2025年，债券ETF市场迎来了"高光时刻"，产品持续扩容，管理规模大幅攀升。本轮债券ETF爆发具有 鲜明的结构性特征，主要由基准做市信用债ETF和科创债ETF两大创新品种引领。截至2025年度收官， 作为服务国家科技创新战略的专属工具，两市场共24只科创债ETF合计规模已超过3500亿元，该类型产 品便贡献了市场近半的增量规模，成为拉动债券ETF市场增长的核心引擎。 鹏华科创债ETF（551030.SH）作为首批成立的创新产品之一，也在2025收官之际交出亮丽的单卷。据 Wind数据，截至2025年末，科创债ETF鹏华的规模近250亿元，稳居沪市同类产品第一，自2025年7月上 市以来交投持续活跃，区间日均成交额为62.47亿元，区间日均换手率为36.48%，多项流动性指标同类 产品中保持领先。 从产品特点看，科创债ETF鹏华将投资门槛降至约1万元，操作如同买卖股票一样便捷；支持T+0交易； 每日公布持仓组合。同时，该ETF已被纳入交易所回购质押库，实现了规模与流动性的双优，显著提升 了市场参与广度与资金配置效率。 风险提示：基金有风险，投资需谨慎。 资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 科 ...

2025年，中国债券市场经历了一场从"主动选择"向"工具配置"的深刻变局。全年债券ETF规模的指数级 跃升，不仅重塑了资产配置的版图，更标志着在低利率与净值化交织的时代，被动型工具正成为效率与 稳健的新代名词。 在这场由市场与政策共同驱动的变革中，鹏华基金固收团队以前瞻的布局与系统的产品创新，深度参与 并引领趋势，逐步确立了其作为市场重要的"债券指数解决方案提供商"的地位。 行业爆发：债券ETF驶入"快车道" 2025年，债券ETF市场迎来了"高光时刻"，产品持续扩容，管理规模大幅攀升。据Wind数据，截至2025 年12月26日，全市场债券ETF产品数量已达53只，总规模超8000亿元，较年初的1740亿元，年内增幅高 达362%。 业内人士分析，本轮债券ETF爆发具有鲜明的结构性特征，主要由基准做市信用债ETF和科创债ETF两 大创新品种引领。其中，科创债ETF无疑是年度焦点。作为服务国家科技创新战略的专属工具，两批共 24只科创债ETF合计规模已超过3400亿元（数据来源：Wind，截至2025.12.26），单此一类产品便贡献 了市场近半的增量规模，成为拉动市场增长的最核心引擎。 从产品体系看，债券E ...

市场演变：从"个体择券"到"工具化配置" 在张佳蕾看来，在整体平稳的表象之下，债市内部的结构性分化却更为精彩。信用利差持续收窄，短久 期、中高评级的信用债品种成为资金配置的"香饽饽"，这充分说明了投资者对稳健收益的渴求。 随着2026年投资布局渐次启动，债券市场正站在关键节点。回首2025年，"波澜不惊，结构为王"是主基 调，全年市场利率水平在窄幅区间内震荡运行。展望新的一年，如何在债市继续拥抱"稳稳的幸福"，是 每一位投资者的关切所在。 近期，鹏华基金现金投资部副总经理张佳蕾、基金经理王中兴深度解析了债券市场的演变脉络与未来机 遇，并阐述了鹏华固收指数投资团队如何通过工具化产品布局，帮助投资者在稳健与收益间找到平衡。 作为场内工具，科创债ETF鹏华流动性出色。据Wind数据，自2025年7月17日上市至12月9日，其日均成 交额达60.46亿元，日均换手率达36.79%。规模方面，截至2025年12月9日，该基金规模已达201.40亿 元，稳居沪市同类第一。 王中兴建议，成熟的投资者可以采用"核心-卫星"策略，将场外基金作为核心底仓获取稳定票息，同时 将场内ETF作为卫星配置以适时增厚收益，实现动态资产配置 ...

2025年债券市场"稳健中藏机遇"，信用债不仅成为机构配置的"香饽饽"，个人投资者也纷纷加 码。2025年债市发生了哪些关键变化？2026年债券市场该怎么投？还能继续拥抱"稳稳的幸 福"吗？今年火爆的科创债ETF，普通投资者该怎么选？ 2025年债券市场 本期《投资热点说》特别邀请到鹏华基金固收领域的专家——鹏华基金现金投资部副总经理张佳 蕾、现金投资部基金经理王中兴， 深度拆解2026年债券投资新机遇和新选择！ （点击图片查看精彩直播回看） 访谈金句 张佳蕾：与场外债券指数产品相比，科创债 ETF在产品设计上具备一些特点和优势：交易便捷，申赎高 效。第二，持仓高度透明，便于穿透管理。第三，一键配置科创债主题。第四，可质押融资，资金使用效 率更高。 王中兴：我们认为 2026年债券市场的核心机会将主要围绕"确定性"和"收益增厚"两条主线展开，具体体现 在以下三大领域：第一，中高等级信用债的票息价值领域。第二，具有政策红利的主题债券领域。第三， 利率债的波段交易性机会。 张佳蕾：我建议将债券指数产品作为长期配置的"压舱石"，而将优秀的主动型债基视为可能的收益增强选 择 王中兴：主动管理是 "艺术"，依赖基金经理 ...

Core Viewpoint - The article discusses the performance and market dynamics of the Penghua Sci-Tech Bond ETF (551030), highlighting its recent trading activity and the broader context of the bond market in China [1][2]. Group 1: Market Performance - As of November 18, 2025, the Penghua Sci-Tech Bond ETF has increased by 0.03%, with a trading volume of 7.5 billion yuan, indicating active market participation [1]. - The latest scale of the Penghua Sci-Tech Bond ETF has surpassed 19.628 billion yuan [1]. Group 2: Monetary Policy and Market Outlook - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 407.5 billion yuan at a fixed rate of 1.4%, with 403.8 billion yuan maturing today, resulting in a net injection of 3.7 billion yuan [1]. - Recent economic and financial data confirm the economic fundamentals, while the PBOC's third-quarter monetary policy report emphasizes a stable policy stance and a focus on medium to long-term issues [1]. - The report suggests a shift in market sentiment regarding the necessity of interest rate cuts, indicating a potential delay in such actions [1]. Group 3: Investment Strategy and Product Features - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, providing advantages such as low fees, low trading costs, high transparency, and diversification [2]. - Under favorable policy conditions, the market for sci-tech bonds is expected to expand, with the ETF's long-term value and market influence likely to increase [2]. - Penghua Fund aims to establish itself as a "fixed income index expert" by actively developing a range of fixed income products, with the total scale of bond ETFs exceeding 30 billion yuan [2].

Core Viewpoint - The article highlights the performance and potential of the Penghua Science and Technology Bond ETF (551030), emphasizing its growth and the favorable market conditions for science and technology bonds in China [1][2]. Group 1: ETF Performance and Market Conditions - As of November 17, 2025, the Penghua Science and Technology Bond ETF has increased by 0.03%, reaching a new high of 19.624 billion yuan in total size since its inception [1]. - The overall funding environment remains stable due to the central bank's support, although there are pressures from previous net withdrawals and upcoming tax periods [1]. - The bond market is expected to experience fluctuations influenced by new public fund fee regulations and the relationship between stock and bond markets, suggesting a need for careful duration management and opportunistic trading [1]. Group 2: Investment Strategy and Product Features - The Penghua Science and Technology Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, providing a diversified investment option [1]. - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, and efficient "T+0" redemption, which helps in risk diversification and enhances capital efficiency [1]. - Huaxi Securities notes that the science and technology bond market has significant growth potential under favorable policies, with the ETF being the only index tool in this sector, thus highlighting its long-term value and market influence [2]. Group 3: Company Strategy and Product Development - Penghua Fund has been actively developing a long-term strategy for fixed-income tools since the second half of 2018, focusing on various bond index products and ETFs to establish itself as a "fixed-income index expert" in China [2]. - The total scale of bond ETFs has surpassed 30 billion yuan, indicating a growing interest and investment in this asset class [2]. - Penghua Fund aims to continue providing high-quality bond index investment tools, leveraging its expertise in bond index management and product operation [2].

Group 1 - The overall ETF market is approaching 4.8 trillion yuan, with bond ETFs surpassing 540 billion yuan, marking a historical high [1] - Year-to-date, the ETF market has seen a net inflow of 383.27 billion yuan, with bond ETFs attracting 304.56 billion yuan, while stock ETFs experienced a net outflow of nearly 120 billion yuan [1] - The total number of ETFs in the market is 1,262, with a combined scale of approximately 4.76 trillion yuan, reflecting a growth of about 10.5% since mid-year [1] Group 2 - The number of bond ETFs with a scale exceeding 10 billion yuan has increased from 5 at the end of 2024 to 24 currently, with notable funds like Hai Fu Tong Zhong Zheng Short Bond ETF and Bosera Convertible Bond ETF exceeding 50 billion yuan [2] - The bond ETF market is undergoing a supply-side transformation, with a focus on credit bond ETFs and the introduction of various innovative categories such as high-yield bond ETFs and multi-asset ETFs [2] - The development of credit bond index ETFs is expected to improve liquidity in the credit bond market, suggesting potential for expanding the range of tracked indices [2]

Domestic Developments - The "Commemorating the 80th Anniversary of the Victory of the Chinese People's Anti-Japanese War and the World Anti-Fascist War" exhibition has opened in Nanjing, showcasing 45 historical artifacts related to the Communist Party's covert operations during the war [3] - The 7th Grand Canal Cultural Tourism Expo has commenced in Suzhou, continuing its theme of "Integration, Innovation, and Sharing," with six key activities planned [3] - China's bond ETF market has reached a total scale of nearly 540 billion yuan, with 24 bond ETFs exceeding 10 billion yuan in size, and the first batch of Sci-Tech Innovation Bond ETFs has surpassed 110 billion yuan in just one month [4] - From January to July, China's railway construction investment reached 433 billion yuan, marking a year-on-year increase of 5.6%, contributing to economic recovery [5] Global Developments - The U.S. government has expanded tariffs on steel and aluminum imports by 50%, adding 407 product codes to the tariff list [6] - Yunnan Province's trade with the five Mekong River countries reached 65.94 billion yuan in the first seven months of the year, a year-on-year increase of 6.3% [6] - Bank of America predicts that the Federal Reserve may purchase nearly 2 trillion U.S. dollars in Treasury securities over the next two years to better match its asset and liability structure [6] - Douyin's e-commerce platform has permanently revoked the selling privileges of nearly 37,000 influencers and expelled 1,778 violating merchants as part of its crackdown on false advertising [6] - Huawei and SAIC Motor have jointly tested the HUAWEI ADS 4 assisted driving system in their new model, the Shangjie H5, which will be launched in September [6] - China's Southwest Oil and Gas Field Company has produced over 700 billion cubic meters of natural gas, supporting national energy structure optimization [6]

Group 1 - The core viewpoint of the articles highlights the rapid growth of bond ETFs in the market, with the total scale reaching nearly 540 billion yuan, marking a historical high [1][2] - The number of bond ETFs has increased from 21 at the end of last year to 39 as of August 14, with total assets rising from approximately 179.99 billion yuan to 538.2 billion yuan, nearly doubling in size [2] - The emergence of the first batch of science and technology innovation bond ETFs has been a significant highlight, with their total issuance scale reaching 289.88 billion yuan and growing to over 115.79 billion yuan within a month [4][5] Group 2 - The bond ETF market has seen a substantial expansion in the number of funds exceeding 10 billion yuan, with 24 such ETFs now available, compared to only 5 at the end of 2024 [2] - The active trading of science and technology innovation bond ETFs is notable, with significant transaction volumes and turnover rates, indicating strong market interest [4] - The upcoming second batch of science and technology innovation bond ETFs is in preparation, with multiple fund companies working on their submission materials [5]

Core Viewpoint - The passive bond investment sector has experienced significant growth since 2024, with the number of passive bond funds increasing from 253 at the end of 2023 to 348, and the total scale rising from 704.2 billion to 1,509.9 billion by mid-2025, capturing 20% of the public open-end bond fund market [1][2]. Group 1: Reasons for the Surge in Passive Bond Investment - The changing interest rate environment has made it increasingly difficult for active bond investments to achieve excess returns, leading to a growing preference for passive investment products like bond ETFs that track market indices [5]. - The characteristics of passive investment products, such as high transparency, lower fees, and T+0 trading mechanisms, have contributed to their appeal and growth [6]. - Regulatory support has played a crucial role in fostering the development of the bond ETF market through various policy measures [6]. - Fund companies have actively innovated by launching new bond ETF products, enhancing market choices and catering to diverse investor needs [7]. Group 2: Current Status and Challenges - Despite rapid growth, China's passive bond investment market is still in its early stages compared to the mature U.S. market, where passive bond funds account for approximately 40% of the bond fund market [9]. - The types of bond funds in China are relatively limited, with a clear distinction in the adoption of passive strategies across different fund types [9]. Group 3: Passive Strategies in Different Bond Fund Types - In the realm of interest rate and short-term bond funds, passive strategies are prevalent, with adoption rates of 49% and 37% respectively, primarily through index funds [11]. - The passive strategy in convertible bond funds is represented by only two ETFs, which together account for 42% of the total convertible bond fund market [14]. - The adoption of passive strategies in credit bond and pure bond funds remains low, with less than 20% and 2% respectively, due to the complexities and costs associated with index replication [16]. Group 4: Investment Considerations for Investors - Investors must weigh the low-cost advantages of passive funds against the potential for excess returns from active fund managers, especially in the credit bond sector where market liquidity is limited [21]. - In high-liquidity and high-quality asset areas like interest rate bond funds, passive investment may prove effective, although active management can still add value through duration management [21].