证券研究报告 金工 上半年债券 ETF 成吸金主力品种 ——ETF 智投系列研究之十二 华泰研究 林晓明 研究员 2025 年 7 月 16 日│中国内地 ETF 研究 国内 ETF 市场半年度回顾：债券、科创、港股 ETF 成为焦点 2025 上半年国内 ETF 市场继续扩容近 5800 亿元，总规模达到 4.3 万亿元， 其中债券 ETF、港股 ETF 成为"吸金"的主要品种。多数基金公司上半年 着力发行港股、科创板、创业板及其细分赛道主题的 ETF，创新药、机器人、 人工智能等 ETF 成为热门之选，26 只 ETF 上半年规模增长超百亿元。其中 富国基金、华夏基金新发 ETF 数量靠前，海富通基金凭借债券 ETF 实现规 模高增。对比上半年热门 ETF 的份额和对应市场行情的变化，可以发现交 易型 ETF 的份额变化与行情紧密相关，配置型 ETF 通过持续营销或可实现 规模的稳健增长。 2025 上半年 ETF 扩容近 5800 亿，债券 ETF 和港股 ETF 规模高增 截至 2025/6/30，我国 ETF 数量为 1209 只，规模达 4.3 万亿元，股票型 ETF 规模达到 3.23 万亿元， ...

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]