1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - From March 8th to March 14th, in Guojin Securities' fixed - income fundamental monitoring system, 47 high - frequency indicators were updated. After calculations and qualitative judgments for the bond market, there were 18 "favorable" and 29 "unfavorable" indicators. "Favorable" factors were mainly in coal consumption, housing prices, industrial product demand, etc., while "unfavorable" factors were in steel production, industry operating rates, housing transaction areas, etc. [2][15] - The signals released by the ten interest - rate synchronous indicators were mainly "unfavorable", accounting for 6/10. Compared with last week, the copper - gold ratio sent an "unfavorable" signal. [3][17] 3. Summary by Relevant Catalogs 3.1 Fundamental Thermometer - 47 high - frequency indicators were updated. "Favorable" indicators were in aspects like coal consumption, housing prices, industrial product demand, consumption (container throughput, textile trading), long - distance travel, tourism consumption prices, and most agricultural product prices. "Unfavorable" indicators were in steel production, most industry operating rates, housing transaction areas and land transaction volume and prices, consumption (express delivery, unemployment benefit search index, box office), local and inter - city travel, exports, and industrial product prices. [2][15] 3.2 Interest - Rate Synchronous Indicators - The signals from the ten interest - rate synchronous indicators were mainly "unfavorable" (6/10). The copper - gold ratio sent an "unfavorable" signal compared to last week. Specific indicators: enterprise medium - and long - term loan balance growth rate was 7.4% (down from 7.9%, "favorable"); building materials composite index was 113.88 (down from 113.94, "favorable"); BCI: enterprise recruitment forward - looking index was 56.3% (up from 55.8%, "unfavorable"); unemployment benefit search index year - on - year (6MMA) was - 27.5% (down from - 17.6%, "unfavorable"); PMI new export order trend value was - 29.0% (down from - 26.3%, "favorable"); PMI supply - demand balance trend value was 18.3% (up from 15.0%, "unfavorable"); durable consumer goods price was 0.930 (up from 0.927, "unfavorable"); bill financing was 15.47 trillion (down from 15.51 trillion, "unfavorable"); US dollar index was 99.4 (up from 98.9, "favorable"); copper - gold ratio was 11.40 (up from 11.35, "unfavorable"). [3][16][17]

Group 1 - The benchmark government bond ETF (511100) has seen a slight decline of 0.16%, with the latest price at 107.98 yuan as of October 20, 2025 [1] - The average daily trading volume of the benchmark government bond ETF over the past week was 11.309 billion yuan, with a total inflow of 644 million yuan over the last 14 trading days [1] - The current size of the benchmark government bond ETF is 5.998 billion yuan, and it has achieved a net value increase of 3.01% over the past year, ranking 54th out of 438 in the index bond fund category, placing it in the top 12.33% [1] Group 2 - According to Guojin Securities, the fixed income market monitoring indicates that half of the 49 high-frequency indicators are favorable, suggesting an overall positive signal despite some negative signals from bill financing [3] - The benchmark government bond ETF is a distinctive product covering multiple key duration government bonds, primarily tracking the Shanghai benchmark market-making government bond index, with a total of 24 component bonds selected from various maturities [3] - The ETF is adjusted monthly and focuses on a comprehensive mid-term government bond index, reflecting market confidence in future economic conditions [3]

Report Summary 1. Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints - In the week from July 20th to July 26th, among the 49 updated high - frequency indicators in Guojin Securities' fixed - income fundamental monitoring system, the number of "bullish" and "bearish" indicators is 27 and 22 respectively. "Bullish" factors are mainly reflected in the start - up rates of most industries, real estate transaction areas, consumption, travel, exports, and most agricultural product prices, while "bearish" factors are mainly shown in coal consumption, crude steel production, real estate prices, industrial product inventory and demand, etc. [2][17] - The signals released by the ten interest rate synchronous indicators are mainly "bearish", accounting for 6/10. Compared with last week, the US dollar index sent a "bearish" signal. [3][19] 3. Summary by Directory 3.1 Fundamental Thermometer - **Overview**: Among the 49 updated high - frequency indicators, 27 are "bullish" and 22 are "bearish" for the bond market. [2][17] - **High - frequency Indicator Tracking**: - **Absolute Value Tracking**: Many indicators are monitored, such as economic growth (e.g., daily coal consumption and crude steel production), industrial production (e.g., start - up rates of various industries), real estate (e.g., housing and land transaction areas), infrastructure, inventory, consumption, travel, and inflation. The qualitative judgment for each indicator is provided, with some being "bullish" and some "bearish". [14] - **Monthly Year - on - Year Tracking**: Similar to the absolute value tracking, various economic aspects are covered, and the year - on - year changes and qualitative judgments for each indicator are presented. [16] 3.2 Interest Rate Synchronous Indicators - **Overview**: The signals released by the ten interest rate synchronous indicators are mainly "bearish", with a proportion of 6/10. The US dollar index sent a "bearish" signal compared with last week. [3][19] - **Specific Indicators**: - **Enterprise Medium - and Long - Term Loan Balance Growth Rate**: 8.3%, lower than the previous value of 8.4%, "bullish". [3][18][19] - **Building Materials Composite Index**: 113.9, higher than the previous value of 111.3, "bearish". [3][18][19] - **BCI: Enterprise Recruitment Prospective Index**: 49.1%, lower than the previous value of 50.5%, "bullish". [3][18][19] - **Unemployment Benefit Eligibility Internet Search Index Year - on - Year (6MMA)**: 105.2%, lower than the previous value of 105.7%, "bearish". [3][18][19] - **PMI New Export Orders Trend Value**: - 0.25%, lower than the previous value of - 0.24%, "bullish". [3][18][19] - **PMI Supply - Demand Balance Trend Value**: 0.17%, higher than the previous value of 0.16%, "bearish". [3][18][19] - **Durable Goods Price**: 0.943, lower than the previous value of 0.944, "bullish". [3][18][19] - **Bill Financing**: 14.7 trillion, lower than the previous value of 15.1 trillion, "bearish". [3][18][19] - **US Dollar Index**: 97.5, lower than the previous value of 98.4, "bearish". [3][18][19] - **Copper - Gold Ratio**: 17.0, higher than the previous value of 16.6, "bearish". [3][18][19]