（数据来源：WIND资讯，平安基金整理，截至20250919） 本周债市迎来过山车走势，收益率先上后下再上，央行重启买债预期高涨，随着周中20Y国债发行结果好于预期，直至周五国 债发飞和贸易协议传言再度引爆市场悲观情绪。具体而言，周一债市早盘小幅修复走强，尾盘收益率再度上行；周二现券收益 率午后迎来一波陡峭化下行；周三债市早盘多空反复，横盘震荡，午后多头情绪再度上演反攻行情；周四隔夜美联储如期降息 25BP，股债双双下跌；周五债市缓步修复一周，迎来大幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 平安公司债ETF（511030）产品定位短融ETF+，久期短（1.5-2年），静态收益高（1.97%）近一周净值回撤可控（仅10bp）， 周均贴水小（仅4bp），规模稳定，且是少数几家采用中债估值的债券ETF之一。 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，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10日起算）： | 代码 | 目家 | 场内同称 | 托管人 | 搜複(亿) | 近1周族 | 近1周均贴 | 近1周波 | 质 ...

- The quantitative model discussed is the "Shanghai AAA Technology Innovation Corporate Bond Index" (950167.CSI), which is tracked by the "Guangfa AAA Technology Innovation Corporate Bond ETF (511120)"[11][40][44] - The model construction is based on selecting high-credit-quality corporate bonds from technology innovation companies listed on the Shanghai Stock Exchange, with a focus on "AAA-rated entities and AA+ implicit ratings"[11][40][44] - The model uses a market capitalization-weighted approach for index calculation. Monthly sample adjustments ensure dynamic optimization of the maturity structure, balancing interest rate fluctuation space and portfolio stability. The index includes 686 bonds as of July 15, 2025, with a dispersed weight distribution where the top 10 bonds account for only 5.5% of the total market value[11][40][44] - Evaluation of the model highlights its strict selection criteria, ensuring high credit quality and low default risk. It also demonstrates strong performance in terms of yield and stability, making it suitable for defensive and growth-oriented investment strategies[11][40][44] - Testing results show the index achieved a cumulative growth of 14.75% and an annualized return of 4.76% from its base date on June 30, 2022, to July 18, 2025. This significantly outperformed the Wind Medium-Long-Term Pure Bond Index, which had a cumulative growth of 10.04% and an annualized return of 3.29% during the same period[5][44][49] - The ETF tracking the index, Guangfa AAA Technology Innovation Corporate Bond ETF (511120), offers advantages such as T+0 trading, low fees (0.20% annual management and custody fees), and real-time price transparency, providing a "stock-like" bond investment experience[34][39][40] - The ETF's yield analysis shows a 100% positive return rate for both 6-month and 1-year holding periods, with average returns of 2.3% and 5.02%, respectively, and maximum returns of 4.22% and 6.74%[45][47][49] - The ETF's annualized yield of 4.69% surpasses benchmarks like the Wind Pure Bond Index (3.17%) and the ChinaBond Total Wealth 1-3 Year Index (2.87%), with an information ratio of 2.11 and 2.19 against these indices, respectively, indicating superior risk-adjusted performance[49][50][51]