Core Insights - The total scale of credit bond ETFs is 493 billion yuan, with a daily decrease of 1.3 billion yuan, indicating a slight contraction in the market [1] - The weighted median duration is 3.3 years, suggesting a moderate interest rate sensitivity among the ETFs [1] - The average transaction amount is 6.92 million yuan, with a median turnover rate of 33.8%, reflecting active trading in the market [1] Liquidity - The overall transaction amount reached 189.8 billion yuan, with the benchmark market-making ETF averaging 4.87 million yuan per transaction [1] - The median yield is 1.84%, with a median discount rate of -18.3 basis points, indicating a slight underperformance compared to benchmarks [1] Valuation - The Ping An Company Bond ETF (511030) saw an inflow of 470 million yuan, attributed to its short duration of 1.95 years and a static high yield of 1.90% [1] - The ETF has a relatively stable net value with a year-to-date drawdown of -0.50%, showcasing its competitive edge in the current market environment [1] Performance Comparison - The performance of various ETFs shows significant differences, with some experiencing inflows while others face outflows, highlighting the competitive landscape [1] - The table provided illustrates the recent trading volumes and performance metrics of different ETFs, indicating varying levels of investor interest and market dynamics [1]

Market Performance - The Shanghai Composite Index increased by 18.4% from November 2024 to September 2025, reaching a new high of over 3900 points in October, the highest in 10 years [1] - The average daily trading volume of stocks in Shanghai and Shenzhen was approximately 2.3 trillion yuan since August, significantly higher than the average of about 700 billion yuan during the same period last year [1] - The yield on 10-year government bonds remained stable between 1.75% and 1.85%, reversing the rapid decline seen in 2024 [1] Currency and Capital Flow - The onshore and offshore RMB exchange rates against the USD have stabilized around 7.1 to 7.2 since June, indicating balanced cross-border capital flows [1] Bond Market Dynamics - Despite a general outflow from credit bond ETFs, the Ping An Company Bond ETF (511030) saw an increase in scale by 102 million yuan, attributed to its short duration (1.94 years), high static yield (1.95%), minimal discount (weekly average -0.02%), and low drawdown (-0.50% year-to-date) [1] - The Ping An Company Bond ETF (511030) ranked first in controlling drawdown since the bond market adjustment, maintaining a relatively stable net value [1] Recent Market Trends - The bond market experienced fluctuations influenced by expectations surrounding US-China negotiations, anticipated interest rate cuts, delays in new fund redemption regulations, and policy expectations from the Fourth Plenary Session [1] - The credit performance in the bond market outperformed interest rates, with short-term credit spreads compressing to historically low levels [3] Credit Yield and Spread Analysis - As of October 24, 2025, the yield on various credit bonds showed a range of values, with AAA-rated bonds yielding between 1.67% and 2.12% for different maturities [4] - The credit spreads for AAA-rated bonds were recorded at 0.11% for 0.5-year bonds, indicating a very low risk premium [4]

Group 1 - The Ping An Company Bond ETF (511030) is positioned as a short-term bond ETF with a duration of 1.95 years and a static yield of 1.97%, showcasing a stable net value and controlled drawdown [1] - Despite a recent downturn in the bond market, the Ping An Company Bond ETF has maintained a premium status with an average weekly premium of 1 basis point, attributed to continuous customer purchases during market declines [1] - The ETF has ranked first in drawdown control since the bond market adjustment began this year, indicating robust performance and risk management [1] Group 2 - The bond market has experienced fluctuations due to external factors such as tariff disputes, leading to a temporary recovery window for trading, with a shift towards risk-averse trading strategies [2] - Following the holiday, the bond market sentiment has improved, with short-term credit spreads compressing while long-term spreads continue to widen, indicating ongoing valuation adjustment pressures for certain credit assets [3] - The overall bond market sentiment remains cautious, with recent data showing mixed results, impacting both stock and bond performance [2][3] Group 3 - Recent data indicates that the yield on various credit bonds has shown a range of percentages, with AAA-rated bonds yielding between 1.69% and 2.21% depending on the maturity period [4] - The credit spreads for different ratings and maturities have been documented, with AAA-rated bonds showing a spread of 0.17% for 0.5 years and increasing for longer maturities [5] - The market is observing a trend where the yield and credit spreads are influenced by historical performance metrics, indicating a potential for future adjustments based on market conditions [5]

Core Insights - The Ping An Company Bond ETF (511030) is positioned as a short-duration ETF with a duration of 1.5-2 years and a static yield of 1.97%, demonstrating controlled net value drawdown and stable scale [1] - The ETF ranks first in controlling drawdown during the recent bond market adjustment, with a net value that remains relatively stable [1] Performance Metrics - The ETF has a scale of 228.48 billion and a recent weekly return of 55.40% with a weekly average discount of only 4 basis points [1] - The one-week drawdown is limited to 10 basis points, indicating strong performance amidst market volatility [1] Market Context - The bond market experienced significant fluctuations, with yields initially rising, then falling, and subsequently rising again, influenced by expectations of central bank bond purchases and better-than-expected results from a 20-year government bond issuance [1] - The market sentiment was affected by rumors of trade agreements and the Federal Reserve's decision to cut rates by 25 basis points, leading to declines in both stock and bond markets [1]

平安公司债ETF（511030）久期短（2年），静态收益高（1.91%），产品定位短融ETF+,债市进攻时能获取比短融ETF更高的超额收益。在债 市调整且信用债ETF普遍贴水10-20bp的背景下，公司债ETF（511030）近一周场内成交贴水最少（2bp），且近五个工作日净申购流入3.65 亿，而对比同期做市基准和科创债甚至出现大额净赎回,优势相对突出。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，近一周场内成交贴水最少，净值相对稳健且回撤可控，可参考 下表（本轮债市调整自2025年8月8日起算）： | 代码 | 间移 | 场内简称 | 托管人 | 規模(亿) | 近1周成交量 | 近1周後 | 近1周均贴 | 近1周涨跌 | 质押率 | 本轮调整 | 近年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (亿) | 手率 | 水率 | 글 | | 最大回損 | Calmar H | | 511030.SH | 平安中债-中高等级公司债利差因子ET ...