多资产ETF策略
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突破7000亿元!再创新高
Zhong Guo Ji Jin Bao· 2025-11-16 14:51
【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 ...
突破7000亿元!再创新高
中国基金报· 2025-11-16 14:40
Group 1 - The core viewpoint of the article highlights the significant growth of bond ETFs in China, reaching a new high of 706.29 billion yuan as of November 14, driven by favorable policies, product innovation, and ease of trading [2][5][3]. Group 2 - The bond ETF market has expanded notably this year, with a net inflow of over 427 billion yuan, including 20 ETFs with net inflows exceeding 10 billion yuan each, such as the short-term bond ETF with nearly 40 billion yuan and the 30-year government bond ETF with over 29 billion yuan [5]. - Factors contributing to the popularity of bond ETFs include increased investor sensitivity to fund fees in a low-interest environment, regulatory support for product innovation, and enhanced liquidity from market makers [5][6]. - The limited number of bond ETFs, such as only two 30-year government bond index funds and two convertible bond index funds, along with the operational convenience and flexibility of trading, further enhance their attractiveness [6][7]. - Looking ahead, the central bank's bond purchasing operations are expected to boost market confidence, with a forecast of a stable bond market in the short term, while investors are encouraged to adopt multi-asset ETF strategies to seize opportunities [9][10]. - The overall economic recovery and reduced net financing scale of government bonds are seen as favorable for the bond market, with expectations of a better performance in the fourth quarter compared to the third quarter [9][10]. - Investment strategies suggested include a multi-asset ETF configuration that combines stable bond ETFs with stock ETFs to achieve a balance of risk and return in a volatile market [11].