华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 截至2025年11月18日 14:25，科创债ETF鹏华(551030)上涨0.03%，盘中成交额75.00亿元，市场交投活 跃。截至上个交易日，科创债ETF鹏华最新规模突破196.28亿元。 消息面上，央行今日公告称，以固定利率、数量招标方式开展了4075亿元逆回购操作，中标利率为 1.4%。今日公开市场有4038亿元逆回购到期，净投放37亿元。 有机构指出，近期债市窄幅波动，行情较为寡淡，市场对利多利空等信息都交易有限。展望后市，经济 金融数据确认了经济基本面情况，但政策 ...

华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 截至2025年11月17日 15:00，科创债ETF鹏华(551030)上涨0.03%。截至上个交易日，科创债ETF鹏华最 新规模达196.24亿元，创成立以来新高。 西部证券指出，在央行精准呵护下，资金面整体稳定运行，不过上周资金面受到此前一周央行持续净回 笼、北交所股票申购冻结资金影响，波动抬升，税期将至，且周二北交所仍有股票募资，资金面压力抬 升。后续债市或主要受到公募基金费率新政、股债跷跷板等影响 ...

Group 1 - The overall ETF market is approaching 4.8 trillion yuan, with bond ETFs surpassing 540 billion yuan, marking a historical high [1] - Year-to-date, the ETF market has seen a net inflow of 383.27 billion yuan, with bond ETFs attracting 304.56 billion yuan, while stock ETFs experienced a net outflow of nearly 120 billion yuan [1] - The total number of ETFs in the market is 1,262, with a combined scale of approximately 4.76 trillion yuan, reflecting a growth of about 10.5% since mid-year [1] Group 2 - The number of bond ETFs with a scale exceeding 10 billion yuan has increased from 5 at the end of 2024 to 24 currently, with notable funds like Hai Fu Tong Zhong Zheng Short Bond ETF and Bosera Convertible Bond ETF exceeding 50 billion yuan [2] - The bond ETF market is undergoing a supply-side transformation, with a focus on credit bond ETFs and the introduction of various innovative categories such as high-yield bond ETFs and multi-asset ETFs [2] - The development of credit bond index ETFs is expected to improve liquidity in the credit bond market, suggesting potential for expanding the range of tracked indices [2]

Domestic Developments - The "Commemorating the 80th Anniversary of the Victory of the Chinese People's Anti-Japanese War and the World Anti-Fascist War" exhibition has opened in Nanjing, showcasing 45 historical artifacts related to the Communist Party's covert operations during the war [3] - The 7th Grand Canal Cultural Tourism Expo has commenced in Suzhou, continuing its theme of "Integration, Innovation, and Sharing," with six key activities planned [3] - China's bond ETF market has reached a total scale of nearly 540 billion yuan, with 24 bond ETFs exceeding 10 billion yuan in size, and the first batch of Sci-Tech Innovation Bond ETFs has surpassed 110 billion yuan in just one month [4] - From January to July, China's railway construction investment reached 433 billion yuan, marking a year-on-year increase of 5.6%, contributing to economic recovery [5] Global Developments - The U.S. government has expanded tariffs on steel and aluminum imports by 50%, adding 407 product codes to the tariff list [6] - Yunnan Province's trade with the five Mekong River countries reached 65.94 billion yuan in the first seven months of the year, a year-on-year increase of 6.3% [6] - Bank of America predicts that the Federal Reserve may purchase nearly 2 trillion U.S. dollars in Treasury securities over the next two years to better match its asset and liability structure [6] - Douyin's e-commerce platform has permanently revoked the selling privileges of nearly 37,000 influencers and expelled 1,778 violating merchants as part of its crackdown on false advertising [6] - Huawei and SAIC Motor have jointly tested the HUAWEI ADS 4 assisted driving system in their new model, the Shangjie H5, which will be launched in September [6] - China's Southwest Oil and Gas Field Company has produced over 700 billion cubic meters of natural gas, supporting national energy structure optimization [6]

Group 1 - The core viewpoint of the articles highlights the rapid growth of bond ETFs in the market, with the total scale reaching nearly 540 billion yuan, marking a historical high [1][2] - The number of bond ETFs has increased from 21 at the end of last year to 39 as of August 14, with total assets rising from approximately 179.99 billion yuan to 538.2 billion yuan, nearly doubling in size [2] - The emergence of the first batch of science and technology innovation bond ETFs has been a significant highlight, with their total issuance scale reaching 289.88 billion yuan and growing to over 115.79 billion yuan within a month [4][5] Group 2 - The bond ETF market has seen a substantial expansion in the number of funds exceeding 10 billion yuan, with 24 such ETFs now available, compared to only 5 at the end of 2024 [2] - The active trading of science and technology innovation bond ETFs is notable, with significant transaction volumes and turnover rates, indicating strong market interest [4] - The upcoming second batch of science and technology innovation bond ETFs is in preparation, with multiple fund companies working on their submission materials [5]

Core Viewpoint - The passive bond investment sector has experienced significant growth since 2024, with the number of passive bond funds increasing from 253 at the end of 2023 to 348, and the total scale rising from 704.2 billion to 1,509.9 billion by mid-2025, capturing 20% of the public open-end bond fund market [1][2]. Group 1: Reasons for the Surge in Passive Bond Investment - The changing interest rate environment has made it increasingly difficult for active bond investments to achieve excess returns, leading to a growing preference for passive investment products like bond ETFs that track market indices [5]. - The characteristics of passive investment products, such as high transparency, lower fees, and T+0 trading mechanisms, have contributed to their appeal and growth [6]. - Regulatory support has played a crucial role in fostering the development of the bond ETF market through various policy measures [6]. - Fund companies have actively innovated by launching new bond ETF products, enhancing market choices and catering to diverse investor needs [7]. Group 2: Current Status and Challenges - Despite rapid growth, China's passive bond investment market is still in its early stages compared to the mature U.S. market, where passive bond funds account for approximately 40% of the bond fund market [9]. - The types of bond funds in China are relatively limited, with a clear distinction in the adoption of passive strategies across different fund types [9]. Group 3: Passive Strategies in Different Bond Fund Types - In the realm of interest rate and short-term bond funds, passive strategies are prevalent, with adoption rates of 49% and 37% respectively, primarily through index funds [11]. - The passive strategy in convertible bond funds is represented by only two ETFs, which together account for 42% of the total convertible bond fund market [14]. - The adoption of passive strategies in credit bond and pure bond funds remains low, with less than 20% and 2% respectively, due to the complexities and costs associated with index replication [16]. Group 4: Investment Considerations for Investors - Investors must weigh the low-cost advantages of passive funds against the potential for excess returns from active fund managers, especially in the credit bond sector where market liquidity is limited [21]. - In high-liquidity and high-quality asset areas like interest rate bond funds, passive investment may prove effective, although active management can still add value through duration management [21].

深证AAA民企信用债指数选取发行主体为民营企业、主体评级为AAA级、付息方式为固定利率付息或 一次还本付息、剩余期限在1个月及以上的深市公募信用债作为指数样本，反映深市高等级民企信用债 券的运行特征。截至7月底，指数包含95只样本券，总市值约1787亿元，对基础市场的覆盖率达98%。 指数样本券以中短期债券为主，前十大权重债券合计权重25%。指数自基日（2022年12月30日）以来年 化收益率4.0%，夏普比率3.8，加权久期约为1.87年，风险处于中等偏低水平。 作为国内债券指数化投资的重要参与者，深圳证券信息有限公司始终将推动债券指数创新发展作为服务 实体经济高质量发展的重要抓手，不断深化债券指数体系建设，为市场提供多元化的投资标的和业绩基 准。截至2025年7月底，深圳证券信息有限公司共发布债券指数50余条，覆盖交易所、银行间市场，涵 盖国债、政金债、地方债、企业债、金融债等品类；其中，深做市信用债指数和深AAA科创债指数跟 踪ETF产品规模合计超520亿元，为投资者提供了高效的场内配置工具。 （文章来源：中国证券报） 8月12日，深交所全资子公司深圳证券信息有限公司发布公告称，将于8月15日正式发布深 ...

Group 1 - Shenzhen Securities Information Co., Ltd. will officially launch the Shenzhen AAA State-Owned Enterprise Credit Bond Index and the Shenzhen AAA Private Enterprise Credit Bond Index on August 15, 2023, to meet market demand for high-grade credit bonds [1][2] - The Shenzhen AAA State-Owned Enterprise Credit Bond Index includes 1,072 sample bonds with a total market value exceeding 1.3 trillion yuan, covering 94% of the underlying market, with an average daily trading volume of 4.5 billion yuan [1] - The index has an annualized yield of 4.0% since its base date of December 28, 2018, with a Sharpe ratio of 3.6 and a weighted duration of approximately 2.52 years, catering to conservative income-oriented investment needs [1] Group 2 - The Shenzhen AAA Private Enterprise Credit Bond Index consists of 95 sample bonds with a total market value of approximately 178.7 billion yuan, covering 98% of the underlying market [2] - The index has an annualized yield of 4.0% since its base date of December 30, 2022, with a Sharpe ratio of 3.8 and a weighted duration of about 1.87 years, indicating a moderately low risk level [2] - Shenzhen Securities Information Co., Ltd. has released over 50 bond indices by July 2025, covering various categories including government bonds, policy financial bonds, local government bonds, corporate bonds, and financial bonds, providing diverse investment targets and performance benchmarks [2]

Group 1 - Shenzhen Stock Exchange's subsidiary, Shenzhen Securities Information Co., Ltd., will officially launch the Shenzhen AAA State-Owned Enterprise Credit Bond Index and the Shenzhen AAA Private Enterprise Credit Bond Index on August 15 [1][2] - The Shenzhen AAA State-Owned Enterprise Credit Bond Index includes 1,072 sample bonds with a total market value exceeding 1.3 trillion yuan, covering 94% of the underlying market, and has an annualized return of 4.0% since its base date [1] - The Shenzhen AAA Private Enterprise Credit Bond Index consists of 95 sample bonds with a total market value of 178.7 billion yuan, covering 98% of the underlying market, and has an annualized return of 4.0% since its base date [2] Group 2 - The indices aim to reflect the performance of high-grade credit bonds in the Shenzhen market, catering to the investment demand for high-grade credit bonds [1][2] - Shenzhen Securities Information has released over 50 bond indices by July 2025, covering various categories including government bonds, financial bonds, and corporate bonds, providing diversified investment targets and performance benchmarks [2]

AAA民企信用债指数选取发行主体为民营企业、主体评级为AAA级、付息方式为固定利率付息或一次 还本付息、剩余期限在1个月及以上的深市公募信用债作为指数样本，反映深市高等级民企信用债券的 运行特征。截至7月底，指数包含95只样本券，总市值1787亿元，对基础市场的覆盖率达98%。指数样 本券以中短期债券为主，前十大权重债券合计权重25%。指数自2022年12月30日基日以来年化收益率 4.0%，夏普比率3.8，加权久期约为1.87年，风险处于中等偏低水平。 作为国内债券指数化投资的重要参与者，深证信息始终将推动债券指数创新发展作为服务实体经济高质 量发展的重要抓手，不断深化债券指数体系建设，为市场提供多元化的投资标的和业绩基准。2025年7 月底，深证信息共发布债券指数50余条，覆盖交易所、银行间市场，涵盖国债、政金债、地方债、企业 债、金融债等品类。其中，深做市信用债指数和深AAA科创债指数跟踪ETF产品规模合计超520亿元， 为投资者提供了高效的场内配置工具。 8月12日，深交所全资子公司深证信息发布公告称，将于8月15日正式发布深证AAA国企信用债指数 （代码970091）和深证AAA民企信用债指数（代码 ...