中债指数与投资应用季报2024年第四季度

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2024, the number and scale of domestic bond index fund products increased, with ChinaBond Index maintaining the leading market share [4][5]. - Most funds use ChinaBond Index as their performance benchmark, and its market share in the performance benchmark field continues to lead [20]. - Policy - financial bond index funds remain the focus of issuance in the current market [18]. 3. Summary by Relevant Catalogs 3.1 2024 Q4 Passive Bond Index Fund Market Statistics 3.1.1 This Quarter's Market Overview - By the end of Q4 2024, there were 225 domestic bond index fund products in existence, with a scale of 1174.658 billion yuan. Among them, 181 products tracked ChinaBond Index, accounting for about 80.44% of the market in terms of quantity and about 80.24% in terms of scale [4][5]. - Policy - financial bond index funds had the largest proportion in terms of quantity and scale among all types of bond index funds, and over 90% of the products tracking them were based on ChinaBond Index [4][7]. 3.1.2 This Quarter's Policy - financial Bond Index Fund Overview - Policy - financial bond index funds were mainly of medium - short - term (no more than 5 years) products, with a scale proportion of over 70%. Funds tracking the comprehensive bond index of policy banks were the most numerous, with a product scale proportion of over 40% [11]. 3.1.3 This Quarter's Application of ChinaBond Index in Passive Index Funds - By the end of Q4 2024, 35 ChinaBond Indexes were used as investment tracking targets at home and abroad, with a total asset scale of tracking fund products reaching 944.163 billion yuan [13]. 3.1.4 This Quarter's Newly Issued Passive Bond Index Funds - In Q4, 9 new bond index fund products were issued in the domestic market, with a total scale of 53.135 billion yuan. Six products tracked ChinaBond policy - financial bond indexes, and 1 product tracked the ChinaBond - Preferred Investment - grade Credit Bond Index [16]. 3.1.5 This Quarter's Acceptance and Approval of Passive Bond Index Funds - Policy - financial bond index funds remained the focus of issuance. In Q4, the CSRC accepted 12 credit bond index funds and 3 policy - financial bond index funds, and approved 3 policy - financial bond index funds, 1 credit bond index fund, and 1 comprehensive index fund [18]. 3.2 2024 Q4 Fund Performance Benchmark Statistics - By the end of Q4 2024, there were 3345 bond - type funds using bond indexes as performance comparison benchmarks, with a scale of about 8.81 trillion yuan. Among them, 2892 funds used ChinaBond Index, with a scale of about 7.68 trillion yuan, accounting for over 80% in both quantity and scale [20]. 3.3 2024 Q4 Newly Issued ChinaBond Indexes - In Q4, ChinaBond Financial Valuation Center Co., Ltd. newly issued 34 indexes, all of which were representative bond indexes, including 32 self - developed indexes and 2 customized indexes [23]. 3.4 Column: Bond Index Fund Special Issue 3.4.1 Research on the Innovation of the Investment and Operation Mechanism of 30 - year Treasury Bond ETF - The 30 - year Treasury Bond ETF provides an ultra - long - duration Treasury bond investment tool for exchange investors but faces difficulties in investment and operation due to insufficient exchange bond liquidity. The research constructs a strategy framework from the perspectives of liquidity and return enhancement and proposes an optimized PCF list scheme [26]. 3.4.2 Development, Main Features, and Relevant Insights of Foreign Bond Index Funds - Bond index funds are important tools for broadening residents' asset allocation channels, enriching bond market capital sources, and improving the financial market structure. The article summarizes the development characteristics of foreign bond index funds, especially those in the US since 2008, and provides suggestions for domestic bond index funds [27].