Core Insights - The first batch of benchmark market-making credit bond ETFs has seen explosive growth, with three ETFs now exceeding 20 billion yuan in scale [1][3][8] - The total scale of the first eight benchmark market-making credit bond ETFs has surpassed 120 billion yuan, reflecting a growth of over 460% from the initial fundraising amount of 21.71 billion yuan [3][9] - The popularity of credit bond ETFs is attributed to their relatively lower credit risk and higher tracking efficiency, indicating significant future growth potential [2][9] Fund Performance - As of June 27, the scale of the E Fund Company Bond ETF reached 20.756 billion yuan, marking a historical high and a net inflow of approximately 1.6 billion yuan on June 26 alone [3][7] - The Southern Fund's Shanghai Stock Exchange Company Bond ETF also surpassed 20.507 billion yuan, achieving this milestone just one month after crossing the 10 billion yuan mark [4][7] - The Huaxia Fund's credit bond ETF reached 20.650 billion yuan as of June 27, having crossed the 10 billion yuan threshold less than two weeks prior [5][7] Market Trends - The current market now has three ETFs tracking the Shanghai benchmark market-making company bond index exceeding 20 billion yuan, with others like the Hai Futong Credit Bond ETF exceeding 13.569 billion yuan [6][9] - Credit bond ETFs have attracted over 130 billion yuan in net inflows this year, accounting for over 80% of the total net inflow into bond ETFs [9] - The total scale of credit bond ETFs has exceeded 215 billion yuan, representing an increase of over 160 billion yuan from the end of the previous year, and now constitutes over 57% of the total bond ETF market [9] Investor Participation - Various types of investors, including pension funds, bank wealth management, and insurance asset management, are actively participating in the investment of benchmark market-making company bond ETFs [10] - The introduction of credit bond ETFs as collateral for general repurchase transactions since June 6 has enhanced their appeal, allowing investors to leverage these products for more efficient capital use [10] - The growing variety of credit bond ETF products provides investors with more options for selection and duration, making bond ETFs a significant investment vehicle for both long-term allocation and short-term trading needs [9][10]

Core Viewpoint - The rapid growth of the first batch of benchmark market-making credit bond ETFs has led to three funds surpassing the 20 billion yuan mark, indicating a significant expansion in this investment segment [2][5][9]. Group 1: Market Performance - As of June 27, the total scale of the first batch of eight benchmark market-making credit bond ETFs exceeded 120 billion yuan, representing a growth of over 460% from the initial fundraising amount of 21.71 billion yuan [6]. - The E Fund's corporate bond ETF saw a net inflow of approximately 1.6 billion yuan in a single day on June 26, reaching a scale of 20.53 billion yuan, marking a historical high [6]. - The South Fund's Shanghai Stock Exchange corporate bond ETF also surpassed 20 billion yuan, reaching 20.51 billion yuan just one month after breaking the 10 billion yuan mark [6]. Group 2: Investment Trends - Credit bond ETFs have attracted over 130 billion yuan in net inflows this year, accounting for over 80% of the total net inflow into bond ETFs [10]. - The current scale of credit bond ETFs exceeds 215 billion yuan, with an increase of over 160 billion yuan since the end of the previous year, representing more than 57% of the total bond ETF market [10]. - The demand for high-rated credit bonds is rising due to their attractive yield in a fluctuating interest rate environment, alongside a growing variety of credit bond ETF products available for investors [10][11]. Group 3: Investor Participation - Various types of investors, including pension funds, bank wealth management, and insurance asset management, are actively participating in the investment of benchmark market-making corporate bond ETFs, indicating a strong demand from asset management accounts [11]. - The introduction of credit bond ETFs as collateral for repurchase agreements since June 6 has enhanced their utility, allowing investors to leverage these products for more efficient capital use [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of bond ETFs will continue to expand significantly this year, with ample room for future development. Their holding income and trading attributes are prominent, and the market has broad growth potential [13][22]. - Credit - bond ETFs are expected to attract more capital inflows, and their net asset value will grow rapidly, enhancing their investment value [5][61]. - Benchmark - market - making credit - bond ETFs may be a preferred choice for allocation in a low - interest - rate environment, worthy of investors' attention [67]. 3. Summary by Relevant Catalogs 3.1 Bond ETFs - **Market Scale**: As of May 28, 2025, there were 29 bond ETFs in the market, with a total net asset value of 281.404 billion yuan. This year's scale growth has caught up with that of the whole of last year [2][12][13]. - **Performance**: Since 2024, treasury bond ETFs, local government bond ETFs, and convertible bond ETFs have higher absolute returns, while local government bond ETFs and benchmark - market - making credit - bond ETFs have stronger risk - resistance capabilities. In terms of risk - return ratio, local government bond ETFs have the highest Sharpe ratio [3][21]. - **Comparison with Bond Funds**: In 2024, bond ETFs had stronger return capabilities and faster share growth compared to active/passive bond funds [22]. 3.2 Credit - bond ETFs - **Scale and Growth**: Short - term financing ETFs have obvious scale advantages and the fastest growth rate. The combined net asset value of 8 newly - established benchmark - market - making corporate bond ETFs has exceeded 60 billion yuan, with a growth rate of 185.64% compared to their inception [4][27]. - **Performance**: As of May 28, 2025, the cumulative returns of urban investment bond ETFs, short - term financing ETFs, and corporate bond ETFs were 5.16%, 2.83%, and 4.11% respectively. In the past month, 4 benchmark - market - making corporate bond ETFs and 1 urban investment bond ETF had annualized returns of over 6.20% [5][35]. - **Liquidity**: The 8 benchmark - market - making credit - bond ETFs have higher turnover rates, and their liquidity is expected to further improve [5][62]. 3.3 Credit - bond ETF Investment Strategies - **Characteristics of Benchmark - Market - Making Credit - bond ETFs**: They have high - quality underlying assets, wide - range maturity coverage, significant cost advantages, and flexible trading mechanisms [66][67]. - **Investment Advantages**: For investors with liquidity management requirements, purchasing long - term credit bonds through bond ETFs can enhance portfolio flexibility and reduce liquidity risks [6][71].

Group 1 - The core viewpoint of the news highlights the recent performance and developments of the Tianhong Credit Bond ETF (159398), which has seen a rise of 0.05% and significant net inflows of nearly 1.5 billion yuan over the past 10 trading days, with 8 days of net inflow [1] - The Tianhong Credit Bond ETF has reached a new historical high in circulation scale, now at 5.697 billion yuan, indicating strong market interest and confidence [1] - Multiple fund companies have received approval from China Securities to allow their credit bond ETFs to be used as general collateral for repurchase agreements, marking a significant development in the market [1] Group 2 - According to Guojin Securities, the bond ETF market in China is in its early development stage with vast growth potential, as evidenced by the establishment of 8 new ETFs tracking the Shanghai and Shenzhen corporate bond indices since the beginning of the year [2] - Credit bond ETFs offer unique investment value due to their low fee advantages, defensive and offensive characteristics in terms of returns, and high liquidity, particularly in short-term bond ETFs [2] - The variety within credit bond ETFs, including short-term and medium to long-term products, allows for diverse investment strategies, catering to different investor needs for duration matching and risk-return balance [2]