Group 1 - The pilot program for credit bond ETFs to conduct general pledge-style repurchase transactions is set to be officially implemented soon, marking a new phase in liquidity management tools in China's bond market [2] - The inclusion of credit bond ETFs in the general repurchase pledge library reflects support for green bonds, sci-tech innovation bonds, and corporate bonds from private enterprises, signaling a commitment to market construction for credit bond ETFs [2] - The current environment of "asset scarcity" is slowing down, with credit bonds expected to outperform interest rate bonds in a defensive strategy, emphasizing the importance of duration selection in different stages [2] Group 2 - As of May 28, 2025, the Tianhong credit bond ETF (159398) showed active trading with a turnover rate of 91.29% and a transaction volume of 5.1 billion yuan, indicating strong market activity [3] - The Tianhong credit bond ETF reached a new high in scale at 5.673 billion yuan and a new high in shares at 56.3323 million, reflecting growing investor interest [3] - The fund has seen continuous net inflows over the past six days, totaling 1.325 billion yuan, with an average daily net inflow of 221 million yuan [3] Group 3 - The management fee for the Tianhong credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The tracking error for the Tianhong credit bond ETF over the past month is 0.006%, indicating the highest tracking precision among comparable funds [4] - The top ten weighted stocks in the Shenzhen benchmark market-making credit bond index account for 8.59% of the index, reflecting the concentration of holdings [4]