0-4地债ETF紧密跟踪中证0-4年期地方政府债指数，中证0-4年期地方政府债指数样本券由在沪深交易所 或银行间市场上市、剩余期限为4年及以下的非定向地方政府债组成。指数采用市值加权计算，以反映 相应期限地方政府债券的整体表现。 0-4地债ETF(159816)，全市场唯一的短久期地债ETF，适合投资者作为场内现金管理工具。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年7月4日收盘，0-4地债ETF(159816)上涨4bp， 实现6连涨。最新价报113.89元。流动性方面， 0-4地债ETF盘中换手143.03%，成交26.68亿元，市场交投活跃。 2025年上半年，债市收益率先后受到资金收紧、风险偏好压制以及关税博弈的影响，整体呈现先上后下 走势。年初至3月末，10年国债收益率短暂下行突破1.60%后，受央行收紧资金以及权益风偏压制，回 调至年内高点1.90%附近。4月至6月，中美关税博弈反复以及央行降准降息等系列稳增长政策发力，收 益率高位回落后进入窄幅震荡区间，基本围绕1.65%附近的中枢运行。截至6月底，10年国债收益率报 1.65%，较2024年底下行3B ...

进入2025年以来，我国地方债市场进入新一轮扩容周期。据Wind数据，截至2025年6月13日，地方政府 债存量只数为12535只，余额约51万亿元，相较于2024年底增长了约8%。截至2025年6月9日，年内共发 行地方政府债832只，发行量为4.46万亿元，发行规模同比大幅提升，发行节奏有所前置。 业内人士指出，当前债市进入低利率时期，在政策扩容与货币宽松驱动下，地方债品种的投资价值逐步 被发掘，同时，近年来地方债换手率逐步提升，流动性持续改善，价值逐渐凸显，建议投资者可通过 ETF来参与地方债投资，以有效提高流动性，并分散投资风险。 目前，全市场共有四只地债ETF，其中包括鹏华基金现金投资部打造的两只——鹏华5年地债 ETF(159972.SZ）、鹏华0-4地债ETF（159816.SZ），这两只产品久期不同，可满足不同投资者的配置 需求。 鹏华5年地债ETF主要投资中长期地方债，适合进行久期管理和波段配置，提供相对较高的收益 潜力，并且信用风险较低；鹏华0-4地债ETF主要投资短期地方债，具有低波动性和稳定收益，适合场 内短期资金管理及低风险偏好的投资者。 业绩方面，据基金定期报告，鹏华5年地债ETF ...

固定收益丨深度报告 [Table_Title] 2025 年地方债投资一本通（上） 请阅读最后评级说明和重要声明 2 / 27 research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 本报告为《地方债投资指南》系列的上篇，主要从一级市场发行特征和二级市场交易特征视角 观察地方债投资价值。近年来，地方债发行节奏月末冲刺现象显著，定价机制逐步市场化，锚 定国债收益率且利率贴近投标下限，但少数地区存在"发飞"现象。银行、保险等配置型机构 主导使其在调整期展现抗跌属性。地方债在利率下行周期中配置价值凸显，区域间浮盈分化明 显，经济发达地区套利空间较小，特殊再融资债及低"发飞"地区浮盈概率较高。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 %% %% %% %% %% %% %% %% research.95579.com 2 [Table_Title2] 2025 年地方债投资一本通（上） [Table_Summary2] 地方债发行节 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current issuance of local government bonds is decreasing, and the weighted issuance term is shortening. The issuance and net financing of local government bonds are expected to decline in the next period due to the holiday effect. The current local government bonds have both allocation and trading value, and it is a good time to invest in them [2]. - The issuance of new local government bonds has not accelerated yet. As of April 25, 2025, the cumulative issuance progress of new general bonds and new special bonds is lower than that in 2023 but higher than that in 2024 [2]. - The planned issuance scale of local government bonds in the second quarter of 2025 is 223.35 billion yuan, with relatively even monthly planned issuances [2]. - The spreads between 10 - year and 30 - year local government bonds and treasury bonds have narrowed, and the weekly turnover rate has decreased. The spreads are still at relatively high historical quantiles, indicating high cost - effectiveness [2]. 3. Summary According to the Directory 3.1 This period, the issuance volume of local government bonds has decreased, and the weighted issuance term has shortened - In the current period (April 21 - April 27, 2025), the total issuance/net financing of local government bonds is 191.123 billion yuan/162.512 billion yuan (the previous period was 200.617 billion yuan/122.718 billion yuan). The next period (April 28 - May 4, 2025) is expected to issue/have a net financing of 93.092 billion yuan/92.697 billion yuan. The weighted issuance term of local government bonds in the current period is 13.24 years, shorter than the previous period's 19.08 years [2][8][9]. - As of April 25, 2025, the cumulative issuance of new general bonds/new special bonds accounts for 36.9% and 25.8% of the annual quota respectively. Considering the expected issuance in the next period, it will be 37.8% and 27.1%. The cumulative issuance progress in 2024 was 32.0%/16.9% and 34.5%/18.4%, and in 2023 it was 44.2%/38.0% and 45.9%/40.2% [2][13][16]. - As of April 25, 2025, 31 regions have disclosed a total planned issuance scale of 223.35 billion yuan for local government bonds in the second quarter of 2025 (81.96 billion yuan, 67.04 billion yuan, and 74.52 billion yuan from April to June respectively), including 107.97 billion yuan for new special bonds (31.3 billion yuan, 39.44 billion yuan, and 37.23 billion yuan from April to June respectively). The issuance in the same regions in the previous year was 164.02 billion yuan and 77.96 billion yuan, and the national issuance in the previous year was 191.89 billion yuan and 85.93 billion yuan [2][24][25]. - In the current period, 9 billion yuan of special new special bonds were issued, and 49.6 billion yuan of special refinancing bonds for replacing hidden debts were issued. As of April 25, 2025, the cumulative issuance of special new special bonds is 143.7 billion yuan (9 billion yuan in the current period); the cumulative issuance of special refinancing bonds for replacing hidden debts is 1,593.3 billion yuan (49.6 billion yuan in the current period), with an issuance progress of 79.7%. Seventeen regions such as Zhejiang have completed the issuance (no new regions in the current period) [2][20]. 3.2 This period, the spreads between 10 - year and 30 - year local government bonds and treasury bonds have narrowed, and the weekly turnover rate has decreased - As of April 25, 2025, the spreads between 10 - year and 30 - year local government bonds and treasury bonds are 25.94BP and 21.24BP respectively, narrowing by 1.13BP and 2.34BP compared to April 18, 2025 (27.07BP and 23.58BP on April 18, 2025), and are at the 81.6% and 86.6% historical quantiles since 2023, still having high cost - effectiveness [2][30][31]. - The weekly turnover rate of local government bonds in the current period is 0.80%, lower than the previous period's 0.93%. The yields and liquidity of 7 - 10Y local government bonds in regions such as Guizhou, Inner Mongolia, and Yunnan are better than the national average [2][36].

证券研究报告|固收研究报告 [Table_Date] 2025 年 04 月 24 日 [Table_Title] 地方债，投资交易笔记 固收策略大百科系列之九 ►地方债投资升温，兼具配置与交易 2021 年以来，利率重回下行通道，固收类非银体量的持续扩 张，债市对于资本利得的诉求显著提升，10 年国开与国债的税收利 差一度压缩至零，各类机构进一步向利差品种索要收益。在这个过 程当中，地方债的投资性价比逐渐获得市场关注，2023年以来，以 基金为代表的资管类交易盘逐渐在地方债市场中变得活跃。 ►地方债发展趋势：供给高增，需求渐扩 供给端，地方债内部结构也正潜移默化地形成三个特征：一是 单只地方债的平均发行规模逐步上升，对于基金、券商等交易型机 构而言，单只地方债发行规模提升，往往意味着债券持有方更加分 散，活跃交易也更容易形成。二是存量债的期限结构明显拉长，剩 余期限在10年及以上的超长债占比显著提升，由 2019年底的 4.1% 提升至 2025 年一季度末的 36.0%，规模达到 17.8 万亿元，7-10年 长久期地方债占比也由 13.3%小幅提升至 15.2%。三是存量债的区 域结构稳定，稳定存量往往 ...

申万宏源固收研究 . 申万宏源证券研究所债券研究部 【申万宏源固收】 黄伟平 杨雪芳 摘要 以下文章来源于申万宏源固收研究 ，作者黄伟平 杨雪芳 地方债二季度发行可能提速，但冲击或相对有限 Ø 一季度新增债发行节奏并不快，但置换债发行进度较快。 今年一季度新增债整体发行进度低于 2023年同期但高于2024年同期，置换隐债专项债2万 亿额度发行进度已超2/3。 Ø 二季度地方债发行或提速， 10Y及以上供给可能放量。 稳增长诉求和政策引导下，二季度新增专项债发行可能明显提速，置换隐债专项债或基本发 完，预计 4-6月各月发行相对平滑。期限方面，二季度主要关注10年及以上偏长期限地方债供给的放量。 Ø 地方债供给节奏是地方债 -国债利差的重要影响因素之一，但央行或通过买断式逆回购等方式配合，二季度地方债供给冲击或相对可控，且可能存在 阶段性交易机会。 银行仍为配置主力，近期广义基金配置意愿增强 Ø 近期广义基金等交易盘对地方债的配置意愿明显增强，伴随地方债流动性的明显提升。 2023年10月化债政策推进以来，广义基金等交易盘对地方债 的关注度和配置意愿明显提升，投资占比从2023年10月的5.44%提升至202 ...