【导读】首批10只科创债ETF质押回购业务落地 中国基金报记者 方丽 孙晓辉 科创债ETF迎重磅利好！ 中国基金报记者获悉，8月21日，首批10只科创债ETF已取得中国证券登记结算有限责任公司下发的同意函，允许其作为通用质押式回购担 保品。 业内人士表示，科创债ETF纳入回购质押库后，投资者可以开展通用质押式回购交易，产品流动性将进一步提升，投资者可进行ETF质押融 资，提高资金使用效率。 继首批9只信用债ETF获批后，第二批可作为通用质押式回购担保品的信用债ETF 出现 。据了解，获准产品向交易所提交纳入质押库的申 请获批后，即可正式开展质押回购业务。 首批科创债 ETF获准成为通用质押式回购担保品 8 月 21 日，易方达、华夏、广发、博时、招商、鹏华，以及嘉实、富国、南方、景顺长城等公司旗下首批10只科创债ETF取得中国证券 登记结算有限责任公司同意函，获准成为通用质押式回购担保品。 这意味着第二批可作为通用质押式回购担保品的信用债 ETF 正式落地，经交易所同意后，即将开展通用质押式回购交易。 据了解，早在10只科创债ETF上市之前，上述基金管理人便已着手申请纳入通用质押库。 | | 首批获准成为通用 ...

Core Viewpoint - The bond ETF market is experiencing significant growth driven by product innovation, with a total scale reaching 310.67 billion yuan as of June 9, 2025, representing a 78% increase compared to the end of 2024 [1] Group 1: Market Expansion - The total scale of bond ETFs has increased significantly, surpassing the growth rate of the entire year of 2024 [1] - Eight benchmark credit bond ETFs launched in January 2025 contributed approximately 77 billion yuan to the market, with a combined scale nearing 77 billion yuan [1][3] - The nine credit bond ETFs have attracted over 80 billion yuan in new funds, accounting for about 60% of the total new scale in bond ETFs [4] Group 2: Trading and Liquidity - The introduction of general pledge-style repurchase business for the nine credit bond ETFs has enhanced trading volumes, with a 65% increase in transaction amounts on the first day of implementation [6][7] - On June 9, the transaction amount for these ETFs approached 67 billion yuan, indicating strong market activity [1][7] - Credit bond ETFs are expected to improve liquidity in the market, providing a buffer against potential liquidity issues during downturns [5][8] Group 3: Investment Appeal - Credit bond ETFs offer multiple advantages, including higher liquidity due to the selection of high-quality bonds and clear investment targets [4] - The ability to conduct T+0 trading allows for flexible asset switching, making these ETFs attractive to investors [4] - The inclusion of credit bond ETFs in the pledge-style repurchase market is seen as a significant innovation in China's bond market, potentially attracting a broader range of investors [8]

Core Viewpoint - The bond ETF market is experiencing significant growth despite weak returns in the bond market, with substantial capital inflows and increased trading activity in bond ETFs [2][3][4]. Group 1: Market Performance - The bond market has shown volatility this year, with bond fund returns falling short of expectations, yet the bond ETF market continues to thrive [2][3]. - As of May 30, the total scale of bond ETFs has expanded from 1,740 billion to 2,890 billion, marking a 66% increase [6]. - In May alone, bond ETFs saw over 40 billion in net inflows, accounting for nearly half of the total net inflows for the year [4]. Group 2: Product Development - The bond ETF market has welcomed new products, including credit bond ETFs and long-duration interest rate bond ETFs, with the number of credit bond ETFs increasing from 3 to 11 this year [7]. - The introduction of the general pledge-style repurchase business for credit bond ETFs is expected to accelerate the expansion of the bond ETF market [5][8]. Group 3: Investor Engagement - There is a growing enthusiasm among investors for trading bond ETFs, with 10 out of the top 12 ETFs by trading volume on May 30 being bond ETFs [4]. - The liquidity and real-time trading capabilities of bond ETFs are highlighted as significant advantages over traditional bond funds, attracting more long-term capital [5]. Group 4: Future Potential - The bond ETF market in China still has considerable room for growth compared to developed markets, with potential categories like high-yield bonds and inflation-protected securities yet to be fully explored [9]. - The development of a diverse product ecosystem and a mature investor base is essential for the future growth of bond ETFs [10].

Core Viewpoint - The approval of nine credit bond ETFs as general collateral for repurchase agreements marks a significant development in the market, enhancing liquidity and investment opportunities for investors [1][3]. Summary by Sections Approval of Credit Bond ETFs - On May 29, nine credit bond ETFs received approval from China Securities Depository and Clearing Corporation to be used as general collateral for repurchase agreements, allowing them to officially start this business by June 6 [1][3]. Benefits for Investors - The introduction of general collateral repurchase agreements for credit bond ETFs is expected to improve capital efficiency for investors, broaden financing channels, and enrich investment strategies [4][5]. - Investors can leverage credit bond ETFs for financing, enhancing their capital usage efficiency and meeting diverse investment needs [4][5]. Market Growth and Performance - The total scale of credit bond ETFs has surged to nearly 137 billion yuan, increasing over 150% compared to the end of last year, indicating a strong market presence [7]. - As of May 28, the total scale of eight benchmark credit bond ETFs reached 611.83 billion yuan, reflecting a growth of 181.82% since their launch [7]. - The active trading of these ETFs, such as the E Fund's Shanghai Stock Exchange benchmark credit bond ETF, has led to significant inflows and rapid growth in scale [7][8]. Investor Demographics and Future Potential - The investor base for benchmark credit bond ETFs is diverse, including pension funds, bank wealth management, insurance asset management, and trust products, indicating strong institutional interest [8]. - The inclusion of credit bond ETFs in the repurchase collateral pool is expected to better meet investors' financing needs, suggesting substantial growth potential in the future [8].

Group 1 - The launch of general pledged repo business for credit bond ETFs has been officially approved, allowing eight credit bond ETFs to be used as collateral [1][2] - This initiative is expected to enhance liquidity and trading activity for credit bond ETFs, benefiting both the products and investors [2] - The business is set to take effect on June 6, following a notification from China Securities Depository and Clearing Corporation [1] Group 2 - The latest scale of the Hai Fu Tong Shanghai Stock Exchange Benchmark Market Maker Company Bond ETF reached 7.085 billion yuan, reflecting a 136% increase from its initial scale of 3 billion yuan [2] - The introduction of general pledged repo business is anticipated to provide multiple benefits, including improved liquidity management for investors and meeting diverse trading needs [2]

Core Viewpoint - The first batch of nine credit bond ETFs has been approved for use as collateral in general repurchase agreements, marking a significant development for the credit bond ETF market in China [1][2]. Group 1: Approval and Launch - On May 29, nine credit bond ETFs from various fund companies received approval from China Securities Depository and Clearing Corporation Limited to be used as collateral for general repurchase agreements [1][2]. - The approved ETFs include those from E Fund, Huaxia, Southern, GF, Bosera, Tianhong, Haifutong, Dacheng, and Ping An, with plans to officially start this business on June 6 [1][2]. Group 2: Benefits for Investors - The introduction of general repurchase agreements for credit bond ETFs is expected to enhance funding efficiency for investors, broaden financing channels, and enrich investment strategies [4][5]. - Credit bond ETFs are anticipated to improve market liquidity and attract more investors, thereby promoting the overall development of the credit bond ETF market [1][4]. Group 3: Market Growth and Performance - The total scale of credit bond ETFs has surged to nearly 137 billion yuan, representing a more than 150% increase compared to the end of the previous year [6]. - As of May 28, the total scale of eight benchmark credit bond ETFs reached 611.83 billion yuan, reflecting a growth of 181.82% since their launch [6]. - E Fund's credit bond ETF has seen significant trading activity, with an average daily trading volume of 2.8 billion yuan and a net inflow of 7.3 billion yuan, leading to a scale increase to 10.542 billion yuan [6]. Group 4: Investor Demographics and Future Outlook - The investor base for benchmark credit bond ETFs is diverse, including pension funds, bank wealth management, insurance asset management, and trust products [7]. - The inclusion of credit bond ETFs in the repurchase collateral pool is expected to better meet investors' financing needs, indicating substantial growth potential for credit bond ETFs in the future [7].

Group 1 - The China Securities Depository and Clearing Corporation has confirmed the first batch of credit bond ETFs to engage in general collateral repurchase agreements [1] - The general collateral repurchase business is expected to enhance market liquidity, product scale, and trading activity for credit bond ETFs [1] - Investors will benefit from improved liquidity management and diversified investment trading needs as credit bond ETFs are included in the repurchase collateral pool [1] Group 2 - The Hai Fu Tong Shanghai Stock Exchange Benchmark Corporate Bond ETF (code: 511190) closely tracks the Shanghai Stock Exchange Benchmark Corporate Bond Index, which consists of high-quality AAA-rated bonds [2] - As of May 28, the ETF's latest scale reached 7.085 billion, doubling from its initial scale of 3 billion, reflecting a growth of 136% [2] - Hai Fu Tong Fund currently manages six bond ETFs with a total scale exceeding 75 billion, making it the largest and most diverse bond ETF manager in the domestic market [2]