Core Viewpoint - The bond ETF market is experiencing significant growth due to favorable macroeconomic conditions, including declining deposit rates and ongoing monetary easing, with Hai Fu Tong Fund's bond ETFs reaching a record management scale of over 70 billion yuan as of May 12 [1] Group 1: Market Trends - The continuous growth of bond ETFs is driven by multiple factors, including their clear risk-return characteristics, transparency of underlying assets, and stable positions, catering to diverse investor needs [1] - Bond ETFs offer high flexibility and liquidity, with low investment thresholds and convenient operations, making them efficient investment tools for investors with moderate risk preferences [1] Group 2: Hai Fu Tong Fund's Position - Hai Fu Tong Fund is the largest fund company in the market in terms of the number and variety of bond ETFs, with products covering credit bonds, interest rate bonds, and convertible bonds, meeting diverse investment needs [2] - The Short-term Bond ETF (511360) has seen a growth of nearly 10 billion yuan this year, reaching a total scale of 39.162 billion yuan, addressing the market's demand for low-risk products [2] - The Credit Bond ETF (511190) has also experienced significant inflows, with its scale increasing by over 2 billion yuan since its launch in January, reaching a historical high of 5.343 billion yuan [2] Group 3: Product Performance - The Hai Fu Tong Shanghai Urban Investment Bond ETF (511220) has increased its product shares by 320 million to 1.656 billion, with a scale growth of over 3 billion yuan, reaching a new high of 16.965 billion yuan [3] - The company aims to continue focusing on the bond ETF investment sector, enhancing product management capabilities and performance to meet diverse investor needs in a changing market environment [3]

Core Insights - The Penghua 0-4 Year Local Bond ETF (159816.SZ) has seen significant trading activity, with a trading volume of 19.2 billion CNY on April 23, 2025, and a turnover rate of 104%, making it the top bond ETF in the market [1] - The ETF's trading volume increased to 20.61 billion CNY on April 24, 2025, with a turnover rate of 112.09%, ranking fourth among all bond ETFs [1] - On April 25, 2025, the trading volume was 18.44 billion CNY, with a turnover rate of 100.25%, again placing it first in the market [1] Trading Activity and Market Demand - The turnover rate and trading volume of bond ETFs are key indicators of market liquidity and investor participation, reflecting the health of the product ecosystem [1] - The Penghua 5-Year Local Bond ETF (159972.SZ) also showed strong trading activity, with average daily trading volumes of 14 billion CNY and 19 billion CNY over the past two weeks, and turnover rates of 31% and 42% respectively [1] - The Penghua 0-4 Year Local Bond ETF had average daily trading volumes of 14 billion CNY and 26 billion CNY, with turnover rates of 74% and 143% over the same period [1] Market Environment and Investment Strategy - Increased risk aversion in the current investment environment is favorable for the bond market, highlighting the defensive value of local bond allocations [1] - Expectations for interest rate cuts by the central bank have risen, with several banks lowering deposit rates in April 2025, which may alleviate pressure on banks' net interest margins [1] - The current spread between 30-year local bonds and 30-year national bonds is 24 basis points, indicating a defensive value, with a focus on observing whether short-term interest rates can decline further [1] Product Innovation and Performance - Penghua Fixed Income's "Bond Index Expert" team has filled a market gap in local bond ETFs, launching the first 5-year local bond ETF in 2019 and the only short-duration 0-4 year local bond ETF in 2020, creating a complementary product matrix [2] - As of the end of Q1 2025, the Penghua 0-4 Year Local Bond ETF achieved net value growth rates of 2.83% and 9.13% over the past 1 year and 3 years, respectively, outperforming its benchmarks [2] - Both local bond ETFs have demonstrated strong capital attraction, with the latest sizes reaching 45.84 billion CNY and 18.40 billion CNY, marking new highs in the past year [2]

Report Overview - The report is a weekly tracking of bond ETFs from April 21 to April 25, 2025, focusing on share trends, net value trends, and capital inflows of various bond ETFs [1][30] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - This week, the overall contraction trend of bond ETF shares has stabilized, and the shares of major bond ETFs have also become stable. Among the net values of major bond - type ETFs, the convertible bond ETF has shown a significant increase. The convertible bond ETF has the highest cumulative net inflow this week, while the urban investment bond ETF has the highest net inflow this month [4][8][11] 3. Summary by Relevant Catalogs 3.1 Various Bond ETF Share Trends - As of the close on April 25, 2025, the shares of treasury bond - type, policy - financial bond - type, local bond - type, credit bond - type, and convertible bond - type were 299.13 million shares, 475.51 million shares, 82.24 million shares, 1980.69 million shares, and 3547.85 million shares respectively, with a total of 6385.41 million shares for bond - type ETFs. Compared with the close on April 18, 2025, they changed by - 1.32 million shares, - 3.29 million shares, 0.01 million shares, 4.63 million shares, - 8.80 million shares respectively, and the total change for bond - type ETFs was - 8.77 million shares. Compared with the end of last month, they changed by - 19.30 million shares, 41.05 million shares, 8.45 million shares, 185.24 million shares, - 105.10 million shares respectively, and the total change for bond - type ETFs was 110.34 million shares [4][5] 3.2 Main Bond ETF Share Trends - As of the close on April 25, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 132.98 million shares, 386.06 million shares, 39.62 million shares, 1563.68 million shares, and 2989.29 million shares respectively. Compared with the close on April 18, 2025, they changed by - 0.19 million shares, - 1.72 million shares, no change, no change, 7.20 million shares respectively [4][8] 3.3 Main Bond ETF Net Value Trends - As of the close on April 25, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2933, 1.1514, 1.2457, 1.4240, and 1.1825 respectively. Compared with the close on April 18, 2025, they changed by - 0.15%, - 0.09%, 0.04%, - 0.06%, 0.89% respectively; compared with the end of last month, they changed by 2.86%, 1.04%, 0.73%, 0.18%, - 1.22% respectively [4][11] 3.4 Partial Bond ETF Net Inflow Situations - Weekly: The top three bond ETFs with cumulative net inflows this week were convertible bond ETF, short - term financing ETF, and state - development bond ETF, with net inflow amounts of 8.51 million yuan, 5.17 million yuan, and 0.43 million yuan respectively. - Monthly: The top three bond ETFs with cumulative net inflows this month were urban investment bond ETF, short - term financing ETF, and Shanghai Stock Exchange convertible bond ETF, with net inflow amounts of 143.40 million yuan, 78.15 million yuan, and 58.22 million yuan respectively. - In the past 10 trading days: The top three bond ETFs with cumulative net inflows were convertible bond ETF (78.64 million yuan), urban investment bond ETF (74.90 million yuan), and short - term financing ETF (31.66 million yuan). - In the past 20 trading days: The top three bond ETFs with cumulative net inflows were urban investment bond ETF (143.40 million yuan), short - term financing ETF (79.72 million yuan), and Shanghai Stock Exchange convertible bond ETF (54.05 million yuan) [4][14] 3.5 Partial Bond ETF Portfolio Duration and Portfolio Convexity - Based on the heavy - position bonds and their proportions disclosed in the latest quarterly reports of bond ETFs, the report sorted out bond ETFs where the proportion of heavy - position bonds in the fund's net value exceeded 50% in total, and calculated the portfolio duration and portfolio convexity of bond ETFs through weighted calculation according to the proportion of each heavy - position bond in the fund's net value [17]