Group 1 - The article introduces the concept of bond index funds and highlights that most investors are familiar with stock index funds but not with bond index funds [2] - A free course is offered to educate investors on how to invest in bond index funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - Inflation is defined as the general increase in prices of goods and services over time [6] - The Consumer Price Index (CPI) is used to measure inflation, which tracks the prices of a basket of 268 essential consumer goods and services [7] - The article notes that CPI is an average and may not reflect individual household experiences, as consumption patterns vary significantly between different families and cities [7]

鹏华中证 5 年期地方政府债交易型开放式 指数证券投资基金 基金管理人：鹏华基金管理有限公司 基金托管人：招商银行股份有限公司 送出日期：2025 年 8 月 28 日 基金管理人的董事会、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的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、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 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 47页 第 3页 共 47页 第 4页 共 47页 §2 基金简介 基金名称 鹏华中证 5 年期 ...

Group 1 - The bond ETF market has experienced rapid growth, with total scale surpassing 500 billion yuan, nearly doubling from the end of last year [1] - The newly launched Sci-Tech Bond ETFs have significantly contributed to this growth, with their scale increasing from approximately 29 billion yuan to nearly 100 billion yuan within just three trading days [1] - The first batch of 10 Sci-Tech Bond ETFs was established with a total issuance scale of 289.88 billion yuan, and by July 21, their combined scale reached 994.78 billion yuan [1] Group 2 - Trading enthusiasm in the market remains high, with the trading volume of Sci-Tech Bond ETFs reaching 185 billion yuan on July 22, ranking second among all ETFs [2] - The total trading volume of the 10 Sci-Tech Bond ETFs exceeded 800 billion yuan on their first trading day, with significant contributions from individual ETFs [2] - Overall, the bond index funds have seen rapid development, with total scale reaching a historical high of 1.53 trillion yuan by the end of June, marking a growth of 16.05% from the end of 2024 and 97.47% from the end of 2023 [3]

Market Overview - The A-share market saw an overall increase last week, with the ChiNext Index rising the most at 3.17%, while the Hang Seng Index increased by 2.84% [1] - Among the 31 Shenwan first-level industries, 19 industries rose and 12 fell, with the top three gainers being Communication (up 7.56%), Pharmaceutical and Biological (up 4.00%), and Automotive (up 3.28%). The largest declines were in Media (down 2.24%), Real Estate (down 2.17%), and Public Utilities (down 1.37%) [1] Fund Flows - Last week, the total net inflow for ETFs across the market was 562.35 billion yuan, with bond ETFs seeing a significant net inflow of 733 billion yuan. Domestic stock ETFs and cross-border stock ETFs had a combined net outflow of 109.71 billion yuan, while commodity ETFs experienced a slight net outflow of 12.37 billion yuan [2] - The first batch of Sci-Tech Innovation Bond ETFs launched last week, leading to substantial net inflows of 483.39 billion yuan for AAA Sci-Tech Innovation Bonds and 180.73 billion yuan for Shanghai AAA Sci-Tech Innovation Bonds [3] Sector-Specific Inflows - Financial indices continued to attract capital, with net inflows of 24.66 billion yuan for securities companies and 24.63 billion yuan for Hong Kong securities. Financial technology and the CSI Bank index saw net inflows of 17.72 billion yuan and 15.48 billion yuan, respectively [4] - The Sci-Tech 50 Index and Animation & Gaming sectors had net inflows of 22.24 billion yuan and 18.29 billion yuan, respectively [5] Outflows - Broad-based indices experienced continued outflows, with the CSI A500, CSI 300, ChiNext Index, and CSI 1000 seeing net outflows of 102.28 billion yuan, 71.75 billion yuan, 29.04 billion yuan, and 22.35 billion yuan, respectively [6] ETF Performance - Most A-share ETFs saw increases last week, with the Pharmaceutical and Biological ETF showing a significant average increase of 4.05%. Conversely, Financial and Real Estate ETFs experienced an average decline of 1.02% [17] - The Hang Seng Innovation Drug ETF and other related funds saw increases exceeding 7% [18] New ETF Listings - Last week, 12 new ETFs were launched, including 10 bond ETFs and 2 stock ETFs, with a total issuance scale of 51.51 billion yuan [26] Industry News - The scale of bond index funds reached nearly 1.5 trillion yuan in the second quarter, with notable growth from fund companies like Bosera, Southern, and GF Fund, each surpassing 100 billion yuan [27] - Korean investors have shown a strong preference for Chinese stocks, particularly in the Hong Kong market, with Xiaomi Group-W being the most held stock by Korean investors [28] - The first batch of Sci-Tech Innovation Bond ETFs was officially launched, increasing the total number of credit bond ETFs to 21 [29]

Core Viewpoint - The BoShi ZhongDai 3-5 Government Financial Bond Index A has experienced a decline of 0.05% on July 14, with a cumulative drop of 1.73% over five consecutive trading days [1] Group 1: Fund Performance - The latest net value of BoShi ZhongDai 3-5 Government Financial Bond Index A is 1.06 yuan [1] - Since its establishment in December 2019, the fund has achieved a cumulative return of 21.84% [1] - The fund's total scale is 116.22 billion yuan [1] Group 2: Holder Structure - As of the end of 2024, institutional investors hold 104.96 million shares, accounting for 99.73% of the total shares [1] - Individual investors hold 0.29 million shares, representing 0.27% of the total shares [1] Group 3: Fund Manager Background - The current fund manager, Wei Zhen, has extensive experience in fixed income and has held various positions at BoShi Fund since 2005 [2] - Wei Zhen has managed multiple bond funds and is currently the Managing Director and General Manager of Fixed Income Investment [2] Group 4: Portfolio Composition - As of March 31, 2025, the top five holdings of BoShi ZhongDai 3-5 Government Financial Bond Index A account for a total of 42.84% [3] - The top holdings include: 19 Agricultural Development (11.02%), 19 National Development (9.59%), 24 Agricultural Development (8.22%), 19 Exit and Entry (8.16%), and 23 Agricultural Development (5.85%) [3]

中银上海清算所 0-5 年农发行债券指数证券投资基金 2025 年第 2 季度报告 中银上海清算所 0-5 年农发行债券指数证券投资基金 基金管理人：中银基金管理有限公司 基金托管人：北 京 银 行股份有限公司 报告送出日期：二〇二五年七月十四日 中银上海清算所 0-5 年农发行债券指数证券投资基金 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。 基金托管人北 京 银 行股份有限公司根据本基金合同规定，于 2025 年 7 月 11 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。 §2 基金产品概况 | 基金简称 | 0-5 中银上清所 年农发行债券指数 | | --- | --- | | 基金主代码 | 013653 | | 交易代码 | 013653 | | 基金运作方式 | 契约型开放式 | | 基金合同生效日 | 2021 年 11 月 26 日 | | 报告期末基金份额总额 | 8,340,967, ...

Core Viewpoint - The article highlights the rapid growth of bond ETFs in China, particularly the BoShi Credit Bond ETF (159396), which has surpassed 10 billion yuan in scale within six months of its launch, driven by favorable market conditions and increasing investor interest [2][4][5]. Group 1: Market Growth and ETF Performance - The total scale of bond ETFs in China has exceeded 300 billion yuan as of June 6, marking a historical high, attributed to both new fund launches and continuous inflows into existing bond ETFs [2]. - The BoShi Credit Bond ETF (159396) has become a significant player, being the first credit bond ETF from BoShi and the tenth product in its bond index toolbox, aimed at providing investors with a convenient and transparent trading channel for mid-to-high-grade bonds [2][4]. Group 2: Factors Driving Popularity - The bond index fund market in China is relatively underdeveloped, with a market share of around 10%, compared to 40% in mature markets like the U.S., indicating substantial growth potential [4]. - The limited number of existing credit bond index funds presents an opportunity for growth in this segment [5]. - The low management fee of 0.15% per year and custody fee of 0.05% per year for BoShi's bond ETFs cater to diverse needs of institutional and individual investors [5]. Group 3: Product Advantages and Recent Developments - The BoShi Credit Bond ETF tracks a benchmark index composed of mid-to-high-grade bonds listed on the Shenzhen Stock Exchange, all rated AAA, offering good liquidity and low credit risk [5]. - The product was recently included in the general pledged repo market, enhancing its liquidity and attractiveness as a collateralized asset [7][10]. - The ability to use the ETF for repo transactions allows investors to enhance returns through leveraged financing, making it a more appealing option compared to traditional liquidity management tools [10].

Group 1 - The fund is named "浦银安盛 CFETS 0-5 Year Central Enterprise Bond Index Fund" and is managed by浦银安盛基金管理有限公司 with 南京银行股份有限公司 as the custodian [2][4][12] - The fund aims to achieve total returns similar to the underlying index before fees, using a passive index investment strategy and sampling replication method [2][5] - The fund's performance benchmark is defined as the CFETS 0-5 Year Central Enterprise Bond Index return multiplied by 95% plus the after-tax bank demand deposit rate multiplied by 5% [2][5] Group 2 - As of the end of the reporting period, the total fund shares amounted to 988,582,456.51 [2][4] - The fund reported a net profit of 45,585,088.0 for the period, with a net value growth rate of 4.24% for the past year [6][12] - The fund's annual profit distribution included a cash distribution of 0.6500 per 10 shares for Class A and 0.6000 for Class C [12][12] Group 3 - The fund management company,浦银安盛基金管理有限公司, was established in August 2007 and is primarily engaged in fund raising, sales, asset management, and other licensed activities [12][13] - The company manages a total of 107 funds, including various types of equity and bond funds [13][14] - The fund management team includes experienced professionals with backgrounds in finance and investment management [19][21]