Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co., Ltd. announced the launch of the Shanghai Benchmark Market-Making Local Government Bond Index and nine other benchmark market-making bond indices on August 28, aimed at providing diversified performance benchmarks and investment targets for the market [1]. Group 1 - The new indices will be composed of bonds listed on the Shanghai Stock Exchange that meet specific criteria related to bond type and remaining maturity [1]. - The indices are designed to reflect the overall performance of bonds with good liquidity on the Shanghai Stock Exchange [1].

Core Viewpoint - The Shanghai Stock Exchange and China Securities Index Co., Ltd. will officially launch nine Shanghai benchmark market-making bond indices, including the Shanghai Benchmark Market-Making Local Government Bond Index, on August 28, 2025, providing diversified performance benchmarks and investment targets for the market [1]. Group 1 - The nine indices will be selected from bonds listed on the Shanghai Stock Exchange that meet the criteria for benchmark market-making varieties and index sampling rules, reflecting the overall performance of bonds with good liquidity on the exchange [1].

Group 1 - The Shanghai Composite Index increased by 0.34%, while the Shanghai 2031 maturity government bond and policy financial bond index reported 135.91 points [1] - The Shanghai 2031 maturity government bond and policy financial bond index decreased by 0.07% over the past month, increased by 0.30% over the past three months, and has risen by 0.78% year-to-date [1] - The index series selects bonds based on type, credit rating, and target maturity year from bonds listed on the Shanghai Stock Exchange to reflect the overall performance of bonds with the corresponding maturity date [1] Group 2 - The index is based on a reference date of December 28, 2018, with a base point of 100.0 [1] - The index holds 100.00% of unrated bonds in its portfolio [1] - The sample of the index is adjusted monthly, with the adjustment taking effect on the first trading day of each month [1]

Core Points - China Securities Index Co., Ltd. will officially launch 10 new indices on September 2, including the China Policy Financial Bond 0-5 Year Index and others, aimed at providing diversified performance benchmarks and investment targets for the market [1] - The Shanghai Stock Exchange and China Securities Index will also release 8 new indices on the same date, including the Shanghai 1-5 Year Government Bond and Policy Financial Bond Index, designed to reflect the market performance of corresponding maturity government bonds and policy financial bonds listed on the exchange [2] Group 1 - The 10 indices released by China Securities Index include various maturity ranges for policy financial bonds and government bonds, specifically targeting 0-5 years and 3-7 years [1] - The 8 indices from the Shanghai Stock Exchange focus on government bonds and policy financial bonds with specific maturity ranges, including 1-5 years and 0-2 years [2]

Market Performance - The major stock indices showed positive monthly performance, with the CSI 300 index closing at 4075.59, up by 3.54% [12] - The CSI 500 index had the highest monthly gain of 5.26%, closing at 6226.34 [12] - The Shanghai Composite Index increased by 3.74%, closing at 3573.21 [13] Sector Performance - The healthcare sector led with a monthly increase of 12.70% in the CSI 300 index [21] - The communication services sector also performed well, rising by 15.02% [21] - The energy sector showed a modest increase of 2.44% [21] Stock Contributions - The top-performing stocks included WuXi AppTec, which rose by 38.42%, and Industrial Fulian, which increased by 65.05% [18][19] - The worst-performing stocks included Sichuan Road and Bridge, which fell by 12.38% [20] - The top contributors to the CSI 300 index included Guizhou Moutai and Ningde Times, with weightings of 4.13% and 3.23% respectively [18] Trading Volume and Turnover - The average daily trading volume for the CSI 300 was 20,650 million shares, with an average daily turnover of 361 billion yuan [12] - The top traded stocks by turnover included Baogang Co., with a turnover of 874 billion yuan [14] Valuation Metrics - The CSI 300 index has a P/E ratio of 12.56 and a P/B ratio of 1.28 [14] - The financial sector has the lowest P/E ratio at 8.04, while the healthcare sector has the highest at 28.14 [14] Bond Market Performance - The China Bond Index showed a slight decline, with the China 10-Year Treasury Bond Index closing at 265.23, down by 0.09% [22] - The China Corporate Bond Index remained stable, closing at 283.87, with a minimal increase of 0.02% [22]

Core Insights - The Shanghai Composite Index opened high and continued to rise, while the China Bond Composite Index reported at 243.06 points [1] Group 1: Index Performance - The China Bond Composite Index has decreased by 0.22% over the past month, increased by 0.48% over the past three months, and has risen by 1.06% year-to-date [2] - The index is composed of government bonds, financial bonds, corporate bonds, central bank bills, and corporate short-term financing bonds with a remaining maturity of more than one month, listed on the Shanghai and Shenzhen stock exchanges and the interbank market [2] Group 2: Index Composition and Adjustments - The China Bond Composite Index is based on a reference date of December 31, 2002, with a base point of 100.0 [2] - The sample of the index is adjusted monthly, with adjustments taking effect on the first trading day of each month, and data extracted the trading day before the effective date [2] - In the case of temporary adjustments, if a sample bond is suspended or delisted, it will be removed from the index based on the situation from the effective date of the event [2]

Group 1 - The Shanghai Composite Index opened high and showed an upward trend, with the Shanghai 2027 Maturity Government Bond and Policy Financial Bond Index reported at 128.31 points [1] - The Shanghai 2027 Maturity Government Bond and Policy Financial Bond Index has increased by 0.04% in the past month, 0.50% in the past three months, and 0.31% year-to-date [1] - The index series selects bonds based on type, credit rating, and target maturity year from bonds listed on the Shanghai Stock Exchange to reflect the overall performance of bonds with the same maturity date [1] Group 2 - The index was established on December 28, 2018, with a base point of 100.0 [1] - The sample of the index is adjusted monthly, with the adjustment effective on the first trading day of each month, and the data cutoff for adjustments is the second trading day before the effective date [1] - In the target maturity year, if a sample bond matures, bonds with a remaining term of one year or less will be selected to enter the index, inheriting the weight of the maturing sample bond [1]

Group 1 - The core index of the China Securities Exchange for 0-7 year government bonds and policy financial bonds is reported at 182.00 points, showing a slight decline of 0.02% over the past month, an increase of 0.40% over the past three months, and a year-to-date increase of 0.52% [1] - The index series reflects the overall performance of government bonds and policy financial bonds with corresponding remaining maturities, selected from bonds listed on the exchange [1] - The base date for the index is December 31, 2007, with a base point of 100.0 [1] Group 2 - The index is composed entirely of unrated bonds, with a 100.00% holding in this category [2] - The sample of the index is adjusted monthly, with adjustments taking effect on the first trading day of each month [2] - New bonds that meet the criteria are included in the index from the day after their listing, while bonds that are delisted or undergo other significant events may be removed based on specific conditions [2]

Group 1 - The core viewpoint of the news is that the China Securities Index for 0-3 year government bonds and policy financial bonds has shown a steady increase in value over various time frames, indicating a positive trend in the bond market [1][3] - The index reported a rise of 0.07% over the past month, 0.46% over the past three months, and 0.54% year-to-date, reflecting overall growth in the bond sector [1] - The index is designed to represent the performance of government and policy financial bonds with corresponding maturities, using a base date of December 31, 2007, and a base point of 100.0 [1] Group 2 - The index consists entirely of unrated bonds, with a 100.00% allocation to such securities [2] - The sample for the index is adjusted monthly, with changes taking effect on the first trading day of each month, and new bonds entering the index from the day after their listing if they meet the criteria [2] - In the event of bond delisting or other significant changes, the index will adjust accordingly based on established maintenance rules [2]

Core Viewpoint - The China Bond Composite Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the bond market [2]. Group 1: Index Performance - The China Bond Composite Index reported a decrease of 0.10% over the past month, an increase of 0.44% over the last three months, and a year-to-date increase of 1.02% [2]. - The index is composed of government bonds, financial bonds, corporate bonds, central bank bills, and corporate short-term financing bonds with a maturity of over one month [2]. Group 2: Index Composition - As of the latest data, 76.37% of the index consists of unrated bonds, while 20.40% are rated "AAA" [2]. - The remaining ratings include 0.01% "A" rated, 0.01% "A+" rated, 0.81% "AA" rated, 2.35% "AA+" rated, and 0.04% "AA-" rated, with no bonds rated "BB" or "BBB" [2]. Group 3: Index Adjustment Mechanism - The China Bond Composite Index undergoes monthly adjustments, with the effective date being the first trading day of each month [2]. - In cases of temporary adjustments due to events like suspension or delisting of sample bonds, the index will remove those bonds as necessary [2].