科创债ETF鹏华(551030)连续3天净流入，资金持续布局

Core Viewpoint - The article highlights the performance and potential of the Penghua Science and Technology Bond ETF, emphasizing its recent inflows and the favorable macroeconomic conditions for both equity and bond markets [1][2]. Group 1: ETF Performance - As of November 26, 2025, the latest price of the Penghua Science and Technology Bond ETF is 99.82 yuan, with a total scale reaching 19.85 billion yuan [1]. - The ETF has seen continuous net inflows over the past three days, with a peak single-day net inflow of 49.975 million yuan, totaling 89.9535 million yuan, averaging 29.9845 million yuan in daily net inflows [1]. Group 2: Market Outlook - The Futu Securities team projects a dual bull market for stocks and bonds in 2026, with a greater imagination space for equities, while cautioning against easily bearish views on the bond market [1]. - Key macroeconomic factors include a K-shaped economic recovery, central banks increasing their internal asset ratios, and a clearer upper limit on interest rates compared to the lower limit, suggesting a higher likelihood of declining bond market rates [1]. Group 3: ETF Advantages and Strategy - Compared to single bond buying strategies, the Science and Technology Bond ETF offers advantages such as low fees, low trading costs, high transparency, high diversification, and efficient "T+0" redemption, which helps mitigate investment risks and improve capital efficiency [2]. - The market for science and technology bonds is expected to expand under favorable policy conditions, with the ETF being the only indexed tool in the technology bond sector, enhancing its long-term allocation value and market influence [2]. - Penghua Fund aims to establish itself as a "fixed income index expert" by actively developing a range of fixed income products, with the total scale of bond ETFs exceeding 30 billion yuan [2].