Group 1 - The local government bond market in China has entered a new expansion cycle since 2025, with the total number of local government bonds reaching 12,535 and a balance of approximately 51 trillion yuan, reflecting an 8% increase compared to the end of 2024 [1] - In 2025, a total of 832 local government bonds were issued, amounting to 4.46 trillion yuan, with a significant year-on-year increase and an advanced issuance pace [1] - The current low-interest-rate environment, driven by policy expansion and monetary easing, has enhanced the investment value of local bonds, with increasing turnover rates and improving liquidity [1] Group 2 - As of June 6, 2025, the yield spread between short-term local bonds and government bonds has widened by nearly 10 basis points, with 2Y and 3Y local bonds showing spreads exceeding 15 basis points, placing them in the top 60% since 2022 [2] - The funding rate remains around 1.4%, with short-term local bonds offering positive yield spreads, making them an attractive choice under the current monetary easing expectations [2] Group 3 - There are currently four local bond ETFs in the market, including two managed by Penghua Fund, which cater to different investor needs with varying durations [3] - The Penghua 5-Year Local Bond ETF focuses on medium to long-term local bonds, offering higher yield potential with lower credit risk, while the Penghua 0-4 Year Local Bond ETF targets short-term local bonds, providing low volatility and stable returns [3] Group 4 - Both Penghua local bond ETFs support T+0 trading and can be used for pledged financing, with a low annual comprehensive fee rate of only 0.2% [4] - The trading activity of these ETFs has been robust, with average weekly trading volumes of 1.5 billion yuan and 2.1 billion yuan, and daily turnover rates of 35% and 117% respectively [4] - The investment team at Penghua Fund has extensive experience, with an average of over 8 years in the industry, and is well-equipped to manage various market conditions [4]

"双降"落地后，债市走出短端强势的行情。据Wind数据，截至2025年5月15日，全市场唯一的短久期地 债ETF——鹏华0-4地债ETF(159816.SZ)近半年、近一年分别上涨1.13%、2.93%；鹏华5年地债 ETF(159972.SZ)近半年、近一年分别累计上涨1.89%、4.51%。流动性方面，5月15日，鹏华0-4地债ETF 交投活跃，成交额达到23.53亿元，换手率为127%。 据Wind数据，鹏华两只地债ETF今年以来交投活跃，场内流动性较佳。截至2025年5月9日，鹏华0-4地 债ETF本周日均成交量为19亿元，本周日均换手率为104%。鹏华5年地债ETF本周日均成交量为13亿 元，本周日均换手率为27%。 值得一提的是，上述两只地债ETF久期不同，在产品定位方面也有所不同，致力于为投资者提供多样化 的选择。鹏华5年地债ETF久期更长，更偏投资属性，相对适合作为波段交易的工具。鹏华0-4地债ETF 是短久期地债品种配置工具，定位是货币增强，主打追求稳健。 业绩方面，鹏华5年地债ETF(159972.SZ)长期业绩稳定，据基金定期报告，2020-2024年完整的自然年度 持续保持净值正增长， ...

全市场唯一的短久期地债ETF——鹏华0-4地债ETF(159816.SZ)近日交投持续活跃。据Wind数据，2025 年4月23日，该基金的成交量为19.2亿元，换手率达104%，为全市场债券ETF第一；4月24日，其成交量 上升至20.61亿元，换手率达112.09%，居全市场债券ETF第四；4月25日，成交量为18.44亿元，换手率 为100.25%，再次位居全市场债券ETF第一。 分析当前投资环境，鹏华基金现金投资部表示，关税冲击下，一方面市场避险需求增加，利好债市，另 一方面，市场对央行降准降息的预期增加, 4月多家银行下调了存款利率，存款利率的调降和大行后续核 心一级资本的补充都有利于缓解银行净息差压力，为后续降息的落地做好准备。目前30Y地方债-30Y国 债利差24BP，处于2022年以来95%分位数，防御价值凸显，曲线形态上，短端3Y依旧偏凸，后续观察 资金利率是否能进一步下行，若下行顺畅则能带动短端利率下行。 在债券ETF领域，鹏华固收"债券指数专家"团队通过产品差异化的创新路径，填补了地方债ETF的市场 空白并建立起领先优势，2019年推出全市场首只5年期地方债ETF——鹏华5年地债ETF( ...