Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Tianhong Credit Bond ETF (159398), which has seen a net inflow of over 570 million yuan in the last five trading days and has a trading volume exceeding 1.5 billion yuan [1] - The Tianhong Credit Bond ETF has a latest circulating scale of 5.672 billion yuan, meeting the criteria for inclusion in the general repurchase pledge library for bond transactions [1] - The implementation of the general pledge-style repurchase business for credit bond ETFs is expected to enhance liquidity and trading opportunities in the market [1] Group 2 - Citic Securities forecasts an influx of incremental funds into the domestic credit market due to the central bank's "double reduction" policy and the upcoming deposit rate cuts, which may lead to a further narrowing of credit spreads [2] - The bond market is expected to remain volatile, with short-term funding rates stabilizing around 1.5%, and the focus will be on the central bank's liquidity injections at the end of the month [2] - It is recommended to seize opportunities in credit spread compression, particularly in high-grade credit bonds with maturities of over three years [2]