Group 1 - The core viewpoint is that the credit bond ETF Guangfa has shown significant performance with a 0.03% increase, high liquidity, and record scale and shares, indicating strong market activity [1] - The credit bond ETF Guangfa has achieved a turnover rate of 116.35%, leading among similar products, with a total transaction volume of 4.702 billion yuan [1] - The latest scale of the credit bond ETF Guangfa reached 4.131 billion yuan, marking a new high since its establishment, with shares totaling 41.1177 million, also a recent peak [1] Group 2 - The credit bond ETF Guangfa has seen continuous net inflows over the past 10 days, with a maximum single-day net inflow of 171 million yuan, totaling 724 million yuan in net inflows [1] - The deep Shenzhen benchmark market-making credit bond index reflects the operational characteristics of the deep market credit bond market, with the top ten weighted stocks accounting for 8.59% of the index [1] - Longjiang Fixed Income suggests that the market logic is gradually returning to fundamental verification, with external shocks having a marginal weakening effect [2]

Core Viewpoint - The recent adjustments in bond review policies by regulatory authorities have led to a more stringent requirement for issuers regarding debt repayment capabilities and information disclosure, impacting the approval pace for weaker credit quality platforms [2][3]. Group 1: Market Performance - As of May 13, 2025, the credit bond ETF Boshi (159396) rose by 0.01%, with a latest price of 100.56 yuan [2]. - The trading volume for the credit bond ETF Boshi reached 10.26 billion yuan, indicating active market participation, with an average daily transaction of 20.52 billion yuan over the past month [2]. - The latest scale of the credit bond ETF Boshi reached 5.918 billion yuan, marking a new high since its inception and ranking it in the top quarter among comparable funds [2]. Group 2: Fund Inflows and Performance - The credit bond ETF Boshi has seen continuous net inflows over the past three days, totaling 407 million yuan, with a peak single-day inflow of 286 million yuan [3]. - The fund has recorded a maximum drawdown of 0.89% since inception, with a recovery period of 26 days [3]. - The management fee for the credit bond ETF Boshi is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3]. Group 3: Index Tracking and Holdings - The credit bond ETF Boshi closely tracks the Shenzhen benchmark market-making credit bond index, which reflects the operational characteristics of the credit bond market in Shenzhen [3]. - As of April 30, 2025, the top ten weighted stocks in the Shenzhen benchmark market-making credit bond index accounted for 8.59% of the total index [4].