Report Industry Investment Rating No information provided in the content Core Viewpoints of the Report - The Middle East situation remains tense and complex, with the conflict entering a costly war of attrition. The risk of financial market volatility persists, but the direct impact on the Asian economy may gradually weaken as Asian vessels gain passage through the Strait of Hormuz and oil prices decline. The market is in a period of repeated fluctuations [3][11][12]. - In terms of asset allocation, it is recommended to focus on three main lines: sectors driven by domestic policies and in an upward industrial cycle, such as power grid equipment and lithium - battery materials; technology tracks with long - term growth potential and relatively low valuations, including computing infrastructure, semiconductor equipment and materials; and low - valuation value sectors like coal, chemicals, and finance. In the short term, it is advisable to control positions and seize structural opportunities while waiting for external risks to become clearer [3][12]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week (2026.03.23 - 2026.03.27), the A - share market was under short - term pressure due to external disturbances. The market adjusted significantly in the first half of the week and gradually recovered in the second half, with increased trading activity. The average daily trading volume of the entire A - share market was 21,093 billion yuan, a decrease compared to the previous week [11]. - The market hotspots were concentrated in sectors driven by fundamental improvements or external events. The top - performing industries included basic chemicals, non - ferrous metals, public utilities, and pharmaceutical biology. Innovative drugs and lithium - battery new energy were the leading sectors throughout the week [11]. - The Middle East situation continued to evolve in a highly tense and complex manner. The conflict has entered a costly war of attrition, and there is a risk of the region falling into an all - out melee [11]. - In the short term, the Iran - US conflict may lead to repeated attacks before April 6, bringing significant volatility to the financial market. However, the direct impact on the Asian economy may gradually weaken [3][12]. 1.2. Pan - Fixed - Income Market Review and Observation - Last week (2026.03.23 - 2026.03.27), the bond market oscillated and recovered. The yields of 1 - year, 10 - year, and 30 - year treasury bonds decreased by 0.50BP, 1.27BP, and 3.84BP respectively, to 1.25%, 1.82%, and 2.35% [4][13]. - The US Treasury yield curve steepened. The 1 - year US Treasury yield decreased by 3BP to 3.77%, the 2 - year yield remained flat, and the 10 - year yield increased by 5BP to 4.44% [14]. - The CSI REITs Total Return Index fell 0.83% last week, with warehousing logistics and industrial parks among the sectors with the largest declines. In the primary market, 4 new public REITs made progress [14]. 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Equity Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and the style distribution is roughly balanced according to the CSI Equity - Oriented Fund Index [18]. - **Value - Oriented Equity Fund Selection**: The index includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification [18]. - **Balanced Equity Fund Selection**: The index selects 10 relatively balanced and value - growth style funds based on multi - period style classification. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [21]. - **Growth - Oriented Equity Fund Selection**: The index aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification [23][25]. - **Pharmaceutical Equity Fund Selection**: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of the representative index (CITIC Pharmaceutical). It constructs an evaluation system and selects 15 funds to form the index [27]. - **Consumer Equity Fund Selection**: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative consumer - related indices. It constructs an evaluation system and selects 10 funds to form the index [30]. - **Technology Equity Fund Selection**: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative technology - related indices. It constructs an evaluation system and selects 10 funds to form the index [34]. - **High - end Manufacturing Equity Fund Selection**: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative high - end manufacturing indices. It constructs an evaluation system and selects 10 funds to form the index [37]. - **Cyclical Equity Fund Selection**: The index selects funds based on the intersection market value ratio of fund equity holdings and the constituent stocks of representative cyclical indices. It constructs an evaluation system and selects 5 funds to form the index [39]. 2.2. Other Fund Indices - **Money - Market Enhancement Index**: The money - market enhancement strategy index aims for liquidity management, pursues a curve that outperforms money - market funds, and is mainly configured with money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index [45]. - **Pure - Bond Index**: - **Short - Term Bond Fund Selection**: The index aims for liquidity management and selects 5 funds with stable long - term returns, strict回撤 control, and significant absolute return capabilities. The performance benchmark is a combination of the short - term pure - bond fund index and the common money - market fund index [47]. - **Medium - and Long - Term Bond Fund Selection**: The index invests in medium - and long - term pure - bond funds, aiming for stable returns while controlling回撤. It selects 5 funds that balance coupon strategies and band - trading operations and adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to market conditions [50]. - **Fixed - Income Plus Index**: - **Low - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 10%, selects 10 funds with an equity central position (considering convertible bond and stock positions) of less than 15% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [53]. - **Medium - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [55]. - **High - Volatility Fixed - Income Plus Selection**: The index has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently. The performance benchmark is a combination of the CSI 800 Index and the ChinaBond New Composite Full - Price Index [56]. - **Other Pan - Fixed - Income Indices**: - **Convertible Bond Fund Selection**: The index selects 5 convertible - bond funds based on investment proportion requirements and an evaluation system considering fund product, fund manager, and fund company dimensions [61]. - **QDII Bond Fund Selection**: The index selects 6 QDII bond funds with stable returns and good risk control based on credit and duration conditions [64]. - **REITs Fund Selection**: The index selects 10 REITs funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types [65].

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (2025.12.08 - 2025.12.12), the bond market showed a slight recovery. Looking ahead, the pressure on the bond market is expected to gradually ease, mainly due to the improvement in the supply - demand pattern and the potential for further interest rate cuts. The supply pressure in the bond market in 2026 is expected to be lower than in the same period of 2025, and the central bank will maintain relatively abundant market liquidity, leaving room for reserve requirement ratio cuts and interest rate cuts. As a result, bond yields are more likely to decline slowly in fluctuations [4][10]. Summary by Related Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: Last week, the domestic bond market recovered slightly. The 1 - year, 10 - year, and 30 - year Treasury yields all declined. In the future, the supply pressure in 2026 is expected to be lower than in 2025, and the central bank will maintain market liquidity, which may help stabilize bond market sentiment and lead to a slow decline in bond yields [10]. - **US Bond Yields**: Different - term US bond yields showed a differentiated trend last week. The 1 - year and 2 - year yields declined, while the 10 - year yield increased. The market has different views on the scope and rhythm of further interest rate cuts next year, and the focus has shifted to the non - farm payroll data. The Bank of Japan's interest rate hike also affected long - term US bonds [11]. - **REITs**: The CSI REITs Total Return Index fell 0.29% last week. The data center, environmental protection, and affordable housing sectors led the gains, while the warehousing and logistics and expressway sectors led the losses. In the primary market, 19 REITs have been successfully issued in 2025 as of December 12, 2025, and 2 new REITs made progress last week [11]. 1.2. Public Fund Market Dynamics - Multiple fund companies have started the statistics work on performance benchmarks. With the upcoming implementation of the new regulations on the performance comparison benchmarks of publicly - offered securities investment funds, fund companies have received notices to submit plans for revising the performance benchmarks of existing products [12]. 2. Pan - Fixed - Income Fund Index Performance Tracking 2.1. Money Enhancement Index Tracking - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money market funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Focuses on liquidity management, pursues a smooth - rising curve while controlling drawdowns. It mainly allocates 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * General Money Market Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns. It selects funds with both returns and drawdown control, and adjusts the duration and the proportion of credit bond funds and interest - rate bond funds according to market conditions [20]. 2.3. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is set at 10%, with 10 funds selected each period. It selects fixed - income + products with an equity center within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%, with 5 funds selected each period. It selects fixed - income + products with an equity center between 15% and 25% in the past three years and recently [26]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, with 5 funds selected each period. It selects fixed - income + products with an equity center between 25% and 35% in the past three years and recently, and focuses on funds with strong stock - picking ability in the equity segment [27]. 2.4. Convertible Bond Fund Preferred Index - Selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions to select 5 funds to form the index [31]. 2.5. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds. It selects 6 funds with stable returns and good risk control based on credit and duration conditions to form the index [34]. 2.6. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types to form the index [35].

1. Report Industry Investment Rating - The report indicates that the current bond market has more opportunities than risks, especially from November to December [11]. 2. Core Viewpoints - Last week (2025.11.10 - 2025.11.14), the domestic bond market maintained an overall volatile pattern. The yield of 1 - year Treasury bonds rose by 0.59BP to 1.41%, the yield of 10 - year Treasury bonds remained flat at 1.81%, and the yield of 30 - year Treasury bonds fell by 1.00BP to 2.15%. The change in the wording of the third - quarter monetary policy implementation report towards further easing and the warming of inflation data led to a cooling of expectations for further monetary policy easing, resulting in a short - term continuation of the volatile pattern in the bond market [2][10]. - The US bond yield increased last week. The 1 - year US bond yield rose by 7BP to 3.70%, the 2 - year US bond yield rose by 7BP to 3.62%, and the 10 - year US bond yield rose by 3BP to 4.14%. The increasingly hawkish attitude of Fed officials led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part of Huaxia Anbo Warehouse REIT, which was launched on November 11, exceeded the initial fundraising scale limit in one day and started the proportional placement [12][13]. 3. Summary by Directory 3.1. Pan - fixed - income Market Review and Observation - **Domestic Bond Market**: The domestic bond market was volatile last week. The change in the monetary policy report's wording and the warming of inflation data affected the market. In the long term, the downward breakthrough of long - term yields depends on economic data and investors' risk preferences. Overall, the bond market from November to December has more opportunities than risks [10][11]. - **US Bond Market**: The US bond yield increased last week. The hawkish attitude of Fed officials and the under - expected auction yield of 10 - year US Treasury bonds led to a significant cooling of the market's expectation of a Fed rate cut in December [11]. - **REITs Market**: The CSI REITs Total Return Index rose by 0.86% last week, with the transportation, affordable housing, consumption, and warehousing and logistics sectors leading the rise, while the municipal environmental protection and data center sectors falling. The issuance of Huaxia Anbo Warehouse REIT was very popular [12]. 3.2. Public Fund Market Dynamics - The issuance of Huaxia Anbo Warehouse REIT was very popular, achieving "one - day sell - out". The public offering part exceeded the initial fundraising scale limit in one day, and the public investor subscription confirmation ratio was 5.83%, while the offline investor confirmation ratio was as low as 0.68% [12][13]. 3.3. Pan - fixed - income Fund Index Performance Tracking - **Performance Statistics**: - The money enhancement index rose by 0.03% last week, with a cumulative return of 4.30% since its establishment [4]. - The short - term bond fund selection index rose by 0.03% last week, with a cumulative return of 4.48% since its establishment [4]. - The medium - and long - term bond fund selection index rose by 0.07% last week, with a cumulative return of 6.82% since its establishment [4]. - The low - volatility fixed - income + fund selection index rose by 0.07% last week, with a cumulative return of 4.78% since its establishment [4]. - The medium - volatility fixed - income + fund selection index rose by 0.04% last week, with a cumulative return of 6.12% since its establishment [4]. - The high - volatility fixed - income + fund selection index fell by 0.06% last week, with a cumulative return of 8.11% since its establishment [4]. - The convertible bond fund selection index rose by 0.03% last week, with a cumulative return of 23.54% since its establishment [4]. - The QDII bond fund selection index rose by 0.08% last week, with a cumulative return of 10.35% since its establishment [4]. - The REITs fund selection index rose by 1.67% last week, with a cumulative return of 33.81% since its establishment [4]. - **Index Positioning**: - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money funds and rises smoothly, and mainly allocates money market funds and inter - bank certificate of deposit index funds [17]. - **Short - term Bond Fund Selection Index**: Aims at liquidity management, pursues a smooth upward curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities [19]. - **Medium - and Long - term Bond Fund Selection Index**: Aims to obtain stable returns by investing in medium - and long - term pure bond funds, controls drawdowns, and tries to obtain excess returns relative to the medium - and long - term bond fund index. It selects funds with both returns and drawdown control, and flexibly adjusts the duration and the proportion of credit bond funds and interest rate bond funds according to market conditions [21]. - **Low - volatility Fixed - income + Selection Index**: The equity center is positioned at 10%, and 10 funds are selected each period. It focuses on selecting fixed - income + targets with an equity center within 15% in the past three years and recently, and emphasizes the holding experience [22]. - **Medium - volatility Fixed - income + Selection Index**: The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently, and focuses on the performance - risk cost - effectiveness [25]. - **High - volatility Fixed - income + Selection Index**: The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently, and focuses on selecting targets with strong stock - picking ability and certain offensiveness on the equity side [26][29]. - **Convertible Bond Fund Selection Index**: Selects bond - type funds with the average proportion of convertible bond investment in bond market value greater than or equal to 60% in the latest period and greater than or equal to 80% in the past four quarters as the sample space. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. - **QDII Bond Fund Selection Index**: Selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds to form the index [33]. - **REITs Fund Selection Index**: Selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset types of REITs to form the index [34].

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - Last week (2025.08.25 - 2025.08.29), the bond market continued to fluctuate with improved sentiment, while the stock - bond relationship showed some desensitization. The 1 - year Treasury yield dropped to 1.37%, and the 10 - year yield rose to 1.84%. Credit spreads and term spreads of credit bonds diverged [2][9]. - US Treasury yields declined last week, with the 1 - year yield at 3.83%, the 2 - year at 3.59%, and the 10 - year at 4.23%, due to concerns about Fed independence and strong demand for 2 - year US Treasuries [9]. - The REITs market recovered last week, with the CSI REITs Total Return Index rising 1.06%. The rental housing and consumer infrastructure sectors had the largest rebounds, while the transportation and energy sectors showed defensive characteristics [2][10]. - The approval of "equity - containing" hybrid funds and secondary bond funds has accelerated [2][11]. Summary by Directory 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market**: Last week, the bond market was volatile with improved sentiment. The 1 - year Treasury yield decreased by 0.09BP to 1.37%, and the 10 - year yield increased by 5.61BP to 1.84%. Credit bonds showed an overall oscillatory recovery, with term spreads and credit spreads diverging. The short - term possibility of further yield decline is low, and the bullish sentiment in the bond market has generally declined. The 10 - year Treasury yield mainly fluctuated between 1.75% - 1.8%. To reduce volatility, one can moderately reduce duration or increase attention to high - coupon assets [2][9]. - **US Treasury Bonds**: Last week, US Treasury yields declined. The 1 - year yield dropped to 3.83%, the 2 - year to 3.59%, and the 10 - year to 4.23%. This was due to concerns about Fed independence after Trump's dismissal of Fed Governor Cook and strong demand for 2 - year US Treasuries [9]. - **REITs Market**: Last week, the REITs market recovered, with the CSI REITs Total Return Index rising 1.06%. The rental housing and consumer infrastructure sectors had the largest rebounds, while the transportation and energy sectors showed low volatility. In the issuance market, 15 REITs have been successfully issued this year as of August 29, 2025. Last week, 2 new - issue and 2 expansion - issue REITs made progress [2][10]. 1.2. Public Fund Market Dynamics - The approval of "equity - containing" hybrid funds and secondary bond funds has accelerated. According to the latest "Institutional Supervision Situation Bulletin" on August 28, 2025, the regulatory authorities have improved the public fund product registration arrangement. The approval speed is set according to the equity position of the product. For example, stock ETFs are registered within 5 working days, active - management equity funds and off - exchange broad - based stock index funds within 10 working days, and hybrid funds and secondary bond funds with a certain minimum stock position within 15 working days. There is also a "rewarding the excellent and supporting the new" regulatory orientation [11]. 2. Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | Last Week | Since Inception | | --- | --- | --- | | Money Enhancement Index | +0.03% | +3.99% | | Short - Term Bond Fund Selection | - 0.03% | +4.15% | | Medium - and Long - Term Bond Fund Selection | +0.07% | +6.21% | | Low - Volatility Fixed - Income + Fund Selection | +0.20% | +3.72% | | Medium - Volatility Fixed - Income + Fund Selection | +0.53% | +4.79% | | High - Volatility Fixed - Income + Fund Selection | +0.23% | +6.29% | | Convertible Bond Fund Selection | - 1.28% | +18.45% | | QDII Bond Fund Selection | +0.20% | +9.13% | 2.1. Money Enhancement Index Tracking - **Index Positioning**: The money enhancement strategy index aims at liquidity management, seeking a curve that outperforms money funds. It mainly invests in money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - Term Bond Fund Selection Index**: It focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It mainly invests in 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance benchmark is 50% Short - Term Pure Bond Fund Index + 50% Ordinary Money Fund Index [15][17]. - **Medium - and Long - Term Bond Fund Selection Index**: It invests in medium - and long - term pure bond funds, aiming for stable returns and controlling drawdowns. It selects 5 funds, balancing coupon strategies and band - trading operations, and adjusting the ratio of credit bond funds and interest - rate bond funds according to market conditions [18]. 2.3. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Selection Index**: The equity center is set at 10%, and 10 funds are selected each period. It focuses on funds with an equity position within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% CBA New Comprehensive Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Selection Index**: The equity center is 20%, and 5 funds are selected each period. It selects funds with an equity position between 15% - 25% in the past three years and recently, emphasizing performance elasticity [25]. - **High - Volatility Fixed - Income + Selection Index**: The equity center is 30%, and 5 funds are selected each period. It selects funds with an equity position between 25% - 35% in the past three years and recently, focusing on performance elasticity and strong stock - picking ability in the equity segment [28]. 2.4. Convertible Bond Fund Selection Index - **Index Positioning**: The sample space consists of bond funds with an average convertible bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters. An evaluation system is established from multiple dimensions to select 5 funds [30]. 2.5. QDII Bond Fund Selection Index Tracking - **Index Positioning**: The underlying assets of QDII bond funds are overseas bonds, covering regions such as the world, Asia, and emerging markets. Six funds with stable returns and good risk control are selected to form the index [33].