CCDC Valuation Center: Transition of the treasury bond yield curve completed, reflecting the yield level of newly issued treasury bonds.

According to the information obtained from the ChinaBond Valuation Center, after the announcement of the Ministry of Finance and the State Administration of Taxation on "Announcement on VAT Policy on Interest Income of Treasury Bonds and Other Bonds" on August 1st, ChinaBond Financial Valuation Center Co., Ltd. carefully studied and consulted relevant parties, formulated a transitional period preparation plan, and issued the "Explanation on the Preparation of ChinaBond Bond Valuation and Yield Curve during the Transitional Period after the Resumption of VAT on Bond Interest Income" on August 7, 2025. According to the preparation plan, ChinaBond Valuation Center will gradually transition to reference the reliable market prices of newly issued bonds at various key maturities to compile yield curves. As of November 10, 2025, the yield curves of key maturities of newly issued treasury bonds have been listed for trading. ChinaBond Valuation Center references the reliable market prices of newly issued treasury bonds to compile the treasury bond yield curve. Currently, the treasury bond yield curve transition has been completed, reflecting the yield levels of newly issued treasury bonds. Next, ChinaBond Valuation Center will continue to closely monitor market changes, timely and objectively reflect market conditions, and maintain close communication with users.