科创债ETF鹏华(551030)连续7天净流入，1月资金面在央行呵护下大概率回归均衡，宽货币层面仍有空间和条件

Core Viewpoint - The article highlights the active trading and significant net inflows into the Penghua Sci-Tech Bond ETF, indicating a favorable market environment for bond investments, particularly in the technology sector [1][2]. Group 1: Market Activity - As of December 31, 2025, the Penghua Sci-Tech Bond ETF (551030) recorded a trading volume of 5.311 billion yuan, reflecting active market participation [1]. - The ETF has seen continuous net inflows over the past seven days, with a peak single-day net inflow of 629 million yuan, totaling 2.795 billion yuan in net inflows for the month, averaging 399 million yuan per day [1]. Group 2: Market Conditions - The bond market has experienced fluctuations in yields due to factors such as the central bank's liquidity support, a generally loose funding environment, and varying expectations of interest rate cuts [1]. - In early December, the bond market strengthened slightly due to marginally loose funding and institutional demand, while mid-month saw fluctuations influenced by the central bank's actions and supply concerns [1]. - By the end of the month, expectations for interest rate cuts diminished, leading to a rapid increase of 2 basis points in the yield of 10-year bonds in a single day [1]. Group 3: Investment Strategy and Outlook - According to China Galaxy Securities, the funding environment is likely to stabilize in January under the central bank's support, with potential for further monetary easing measures, which could favor the bond market [1]. - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA-rated Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, indicating a focus on high-quality debt instruments [1]. Group 4: Advantages of Sci-Tech Bond ETF - Compared to single bond purchase strategies, the Sci-Tech Bond ETF offers advantages such as low fees, low trading costs, high transparency, and high liquidity, which help in diversifying investment risks and improving capital efficiency [2]. - Huaxi Securities believes that the policy benefits create a broad market space for sci-tech bonds, and the ETF's unique index-based nature will enhance its long-term value and market influence [2]. - Penghua Fund has been actively developing a range of fixed-income products since the second half of 2018, aiming to establish itself as a leading expert in fixed-income indices in China [2].