Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Last week, the credit bond market adjusted significantly, with the ChinaBond New Composite Index falling 0.22% for the week. Short - term and medium - to - long - term pure bond funds declined by 0.04% and 0.12% respectively. The CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index dropped 0.30% and 0.34% respectively [8]. 3. Summary by Related Catalogs 3.1 Funds Flow - As of September 26, 2025, bond - type ETFs had a net inflow of 117.5 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.444 billion yuan, net inflows of 119.269 billion yuan, and net outflows of 325 million yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net outflows of 574 million yuan, 22 million yuan, and 70 million yuan respectively. Market - making credit - bond ETFs had a net outflow of 1.425 billion yuan, while sci - tech innovation bonds had a net inflow of 121.36 billion yuan. - As of September 26, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 62.338 billion yuan, 420.901 billion yuan, and 26.697 billion yuan respectively, totaling 509.936 billion yuan [4]. 3.2 Net Value Performance - Throughout the week, the net values of interest - rate and credit - bond ETF products adjusted to varying degrees. The 30 - year Treasury Bond ETF performed weakly, falling 0.50% for the week as of September 26, 2025. Among other products, the benchmark Treasury Bond ETF and the Policy - Financial Bond ETF declined by about 0.2%. The Treasury - Policy Financial Bond ETF, the 0 - 4 Local Government Bond ETF, and the Short - term Financing ETF performed well. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.88% and 0.89% respectively last week [5]. 3.3 Performance of Credit - Bond ETFs and Sci - tech Innovation Bond ETFs - As of September 26, 2025, the median unit net values of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0047 and 0.9931 respectively, falling 0.28% and 0.29% for the week. Among credit - bond ETFs, the SSE Corporate Bond ETF and the Credit - Bond ETF Fund both declined 0.34%, performing weakly, while the Credit - Bond ETF Tianhong and the Credit - Bond ETF Dacheng performed better. Among sci - tech innovation bond ETFs, the Sci - tech Innovation Bond ETF Southern fell 0.32%, and the Sci - tech Innovation Bond ETF E Fund and the Sci - tech Innovation Bond ETF Invesco performed relatively well. - As of September 26, 2025, the median discount rate of credit - bond ETFs was 41BP, and that of sci - tech innovation bond ETFs was 9BP [6]. 3.4 Credit - Type ETF Duration Tracking - As of September 26, 2025, the holding durations of the Short - term Financing ETF, the Corporate Bond ETF, and the Urban Investment Bond ETF were 0.31 years, 2.06 years, and 2.22 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond and Shenzhen Market - making Corporate Bond were 4.15 years and 2.99 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond, the Shanghai AAA Sci - tech Innovation Bond, and the Shenzhen AAA Sci - tech Innovation Bond were 3.26 years, 3.53 years, and 2.97 years respectively [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The listing of the second batch of Science and Technology Innovation Bond ETFs led to a sharp increase in the share of credit - bond ETFs, while other types of bond ETFs faced different challenges. The performance of existing ETFs was under pressure, possibly due to the diversion of funds by new - issued ETFs, and the net value of bond ETFs adjusted due to the upward pressure on bond market yields [2][4][9]. Summary by Directory 1.1 各类债券 ETF 份额走势 - The listing of the second batch of 14 Science and Technology Innovation Bond ETFs on September 24, 2025, led to a significant increase in the share of credit - bond ETFs. Other types of bond ETFs, such as treasury - bond, policy - financial - bond, local - bond, and convertible - bond ETFs, either had small changes or declines in share. As of September 26, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 684.71 million, 443.12 million, 80.18 million, 6869.38 million, and 5310.15 million respectively, with a total of 13387.53 million shares for bond - type ETFs. Compared with September 19, 2025, the changes were 12.28 million, - 17.61 million, no change, 1193.45 million, and - 78.70 million respectively, with a total change of 1109.42 million shares [2][4][9]. 1.2 主要债券 ETF 份额及净值走势 - The performance of existing major bond ETFs was under pressure, possibly because the market focused more on new - issued Science and Technology Innovation Bond ETFs, causing a siphon effect on funds. As of September 26, 2025, the shares of selected major bond ETFs (30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban - investment - bond ETF, and convertible - bond ETF) changed by - 0.14 million, - 17.72 million, no change, 0.10 million, and - 11.80 million respectively compared with September 19, 2025. - Due to the upward pressure on bond market yields, the net value of major bond ETFs adjusted. As of September 26, 2025, the net values of 30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban - investment - bond ETF, and convertible - bond ETF changed by - 0.48%, - 0.17%, - 0.03%, - 0.13%, and 0.88% respectively compared with September 19, 2025 [12][15]. 1.3 做市信用债 ETF 份额及净值走势 - The share of 8 existing market - making credit - bond ETFs continued to flow out. As of September 26, 2025, the share changes compared with September 19, 2025 were - 2.00 million, - 5.20 million, - 0.30 million, no change, - 3.00 million, 3.10 million, no change, and - 2.30 million respectively. - The net - value decline of 8 credit - bond ETFs narrowed marginally. As of September 26, 2025, the net - value changes compared with September 19, 2025 were - 0.24%, - 0.24%, - 0.26%, - 0.20%, - 0.34%, - 0.32%, - 0.34%, and - 0.32% respectively. - Last week, the repeated inclusion of individual bonds in the PCF list of credit - bond ETFs was 24 Zhongmei K2. The product of the excess - return change and the corresponding duration of each expanded bond was the highest for 24 Jingtou K6 (1.93%) and the lowest for 24 Zhongmei K2 (- 0.25%) [19][20][22]. 1.4 科创债 ETF 份额及净值走势 - On September 24, 2025, the second batch of 14 Science and Technology Innovation Bond ETFs were officially listed, with a total issuance scale of 40.786 billion yuan. The ETFs tracking the CSI AAA Science and Technology Innovation Bond, SSE AAA Science and Technology Innovation Bond, and Shenzhen AAA Science and Technology Innovation Bond indexes were 10, 3, and 1 respectively. - The net - purchase scale of the second - batch Science and Technology Innovation Bond ETFs showed differentiation. Since the listing on the 24th, the market activity of the second - batch products was significantly higher than that of the first - batch products. The three - day average turnover rates of the first and second batches were 26.0% and 66.7% respectively, and the total net - purchase shares were 72 million and 690 million respectively. The top three products with the most net - purchase inflows last week were Science and Technology Innovation Bond ETF Industrial Bank, Science and Technology Innovation Bond ETF ICBC, and Science and Technology Innovation Bond ETF Huatai - PineBridge, with net - purchase amounts of 10.2 billion, 8.48 billion, and 8.11 billion yuan respectively. - The products corresponding to the CSI AAA Science and Technology Innovation Bond index performed relatively better. In terms of premium and discount, in the first 3 working days after listing, the overall performance of the second - batch Science and Technology Innovation Bond ETFs was better than that of the first - batch products, with a three - day average premium - discount rate of - 0.02%, 0.15bp higher than that of the first batch. - The share increase of Science and Technology Innovation Bond ETFs came from new - issued funds. As of September 26, 2025, the top three products in terms of share were Science and Technology Innovation Bond ETF Harvest, Science and Technology Innovation Bond ETF Penghua, and Science and Technology Innovation Bond ETF China Merchants, with shares of 198.23 million, 191.38 million, and 184.67 million respectively, and the share changes compared with September 19, 2025 were - 0.38 million, 17.60 million, and 39.05 million respectively. As of September 26, the cumulative share of new - issued products was 1296.6 million. - The net values of the second - batch products were generally in the forefront. As of September 26, 2025, the top three products in terms of net value among 24 Science and Technology Innovation Bond ETFs were Science and Technology Innovation Bond ETF Yongying, Science and Technology Innovation Bond ETF Yin Hua, and Science and Technology Innovation Bond ETF Taikang, with net values of 0.9988, 0.9984, and 0.9983 respectively [25][26][28]. 1.5 部分债券 ETF 净流入情况 - In terms of weekly inflows, the top three bond ETFs with the highest cumulative inflows this week were Treasury - bond ETF Dongcai, Benchmark Treasury - bond ETF, and National - Development - Bond ETF, with inflows of 8.98 million, 8.42 million, and 0.17 million yuan respectively. - In terms of monthly inflows, the top three bond ETFs with the highest cumulative inflows this month were Urban - investment - bond ETF, 30 - year Treasury - bond ETF, and Benchmark Treasury - bond ETF, with inflows of 84.65 million, 15.31 million, and 14.37 million yuan respectively. - In terms of cumulative inflows in trading days, the top three bond ETFs with the highest cumulative inflows in the past 10 trading days were Treasury - bond ETF Dongcai (9.59 million yuan), Benchmark Treasury - bond ETF (6.02 million yuan), and Urban - investment - bond ETF (4.58 million yuan); the top three in the past 20 trading days were Urban - investment - bond ETF (84.65 million yuan), 30 - year Treasury - bond ETF (15.31 million yuan), and Benchmark Treasury - bond ETF (14.37 million yuan) [5][30].

Group 1 - The second batch of Sci-Tech Innovation Bond ETFs will be listed on September 24, with 14 public funds participating in the issuance, following the first batch launched on July 17 [1] - The total issuance scale of the second batch of 14 Sci-Tech Innovation Bond ETFs reaches 40.786 billion yuan, with 13 of them exceeding 2.9 billion yuan each [1] - The total scale of Sci-Tech Innovation Bond ETFs has surpassed 170 billion yuan, while the overall scale of bond ETFs has exceeded 600 billion yuan for the first time [1] Group 2 - The largest bond ETFs include Convertible Bond ETF at 59.218 billion yuan, Short-term Bond ETF at 58.516 billion yuan, and Policy Financial Bond ETF at 45.615 billion yuan [3] - Other notable bond ETFs include 30-Year Treasury Bond ETF at 30.895 billion yuan and City Investment Bond ETF at 24.767 billion yuan [3] - The newly launched Sci-Tech Innovation Bond ETFs are expected to enhance the liquidity and market presence of bond ETFs [8] Group 3 - According to Guotai Junan Securities, the ticket interest strategy will dominate from 2025 onwards, with Sci-Tech Innovation Bond ETFs showing resilience during market adjustments [7] - The performance of actively managed pure bond funds indicates that short-term bonds outperform medium to long-term bonds, and credit bonds are favored over interest rate bonds [7] - The liquidity of bond ETFs is expected to improve as the current market environment gradually stabilizes [7] Group 4 - The new sales fee regulations by the China Securities Regulatory Commission are anticipated to create greater development opportunities for bond ETFs [8] - The proposed changes in redemption fees may lead to a shift in institutional investment from interest rate bond funds to bond ETFs, enhancing their attractiveness [8]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Views of the Report - Second - batch 14 science - innovation bond ETFs were launched, with a total of about 40 billion yuan in raised funds. The report analyzes their impact on index component bonds and the potential of component bonds [3][9]. - Despite the continuous adjustment of the bond market, the total scale of credit bond ETFs increased in August, reaching around 350 billion yuan. Science - innovation bond ETFs contributed most of the scale increment, while the scale of benchmark market - making credit bond ETFs declined [3][9]. - Since July 18, component bonds of various tenors and implicit ratings have been adjusted to different degrees. Shorter - term bonds are more resilient, and the longer the tenor, the greater the adjustment. There is a certain divergence among investors regarding the future market of component bonds [4][47]. - Based on the experience of benchmark market - making credit bond ETFs, the scale of ETFs has a significant impact on component bonds. The upcoming expansion of science - innovation bond ETFs will bring about 40 billion yuan in incremental funds, and component bonds of science - innovation bonds are more resilient than market - making component bonds. However, the excess return of current component bonds may be relatively limited [4][49]. - Considering that interest rates have risen to a stage high, after the listing of the second - batch science - innovation ETFs, the market demand has increased. Without unexpected shocks, the liquidity of component bonds is expected to remain good, and they can be allocated from a coupon - oriented perspective [6][50]. 3. Summary According to the Table of Contents 3.1 How Have Credit Bond ETFs Performed Recently? - Despite the continuous adjustment of the bond market, the total scale of credit bond ETFs increased in August, currently around 350 billion yuan. Science - innovation bond ETFs contributed most of the scale increment, with a total increase of 27.8 billion yuan. The scale of benchmark market - making credit bond ETFs decreased by 10.7 billion yuan compared to July 18, while the scale of urban investment bond and corporate bond ETFs changed little, and the scale of short - term financing ETFs increased by 5.7 billion yuan [9][11]. - In terms of secondary - market trading activity, the turnover rates of market - making credit bond and science - innovation bond ETFs are in a fluctuating downward trend, with the current 7 - day moving average turnover rates around 20% and 30% respectively. The turnover rate of short - term financing ETFs has been rising, increasing from about 20% to over 50% since the second half of the year [11]. - Since the beginning of the year, among the indices tracked by credit bond ETFs, the Shanghai Urban Investment Bond index has the largest increase (1.53%), followed by the Shenzhen AAA Science - innovation Bond (1.40%) and the ChinaBond AAA Science - innovation Bond (1.24%) [15]. 3.2 How Have the Component Bonds of the Science - innovation Bond Index Performed? - Since the second half of the year, the performance of component bonds of the science - innovation bond index can be divided into three stages: rapid decline in valuation during the ETF application stage in June; intensified bond - grabbing market after the subscription ended on July 7, with component bond valuation inverting; and since the official listing of science - innovation bond ETFs on July 17, the excess spread of component bonds has oscillated and turned positive, showing signs of catch - up decline in the recent two weeks [17][19]. - From the perspective of low - valuation transactions and turnover rates, since the beginning of the year, science - innovation bonds have mostly had low - valuation transactions. After late July, high - valuation transactions occurred intensively, and the turnover rate continued to decline after August, indicating that investors have certain divergence regarding the future market of component bonds [4][17]. - As of September 12, high - grade component bonds of various tenors are still undervalued compared to medium - and short - term notes of the same tenor and rating. Since the bond market adjustment on July 18, component bonds of various tenors and implicit ratings have been adjusted to different degrees, with shorter - term bonds being more resilient [21]. 3.3 Will the Component Bonds Have Excess Performance? - For benchmark market - making credit bond ETFs, in the first quarter, the market was in adjustment, and the scale increased slowly. In the second quarter, the scale grew rapidly, and the excess spread of component bonds decreased significantly. After late July, the scale declined, and the excess spread of component bonds widened [25][26]. - The upcoming expansion of science - innovation bond ETFs will bring about 40 billion yuan in incremental funds, and the component bonds of science - innovation bonds are more resilient than market - making component bonds. However, the excess return of current component bonds may be relatively limited due to the weaker environment for credit spread compression in the fourth quarter, institutions' early "bond hoarding" in the second - batch, and the implementation of positive factors in the first - batch [4][32][49]. 3.4 How to Allocate Component Bonds in the Future? - As of September 12, 10 science - innovation bond ETFs hold a total of 636 individual bonds. Currently, science - innovation bond ETFs prefer component bonds with tenors of 2 - 3 years and 3 - 5 years, with the proportion of holdings in the balance of index component bonds being 12.3% and 10.3% respectively, and the overall portfolio duration ranging from 2.98 to 4.14 years [33]. - Since July 25, the weighted average remaining term of component bonds of science - innovation bond ETFs has shown an inverted V - shape. After the listing of ETFs, the duration was generally lengthened quickly, and then continued to decrease during the adjustment period, currently dropping to 3.73 years [39]. - Considering that interest rates have risen to a stage high, after the listing of the second - batch science - innovation ETFs, the market demand has increased. Without unexpected shocks, the liquidity of component bonds is expected to remain good, and they can be allocated from a coupon - oriented perspective [6][50]. 3.5 Summary - The second - batch 14 science - innovation bond ETFs were launched, with a total of about 40 billion yuan in raised funds. The report analyzes their impact on index component bonds and the potential of component bonds [46]. - Credit bond ETFs' scale increased in August, with science - innovation bond ETFs contributing most of the increment. The Shanghai Urban Investment Bond index had the largest increase since the beginning of the year [3][46]. - Since July 18, component bonds of science - innovation bonds have been adjusted, and there is divergence among investors regarding their future market. The excess return of component bonds may be limited, but they can be allocated from a coupon - oriented perspective [4][47][49].

证券之星消息，9月10日，城投债ETF（511220）融资买入1047.93万元，融资偿还924.34万元，融资净 买入123.59万元，融资余额3.8亿元，近3个交易日已连续净买入累计1.77亿元。 | 交易日 | 融资净买入(元) | | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | --- | | 2025-09-10 | | 123.59万 | 3.80亿 | | | 2025-09-09 | | 7475.92万 | 3.79亿 | | | 2025-09-08 | | 1.01亿 | 3.04亿 | | | 2025-09-05 | | 1.18万 | 2.03亿 | | | 2025-09-04 | | -5.09万 | 2.03亿 | | 融券方面，当日无融券交易。 融资融券余额3.8亿元，较昨日上涨0.33%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | --- | --- | --- | -- ...

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - This year, credit bond ETFs have attracted significant market attention, with active institutional trading and a structural rush to buy related index constituent bonds. Thirteen fund companies have collectively submitted applications for the second batch of Sci - tech Bond ETFs, which are expected to be listed in September. It is worth paying attention to the risks and opportunities of the related index constituent bonds [1][10]. - The short - term risk of significant over - decline of the Sci - tech Bond ETF index constituent bonds is relatively small. The new batch of Sci - tech Bond ETFs will bring new allocation funds, and the supply growth momentum has slowed down. After the second - batch listing, the excess spread of constituent bonds is unlikely to return to the high level in the first half of the year. The excess spread of constituent bonds is expected to further compress, but the space is limited. Some individual bonds' structural opportunities can be focused on [5][44][45]. 3. Summary by Directory 3.1 Sci - tech Bond ETF and Related Constituent Bonds' Recent Market Performance - **Discount status**: Since mid - to late July, Sci - tech Bond ETFs have been in a discount state, with the discount rate mainly between 0.05% - 0.4%. Although there was some repair in early August and late August when the bond market sentiment improved marginally, they have not turned into a premium state. Similar ETFs also experienced discounts during previous bond market adjustments and then recovered [2][11]. - **Differentiated performance of short - term and long - term constituent bonds**: The excess spreads of 3 - year - within and 3 - 5 - year constituent bonds fluctuate with the bond market, with a larger amplitude than the same - term and same - grade medium - term notes. Currently, they are about 2 - 3BP higher than the previous low on average. The excess spread of over - 5 - year constituent bonds continued to narrow in August, but there was a catch - up decline at the end of the month. There is a need to pay attention to the possibility of further catch - up decline [3][14][16]. - **Adjustment amplitude comparison**: The recent adjustment amplitude of the underlying constituent bonds of the benchmark - making credit bond ETF index is slightly larger than that of the Sci - tech Bond ETF index constituent bonds. This may be due to the better liquidity of benchmark - making credit bond varieties and the fact that the listing of Sci - tech Bond ETFs has squeezed the allocation demand for benchmark - making credit bond ETFs to some extent [3][30]. 3.2 Recent Supply - Demand Structure of Index Constituent Bonds - **Supply side**: Since the introduction of the new Sci - tech Bond policy in May, the issuance of Sci - tech Bonds has been booming, and the scale has increased significantly. Although the recent issuance scale has declined, it remains at a relatively high level. As of the end of August, the balance of the constituent bonds of the CSI AAA Sci - tech Bond index was close to 1.25 trillion yuan, an increase of nearly 277.8 billion yuan compared to the end of April [32]. - **Demand side**: After the listing of Sci - tech Bond ETFs, the scale expanded rapidly, but the recent growth rate has been relatively flat. This may be because the yield of index constituent bonds has declined rapidly, reducing their cost - effectiveness, and the secondary - market credit ETFs are in a discount state during the recent bond market adjustment, weakening the primary - market subscription sentiment [4][35]. 3.3 Opportunities and Risks of Related Index Constituent Bonds after the Application for the Second Batch of Sci - tech Bond ETFs - **Tracking index types**: The second - batch Sci - tech Bond ETFs mainly track the CSI AAA, Shanghai Stock Exchange AAA, and Shenzhen Stock Exchange AAA Sci - tech Bond indexes, with 9, 3, and 1 fund respectively [39]. - **Expected listing time**: If referring to the application - approval process of the first batch, the second batch of Sci - tech Bond ETFs is expected to be issued and listed in September [41][43]. - **Opportunities and risks**: The short - term risk of significant over - decline of the index constituent bonds is small. The excess spread of constituent bonds is expected to further compress, but the space is limited. Attention can be paid to individual bonds with relatively high excess spread levels and large recent declines to seek potential excess returns [5][44][45].

Group 1 - The overall revenue and profit growth of state-owned banks improved in 1H25, mainly driven by a significant increase in other non-interest income and cost release. Additionally, market interest rates and deposit rates declined, stabilizing the interest margin, leading to a marginal increase in net interest income growth [2][3]. - The asset quality of state-owned banks is relatively strong, with non-performing loan (NPL) ratios and attention rates remaining low and either stable or decreasing. The provision coverage ratio increased, enhancing the safety margin, and the capital adequacy ratio also improved, strengthening the risk resistance capability of these banks [2][4]. - Investment recommendations suggest a shift in the operating model and investment logic of bank stocks from "pro-cyclical" to "weak cycle." During periods of economic stagnation, high dividend yields from bank stocks will remain attractive, and the report continues to favor the stability and sustainability of bank stocks [2][5]. Group 2 - In terms of revenue, the year-on-year growth for 1H25 was +1.5%, with a turnaround from negative to positive growth compared to 1Q25. The net profit saw a slight decline of -0.1% year-on-year, but the decline narrowed compared to the previous quarter. The increase in revenue was largely attributed to the growth in non-interest income, particularly from the stock market [3][7]. - The asset quality analysis indicates that the overall NPL ratio remained stable at 1.27% in 1H25, with a slight decrease in the attention loan ratio. The overdue loan ratio increased slightly but remains low, and the provision coverage ratio rose to 237.50%, further enhancing the safety margin [4][9]. - The report highlights that the cost-to-income ratio for 1H25 was 29.3%, showing a year-on-year decrease, while the core Tier 1 capital adequacy ratio improved to 12.67%, maintaining a high level of capital strength [4][10].

Report Summary - The report analyzes the investment opportunities of credit bond ETFs under market adjustments and the upcoming expansion of science and technology innovation bond ETFs, suggesting three aspects to focus on for ETF allocation [4][33]. Group 1: Market Performance and Fund Flows - Affected by the strong performance of the equity market, the benchmark - market - making credit bond ETFs and science and technology innovation bond ETFs experienced significant pull - backs since mid - July, with a median maximum pull - back of about 0.5% [4][7]. - As of August 29, the median of the reinstated unit net value of credit bond ETFs and science and technology innovation bond ETFs was 1.0088 and 0.9969 respectively [7]. - Since late July, credit bond ETFs have seen significant outflows. As of the end of August, the latest total scale was 126.2 billion yuan, a decrease of 9.1 billion yuan from the peak of 135.3 billion yuan on July 18, while the scale of science and technology innovation bond ETFs remained relatively stable. As of the end of August, the total scale of credit bond - related ETFs was 350.1 billion yuan, an increase of 295.9 billion yuan from the beginning of the year [4][10]. Group 2: Discount Situation of Credit Bond - Related ETFs - Due to market adjustments and the diversion of science and technology innovation bond ETFs, the scale of credit bond ETFs declined, and there were obvious discounts in the secondary market. On August 18, the discount rate reached the range of - 0.3% to - 0.6%, with a median of - 54BP. The overall scale of science and technology innovation bond ETFs was stable, but there were also obvious discounts, with a median discount rate of about - 31BP on August 18. Among other varieties, short - term financing ETFs and corporate bond ETFs performed well, while urban investment bond ETFs also had obvious discounts [4][15]. - Historically, the duration of short - term financing ETFs is around 0.3 years, and the premium and discount rate is relatively stable. During the wealth management redemption wave at the end of 2022, the maximum discount rate of corporate bond ETFs and urban investment bond ETFs reached over - 3%. In September 2024 and March 2025, the maximum discount rates were about - 0.7% and - 0.4% respectively. Currently, the discount rates of credit bond ETFs and science and technology innovation bond ETFs are relatively high, and there is some right - side trading space after the market stabilizes [4][17]. Group 3: Comparison of Component Bonds and Non - Component Bonds - Regarding credit bond ETFs, taking the yields of 4Y - AAA ChinaBond medium - short - term notes/Shanghai - listed benchmark - market - making corporate bonds as a benchmark, from July 18 to the end of August, they increased by 16BP and 16.7BP respectively. The maximum spread since June this year was 3.6BP, the median was - 0.5BP, and the current latest spread is 1.5BP, indicating that component bonds have certain cost - effectiveness [4][22]. - For science and technology innovation bonds, taking inter - bank science and technology innovation bonds/exchange - traded science and technology innovation bonds as a benchmark, from July 18 to the end of August, they increased by 16.7BP and 13.7BP respectively. The maximum spread since June this year was 11BP, the median was 8BP, and the current latest spread is 8BP. With the upcoming concentrated listing of science and technology innovation bond ETFs, there is some space for long - position in component bonds [4][24]. Group 4: Comparison of Different ETF Products - Among credit bond ETFs, for the 4 products tracking the Shanghai - listed market - making corporate bond index, the excess returns compared to the benchmark since their listing this year range from - 20BP to - 60BP. The products tracking the Shenzhen - listed market - making credit bonds have a lower duration and relatively better overall performance, with excess returns in the range of - 10BP to - 40BP [4][26]. - Among science and technology innovation bond ETFs, the products tracking the AAA science and technology innovation bond index have excess returns in the range of - 5BP to - 30BP, with durations ranging from 3 to 4.5 years. The products tracking the Shanghai AAA and Shenzhen AAA science and technology innovation bonds have excess returns of about - 20BP [4][29]. - In terms of product strategies, some products have a relatively high proportion of credit bonds with a term of 7 years and above. Recently, the credit bond yield curve has steeply increased, and long - duration bonds have performed relatively weakly [4][29]. Group 5: Investment Opportunities - From the perspective of ETFs themselves, the current high discount rate provides right - side trading opportunities after the market stabilizes to gain the discount rate repair space [4][33]. - From the perspective of component bonds, the recent relatively large adjustment of science and technology innovation bond component bonds may bring opportunities with the upcoming expansion of science and technology innovation bond products [4][33]. - Comparing specific product strategies, products with a relatively high proportion of medium - and short - term allocations have performed better recently [4][33].

Core Viewpoint - The recent leadership change at Huaan Fund, with Xu Yong replacing Zhu Xuehua as chairman, is seen as a pivotal moment for the company amid ongoing industry restructuring and integration challenges following the merger of Guotai Junan Securities and Haitong Securities [1][2][3]. Company Overview - Xu Yong officially took over as chairman of Huaan Fund on August 28, 2025, after Zhu Xuehua's retirement on August 26, 2025 [3]. - Xu Yong has a diverse background, including experience in various sectors such as industry, government, insurance, and public funds, and previously served as the general manager of招商基金 (Zhaoshang Fund) [3][4]. - Under Xu's leadership at招商基金, the fund's management scale increased from 792.1 billion to 933.2 billion yuan from July 2022 to May 2025 [3]. Industry Context - Huaan Fund, established in 1998, is one of the first "old ten" fund companies in China but has faced challenges in total assets and profitability compared to招商基金 [4]. - As of the end of 2024, Huaan Fund reported total assets of 7.767 billion yuan and net assets of 5.687 billion yuan, with a revenue decline of 9.56% year-on-year [4]. - The leadership change is viewed as a strategic move by Guotai Haitong Securities to integrate its public fund resources and enhance business collaboration, particularly with Haitong Fund [4][6]. Integration and Restructuring - The integration of Guotai Junan Securities and Haitong Securities is a significant event in the Chinese securities industry, with the merger completed in March 2025 [6]. - Following the merger, Guotai Haitong Securities must consolidate its public fund resources to comply with regulatory requirements, with a specific integration plan due by February 2026 [6][7]. - The integration process has already begun with Haitong Fund, which has seen significant growth in its ETF offerings, surpassing 100 billion yuan in total scale as of August 21, 2025 [5][6].

Core Viewpoint - The bond market is experiencing significant adjustments, with over 70% of bond funds reporting losses in August, primarily due to high-risk preferences in the equity market and a general decline in bond fund net values [2][3][4]. Group 1: Market Performance - As of August 20, the stock market's rebound has negatively impacted bond market sentiment, leading to declines in long-term government bond futures [2]. - More than 100 bond funds have seen performance declines exceeding 1% since August, with notable losses in funds heavily invested in long-term interest rate bonds [4]. - The overall performance of bond funds this year has been poor, with over 600 funds reporting losses, indicating a challenging environment for investors seeking stable returns [4]. Group 2: Fund Flows and Investor Behavior - In response to net value adjustments, some bond fund holders have opted for redemptions, with specific funds announcing adjustments to ensure the interests of their investors [5]. - There is a divergence in fund flows for bond ETFs, with some experiencing significant outflows while others, particularly those with larger declines, have seen substantial inflows [5]. Group 3: Future Outlook - Analysts express a mixed outlook for the bond market, with expectations of continued volatility and a potential stabilization in the near term, but caution against significant upward movements without a change in interest rate expectations [6][7]. - The current economic environment, including inflation and monetary policy, presents uncertainties for the bond market, leading to a defensive stance among investors [7][8].