Group 1 - The core viewpoint is that the Sci-Tech Bond ETF is set for significant expansion, with the second batch of 14 ETFs recently submitted for approval shortly after the first batch's successful launch [1][2] - The first batch of 10 Sci-Tech Bond ETFs was reported on June 18, approved on July 2, and fully subscribed by July 7, with a total issuance scale of 28.988 billion yuan [1] - As of August 20, the total scale of the first batch of Sci-Tech Bond ETFs reached 118.658 billion yuan, with the largest ETF, the Jiashi CSI AAA Sci-Tech Innovation Corporate Bond ETF, growing to 20.115 billion yuan, over six times its initial size [2] Group 2 - A total of 39 bond ETFs are currently listed for trading, with the Sci-Tech Bond ETFs expected to become the main force in the bond ETF market due to their rapid expansion [2] - The Sci-Tech Bond ETFs utilize a T+0 trading mechanism and a physical redemption model, enhancing liquidity and trading convenience for investors [2]

"证券买卖成交实际发生当天证券和资金就清算交割完 成"的一种证券交易机制。 目前我国证券市场采用"T+1"结算,即在证券成交后的第 二个工作日完成清算交割。 但也有一些例外:比如像恒生科技指数ETF(513180)这样 的跨境类ETF、豆粕ETF(159985)这样的商品类ETF、信用债 ETF基金（511200）这样的债券类ETF。 T+O的操作优势 市场来到阶段高位，进入"上有压力、下有底"的震荡区间， 此时跨境ETF的"T+0"交易便捷性体现出来—— 继续上行，可以保有底仓不踏空；盘中突发下行，也可以当日止损。 # "T+0"结算制度 T+0交易的一大优势,就是有助于投资者把握波段交易的机 会，所以波动较大的股票ETF能进行T+0交易，对投资者来说， 可能更有吸引力。虽然A股不可以T+0交易，但是港股等市场 是可以进行T+0交易的。 我们模拟二级市场走势,图解T+0优势 8 O Q 搜狐号@华夏基金 播机号＠中夏基金 1 T+0帮助投资者充分把握日内波段机会。低开时买 室 0.00% 型) 模拟走势仅作为示意，不是真实市场表现 一搜狐号＠非直塞金 T+0支持投资者盘中及时纠错,不用等到下一个交 易日，避 ...

Group 1: ETF Market Overview - The ETF market in China has shown significant growth in both scale and number, reaching a total market size of 42,236.60 billion yuan with 1,194 products as of July 15, 2025 [1][9][24] - Stock ETFs dominate the market, accounting for 72.45% of the total market size, with a scale of 30,602.16 billion yuan, while thematic ETFs lead in product quantity with 459 products [1][10][25] - The average management fee for ETFs is 0.28%, and the average custody fee is 0.07%, which are lower than those of open-end stock and bond funds [1][14][15] Group 2: Development Stages of the ETF Market - The development of the ETF market in China can be divided into three stages: initial development (2004-2008), continuous expansion (2009-2017), and rapid growth (2018-present) [2][22] - The market size surged from 18,423.26 billion yuan in 2023 to 35,613.43 billion yuan in 2024, marking a 93.31% increase, primarily driven by the central financial account's increased holdings in large-scale ETFs [2][27][31] Group 3: Comparison with International Markets - Compared to Japan and the United States, China's ETF market still has room for improvement, with Japan's central bank's long-term purchasing strategy serving as a potential model for China's central financial account [2][34][42] - The U.S. ETF market is the largest globally, with a total asset size of approximately 10.98 trillion USD and 3,913 products, showcasing a more mature market structure [42][44] Group 4: Innovation Directions in the ETF Market - The current innovation in China's ETF market includes the introduction of index-enhanced ETFs, margin trading ETFs, Hong Kong Stock Connect ETFs, and technology innovation bond ETFs [3][47][56] - Future innovation directions may focus on incorporating ESG risk considerations in index compilation, expanding underlying assets to multi-asset ETFs, and increasing the coverage of T+0 trading mechanisms [3][58][62]