资金流入方面，公司债ETF最新资金流入流出持平。拉长时间看，近8个交易日内有7日资金净流入，合计"吸金"58.64亿元，日均净流入达7.33亿元。（数据 来源：Wind） 回撤方面，截至2026年1月5日，公司债ETF今年以来最大回撤0.00%，相对基准回撤0.00%。 信用债ETF日度跟踪显示总规模5935亿元，单日下降217.1亿元，其中基准做市ETF下降20.7亿元、科创债ETF下降175.7亿元；加权久期中位数3.3年。流动 性：整体成交金额1058亿元，平均单笔成交额121万元（基准做市82万元、科创债145万元）；换手率中位数9.9%。估值情况：收益率中位数1.87%，贴水率 中位数-31.2BP（基准做市-42.9BP、科创债-27.7BP）。 截至2026年1月5日 15:00，公司债ETF(511030)下跌0.14%，最新报价106.71元。拉长时间看，截至2026年1月5日，公司债ETF近1年累计上涨1.29%。 流动性方面，公司债ETF盘中换手4.23%，成交14.25亿元。拉长时间看，截至1月5日，公司债ETF近1月日均成交23.11亿元。 规模方面，公司债ETF最新规模达337.3 ...

信用债ETF日度跟踪显示总规模6068亿元，单日上升69.4亿元，其中基准做市ETF上升9.1亿元、科创债ETF上升51.2亿元；加权久期中位数3.3年。流动性： 整体成交金额1367亿元，平均单笔成交额515万元（基准做市406万元、科创债554万元）；换手率中位数22.6%。估值情况：收益率中位数1.87%，贴水率中 位数-8.6BP（基准做市-31.9BP、科创债-6.2BP）。 截至2025年12月30日 15:00，公司债ETF(511030)上涨0.03%，最新价报106.82元。拉长时间看，截至2025年12月30日，公司债ETF今年以来累计上涨1.63%。 流动性方面，公司债ETF盘中换手8.56%，成交28.05亿元。拉长时间看，截至12月30日，公司债ETF近1月日均成交24.11亿元。 从资金净流入方面来看，公司债ETF近24天获得连续资金净流入，最高单日获得34.13亿元净流入，合计"吸金"70.25亿元，日均净流入达2.93亿元。（数据来 源：Wind） 回撤方面，截至2025年12月30日，公司债ETF近半年最大回撤0.28%，相对基准回撤0.04%。回撤后修复天数为29天。 费率 ...

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]

Group 1 - The total scale of credit bond ETFs is 501.9 billion yuan, with a daily increase of 230 million yuan, while the benchmark market-making ETF decreased by 430 million yuan and the sci-tech bond ETF increased by 620 million yuan [1] - The median weighted duration is 3.5 years, and the overall transaction amount is 129 billion yuan, with an average single transaction amount of 6.2 million yuan [1] - The median yield is 1.94%, and the median discount rate is -15.6 basis points, with the benchmark market-making at -29.9 basis points and sci-tech bonds at -11.2 basis points [1] Group 2 - As of December 3, 2025, the company bond ETF (511030) is priced at 106.58 yuan, with a year-to-date increase of 1.41% [2] - The liquidity of the company bond ETF shows an intraday turnover of 10.48% and a transaction volume of 2.713 billion yuan, indicating active market trading [2] - The latest scale of the company bond ETF reaches 25.895 billion yuan, marking a one-year high, with the latest share count at 24.3 million, also a six-month high [2] Group 3 - The company bond ETF has seen continuous net inflows over the past five days, with a maximum single-day net inflow of 139 million yuan, totaling 206 million yuan, averaging 4.1137 million yuan daily [2] - Leveraged funds have been consistently entering the market, with the company bond ETF receiving net purchases of leveraged funds for three consecutive days, peaking at 42.6477 million yuan [2] - The maximum drawdown for the company bond ETF in the past six months is 0.28%, with a relative benchmark drawdown of 0.04% and a recovery period of 29 days [2] Group 4 - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05% [3] - The tracking error for the company bond ETF over the past month is 0.010%, closely tracking the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [3] - The index is based on AAA-rated corporate bonds and is adjusted quarterly, providing a benchmark for investment performance in medium to high-grade corporate bonds [3]

Group 1 - The core viewpoint of the news highlights the performance and growth of the credit bond ETF fund, indicating a positive trend in both liquidity and returns [1] Group 2 - As of October 27, 2025, the credit bond ETF fund (511200) has increased by 0.05%, with the latest price at 100.59 yuan [1] - The fund has achieved an average daily trading volume of 7.695 billion yuan over the past week, ranking first among comparable funds [1] - In terms of shares, the credit bond ETF fund has seen an increase of 160 million shares over the past six months, indicating significant growth [1] - The fund's scale has grown by 28.405 million yuan in the past week, reflecting substantial growth [1] - The fund has recorded a maximum consecutive monthly increase of 5 months since its inception, with the highest increase percentage being 1.62% [1] - The fund's monthly profit-loss ratio stands at 5/3, with a weekly profit percentage of 67.5% and a historical 100% probability of profit over a 6-month holding period [1] - Over the past three months, the fund has outperformed its benchmark with an annualized return of 0.12%, ranking first among comparable funds [1] - The management fee for the credit bond ETF fund is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [1] - The tracking error for the fund over the past month is 0.006%, indicating the highest tracking accuracy among comparable funds [1] Group 3 - The analysis from Galaxy Securities indicates that last week's bond market saw rising yields, influenced by factors such as the stock-bond seesaw effect and key meetings [2] - It is anticipated that under the central bank's support, the cross-month liquidity will remain stable, and there may be further policy measures to stabilize growth in the fourth quarter [2] - Attention should be paid to the macroeconomic data in the fourth quarter and the discrepancy with the annual GDP target of 5%, as well as the impact of increased government bond supply and the Federal Reserve's ongoing rate cuts [2] - The recommendation is to maintain a moderate duration in a volatile market, buying on adjustments and focusing on short-term allocation opportunities [2]

Core Insights - The total scale of credit bond ETFs is 477.5 billion yuan, with a daily decrease of 1.58 billion yuan, while the benchmark market-making ETF increased by 0.04 billion yuan and the Sci-Tech bond ETF decreased by 0.86 billion yuan [1] - The median weighted duration is 3.1 years, with an overall transaction amount of 211 billion yuan and an average single transaction amount of 4.9 million yuan [1] - The median yield is 1.93%, and the median discount rate is -24.9 basis points [1] Liquidity - The company bond ETF has a turnover rate of 11.41% with a transaction volume of 2.613 billion yuan, indicating active market trading [2] - The latest scale of the company bond ETF reached 22.922 billion yuan, marking a one-year high [2] Fund Flows - The latest fund inflow and outflow for the company bond ETF are balanced, with a total of 66.8604 million yuan "absorbed" over the last 17 trading days [3] - The company bond ETF has seen net purchases of leveraged funds for five consecutive days, with the highest single-day net purchase reaching 5.9191 million yuan [3] Performance - The company bond ETF has increased by 13.22% over the past five years, with a maximum monthly return of 1.22% since inception [3] - The maximum drawdown in the last six months is 0.28%, with a relative benchmark drawdown of 0.06% [4] Fees - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05% [5] Tracking Accuracy - The company bond ETF has a tracking error of 0.013% over the past two months, closely tracking the China Bond - Medium and High-Grade Corporate Bond Spread Factor Index [6]

Group 1 - The total scale of credit bond ETFs is 357.7 billion yuan, with a daily increase of 1.85 billion yuan, including a rise of 0.1 billion yuan for benchmark market-making ETFs and 0.88 billion yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.9 years, indicating a moderate interest rate risk exposure [1] - Overall trading volume reached 111.1 billion yuan, with an average single transaction amount of 5.21 million yuan [1] Group 2 - Institutional investors remain optimistic about the bond market despite significant declines in the stock market, recalling the 2015 bull market and its aftermath [2] - The current expectation for the 10-year government bond yield is between 1.6% and 1.8%, with a target of 1.65% [2] - The central bank's continued easing measures suggest a stable liquidity environment, with potential for reserve requirement ratio cuts and interest rate reductions before the Spring Festival [2] Group 3 - The Ping An Company Bond ETF (511030) has the least trading discount in the past week at 2 basis points and has seen a net inflow of 0.052 billion yuan, contrasting with a net redemption of 0.34 billion yuan for the sci-tech bonds [3] - The Ping An Company Bond ETF has ranked first in controlling drawdown during the current bond market adjustment, indicating strong performance relative to peers [3] - The data shows that the Ping An Company Bond ETF has a scale of 22.405 billion yuan and a trading volume of 12.366 billion yuan in the past week [3]

Core Viewpoint - The Tianhong Rongchuang One-Year Holding Mixed A Fund (010058) reported a profit of 371,500 yuan in Q2 2025, with a weighted average profit per fund share of 0.0134 yuan, and a net asset value growth rate of 1.21% during the period [3]. Fund Performance - As of July 22, the fund's unit net value was 1.113 yuan, with a one-year cumulative net value growth rate of 5.34%, ranking 418 out of 683 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 0.77%, ranking 623 out of 683, and over the last six months, it was 1.00%, ranking 617 out of 683 [4]. - The fund's three-year cumulative net value growth rate was 1.76%, ranking 446 out of 599 [4]. Market Conditions - The fund manager noted that the market was relatively stable in Q2 2025, with a gradual easing of funds since March and a continued stable funding environment, leading to a decline in repurchase rates [3]. - The impact of U.S. tariff shocks led to a rapid decline in long-term bond yields, while subsequent tariff easing resulted in stable bond market performance and a compression of credit spreads [3]. Fund Management - The fund manager, Liu Sixing, oversees six funds, all of which have achieved positive returns over the past year [3]. - The fund's average stock position over the past three years was 7.32%, significantly lower than the industry average of 18.95% [14]. Fund Size and Holdings - As of the end of Q2 2025, the fund's size was 29.9822 million yuan [15]. - There were no stock holdings reported for the fund as of the end of Q2 2025 [17].

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - This year, credit bond ETFs have attracted significant market attention, with active institutional trading and a structural rush to buy related index constituent bonds. Thirteen fund companies have collectively submitted applications for the second batch of Sci - tech Bond ETFs, which are expected to be listed in September. It is worth paying attention to the risks and opportunities of the related index constituent bonds [1][10]. - The short - term risk of significant over - decline of the Sci - tech Bond ETF index constituent bonds is relatively small. The new batch of Sci - tech Bond ETFs will bring new allocation funds, and the supply growth momentum has slowed down. After the second - batch listing, the excess spread of constituent bonds is unlikely to return to the high level in the first half of the year. The excess spread of constituent bonds is expected to further compress, but the space is limited. Some individual bonds' structural opportunities can be focused on [5][44][45]. 3. Summary by Directory 3.1 Sci - tech Bond ETF and Related Constituent Bonds' Recent Market Performance - **Discount status**: Since mid - to late July, Sci - tech Bond ETFs have been in a discount state, with the discount rate mainly between 0.05% - 0.4%. Although there was some repair in early August and late August when the bond market sentiment improved marginally, they have not turned into a premium state. Similar ETFs also experienced discounts during previous bond market adjustments and then recovered [2][11]. - **Differentiated performance of short - term and long - term constituent bonds**: The excess spreads of 3 - year - within and 3 - 5 - year constituent bonds fluctuate with the bond market, with a larger amplitude than the same - term and same - grade medium - term notes. Currently, they are about 2 - 3BP higher than the previous low on average. The excess spread of over - 5 - year constituent bonds continued to narrow in August, but there was a catch - up decline at the end of the month. There is a need to pay attention to the possibility of further catch - up decline [3][14][16]. - **Adjustment amplitude comparison**: The recent adjustment amplitude of the underlying constituent bonds of the benchmark - making credit bond ETF index is slightly larger than that of the Sci - tech Bond ETF index constituent bonds. This may be due to the better liquidity of benchmark - making credit bond varieties and the fact that the listing of Sci - tech Bond ETFs has squeezed the allocation demand for benchmark - making credit bond ETFs to some extent [3][30]. 3.2 Recent Supply - Demand Structure of Index Constituent Bonds - **Supply side**: Since the introduction of the new Sci - tech Bond policy in May, the issuance of Sci - tech Bonds has been booming, and the scale has increased significantly. Although the recent issuance scale has declined, it remains at a relatively high level. As of the end of August, the balance of the constituent bonds of the CSI AAA Sci - tech Bond index was close to 1.25 trillion yuan, an increase of nearly 277.8 billion yuan compared to the end of April [32]. - **Demand side**: After the listing of Sci - tech Bond ETFs, the scale expanded rapidly, but the recent growth rate has been relatively flat. This may be because the yield of index constituent bonds has declined rapidly, reducing their cost - effectiveness, and the secondary - market credit ETFs are in a discount state during the recent bond market adjustment, weakening the primary - market subscription sentiment [4][35]. 3.3 Opportunities and Risks of Related Index Constituent Bonds after the Application for the Second Batch of Sci - tech Bond ETFs - **Tracking index types**: The second - batch Sci - tech Bond ETFs mainly track the CSI AAA, Shanghai Stock Exchange AAA, and Shenzhen Stock Exchange AAA Sci - tech Bond indexes, with 9, 3, and 1 fund respectively [39]. - **Expected listing time**: If referring to the application - approval process of the first batch, the second batch of Sci - tech Bond ETFs is expected to be issued and listed in September [41][43]. - **Opportunities and risks**: The short - term risk of significant over - decline of the index constituent bonds is small. The excess spread of constituent bonds is expected to further compress, but the space is limited. Attention can be paid to individual bonds with relatively high excess spread levels and large recent declines to seek potential excess returns [5][44][45].

Core Insights - The total scale of credit bond ETFs reached 354.3 billion yuan, with a daily increase of 2.42 billion yuan, indicating a positive trend in the market [1] - The average trading amount was 124.4 billion yuan, with an average single transaction amount of 5.55 million yuan, reflecting active market participation [1] - The median yield was 1.91%, and the median discount rate was -10.8 basis points, suggesting a stable valuation environment [1] Market Performance - The Ping An Company Bond ETF (511030) had the least discount in the past week at 2 basis points and saw a net inflow of 52 million yuan, outperforming the Sci-Tech Three Treasures which experienced a net redemption of 340 million yuan [1] - The Ping An Company Bond ETF ranked first in controlling drawdown during the recent bond market adjustment, indicating strong performance stability [1] ETF Comparison - The table provided shows various ETFs with their respective scales, trading volumes, and performance metrics, highlighting the Ping An Company Bond ETF's competitive edge in terms of lower discount and better drawdown control [1] - Other ETFs such as Hai Fu Tong and Southern also showed significant trading volumes and percentage changes, but with higher drawdowns compared to Ping An [1]