Core Viewpoint - In December 2024, Galaxy Securities issued a yield certificate product linked to the 10-year China government bond futures yield index to meet the increasing diversification needs of clients in financial products and services [1] Group 1: Product Development - The issuance of the yield certificate enriches the product line of Galaxy Securities' FICC business, with approximately 30 yield certificates issued to date, covering various professional investors across multiple industries, including state-owned enterprises, private enterprises, and individual investors [1] - The "small giant" high-tech enterprises recognized as national-level specialized and innovative firms have shown active subscription interest [1] Group 2: Market Impact - The China Government Bond Futures Yield Index series launched by the China Securities Index Company fills a gap in the domestic government bond futures index market, providing a productizable index that is investable and easily replicable, which is beneficial for developing off-exchange products linked to the index [1] - The index reflects the supply-demand relationship and price changes in the government bond futures market, complementing existing government bond spot indices and offering investors a more comprehensive market tracking benchmark [1] Group 3: Future Plans - In addition to the 10-year yield certificate, Galaxy Securities plans to introduce yield certificates linked to the 5-year and 2-year government bond futures yield indices, as well as yield swaps and off-exchange options [2] - The development of index productization is supported by policies and market demand, with the "14th Five-Year Plan" and the State Council's opinions on promoting high-quality development of the futures and derivatives market clearly supporting innovation in index tools [2] - Future integration of government bond futures indices and commodity indices is anticipated, exploring "government bond + commodity" inflation hedging combinations, which may play a more significant role in serving national strategies and wealth management for residents [2]