规模破8000亿，债券ETF大扩容

Core Insights - The bond ETF market has experienced significant expansion, surpassing 800 billion yuan in total scale last year, making it one of the fastest-growing segments in the ETF market [1] - As of December 31, 2025, the total scale of bond ETFs reached 829.02 billion yuan, a substantial increase of 655.05 billion yuan from the beginning of the year, marking the highest growth rate among all ETF categories [1] - The growth of bond ETFs is primarily driven by the introduction of benchmark market-making credit bond ETFs and sci-tech bond ETFs, which have rapidly accumulated scale since their launch in 2025 [1][3] Market Structure - The sci-tech bond ETFs have shown remarkable performance, with 16 products tracking the CSI AAA Sci-Tech Innovation Company Bond Index, totaling a management scale of 280.75 billion yuan; 6 products tracking the SSE AAA Sci-Tech Innovation Company Bond Index with a scale of 67.39 billion yuan; and 2 products linked to the SZSE AAA Sci-Tech Innovation Company Bond Index with a total scale of 7.19 billion yuan [1] - The benchmark market-making credit bond ETFs have also become a significant growth driver, with products tracking the SSE Benchmark Market-Making Corporate Bond Index reaching a management scale of 79.86 billion yuan, and those tracking the SZSE Benchmark Market-Making Credit Bond Index at 47.56 billion yuan [3] - Currently, there are 53 bond ETFs in the market, accounting for only 3.78% of all ETFs, but their net asset value has significantly increased to 13.77%, indicating strong investor recognition [3] Industry Trends - The continuous expansion of bond ETFs signifies a shift towards a more transparent and efficient index-based investment approach in the bond market [3] - Compared to traditional bond funds, bond ETFs offer significant advantages in trading mechanisms, transparency, and portfolio stability, making them attractive for medium to long-term investment in the current market environment characterized by declining interest rates and increasing credit differentiation [3] - The two new categories of bond ETFs serve distinct functions: benchmark market-making credit bond ETFs enhance trading efficiency and pricing continuity, while sci-tech bond ETFs provide investors with an alternative way to participate in financing within the technology sector [4]