截至2025年12月26日 15:00，公司债ETF(511030)上涨0.02%， 实现9连涨。最新价报106.79元。拉长时间看，截至2025年12月26日，公司债ETF今年以来累计 上涨1.61%。 流动性方面，公司债ETF盘中换手7.55%，成交24.07亿元。拉长时间看，截至12月26日，公司债ETF近1月日均成交23.59亿元。 收益率大多下行，信用利差1Y被动走阔、3-5Y多收窄。具体来看，收益率方面，本期信用债收益率大多下行，其中3-5Y整体表现最好，3Y除AAA级银行二 级资本债（+1.37BP）外全部下行（AA-级城投债、AAA级中票分别为-3.86/-3.21BP），5Y除弱资质城投债（AA/AA-级城投债均为+3.47BP）外普信债表现 较好（AA+级城投债/中票分别为-4.53/-4.41BP）。信用利差方面，各品种表现分化，3-5Y和10Y大多收窄（10Y AAA级中票/城投债分别为-3.76/-3.36BP， 5Y AAA级城投债/3Y AA-级城投债分别收窄3.38/3.28BP），1Y短端信用利差全部走阔（AAA/AA+级银行永续债均为+6.03BP；AA/AA-级中票均为 ...

Group 1 - The core viewpoint suggests seizing the certainty of short to medium-term credit bond arbitrage value and focusing on the rebound in valuation cost-effectiveness of component bonds [1] - In a volatile adjustment market with loose liquidity, the coupon strategy may be relatively superior, and it is recommended to pay attention to credit bond participation opportunities around 3 years [1] - The adjustment of component bonds has been significant, influenced by some banks' proprietary redemption of credit bond ETFs, leading to a convergence of premiums with non-component bonds [1] Group 2 - As of December 12, 2025, the company bond ETF (511030) has risen by 0.02%, achieving four consecutive increases, with the latest price at 106.61 yuan, and a year-to-date increase of 1.44% [4] - The trading volume of the company bond ETF was active, with an intraday turnover of 11.31% and a transaction value of 3.065 billion yuan, while the average daily transaction over the past week was 2.574 billion yuan [4] - The latest scale of the company bond ETF reached 27.093 billion yuan, marking a new high in nearly a year, with the latest share count at 254 million, also a new high in the past six months [4] Group 3 - The company bond ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which serves as a performance benchmark for investing in medium to high-grade corporate bonds [5] - The index is based on AAA-rated corporate bonds and is adjusted quarterly, providing a multi-dimensional reflection of the RMB bond market trends [5]