Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints - Since the implementation of the new policy, the issuance of science and technology innovation bonds has shown new changes, including broader financing channels, lower financing costs, optimized term structure, and enhanced credit enhancement mechanisms [1][9][11][14][18][19]. - There are investment opportunities in non - component securities of brokerage science and technology innovation bonds, and institutions with stable liability ends can consider perpetual science and technology innovation bonds. Institutions can also seize the valuation decline opportunity of newly - listed science and technology innovation bonds after one month, and pay attention to non - component securities while exploring the income opportunities of component securities [2][3]. - In the short term, the science and technology innovation bond market is expected to be demand - driven, and the narrowing spread market is expected to continue, but the space is relatively limited [28]. Summary According to the Directory 1. New Changes in the Issuance of Science and Technology Innovation Bonds Since the New Policy - **Financing Channels and Issuer Structure**: In May - July 2025, the number and scale of newly - issued science and technology innovation bonds reached monthly highs in recent years. The proportion of central and state - owned enterprise science and technology innovation bonds decreased, while that of private enterprise science and technology innovation bonds increased, indicating optimized issuer structure and enhanced financing availability for private enterprises [11]. - **Financing Cost**: The financing cost of science and technology innovation enterprises has decreased, with the weighted average coupon rate dropping from 2.03% - 2.47% in January - April 2025 to 1.77% - 1.89% in May - June. The policy of the central bank to purchase science and technology innovation bonds with low - cost re - loan funds is expected to keep the financing cost low in the long term [14]. - **Term Structure**: The term structure of science and technology innovation bonds has been optimized, with the proportion of bonds with a term of less than 1 year decreasing from 29% to 18.28%, and the proportion of 3 - year and 5 - year bonds increasing by 8.48 and 1.31 percentage points respectively [18]. - **Credit Enhancement Mechanism**: The proportion of science and technology innovation bonds with guarantee measures has increased from 5.87% to 6.27% after the new policy. Policy guidance and the application of innovative credit enhancement tools have enhanced the credit enhancement mechanism [19][20]. 2. Thoughts on Science and Technology Innovation Bonds - **Brokerage Science and Technology Innovation Bonds**: As of August 12, among the 46 brokerage science and technology innovation bonds issued since May, 34 were included in the index component securities and 28 in the science and technology innovation bond ETF component securities. Un - included brokerage science and technology innovation bonds may be included later, presenting investment opportunities [2][22]. - **Perpetual Science and Technology Innovation Bonds**: Among the 606 component securities of 10 science and technology innovation bond ETFs, only 89 are perpetual bonds, accounting for 14.69%. There is a large gap compared with the tracking index, and there may be expansion demand for ETF products, especially those with low duration [2][24]. - **Investment Opportunities in Newly - listed Bonds**: Newly - listed science and technology innovation bonds have an obvious primary - secondary spread inversion phenomenon, which reduces after one month. Institutions bidding for new bonds in the primary market can seize the valuation decline opportunity, while institutions with unstable liability ends can focus on the secondary market [3][25]. - **Non - component Securities**: - Select non - component securities with a duration matching the three major science and technology innovation bond indices (2 - 3Y, 4 - 5Y), preferably from those meeting the market - making standards [3][30]. - Pay attention to multi - labeled science and technology innovation bonds, which have greater valuation compression opportunities under multiple policy attributes [4][31]. - Institutions with high risk appetite can pre - layout high - growth small and medium - sized science and technology innovation enterprises with outstanding bonds, as the new rating system is expected to improve their credit ratings and valuations [4][32].

增值税调整，债券策略再思考 20250811 新代码的地方政府债券发行活跃度如何？市场机构对其兴趣如何？ 新代码的地方政府债券在发行活跃度方面表现出色。根据测算，新代码债券的 收益率比旧代码债券平均高出 5 个基点，定价约为 3%的增值税。这一定价水 平反映了市场机构对新代码债券的额外溢价回报要求。尽管资管机构征收 3% 的增值税，自营机构征收 6%，但新代码债券主要由自营盘主导，因此其定价 在 0%到 6%之间，最终博弈结果为 3%。这表明自营类机构并未完全将税负转 嫁给发行人，而是达成了双方利益的平衡。 对于市场兴趣而言，自营类机构对 新代码地方政府债券表现出较高兴趣，因为这些债券在税前考核下具有投资吸 引力。尽管增值税可能影响利润，但只要新代码债券回报率高于旧代码，投资 者仍然乐于接受。此外，如果未来有更多通道型产品参与二级市场交易，新代 码债券的定价增值税影响可能进一步降低至 2%-3%。 新旧地方政府债券在流动性和利差方面有何变化？ 新旧地方政府债券在流动性和利差方面均表现出显著变化。由于新旧两种编码 的活跃度都较高，新老码之间的利差将进一步收窄。这意味着之前因流动性差 异导致的新老码利差将有所减少 ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In Q2 2025, the bond market environment was more favorable than in Q1. After the relaxation of funds, some bond varieties returned to a "positive carry" state, leading to an increased willingness among bond funds to add leverage, actively extend durations, and explore credit spreads, resulting in a rise in bond market congestion. The scale of money market funds reached a new high, and after the funds were relaxed, the risk of negative deviation significantly decreased. The product allocation preference shifted from fund lending to bank deposits [3][5]. - Looking ahead, due to factors such as the upcoming approval of policy - based financial instruments, continuous risk - preference disturbances, and insufficient expectations of interest rate cuts, bond market trading will enter a "hard mode". The 10 - year Treasury bond yield may rise slightly to a core fluctuation range of 1.65 - 1.75%. It is advisable to conduct bond swaps and take profits when market sentiment improves. In addition, although the market is relatively friendly in early August, there are still disturbances from factors such as expectations of broad - credit policies and risk preferences. During bond market adjustments, a fund redemption wave may be triggered, further amplifying market volatility. Institutions should maintain account liquidity and seize small - band trading opportunities [4][166]. 3. Summary by Relevant Catalogs 3.1 Bond Funds: Risk - Aversion Sentiment Drives Bond Market Recovery, Bond Fund Scale Resumes Expansion, and Performance Turns Positive 3.1.1 Asset Scale - In Q2 2025, the overall bond fund scale increased by 861.5 billion yuan. As of the end of Q2, there were 3,862 bond funds, accounting for 29.92% of all funds. The net issuance was 54 funds, and the asset net value increased to 10.93 trillion yuan. The share of bond funds mainly increased in pure - bond funds, while the share of convertible bond funds decreased slightly. Among them, passive index bond funds had the most significant scale increase, supported by the expansion of market - making credit bond ETFs [11][15][17]. 3.1.2 Subscription and Redemption - The redemption pressure on pure - bond funds in Q2 was significantly relieved compared to Q1. The net subscription ratio of short - term bond funds rebounded to 56.52%, the highest among all bond funds. The subscription sentiment of "fixed - income +" bond funds was weaker than that of pure - bond funds. The net subscription ratios of mixed first - tier and second - tier bond funds decreased, and the median net subscription - redemption rates also declined [31][35]. 3.1.3 Performance - The annualized return of bond funds in Q2 2025 increased to 4.10%. "Fixed - income +" bond funds performed better than pure - bond funds. The performance ranking was second - tier bond funds (5.21%) > first - tier bond funds (4.63%) > medium - and long - term pure - bond funds (3.82%) > passive index bond funds (3.63%) > short - term pure - bond funds (2.55%) [36]. 3.1.4 Leverage Ratio - In Q2 2025, due to the central bank's reserve requirement ratio and interest rate cuts, the funds' price center decreased, and some varieties returned to a "positive carry" state. The overall leverage ratio of bond funds increased by 1.29 percentage points to around 119.94%, and the leverage ratios of various types of bond funds also increased [43]. 3.1.5 Weighted Average Duration of Top - 5 Heavy - Position Bonds - In Q2 2025, after the rapid decline in bond market yields, institutions generally extended durations to seek returns. The weighted average duration of the top - 5 heavy - position bonds of existing bond funds increased by 0.69 years to 3.44 years. The durations of all types of funds increased [46][47]. 3.1.6 Asset Allocation - **Large - scale Asset Allocation**: In Q2 2025, bond funds mainly increased their bond holdings by 1.14 trillion yuan, with the proportion of bonds increasing to 96.51%. The proportions of stocks, bank deposits, and other assets decreased [62]. - **Bond Category Asset Allocation**: The proportion of credit bonds held by bond funds increased by 0.97 percentage points to 49.13%, while the proportion of interest - rate bonds decreased by 0.84 percentage points to 44.04% [88]. - **Rating Changes of Heavy - Position Bonds**: Overall, the bond funds' holdings of urban investment bonds and industrial bonds showed an obvious trend of concentration towards AAA - rated bonds. Pure - bond funds focused more on liquidity management, with both urban investment bonds and industrial bonds concentrating on AAA - rated bonds. "Fixed - income +" funds had more obvious credit - sinking, with an increased proportion of AA - rated and below bonds [106][107]. 3.2 Money Market Funds: "Deposit Migration" Drives Scale to a New High, and Allocation Demand Shifts to Deposits and Certificates of Deposit 3.2.1 Traditional Money Market Funds - **Asset Scale**: At the end of Q2 2025, the number of traditional money market funds remained at 364, and the scale exceeded 14 trillion yuan, an increase of 904.6 billion yuan from the previous quarter, a 6.8% increase [121]. - **Subscription and Redemption**: In Q2 2025, 52.47% of money market funds had net subscriptions. Both the retail and institutional ends had net subscriptions [127][130]. - **Performance**: The average 7 - day annualized yield of money market funds in Q2 was 1.26%, a decrease of 0.09 percentage points from Q1. The yields of Yu'E Bao and WeChat Licaitong fluctuated at a low level of 1.2 - 1.4% [136]. - **Leverage Ratio and Duration**: In Q2 2025, the average leverage ratio of money market funds increased by 1.82 percentage points to 105.78%, and the average remaining maturity increased by 7.05 days to 82.72 days [137]. - **Deviation**: In Q2 2025, the absolute - value average of money market fund deviations was basically the same as in Q1, but the number of funds with a minimum negative deviation decreased significantly [141]. - **Asset Allocation**: In terms of large - scale asset allocation, money market funds reduced fund lending and mainly increased bank deposit holdings. In terms of bond category asset allocation, they mainly increased their holdings of certificates of deposit [144][148]. 3.2.2 Floating - Net - Value Money Market Funds - In Q2 2025, the scale of floating - net - value money market funds decreased slightly. The average leverage ratio decreased to 101.54%, and the average remaining maturity decreased to 39.33 days. In terms of asset allocation, they mainly reduced bond and fund - lending holdings and increased bank deposit holdings. In terms of bond asset allocation, they mainly reduced their holdings of certificates of deposit. The yield performance was better than that of traditional money market funds [153][156]. 3.3 Main Conclusions - In Q2 2025, bond funds actively added leverage, extended durations, and explored credit varieties. Money market funds also added leverage, extended durations, and shifted their asset - allocation preferences from fund lending to bank deposits [164][165].

银河景行 3 个月定期开放债券型发起式证 券投资基金 基金管理人：银河基金管理有限公司 基金托管人：兴业银行股份有限公司 报告送出日期：2025 年 7 月 18 日 银河景行 3 个月定期开放债券型发起式证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人兴业银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 06 月 30 日止。 §2 基金产品概况 | 1 | | | --- | --- | | ਜ | 会馆 简称 | 基金简称 银河景行 3 个月定开债券 基 ...

Core Viewpoint - The report outlines the performance and investment strategies of the Galaxy Ruixin Pure Bond Fund for the second quarter of 2025, emphasizing its focus on stable returns through active management and risk control [1][2]. Fund Overview - Fund Name: Galaxy Ruixin Bond Fund - Fund Code: 007406 - Fund Type: Contractual open-end fund - Effective Date: December 26, 2019 - Total Fund Shares at Period End: 2,992,725.48 shares - Investment Objective: To provide long-term stable returns while maintaining liquidity and controlling risks [1]. Investment Strategy - The fund employs a top-down approach for dynamic asset allocation, focusing on active management in bond investments [2]. - Key strategies include: - **Duration Deviation Strategy**: Adjusting the portfolio duration based on interest rate expectations to maximize returns [2]. - **Yield Curve Strategy**: Selecting bond combinations based on anticipated changes in the yield curve [3][4]. - **Category Allocation Strategy**: Adjusting investment proportions based on credit risk cycles and yield spreads between different bond types [5]. Financial Indicators and Fund Performance - The fund's net asset value at the end of the reporting period was 1.0510 RMB per share, with a net value growth rate of 0.17% over the past three months [16]. - Performance comparison against the benchmark (China Bond Composite Full Price Index) shows: - Last three months: 0.17% vs. 1.06% - Last six months: 2.77% vs. -0.14% - Last year: 5.16% vs. 2.36% - Last three years: 9.32% vs. 7.13% - Last five years: 14.43% vs. 8.86% [8]. Asset Allocation - As of the end of the reporting period, the fund's total assets were primarily allocated to bonds, amounting to 2,711,899.97 RMB, representing 85.19% of total assets [17]. - The fund did not hold any stocks or asset-backed securities during the reporting period [17]. Fund Management - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with integrity and diligence, aiming for asset preservation and appreciation [12]. - The fund manager has not utilized proprietary funds for investment in this fund during the reporting period [18]. Market Environment - The report indicates a stable domestic economic performance in Q2 2025, with GDP expected to exceed 5%, despite external uncertainties due to trade tensions [14]. - The bond market experienced a favorable environment with declining yields following tariff announcements and subsequent monetary policy adjustments [15].

Core Viewpoint - The report provides an overview of the performance and investment strategy of the Penghua Putian Bond Fund for the second quarter of 2025, highlighting its focus on stable long-term asset appreciation through bond investments while managing risks effectively [2][12]. Fund Product Overview - The Penghua Putian Bond Fund aims to share in China's economic growth and achieve long-term stable asset appreciation primarily through investments in bonds, new stock placements, and capital increases [2]. - The fund operates as a contractual open-end fund, with a total share amount of 358,228,829.29 shares at the end of the reporting period [2]. Investment Strategy - The fund maintains a stable investment style, with at least 80% of its assets allocated to fixed-income securities and a maximum of 20% to equity securities, while ensuring at least 5% of net assets are in cash or government bonds maturing within one year [3]. - The investment approach includes determining target duration, structuring bond portfolios based on yield curve expectations, and selecting bonds based on relative value analysis [3][4]. - The fund also employs a convertible bond investment strategy, focusing on holding until maturity or selling when prices exceed expectations [4]. Financial Indicators and Fund Performance - For the reporting period from April 1, 2025, to June 30, 2025, the net value growth rate for Class A shares was 0.44%, while Class B shares recorded a growth rate of 0.40%, both underperforming the benchmark growth rate of 1.40% [12][5]. - The fund's performance over various time frames includes a 2.38% growth over the past year and 13.38% over the past five years for Class A shares [7]. Investment Portfolio Report - As of the end of the reporting period, the fund's total assets included approximately 596,241,784.60 RMB in bonds, representing 97.71% of the total fund assets [13]. - The fund's investment strategy emphasizes high-grade credit bonds and actively adjusts the credit structure to navigate market conditions [12]. Fund Share Changes - The total share amount for Class A shares decreased to 101,272,873.47, while Class B shares decreased to 256,955,955.82 due to net redemptions during the reporting period [16].

在当前市场环境中，应根据央行是否买债或资金宽松情况选择合适的投资组合。 如果看好央行买债或资金宽松，可以选择子弹型组合，如三五年的组合；如果 追求灵活性，则可以构建哑铃型组合。这取决于收益率曲线形态及未来预期。 债券周策略：等待还是买入？20250609 摘要 央行通过买断式逆回购稳定市场预期，但投资者需警惕短端存单利率波 动，避免盲目追高债券，关注 6 月初国债收益率曲线变化。 未来两三个月利率下行概率大，10 年国债利率或探底 1.6%，关注央行 是否买债及年内第二次降息的可能性，这些因素可能推动利率进一步下 行。 当前市场环境下，应根据央行操作和资金面选择投资组合：看好央行买 债或资金宽松可选子弹型组合，追求灵活性可选哑铃型组合。 当前收益率曲线平坦，未来利率下行取决于央行重启买债或资金宽松。 央行买债易导致曲线变陡且持续，资金宽松则可能导致曲线变陡但后续 易变平。 在当前平坦的收益率曲线下，子弹型和哑铃型组合票面利率相近，哑铃 型组合更具灵活性和性价比，建议公募基金采用。 从稍长周期看，利率仍可能下行，但直接买入赔率降低。建议收益不佳 或久期未拉长的投资者可直接买入，但需承受波动风险。 可继续持有 5 ...

Group 1 - The current bond market is undergoing significant changes, with risk-free yields continuing to decline and traditional bond investment returns sharply compressed. Many private bond products have seen yields drop below 1.8% in the first five months of this year, contrasting with an average return of 7.91% for the entire previous year. The era of "lying win" is over [1] Group 2 - In response to the reality of significantly reduced yield space, private institutions are upgrading their bond investment strategies. Many are shifting focus towards cross-border composite products to capture cross-market spreads or increase trading frequency to enhance returns. The traditional credit spread has compressed to historical lows, prompting institutions to increase allocations to dim sum bonds and domestic city investment bonds for base returns while controlling product drawdowns [3] Group 3 - The ability to trade effectively is crucial for enhancing returns in a low-interest-rate environment. Both private bond strategy products and public "fixed income +" products require strict drawdown control. The difficulty of active timing and asset switching has increased significantly, making precise timing and asset rotation essential. A disciplined investment strategy with clear risk budgeting and position control frameworks is necessary [4] Group 4 - To improve trading success rates, institutions need to enhance market monitoring and information collection. Keeping a close watch on bond price movements, fund flows, and new bond issuances has become a daily priority. The current bond market lacks trending opportunities and is highly uncertain, often affected by sudden events. Given the unattractive absolute yield levels, institutions must maintain competitive advantages through refined operations and strategic innovations within limited yield spaces [4]

债券周策略：资金有波动，债券策略怎么看 20250519 摘要 • 央行货币政策操作显示稳增长思路，但中美关税谈判结果的不确定性需持 续关注，系统性收敛资金中枢的逻辑有待验证，降准降息超预期反映了当 前稳增长的主要思路。 • 债券市场对双降提前交易不强烈，债券利率未明显下行，资金中枢系统性 抬升概率较低。若 7 天资金利率维持在 1.55%左右，一年期存单及短端信 用品种或有 5-10bp 下行空间。 • 信用策略上，建议继续持有 2-3 年普通信用债作为底仓，关注政府发行条 款、税期及月末季度末等时间点可能导致的短期波动，整体仍存在套息机 会。 • 4-5 年二级资本债的交易需观察资金利率宽松情况，目前性价比不如 2-3 年期，建议资金紧张时调整后再购买，以交易性思维对待，把握资金宽松 带来的资本利得机会。 • 4-5 年以上普遍信用债和永续债建议从票息角度持有，组合规模大可少量 配置高利率凸点或个券，如 6-8 年二级资本债，结合流动性好的信用债构 建高票息底仓。 如何看待 4 至 5 年以上的普遍信用债和永续债的投资策略？ Q&A 当前市场资金面的变动对利率的影响如何？ 近期市场投资者对资金面的讨论度较 ...

Core Viewpoint - The bond ETF market has experienced significant growth in 2023, with total assets surpassing 250 billion yuan for the first time, reaching 259.9 billion yuan as of May 15, marking an increase of 79.9 billion yuan since the end of last year [1][3]. Group 1: Market Growth and New Products - The bond ETF market has seen a record issuance of 8 new products in January 2023, compared to a maximum of 5 in previous years [1][3]. - The newly launched bond ETFs have collectively raised 21.71 billion yuan, with their total scale exceeding 43.45 billion yuan by May 15, reflecting a growth of over 100% since their inception [3][4]. - Existing bond ETFs have also attracted significant investment, with the Pengyang 30-Year Treasury ETF and the Haifutong Short-Term Bond ETF growing by 11.62 billion yuan and 10.70 billion yuan respectively in 2023 [3][5]. Group 2: Market Drivers and Investor Sentiment - The growth in bond ETFs is attributed to multiple factors, including a declining deposit interest rate and a continued loose monetary policy, which have drawn market attention [6][7]. - Bond ETFs are favored for their clear risk-return characteristics, transparency of underlying assets, and stable positions, catering to diverse investor needs [6]. - The flexibility and liquidity of bond ETFs, along with low investment thresholds and T+0 trading mechanisms, make them an efficient investment tool for risk-averse investors [6]. Group 3: Future Outlook and Strategies - The bond market's future performance is expected to be influenced by tariff negotiations and domestic macroeconomic policies, with potential short-term pressures on market sentiment [6][7]. - Despite the challenges, the overall monetary policy remains accommodative, limiting the upward risk for bond yields, as the economy is still in a weak recovery phase [7]. - A diversified bond investment strategy is anticipated to become mainstream, incorporating various asset types such as industrial bonds, convertible bonds, and overseas bonds to enhance overall expected returns [8].