科创债ETF鹏华551030规模突破229亿，沪市同类领先

Core Insights - In 2025, China's bond market underwent a significant transformation from "active selection" to "tool allocation," with bond ETFs experiencing exponential growth, reshaping asset allocation and marking passive tools as new symbols of efficiency and stability [1][2] Industry Overview - The bond ETF market reached a "high point" in 2025, with the number of products increasing to 53 and total scale exceeding 800 billion yuan, a 362% increase from 174 billion yuan at the beginning of the year [2] - The growth of bond ETFs is characterized by structural features, primarily driven by benchmark credit bond ETFs and innovative Sci-Tech bond ETFs, with the latter contributing over 340 billion yuan to the market, accounting for nearly half of the total growth [2] - The bond ETF market has established a multi-tiered toolbox covering interest rate bonds, credit bonds, and convertible bonds, with a healthy dynamic of "institutional dominance and individual interest" [2] Company Strategy - Penghua Fund's fixed income team has proactively positioned itself as a "bond index expert" since 2018, developing a comprehensive product line that includes interest rate bond indices, credit bond indices, certificates of deposit indices, and bond ETFs [3] - As of Q3 2025, Penghua's related products have reached a total management scale of over 57.8 billion yuan, demonstrating the realization of its strategic vision [3] - Penghua's bond ETF business stands out, with a total scale surpassing 38.1 billion yuan as of December 26, 2025, establishing a leading advantage in the Sci-Tech and local government bond sectors [3][4] Product Highlights - The Penghua Sci-Tech bond ETF, launched in July 2025, has a scale of 22.9 billion yuan, leading its category in the Shanghai market, with an average daily trading volume of 6.3 billion yuan and a turnover rate of 36.7% [4] - The Penghua 0-4 Year Local Government Bond ETF, the only short-duration local government bond product, has a scale of 11.4 billion yuan, ranking first in its category, suitable for short-term fund management [6] - The Penghua 5-Year Local Government Bond ETF, launched in August 2019, has a scale of 3.8 billion yuan and offers a stable long-term performance, filling a gap in the Shenzhen market [6] Future Outlook - The trend towards bond index investment is expected to continue in a low-interest-rate environment, with Penghua Fund positioned favorably due to its strategic foresight and diversified product matrix [7] - The company emphasizes the importance of understanding trends and preparing a "toolbox" for investors to lead in the era of passive investment [7]