持仓分布的偏离与策略差异将使得债券 ETF 业绩出现阶段性分化。 即便是同一跟踪指数下的不同产品， 也会呈现出一定程度的分化。其核心在于，大部分债券指数基金面临底层资产流动性制约，因而多采用抽 样复制法，并具备一定的主动管理特征。一方面为了应对流动性监管所致的现金拖累，指数基金可能会在 特定的市场环境下选择一定程度上（久期 / 评级）的主动偏离或是可能基金本身也存在一些 Smart Beta 策略的加持，另一方面，由于某些特定的优质属性使得部分个券存在一定的稀缺性，无法有效购得也会使 指数基金发生对于指数的被动偏离。考虑到在纳入质押库后需满足担保品的持续管理，在评级上选择大幅 偏离的空间有限，因此未来的差异将更多体现在久期与期限摆布及相关策略的应用上。 报告导读： 通用质押式回购的准入有望拉平信用债 ETF 与底仓资产在回购功能性上的差 异，更低的预期折算率波动水平有望降低正回购方的欠库风险与实际综合融资成本，使得 投资者进一步增厚收益。 首批 9 只基金已获同意函，信用债 ETF 开展通用质押式回购即将落地。 截至 2025 年 5 月末，包括平 安、大成、博时、广发、天弘、南方、易方达、海富通、华夏等 9 ...

Group 1 - Haitong Fund Management Co., Ltd. announced that its credit bond ETF (511190) will be eligible for pledge-style repurchase transactions starting from June 6, 2025, making it one of the first credit bond ETFs in the market to serve as general collateral for such transactions [1] - The introduction of general pledge-style repurchase business is expected to provide multiple benefits for credit bond ETF products and investors, enhancing liquidity and attractiveness, and facilitating participation from various investors [1][2] - The credit bond ETF (511190) has seen a continuous net inflow of funds for 11 consecutive trading days, with a total net inflow exceeding 3.58 billion yuan, indicating strong market interest [1] Group 2 - The credit bond ETF (511190) closely tracks the Shanghai Stock Exchange's benchmark market-making corporate bond index, primarily composed of high-quality AAA-rated bonds issued by central and state-owned enterprises, ensuring liquidity and low credit risk [2] - Under the new regulatory framework and "benchmark market-making" mechanism, credit bond ETFs are transitioning from a single allocation tool to a composite product with trading and financing functions, which is expected to enhance market recognition and investment enthusiasm [2] - The ongoing demand for high-rated credit bonds amid the current "asset shortage" environment, combined with the pledge mechanism and T+0 trading convenience, is likely to improve liquidity in the credit bond market and optimize the bond market ecosystem [2]

Core Viewpoint - The inclusion of credit bond ETFs as collateral for general pledged repurchase agreements marks a significant development in the market, enhancing liquidity and investment strategies for investors [1][2][4]. Group 1: Regulatory Developments - Multiple fund companies have received approval from China Securities Depository and Clearing Corporation to use their credit bond ETFs as collateral for general pledged repurchase agreements, making them the first of their kind in the market [1][4]. - In March 2023, a notice was issued allowing eligible credit bond ETFs to pilot the general pledged repurchase business [2]. Group 2: Market Impact - The inclusion of credit bond ETFs in the pledged repurchase framework is expected to enrich the collateral tools available in the exchange market and improve product liquidity [5]. - Industry experts believe that this move will enhance the investment value of benchmark market-making company bond ETFs, attracting more investors and providing substantial benefits to the credit bond ETF market [5]. Group 3: Product Performance - As of May 28, 2023, two credit bond ETFs have surpassed a scale of 10 billion yuan, indicating strong market interest and growth potential [6]. - The products primarily track the Shanghai benchmark market-making company bond index and the Shenzhen benchmark market-making credit bond index, both characterized by high credit ratings and low credit risk [6][7]. Group 4: Investor Benefits - Credit bond ETFs offer investors a more convenient way to invest in credit bonds, allowing for enhanced returns through the pledged financing function [5][7]. - The simplicity and low transaction costs associated with using credit bond ETFs for pledged transactions make them particularly suitable for on-exchange investment needs [5].

智通财经5月29日电，信用债ETF开展通用质押式回购业务今日落地，智通财经记者获悉，包括易方 达、南方、广发、博时、华夏、海富通、天弘、大成等8只基准做市信用债ETF，以及平安公司债ETF 共计9只产品收到中国结算下发的同意函，允许其作为通用质押式回购担保品，被正式纳入回购质押 库。这是市场上首批可作为通用质押式回购担保品的信用债ETF，也意味着该产品将很快可以正式开展 通用质押式回购业务。另据通知，该业务或将于6月6日生效。（智通财经记者 闫军） 9只信用债ETF通用质押回购业务今日落地 预计6月6日生效 ...