证券研究报告·固定收益·固收周报 固收周报 20251012 周观：第二轮"关税战"打响后（2025 年第 39 期） [Table_Summary] [Table_Summary] 观点 2025 年 10 月 12 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 证券分析师 陈伯铭 执业证书：S0600523020002 chenbm@dwzq.com.cn 证券分析师 徐沐阳 执业证书：S0600523060003 xumy@dwzq.com.cn 证券分析师 徐津晶 执业证书：S0600523110001 xujj@dwzq.com.cn 相关研究 《转债建议优先考虑回撤可控性》 2025-10-12 《二级资本债周度数据跟踪 （20250929-20251010）》 2025-10-11 东吴证券研究所 1 / 43 请务必阅读正文之后的免责声明部分 [Table_Tag] ◼ 中美贸易战再度升级，如何看待债券的交易机会？本周（2025.9.29- 2025.10.10），10 年期国债活跃券收益率从 9 月 26 日的 ...

Group 1 - The company bond ETF (511030) is experiencing a stalemate in trading, with the latest price at 105.65 yuan and a total scale reaching 14.01 billion yuan, marking a one-year high [1] - The weighted average interest rate of DR001 in February and March was 1.88% and 1.77% respectively, with expectations for a gradual decline to 1.7% in the coming months [1] - The recent LPR reduction of 10 basis points suggests that the effective lower limit for commercial mortgage and consumer loan rates remains at 3.0% [1] Group 2 - The national development bond ETF (159651) is also in a stalemate, with a latest price of 105.99 yuan and a one-year cumulative increase of 2.04% as of May 16, 2025 [4] - The scale of the national development bond ETF has grown by 445 million yuan over the past six months, ranking it in the top half among comparable funds [4] - The latest share count for the national development bond ETF is 13.84 million, reaching a one-month high [4] Group 3 - The national bond ETF for 5 to 10 years (511020) has seen a slight increase of 0.01%, with the latest price at 117.11 yuan and a cumulative increase of 3.00% over the past six months [7] - The latest scale for the 5 to 10-year national bond ETF is 1.466 billion yuan, with net inflows and outflows remaining balanced [7] - Over the past 18 trading days, the fund has attracted a total of 35.17 million yuan [7] Group 4 - The three main members of the bond ETF from Ping An Fund include the company bond ETF (511030), national development bond ETF (159651), and national bond ETF for 5 to 10 years (511020), covering various types of bonds to assist investors in navigating the bond market cycle [8]