1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Last week (from August 11 to August 15, 2025), the bond market performed weakly, with yields of major bond types generally rising. The ChinaBond - Composite Wealth Index (CBA00201) dropped 0.33%, and the ChinaBond - Composite Full - Price Index (CBA00203) declined 0.38%. Yields of interest - rate bonds across all tenors generally increased, and those of credit bonds across all tenors and ratings were under upward pressure. Credit spreads showed a narrowing trend [2][10]. - The marginal convergence of the capital market was moderate, and the "see - saw" effect between stocks and bonds was prominent. The US bond market fluctuated within a narrow range, and the expectation of interest - rate cuts was inconsistent. The secondary market of REITs continued to adjust, and trading activity decreased [2]. - The Science and Technology Innovation Bond ETF continued to attract funds. As of August 15, 2025, the total scale of the first - batch Science and Technology Innovation Bond ETF products exceeded 110 billion yuan, reaching 116.124 billion yuan in total, with 8 products having a scale exceeding 10 billion yuan [3]. 3. Summary According to Relevant Catalogs 3.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Last week, the bond market was weak. The ChinaBond - Composite Wealth Index and the ChinaBond - Composite Full - Price Index both declined. Yields of interest - rate bonds and credit bonds generally increased, and credit spreads narrowed. For example, the 1 - year, 3 - year, 5 - year, and 10 - year Treasury yields changed by 1.06bp, - 1.47bp, 3.14bp, and 5.02bp respectively compared to the previous week [2][10]. - **Market Observation**: The capital market marginally converged moderately, and the "see - saw" effect between stocks and bonds was obvious. The central bank's net withdrawal of funds led to a slight increase in capital interest rates. The US bond market fluctuated narrowly, and the expectation of interest - rate cuts was inconsistent. The secondary market of REITs continued to adjust, and trading activity decreased [11][12][13]. 3.2. Public Fund Market Dynamics - The Science and Technology Innovation Bond ETF continued to attract funds. As of August 15, 2025, the total scale of the first - batch products exceeded 110 billion yuan, with 8 products having a scale over 10 billion yuan. The total scale of the bond ETF market in the whole market reached 538.2 billion yuan, nearly tripling compared to the end of 2024. Multiple fund companies are preparing to apply for the second - batch Science and Technology Innovation Bond ETFs [3][14][15]. 3.3. Performance Tracking of Pan - Fixed - Income Fund Indexes - **Money Enhancement Index**: It rose 0.02% last week and has accumulated a return of 3.93% since its establishment [4]. - **Short - Term Bond Fund Optimal Selection**: It had a flat return of 0.00% last week and has accumulated a return of 4.12% since its establishment [4]. - **Medium - and Long - Term Bond Fund Optimal Selection**: It dropped 0.16% last week and has accumulated a return of 6.30% since its establishment [4]. - **Low - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.04% last week and has accumulated a return of 3.32% since its establishment [4]. - **Medium - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.51% last week and has accumulated a return of 3.62% since its establishment [4]. - **High - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.44% last week and has accumulated a return of 5.17% since its establishment [4]. - **Convertible Bond Fund Optimal Selection**: It rose 1.29% last week and has accumulated a return of 17.35% since its establishment [5]. - **QDII Bond Fund Optimal Selection**: It rose 0.14% last week and has accumulated a return of 9.06% since its establishment [5]. - **REITs Fund Optimal Selection**: It dropped 0.76% last week and has accumulated a return of 36.05% since its establishment [5].

Market Overview - The bond market experienced a slight decline last week (June 23-27, 2025), with the China Bond Composite Wealth Index (CBA00201) down by 0.05% and the China Bond Composite Full Price Index (CBA00203) down by 0.09% [2] - Short-term interest rates decreased while long-term rates increased, with credit bond yields generally rising and credit spreads widening [11] - The People's Bank of China (PBOC) maintained a supportive stance, injecting a net of 12,672 billion yuan into the market, which favored short-term bonds [11] Public Fund Market Dynamics - The PBOC announced plans to open a new batch of Qualified Domestic Institutional Investor (QDII) investment quotas to meet domestic investor demand, marking the first release in a year [14][15] - As of May 31, 2025, the total approved QDII quota reached 167.79 billion USD, with securities accounting for the largest share at 54.93% [15] Fund Performance Tracking - Short-term bond fund index rose by 0.02% last week, with a cumulative return of 3.94% since inception [3] - Medium to long-term bond fund index fell by 0.05%, with a cumulative return of 6.48% since inception [4] - Low volatility fixed income + fund index increased by 0.16%, with a cumulative return of 2.47% since inception [5] - Medium volatility fixed income + fund index rose by 0.42%, with a cumulative return of 1.78% since inception [6] - High volatility fixed income + fund index increased by 0.35%, with a cumulative return of 3.00% since inception [7] - Convertible bond fund index rose by 2.13%, with a cumulative return of 9.98% since inception [8] - QDII bond fund index increased by 0.59%, with a cumulative return of 7.96% since inception [9] - REITs fund index fell by 2.80%, but still recorded a cumulative return of 39.01% since inception [10] REITs Market Observation - The REITs secondary market adjusted from high levels, with the CSI REITs Total Return Index down by 1.38% last week [13] - Newly launched REIT products received strong market interest, with first-day trading limits reached for new listings [13] - The Shanghai and Shenzhen Stock Exchanges released new guidelines for public REITs expansion, which may stabilize future operations [13]