Core Viewpoint - The credit bond market is experiencing fluctuations, with the Tianhong credit bond ETF showing a slight increase, indicating a potential shift in investor behavior due to upcoming tax policy changes on bond interest income [1][2]. Group 1: Market Activity - As of August 4, the Tianhong credit bond ETF (159398) has risen by 0.10%, marking a potential four-day streak of gains [1]. - The Tianhong credit bond ETF tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market in Shenzhen [1]. Group 2: Policy Changes - Starting from August 8, 2025, interest income from newly issued national bonds, local government bonds, and financial bonds will be subject to value-added tax (VAT), while existing bonds will remain exempt until maturity [1]. - This policy change is expected to influence investor behavior, leading to a preference for holding bonds to maturity for interest income, which may reduce market trading activity and pricing efficiency [2]. Group 3: Long-term Implications - The adjustment in tax policy is anticipated to enhance the trading attributes of national and local government bonds, making institutions more focused on capital gains rather than just interest income [2]. - The relative pricing of credit bonds may improve due to the existing VAT on credit bond interest income, which previously placed them at a disadvantage compared to other bond types [2]. - Short-term effects of the policy change favor older bonds, while long-term implications suggest a decrease in after-tax yields for institutional investors, potentially guiding funds away from excessive concentration in the bond market [2].

Group 1 - The core viewpoint is that the Tianhong Credit Bond ETF (159398) is experiencing significant inflows and is on track for a potential three-day rise, with a net inflow of nearly 5.9 billion yuan over the past 20 trading days [1] - As of the latest data, the Tianhong Credit Bond ETF has reached a record circulation scale of 11.8 billion yuan, reflecting strong market interest [2] - The rapid expansion of credit bond ETFs is contributing to a bull market for long-term credit bonds, with the total scale of eight newly listed benchmark market-making credit bond ETFs approaching 130 billion yuan, nearly six times the initial fundraising scale [2] Group 2 - The bond market has been in a tug-of-war since the second quarter of 2025, with short-term credit spreads compressing to historical lows, making medium to long-term credit bonds more attractive [2] - There is an increasing focus from investors, particularly insurance and wealth management sectors, on exchange-traded credit bond ETFs, indicating a growing interest in these products [2] - The rapid expansion of credit bond ETFs is driving an independent bull market for ultra-long credit bonds [2]

Group 1 - The Tianhong Credit Bond ETF (159398) has shown active trading with a midday increase of 0.03% and a transaction volume exceeding 1.2 billion yuan, indicating strong market interest [1] - The Tianhong Credit Bond ETF has experienced a net inflow of over 100 million yuan in the previous trading day and has seen continuous net inflows for 11 consecutive trading days, accumulating over 1.76 billion yuan [1] - The Tianhong Credit Bond ETF was officially included in the repurchase pledge library on June 6, with a latest conversion rate of 0.6 [1] Group 2 - The Chinese bond market is becoming a key allocation direction for foreign public funds, driven by a weak macro environment and a moderately loose monetary policy [2] - The differentiation between credit bonds and interest rate bonds is increasing, with investors requiring higher precision in capturing opportunities and yield [2] - Bond assets are expected to provide strong risk mitigation in times of economic uncertainty, serving as a stabilizing force in equity market fluctuations [2] Group 3 - The supply side of credit bonds is characterized by a transition to a stock era for urban investment bonds, continued growth in industrial bond supply, and weaker supply from certain sectors [3] - Demand for credit bonds remains supported despite potential valuation volatility, with a focus on short to medium-term strategies in a fluctuating market [3] - The recommendation is to actively explore the value of medium to high-grade credit bonds with a focus on 4-5 year AA+ and above rated bonds [3]

Group 1 - The Tianhong Credit Bond ETF (159398) experienced a slight increase of 0.01% as of June 12, with a trading volume of nearly 55.6 million yuan, following a significant trading volume of over 6.7 billion yuan on June 11 [1] - The Tianhong Credit Bond ETF was officially included in the repurchase pledge library on June 6, with a latest conversion rate of 0.6 according to data from China Securities Depository and Clearing Corporation [1] - As of June 11, the Tianhong Credit Bond ETF has seen a continuous net inflow of funds for 9 days, totaling 1.425 billion yuan, with a latest circulating scale of 7.13 billion yuan, setting a new historical high [1] Group 2 - Huatai Securities suggests that the credit bond market continues to exhibit a volatile mindset, recommending a focus on coupon rates as a stable choice [2] - The recommendation includes shifting towards short to medium-term credit bonds and seeking yield compression opportunities in high-grade long-term bonds [2] - Institutions with unstable liabilities are advised to focus on short-duration investments, particularly in city investment bonds with maturities of 2 years or less, while stable institutions can explore high-grade bonds with maturities of 3-5 years [2]

Group 1 - The core viewpoint of the news highlights the strong performance and growing popularity of the Tianhong Credit Bond ETF (159398), which has seen significant capital inflow and expansion in scale due to favorable market conditions [1][2] - As of June 10, the Tianhong Credit Bond ETF recorded a trading volume exceeding 30 million yuan within the first half hour of trading, indicating robust market interest [1] - The latest circulation scale of the Tianhong Credit Bond ETF reached 6.698 billion yuan, setting a new historical high [2] Group 2 - The Tianhong Credit Bond ETF tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the deep market credit bond sector [2] - According to Huaxi Securities, the credit bond ETF has demonstrated a solid long-term return capability, with yields ranging from 0.34% to 0.83% this year, outperforming other bond ETFs in terms of risk-adjusted returns [2] - The limited number of credit bond ETFs in the current market, combined with policy support for general pledge repo transactions, positions the Tianhong Credit Bond ETF as a reliable investment choice moving forward [2]

Core Viewpoint - The Tianhong Credit Bond ETF (159398) has been experiencing a positive trend, with significant trading volume and liquidity improvements following its inclusion in the general pledge repo system, which enhances its investment appeal and operational efficiency [2][4]. Group 1: Market Performance - The Tianhong Credit Bond ETF has seen a slight decline of 0.02% after three consecutive days of gains, with a trading volume exceeding 2.6 billion yuan and a turnover rate over 40% [1]. - The latest circulating scale of the Tianhong Credit Bond ETF has reached 6.413 billion yuan, marking a historical high [3]. Group 2: Investment Opportunities - The inclusion of the Tianhong Credit Bond ETF in the general pledge repo system is expected to improve liquidity and broaden financing channels, allowing investors to enhance capital efficiency and investment strategies [2]. - Recent data indicates that the Tianhong Credit Bond ETF has attracted over 710 million yuan in net inflows over the past five days, with a single-day inflow of 537 million yuan [2]. Group 3: Industry Insights - The rapid growth of the Shanghai and Shenzhen benchmark market-making credit bond ETF, which has surpassed 70 billion yuan since mid-May, has led to a significant decline in the valuation yield of medium to long-term credit bonds [4]. - Analysts suggest focusing on coupon opportunities and increasing allocations to medium to long-term credit bonds after the seasonal disturbances end [4].

Group 1 - The core viewpoint of the news highlights the active trading and liquidity of the Tianhong Credit Bond ETF, which has seen a net inflow of over 1.4 billion yuan in the past 10 trading days, with 9 days of inflow [1] - The Tianhong Credit Bond ETF has been approved to participate in general pledged repo business, marking it as one of the first credit bond ETFs to be included in the repo collateral pool, effective from June 6 [1] - Huachuang Securities indicates that the introduction of general pledged repo business for credit bond ETFs will enhance market liquidity and trading activity, benefiting institutional investors in liquidity management and yield amplification [1] Group 2 - Ping An Securities notes that recent declines in funding rates, LPR rates, and bank deposit rates have led to a downward trend in bond market rates, compressing credit spreads [2] - The decrease in deposit rates is expected to continue, which will further lower bond market rates and credit spreads, suggesting that investors should focus on mid-to-high grade bonds with extended durations, particularly in the context of reduced supply in urban investment bonds [2]

Group 1 - The recent inclusion of credit bond ETFs into the pledge library has led to increased trading activity and significant capital inflows, particularly for Tianhong Credit Bond ETF (159398) [1][2] - Wind data indicates that the average daily trading volume of Tianhong Credit Bond ETF reached 4.378 billion yuan last week, a notable increase from 2.809 billion yuan in the previous week [1] - Over the last five trading days, Tianhong Credit Bond ETF saw a net capital inflow of nearly 450 million yuan, with a total of over 1.37 billion yuan in the past ten days, bringing its latest circulating scale to 5.718 billion yuan as of May 30 [1] Group 2 - On June 1, the Tianhong Credit Bond ETF maintained active trading with a half-day trading volume exceeding 2.1 billion yuan and a turnover rate of 36.75% [1] - As of May 29, Tianhong Credit Bond ETF and eight other products received approval from China Securities Depository and Clearing Corporation to be used as collateral for general pledge-style repurchase transactions, marking them as the first batch of credit bond ETFs eligible for this purpose [2] - The market outlook for June suggests that the core factors influencing credit bond yield trends will be funding prices and institutional behaviors, with expectations of a continued volatile market [2]

Group 1 - The core viewpoint of the news highlights the recent performance and developments of the Tianhong Credit Bond ETF (159398), which has seen a rise of 0.05% and significant net inflows of nearly 1.5 billion yuan over the past 10 trading days, with 8 days of net inflow [1] - The Tianhong Credit Bond ETF has reached a new historical high in circulation scale, now at 5.697 billion yuan, indicating strong market interest and confidence [1] - Multiple fund companies have received approval from China Securities to allow their credit bond ETFs to be used as general collateral for repurchase agreements, marking a significant development in the market [1] Group 2 - According to Guojin Securities, the bond ETF market in China is in its early development stage with vast growth potential, as evidenced by the establishment of 8 new ETFs tracking the Shanghai and Shenzhen corporate bond indices since the beginning of the year [2] - Credit bond ETFs offer unique investment value due to their low fee advantages, defensive and offensive characteristics in terms of returns, and high liquidity, particularly in short-term bond ETFs [2] - The variety within credit bond ETFs, including short-term and medium to long-term products, allows for diverse investment strategies, catering to different investor needs for duration matching and risk-return balance [2]

Group 1 - The core viewpoint of the news highlights the active trading and significant inflow of funds into the Tianhong Credit Bond ETF (159398), which has seen a net inflow of over 570 million yuan in the last five trading days and has a trading volume exceeding 1.5 billion yuan [1] - The Tianhong Credit Bond ETF has a latest circulating scale of 5.672 billion yuan, meeting the criteria for inclusion in the general repurchase pledge library for bond transactions [1] - The implementation of the general pledge-style repurchase business for credit bond ETFs is expected to enhance liquidity and trading opportunities in the market [1] Group 2 - Citic Securities forecasts an influx of incremental funds into the domestic credit market due to the central bank's "double reduction" policy and the upcoming deposit rate cuts, which may lead to a further narrowing of credit spreads [2] - The bond market is expected to remain volatile, with short-term funding rates stabilizing around 1.5%, and the focus will be on the central bank's liquidity injections at the end of the month [2] - It is recommended to seize opportunities in credit spread compression, particularly in high-grade credit bonds with maturities of over three years [2]