【导读】突破7000亿元！债券ETF规模再创新高 今年以来，在债市波动较大的情况下，债券ETF继续显著增长，总规模一路拾级而上。 业内人士认为，政策利好、产品创新以及交易便捷等因素，共同推动资金持续涌入债券ETF领域。 科创债ETF博时基金经理张磊分析，一是债券ETF数量较少。如30年期国债指数基金目前全市场只有2 只且均为ETF形式运作，可转债指数基金同样只有2只ETF；二是债券ETF操作方便，交易灵活快捷、可 场内质押，相比于一般的场外债券指数基金优势明显。 "随着长期国债收益率下降，通过主动管理获取超额收益的空间更加有限，指数基金的费率优势和工具 属性会更有吸引力。"张磊说。 可通过多资产策略布局债市 展望后市，受访机构和人士认为，央行购债操作在一定程度上释放出积极信号，有利于提振债市信心， 预计短期市场或以震荡为主，投资者可通过多资产ETF策略把握机会。 海富通基金指出，10月末央行重启国债买卖，稳定债市预期。预计央行净买入以中短期国债为主，更加 利好短久期债券产品。展望后市，四季度经济修复仍需持续夯实，政府债净融资规模减小，基本面、供 给等整体对债市大方向有利，整体或好于三季度。十年国债收益率下行至 ...

Core Insights - The bond ETF market in China is experiencing unprecedented growth, with total market size surpassing 520 billion yuan as of August 7, 2025, representing a 199% increase from nearly 174 billion yuan at the beginning of the year [1] - The launch of the first batch of 10 sci-tech bond ETFs in mid-July has been a significant driver of this growth, with initial fundraising of nearly 29 billion yuan and total market size exceeding 110 billion yuan by August 7 [1][2] - The rapid development of sci-tech bond ETFs reflects strong market demand for bond instruments and showcases the refined operational capabilities of public funds in index-based investments [1] Market Performance - As of August 8, the leading sci-tech bond ETF, Penghua (551030), recorded a trading volume of 8.633 billion yuan and a turnover rate of 62.21%, ranking first among the 10 sci-tech bond ETFs [2] - The fund's size reached 13.88 billion yuan on August 7, indicating strong market recognition [2] - The liquidity of sci-tech bonds is expected to continue improving due to the growing market, supportive policies, and expansion of sci-tech bond ETF sizes [2] Investment Strategy - The success of sci-tech bond ETFs relies not only on liquidity but also on effective tracking error management [2] - Strategies employed to minimize tracking error include closely replicating the index, real-time tracking of component bonds, and utilizing an efficient execution system [2] - The Penghua sci-tech bond ETF is positioned as a credit base for portfolios and can enhance returns in specific market conditions, allowing investors to adjust allocations based on their risk preferences and duration management [2] Industry Outlook - The rise of sci-tech bond ETFs signifies a new phase in China's bond market characterized by tool-based and index-based investments [3] - Leading products like Penghua are becoming efficient tools for investors to access the credit bond market due to their high liquidity, low tracking error, and systematic operations [3] - With ongoing market expansion, improved product mechanisms, and optimized investment processes, sci-tech bond ETFs are expected to play a greater role in supporting the real economy and optimizing asset allocation [3]

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7, with all products sold out on the same day, indicating strong market demand [1][2] - Each of the 10 Sci-Tech Bond ETFs had a fundraising cap of 3 billion yuan, and the rapid sale reflects the growing interest in bond ETFs [2][5] - The total scale of bond ETFs reached approximately 389.94 billion yuan before the launch of these new products, and the completion of this fundraising is expected to push the total above 400 billion yuan [1][5] Group 2 - The Sci-Tech Bond ETFs are designed to track the performance of bonds issued by technology innovation companies, providing investors with a convenient tool to participate in the market [3][7] - These ETFs feature a T+0 trading mechanism, low management fees of 0.15% per year, and diversified investment characteristics, making them attractive to investors [3][7] - The bond ETF market has seen rapid growth, with the total assets increasing significantly from 1 billion yuan in May 2024 to 3 billion yuan by June 2025, indicating a strong upward trend [5][6]