我们想重点分享公募基金销售费率新规落地的相关情况。该新规于去年12月31日由证监会正式发文，此 前9月市场已关注到修正草稿案。正式落地版与草案存在一定差异，其中大家较为担忧的债券基金豁免问 题，最终得到了有条件豁免。 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 根据正式法案，债券基金获得有条件豁免：普通投资者持有期限大于7天即可免缴强制赎回费；机构投资 者则需持有期限大于30天才能免缴强制赎回费。这一安排对整体债券市场情绪起到了相对提振作用。同 时，新规还适当延后了要求完成的时间，过渡期延长至12月，已发布的产品需在12月内完成招募说明 书、基金合同的修订及公司系统改造工作。 在新的费率新规下，利用债券ETF进行债券投资（包括配置盘和交易盘）可能是更友好的选择。尽 ...

Report Summary 1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - In January 2026, the credit - bond market may gradually recover with the implementation of the new fund sales fee regulations, but the pattern of strong supply and weak demand may restrict its performance. It is recommended to focus on varieties within 3 years, with a leveraged strategy to increase returns, and also pay attention to the potential demand for 5 - year varieties driven by amortized bond funds [1][2][3]. - After the implementation of the new regulations, the second - tier and perpetual bonds of large banks may experience a recovery. Since the second half of 2025, these bonds have significantly over - declined compared to general credit bonds, but the new regulations' formal release may ease market concerns and promote their recovery [4][5]. 3. Summary According to Relevant Catalogs 3.1 Short - term Bonds as a Shield, 4 - 5 - year Large Bank Second - tier and Perpetual Bonds as a Spear - **January Credit - Bond Supply - Demand Situation and Investment Focus**: In December 2025, due to factors such as changes in the expectation of broad money, concerns about ultra - long bond supply, and new fund sales regulations, the long - end interest rate was weak, and the credit - bond market showed a "short - strong, long - weak, high - rating dominant" structural market. In January 2026, the credit - bond market may recover, but the supply - demand pattern will be strong supply and weak demand. It is recommended to focus on varieties within 3 years, with short - duration sinking for urban investment bonds, and also pay attention to 4.5 - 5.5 - year public non - perpetual bonds [1][2][3]. - **Recovery of Second - tier and Perpetual Bonds**: Since the second half of 2025, the medium - and long - term second - tier and perpetual bonds of large banks have significantly over - declined compared to general credit bonds. After the formal release of the new regulations on December 31, 2025, market concerns may ease, and these bonds may experience a recovery. Currently, the 4 - 5 - year large - bank second - tier and perpetual bonds have higher holding - period yields than general credit bonds, with the 4 - year variety being more cost - effective [4][5]. 3.2 Urban Investment Bonds: Net Financing Increased Year - on - Year, and Long - Duration Transaction Activity Declined - **December Issuance and Net Financing**: In December 2025, the net financing of urban investment bonds was positive and increased year - on - year. The issuance of short - duration bonds increased, and the weighted average issuance interest rate increased across the board, with a larger increase for medium - and long - duration bonds. The performance was divided, with the yields of medium - and high - grade bonds within 5Y and low - grade bonds within 3Y generally declining, and the spreads of 1Y short - duration and 5Y low - grade bonds widening significantly [41]. - **Provincial - Level Performance**: The net financing performance of each province in December was divided, with half of the provinces having negative net financing. The yields of public urban investment bonds in each province generally increased, with Liaoning and Yunnan performing worse [45][50]. - **Transaction Activity**: In December, the buying sentiment of urban investment bonds was still weak, with the overall TKN ratio and low - valuation ratio slightly decreasing. The long - duration transaction activity declined, and the AA(2) transaction ratio decreased, while the AA + ratio increased [53]. 3.3 Industrial Bonds: Supply Increased Significantly, and the Short - Duration Issuance Ratio Increased Significantly - **December Issuance and Net Financing**: In December 2025, the issuance and net financing of industrial bonds increased significantly year - on - year. The issuance of short - duration bonds increased significantly, and the issuance interest rate increased across the board, with a larger increase for 3 - 5 - year bonds. The spreads generally widened, with long - duration varieties performing worse [56][57][59]. - **Industry - Level Yield Performance**: The yields of public bonds in various industries generally decreased slightly. Among industries with over 50 billion yuan in outstanding public bonds, the public utilities and transportation industries performed well with a 2bp yield decline, while the real estate industry's yield increased significantly by 10bp [62]. 3.4 Bank Second - tier and Perpetual Bonds: Supply Increased, and Medium - and Long - Duration Yields Mostly Increased - **December Supply and Net Financing**: In December 2025, the supply of bank second - tier and perpetual bonds increased significantly, with the increase mainly coming from second - tier capital bonds. The issuance and net financing both increased significantly year - on - year [65]. - **Yield and Spread Performance**: The yields of bank second - tier and perpetual bonds were divided, with medium - and long - term second - tier capital bonds performing worse. The spreads generally widened, except for the 5Y AAA - and 2Y AA - perpetual bonds. Compared with medium - and short - term notes, AA and above second - tier and perpetual bonds performed weakly [69]. - **Transaction Activity**: The number of transactions of bank second - tier and perpetual bonds increased month - on - month, but the trading sentiment was still weak. The TKN ratios of second - tier capital bonds and perpetual bonds were 62% and 56% respectively, and the low - valuation ratios increased by 8pct and 3pct respectively. The transactions of state - owned banks and joint - stock banks were mainly concentrated in 3 - 5 - year medium - and long - duration varieties, while the trading sentiment of city commercial banks was weak, and the transactions showed a trend of extending duration [74].

Core Viewpoint - The new regulations on sales fees for publicly offered securities investment funds will take effect on January 1, 2026, with specific exemptions for redemption fees on certain bond and index funds, which is expected to stabilize the bond market and reduce redemption pressure on bond funds [1][2]. Group 1: Regulatory Changes - The revised regulations provide exemptions for redemption fees for individual investors holding index and bond funds for more than 7 days, and for institutional investors holding bond funds for more than 30 days [1]. - The transition period for existing funds that do not comply with the new regulations is set at 12 months, which is more lenient compared to the previous draft [1]. Group 2: Market Impact - The new rules are expected to alleviate the passive redemption pressure on bond funds, thereby supporting the bond market [1]. - If the central bank resumes the buying and selling of government bonds, it could further stabilize the long-term bonds, leading to a gradual decline in deposit rates [1]. Group 3: Fund Types and Performance - The stability of the liability side for bond funds is expected to benefit medium to high-grade, medium to long-term credit bonds and perpetual bonds, with flexible trading funds being the main buyers [2]. - Short-term bond funds may see reduced liquidity advantages as the exemption threshold for institutional investors has increased from 7 days to 30 days, potentially shifting funds towards money market funds or bond fund ETFs [2]. - Bond ETFs are projected to grow significantly, with net asset value expected to exceed 800 billion yuan by 2025, reflecting a year-on-year increase of over 370% [2]. Group 4: Fee Structure Changes - The new fee structure allows for a maximum subscription fee of 0.8% for actively managed equity funds and 0.5% for other mixed funds, while bond funds can charge up to 0.5% [3]. - Redemption fees for investors holding funds for less than 7 days will be no less than 1.5% of the redemption amount, while those holding for 7 to 30 days will incur a fee of at least 1% [3].

Report Industry Investment Rating No relevant content provided. Core View - Short-term negative factors are repaired, but medium-term structural optimization is not yet complete. The new regulations on fund fees have a positive impact on the bond market in the short term, and the sentiment in the bond market is expected to recover. Medium and long-term credit bonds and Tier 2 capital bonds are expected to benefit, while the benefits for short-term bond funds are limited, and bond ETFs may expand in scale but shorten in duration. [1][3][9] Summary by Directory 1. Redemption Fee Regulations Change: Partial Exemption for Bond and Index Funds, Transition Period Extended to 12 Months - On December 31, 2025, the China Securities Regulatory Commission revised and issued the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds," which came into effect on January 1, 2026. Compared with the draft for comments, the official version gives partial exemption for the redemption fees of bond funds and index funds. For individual investors who hold index funds and bond funds for 7 days or more, and institutional investors who hold bond funds for 30 days or more, fund managers can negotiate the redemption fee standards separately. The transition period for adjusting non-compliant existing funds is set to 12 months, which is more lenient and eases potential market disruptions. [7] 2. Impact of the New Redemption Regulations on the Bond Market: Short-term Negative Factors Repaired, Medium-term Structural Optimization Incomplete 2.1 Short-term Benefits: Uncertainty of the Impact of the New Regulations on the Bond Market Resolved, Market Sentiment Expected to Recover - The new regulations were implemented in a more moderate way, significantly reducing the short-term passive redemption pressure on bond funds and providing support for the bond market at the liability end. If the central bank accelerates treasury bond trading and insurance funds enter the market for allocation in the future, ultra-long bonds will be supported to some extent, and certificate of deposit rates are expected to decline slowly. [9] 2.2 Medium and Long-term Credit Bonds/Tier 2 Capital Bonds Benefit: More Obvious Repair of Liability End Stability - The enhanced stability of the liability end of bond funds is beneficial to medium and high-grade medium and long-term, highly liquid credit bonds and Tier 2 capital bonds. After the new regulations, the benefits to the liability end are more obvious compared to interest rate bonds and short-term credit bonds, and the spreads caused by previous fluctuations are expected to recover. [10] 2.3 Limited Benefits for Short-term Bond Funds, Bond ETFs May Expand in Scale but Shorten in Duration - The exemption threshold for institutional investors of short-term bond funds has been raised from 7 days to 30 days, weakening their liquidity advantage. Funds may flow to money market funds or bond ETFs. However, the current characteristics of the ETF market, such as "expanding scale, shortening duration, and concentrating on the short end," may continue, and long-duration credit bond/Science and Technology Innovation Bond ETFs may face more instability. [11] 3. Weekly Data Overview of Bond Funds - The ETF market shows the characteristics of "shortening duration and concentrating on the short end." The PCF duration of various ETFs generally shortens slowly. At the same time, the scale of medium and short-term varieties has expanded, and funds have gradually flowed into short-term treasury bond and credit bond varieties. The overall trading volume in the market has decreased in the past week, and trading activity has converged. [12]

Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints - The bond market is unlikely to replicate the situation at the end of 2020. The current credit risk event is unlikely to significantly change market expectations or prompt institutions such as banks and insurance companies to accelerate their entry into the bond market, and it may not change the main trading line of interest rate bonds [6][9][16]. - In December, the pressure on the capital market is expected to be controllable, but the overall trading opportunities in the bond market are still limited. The supply pressure of government bonds is controllable, and fiscal spending tends to increase at the end of the year. The bond market may continue its weak and volatile pattern, and the trading space is narrow [6][16]. Summary by Directory 1. Bond Market Weekly Viewpoint - Some investors compare Vanke's debt extension to Yongmei's default, believing that the bond market will replicate the situation at the end of 2020. However, the impact of Yongmei's default was mainly due to the panic after the collapse of the "state - owned enterprise belief" and the negative feedback of fund products, which is less likely to happen now. The central bank responds quickly to credit risk events, and this event is unlikely to change market expectations significantly [6][9][16]. - In 2020, after Yongmei's default, the credit bond market was sold off, leading to a marginal tightening of the capital market and a significant adjustment of interest rate bonds. There was a negative feedback in the fund product market. The central bank increased liquidity injection, and the market gradually stabilized after the financial regulatory authorities' statement [10][11][15]. - In contrast, Vanke's debt - extension has a lower panic - causing effect, and the probability of credit risk spreading to the interest rate and capital markets is weak. The capital market pressure in December is expected to be controllable, but the bond market trading opportunities are limited [16]. 2. This Week's Focus Points in the Fixed - Income Market 2.1 Next Week's Overseas Data - This week, important data will be released, including China's November foreign exchange reserves, the US November PMI, November ADP employment figures, and the Eurozone's November PMI and October PPI monthly rate [17][19]. 2.2 This Week's Interest Rate Bond Issuance - This week, the interest rate bond issuance scale is expected to be 456.7 billion yuan, which is at a medium level compared to the same period. Among them, the issuance scale of treasury bonds is expected to be about 218 billion yuan, local bonds are planned to be issued at 108.7 billion yuan, and policy - financial bonds are expected to be issued at about 130 billion yuan [19][20][21]. 3. Interest Rate Bond Review and Outlook 3.1 Reverse Repurchase Net Withdrawal - This week, the reverse repurchase net withdrawal was 16.42 billion yuan. The MLF was injected with 1 trillion yuan and 900 billion yuan matured. The treasury deposit was increased by 12 billion yuan, and the central bank bills were offset. The total net injection of open - market operations was 5.58 billion yuan. The capital interest rate showed a structural differentiation, and the repurchase trading volume decreased [26][27]. - The certificate of deposit issuance increased slightly, the net financing was negative, the short - term issuance interest rate increased, and the long - term secondary yield was relatively stable [33]. 3.2 Interest Rates of All Maturities Rose - Last week, due to the unstable liability side of fixed - income products and market concerns about the new fund regulations, the interest rate market adjusted. In the second half of the week, long - term bonds led the marginal repair of spot bonds. The yields of 10 - year treasury bonds and CDB bonds increased by 1.7bp and 2.5bp respectively. The yields of treasury bonds of all maturities increased, with the 7 - year treasury bond yield rising the most, by about 3.8bp [42][45]. 4. High - Frequency Data - On the production side, most operating rates declined. The blast furnace operating rate, semi - steel tire operating rate, and PTA operating rate decreased, while the asphalt operating rate increased. The average daily crude steel output in mid - November had a negative year - on - year growth rate of - 12.5% [6][54]. - On the demand side, the year - on - year growth rates of passenger car wholesale and retail improved. The year - on - year decline in commercial housing transaction area slightly narrowed. The SCFI and CCFI comprehensive indices changed by 0.7% and - 0.1% respectively [6][54][57]. - In terms of prices, crude oil, copper, and aluminum prices increased. The coking coal price decreased by 4.4%. The building materials comprehensive price index, cement index, and glass index increased. The rebar output decreased, and the inventory continued to decline to 3.85 million tons. The prices of vegetables, fruits, and pork changed by 1.9%, 1.8%, and - 0.4% respectively [6][57].

Group 1 - The 30-year Treasury ETF (511090) has seen a slight increase of 0.06% as of December 1, 2025, with a trading volume of 15.22 billion yuan and a turnover rate of 4.77% [1] - Over the past year, the average daily trading volume of the 30-year Treasury ETF has been 82.69 billion yuan, indicating strong market activity [1] - The current size of the 30-year Treasury ETF has reached 32.335 billion yuan, with a net inflow of 693 million yuan over the last 20 trading days, with 13 days showing positive inflows [1] Group 2 - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year government bonds with a maturity of 25-30 years [2] - The index serves as a benchmark for performance comparison and is part of the broader China Bond Index family [2] Group 3 - Short-term market trends are influenced by policy expectations and risk appetite, leading to a potentially volatile market, while medium-term expectations suggest a stronger trend with significant elasticity in the Treasury Long (TL) IRR [1] - The central bank's potential resumption of government bond purchases and the implementation of total monetary policy tools may increase institutional allocation demand in the fourth quarter [1]

Report Industry Investment Rating No relevant content provided. Core View of the Report In the fourth week of November, the expectation of the Fed's interest rate cut increased, the risk appetite of the equity market recovered. The resonance of disturbances such as the stock - bond seesaw effect, concerns about the implementation of the fund fee rate new regulations, and the Vanke bond extension event led to an upward trend in most medium - and long - term yields, while the short - term yields remained stable due to loose funds. The yield curve showed a bearish steepening under the negative impacts such as the new fund regulations [8]. Summary by Directory I. Interest Rate Bond Market Review: The Yield Curve Shows a Bearish Steepening under the Negative Impacts such as the New Fund Regulations - **Overall situation**: In the fourth week of November, multiple factors such as the Fed's interest rate cut expectation, equity market risk preference, new fund regulations, and the Vanke event affected the bond market. The 1 - year Treasury bond active bond yield remained flat at 1.4%, the 10 - year Treasury bond active bond yield rose 1.65BP to 1.8290%, and the 30 - year Treasury bond rose 2.45BP to 2.1830%. The central bank net回笼 1642 billion yuan this week, the fund sentiment index was basically below 50, the funds were stable and loose, the issuance price of 1 - year national and state - owned bank certificates of deposit rose to 1.6525%, and the weighted price of DR007 rose to 1.4668% [5][8]. - **Daily performance**: - **Monday (November 24)**: The expectation of the Fed's interest rate cut drove the recovery of overseas risky assets, the equity market rebounded after hitting the bottom. The bond yields first declined and then rose, with a daily fluctuation of less than 0.5BP. The 7 - year Treasury bond performed well. The central bank's excess renewal of MLF led to a net injection of 100 billion yuan at the end of the day [2][8][11]. - **Tuesday (November 25)**: After the overnight China - US presidential call, the geopolitical influence eased, the risk preference of the equity market recovered, suppressing the bond market sentiment. Coupled with the new regulations on public fund sales, the bond yields generally rose. The short - term remained stable due to looser funds, while the medium - and long - term performed weakly [2][8][12]. - **Wednesday (November 26)**: The risk preference of the equity market remained high, suppressing the bond market performance. The new regulations on public fund sales, the Vanke event, and the expectation of the central bank's small - scale bond purchase impacted the bond market sentiment. The bond yields generally rose, with the short - term stable due to loose funds and the medium - and long - term weak [2][8][13]. - **Thursday (November 27)**: The funds were stable and loose. Boosted by consumer policies, the equity market opened high and moved high. Affected by the stock - bond seesaw, the Vanke extension, and the redemption of some products, the bond market sentiment was weak, and the long - term performance was significantly weaker than the short - term [2][8][14]. - **Friday (November 28)**: The funds tightened first and then loosened. Xinhua News Agency reported that the six major banks stopped selling five - year large - denomination certificates of deposit and lowered the interest rate of three - year products. Coupled with the weak fundamental expectation, it supported the bullish sentiment in the bond market. Most bond yields declined, and the medium - and long - term performed better than the short - term [2][8][16]. (1) Funding Situation: The Central Bank Conducted OMO with Net Withdrawal, and the Funds Were Stable and Loose The central bank's OMO had a net withdrawal this week, and the fund sentiment index was basically below or around 50, indicating that the funds were in a stable and loose state [5][8][19]. (2) Primary Issuance: The Net Financing of Local Bonds and Inter - Bank Certificates of Deposit Increased, while that of Treasury Bonds and Policy - Financial Bonds Decreased The net financing of local bonds and inter - bank certificates of deposit increased significantly, while the net financing of treasury bonds decreased slightly, and that of policy - financial bonds decreased marginally [25][28][29]. (3) Benchmark Changes: The Term Spreads of Treasury Bonds and China Development Bank Bonds Both Widened The short - term yields of treasury bonds rose 0.09BP, and those of China Development Bank bonds rose 0.55BP. The long - term yields of treasury bonds rose 2.46BP, and those of China Development Bank bonds rose 3.25BP. The 10Y - 1Y spread of treasury bonds widened 2.37BP to 43.95BP, and that of China Development Bank bonds widened 2.70BP to 34.94BP [18][30][38].

Group 1 - The bond market showed signs of recovery today, with the 10-year government bond yield declining by over 1 basis point, although Vanke's bonds remained highly volatile [1][3] - The closing prices for government bond futures varied, with the 30-year main contract up by 0.05%, and the 10-year main contract up by 0.03% [1] - The yields on major interbank bonds decreased across the board, with the 10-year government bond yield down by 1.25 basis points to 1.8315% [1][3] Group 2 - Vanke's bonds experienced significant fluctuations, with "23 Vanke 01" dropping over 58%, "22 Vanke 06" down over 48%, and "22 Vanke 04" down over 40% [2] - The market sentiment remains cautious due to mixed factors, including the pending implementation of new fund fee regulations and Vanke's unexpected bond extension event, which negatively impacted overall market sentiment [3] - The People's Bank of China conducted a reverse repurchase operation of 301.3 billion yuan at a fixed rate of 1.40%, maintaining liquidity in the market [3]

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core Viewpoints of the Report - The year - end bond market rally can still be expected, but the magnitude should be rationally viewed. Bank, insurance, and wealth - management funds still have bond - allocation needs, protecting the market. However, the rate - cut expectation is weaker than in the past two years, so the rally may be limited [5][7][109]. - Currently, the three factors affecting bond - market fluctuations are risk preference, fund sales regulations, and year - end rally. As the negative impacts of risk preference and fee regulations are weakening, the risk of yield rising above the previous high is controllable. Before the implementation of the fee regulations, the bond market may fluctuate narrowly around 1.8%, and a potential decline in yield may occur later [5][7][109]. - Structurally, there is room to explore the spread of 3 - 5y policy - financial bonds. Attention can be paid to 7y CDB bonds in the medium - term, and the 30 - 10y treasury bond term spread may continue to compress. The 30y treasury bond swap strategy can be considered, and 15 - 30y local bonds can be participated in after the November supply peak [5][7][109]. 3. Summary According to the Directory 3.1 10 - month Central Bank Balance Sheet and Custody Volume Interpretation - **2025 October Central Bank Balance Sheet Changes**: The central bank's balance - sheet size decreased from 47.14 trillion yuan to 47.06 trillion yuan. The main reduction item on the asset side was "claims on the government", and the main increase item on the liability side was "government deposits". The "other depository corporation deposits" decreased seasonally [12][13][22]. - **Impact of Central Bank Operations on Custody Volume in October 2025**: The net investment scale of innovative tools was close to the change in the custody - account balance. The main incremental bond type was local bonds, and treasury bonds shifted from reduction to increase [27]. 3.2 Leverage Ratio Driven by the carry - trade space, institutions' willingness to increase leverage marginally recovered. In October, the average monthly trading volume of repurchase increased, and the average leverage ratio of bond funds rose. It reached the highest level in early November and then declined due to tightened liquidity [30]. 3.3 By Institution - **Banks**: Big banks' bond - allocation speed slowed down, with both primary - and secondary - market bond - buying efforts decreasing. Rural commercial banks may still have bond - allocation needs as their deposit growth rate exceeds the loan growth rate [42][48][54]. - **Insurance**: In the context of a bullish equity market, the incremental bond investment of insurance companies declined. In Q3 2025, there was an inversion between the incremental bond investment and secondary - market bond - buying scale. However, in the future, there may still be bond - allocation demand for incremental funds [62][70]. - **General Funds**: The bond - allocation sentiment improved. At the end of the year, there may still be a tendency to front - run, but the intensity may weaken. The scale of bond funds increased, and wealth - management products had strong bond - allocation demand, which is beneficial for the year - end rally [72][80][83]. - **Foreign Capital**: The comprehensive return on investing in certificates of deposit decreased, and foreign capital maintained a net outflow, mainly reducing holdings of certificates of deposit and policy - financial bonds while increasing holdings of treasury bonds [84][91]. 3.4 By Bond Type In October, the incremental custody volume of the bond market rebounded, and certificates of deposit and government bonds were the main supporting items. The net financing scale of government bonds decreased, the supply of policy - financial bonds slightly increased, and the net financing of certificates of deposit increased significantly [92][99][102].

Group 1 - The report emphasizes maintaining duration as the year-end approaches, with a focus on medium to long-term credit varieties, particularly 4-5 year products which show marginal improvement in cost-performance despite still low spread levels [2][10][12] - The current yield range for long-term credit bonds (5 years and above) rated AA+ and above is between 2.16% and 2.66%, indicating a certain level of yield cost-performance [3][10] - The report notes that funds have significantly increased their allocation to 5-year and above credit bonds, reflecting a trend towards extending duration for yield [3][10] Group 2 - The report highlights key policies and events, including Tianjin's measures to support high-quality development of REITs, which aim to enhance capital market services for the real economy [4][19] - The upcoming revision of the "Commercial Bank M&A Loan Management Measures" is expected to broaden the scope of applicable loans and optimize loan conditions, which could facilitate mergers and acquisitions [4][19][24] - The report mentions that the National Development and Reform Commission has recommended 105 infrastructure REITs projects to the CSRC, with 83 already issued, indicating a normalization in the issuance of infrastructure REITs [4][19][24] Group 3 - The report indicates that the credit bond market has seen a majority of yields decline, with financial bonds performing better, while credit spreads have shown divergence [6][10] - The issuance scale of credit bonds this week was 269.9 billion, a decrease of 20.5 billion from the previous week, with net financing also down [7][10] - The report notes a decrease in trading activity in both the interbank and exchange markets for credit bonds, suggesting a decline in market liquidity [7][10]