据了解，海富通基金致力于打造债券ETF旗舰品牌，目前是全市场债券ETF数量最多、品类最丰富、规 模最大的基金公司，旗下包括短融ETF（511360）、上证可转债ETF（511180）、城投债ETF （511220）、10年地方债ETF（511270）、5年地方债ETF（511060）和信用债ETF（511190），涵盖了 信用债、利率债、可转债不同种类，债券久期横跨中短长，能够满足投资者多样化的配置需求。 新华财经北京5月13日电今年以来，在全球宏观环境不确定的背景下，叠加当前存款利率不断下行和货 币持续宽松态势，债券ETF凭借其独特产品特性获得了市场资金的持续关注。截至5月12日，海富通基 金旗下6只债券ETF总管理规模突破700亿元，创下历史新高。 在业内人士看来，债券ETF规模的持续增长，或得益于市场需求等多重因素的共同推动。一方面，债券 ETF作为资产配置的重要工具之一，具备风险收益特征清晰、底层资产透明以及仓位稳定等突出优点， 能够满足各类型投资者的多样化配置需求。另一方面，债券ETF还具备较高的灵活性和流动性，不仅投 资ETF的门槛较低，且操作十分便利，采用T+0交易机制，为中低风险偏好的投资者提 ...

全市场唯一的短久期地债ETF——鹏华0-4地债ETF(159816.SZ)近日交投持续活跃。据Wind数据，2025 年4月23日，该基金的成交量为19.2亿元，换手率达104%，为全市场债券ETF第一；4月24日，其成交量 上升至20.61亿元，换手率达112.09%，居全市场债券ETF第四；4月25日，成交量为18.44亿元，换手率 为100.25%，再次位居全市场债券ETF第一。 分析当前投资环境，鹏华基金现金投资部表示，关税冲击下，一方面市场避险需求增加，利好债市，另 一方面，市场对央行降准降息的预期增加, 4月多家银行下调了存款利率，存款利率的调降和大行后续核 心一级资本的补充都有利于缓解银行净息差压力，为后续降息的落地做好准备。目前30Y地方债-30Y国 债利差24BP，处于2022年以来95%分位数，防御价值凸显，曲线形态上，短端3Y依旧偏凸，后续观察 资金利率是否能进一步下行，若下行顺畅则能带动短端利率下行。 在债券ETF领域，鹏华固收"债券指数专家"团队通过产品差异化的创新路径，填补了地方债ETF的市场 空白并建立起领先优势，2019年推出全市场首只5年期地方债ETF——鹏华5年地债ETF( ...

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]

点击小程序查看报告原文 Abstract 摘要 市场总览：债券ETF步入规模扩容期，产品线持续完善，客源结构渐趋多元 发展历程：政策与行情助推下，债券ETF步入规模上行通道。 债券ETF最早诞生于2013年3月，前期发展相对滞缓，2018年受到资管行业净值化转型影响 而迎来布局上的提速，直到2022年首批跨市场现金申赎类政金债ETF推出，债券ETF迎来了快速扩容的转折点。2023年后超长久期国债ETF获批发行，短 融ETF产品在供给端有限的竞争环境下保持领先身位，2024下半年市场行情助推可转债ETF收获大量资金流入，2025年首批基准做市信用债ETF丰富产品 版图。截至2025年3月末，全市场共29只债券ETF产品，合计规模突破2千亿元。 1）本文所提及的所有基金及管理人信息均不构成投资建议；2）本文观点及结论均基于公开数据分析所得，历史数据不代表未来、存在失效风险，模型样 本外效果或不及预期。 产品结构：久期完备性与策略多元性逐步完善，但仍有发展空间。 细分策略类型方面，利率债ETF在国债和地方债细分券种策略的布局上相对完备，相比 之下，政金债底层资产票息相较国债略高但流动性略低，与资金效率（T+2）相对 ...