Key Points Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View of the Report Since 2025, China's credit - bond ETF market has entered a period of explosive growth, becoming an important part of the fixed - income investment field. The market has a highly institutionalized investor structure and a diversified product matrix. With continuous policy support and product innovation, credit - bond ETFs are expected to play a more important role in the fixed - income investment system [4][17]. 3. Summary Based on Related Catalogues 3.1 Bond ETF Product Types and Scale Development - ETF is a special open - ended fund that tracks the changes of the "underlying index" and is traded on the stock exchange. It combines the advantages of closed - end and open - ended funds. According to the underlying assets, China's bond ETFs can be divided into five types: interest - rate bond ETFs (including treasury bond ETFs, policy - financial bond ETFs, and local government bond ETFs), credit - bond ETFs, and convertible bond ETFs [18][19]. - As of September 30, 2025, there were 35 credit - bond ETF products with a total scale of approximately 4858.9 billion yuan, making them the category with the largest number of products and the largest scale among bond ETFs [20]. 3.2 Three - Stage Development of the Bond ETF Market - **Initial Exploration Stage (2013 - 2018)**: In 2013, the first treasury bond ETF was launched, marking the start of the bond ETF market. The product form was single, mainly treasury bond ETFs, and the market scale was limited, with a focus on "system exploration" [24][29]. - **Construction and Improvement Stage (2019 - 2024)**: With policy promotion, multi - type products such as policy - financial bond ETFs, local government bond ETFs, and convertible bond ETFs were launched, and the product spectrum was gradually enriched. The bond ETF market entered the rapid expansion stage, and its function expanded from "system exploration" to "function expansion" [32][34]. - **Rapid Development Stage (2025 - present)**: Regulatory authorities clearly supported the development of credit - bond ETFs. In 2025, 8 benchmark - market - making credit - bond ETFs and two batches of science - innovation bond ETFs were launched, driving the explosive growth of the bond ETF market. As of September 30, 2025, the total number of bond ETFs in the market increased to 53, with a total scale of 695.05 billion yuan [37]. 3.3 Investor Structure of Credit - Bond ETFs - The investor structure of credit - bond ETFs is highly institutionalized. According to the mid - 2025 report data, the institutional investor holding ratio of credit - bond ETFs generally exceeded 90%, except for short - term financing ETFs where the individual investor ratio exceeded 30% [8]. - Early products were mainly invested by funds, insurance, and trusts. Newly launched products in 2025 attracted large - scale holdings from securities firms, banks, and trusts, and some wealth - management funds also entered the market [8]. 3.4 Diversification of Credit - Bond ETF Product Types - **Classification by Underlying Assets**: Credit - bond ETFs can be divided into five types: urban investment bond ETFs, corporate bond ETFs, short - term financing ETFs, benchmark - market - making credit - bond ETFs, and science - innovation bond ETFs. The early three products (urban investment bond ETFs, corporate bond ETFs, and short - term financing ETFs) developed slowly before 2023 and accelerated after 2024. The newly launched products in 2025 achieved rapid scale growth [61]. - **Classification by Market Type**: Single - market ETFs highlight the representativeness of a single market, while cross - market ETFs emphasize comprehensiveness and diversified allocation. Most credit - bond ETFs are currently single - market ETFs [94][95]. - **Classification by Redemption Mode**: The redemption mechanism of credit - bond ETFs is mainly divided into in - kind redemption and cash redemption. As of September 30, 2025, 26 out of 35 credit - bond ETF products adopted the in - kind redemption mode, accounting for approximately 74.3% [97].