Core Insights - During the "14th Five-Year Plan" period, loans to technology-based small and medium-sized enterprises, inclusive small and micro loans, and green loans have seen an average annual growth rate exceeding 20% [1] - Since the Central Political Bureau meeting in September 2024, the People's Bank of China has implemented a series of monetary and financial policy measures to stabilize market expectations, boost confidence, and promote sustained economic recovery and high-quality development [1] Summary by Categories - **Loan Growth** - Technology-based small and medium-sized enterprises loans, inclusive small and micro loans, and green loans have all experienced significant growth, averaging over 20% annually during the "14th Five-Year Plan" [1] - **Policy Measures** - Following the Central Political Bureau meeting in September 2024, the People's Bank of China has introduced various monetary and financial policies aimed at stabilizing market expectations and enhancing economic confidence [1] - These measures are designed to support ongoing economic recovery and facilitate high-quality development [1]

Core Viewpoint - The credit bond ETF from Bosera (159396) is experiencing a stable performance with a recent price of 101.12 yuan, showing a 1.05% increase over the past six months, ranking 2nd among comparable funds [1] Group 1: Market Performance - As of August 4, 2025, the credit bond ETF from Bosera has a recent scale of 11.501 billion yuan [2] - The ETF has seen a net value increase of 1.23% over the past six months, ranking 17th out of 480 index bond funds, placing it in the top 3.54% [2] - The ETF's maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10% [2] Group 2: Trading Activity - The ETF has a trading volume of 28.83 billion yuan with a turnover rate of 25.11%, indicating active market participation [1] - The average daily trading volume over the past month is 4.2 billion yuan, ranking first among comparable funds [1] Group 3: Financial Metrics - The management fee for the credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF over the past month is 0.005%, indicating the highest tracking precision among comparable funds [3] Group 4: Investment Environment - The overall trend for credit bonds is not expected to decline significantly, with a supportive stance from the central bank and a favorable environment for positive carry [1] - Institutional investors are likely to gradually enter the market, taking advantage of buying opportunities after recent adjustments [1]

Core Viewpoint - The People's Bank of China (PBOC) has successfully implemented a comprehensive set of policies announced on May 7 within one month, positively impacting market confidence and stabilizing expectations, thereby creating a favorable monetary and financial environment for economic recovery [1] Group 1 - The PBOC's policies have been fully executed within one month of their announcement [1] - The implementation of these policies has played a significant role in boosting market confidence [1] - The measures are aimed at fostering a conducive environment for ongoing economic recovery [1]

Core Viewpoint - The chief economist of China Merchants Fund, Li Zhan, indicates that the incremental fiscal policy space is expected to open up in the third quarter, following a series of macroeconomic policies aimed at stabilizing the market and economy after the Politburo meeting in April [1] Group 1 - The recent press conference by the State Council Information Office marks the beginning of a series of macroeconomic policies to stabilize the market and economy [1] - The initial market reaction to the press conference was focused on the unexpected "double cut" by the central bank [1] - Li Zhan emphasizes that the true stability of the economy and market relies on the coordination of monetary and fiscal policies, especially in light of the emerging tariff impacts [1] Group 2 - It is anticipated that a comprehensive financial policy package will continue to be implemented in the second quarter [1] - The opening of incremental fiscal space in the third quarter is expected to follow the ongoing implementation of these financial policies [1]