Core Insights - On June 19, 2025, a total of 267 ETFs experienced net inflows, while 337 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - 42 ETFs had net inflows exceeding 100 million yuan, with significant inflows observed in Short-term Bond ETF (12.48 billion yuan), Credit Bond ETF (10.82 billion yuan), Corporate Bond ETF (7.93 billion yuan), Hang Seng Technology Index ETF (7.45 billion yuan), and Government Financial Bond ETF (7.20 billion yuan) [1] - Conversely, 10 ETFs had net outflows exceeding 100 million yuan, with notable outflows from CSI 300 ETF (4.64 billion yuan), CSI 300 ETF E Fund (3.27 billion yuan), A500 ETF (3.19 billion yuan), and others [1][5] Inflow and Outflow Analysis - The top inflowing ETFs included Short-term Bond ETF (124.83 million yuan), Credit Bond ETF (108.20 million yuan), and Corporate Bond ETF (79.29 million yuan) [3] - The top outflowing ETFs included CSI 300 ETF (463.50 million yuan), CSI 300 ETF E Fund (327.06 million yuan), and A500 ETF (319.30 million yuan) [5] - A total of 140 ETFs have seen continuous net inflows, with the leading ones being Hong Kong Stock Connect Dividend ETF (8.63 billion yuan) and Credit Bond ETF Dachen (5 billion yuan) [6] Recent Trends - Over the past 5 days, 80 ETFs recorded net inflows exceeding 100 million yuan, with Credit Bond ETF leading at 68.42 billion yuan [6] - In contrast, 53 ETFs experienced net outflows exceeding 100 million yuan, with Silver Hua Daily ETF leading at 21.93 billion yuan [6] - The Hong Kong Stock Connect Dividend ETF has accelerated inflows, growing its scale to 2.507 billion yuan [6]

Group 1 - The 5-year local government bond ETF (159972) has seen a price increase of 2 basis points, currently priced at 116.05 yuan [1] - The trading volume for the 5-year local government bond ETF was active, with a turnover rate of 49.96% and a transaction value of 2.046 billion yuan [1] - The latest scale of the 5-year local government bond ETF reached 4.099 billion yuan, indicating significant market interest [1] Group 2 - Concerns regarding the stability of funds in the market have eased as the month progresses, with a total of 1.83 trillion yuan in interbank certificates of deposit being renewed [1] - The People's Bank of China (PBOC) has taken measures to stabilize funding rates, including increasing the daily open market operation (OMO) injection to 202.5 billion yuan on June 12 [1] - The PBOC's actions reflect a warming attitude towards market liquidity, suggesting a potential turning point in the funding curve [1] Group 3 - The 5-year local government bond ETF primarily invests in medium to long-term local government bonds, making it suitable for duration management and tactical allocation [2] - The ETF offers relatively high yield potential while maintaining low credit risk [2]

Core Viewpoint - The 5-year local government bond ETF (159972) has shown a slight increase and is experiencing active trading, with significant developments in the US-China trade negotiations impacting market sentiment [2][3]. Group 1: ETF Performance - As of May 12, 2025, the 5-year local government bond ETF (159972) rose by 0.05%, with the latest price at 116 yuan [1]. - Over the past six months, the ETF has accumulated a total increase of 2.09% [2]. - The ETF's latest scale reached 4.598 billion yuan, marking a new high in nearly a year [2]. Group 2: Market Activity - The ETF experienced a turnover rate of 18.8% during trading, with a transaction volume of 864 million yuan, indicating active market participation [2]. - The average daily transaction volume over the past month was 1.425 billion yuan [2]. Group 3: Economic Context - Recent US-China trade talks in Geneva have reportedly made "substantial progress" regarding tariff negotiations, which may influence market dynamics [2]. - The recent monetary policy adjustments, including interest rate cuts, have not met market expectations, leading to a steepening of the bond market curve [2]. - The bond market remains optimistic due to the anticipated decline in funding rates and the upcoming deposit rate cuts, while the progress in US-China trade talks introduces uncertainty [2]. Group 4: Investment Strategy - The 5-year local government bond ETF primarily invests in medium to long-term local government bonds, making it suitable for duration management and tactical allocation, offering relatively high yield potential with low credit risk [2].

截至2025年4月30日 13:52，5年地债ETF(159972)上涨2bp， 冲击4连涨。最新价报115.83元。拉长时间 看，截至2025年4月29日，5年地债ETF近半年累计上涨2.36%。 流动性方面，5年地债ETF盘中换手25.62%，成交11.75亿元，市场交投活跃。拉长时间看，截至4月29 日，5年地债ETF近1月日均成交13.85亿元。 规模方面，5年地债ETF最新规模达45.88亿元，创近1年新高。 消息面上，4月30日，国家统计局公布数据显示，4月份，制造业采购经理指数（PMI）为49.0%，比上 月下降1.5个百分点。 国家统计局服务业调查中心高级统计师赵庆河指出，受外部环境急剧变化等因素影响，4月份制造业采 购经理指数有所回落，但高技术制造业等相关行业继续保持扩张，以内销为主的制造业企业生产经营总 体稳定。总体看，综合PMI产出指数自2023年1月以来始终位于临界点以上，我国经济总体产出持续扩 张，长期向好的基本面没有改变。 华西证券认为4月30日的制造业PMI数据以及央行公告买断式回购的规模，或成为市场重新波动的催化 剂。从高频数据来看，企业或从"抢出口"开始步入"抢转口"的阶段， ...

Report Overview - The report is a weekly tracking of bond ETFs from April 21 to April 25, 2025, focusing on share trends, net value trends, and capital inflows of various bond ETFs [1][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the overall contraction trend of bond ETF shares has stabilized, and the shares of major bond ETFs have also become stable. Among the net values of major bond - type ETFs, the convertible bond ETF has shown a significant increase. The convertible bond ETF has the highest cumulative net inflow this week, while the urban investment bond ETF has the highest net inflow this month [4][8][11] 3. Summary by Relevant Catalogs 3.1 Various Bond ETF Share Trends - As of the close on April 25, 2025, the shares of treasury bond - type, policy - financial bond - type, local bond - type, credit bond - type, and convertible bond - type were 299.13 million shares, 475.51 million shares, 82.24 million shares, 1980.69 million shares, and 3547.85 million shares respectively, with a total of 6385.41 million shares for bond - type ETFs. Compared with the close on April 18, 2025, they changed by - 1.32 million shares, - 3.29 million shares, 0.01 million shares, 4.63 million shares, - 8.80 million shares respectively, and the total change for bond - type ETFs was - 8.77 million shares. Compared with the end of last month, they changed by - 19.30 million shares, 41.05 million shares, 8.45 million shares, 185.24 million shares, - 105.10 million shares respectively, and the total change for bond - type ETFs was 110.34 million shares [4][5] 3.2 Main Bond ETF Share Trends - As of the close on April 25, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 132.98 million shares, 386.06 million shares, 39.62 million shares, 1563.68 million shares, and 2989.29 million shares respectively. Compared with the close on April 18, 2025, they changed by - 0.19 million shares, - 1.72 million shares, no change, no change, 7.20 million shares respectively [4][8] 3.3 Main Bond ETF Net Value Trends - As of the close on April 25, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2933, 1.1514, 1.2457, 1.4240, and 1.1825 respectively. Compared with the close on April 18, 2025, they changed by - 0.15%, - 0.09%, 0.04%, - 0.06%, 0.89% respectively; compared with the end of last month, they changed by 2.86%, 1.04%, 0.73%, 0.18%, - 1.22% respectively [4][11] 3.4 Partial Bond ETF Net Inflow Situations - Weekly: The top three bond ETFs with cumulative net inflows this week were convertible bond ETF, short - term financing ETF, and state - development bond ETF, with net inflow amounts of 8.51 million yuan, 5.17 million yuan, and 0.43 million yuan respectively. - Monthly: The top three bond ETFs with cumulative net inflows this month were urban investment bond ETF, short - term financing ETF, and Shanghai Stock Exchange convertible bond ETF, with net inflow amounts of 143.40 million yuan, 78.15 million yuan, and 58.22 million yuan respectively. - In the past 10 trading days: The top three bond ETFs with cumulative net inflows were convertible bond ETF (78.64 million yuan), urban investment bond ETF (74.90 million yuan), and short - term financing ETF (31.66 million yuan). - In the past 20 trading days: The top three bond ETFs with cumulative net inflows were urban investment bond ETF (143.40 million yuan), short - term financing ETF (79.72 million yuan), and Shanghai Stock Exchange convertible bond ETF (54.05 million yuan) [4][14] 3.5 Partial Bond ETF Portfolio Duration and Portfolio Convexity - Based on the heavy - position bonds and their proportions disclosed in the latest quarterly reports of bond ETFs, the report sorted out bond ETFs where the proportion of heavy - position bonds in the fund's net value exceeded 50% in total, and calculated the portfolio duration and portfolio convexity of bond ETFs through weighted calculation according to the proportion of each heavy - position bond in the fund's net value [17]