Group 1 - As of November 7, the total scale of credit bond ETFs reached 493.8 billion yuan, with a daily increase of 2.87 billion yuan, while the benchmark market-making ETF decreased by 0.23 billion yuan and the Sci-Tech Innovation Bond ETF increased by 0.63 billion yuan; the weighted average duration median is 3.3 years [1] - The overall trading volume was 169.4 billion yuan, with an average single transaction amount of 5.98 million yuan (benchmark market-making 5.73 million yuan, Sci-Tech Innovation Bond 6.30 million yuan); the median turnover rate was 33.7% [1] - The median yield was 1.84%, and the median discount rate was -19.6 basis points (benchmark market-making -31.3 basis points, Sci-Tech Innovation Bond -16.7 basis points) [1] Group 2 - Last week, the bond market experienced a three-day rally driven by the central bank's bond purchases, but adjustments began due to rumors of redemption new regulations, leading to significant net redemptions in several bond ETFs, although the overall scale still showed slight growth [2] - The top-ranked funds by scale include Hai Fu Tong Short-term Bond ETF (69.073 billion yuan, 1st), Bosera Convertible Bond ETF (57.732 billion yuan, 2nd), and others, with notable inflow into Ping An Corporate Bond ETF (511030) of 470 million yuan, attributed to its short duration (1.95 years) and static high yield (current 1.90%) [2] - The Ping An Corporate Bond ETF (511030) ranked first in drawdown control since the bond market adjustment began this year, with a relatively stable net value and controllable drawdown, averaging a premium of 2 basis points over the past week [3] Group 3 - The bond market's trading last week was primarily influenced by the central bank's treasury transactions, upcoming fund fee regulation rumors, and market risk appetite, with future pricing likely shifting to fundamental changes and the final implementation of bond fund redemption regulations [3] - The market did not continue the bullish trend from the end of last month, maintaining a bearish oscillation, with long-end bonds strengthening towards the end of the week; the overall market showed fluctuations with collective yield increases [3] Group 4 - Institutions believe that domestic demand is weak and supply is excessive, indicating no inflation issues in the coming years; the impact of pandemic-related spending in Europe and the U.S. may have peaked, making sustained export growth challenging [5] - The formal implementation of punitive redemption fees is anticipated to be a negative factor, but the market remains optimistic about the bond market, expecting a second wave of momentum in Q4 [5] - The opening of bond funds under the amortized cost method is expected to lead to a transition from government bonds to credit bonds, benefiting long-duration industrial bonds and urban investment bonds in the next six months [5]