2025 年下半年经济数据回落，三季度名义 GDP 增速降至 3.7%，11 月 社会零售总额增速仅为 1.3%，投资增速为负 2.6%，房地产投资下降 16%，消费和投资数据疲软对债市形成支撑。 央行未下调政策利率，财政支出增速为负，政策定力较强。中央经济工 作会议未出台增量政策，预计当前政策环境延续至 2026 年，对债市影 响偏中性。 市场对 2026 年股市普遍乐观，与去年底看空股市形成对比。预计 2026 年债市震荡偏多，利率或有所下降，但幅度有限，需关注预期与 实际情况的偏差。 三季度超长债与基本面脱钩，股市上涨导致资金流向股市，交易盘占比 增加。30 年国债与 10 年国债期限利差超 40BP，为 2023 年以来最高 水平，反映交易盘减仓和供给过剩。 券商自营 2025 年上半年止盈超长期限国债，下半年股市盈利弥补 OCI 浮亏。预计 2026 年自营投资规模稳定，需配置固定收益平衡风险，即 使看好股市仍需保持一定比例的固收配置。 Q&A 今年债市表现如何？哪些类型的债券表现较好？ 债市周周谈：近期经济数据及债市思考 20251221 摘要 今年（2025 年）的债市整体呈现震荡走势。中短期债 ...

Report Summary 1. Report Industry Investment Rating The report is bullish on the bond market, suggesting that the current bond market has prominent allocation value and recommends investing in 10Y China Development Bank bonds, 30Y Treasury bonds, and 5Y capital bonds. [2] 2. Core View of the Report Based on the Q3 2025 quarterly reports of bond funds, the report analyzes the changes in interest rate bond funds, including scale, asset allocation, and investment strategies. It points out that due to factors such as the significant rise in the stock market and regulatory rule impacts in Q3, the bond market deviated from the capital and economic fundamentals, leading to a decline in the quarterly returns of interest rate bond funds. Currently, the bond market has high allocation value, and the bond yields are expected to decline in a volatile manner. [2] 3. Summary by Related Content Changes in Interest Rate Bond Funds in Q3 2025 - **Scale and Asset Allocation**: As of Q3 2025, the total asset value of interest rate bond funds was 3.1 trillion yuan, a decrease of 0.44 trillion yuan from Q2 2025. The bond allocation ratio decreased, while the cash ratio increased slightly. [2] - **Heavy - Positioned Bonds**: Actively managed interest rate bond funds slightly increased their allocation to Treasury bonds and reduced their allocation to policy - financial bonds. Overall, they reduced their allocation to long - duration bonds, but actively managed funds significantly increased their allocation to Treasury bonds with a maturity of 1 year or less and continued to increase their allocation to 30 - year Treasury bonds. [2] - **Yield**: The average annualized yield of interest rate bond funds decreased from 3.96% in Q2 2025 to - 1.84% in Q3 2025. Credit bond funds had relatively stronger defensive capabilities. [2] Investment Strategy Changes in Q3 2025 In Q3, the bond market deviated from the capital and economic fundamentals. Due to the significant extension of the duration in Q2, the bond market adjustment in Q3 led to a sharp decline in the quarterly returns of interest rate bond funds. As a result, the duration was shortened, and the scale returned to the level of Q3 2024. [2] Investment Recommendations - **Market Outlook**: The bond market has prominent allocation value, and the bond yields are expected to decline in a volatile manner. The policy interest rate in Q4 may be cut by 10 - 20BP. [2] - **Investment Choices**: The top choices for bond market investment are 10Y China Development Bank bonds, 30Y Treasury bonds, and 5Y capital bonds. It is predicted that the yield of 10Y Treasury bonds will return to around 1.65%, the yield of 30Y Treasury bonds will reach 1.9%, and the yield of 5Y large - bank secondary capital bonds will reach 1.9%. [2]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views of the Report - The Campisi model, a classic attribution framework in the fixed - income field, decomposes the total return of a pure - bond fund into four effects: income, treasury, spread, and selection effects, helping to evaluate a fund manager's abilities such as duration management and credit mining [6]. - The net - based Campisi model (RBA) constructs seven risk factors through factor regression, with advantages in high - frequency tracking and dynamic adaptability, capable of capturing strategy adjustments and market environment changes [2][80]. - The net - based Campisi model has strong explanatory power for fixed - income funds. From early 2025 to August 22, 2025, the adjusted R - squared generally exceeded 0.6, indicating that the model can explain most of the income sources [2][80]. - The model can identify strategy characteristics. For example, in 2025, interest - rate bond funds generally extended their durations, and credit bond funds shifted to a diversified strategy due to narrowing spreads. "Fixed - income +" funds balanced risks and returns through diversified rating allocations and maintained high exposure to option - containing assets [2][80][81]. 3. Summary by Relevant Catalogs 3.1 Performance Attribution of Fixed - Income Funds - The core value of fixed - income fund performance attribution lies in evaluating management capabilities, guiding investment decisions, and optimizing risk management. Its practical significance benefits investors, managers, and regulatory agencies [5]. 3.2 Net - based Campisi Model 3.2.1 Campisi Model Principle - The Campisi model decomposes the total return of a pure - bond fund into four effects: income, treasury, spread, and selection effects, helping to assess a fund manager's abilities in various aspects [6]. - The income effect is the coupon income during bond holding, independent of market interest rate fluctuations. The treasury effect measures the impact of changes in risk - free interest rates on bond prices, and the spread effect reflects the impact of changes in credit spreads on bond prices. The selection effect reflects the fund manager's active management ability [7][8][13]. - The Campisi model can be divided into the portfolio - based (PBA) and net - based (RBA) models. PBA has high decomposition accuracy but low timeliness, while RBA has high - frequency tracking and dynamic adaptability [14]. 3.2.2 Model Construction and Factor Selection - The net - based Campisi model decomposes bond returns into seven factors: interest - rate level, term structure, convexity, credit spread, rating spread, convertible bond, and equity factors [18]. - Each factor has its own construction method and reflects different aspects of a fund's risk exposure and strategy preference. For example, the interest - rate level factor reflects the impact of the parallel shift of the interest - rate curve on bond portfolio returns, and the convertible bond factor captures the income contribution of convertible bond assets [20][34]. 3.2.3 Factor Performance and Processing - Since January 2020, the convertible bond and equity factors have fluctuated greatly, while non - option - containing factors have shown an upward trend in the long - term. The interest - rate level, term structure, credit spread, and rating spread factors have stable long - term trends, and the convexity factor has the smallest fluctuation [39]. - There are certain correlations among the factors. For example, the convertible bond factor and the equity factor have a strong positive correlation, while the interest - rate level factor has a negative correlation with the convertible bond and equity factors [40]. 3.3 Bond Fund Performance Evaluation Empirical Analysis 3.3.1 Pure - Bond Fund Attribution Analysis - From early 2025 to August 22, 2025, the adjusted R - squared of interest - rate bond funds and credit bond funds was generally high, indicating that the model can explain most of the fund income [45]. - Compared with 2024, in 2025, interest - rate bond funds generally extended their durations and increased exposure to convexity factors. Credit bond funds also extended their durations but to a lesser extent, and their investment strategies became more diversified [45][50][52]. - Short - term bond funds have a higher average exposure to the term structure factor, reflecting their preference for short - term bonds. Medium - and long - term bond funds have more diversified investment directions in credit bonds [55]. 3.3.2 Characteristics of Top - Ranked Pure - Bond Funds in Alpha in 2025 - Top - ranked medium - and long - term interest - rate bond funds in Alpha generally have higher exposure to the interest - rate level factor and negative exposure to the term structure factor. Alpha, mainly from the selection effect, has a relatively small impact on their performance [58]. - Top - ranked medium - and long - term credit bond funds in Alpha have negative exposure to the rating spread factor, indicating a tendency to reduce credit risk exposure. Alpha also has a relatively small impact on their performance [61]. 3.3.3 "Fixed - Income +" Fund Attribution Analysis - From early 2025 to August 22, 2025, the adjusted R - squared of "fixed - income +" funds was generally high, and most of them had positive Alpha, indicating strong overall active management ability [63]. - In a low - interest - rate environment, "fixed - income +" funds balance risks and returns through diversified rating allocations and maintain high exposure to option - containing assets [67]. 3.3.4 Characteristics of "Fixed - Income +" Funds with Strong Active Management Ability in 2025 - Top - ranked "fixed - income +" funds in Alpha rely more on the fund manager's active management ability, and Alpha has a greater impact on their performance [76]. - Top - ranked "fixed - income +" funds in the convertible bond factor also mostly have strong active management ability [78]. 3.4 Investment Analysis Opinions - The net - based Campisi model provides a systematic tool for fixed - income funds, helping investors screen and allocate funds with stable strategies and strong active management abilities [80][81].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The pricing power of funds in the bond market has further increased, and there are still short - term long - trading opportunities. The high correlation between funds and interest rate trends has been further strengthened this year, and low interest rate fluctuations imply the enhancement of funds' pricing power in the bond market. Some "unexplained" interest rate increases may be due to the lack of bond - receiving institutions. The impact of fund institutional behavior on interest rate fluctuations may further expand, and short - term redemption pressure is controllable [2][11][15] 3. Summary According to the Directory 3.1 This Week's Institutional Behavior Review - **Correlation between funds and interest rates**: The high correlation between funds and interest rate trends is not new. Since 2024, the behavior of funds and interest rate trends have shown high correlation, and this year, the low - level fluctuation of interest rates has implied the further improvement of funds' pricing power in the bond market, which may be related to bank wealth management outsourcing [2][11][12] - **"Unexplained" interest rate increases**: This phenomenon may be related to the lack of bond - receiving institutions. Insurance institutions have reduced their allocation of national bonds since 2024, and rural commercial banks' intention to buy more as the interest rate adjusts is gradually decreasing [15] 3.2 Yield Curve - **Treasury bonds**: Short - term yields increased, while medium - and long - term yields decreased. The 1Y yield increased by 3bp, the 3Y yield increased by 1bp, the 5Y yield decreased by 2bp, the 7Y yield decreased by 1bp, the 10Y yield decreased by 1bp, the 15Y yield increased by 3bp, and the 30Y yield decreased by 3bp [17] - **China Development Bank bonds**: Yields decreased overall. The 1Y yield increased by 1bp, the 3Y yield decreased by 1bp, the 5Y yield decreased by about 2bp, the 7Y yield decreased by 2bp, the 10Y yield decreased by about 1bp, the 15Y yield decreased by 2bp, and the 30Y yield decreased by 1bp [17] 3.3 Term Spread - **Treasury bonds**: The interest spread increased, and the short - term spread narrowed while the long - term spread was differentiated. The 1Y - DR001 interest spread remained flat overall, and the 1Y - DR007 interest spread increased by 10bp [20] - **China Development Bank bonds**: The interest spread increased, and the short - term spread narrowed while the long - term spread was differentiated. The 1Y - DR001 interest spread increased by 2bp, and the 1Y - DR007 interest spread increased by about 8bp [22] 3.4 Bond Market Leverage and Funding Situation - **Leverage ratio**: It decreased to 107.14%. From September 1st to September 5th, 2025, the leverage ratio fluctuated and increased within the week. As of September 5th, it was about 107.14%, up 0.30pct from last Friday and 0.07pct from Monday [25] - **Average daily trading volume of pledged repurchase**: From September 1st to September 5th, the average daily trading volume of pledged repurchase was about 7.3 trillion yuan, a decrease of 0.24 trillion yuan compared with last week. The average daily trading volume of overnight pledged repurchase was 7.6 trillion yuan, a decrease of 0.43 trillion yuan month - on - month. The average overnight trading volume accounted for 88.35%, an increase of 2.89pct month - on - month [28][33] - **Funding situation**: Bank - based fund outflows first increased and then decreased. The main fund inflow party was funds, and the outflows of money market funds first decreased and then increased. DR007 and R007 fluctuated and decreased [34] 3.5 Duration of Medium - and Long - Term Bond Funds - **Median duration**: The median duration of medium - and long - term bond funds decreased. As of September 5th, the median duration (de - leveraged) was 2.77 years, a decrease of 0.04 years from last Friday; the median duration (including leverage) was 2.95 years, a decrease of 0.16 years from last Friday [45] - **Duration of different types of bond funds**: The median duration (including leverage) of interest - rate bond funds decreased to 3.75 years, a decrease of 0.16 years from last Friday; the median duration (including leverage) of credit bond funds decreased to 2.72 years, a decrease of 0.12 years from last Friday [51] 3.6 Category Strategy Comparison - **Sino - US interest rate spread**: It widened overall. The 1Y spread widened by 23bp, the 2Y spread widened by about 12bp, the 3Y spread widened by 13bp, the 5Y spread widened by 8bp, the 7Y spread widened by 11bp, the 10Y spread widened by 11bp, and the 30Y spread widened by 7bp [55] - **Implied tax rate**: The short - term spread narrowed, and the long - term spread was differentiated. As of September 5th, the 1Y spread between China Development Bank bonds and treasury bonds narrowed by about 1bp, the 3Y spread narrowed by 2bp, the 5Y spread changed by less than 1bp, the 7Y spread narrowed by 1bp, the 10Y spread widened by 1bp, the 15Y spread narrowed by 5bp, and the 30Y spread widened by 2bp [56] 3.7 Bond Lending Balance Changes - On September 5th, the lending concentration of active 10Y treasury bonds, active 10Y China Development Bank bonds, and active 30Y treasury bonds increased; the lending concentration of the second - active 10Y China Development Bank bonds decreased, and the lending concentration of the second - active 10Y treasury bonds remained unchanged. In terms of institutions, the lending of large - scale banks and other institutions decreased, while that of small - and medium - sized banks and securities firms increased [57]

Core Viewpoint - The bond market is experiencing significant pressure due to rising long-term yields and the failure of traditional interest rate pricing frameworks, leading to a state where stock market performance heavily influences bond pricing [1][14][13]. Group 1: Market Dynamics - Since mid-July, the bond market has faced capital losses due to a substantial rise in long-term yields, with 10-year and 30-year government bond yields increasing by 12 basis points and 25 basis points respectively from July 15 to August 22 [13][1]. - The stock market's extreme risk-reward ratio has maintained a rolling 3-month Calmar ratio above 4.0 since July, a level not seen during the previous year's "924" rally, putting additional pressure on the bond market [14][1]. - The bond market is currently in a pricing state dominated by risk appetite, leading to a "look at stocks, act on bonds" approach [1][14]. Group 2: Future Market Logic - Two potential scenarios for the stock market's future are identified: a rapid rise supported by the "93 consensus" or a period of volatility as investors take profits ahead of the September 3 military parade [17][2]. - If the rapid rise scenario occurs, the bond market may face further declines, with long-term rates potentially approaching March highs. Conversely, if the volatility scenario plays out, the bond market could see a recovery as yields decline [17][2]. Group 3: Institutional Behavior and Fund Flows - Institutional behavior indicates a potential for a more optimistic bond market outlook, with reduced net selling of bonds by funds from 358.7 billion yuan in late July to 202.8 billion yuan in mid-August [18][3]. - The bond market is seeing increased buying interest from institutions, including banks and brokerages, as they position for a potential market reversal [18][3]. Group 4: Monetary Policy and Liquidity - The Federal Reserve's dovish signals from the Jackson Hole meeting have shifted market expectations towards potential interest rate cuts, easing global monetary tightening pressures and opening up domestic monetary policy space for rate cuts and liquidity injections [22][3][23]. - The People's Bank of China has been active in maintaining liquidity through reverse repos and MLF operations, indicating a supportive stance for the bond market [4][23]. Group 5: Bond Market Strategy - Current strategies suggest a focus on a "barbell" approach in bond investments, with attention to long-term government bonds and a gradual rebuilding of duration positions as monetary policy space opens up [26][3]. - The average duration of bond funds has been adjusted downwards, indicating a shift in strategy as institutions respond to market conditions [50][3].

Core Viewpoint - The bond market is experiencing significant downward pressure, with a notable increase in yields, while the stock market is thriving, leading to a shift in investor sentiment and capital allocation [1][2][4]. Group 1: Bond Market Dynamics - On August 22, the issuance of 30-year special government bonds reached 83 billion yuan, with a bid rate of 2.15%, but the subscription multiple was only 2.89 times, indicating weak market demand [1]. - The bond market has seen a decline since early August, particularly affecting long-term bond funds, with some funds experiencing daily net value drops exceeding 0.5% [1][6]. - The issuance results of the 30-year bonds heightened market concerns, as the issuance rate exceeded the secondary market rate of 2.075%, reflecting a lack of demand even for highly secure assets [6][7]. Group 2: Stock Market Influence - The A-share market is witnessing unprecedented growth, with the Shanghai Composite Index surpassing 3,800 points, leading to a significant influx of capital into equities [1][2]. - The "stock-bond seesaw" effect is evident, where a booming stock market results in a cooling bond market, as institutions prefer equities when expected returns are higher [2][4]. Group 3: Fund Performance - Different types of bond funds are showing varied performance; short-term bond funds remain stable, while ultra-long bond funds and interest rate bond funds have suffered significant losses [6][9]. - Mixed bond funds have performed well due to their limited equity exposure, effectively hedging against bond market declines [7]. Group 4: Future Outlook - The bond market's recovery may depend on the stock market's performance; if the A-share market remains strong, the bond market may continue to struggle [9][11]. - There is a potential for re-evaluation of bond investment opportunities as yields rise, with a key psychological threshold identified at a 1.80% yield for 10-year government bonds [11].

Group 1: Investment Rating - The report gives a bullish outlook on the bond market in the short - term, recommending long - duration sinking city investment bonds, capital bonds, city investment dim sum bonds, and US dollar bonds, and strongly promoting perpetual bonds of Minsheng, Bohai, and Hengfeng Banks, while also suggesting attention to capital bond opportunities of Tianjin Bank, Beibu Gulf Bank, and China Property Insurance [2] Group 2: Core Views - As of Q2 2025, the total assets of interest - rate bond funds reached 3.6 trillion yuan, a record high since Q1 2023. The bond allocation ratio continued to rise, with the proportion of bonds in the overall asset allocation reaching 97.28%. Active interest - rate bond funds slightly increased their allocation to Treasury bonds and significantly increased their allocation to long - duration bonds. The overall yield of interest - rate bond funds rebounded [2] - In Q2 2025, affected by factors such as the domestic economic adjustment period, relatively loose monetary policy, and institutional allocation demand, the yield of 10 - year Treasury bonds declined rapidly and then fluctuated at a low level. The overall scale of interest - rate bond funds only increased slightly. In terms of heavy - position bond allocation, the scale and proportion of various types of bonds changed little, but the strategy leaned towards long - duration bonds [2] - In late July, the bond market adjusted. The report believes that going long in the bond market is currently the path of least resistance. In August, the yield of 10 - year Treasury bonds may gradually return to around 1.65%, and the yield of 5 - year national and joint - stock second - tier bonds may fall below 1.9%. There are few negative factors in the current bond market, and the new tax regulations may push up the demand for old government bonds and financial bonds, lowering yields [2] Group 3: Summary by Directory Interest - rate Bond Fund Scale and Asset Allocation - As of Q2 2025, the total assets of interest - rate bond funds were 3.6 trillion yuan, with active and passive interest - rate bond funds at 2.4 trillion and 1.2 trillion yuan respectively, increasing by 0.07 trillion and 0.13 trillion yuan compared to Q1 2025. In terms of asset allocation, bonds accounted for 97.28% (about 3.5 trillion yuan), and cash accounted for 0.91% (about 0.03 trillion yuan), with the proportions increasing by 0.30 and 0.17 percentage points respectively compared to the previous quarter [2] Active Interest - rate Bond Fund Heavy - position Bond Allocation - In Q2 2025, among the top five heavy - position bonds of active interest - rate bond funds, the scale proportions of policy - financial bonds, Treasury bonds, commercial - financial bonds, and local government bonds were 90.3%, 8.1%, 0.7%, and 0.5% respectively. Compared with Q1, there was a slight increase in Treasury bond allocation and a decrease in policy - financial bond allocation, with the proportions changing by + 2.0 and - 2.7 percentage points respectively [2] Interest - rate Bond Fund Duration Changes - From Q1 to Q2 2025, the duration of interest - rate bond funds calculated based on heavy - position bonds rose rapidly from 3.32 years to 3.95 years. The average duration of heavy - position Treasury bonds of active interest - rate bond funds increased significantly to 9.34 years. Active interest - rate bond funds increased their allocation to bonds with a maturity of over 10 years, and the scale proportion of 30 - year Treasury bonds in heavy - position Treasury bonds increased from 11.4% to 27.1% [2] Yield of Bond Funds - The average annualized yield of interest - rate bond funds in Q2 2025 rebounded by 5.65 percentage points to 3.96% from - 1.69% in Q1 2025. The annualized yield of credit - bond funds in H1 2025 (1.92%) was higher than that of interest - rate bond funds (1.10%) [2] Investment Strategy Changes in Q2 2025 - Affected by multiple factors, the overall scale of interest - rate bond funds only increased slightly. In terms of heavy - position bond allocation, the strategy leaned towards long - duration bonds to seek higher returns [2]

Core Viewpoint - The "anti-involution" policy has led to a stronger risk appetite in the equity market and a rapid increase in commodity prices, resulting in rising inflation expectations. This, combined with the US-China tariff disputes and concerns over potential incremental policies from the political bureau meeting at the end of July, has created multiple headwinds for the bond market, particularly long-term interest rate bonds, which have seen rising yields and falling prices, causing significant net value drawdowns in bond funds [1][2]. Summary by Sections Market Conditions - The manufacturing Purchasing Managers' Index (PMI) for July was 49.3%, a decrease of 0.4 percentage points from the previous month, indicating a decline in manufacturing sentiment, suggesting that the fundamentals have not yet shown signs of reversal [1]. Bond Market Analysis - Since the "anti-involution" policy began, the yield on 10-year government bonds has risen from 1.66% to 1.75%, a nearly 10 basis point increase. This adjustment reflects the current market's pricing of strong expectations and the likelihood of no interest rate cuts in the third quarter [2][4]. - The central bank's provision of liquidity has acted as a stabilizer, indicating that the monetary policy stance remains unchanged, which enhances the value of carry trades in the bond market [2]. Investment Strategy - Traditional analytical frameworks remain effective, with the fundamental conditions still determining the long-term direction of the bond market. The monetary policy report from the previous quarter sets the tone for the upcoming quarter, indicating that the bond market lacks a basis for a turnaround [4]. - Identifying key yield anchors for bonds, such as the 10-year government bond yield, is crucial. The difference between the 10-year yield and the DR007 has reached a high of 28 basis points, suggesting a solid safety margin for the current yield [5]. Long-term Outlook - The overall trend for yield is downward, but the rate of decline is expected to slow, with increasing competition in the long-term interest rate bond market. Fund managers should focus on enhancing their predictive and responsive capabilities amid narrow fluctuations to increase returns through tactical trading [8].

Core Viewpoint - The bond market is currently experiencing a period of adjustment, influenced by various factors such as the "stock-bond seesaw" effect, but analysts believe that there are still opportunities for bullish positions as negative sentiment dissipates [1][2][4]. Group 1: Market Conditions - The bond market has shown signs of volatility and adjustment, with the 10-year government bond yield rising from 1.67% on July 18 to 1.73% by July 25 [2]. - The stock market has been performing well, with the Shanghai Composite Index surpassing 3600 points and gaining 4.3% in July, which has diverted some funds away from the bond market [2]. - The recent adjustments in the bond market are attributed to increased risk appetite and a rise in funding rates, leading to a significant sell-off in bond funds [3]. Group 2: Investment Opportunities - Despite the recent adjustments, there are positive factors emerging, such as increased buying from insurance institutions, which reached a new high since April 2020, indicating potential support for the bond market [4]. - Analysts suggest that the current bond market levels present a good value for investment, particularly in long-duration government bonds and recently adjusted perpetual bonds [6][7]. - The expectation is that the 10-year government bond yield may return to around 1.65% as market risks ease, and there are notable opportunities in credit bonds, especially in municipal investment bonds and insurance subordinated debt [6][7].

Group 1 - The core viewpoint of the articles highlights a significant "seesaw effect" in the market, where the A-share market is recovering while the bond market is experiencing adjustments, leading to increased redemptions in bond funds [1] - As of July 25, over 400 bond funds have reported losses this year, with more than half of bond funds showing negative performance since July, particularly those heavily invested in long-term interest rate bonds [1][2] - The yield on major interbank bonds has generally declined, with the 30-year government bond yield dropping by 2 basis points to 1.9275% and the 10-year policy bank bond yield down by 1.75 basis points to 1.81% [1] Group 2 - The bond market is expected to experience fluctuations over the next year, with opportunities arising from adjustments; during July 21-25, bond funds rapidly reduced duration, resulting in a net sell of 236.1 billion yuan in long-term bonds [2] - As of July 25, the company bond ETF (511030) has seen a slight increase of 0.01%, with a one-year cumulative increase of 1.76% [2] - The company bond ETF has a current scale of 22.262 billion yuan, with recent inflows and outflows remaining balanced, and a total of 1.08 million yuan raised over the last ten trading days [3] Group 3 - The company bond ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [4] - The tracking error of the company bond ETF for the year is 0.013%, closely following the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [5] - The company bond ETF has achieved a maximum drawdown of 0.50% this year, with a recovery time of 23 days after the drawdown [3]