Group 1: Report's Investment Rating - No information provided regarding the report's industry investment rating Group 2: Core Viewpoints - In 2025, with the listing of new credit - bond ETFs and science - innovation bond ETFs, the bond ETF market in China has grown rapidly, showing great development potential. The report analyzes all types of bond ETF products from a comprehensive perspective [10] Group 3: Summary by Section 1. Development History of Bond ETFs - As of July 17, 2025, the total scale of China's bond ETF market reached 481.1 billion yuan, with 39 products. Among them, the scale of interest - rate bond ETFs was 124.8 billion yuan, credit - bond ETFs (including science - innovation bond ETFs) was 309.6 billion yuan, and convertible - bond ETFs was 46.7 billion yuan [11] - The first bond ETF in China was established in 2013. Interest - rate bond ETFs gradually completed the full - term layout from 2013 to 2025. Credit - bond ETFs developed relatively slowly before 2024 and grew rapidly in 2025. Convertible - bond ETFs have only 2 products, which were listed in 2020, and their scale increased significantly in 2024 and remained stable in 2025 [11][14][19] 2. Characteristics of Bond ETFs - Advantages: Support physical subscription and redemption to reduce redemption impact; component bonds are transparent to ensure position penetration; support "T + 0" trading to enhance trading activity; some can conduct general repurchase to improve liquidity; have lower fees and cost advantages [23][28][29] - Disadvantages: Physical subscription and redemption may have operability issues due to low - liquidity individual bonds; there is insufficient intraday valuation disclosure, with only a few bond ETFs disclosing IOPV [42] - Compared with over - the - counter passive index bond funds, bond ETFs are currently smaller in scale but have greater development potential [44] 3. Components of Bond ETFs 3.1 Bond ETFs' Tracked Indexes - As of July 17, 2025, 39 bond ETFs tracked 25 indexes. Interest - rate bond ETFs' tracked indexes generally have fewer component bonds, while credit - bond ETFs' tracked indexes have more [50] - Index compilation has different sample - bond selection criteria. Interest - rate bond indexes mainly focus on remaining maturity, while credit - bond and convertible - bond ETFs' tracked indexes also consider credit ratings, issuance methods, and bond scales [52] 3.2 Index Component Bonds and Product Component Bonds of Credit - Bond ETFs - In terms of index component bonds, the component bonds of the Shanghai - Shenzhen urban investment bond index and the CSI short - term financing index are widely distributed in different credit ratings, while the component bonds of benchmark credit - bond ETFs and science - innovation bond ETFs are highly concentrated in the AAA rating [56] 4. Performance of Bond ETFs - The report focuses on indicators such as annualized return, maximum drawdown, annualized volatility, and Calmar ratio to compare the historical performance of various bond ETFs, but no specific performance data is provided [4] 5. Major Investors in Bond ETFs - For interest - rate bond ETFs, securities firms (securities firm asset management) are the most common among the top ten holders, followed by banks (bank wealth management) and insurance (insurance asset management) - For credit - bond ETFs, securities firms (securities firm asset management) are the main holders, followed by banks and trusts, and insurance (insurance asset management) is actively involved in some products - For convertible - bond ETFs, insurance (insurance asset management) holds a relatively large proportion, followed by funds [5]