Group 1 - The recent phenomenon of "discount" in credit bond ETFs has attracted market attention, with over half of the credit bond ETFs showing this trend since July 8 [1] - As of July 15, the discount rate for several credit bond ETFs, including Guangfa (159397.SZ), exceeded 15 basis points, indicating a significant supply-demand imbalance in the market [1][2] - The rise and fall of the discount rate serves as an important observation indicator for timing operations in bond ETFs, reflecting both asset price fluctuations and changes in market supply and demand [2] Group 2 - Guangfa Credit Bond ETF (159397.SZ) was established on January 22 of this year with an initial fundraising scale of 2.235 billion yuan, and as of July 15, its latest scale reached 14.775 billion yuan, ranking first among benchmark market-making credit bond ETFs in Shenzhen [3]