Group 1 - The total scale of credit bond ETFs is 357.7 billion yuan, with a daily increase of 1.85 billion yuan, including a rise of 0.1 billion yuan for benchmark market-making ETFs and 0.88 billion yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.9 years, indicating a moderate interest rate risk exposure [1] - Overall trading volume reached 111.1 billion yuan, with an average single transaction amount of 5.21 million yuan [1] Group 2 - Institutional investors remain optimistic about the bond market despite significant declines in the stock market, recalling the 2015 bull market and its aftermath [2] - The current expectation for the 10-year government bond yield is between 1.6% and 1.8%, with a target of 1.65% [2] - The central bank's continued easing measures suggest a stable liquidity environment, with potential for reserve requirement ratio cuts and interest rate reductions before the Spring Festival [2] Group 3 - The Ping An Company Bond ETF (511030) has the least trading discount in the past week at 2 basis points and has seen a net inflow of 0.052 billion yuan, contrasting with a net redemption of 0.34 billion yuan for the sci-tech bonds [3] - The Ping An Company Bond ETF has ranked first in controlling drawdown during the current bond market adjustment, indicating strong performance relative to peers [3] - The data shows that the Ping An Company Bond ETF has a scale of 22.405 billion yuan and a trading volume of 12.366 billion yuan in the past week [3]

AI基金天弘荣创一年持有混合A（010058）披露2025年二季报，第二季度基金利润37.15万元，加权平均基金份额本期利润0.0134元。报告期内，基金净值增 长率为1.21%，截至二季度末，基金规模为2998.22万元。 该基金属于偏债混合型基金。截至7月22日，单位净值为1.113元。基金经理是刘嗣兴，目前管理6只基金近一年均为正收益。其中，截至7月22日，天弘荣创 一年持有混合A近一年复权单位净值增长率最高，达5.34%；截至7月21日，天弘弘利债券A最低，为3.07%。 基金管理人在二季报中表示，今年二季度市场整体相对平稳，并且呈现震荡走强。在3月资金逐渐转松后，二季度资金面持续维持平稳，并且回购利率逐渐 下行。央行降息降准后，市场进一步走强。回顾来看，美国关税冲击推动长债利率较快下行；后续关税缓和后，债市表现也相对较为平稳，信用利差也呈现 一定程度的压缩。在市场较好情绪的推动下，长信用债表现也较强。另外，信用债ETF的上市和规模的持续增长，推动交易所债券表现更加突出。 二季度 相对较好地把握到了市场行情，获得了相应的收益。 截至12月31日，基金近三年夏普比率为-1.1771，位于同类可比基金51 ...

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - This year, credit bond ETFs have attracted significant market attention, with active institutional trading and a structural rush to buy related index constituent bonds. Thirteen fund companies have collectively submitted applications for the second batch of Sci - tech Bond ETFs, which are expected to be listed in September. It is worth paying attention to the risks and opportunities of the related index constituent bonds [1][10]. - The short - term risk of significant over - decline of the Sci - tech Bond ETF index constituent bonds is relatively small. The new batch of Sci - tech Bond ETFs will bring new allocation funds, and the supply growth momentum has slowed down. After the second - batch listing, the excess spread of constituent bonds is unlikely to return to the high level in the first half of the year. The excess spread of constituent bonds is expected to further compress, but the space is limited. Some individual bonds' structural opportunities can be focused on [5][44][45]. 3. Summary by Directory 3.1 Sci - tech Bond ETF and Related Constituent Bonds' Recent Market Performance - **Discount status**: Since mid - to late July, Sci - tech Bond ETFs have been in a discount state, with the discount rate mainly between 0.05% - 0.4%. Although there was some repair in early August and late August when the bond market sentiment improved marginally, they have not turned into a premium state. Similar ETFs also experienced discounts during previous bond market adjustments and then recovered [2][11]. - **Differentiated performance of short - term and long - term constituent bonds**: The excess spreads of 3 - year - within and 3 - 5 - year constituent bonds fluctuate with the bond market, with a larger amplitude than the same - term and same - grade medium - term notes. Currently, they are about 2 - 3BP higher than the previous low on average. The excess spread of over - 5 - year constituent bonds continued to narrow in August, but there was a catch - up decline at the end of the month. There is a need to pay attention to the possibility of further catch - up decline [3][14][16]. - **Adjustment amplitude comparison**: The recent adjustment amplitude of the underlying constituent bonds of the benchmark - making credit bond ETF index is slightly larger than that of the Sci - tech Bond ETF index constituent bonds. This may be due to the better liquidity of benchmark - making credit bond varieties and the fact that the listing of Sci - tech Bond ETFs has squeezed the allocation demand for benchmark - making credit bond ETFs to some extent [3][30]. 3.2 Recent Supply - Demand Structure of Index Constituent Bonds - **Supply side**: Since the introduction of the new Sci - tech Bond policy in May, the issuance of Sci - tech Bonds has been booming, and the scale has increased significantly. Although the recent issuance scale has declined, it remains at a relatively high level. As of the end of August, the balance of the constituent bonds of the CSI AAA Sci - tech Bond index was close to 1.25 trillion yuan, an increase of nearly 277.8 billion yuan compared to the end of April [32]. - **Demand side**: After the listing of Sci - tech Bond ETFs, the scale expanded rapidly, but the recent growth rate has been relatively flat. This may be because the yield of index constituent bonds has declined rapidly, reducing their cost - effectiveness, and the secondary - market credit ETFs are in a discount state during the recent bond market adjustment, weakening the primary - market subscription sentiment [4][35]. 3.3 Opportunities and Risks of Related Index Constituent Bonds after the Application for the Second Batch of Sci - tech Bond ETFs - **Tracking index types**: The second - batch Sci - tech Bond ETFs mainly track the CSI AAA, Shanghai Stock Exchange AAA, and Shenzhen Stock Exchange AAA Sci - tech Bond indexes, with 9, 3, and 1 fund respectively [39]. - **Expected listing time**: If referring to the application - approval process of the first batch, the second batch of Sci - tech Bond ETFs is expected to be issued and listed in September [41][43]. - **Opportunities and risks**: The short - term risk of significant over - decline of the index constituent bonds is small. The excess spread of constituent bonds is expected to further compress, but the space is limited. Attention can be paid to individual bonds with relatively high excess spread levels and large recent declines to seek potential excess returns [5][44][45].

Core Insights - The total scale of credit bond ETFs reached 354.3 billion yuan, with a daily increase of 2.42 billion yuan, indicating a positive trend in the market [1] - The average trading amount was 124.4 billion yuan, with an average single transaction amount of 5.55 million yuan, reflecting active market participation [1] - The median yield was 1.91%, and the median discount rate was -10.8 basis points, suggesting a stable valuation environment [1] Market Performance - The Ping An Company Bond ETF (511030) had the least discount in the past week at 2 basis points and saw a net inflow of 52 million yuan, outperforming the Sci-Tech Three Treasures which experienced a net redemption of 340 million yuan [1] - The Ping An Company Bond ETF ranked first in controlling drawdown during the recent bond market adjustment, indicating strong performance stability [1] ETF Comparison - The table provided shows various ETFs with their respective scales, trading volumes, and performance metrics, highlighting the Ping An Company Bond ETF's competitive edge in terms of lower discount and better drawdown control [1] - Other ETFs such as Hai Fu Tong and Southern also showed significant trading volumes and percentage changes, but with higher drawdowns compared to Ping An [1]

Core Points - E Fund announced that its Sci-Tech Bond ETF (551500) will be eligible for pledge repo transactions starting August 27, following approval from China Clearing and the Shanghai Stock Exchange [1] - This ETF is the second credit bond ETF from E Fund to be included in the pledge repo collateral pool, enhancing its liquidity and trading options for investors [1] - The move aligns with a broader trend where credit bond ETFs have significantly expanded this year, with a net inflow exceeding 240 billion yuan and total scale approaching 350 billion yuan, representing over 60% of the total bond ETF market [1] Summary by Category Company Developments - E Fund's Sci-Tech Bond ETF (551500) received approval to be used as collateral for pledge repo transactions, effective August 27 [1] - This ETF is now part of a select group of credit bond ETFs that can engage in general pledge-style repo business, following a pilot program initiated by China Clearing [1] Industry Trends - The credit bond ETF market has seen substantial growth in 2023, with the first benchmark corporate bond ETFs and the first Sci-Tech bond ETFs launched [1] - As of August 25, the total net inflow for credit bond ETFs this year surpassed 240 billion yuan, with the total market size nearing 350 billion yuan, indicating strong investor interest [1] - E Fund's credit bond ETFs have a combined scale of nearly 29 billion yuan, positioning them among the leaders in the market [1]

Core Insights - The total scale of credit bond ETFs is 347.8 billion yuan, with a daily decrease of 460 million yuan [1] - The median weighted duration is 3.9 years [1] - The overall transaction amount is 141.7 billion yuan, with an average single transaction amount of 3.81 million yuan [1] - The median yield is 1.93%, and the median discount rate is -14.7 basis points [1] Liquidity - The average single transaction amount for benchmark market-making ETFs is 4.17 million yuan, while for sci-tech innovation bond ETFs, it is 4.5 million yuan [1] - The median turnover rate is 35.6% [1] Valuation - The performance of the Ping An Company Bond ETF (511030) has shown the best control over drawdown during the recent bond market adjustment, with the least discount in the past week [1] - The table provided includes various ETFs with their respective scales, recent average discounts, recent declines, and other metrics [1]

Group 1: Monetary Supply and Financing - In July, China's M2 money supply increased by 8.8% year-on-year, compared to a previous value of 8.3% [1] - The M0 money supply in July grew by 11.8% year-on-year, slightly down from 12% [1] - M1 money supply rose by 5.6% year-on-year, up from 4.6% previously [1] - As of July 31, 2025, the total social financing scale was 431.26 trillion yuan, reflecting a year-on-year growth of 9% [1] Group 2: Company Bond ETF Performance - As of August 13, 2025, the company bond ETF (511030) saw a slight increase of 0.05%, with a latest price of 106.19 yuan [1] - Year-to-date, the company bond ETF has accumulated a rise of 1.04% [1] - The ETF's trading volume showed a turnover of 9% with a transaction value of 2.011 billion yuan [1] - The latest scale of the company bond ETF reached 22.356 billion yuan [1] Group 3: Fund Flows and Leverage - Recent fund flows into the company bond ETF have been balanced, with a total inflow of 63.6784 million yuan over the last 10 trading days [1] - The latest financing buy-in amount for the company bond ETF was 2.6223 million yuan, with a financing balance of 12.1964 million yuan [1] Group 4: Historical Performance and Risk Metrics - Over the past five years, the net value of the company bond ETF has increased by 13.55% [2] - The ETF's highest single-month return since inception was 1.22%, with the longest consecutive monthly gain being 9 months [2] - The maximum drawdown in the last six months was 0.49%, with a recovery time of 23 days [2] Group 5: Fees and Tracking Accuracy - The management fee for the company bond ETF is 0.15%, while the custody fee is 0.05% [3] - The tracking error for the company bond ETF year-to-date is 0.013% [4] - The ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [4]

Core Insights - The report highlights that despite the inherent advantages of active management strategies in bond funds, the future growth of index bond funds, particularly bond index ETFs, is expected to be significant, with a particular focus on credit bond index ETFs and equity-linked ETFs [4][49]. Group 1: Performance Comparison - From a performance perspective, the "Shanghai Market Company Bond" index yielded 0.58% from June 3, 2025, to July 29, 2025, outperforming the benchmark B index, which returned 0.39% during the same period [2][38]. - In terms of liquidity, during a period of rising government bond yields, the average turnover rate for component bonds was 0.61%, compared to 0.95% for non-component bonds, indicating a relative decline in liquidity for non-component bonds [2][38]. Group 2: ETF Advantages - The report suggests that there is significant room for growth in the proportion of ETFs within domestic index bond funds, as only 7.8% of index bond funds are ETFs, with a net asset value share of 31.7% as of July 2025 [20][23]. - The improvement in liquidity for credit bonds through ETFs is notable, and there is a recommendation to expand the range of tracked indices to create more distinctive credit bond index tracking products [31][38]. Group 3: Innovative Products - The report discusses the potential for innovative equity-linked bonds and related ETFs, particularly in a low-interest-rate environment where investors seek stable returns [3][39]. - The concept of "automatic redemption bonds," which provide returns linked to stock indices while offering capital protection under certain conditions, is highlighted as a product that could gain traction in the domestic market [3][41][49].

Core Viewpoint - The credit bond ETF from Bosera (159396) has shown a slight decline of 0.10% as of July 23, 2025, but has increased by 1.09% over the past six months, ranking 2nd among comparable funds [3] Group 1: Performance Metrics - The credit bond ETF has a recent trading volume of 7.22 billion yuan with a turnover rate of 5.57% [3] - Over the past week, the average daily trading volume reached 54.82 billion yuan, leading among comparable funds [3] - The fund's net value has increased by 1.34% over the past six months, ranking 23rd out of 480 index bond funds, placing it in the top 4.79% [4] - The fund has achieved a monthly profit percentage of 80.00% with a monthly profit probability of 76.64% since its inception [4] Group 2: Fund Growth and Liquidity - The fund's scale has grown by 469.23 million yuan over the past week, ranking 2nd among comparable funds [3] - The number of shares has increased by 605.80 million shares this month, also ranking 2nd among comparable funds [3] - The fund has seen a total inflow of 6.14 billion yuan over the last 16 trading days, indicating stable capital flow [4] Group 3: Risk and Fee Structure - The fund has a maximum drawdown of 0.89% since inception, with a recovery time of 26 days [4] - The management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The fund has the highest tracking accuracy among comparable funds, with a tracking error of 0.009% over the past six months [5]

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) was officially launched on July 7, marking a significant milestone in capital market services for technological innovation [1][2] - These ETFs provide conservative investors with a low-volatility tool to participate in the technology sector, offering high liquidity and low credit risk, making them a stable choice during periods of interest rate fluctuations [1][2] - The launch of these ETFs is supported by strong institutional and individual investor demand for asset allocation, particularly in the context of a slowing global economy and declining traditional investment product yields [2][3] Group 2 - The introduction of Science and Technology Innovation Bond ETFs fills a gap in the bond index products for the technology sector, enhancing the variety of credit bond ETFs available [3] - As of June 2025, the stock of Science and Technology Innovation bonds is expected to exceed 2 trillion yuan, with 1.35 trillion yuan in exchange-traded Science and Technology Innovation company bonds [3][4] - Regulatory measures are being implemented to support the issuance and liquidity of Science and Technology Innovation bonds, which will further enhance the market capacity for these ETFs [3][6] Group 3 - The bond ETF market has seen unprecedented growth, with the total domestic bond ETF market size reaching 350 billion yuan, nearly doubling since the beginning of 2024 [5][6] - The advantages of credit bond ETFs, such as low fees, high transparency, and efficient trading mechanisms, have made them increasingly attractive in a low-interest-rate environment [6][7] - The growth of credit bond ETFs is expected to continue, driven by favorable policies and the increasing demand for diversified investment options [6][7]