Group 1 - Henan issued 7-year general local bonds with a scale of 14.29449 billion, an issuance rate of 1.7300%, and a marginal multiple of 1.58 times, with an expected multiple of 2.26 [1] - Henan also issued 10-year ordinary special local bonds with a scale of 3.653 billion, an issuance rate of 1.7600%, and a marginal multiple of 1.29 times, with an expected multiple of 2.20 [1] - Agricultural Development Bank issued 392-day bonds with a scale of 15 billion, an issuance rate of 1.3900%, and a bidding multiple of 1.91 times, with a marginal multiple of 2.40 times [1] Group 2 - Shaanxi issued 10-year general local bonds with a scale of 6.50512 billion, an issuance rate of 1.7900%, and a marginal multiple of 2.66 times, with an expected multiple of 1.92 [1] - Shaanxi also issued 15-year ordinary special local bonds with a scale of 5.77238 billion, an issuance rate of 2.0100%, and a marginal multiple of 2.61 times, with an expected multiple of 2.06 [1] - The bond market is experiencing a decoupling from the stock market, with expectations for the 10Y national bond to return to around 1.65% after a rapid adjustment [3] Group 3 - As of August 6, 2025, the 5-10 year national bond active index increased by 0.03%, with the national bond ETF for 5-10 years showing a recent price of 117.31 yuan [3] - The national bond ETF for 5-10 years has seen a near 1-week cumulative increase of 0.25% [3] - The national bond ETF for 5-10 years has a latest scale of 1.488 billion [3] Group 4 - The national bond ETF for 5-10 years has seen a net value increase of 21.13% over the past 5 years [4] - The highest single-month return since inception for the national bond ETF for 5-10 years was 2.58%, with the longest consecutive months of increase being 10 months [4] - The management fee rate for the national bond ETF for 5-10 years is 0.15%, and the custody fee rate is 0.05% [4]

Core Viewpoint - The short-term bond market is expected to maintain a volatile pattern due to existing interest rate spreads and potential disruptions from internal competition, despite the recent tax regulation changes that may drive down rates for older bonds by 0-5 basis points [1] Group 1: Market Performance - As of August 4, 2025, the 5-10 year government bond ETF (511020) increased by 0.11%, with a latest price of 117.36 yuan [1] - Over the past week, the 5-10 year government bond ETF has accumulated a rise of 0.30% as of August 1, 2025 [1] - The latest scale of the 5-10 year government bond ETF reached 1.455 billion yuan [1] Group 2: Liquidity and Trading Activity - The trading volume for the 5-10 year government bond ETF was 427.18 million yuan, with a turnover rate of 0.29% [1] - The average daily trading volume over the past week was 1.558 billion yuan [1] - In the last five trading days, the fund experienced a net inflow of 17.55 million yuan [1] Group 3: Historical Performance - As of August 1, 2025, the net value of the 5-10 year government bond ETF has increased by 20.81% over the past five years [2] - The highest monthly return since inception was 2.58%, with the longest consecutive monthly gain being 10 months and a maximum increase of 5.81% [2] - The annual profit percentage stands at 100.00%, with a monthly profit probability of 72.15% [2] Group 4: Risk and Fees - The maximum drawdown for the 5-10 year government bond ETF this year was 2.15%, with a relative benchmark drawdown of 0.60% [3] - The management fee for the ETF is 0.15%, while the custody fee is 0.05% [4] Group 5: Tracking Accuracy - As of August 1, 2025, the tracking error for the 5-10 year government bond ETF over the past two months was 0.044% [5] - The ETF closely tracks the CSI 5-10 Year Government Bond Active Index, which includes bonds with maturities of 5, 7, and 10 years [5]

Group 1 - The People's Bank of China has a total of 16,563 billion yuan in reverse repos maturing this week, with specific maturities of 1,707 billion, 2,148 billion, 1,505 billion, 3,310 billion, and 7,893 billion yuan from Monday to Friday [1] - The central bank conducted a net injection of 3,251 billion yuan today through a 4,958 billion yuan 7-day reverse repo operation at an interest rate of 1.40%, unchanged from previous rates [1] - The yield on the 30-year government bond "25 Super Long Special Government Bond 02" decreased by 2 basis points to 1.9275%, while the 10-year policy bank bond "25 Policy Bank 10" yield fell by 1.75 basis points to 1.81% [1] Group 2 - As of July 25, 2025, the 5-10 year government bond ETF has seen a net value increase of 19.81% over the past five years, with a maximum monthly return of 2.58% since inception and a longest consecutive monthly gain of 10 months [2] - The historical performance shows a profit percentage of 100.00% annually, with a monthly profit probability of 72.37% and a 100.00% probability of profit over a three-year holding period [2] Group 3 - The maximum drawdown for the 5-10 year government bond ETF this year is 2.15%, with a relative benchmark drawdown of 0.59% [3] - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [3] Group 4 - The tracking error for the 5-10 year government bond ETF over the past two months is 0.032%, closely tracking the CSI 5-10 Year Government Bond Active Index [4] - The index includes bonds with maturities of 5, 7, and 10 years, selected from the market to reflect the overall performance of these government bonds [4]

Group 1 - The recent rise in equity market sentiment has led to a narrow fluctuation in the bond market, with 10-year and 30-year government bonds struggling to break previous lows, while credit bonds and local government bonds are performing relatively strongly, indicating that compressing yield spreads is becoming a less obstructive direction in an unclear benchmark interest rate environment [1] - As of July 18, 2025, the active bond index for 5-10 year government bonds has decreased by 0.02%, while the government bond ETF for the same duration has seen a recent price of 117.55 yuan, with a nearly 1-year cumulative increase of 5.06% [3] - The government bond ETF for 5-10 years has a recent trading volume of 16.18 billion yuan, with an active market turnover rate of 108.29%, and an average daily trading volume of 7.40 billion yuan over the past month [3] Group 2 - The government bond ETF for 5-10 years has a recent scale of 1.494 billion yuan, with net inflows and outflows remaining balanced, accumulating a total of 61.71 million yuan in inflows over the past 21 trading days [3] - The government bond ETF for 5-10 years has achieved a net value increase of 21.14% over the past 5 years, with a maximum monthly return of 2.58% and a historical profitability rate of 100% over 3 years [3] - The Sharpe ratio for the government bond ETF for 5-10 years over the past 2 years is 1.26, with a maximum drawdown of 2.15% this year, and a management fee rate of 0.15% and a custody fee rate of 0.05% [4]

Group 1 - The core viewpoint of the news highlights the increase in U.S. retail sales for June, which rose by 0.6%, significantly exceeding the expected 0.1% and recovering from a previous decline of 0.9% [1] - Following the retail sales data release, U.S. Treasury yields increased, with the 2-year Treasury yield rising over 3 basis points to 3.934% [1] - The announcement from the U.S. Treasury regarding the adjustment of the consumption tax policy for super-luxury cars, now applicable to vehicles with a retail price of 900,000 yuan (excluding VAT) and above, indicates a regulatory shift in the automotive sector [1] Group 2 - Eurozone's June core harmonized CPI year-on-year final value remained stable at 2.3%, matching expectations and the initial value [1] - The Eurozone's June harmonized CPI month-on-month final value was reported at 0.3%, consistent with expectations and the initial value [1] Group 3 - As of July 17, 2025, the 5-10 year Treasury ETF index showed a slight increase of 0.01%, with a recent price of 117.58 yuan [3] - The 5-10 year Treasury ETF has seen a cumulative increase of 5.09% over the past year, indicating positive performance in the bond market [3] - The latest scale of the 5-10 year Treasury ETF reached 1.494 billion yuan, with a recent trading volume of 13.98 million yuan [3] Group 4 - The 5-10 year Treasury ETF has a year-to-date maximum drawdown of 2.15%, which is lower than the benchmark drawdown of 0.59% [5] - The management fee for the 5-10 year Treasury ETF is set at 0.15%, while the custody fee is 0.05% [6] - The tracking error for the 5-10 year Treasury ETF over the past month was reported at 0.030%, indicating a close alignment with the underlying index [6]

Group 1 - The core viewpoint indicates that the performance of the 5-10 year government bond ETF is currently stable, with a slight increase of 0.12% in July 2025, and a recent trading price of 117.57 yuan [1] - The liquidity of the 5-10 year government bond ETF shows a turnover rate of 0.52% with a transaction volume of 7.76 million yuan, while the average daily transaction volume over the past month is 6.92 billion yuan [1] - The total scale of the 5-10 year government bond ETF has reached 1.494 billion yuan [1] Group 2 - Longcheng Securities suggests that if certain conditions are met in the second half of the year, particularly in Q3, the probability of the central bank engaging in government bond transactions and implementing comprehensive interest rate cuts will increase significantly [4] - The conditions include the RMB appreciating against the USD, a weak stock market, the Federal Reserve cutting rates, and a peak in government bond supply [4] - It is anticipated that the domestic interest rate cut schedule may align with the Federal Reserve's rate cuts, potentially leading to a new low in the ten-year government bond yield in the second half of the year [4]

Core Viewpoint - The 5-10 Year Government Bond ETF has shown a slight increase in value and stable liquidity, indicating a positive trend in the bond market as of July 16, 2025 [1][3]. Group 1: Performance Metrics - As of July 16, 2025, the 5-10 Year Government Bond ETF has increased by 0.12% this month, with a current price of 117.58 yuan [1]. - The ETF has achieved a net value increase of 21.15% over the past five years [3]. - The highest monthly return since inception was 2.58%, with the longest consecutive monthly gain being 10 months and a maximum gain of 5.81% [3]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 0.75% with a transaction volume of 11.182 million yuan on July 16, 2025 [3]. - The average daily trading volume over the past month was 6.92 billion yuan [3]. - The total fund size of the ETF reached 1.494 billion yuan [3]. Group 3: Risk and Return Analysis - The ETF has a year-to-date maximum drawdown of 2.15%, with a relative benchmark drawdown of 0.59% [3]. - The Sharpe ratio over the past two years is reported at 1.21, indicating a favorable risk-adjusted return [3]. - The monthly profitability probability stands at 72.70%, with a historical three-year holding profitability probability of 100% [3]. Group 4: Tracking Accuracy - The tracking error for the ETF over the past month is 0.024%, demonstrating its close alignment with the underlying index [4]. - The ETF closely follows the China Securities 5-10 Year Government Bond Active Bond Index, which includes bonds with maturities of 5, 7, and 10 years [4].

Core Viewpoint - The bond ETF for 5 to 10 years has shown a mixed performance with a recent price of 117.49 yuan and a year-to-date increase of 5.34% as of July 10, 2025 [3] Group 1: Performance Metrics - The bond ETF has a recent trading volume of 631.07 million yuan with a turnover rate of 0.42% [3] - The fund's total size has reached 1.496 billion yuan [3] - Over the past five years, the net value of the bond ETF has increased by 21.89% [3] - The highest monthly return since inception was 2.58%, with the longest consecutive monthly gain being 10 months and a maximum increase of 5.81% [3] - The annual profit percentage stands at 100.00%, with a monthly profit probability of 72.69% [3] - The Sharpe ratio over the last two years is 1.28 [4] Group 2: Risk and Drawdown - The maximum drawdown for the bond ETF this year is 2.15%, compared to a benchmark drawdown of 0.59% [4] Group 3: Fees and Tracking Accuracy - The management fee for the bond ETF is 0.25%, and the custody fee is 0.05% [5] - The tracking error for the past month is 0.018%, closely following the index of active bonds with maturities of 5, 7, and 10 years [6] Group 4: Market Sentiment and Outlook - Recent market adjustments in the bond sector are attributed to rumors regarding real estate stimulus and investment constraints in rural commercial banks [6] - Institutions suggest that a new round of interest rate cuts of 10-20 basis points is needed to support the 10-year government bond yield [6] - The trading activity in the secondary market shows mixed results among different banking sectors, with significant movements in large banks and rural commercial banks [6] - The outlook remains cautiously optimistic for long-duration bonds and certain types of municipal and dollar bonds [6]

Group 1: Company Bond ETF - As of July 8, 2025, the Company Bond ETF (511030) is experiencing a stalemate with the latest price at 106.27 yuan, having accumulated a rise of 1.11% year-to-date as of July 7, 2025 [1] - The latest scale of the Company Bond ETF reached 22.027 billion yuan, marking a new high in nearly one year [1] - The Company Bond ETF has seen continuous net inflows over the past four days, with a maximum single-day net inflow of 127 million yuan, totaling 171 million yuan, resulting in an average daily net inflow of 42.75 million yuan [1] Group 2: National Bond ETF - As of July 8, 2025, the National Bond ETF for 5 to 10 years (511020) is also in a stalemate, with the latest price at 117.72 yuan, having increased by 5.43% over the past year [4] - The scale of the National Bond ETF for 5 to 10 years reached 1.498 billion yuan, achieving a new high in nearly three months [4] - The National Development Bond ETF (159651) rose by 0.03% to a latest price of 106.31 yuan, with a net value increase of 4.66% over the past two years [4] Group 3: Market Insights - Recent market activity shows a significant reduction in trading volume for both stocks and bonds, with no substantial negative factors identified in the bond market over the past month [4] - The current high duration and high position of funds are deemed reasonable as long as the fundamentals continue to decline, the central bank signals ongoing easing, and policy space remains limited [5] - The issuance plans for 20-year and 30-year bonds, announced at the end of the trading day, may have a counteracting effect on the corresponding interest rates, indicating that the market still possesses resilience [4]

Group 1: Company Bond ETF Performance - As of July 3, 2025, the Company Bond ETF (511030) increased by 0.06%, with the latest price at 106.19 yuan. Over the past year, it has accumulated a rise of 2.18%, and over the past five years, the net value has increased by 13.30% [1] - The latest scale of the Company Bond ETF reached 21.864 billion yuan, marking a new high since its establishment. In terms of fund inflow, the latest net inflow was 28.6503 million yuan, with a total of 9.73 billion yuan net inflow over the past five trading days, averaging 1.95 billion yuan per day [1] Group 2: National Debt ETF Performance - As of July 3, 2025, the National Debt ETF for 5 to 10 years (511020) rose by 0.04%, achieving three consecutive increases, with the latest price at 117.73 yuan. Over the past three months, it has accumulated a rise of 1.19% [1] - The latest scale of the National Debt ETF for 5 to 10 years reached 1.498 billion yuan, a new high in three months. The trading liquidity showed a turnover of 0.16% with a transaction volume of 2.3426 million yuan, and the average daily transaction volume over the past week was 1.061 billion yuan [1] Group 3: National Development Bond ETF Insights - As of July 3, 2025, the National Development Bond ETF (159651) was in a state of indecision, with the latest quote at 106.26 yuan. Over the past year, it has accumulated a rise of 1.91% [2] - The trading liquidity of the National Development Bond ETF showed a turnover of 1.4% with a transaction volume of 12.9432 million yuan, and the average daily transaction volume over the past year was 5.28 billion yuan [2] Group 4: Market Trends and Predictions - Since the beginning of the year, there have been rumors of the central bank restarting national debt purchases almost every month. However, in June, many investors believed it had restarted, which has now been entirely disproven. To maintain the operational safety of banks and insurance, regulators need to control the pace of long-term bond yield declines [2] - The institution predicts that the 10-year national debt yield will rise by more than 20 basis points before the conditions for restarting national debt purchases are met. In July, the central bank continues to deliberately ease, making significant adjustments in the interest rate bond market unlikely [2] - The secondary trading of interest rate bonds on July 2 showed that large banks bought 31.8 billion yuan, while other banks sold a total of 19 billion yuan. Since the beginning of the year, bond funds have net purchased 158 billion yuan of interest rate bonds with a maturity of 20 years or more [3]