风险提示：中债-30年期国债财富(总值)指数(代码:CBA21801)来源于中债金融估值中心有限公司("中 债")。本基金为被动投资的交易型开放式指数基金，主要采用抽样复制策略，跟踪标的指数市场表现， 具有与标的指数所表征的市场相似的风险收益特征。投资者投资于本基金面临标的指数回报与相应市场 平均回报偏离、标的指数波动、跟踪误差控制未达约定目标、标的指数变更、指数编制机构停止服务、 成份券停牌或违约等潜在风险。本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投 资、兑付责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定 盈利，也不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构 成对本基金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品 资料概要等基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况及销售机构适当性意见 的基础上，根据自身的风险承受能力、投资期限和投资目标，对基金投资作出独立决策，选择合适的基 金产品。基金有风险，投资需谨慎。 截至2025年12月30日 09:50，30年国债E ...

Group 1 - The central bank has adopted a supportive monetary policy since June, leading to a significant decline in funding rates, with overnight funding rates (DR001) remaining around 1.3%, providing strong support for the bond market [1][5][6] - The bond market has shown a low volatility and narrow fluctuation pattern since July, with the key to breaking this pattern lying in the implementation of a loose monetary policy [1][2] - The yield spread between key and non-key term government bonds has been significantly compressed, indicating cautious market sentiment, with the 50-year and 30-year bond spread narrowing from nearly 15 basis points to less than 9 basis points [2][3] Group 2 - The central bank's monetary policy has shifted focus from "risk prevention" to "stabilizing growth," with a low probability of new incremental monetary policy measures in the short term [3][5] - Government bond issuance has accelerated this year, with a total issuance of 7.62 trillion yuan by the end of June, which is a significant increase compared to the previous year [3][4] - The domestic economy is experiencing a weak recovery, with a strong performance in consumption but continued weakness in investment, particularly in the real estate sector [4][5] Group 3 - The bond market is expected to maintain a range-bound fluctuation in the short term, with the probability of unexpected policy measures being low, while liquidity remains supportive for the bond market [5][6] - The 10-year government bond yield is projected to reach a low point of around 1.5% this year, suggesting potential entry points for investors if further adjustments occur in the bond market [6]

Summary of Conference Call Records Industry Overview - The A-share market is currently facing fundamental pressures, with May export growth unexpectedly declining, and the pace of policy implementation likely slowing down. It is expected that fundamental pressures may ease around mid to late July [1][2] - Structural pressures exist in the A-share mid-year report performance, particularly for high-earning expectations in new consumer sectors and thematic stocks, which may face valuation adjustment risks [1][3] - Ongoing geopolitical risks, such as the Iran nuclear conflict, are suppressing market sentiment and increasing uncertainty [1][4] Core Insights and Arguments - **Market Performance**: The A-share market is expected to continue its weak performance in the short term, with a potential for stabilization only by mid to late July if positive fundamental and policy factors emerge [2][3] - **Key Factors for Weakness**: 1. **Fundamental Pressure**: Export growth is anticipated to continue declining from June to August, increasing economic growth pressure [3] 2. **Mid-Year Report Performance**: While overall performance is stable, certain sectors may face significant structural pressures [3] 3. **Geopolitical Risks**: Ongoing geopolitical tensions are expected to further suppress market sentiment [4] Important Policies and Measures - Recent policies from the Lujiazui Forum have positively impacted market sentiment, including measures from the central bank related to foreign exchange and the introduction of more favorable conditions for technology innovation companies to list [6] - The introduction of new listing standards for the Sci-Tech Innovation Board and the Growth Enterprise Market is expected to facilitate the entry of more innovative companies into the capital market, although the immediate impact on the market's weak state is limited [8] Macro Environment Impact - The current macro environment is characterized by weak economic recovery and declining exports, which historically correlates with weak A-share performance [7][10] - The liquidity environment is neutral to slightly positive, but potential dollar rebounds and geopolitical tensions could impact global liquidity negatively [9] Industry Allocation Recommendations - A balanced allocation strategy is recommended, focusing on defensive sectors and high-potential technology sub-sectors, such as artificial intelligence and robotics, as well as undervalued blue-chip stocks in banking, construction, transportation, and electricity [11][13] - High-performing sectors historically during weak economic phases include high-growth industries and defensive sectors, such as low-valuation blue-chip stocks [12] Investment Opportunities - From a value investment perspective, sectors with low historical PE percentiles, such as non-bank financials, transportation, and non-ferrous metals, are highlighted as attractive for short-term allocation [14] - Short-term investment strategies should include a balanced mix of growth and blue-chip stocks, with a focus on undervalued sectors and those that have undergone significant adjustments [15]

Group 1 - The A-share market experienced a range-bound fluctuation near the 20-day moving average, with a decline in average daily trading volume to 1.14 trillion yuan [1] - Market performance was characterized by a hierarchy: consumption > growth > finance > cyclical [1] - Economic indicators such as the May PMI showed signs of recovery, but the overall economic situation remains weak due to trade friction uncertainties [1] Group 2 - Short-term risk appetite is limited, but declining interest rates favor safe-haven assets like gold and new consumption sectors with inherent growth support [2] - The long-term trade landscape has been disrupted by tariff impacts, benefiting safe-haven assets despite short-term fluctuations in gold prices [2] - The technology growth sector, particularly in AI, robotics, innovative pharmaceuticals, and military industries, may see renewed performance as earnings reports are released [2]

Report Summary 1. Report Industry Investment Ratings - The investment rating for stock index futures is to defend and wait and see [2] - The investment rating for treasury bond futures is to be bullish in the short - term [4] 2. Core Views Stock Index - Trump talked with the leaders of Russia and Ukraine. Putin is willing to draft a peace memorandum with Ukraine, and Zelensky is also willing to sign a peace memorandum and conduct negotiations but refuses territorial compromise and withdrawal. Fed officials poured cold water on interest - rate cuts, hinting that rates may stay high until at least September. China's April social retail sales growth slowed to 5.1% year - on - year, industrial added - value of enterprises above designated size increased by 6.1%, January - April urban fixed - asset investment rose 4%, and national real - estate development investment fell 10.3% year - on - year. China's Ministry of Commerce demanded the US to correct its actions. Without a clear market driver, the stock index may move in a volatile manner [1] Treasury Bond - The bond market is in an environment of weak economic recovery, and the trading logic is returning to pricing the endogenous economic momentum. The market's expectation of a deposit - rate cut is reasonable due to the narrowing net interest margin of banks. A new round of deposit - rate adjustment is a measure to match the decline in policy rates, and stabilizing the interest margin is a long - term task. The rumored cut in deposit rates is higher than that of policy rates, providing new support for the decline in yields [3] 3. Market Review Stock Index - The main contracts of CSI 300, SSE 50, CSI 500, and CSI 1000 stock - index futures rose 0.05%, 0.05%, 0.09%, and 0.15% respectively [6] Treasury Bond - The 10 - year, 5 - year, 30 - year, and 2 - year main contracts of treasury - bond futures rose 0.02%, 0.0%, 0.03%, and 0.0% respectively [9] 4. Technical Analysis Stock Index - The KDJ indicator of the Shanghai Composite Index shows a possible volatile movement with adjustment risks [7] Treasury Bond - The KDJ indicator of the T main contract shows a volatile movement [10] 5. Futures Data | Date | Futures Variety | Closing Price (Yuan/Contract) | Change (%) | Volume (Lots) | Open Interest (Lots) | | --- | --- | --- | --- | --- | --- | | 2025 - 05 - 19 | CSI 300 Continuous | 3843.20 | 0.05 | 48882 | 149439 | | 2025 - 05 - 19 | SSE 50 Continuous | 2688.80 | 0.05 | 27081 | 51445 | | 2025 - 05 - 19 | CSI 500 Continuous | 5623.00 | 0.09 | 51297 | 118428 | | 2025 - 05 - 19 | CSI 1000 Continuous | 5975.40 | 0.15 | 140984 | 192261 | | 2025 - 05 - 19 | 10 - year Treasury Bond Continuous | 108.61 | 0.02 | 57954 | 82926 | | 2025 - 05 - 19 | 5 - year Treasury Bond Continuous | 105.73 | - 0.00 | 42586 | 66890 | | 2025 - 05 - 19 | 30 - year Treasury Bond Continuous | 119.32 | 0.03 | 43076 | 47914 | | 2025 - 05 - 19 | 2 - year Treasury Bond Continuous | 102.38 | - 0.00 | 48335 | 87939 | [12]