Report Industry Investment Rating - No relevant content found Core View of the Report - On December 2, 2025, the A-share market generally declined, with the Shanghai Composite Index down 0.42%, the Shenzhen Component Index down 0.68%, and the ChiNext Index down 0.69%. The trading volume of A-shares in the two markets was 1606.7 billion yuan. Different sectors and ETFs showed various trends [2][6]. Summary by Related Catalogs Market Overview - The Shanghai Composite Index closed at 3897.71 points, down 0.42%; the Shenzhen Component Index closed at 13056.70 points, down 0.68%; the ChiNext Index closed at 3071.15 points, down 0.69%. The top - rising industries were petroleum and petrochemicals (0.71%), light manufacturing (0.55%), and household appliances (0.43%), while the top - falling industries were media (-1.75%), non - ferrous metals (-1.36%), and computers (-1.34%) [2][6]. Stock ETF - The top - trading - volume stock ETFs included Huaxia CSI A500 ETF (down 0.69%, premium rate -0.68%), Cathay CSI A500 ETF (down 0.60%, premium rate -0.63%), and E Fund CSI A500 ETF (down 0.59%, premium rate -0.62%) [3][7]. Bond ETF - The top - trading - volume bond ETFs were Haifutong CSI Short - Term Financing ETF (up 0.01%, premium rate -0.00%), Huaxia CSI AAA Science and Technology Innovation Corporate Bond ETF (down 0.04%, premium rate -0.13%), and Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF (down 0.01%, premium rate -0.03%) [4][9]. Gold ETF - Gold AU9999 was down 0.37% and Shanghai Gold was down 0.44%. The top - trading - volume gold ETFs were Huaan Gold ETF (down 0.53%, premium rate -0.56%), E Fund Gold ETF (down 0.50%, premium rate -0.52%), and Bosera Gold ETF (down 0.49%, premium rate -0.50%) [12]. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF was down 0.20%, premium rate 0.59%; Dacheng Non - Ferrous Metals Futures ETF was up 0.11%, premium rate 0.33%; and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF was down 0.32%, premium rate 0.18% [13]. Cross - border ETF - The previous trading day, the Dow Jones Industrial Average was down 0.90%, the Nasdaq was down 0.38%, the S&P 500 was down 0.53%, and the German DAX was down 1.04%. On this day, the Hang Seng Index was up 0.24% and the Hang Seng China Enterprises Index was up 0.11%. The top - trading - volume cross - border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (down 0.29%, premium rate -0.34%), Huatai - Peregrine Hang Seng Technology ETF (down 0.54%, premium rate -0.36%), and Huaxia Hang Seng Technology ETF (down 0.66%, premium rate -0.59%) [15]. Money ETF - The top - trading - volume money ETFs were Yin Hua Day - to - Day Interest ETF, Hua Bao Add - Benefit ETF, and Money ETF Jianxin Add - Benefit [17].

Report Summary 1. Market Overview - On October 31, 2025, the Shanghai Composite Index fell 0.81% to 3954.79 points, the Shenzhen Component Index dropped 1.14% to 13378.21 points, and the ChiNext Index declined 2.31% to 3187.53 points. The total trading volume of A - shares in the two markets was 2350.1 billion yuan. The top - performing sectors were Medicine and Biology (2.42%), Media (2.39%), and Commerce and Retail (2.08%), while the worst - performing sectors were Communication (-4.07%), Electronics (-3.06%), and Non - ferrous Metals (-2.03%) [2][6] 2. Stock ETFs - The top - trading - volume stock ETFs on this day were: Huatai - Peregrine CSI 300 ETF, which fell 1.39% with a premium rate of -1.38%; ChinaAMC CSI A500 ETF, down 1.10% with a premium rate of -1.09%; and ChinaAMC SSE STAR Market 50 ETF, dropped 3.06% with a premium rate of -3.02% [3][7] 3. Bond ETFs - The top - trading - volume bond ETFs were: Haifutong CSI Short - term Financing Bond ETF, up 0.01% with a premium rate of 0.01%; ChinaAMC CSI AAA Science and Technology Innovation Corporate Bond ETF, rose 0.12% with a premium rate of -0.09%; and Bosera CSI Convertible and Exchangeable Bond ETF, increased 0.07% with a premium rate of 0.00% [4][9] 4. Gold ETFs - Gold AU9999 rose 1.61% and Shanghai Gold increased 1.26%. The top - trading - volume gold ETFs were: Huaan Gold ETF, up 1.03% with a premium rate of 1.37%; Bosera Gold ETF, rose 1.14% with a premium rate of 1.29%; and E Fund Gold ETF, increased 1.09% with a premium rate of 1.28% [12] 5. Commodity Futures ETFs - Dacheng Non - ferrous Metals Futures ETF fell 0.61% with a premium rate of -0.99%; ChinaAMC Feed Soybean Meal Futures ETF rose 0.36% with a premium rate of 2.23%; and CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF dropped 0.40% with a premium rate of -1.24% [15] 6. Cross - border ETFs - The previous trading day, the Dow Jones Industrial Average fell 0.23%, the Nasdaq dropped 1.57%, the S&P 500 declined 0.99%, and the German DAX fell 0.02%. On this day, the Hang Seng Index dropped 1.43% and the Hang Seng China Enterprises Index fell 1.91%. The top - trading - volume cross - border ETFs were: E Fund CSI Hong Kong Securities Investment Theme ETF, down 2.34% with a premium rate of -2.53%; GF CSI Hong Kong Innovative Drugs ETF, up 5.12% with a premium rate of 4.29%; and Huatai - Peregrine Hang Seng Technology ETF, dropped 1.25% with a premium rate of -1.69% [17] 7. Money Market ETFs - The top - trading - volume money market ETFs were Huabao Tianyi ETF, Yin Hua Rili ETF, and CCB Tianyi Money Market ETF [19]

Core Insights - The total scale of credit bond ETFs is 476.9 billion yuan, with a daily decrease of 500 million yuan, indicating a trend of capital outflow from credit bond ETFs [1] - The Ping An Company Bond ETF (511030) has seen a contrary growth of 131 million yuan, attributed to its short duration of 1.95 years, static high yield of 1.97%, and minimal discount of -0.03% [1] - The average yield of credit bond ETFs is 1.92%, with a median discount rate of -13.5 basis points [1] Liquidity - The overall transaction amount reached 194.3 billion yuan, with an average single transaction amount of 4.88 million yuan [1] - The median turnover rate stands at 46.7%, reflecting active trading in the market [1] Valuation - The median yield is reported at 1.92%, while the median discount rate is -13.5 basis points, with the benchmark market-making ETF at -26.6 basis points [1] - The Ping An Company Bond ETF has the best performance in terms of drawdown control since the bond market adjustment, with a year-to-date drawdown of only -0.50% [1] Competitive Positioning - The Ping An Company Bond ETF differentiates itself from other credit bond ETFs through its unique positioning, which includes a shorter duration and lower drawdown, providing a competitive edge in the current market environment [1]

Core Insights - The credit bond ETF market is experiencing a new round of adjustments, with most ETFs trading at a discount of 10-30 basis points, while Ping An's corporate bond ETF remains at a premium due to continuous customer purchases during market downturns [1][3] - The market sentiment is fragile, influenced by recent economic data and central bank liquidity measures, leading to fluctuations in both stock and bond markets [3] Group 1: Market Performance - Most credit bond ETFs are trading at a discount, with the average weekly discount rate ranging from 10 to 30 basis points [1] - Ping An's corporate bond ETF maintains a weekly premium of 1 basis point, attributed to its longer establishment period and effective risk control [1] - The overall market sentiment is under pressure, with fluctuations in trading volumes and turnover rates across various ETFs [1][2] Group 2: ETF Specifics - The Hai Fu Tong Zhong Zheng Short-term Bond ETF has a scale of 626.48 billion, with a weekly trading volume of 1481.75 million and a weekly turnover rate of 273.67% [1] - The Ping An Zhong Dai - Medium and High-Grade Corporate Bond Spread Factor ETF has a scale of 229.11 billion, with a weekly trading volume of 97.41 million and a weekly turnover rate of 45.17% [1] - The Jiashi Zhong Zheng AAA Technology Innovation Corporate Bond ETF has a scale of 210.87 billion, with a significant weekly trading volume of 333.08 million and a turnover rate of 158.99% [1][2] Group 3: Market Trends - The bond market is facing a "black swan" event, with heightened volatility due to tariff negotiations, leading to a temporary trading recovery window [3] - The central bank's liquidity measures, including a trillion-yuan buyout repurchase, have provided support to the bond market, resulting in a positive closing for September [3] - Following the holiday, the bond market opened positively but faced renewed pressure, indicating ongoing volatility and a cautious market sentiment [3]

Group 1 - The total scale of credit bond ETFs is 356.5 billion yuan, with a daily increase of 550 million yuan, while the benchmark market-making ETF decreased by 40 million yuan and the sci-tech bond ETF increased by 210 million yuan [1] - The median weighted duration is 3.7 years, with an overall transaction amount of 95.3 billion yuan and an average single transaction amount of 3.82 million yuan [1] - The median yield is 1.95%, and the median discount rate is -10.6 basis points, with the benchmark market-making at -34.3 basis points and the sci-tech bond at -4.1 basis points [1] Group 2 - The People's Bank of China has adopted a clear easing stance, adjusting the 14-day reverse repurchase operation to fixed quantity and interest rate bidding, which may lower the execution rate to around 1.45% [1] - The upcoming listing of 14 new sci-tech bond ETF products is expected to enhance market liquidity and investment opportunities [1] - The recent performance of Ping An Company Bond ETF (511030) shows a controlled net value decline of only 10 basis points, indicating stability and relative advantages in valuation [2]

Group 1 - 14 new Sci-Tech Bond ETFs are set to be listed on September 24, with a total issuance scale of 40.786 billion yuan [1] - The institutional investor holding ratio for these ETFs is notably high, with 11 out of 14 funds having over 98% held by institutions, indicating strong institutional interest [3] - The total scale of the first batch of listed Sci-Tech Bond ETFs has grown significantly to 125.727 billion yuan since their launch on July 17, reflecting an increase of over 90 billion yuan [3] Group 2 - The overall scale of bond ETFs has reached a new high of 608.636 billion yuan, with the addition of the new Sci-Tech Bond ETFs contributing to a growth of over 420 billion yuan since the end of last year [4] - Several listed Sci-Tech Bond ETFs have recently increased their market makers to enhance liquidity and stability, indicating a proactive approach to market dynamics [4] - The number of bond ETFs exceeding 10 billion yuan has reached 25, showcasing the growing popularity and investment in this segment [4]

Group 1 - The article discusses the potential for interest rates to continue declining, with a focus on the performance of 10-year government bonds expected to range between 1.85% and 1.9% [1] - It highlights specific bonds to consider for trading, including 250203 and 250208, while emphasizing the importance of liquidity in bond selection [1] - The article notes that the current spread between 10-year government bonds (250210-250215) is around 1.5 basis points, with expectations for 250215 to remain a key bond in the coming months [1] Group 2 - The article mentions that the 30-year government bond (25T6) is currently trading 3-4 basis points higher than 25T5 and 9-10 basis points higher than 25T2, indicating its volatility during market adjustments [2] - It suggests that if 25T6 becomes the main bond, the spread compared to 25T2 could narrow to 3-6 basis points under optimistic conditions [2] - The article provides a detailed table of various bond ETFs, highlighting their performance metrics, including net asset values and trading volumes, with a focus on the stability of the Ping An Company Bond ETF (511030) [2]

Core Insights - The total scale of credit bond ETFs reached 354.3 billion yuan, with a daily increase of 2.42 billion yuan, indicating a positive trend in the market [1] - The average trading amount was 124.4 billion yuan, with an average single transaction amount of 5.55 million yuan, reflecting active market participation [1] - The median yield was 1.91%, and the median discount rate was -10.8 basis points, suggesting a stable valuation environment [1] Market Performance - The Ping An Company Bond ETF (511030) had the least discount in the past week at 2 basis points and saw a net inflow of 52 million yuan, outperforming the Sci-Tech Three Treasures which experienced a net redemption of 340 million yuan [1] - The Ping An Company Bond ETF ranked first in controlling drawdown during the recent bond market adjustment, indicating strong performance stability [1] ETF Comparison - The table provided shows various ETFs with their respective scales, trading volumes, and performance metrics, highlighting the Ping An Company Bond ETF's competitive edge in terms of lower discount and better drawdown control [1] - Other ETFs such as Hai Fu Tong and Southern also showed significant trading volumes and percentage changes, but with higher drawdowns compared to Ping An [1]

Core Viewpoint - The article discusses the concept of "anti-involution," which opposes disorderly competition and overcapacity in various industries, emphasizing the negative cycle caused by irrational subsidies and blind production expansion [1] Industry Analysis - Local governments have historically used subsidies and preferential policies to attract businesses, aiming for GDP growth, which has led to irrational production expansions without sufficient market demand [1] - This blind expansion results in overcapacity, creating significant inventory pressures for companies, which in turn leads to inevitable price wars [1] - The low-price competition sacrifices reasonable profits, R&D investments, and product quality, resulting in a vicious cycle that harms not only individual companies but also the entire industry ecosystem and long-term economic development [1] Investment Opportunity - The Ping An Company Bond ETF (511030) has a duration of 2 years and a current static yield of 1.93%, showing significant differentiation from other market benchmarks and tech bond ETFs [1] - This ETF has ranked first in controlling drawdown during the recent bond market adjustment, with the least market discount in the past week, indicating a relatively stable net value and manageable drawdown [1] - The data table provided compares various bond ETFs, highlighting the performance metrics such as scale, recent discount rates, and year-to-date performance, which can guide investment decisions [1]

Core Insights - The article highlights the arrival of a bull market driven by economic recovery and market liquidity, suggesting three main investment directions: 1) Technological AI+ breakthroughs led by open-source initiatives, 2) Valuation recovery in consumer stocks and gradual recovery in consumer segmentation, 3) Continued rise of undervalued dividends [1] Investment Themes - The low valuation of the consumer sector, declining interest rates, and policy catalysts are expected to support a recovery cycle, even if the slope is weak, indicating that being overly pessimistic about consumption based on macro narratives poses a risk [1] - The performance of the Ping An Company Bond ETF (511030) has been notable, ranking first in terms of drawdown control during the recent bond market adjustment, with minimal trading discounts and stable net value [1] Bond Market Analysis - The table provided lists various bond ETFs, highlighting their scale, recent trading discounts, and performance metrics since the bond market adjustment began on August 8, 2025. For instance, the Ping An Company Bond ETF has a scale of 22.353 billion, with a recent average discount of -0.06% and a year-to-date performance of 0.84% [1]