（文章来源：第一财经） 上海证券交易所和中证指数有限公司决定修订上证基准做市公司债指数的编制方案。此次修订内容具体 如下：增加发行人权重上限条件：单一发行人所发行的证券样本权重合计不超过10%。指数编制方案的 其余部分保持不变。指数编制方案的修订将于2025年9月1日实施。 ...

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]

截至2025年5月29日10:30，信用债ETF基金(511200)多空胶着，最新报价100.69元。拉长时间看，截至2025年5月28日，信用债ETF基金近3月累计上涨 1.11%，涨幅排名可比基金1/4。 流动性方面，信用债ETF基金盘中换手40.3%，成交27.45亿元，市场交投活跃。拉长时间看，截至5月28日，信用债ETF基金近1周日均成交39.3亿元。 从资金净流入方面来看，信用债ETF基金近12天获得连续资金净流入，合计"吸金"27.80亿元，日均净流入达2.32亿元。规模方面，信用债ETF基金最新规模 达68.08亿元，创成立以来新高。 回撤方面，截至2025年5月28日，信用债ETF基金成立以来最大回撤1.04%，相对基准回撤0.22%。回撤后修复天数为26天，在可比基金中回撤后修复最快。 业内人士认为，信用债ETF尤其是基准做市信用债ETF具有分散化投资、透明度高、流动性强等优势，可以有效满足各类投资者的需求，未来有望获得更多 投资者青睐，实现规模进一步突破。 信用债ETF基金紧密跟踪上证基准做市公司债指数，上证基准做市债券指数系列从上海证券交易所上市的债券中，分别选取符合上交所基准做市品种 ...

这几年来，令挖掘基感悟最深的一个词就是"变局"。过去对一切熟识的掌控感，开始逐渐被不确定性所取代。 一年期定期存款利率首次跌破1%、货基收益率持续下行……无风险利率带来的"稳稳的幸福"正在消失，而货币总量的增长与购买力可能的缩水却将伴随着 国民经济的滚滚向前如影随形。 一边是长期低利率时代的加速渐进，优质"资产荒"正从周期性现象走向新常态；另一边是权益市场的波动之频繁，愈发考验投资者的"顿感力"与配置智慧。 当变局与不确定性本身成为了最确定的主题，市场正在本能地追寻更稳健的价值锚点。 随着今日一则大消息传来——信用债ETF开展质押式回购即将正式实施 来源：智通财经 信用债ETF这个组合了稳健票息与交易灵活度的金融工具，正在完成从组合配角到核心拼图的进化。 01 工具解码 ——信用债ETF基金的双重底色 信用债ETF基金的内核，正是"信用债"叠加"ETF"所产生的化学反应。 所谓信用债，指的是依赖企业自身信用，而非政府直接背书的债券。 主要包括商业银行等金融机构发行的普通金融债，以及非金融企业（含城投、央国企）发行的公司债、企业债、中期票据、短期融资券等。 来源：中信建投证券 ——信用债ETF基金的三个认知 作 ...

从资金净流入方面来看，信用债ETF基金近3天获得连续资金净流入，最高单日获得1.30亿元净流入，合计"吸金"2.80亿元，日均净流入达9345.09万元。 费率方面，信用债ETF基金管理费率为0.15%，托管费率为0.05%，费率在可比基金中最低。 跟踪精度方面，截至2025年5月15日，信用债ETF基金近1月跟踪误差为0.005%，在可比基金中跟踪精度较高。 分析人士对5月资金利率持乐观态度。申万宏源证券债券首席分析师表示，降准释放长期流动性叠加人民币汇率企稳，短期资金利率中枢回落至政策利率附 近。5月并非信贷高峰期，市场流动性需求下降，预计短端资金利率仍有望低位运行。 信用债ETF基金（511200）紧密跟踪上证基准做市公司债指数，整体呈现中短久期特征，利率风险相对较低。中短债久期相对较低，利率变化带来的价格波 动相对较小，比较契合稳健风格投资需求。同时在利率下行背景下，也有机会捕捉无风险利率下行及利差压缩带来的资本利得。 截至2025年5月16日10:45，信用债ETF基金(511200)多空胶着，最新报价100.39元。 流动性方面，信用债ETF基金盘中换手106.41%，成交45.73亿元，市场交投 ...

Group 1 - The credit bond ETF (511190) has seen significant capital inflows since April, with its latest scale surpassing 5 billion yuan, reaching 5.013 billion yuan, marking a 38% increase from April 1 [1] - In the past four trading days, the credit bond ETF (511190) has recorded a net inflow of over 180 million yuan, and in the last 20 trading days, the total net inflow exceeded 1.38 billion yuan [1] - As of April 29, the total net inflow for all 11 credit bond ETFs in the market exceeded 20 billion yuan since April, with the latest total scale of credit bond ETFs reaching 100.374 billion yuan, nearly doubling from 54 billion yuan at the end of last year [1] Group 2 - On May 7, the People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, providing approximately 1 trillion yuan in long-term liquidity, along with a 0.1 percentage point reduction in policy interest rates [2] - The credit bond ETF (511190) experienced a slight increase of 0.02% in early trading on May 7, with a transaction volume exceeding 25 million yuan [3] - The index tracked by the credit bond ETF (511190) primarily consists of high-quality AAA-rated bonds, mainly issued by central and state-owned enterprises, ensuring low credit risk and good liquidity [3]

Group 1 - The bond market is gradually recovering due to the central bank's continuous net injection and the rising expectations of reserve requirement ratio cuts [1] - Hai Fu Tong Fund is currently the largest and most diverse fund company managing bond ETFs in the market, with its credit bond ETF (511190) increasing over 41 basis points in the past week [1] - The credit bond ETF (511190) has seen a net inflow of over 2.22 million yuan in the past week, with a total growth in scale of 2.32 million yuan [1] Group 2 - Industrial Securities suggests that holding short-duration credit bonds is a good choice in the short term, considering the fluctuating funding environment and market volatility [2] - The recommendation is to gradually shift from short to long credit bond allocations as the interest rate downtrend becomes clearer [2]