月 ...

份额方面，信用债ETF博时最新份额达5985.11万份，创近3月新高，位居可比基金1/4。 截至2025年5月14日 11:00，信用债ETF博时(159396)多空胶着，最新报价100.58元。流动性方面，信用债ETF博时盘中换手14.48%，成交8.58亿元，市场交投 活跃。拉长时间看，截至5月13日，信用债ETF博时近1月日均成交20.06亿元。 兴业证券指出，资金面利好落地，信用债收益率整体下行。具体来看，资金面政策利好落地带动流动性整体更为宽裕，市场预期也有所变化。同时，关税问 题的波动预期继续影响短期避险情绪变化。往后看，资金面边际变化的持续时间和影响力度需投资者持续观察。建议信用债投资者边际更为乐观的同时，密 切关注市场情绪的边际变化。 信用债ETF博时紧密跟踪深证基准做市信用债指数，深证基准做市信用债指数反映深市基准做市信用债市场运行特征。 规模方面，信用债ETF博时最新规模达60.13亿元，创成立以来新高，位居可比基金1/4。 以上产品风险等级为：中低 （此为管理人评级，具体销售以各代销机构评级为准） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 从资金净流入方面来 ...

Group 1: Bond Performance Insights - The "24 铁道 MTN006B" bond shows a significant valuation price deviation of -0.35% with a net price of 108.70 and a yield of 2.12%[4] - The "21 万科02" bond has a positive deviation of 0.75% with a net price of 96.31 and a yield of 9.50%[5] - The "24 齐商银行永续债 01" bond has a slight positive deviation of 0.07% with a net price of 99.63 and a yield of 3.40%[6] Group 2: Market Trends - The majority of non-financial credit bonds have a transaction maturity concentrated in the 2 to 3-year range, with 3 to 4-year bonds showing the highest discount transaction ratio[2] - Real estate bonds rank high among those with transaction yields exceeding 10%[8] - The construction materials sector exhibits the largest average valuation price deviation among industries[2] Group 3: Risk Considerations - There is a risk of statistical data bias or omission, which may lead to discrepancies in reported bond performance[3] - Bonds with significant valuation price deviations may face credit risk due to changes in issuer qualifications[18]

Investment Rating - The report maintains an "Outperform" rating for the banking wealth management industry, indicating expected performance exceeding the market benchmark by over 10% [39]. Core Insights - In April, the scale of bank wealth management returned to historical highs, reaching approximately 30.8 trillion yuan, with a weighted average annualized yield of 2.70%, an increase from the previous month [1][9]. - The growth in bank wealth management is driven by a "seesaw" effect due to weak stock performance and strong bond performance, along with increased marketing efforts by banks [1]. - There is a notable misalignment between the growth of wealth management products and liabilities, with banks increasing their allocation to certificates of deposit and financial bonds rather than credit bonds [2]. Summary by Sections Market Trends - The average annualized yield for cash management products is 1.50%, while pure bond products yield 3.34%, and "fixed income+" products yield 3.01% [9]. - The total scale of wealth management products increased by 1.8 trillion yuan month-on-month in April [10]. New Issuance - In April, the initial fundraising scale for newly issued products was 352.4 billion yuan, primarily consisting of fixed income products, with most being closed-end products [16]. - The average performance benchmark for newly issued products fell to 2.56% in April [16]. Maturity and Performance - A total of 2,127 closed-end bank wealth management products matured in April, with most meeting their performance benchmarks [26]. Asset Allocation - The primary assets in bank wealth management products include high-grade credit bonds and equity investments through outsourcing, with recent performance data provided [29].