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 ...

经历上半月的债市震荡后，近期债券ETF市场出现积极变化。数据显示，截至12月24日，全市场35只信 用债ETF，本周三个交易日内共有资金流入377.06亿元，为上周流入额的两倍。资金流入带来信用债 ETF的流动性改善，其中"吸金"能力强的科创债ETF和做市信用债ETF贴水收敛，净值上涨明显。 Choice数据显示，12月24日，科创债ETF广发（511120.SH）和信用债ETF广发（159397.SZ）净值分别 增长0.18%和0.17%，在35只信用债ETF中位居前二。与此同时，贴水率分别从上一交易日的0.24%收 敛至0.10%，0.28%收敛至0.13%，本周资金净流入3.93亿元和2.93亿元。 在众多产品中，今年推出的基准做市信用债ETF和科创债ETF无疑是最为资金所关注的。作为首批基准 做市信用债ETF，信用债ETF广发（159397.SZ）跟踪的是深证基准做市信用债指数，该指数以深交所 基准做市债券清单范围内的信用债建立样本。 而同样是科创债ETF中首批的科创债ETF广发（511120.SH），跟踪上证AAA科技创新公司债指数，从 上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA ...

分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：苏恩民 科创债 ETF 规模大增 ——债券 ETF 跟踪 执业证书编号：S0740525070002 Email：suem@zts.com.cn 证券研究报告/固收事件点评报告 2025 年 12 月 22 日 报告摘要 上周中债新综合指数全周上涨 0.06%；短期纯债、中长期纯债基金分别上涨 0.02%、 0.02%；中证 AAA 科创债指数、上证基准做市公司债指数分别上涨 0.05%、0.06%。 资金流向 相关报告 截至 2025 年 12 月 19 日，债券型 ETF 近一周合计净流入 204.85 亿元，利率型、信 用型、可转债型 ETF 分别净流入 29.11 亿元、净流入 189.93 亿元、净流出 14.20 亿 元。具体拆分来看，信用型 ETF 中，短融、公司债、城投债分别净流出 27.75 亿元、 净流入 3.51 亿元、净流出 0.08 亿元，做市信用债净流入 28.00 亿元，科创债净流入 186.26 亿元。截至 2025 年 12 月 19 日，利率型、信用型、可转债 E ...

2013年，当国内首只债券ETF——国债ETF以54亿元的规模起步时，这个品类在浩渺的资管产品海洋 中，还只是一叶悄然入水的扁舟，少有人问津。十多年间，中国资产管理行业浪潮奔涌，投资者对透 明、高效工具的需求越来越旺盛。 到了2025年，这片曾经宁静的水域已澎湃为一片波澜壮阔的蓝海。Wind数据显示，截至2025年11月 底，全市场债券ETF总规模已超过7000亿元，产品数量达53只。 在这条飞速发展的航道上，海富通基金管理有限公司凭借前瞻的战略布局、持续的产品创新与精细化的 生态运营，不仅自身债券ETF管理规模率先突破千亿，稳居行业首位，更在推动中国债券ETF市场驶向 更深、更广的"深水区"中，锚定了坚实的航向。 构建全链工具箱 前瞻布局与产品创新 海富通基金对债券ETF的深耕，源于数年前一场"摸着石头过河"的孤勇拓荒。早在2014年底，公司便发 行了海富通上证城投债ETF，募集规模达66亿元，成为当时市场上募集规模最大的债券ETF产品，可 谓"一炮打响"。此后，海富通基金将债券ETF确立为特色化发展重点，在业内率先投入大量资源进行研 究和布局。 这种前瞻性，还体现在其不断填补市场空白的"首创"产品序列上： ...

到了2025年，这片曾经宁静的水域已澎湃为一片波澜壮阔的蓝海。数据显示，截至2025年11月底，全市 场债券ETF总规模已超过7000亿元，产品数量达53只。 在这条飞速发展的航道上，海富通基金管理有限公司凭借前瞻的战略布局、持续的产品创新与精细化的 生态运营，不仅自身债券ETF管理规模率先突破千亿，稳居行业首位，更在推动中国债券ETF市场驶向 更深、更广的"深水区"中，锚定了坚实的航向。 ● 本报记者 魏昭宇 2013年，当国内首只债券ETF——国债ETF以54亿元的规模起步时，这个品类在浩渺的资管产品海洋 中，还只是一叶悄然入水的扁舟，少有人问津。十多年间，中国资产管理行业浪潮奔涌，投资者对透 明、高效工具的需求越来越旺盛。 构建全链工具箱 前瞻布局与产品创新 海富通基金对债券ETF的深耕，源于数年前一场"摸着石头过河"的孤勇拓荒。早在2014年底，公司便发 行了海富通上证城投债ETF，募集规模达66亿元，成为当时市场上募集规模最大的债券ETF产品，可 谓"一炮打响"。此后，海富通基金将债券ETF确立为特色化发展重点，在业内率先投入大量资源进行研 究和布局。 产品布局是基础，而将产品做活、做大，则考验着管 ...

Core Insights - The article highlights the rapid growth of the bond ETF market in China, with the total market size exceeding 700 billion yuan by November 2025, up from 5.4 billion yuan in 2013, indicating a significant increase in investor demand for transparent and efficient investment tools [1][2]. Group 1: Company Development - Hai Fu Tong Fund Management Company has strategically positioned itself as a leader in the bond ETF market, being the first to surpass 100 billion yuan in management scale and currently managing 1.298 billion yuan across six bond ETFs, making it the largest fund company in terms of both quantity and scale [2][4]. - The company has consistently innovated by launching pioneering products, such as the first short-term bond ETF in 2020 and various government bond ETFs, thereby filling market gaps and providing investors with convenient trading tools [2][3]. Group 2: Product Performance - The Hai Fu Tong Zhong Zheng Short-term Bond ETF, despite initial struggles with a scale of only 50 million yuan, has seen a remarkable turnaround, achieving a net value growth rate of 12.40% since its inception, significantly outperforming its benchmark [3][4]. - The company’s bond ETFs have demonstrated a "head effect," where clear product positioning and ample liquidity have led to a virtuous cycle of scale enhancement and increased liquidity, attracting more capital [4][5]. Group 3: Operational Excellence - Hai Fu Tong Fund emphasizes a professional and prudent operational management system, particularly for credit ETFs, ensuring independent credit rating and risk management teams to maintain credit safety as a priority [5][6]. - The investment team comprises experienced professionals with a deep understanding of various bond types, ensuring effective collaboration from macro judgment to execution [5][6]. Group 4: Market Ecosystem Engagement - The company actively engages with regulators, exchanges, market makers, and investors to foster a collaborative ecosystem for bond ETFs, enhancing market understanding and application of these financial tools [6]. - Hai Fu Tong Fund aims to continue leveraging its expertise in the bond ETF sector to contribute to the market's prosperity and high-quality development as the bond market evolves [6].

Report Summary - The market has recently worried about the redemption of credit bond ETFs. Data shows that the overall scale of credit bond ETFs has not declined significantly, but there is structural differentiation among products [4]. - Interest - rate products: Ultra - long bond products have seen obvious capital outflows. As of November 28, 2025, interest - rate ETFs had a net outflow of 249 million yuan in the past week. The Pengyang ChinaBond - 30 - year Treasury Bond ETF's net value dropped by 0.71% and its market capitalization decreased by 2.614 billion yuan, while the Huaxia Benchmark Treasury Bond ETF's net value dropped by 0.26% but its market capitalization increased by 2.914 billion yuan [4]. - Credit - type products: The scale of market - making credit bond ETFs has decreased significantly, while the scale of science and technology innovation bond ETFs has continued to grow, but there is significant structural differentiation among products. As of November 28, 2025, credit - type ETFs had a net outflow of 535 million yuan in the past week. Specifically, short - term financing, corporate bonds, and urban investment bonds had net inflows of 1.212 billion yuan, 111 million yuan, and a net outflow of 10 million yuan respectively. Market - making credit bonds had a large - scale net outflow of 2.952 billion yuan, and science and technology innovation bonds had a net inflow of 1.104 billion yuan [4]. - Specific products: In credit bond ETFs, the market capitalization of Huaxia Credit Bond ETF, Credit Bond ETF GF, and Credit Bond ETF Dacheng decreased by 1.355 billion yuan, 785 million yuan, and 731 million yuan respectively in the past week. In science and technology innovation bond ETFs, the scale of Science and Technology Innovation Bond ETF Southern, Science and Technology Innovation Bond ETF E Fund, Science and Technology Innovation Bond ETF China Merchants, and Science and Technology Innovation Bond ETF Industrial decreased by 1.767 billion yuan, 1.206 billion yuan, 729 million yuan, and 629 million yuan respectively. The scale of Science and Technology Innovation Bond ETF Fullgoal and Science and Technology Innovation Bond ETF Dacheng increased by 2.142 billion yuan and 2.417 billion yuan respectively [4]. - Overall bond - type ETFs: As of November 28, 2025, bond - type ETFs had a total net outflow of 2.303 billion yuan in the past week. Interest - rate, credit - type, and convertible - bond - type ETFs had net outflows of 249 million yuan, 535 million yuan, and 1.519 billion yuan respectively. The cumulative net inflows of interest - rate, credit - type, and convertible - bond ETFs for the year were 73.951 billion yuan, 444.828 billion yuan, and 23.619 billion yuan respectively, with a total of 542.398 billion yuan [4]. - Net value performance: All types of bond ETF products' net values have been adjusted. As of November 28, 2025, the Orient Fortune Treasury Bond ETF and the Guokai Bond ETF performed well, rising 0.02%. The 30 - year Treasury Bond ETF adjusted significantly, falling 0.71%. Convertible bond ETFs and Shanghai Stock Exchange Convertible Bond ETFs fell 0.28% and 0.77% respectively [4]. Credit Bond ETF and Science and Technology Innovation Bond ETF Performance - As of November 28, 2025, the median net asset values per unit of credit bond ETFs and science and technology innovation bond ETFs were 1.0109 and 0.9991 respectively, falling 0.16% and 0.17% for the week. Among credit bond ETFs, Bosera Credit Bond ETF performed relatively well, falling 0.10%. Among science and technology innovation bond ETFs, the Yongying Science and Technology Innovation Bond ETF and the Invesco Great Wall Science and Technology Innovation Bond ETF performed relatively well [2]. - As of November 28, 2025, the median discount rates of credit bond ETFs and science and technology innovation bond ETFs were 24BP and 13BP respectively [2]. Credit - Type ETF Duration Tracking - As of November 28, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.37 years, 1.85 years, and 2.20 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond Index and the Shenzhen Market - Making Corporate Bond Index were 3.84 years and 2.87 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, Shanghai AAA Science and Technology Innovation Bond Index, and Shenzhen AAA Science and Technology Innovation Bond Index were 3.49 years, 3.56 years, and 3.24 years respectively [3][5]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Bond - type ETFs had significant net inflows in the past week, with credit - type ETFs leading the way, and large cumulative net inflows throughout the year [3]. - The net values of various bond ETF products recovered significantly in the past week, with some products performing well and others showing different trends [4]. - Credit - bond ETFs and science - innovation bond ETFs had certain increases in unit net value, and their discount rates were at specific levels [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of November 21, 2025, bond - type ETFs had a total net inflow of 12.729 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 3.538 billion yuan, 6.636 billion yuan, and 2.555 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.598 billion yuan, 1.269 billion yuan, and 1.212 billion yuan respectively, while market - making credit bonds had a net outflow of 252 million yuan, and science - innovation bonds had a net inflow of 1.809 billion yuan. - As of November 21, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 74.2 billion yuan, 445.363 billion yuan, and 25.137 billion yuan respectively, with a total of 544.7 billion yuan [3]. 3.2 Net Value Performance - Throughout the week, the net values of various bond ETF products recovered significantly. As of November 21, 2025, the 5 - year local - bond ETF and 10 - year local - bond ETF performed well, rising 0.15% and 0.14% respectively. The government - financial bond ETF and 0 - 4 local - bond ETF both rose 6BP. Treasury - bond ETFs and state - development - bond ETFs performed steadily. Convertible - bond ETFs and Shanghai - Stock - Exchange convertible - bond ETFs fell 1.72% and 1.37% respectively last week [4]. 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of November 21, 2025, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0126 and 1.0008 respectively, rising 0.01% and 0.02% throughout the week. Among credit - bond ETFs, Dacheng Credit - Bond ETF performed well, rising 0.04%. Among science - innovation bond ETFs, Fuguo, Boshi, and JingShun Science - Innovation Bond ETFs performed relatively well. As of November 21, 2025, the median discount rate of credit - bond ETFs was 25BP, and that of science - innovation bond ETFs was 22BP [5]. 3.4 Credit - Type ETF Duration Tracking - As of November 21, 2025, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.40 years, 1.84 years, and 2.21 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai - market - making corporate - bond and Shenzhen - market - making corporate - bond indexes were 3.789 years and 2.87 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA science - innovation bond, Shanghai - AAA science - innovation bond, and Shenzhen - AAA science - innovation bond indexes were 3.47 years, 3.56 years, and 3.24 years respectively [8]. 3.5 Report Abstract - Last week, the ChinaBond New Composite Index rose 0.03% throughout the week. Short - term pure - bond and medium - long - term pure - bond funds rose 0.02% and 0.02% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate - Bond Index rose 0.03% and 0.03% respectively [7].

Core Insights - Hai Fu Tong Short-term Bond ETF has reached a scale of 700.01 billion yuan, becoming the first bond ETF in China to surpass the 700 billion yuan mark [2][3] - The overall bond ETF market has seen significant growth, with a total scale of 7150.60 billion yuan as of November 20, marking a historical high and an increase of over 540 billion yuan this year [2][9] - The growth of Hai Fu Tong Short-term Bond ETF is attributed to a shift in investor preferences towards short-term investments due to declining yields in money market funds [6][10] Market Performance - Hai Fu Tong Short-term Bond ETF's scale increased by 4.3 billion yuan from the previous trading day, reflecting a year-to-date growth of 138.58% from 293.41 billion yuan at the end of last year [3][6] - The unit net value of Hai Fu Tong Short-term Bond ETF has risen by 1.37% since March, indicating stable performance in the secondary market [6] Investor Behavior - Investors are increasingly attracted to bond ETFs due to lower management fees and higher transparency compared to traditional bond funds, leading to a significant inflow of funds into this segment [10] - The demand for short-term bond ETFs has been bolstered by the growing number of Fund of Funds (FOF) products that are allocating more resources to these ETFs, with 67 FOFs holding a combined market value of 3.29 billion yuan in short-term bond ETFs as of the end of Q3 [6][7] Regulatory and Market Dynamics - The rapid growth of bond ETFs is supported by regulatory initiatives and product innovations from exchanges, which have introduced various new bond ETF products this year [10][11] - Increased participation from market makers and broker-dealer proprietary trading has improved liquidity in the bond ETF market, creating a positive cycle of growth and investment [11] Future Outlook - Despite the current rapid growth, the bond ETF market is still in its early stages, with significant room for expansion as the product offerings remain limited [11] - Future innovations are expected to include cross-border bond ETFs and thematic bond ETFs to meet diverse investor needs and further expand market opportunities [11]

Core Viewpoint - The rapid growth of bond ETFs in China is highlighted by the Hai Futong Short-term Bond ETF surpassing 70 billion yuan, marking a significant milestone in the domestic bond ETF market [2][4][6]. Group 1: Market Growth - As of November 20, the total scale of bond ETFs reached 715.06 billion yuan, a historical high, with an increase of over 540 billion yuan this year, representing a growth rate of 311.02% compared to the end of last year [8][10]. - The Hai Futong Short-term Bond ETF, established on August 3, 2020, has seen its scale grow from 29.34 billion yuan at the end of last year to 70 billion yuan, an increase of 406.6 billion yuan, or 138.58% [6][9]. Group 2: Investment Demand - The low interest rate environment has led to a shift in investor strategies, with a growing demand for trading to achieve returns rather than traditional buy-and-hold strategies [10]. - Investors are increasingly sensitive to management fees, making bond ETFs, which have lower fees and higher transparency, more attractive [10]. Group 3: Regulatory Support - Continuous support from regulatory bodies and exchanges has been crucial for the rapid development of bond ETFs, with innovations in product offerings driving market growth [10][11]. Group 4: Market Liquidity - The involvement of more market makers and proprietary trading firms has significantly improved the liquidity of bond ETFs, creating a positive cycle of scale, liquidity, and capital inflow [11]. - Despite the rapid growth, the bond ETF market is still in its early stages, indicating substantial future growth potential [11].