海外债市系列之四：多维度中美债券基金对比研究

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report systematically analyzes the key features and core differences between the Chinese and American bond fund markets. The US bond fund market is mature, with a well - established regulatory framework, continuous innovation, and a slowdown in scale growth. In contrast, the Chinese bond fund market is growing rapidly, with a scale expansion rate significantly exceeding that of the US in recent years, asset allocation mainly focused on domestic interest - rate bonds, and institutional investors dominating the market [12]. Summary by Directory Global Fund Market Overview - The global open - ended fund market has been growing, reaching a total scale of $73.8 trillion at the end of 2024. Stock - type funds account for over 40%, and bond - type funds account for nearly 20% [13][15]. - Open - ended funds are mainly concentrated in the Americas and Europe, accounting for over 80% of the total. The US open - ended funds account for over 90% in the Americas, while China's share in the Asia - Pacific region has been rapidly increasing, reaching about 36.7% by the end of 2024 [13][22][31]. Sino - US Bond Fund Classification - The US bond fund classification system is highly refined, with products designed for specific terms or regions to meet various investor needs. The Chinese bond fund classification focuses on basic dimensions such as interest - rate/credit and short - term/medium - to - long - term [35][48]. - The US classifies funds into mutual funds, ETFs, closed - end funds, and unit investment trusts. Chinese open - ended bond funds are mainly divided into pure - bond funds, bond index funds, hybrid bond funds, and convertible bond funds [35][47]. Sino - US Bond Fund Regulatory Framework Comparison - The US has a dynamic regulatory mechanism that balances market innovation and risk prevention through policy updates and promotes long - term, low - cost capital inflow through institutional innovation. China improves its risk - prevention mechanism and guides the standardized development of bond funds based on its market stage [49]. - The US experience can inspire China in terms of regulatory logic, classification supervision, long - term capital introduction, and tax incentives [50][57]. Sino - US Bond Fund Market Development Characteristics - Both the US and Chinese bond fund markets are driven by regulatory policies, monetary policy cycles, and macro - economic fluctuations. The US bond fund market has a nearly 100 - year history, while the Chinese market started late but has achieved rapid expansion [2][61]. - As of the end of the second quarter of 2025, the total scale of US open - ended bond funds reached $7.20 trillion, while the corresponding Chinese open - ended bond funds were equivalent to about $1.27 trillion, 1/6 of the US scale [2][61]. Sino - US Bond Fund Investment Directions Comparison - In the US, mutual funds mainly invest in investment - grade bonds, followed by municipal bonds, and ETFs mostly track government and corporate bonds. In China, pure - bond funds mainly invest in interest - rate bonds, financial bonds, and corporate bonds; bond index funds (excluding ETFs) mainly invest in interest - rate bonds; and bond ETFs mainly track interest - rate and corporate bonds [83]. Sino - US Bond Fund Investor Structure Comparison - The US defines institutional accounts by "penetrating to the account holder," with the institutional account ratio in bond funds less than 10%. China determines institutional accounts by the account - opening entity, and institutional investors dominate the Chinese bond fund market. The two countries' statistical calibers are different, so the data are not comparable [3][108]. Sino - US Bond Fund Fee Comparison - The overall fee rates of both the US and Chinese bond fund markets are declining. In the US, the fee rate of active bond funds is always higher than that of passive bond funds. In China, the average fee rate of ordinary bond funds generally shows a downward trend, but the average fee rate of Chinese bond ETFs is relatively higher than that of US counterparts [3][123].