Market Overview - The bond market experienced fluctuations during the week of November 3 to November 7, 2025, with the 1-year government bond yield rising by 2.19 basis points to 1.40%, the 10-year yield increasing by 1.88 basis points to 1.81%, and the 30-year yield up by 1.50 basis points to 2.16% [3][15] - The central bank announced a resumption of bond purchases amounting to 20 billion yuan in October, which fell short of market expectations, contributing to a slight decline in bond market sentiment amid a strong stock market [15] - The U.S. Treasury yields showed a downward trend, with the 1-year yield decreasing by 7 basis points to 3.63% and the 2-year yield down by 5 basis points to 3.55% [15] Public Fund Market Dynamics - The scale of bond ETFs surpassed 700 billion yuan, reaching 700.44 billion yuan as of October 31, 2025, marking a significant increase from less than 180 billion yuan at the beginning of the year [4][18] - Among the 53 bond ETFs in the market, 50 have surpassed 1 billion yuan in scale, with 30 exceeding 10 billion yuan [18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.27% since inception [19][20] - The Short-term Bond Fund Index increased by 0.02%, achieving a cumulative return of 4.45% since inception [20] - The Long-term Bond Fund Index saw a slight increase of 0.01%, with a cumulative return of 6.75% since inception [20] - The Low Volatility Fixed Income + Fund Index rose by 0.12%, with a cumulative return of 4.71% since inception [20] - The High Volatility Fixed Income + Fund Index increased by 0.24%, achieving a cumulative return of 8.17% since inception [20] - The Convertible Bond Fund Index rose by 0.46%, with a cumulative return of 23.51% since inception [20] - The QDII Bond Fund Index decreased by 0.17%, with a cumulative return of 10.27% since inception [20] - The REITs Fund Index fell by 1.21%, with a cumulative return of 31.61% since inception [20]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (from November 3rd to November 7th, 2025), the bond market experienced volatile adjustments. The yields of 1-year, 10-year, and 30-year treasury bonds all increased. The central bank's bond purchase in October was less than expected, and the strong and volatile stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term volatility direction may be affected by the stock market trend. The yields of US treasury bonds fluctuated downward, and the China Securities REITs Total Return Index declined. The scale of bond ETFs exceeded 70 billion yuan [3][10][11][12]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - fixed - income Market Review and Observation - **Bond Market in China**: Last week, the bond market in China adjusted with fluctuations. The yields of 1 - year, 10 - year, and 30 - year treasury bonds rose by 2.19BP, 1.88BP, and 1.50BP respectively. The central bank's 20 billion yuan bond purchase in October was less than expected, and the strong stock market led to a slight decline in bond market sentiment. The bond market may continue to fluctuate, and its short - term direction may be affected by the stock market [3][10]. - **US Treasury Bonds**: Last week, the yields of US treasury bonds fluctuated downward. The 1 - year yield dropped 7BP to 3.63%, the 2 - year yield dropped 5BP to 3.55%, and the 10 - year yield remained flat at 4.11%. There were both negative and positive factors during the week [10]. - **REITs**: Last week, the China Securities REITs Total Return Index dropped 0.40% to 1041.51 points. The park and warehousing logistics sectors led the decline, while the consumption and data center sectors had relatively high gains. In the primary market, 3 new public REITs made progress last week [11]. 1.2. Public Fund Market Dynamics - The scale of bond ETFs exceeded 70 billion yuan. As of October 31, 2025, the scale of bond ETFs reached 70.0044 billion yuan. At the beginning of 2025, it was less than 18 billion yuan. Among the 53 bond ETFs in the market, 50 had a scale of over 1 billion yuan, and 30 had a scale of over 10 billion yuan [12]. 2. Pan - fixed - income Fund Index Performance Tracking 2.1. Currency Enhancement Index Tracking - **Currency Enhancement Strategy Index**: It aims at liquidity management, pursuing a curve that surpasses money market funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the China Securities Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index**: It aims at liquidity management, pursuing a smooth upward curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance comparison benchmark is 50% * Short - term Pure Bond Fund Index+50% * Ordinary Money Market Fund Index [17]. - **Medium - and Long - term Bond Fund Preferred Index**: It invests in medium - and long - term pure bond funds, pursuing stable returns while controlling drawdowns. It selects funds with both return and drawdown control capabilities, and adjusts the proportion of credit bond funds and interest - rate bond funds according to market conditions [19]. 2.3. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index**: The equity center is positioned at 10%. It selects 10 fixed - income + targets with an equity center within 15% in the past three years and recently. The performance comparison benchmark is 10% China Securities 800 Index+90% ChinaBond New Composite Full - price Index [20][23]. - **Medium - volatility Fixed - income + Preferred Index**: The equity center is positioned at 20%. It selects 5 fixed - income + targets with an equity center between 15% and 25% in the past three years and recently. The performance comparison benchmark is 20% China Securities 800 Index+80% ChinaBond New Composite Full - price Index [25]. - **High - volatility Fixed - income + Preferred Index**: The equity center is positioned at 30%. It selects 5 fixed - income + targets with an equity center between 25% and 35% in the past three years and recently. The performance comparison benchmark is 30% China Securities 800 Index+70% ChinaBond New Composite Full - price Index [27][28]. 2.4. Convertible Bond Fund Preferred Index - It selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [29]. 2.5. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration to form the index [32]. 2.6. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operation, reasonable valuation, and certain elasticity according to the underlying asset type to form the index [33].

Market Overview - The bond market experienced continuous adjustments from September 8 to September 12, 2025, with the 1-year government bond yield rising by 0.41 basis points to 1.40%, the 10-year yield increasing by 4.1 basis points to 1.86%, and the 30-year yield up by 7.15 basis points to 2.18% [3][14] - The initial part of the week saw a rise in yields due to pessimistic sentiment in the bond fund market following the release of new regulations on public fund fees by the China Securities Regulatory Commission on September 5, 2025 [3][14] - The latter part of the week showed signs of stabilization in the bond market as the liquidity situation improved marginally [3][14] Public Fund Market Dynamics - On September 12, 2025, the National Development and Reform Commission issued a notice to enhance the regular application and recommendation process for infrastructure REITs, aiming to expand the market and optimize the application process [3][18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.05% since inception [4][20] - The Short-term Bond Fund Index fell by 0.01%, with a cumulative return of 4.18% since inception [5][20] - The Medium to Long-term Bond Fund Index decreased by 0.20%, with a cumulative return of 6.10% since inception [6][20] - The Low Volatility Fixed Income + Fund Index remained unchanged, with a cumulative return of 3.83% since inception [7][20] - The Medium Volatility Fixed Income + Fund Index increased by 0.22%, with a cumulative return of 5.09% since inception [8][20] - The High Volatility Fixed Income + Fund Index rose by 0.46%, with a cumulative return of 6.88% since inception [9][20] - The Convertible Bond Fund Index increased by 1.23%, with a cumulative return of 20.88% since inception [10][20] - The QDII Bond Fund Index rose by 0.66%, with a cumulative return of 10.01% since inception [11][20] - The REITs Fund Index fell by 1.02%, with a cumulative return of 36.19% since inception [11][20] Index Classifications - The Money Market Enhanced Index focuses on liquidity management and aims to outperform money market funds [21] - The Short-term Bond Fund Index emphasizes liquidity management while ensuring drawdown control [22] - The Medium to Long-term Bond Fund Index seeks stable returns while controlling drawdowns [25] - The Low Volatility Fixed Income + Index targets a 10% equity center and selects funds with a low risk-return profile [28] - The Medium Volatility Fixed Income + Index targets a 20% equity center and selects funds with moderate risk-return profiles [30] - The High Volatility Fixed Income + Index targets a 30% equity center and selects funds with higher risk-return profiles [31] - The QDII Bond Fund Index focuses on overseas bonds and includes a mix of investment-grade and high-yield products [36] - The REITs Fund Index selects funds based on stable cash flows from quality infrastructure projects [37]

Market Review - The bond market experienced fluctuations with rising yields during the week of July 21-25, 2025. The China Bond Composite Wealth Index (CBA00201) fell by 0.39%, while the China Bond Composite Full Price Index (CBA00203) decreased by 0.44%. Yields on government bonds across various maturities rose, with the 1-year, 3-year, 5-year, and 10-year government bond yields increasing by 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [12][13] - The central bank's net injection in the open market was 109.5 billion yuan, with a total of 21.563 trillion yuan injected and 20.468 trillion yuan withdrawn. The overall liquidity was balanced, with DR007 and R007 rising by 14.56bp and 18.65bp to 1.65% and 1.59% respectively [13] - The U.S. Treasury market showed limited volatility, with a flattening yield curve. Initial jobless claims data unexpectedly declined, reinforcing a strong labor market view and reducing recent rate cut expectations [14] Public Fund Market Dynamics - As of July 25, 2025, the total scale of bond ETF products in the market surpassed 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase since the beginning of the year. The Sci-Tech Innovation Bond ETF has become a core growth driver, with the first batch of 10 products launched after the Lujiazui Forum in June, achieving over 100 billion yuan in the first week [16][17] - The bond ETF market features a diverse range of products, with significant growth in various categories. For instance, the Pengyang 30-Year Treasury ETF exceeded 20 billion yuan, and the Bosera CSI Convertible Bond ETF surpassed 40 billion yuan [17] - The bond ETF market's growth indicates a deep integration of finance and technology, with ongoing product innovation and an optimized investor structure expected to inject sustained momentum into the high-quality development of China's capital market [17] Performance Tracking of Fixed Income Funds - Short-term bond fund index fell by 0.08% last week, with a cumulative return of 4.00% since inception [19] - Medium to long-term bond fund index decreased by 0.30%, with a cumulative return of 6.32% since inception [19] - Convertible bond fund index rose by 2.24%, achieving a cumulative return of 15.09% since inception [19]