Report Summary 1. Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View The overall performance of bond ETFs is under pressure from rising interest rates, with convertible bond ETFs showing significant superiority. Last week, the share of treasury bond and convertible bond ETFs increased sharply, while the share of credit bond ETFs declined. The net value of bond ETFs was suppressed by the rising long - term interest rates, and convertible bond ETFs had the highest cumulative net inflow this week and this month [1][2][5]. 3. Summary by Directory 1.1 Various Bond ETF Share Trends - Last week, the shares of treasury bond and convertible bond ETFs surged, while the shares of credit bond ETFs turned down. As of August 22, 2025, compared with August 15, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs changed by 61.29 million shares, - 23.71 million shares, no change, - 24.81 million shares, and 520.30 million shares respectively, with a total change of 533.07 million shares for bond - type ETFs. Compared with the end of last month, the changes were 88.02 million shares, - 37.90 million shares, - 0.40 million shares, 169.83 million shares, and 1010.50 million shares respectively, with a total change of 1230.05 million shares for bond - type ETFs [2][5]. 1.2 Main Bond ETF Share and Net Value Trends - The shares of main bond ETFs were overall differentiated, with convertible bond and 30 - year treasury bond ETFs significantly increased. As of August 22, 2025, compared with August 15, 2025, the shares of selected bond ETFs changed by 28.83 million shares, - 23.59 million shares, no change, 0.30 million shares, and 384.90 million shares respectively. - The rising long - term interest rates suppressed the net value of bond ETFs, and convertible bond ETFs performed significantly better. As of August 22, 2025, compared with August 15, 2025, the net values of selected bond ETFs changed by - 0.76%, - 0.20%, - 0.16%, - 0.13%, and 2.73% respectively [2][6][8]. 1.3 Credit Bond ETF Share and Net Value Trends - The decline in the share of credit bond ETFs widened compared with the previous week. As of August 22, 2025, among the 8 existing credit bond ETFs, the shares of some decreased, such as - 6.00 million shares, - 2.00 million shares, - 0.01 million shares. - The net value of credit bond ETFs continued to decline. As of August 22, 2025, compared with August 15, 2025, the net values of 8 credit bond ETFs changed between - 0.22% and - 0.29% [2][11][14]. 1.4 Science and Technology Innovation Bond ETF Share and Net Value Trends - The shares of science and technology innovation bond ETFs showed differentiation, with Penghua and China Merchants leading the increase. As of August 22, 2025, compared with August 15, 2025, the shares of 10 science and technology innovation bond ETFs had different changes, such as 23.01 million shares, 5.60 million shares, 26.91 million shares increase for some, and - 5.77 million shares, - 1.01 million shares, - 2.53 million shares decrease for others. - The net value of science and technology innovation bond ETFs continued to correct. As of August 22, 2025, compared with August 15, 2025, the net values of 10 science and technology innovation bond ETFs changed between - 0.16% and - 0.28%. - The PCF list expansion accelerated, and individual bond performances were differentiated. The 25 Haikang K1 was repeatedly included in the PCF list last week. The top three individual bonds in terms of excess return were Shanjiao YK01, 24 Qingxin K2, and Diantou KY07, while Jingzi K09, 25 Bingqi K2, and 25 Diankong K2 had the most negative excess returns [2][18][22]. 1.5 Net Inflow of Some Bond ETFs - Convertible bond ETFs had the highest cumulative net inflow this week and this month. Weekly, the top three bond ETFs in terms of cumulative net inflow were convertible bond ETFs (523.77 million yuan), Shanghai - Stock - Exchange convertible bond ETFs (172.28 million yuan), and 30 - year treasury bond ETFs (36.36 million yuan). Monthly, the top three were convertible bond ETFs (1095.85 million yuan), Shanghai - Stock - Exchange convertible bond ETFs (261.10 million yuan), and urban investment bond ETFs (197.96 million yuan). - In terms of cumulative trading days, the top three bond ETFs with the highest cumulative net inflow in the past 10 trading days were convertible bond ETFs (845.33 million yuan), Shanghai - Stock - Exchange convertible bond ETFs (179.41 million yuan), and 30 - year treasury bond ETFs (67.26 million yuan); in the past 20 trading days, they were convertible bond ETFs (1383.25 million yuan), urban investment bond ETFs (242.34 million yuan), and Shanghai - Stock - Exchange convertible bond ETFs (237.56 million yuan) [2][24][25].

Group 1 - The core viewpoint of the news is that both the Hai Futong Shanghai Stock Exchange Convertible Bond ETF and the Huabao Financial Technology ETF have surpassed 10 billion yuan in scale, indicating a strong growth trend in the ETF market [1][5] - As of August 21, the number of industry-themed ETFs with over 10 billion yuan in scale has reached 22, while the total scale of stock ETFs (including cross-border ETFs) has exceeded 4 trillion yuan, marking a new high [1][7] - The total scale of bond ETFs in the market has surpassed 540 billion yuan, with a growth of over 100 billion yuan since the beginning of the year, indicating a robust expansion in the bond ETF sector [1][4] Group 2 - The Hai Futong Shanghai Stock Exchange Convertible Bond ETF has seen a significant net inflow of funds, increasing its scale by over 2.4 billion yuan since August, reaching 10.119 billion yuan [3][4] - The average daily trading volume of the Hai Futong Shanghai Stock Exchange Convertible Bond ETF has been 2.012 billion yuan since August, reflecting active trading and low overall premium [3] - The Huabao Financial Technology ETF has also experienced a rapid increase in scale, doubling from 4.67 billion yuan at the beginning of the year to over 10 billion yuan [6][7] Group 3 - The stock ETF market has seen a net inflow of 13.936 billion yuan from August 18 to August 21, with over 60% of products experiencing scale increases, indicating a shift in investor sentiment from cautious to optimistic [7] - The successful breach of the 3700 and 3800 points on the Shanghai Composite Index has acted as a strong trend confirmation signal, significantly boosting market enthusiasm [7] - The current market environment suggests a positive feedback loop characterized by "expectation repair → capital inflow → index strengthening → further expectation reinforcement" [1][7]

Group 1 - The core viewpoint of the articles highlights the significant growth of ETF products in the market, with both the Hai Futong Shanghai Stock Exchange Convertible Bond ETF and the Huabao Financial Technology ETF surpassing 10 billion yuan in scale, indicating a bullish trend in the ETF market [1][4] - As of August 21, the total scale of bond ETFs in the market exceeded 540 billion yuan, with a notable increase of over 130 billion yuan since the beginning of the year, showcasing a strong growth trajectory [2][3] - The number of hundred-billion-level ETF products has reached 22, reflecting a growing interest in thematic ETFs, particularly in sectors like finance and technology [4][5] Group 2 - The Hai Futong Shanghai Stock Exchange Convertible Bond ETF saw a net inflow of over 2.4 billion yuan in August alone, bringing its total scale to 10.119 billion yuan, indicating robust investor interest [2] - The Huabao Financial Technology ETF experienced a significant increase in trading volume, with real-time transactions exceeding 1 billion yuan and net subscriptions surpassing 300 million shares, demonstrating strong market demand [4] - The overall market sentiment has shifted from cautious to optimistic, as evidenced by the inflow of 13.936 billion yuan into stock ETFs from August 18 to August 21, with over 60% of products experiencing scale increases [5]

Core Viewpoint - The market is experiencing a significant surge, with both the Hai Futong Shanghai Stock Exchange Convertible Bond ETF and the Huabao Financial Technology ETF surpassing 10 billion yuan in scale, indicating a strong investor interest in ETFs [2][3]. Group 1: ETF Market Growth - As of August 21, the number of industry-themed ETFs with over 10 billion yuan in assets has reached 22, while the total scale of stock ETFs (including cross-border ETFs) has exceeded 4 trillion yuan, marking a new high [4]. - The total number of bond ETFs in the market has reached 25, with a total scale exceeding 540 billion yuan, reflecting an increase of over 100 billion yuan since the beginning of the year [5][8]. Group 2: Performance of Specific ETFs - The Hai Futong Shanghai Stock Exchange Convertible Bond ETF has seen a significant net inflow of funds, increasing its scale by over 2.4 billion yuan in August alone, reaching 10.119 billion yuan [7]. - The Huabao Financial Technology ETF has also surpassed 10 billion yuan, with its scale doubling from 4.67 billion yuan at the beginning of the year [10]. Group 3: Market Sentiment and Trends - The recent rise in the Shanghai Composite Index above the 3700 and 3800 points has greatly stimulated market enthusiasm, leading to a shift in market risk appetite [5][11]. - The transition from cautious to optimistic investor sentiment is evident, with stock ETF fund flows serving as a barometer for this sentiment change [11].

Core Viewpoint - The article discusses the advantages of bond ETFs over traditional bond investments, highlighting their liquidity, trading efficiency, and cost-effectiveness [1]. Group 1: Bond ETF vs Traditional Bonds - Bond ETFs can be traded on exchanges, while traditional bonds require a fund account for transactions [2]. - The investment objective of bond ETFs is to track a benchmark index, whereas traditional bonds do not have a specified tracking goal [2]. - Bond ETFs offer T+0 settlement, enhancing liquidity compared to T+1 for traditional bonds [2]. Group 2: Performance Metrics - As of August 19, 2025, the 30-year government bond ETF (511090) increased by 0.15%, with a latest price of 120.18 yuan [4]. - The trading volume for the 30-year government bond ETF reached 47.53 billion yuan, indicating active market participation [4]. - The fund's latest scale reached 26.297 billion yuan, marking a new high since its inception [4]. Group 3: Fund Inflows and Market Conditions - The 30-year government bond ETF experienced continuous net inflows over the past nine days, totaling 4.911 billion yuan [4]. - Recent market conditions have posed challenges for the bond market, with rising long-term yields due to increased government bond issuance and liquidity concerns [4]. - The yield spread between 30-year and 10-year government bonds has reached a one-year high, suggesting better value for long-term bonds [5].

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Last week, the share of treasury bond ETFs significantly rebounded, while the growth momentum of credit bond and convertible bond ETFs continued. Convertible bond ETFs showed outstanding performance with an increase in share and net value, as well as the highest cumulative net inflow [2][5]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of August 15, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 555.45 million, 491.75 million, 79.78 million, 3101.15 million, and 4675.35 million respectively, with a total of 8903.48 million for bond - type ETFs. Compared with August 8, 2025, the changes were 37.52 million, - 9.28 million, - 1.60 million, 40.77 million, and 241.90 million respectively, and the total change for bond - type ETFs was 309.32 million. Compared with the end of last month, the changes were 26.72 million, - 14.39 million, - 0.40 million, 194.64 million, and 490.20 million respectively, and the total change for bond - type ETFs was 696.78 million [2][5]. 1.2 主要债券 ETF 份额走势 - The share changes of major bond ETFs were consistent with those of various bond ETFs. As of August 15, 2025, the shares of selected major bond ETFs changed by 24.50 million, - 8.58 million, - 1.00 million, 25.20 million, and 236.30 million respectively compared with the previous week's closing [2][7]. - The share trend of credit bond ETFs was gentle. As of August 15, 2025, among the 8 existing credit bond ETFs, most showed no change compared with the previous week's closing, except for one with a 0.30 - million increase [2][10]. - The share performance of individual science - innovation bond ETFs was differentiated, but the overall growth was maintained. As of August 15, 2025, among the 10 existing science - innovation bond ETFs, the share changes compared with the previous week's closing were - 1.25 million, 0.44 million, 40.15 million, - 0.25 million, no change, no change, 0.10 million, 3.40 million, 0.05 million, and no change respectively [2][13]. 1.3 主要债券 ETF 净值走势 - Last week, the net values of major bond ETFs turned down, while convertible bond ETFs rose against the trend. As of August 15, 2025, the net values of selected major bond ETFs changed by - 1.75%, - 0.48%, - 0.12%, - 0.08%, and 1.56% respectively compared with the previous week's closing [2][15]. - The net values of credit bond ETFs declined across the board. As of August 15, 2025, the net values of 8 credit bond ETFs changed by - 0.14%, - 0.14%, - 0.13%, - 0.12%, - 0.18%, - 0.18%, - 0.19%, and - 0.18% respectively compared with the previous week's closing [2][17]. - The net values of science - innovation bond ETFs slightly declined. As of August 15, 2025, the net values of 10 science - innovation bond ETFs changed by - 0.16%, - 0.13%, - 0.16%, - 0.17%, - 0.15%, - 0.18%, - 0.17%, - 0.12%, - 0.16%, and - 0.15% respectively compared with the previous week's closing [2][21]. 1.4 部分债券 ETF 净流入情况 - Convertible bond ETFs had the highest cumulative net inflow last week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETFs, urban investment bond ETFs, and 30 - year treasury bond ETFs, with net inflow amounts of 313.03 million yuan, 36.12 million yuan, and 31.13 million yuan respectively. Monthly, the top three were convertible bond ETFs, urban investment bond ETFs, and Shanghai Stock Exchange convertible bond ETFs, with net inflow amounts of 556.90 million yuan, 197.80 million yuan, and 86.56 million yuan respectively. In terms of cumulative trading days, the top three in the past 10 trading days were convertible bond ETFs (481.93 million yuan), urban investment bond ETFs (186.62 million yuan), and Shanghai Stock Exchange convertible bond ETFs (92.76 million yuan); and in the past 20 trading days, they were convertible bond ETFs (1096.32 million yuan), urban investment bond ETFs (242.94 million yuan), and Shanghai Stock Exchange convertible bond ETFs (152.66 million yuan) [2][24].

Core Viewpoint - The trend of "deposit migration" in A-shares is driven by declining deposit interest rates and increasing attractiveness of equity assets, leading to a shift of funds from low-risk deposits to higher-yielding investments such as insurance, funds, and stocks [1][6]. Group 1: Deposit Migration Indicators - A key indicator for assessing deposit migration is the divergence between M2 year-on-year growth and resident deposit year-on-year growth. If M2 continues to grow while resident deposits slow down or decline, it indicates funds are flowing out of resident deposit accounts [2][4]. - Recent financial data shows that in July, M2 grew by 8.8%, while resident deposits decreased by 1.11 trillion yuan, indicating a shift towards consumption or investment [4]. Group 2: Historical Context and Fund Flow - Historical instances of significant divergence between M2 and resident deposits occurred in 2007, 2009, and 2014-2015, leading to large-scale deposit migration. The current trend is characterized by a passive outflow due to a scarcity of quality assets rather than an increase in risk appetite [5][6]. - Funds are flowing into various sectors, including stocks, funds, and wealth management products, with real estate expected to attract significantly less interest due to its recent downturn [4][5]. Group 3: Investment Preferences - For conservative investors, bond funds, particularly bond ETFs, are gaining popularity due to their stable historical performance and lower volatility. As of August 13, the scale of bond ETFs reached 536.3 billion yuan, reflecting a 208% increase from the previous year [7][9]. - The emergence of bond ETFs simplifies the investment process for investors, allowing them to rely on indices for selection rather than individual bonds, thus reducing operational complexity [9][12]. Group 4: Ten-Year Government Bond ETF - The ten-year government bond ETF is the only tool in the market tracking ten-year government bond performance, making it a benchmark similar to the CSI 300 index in the stock market [9][10]. - The ten-year government bond ETF offers advantages such as T+0 trading and lower management fees compared to traditional bond funds, enhancing its appeal to both individual and institutional investors [12][13].

Group 1 - The core viewpoint of the news highlights the slight rise in the bond market, with specific movements in various government bond ETFs and futures contracts [1] - As of August 14, the bond ETF market has seen a net inflow of 3003.08 billion yuan this year, with a total market size exceeding 5363.42 billion yuan, marking a 3.55% increase since early August [2] - The 30-year government bond ETF has reached a new historical high, surpassing 250 billion yuan in size, indicating strong institutional demand for bond ETFs [2] Group 2 - The People's Bank of China conducted a 5000 billion yuan reverse repurchase operation with a stable interest rate of 1.40%, reflecting the current liquidity conditions in the market [1] - The yield on the 10-year government bond has increased by 1.25 basis points to 1.7325%, while the 30-year government bond yield rose by 1.2 basis points to 1.977%, indicating a general upward trend in bond yields [1] - The market penetration of bond ETFs is expected to increase, driven by the demand from long-term funds such as pensions and annuities, as well as the advantages of ETF products in asset allocation [2]

Core Viewpoint - The bond ETF market is experiencing significant growth, with the launch of new products and increasing investor participation, leading to a surge in the number of billion-yuan bond ETFs [2][3][7]. Group 1: Market Overview - On August 5, the BoShi Sci-Tech Bond ETF reached a scale of 10.031 billion yuan, contributing to a total bond ETF market size of nearly 520 billion yuan [2][4][8]. - There are currently 24 bond ETFs with a scale exceeding 10 billion yuan, accounting for approximately 60% of the market [7]. Group 2: Growth Drivers - The rapid growth of bond ETFs is attributed to a strong bond market, the clear advantages of bond ETFs, demand for asset allocation amid an "asset shortage," and ongoing product innovation [7][9]. - The bond ETF market has seen a significant increase in scale, growing from 23.964 billion yuan at the end of 2021 to 52.943 billion yuan by the end of 2022, and further to 80.152 billion yuan by the end of 2023, marking an increase of over 50% [9]. Group 3: Investor Participation - In 2023, the total inflow of funds into bond ETFs reached 274.341 billion yuan, with several company bond ETFs attracting over 20 billion yuan each [9]. - The bond market's bullish trend has encouraged increased allocation to bond ETFs, with their inherent advantages such as ease of trading, risk diversification, and lower fees being highlighted [9][10]. Group 4: Future Outlook - The bond ETF market is expected to continue its steady growth as the bond market develops and investor understanding of bond ETFs deepens [7][10]. - The expansion of bond ETF varieties and improvements in trading mechanisms are anticipated to enhance market recognition and acceptance [10].

Core Viewpoint - The rapid development of bond ETFs in China, driven by increasing investor demand for stable and transparent investment tools, has positioned Hai Fu Tong Fund as a leading player in this market, contributing significantly to the growth and innovation of bond ETFs [1][2]. Group 1: Market Growth and Development - The first bond ETF, the National Debt ETF, was established in 2013 with an issuance scale of 5.4 billion yuan, and by May 2024, the market size of bond ETFs surpassed 100 billion yuan, reaching over 400 billion yuan by July 2025 [1]. - As of July 17, 2025, the total scale of Hai Fu Tong Fund's bond ETFs exceeded 100 billion yuan, making it one of the first fund companies to achieve this milestone [1]. Group 2: Product Innovation and Strategy - Hai Fu Tong Fund has launched various innovative products, including short-term financing bond ETFs, urban investment bond ETFs, local government bond ETFs, and convertible bond ETFs, enriching the bond ETF product lineup [1][8]. - The Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF, established in August 2020, saw its scale grow from 50 million yuan to 53.195 billion yuan by July 17, 2025, positioning it among the top tier of domestic bond ETFs [3][7]. Group 3: Management and Performance - The Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF achieved a cumulative increase of 11.99% since its inception, with an annualized return between 2% and 3%, and a maximum drawdown of no more than 0.04% over the past two years [5][6]. - In 2024, the trading volume of the Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF reached 2.64 trillion yuan, with an average daily trading volume exceeding 10.9 billion yuan [6]. Group 4: Risk Management and Ecosystem Development - Hai Fu Tong Fund emphasizes independent credit risk management, ensuring that the credit rating team operates separately from the fixed income investment team, which enhances the effectiveness of credit risk management [8][9]. - The company actively engages in building a bond ETF ecosystem by collaborating with various institutions and promoting investor education to expand the investor base and enhance product awareness [9].