德邦证券指出，预计债市短期震荡与长期宽松并存。央行三季度货币政策执行报告明确"实施好适度宽 松的货币政策"，国债买卖操作常态化或为长端利率提供"安全垫"；当前债市核心逻辑仍为"政策托底 +配置驱动"，短期震荡与长期宽松并存。 截至2025年11月20日 15:00，科创债ETF鹏华(551030)上涨0.02%， 实现4连涨，盘中成交额59.12亿元， 市场交投活跃。截至上个交易日，科创债ETF鹏华最新规模达197.80亿元。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 作为首批10只科创债ETF之一，科创债ETF鹏华(551030)跟踪上证AAA科技创新公司债指数，该指数是 从上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA+及以上的债券作为成 ...

华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 截至2025年11月18日 14:25，科创债ETF鹏华(551030)上涨0.03%，盘中成交额75.00亿元，市场交投活 跃。截至上个交易日，科创债ETF鹏华最新规模突破196.28亿元。 消息面上，央行今日公告称，以固定利率、数量招标方式开展了4075亿元逆回购操作，中标利率为 1.4%。今日公开市场有4038亿元逆回购到期，净投放37亿元。 有机构指出，近期债市窄幅波动，行情较为寡淡，市场对利多利空等信息都交易有限。展望后市，经济 金融数据确认了经济基本面情况，但政策 ...

Core Viewpoint - The article highlights the performance and potential of the Penghua Sci-Tech Bond ETF (551030), emphasizing its position in the market and the favorable conditions for bond investments in the current economic climate [1][2]. Group 1: Market Performance - As of November 10, 2025, the Penghua Sci-Tech Bond ETF has a scale of 19.469 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1]. - The bond market is expected to experience a downward trend in yields, influenced by both domestic economic conditions and external factors such as the U.S. government shutdown and the onset of a Federal Reserve rate cut cycle [1]. Group 2: Investment Strategy - The Penghua Sci-Tech Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, providing a diversified investment option [1]. - The ETF offers advantages over single-bond strategies, including low fees, low trading costs, high transparency, and efficient "T+0" redemption, which helps in risk diversification and improves capital efficiency [1]. Group 3: Future Outlook - The market for Sci-Tech bonds is expected to expand significantly due to policy incentives, with the Penghua Sci-Tech Bond ETF being the only index tool in the technology bond sector, enhancing its long-term investment value and market influence [2]. - Penghua Fund aims to establish itself as a domestic expert in fixed-income indices, having built a comprehensive portfolio of fixed-income tools since the second half of 2018 [2].

Core Viewpoint - The market for Sci-Tech bonds is expanding, with the Penghua Sci-Tech Bond ETF (551030) showing active trading and significant assets under management, indicating strong investor interest and potential for growth in this sector [1][2]. Group 1: Market Performance - As of November 6, 2025, the Penghua Sci-Tech Bond ETF recorded a slight pullback with a trading volume of 5.85 billion yuan, reflecting active market participation [1]. - The latest scale of the Penghua Sci-Tech Bond ETF reached 19.478 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1]. Group 2: Economic Indicators - The People's Bank of China has maintained a net liquidity withdrawal, but interest rates remain stable, suggesting a need to monitor future domestic and international policy impacts [1]. - The manufacturing PMI for October recorded at 49.0, a decrease of 0.8 percentage points from the previous month, highlighting potential economic challenges [1]. Group 3: Investment Strategy - The Penghua Sci-Tech Bond ETF tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, which selects bonds with AAA ratings and above, providing a diversified investment option [1]. - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, and efficient "T+0" redemption, which can help mitigate investment risks and enhance capital efficiency [1]. Group 4: Long-term Outlook - Huaxi Securities emphasizes the broad market potential for Sci-Tech bonds under favorable policy conditions, with the Penghua Sci-Tech Bond ETF expected to maintain its long-term value and market influence [2]. - Penghua Fund has been actively developing a range of fixed-income products since the second half of 2018, aiming to establish itself as a leader in the domestic fixed-income index space [2].

Core Viewpoint - The recent performance of the Penghua Science and Technology Bond ETF (551030) indicates strong market activity, with a notable increase in trading volume and a significant fund size, positioning it as a leading product in its category [1] Group 1: Market Performance - As of October 28, 2025, the Penghua Science and Technology Bond ETF has risen by 0.13%, with a trading turnover of 50.6% and a transaction volume of 9.732 billion [1] - The latest fund size of the Penghua Science and Technology Bond ETF reached 19.267 billion, making it the second largest in its category across the market and the largest in the Shanghai market [1] Group 2: Policy and Market Impact - The People's Bank of China has restarted government bond trading, leading to a rapid decline in bond yields across various maturities [1] - Analysts suggest that the impact of the restarted bond trading may not replicate the effects seen in Q4 of the previous year due to banks having sufficient liquidity and the potential for government bonds to replace other monetary tools [1] Group 3: Investment Strategy and Product Features - The Penghua Science and Technology Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, with an average yield of 2.02% and a duration of 3.72 years [1] - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, and high liquidity, making it suitable for diversifying investment risks and improving capital efficiency [2] - Under the influence of policy incentives, the market for science and technology bonds is expected to expand, with the ETF's long-term value and market influence likely to continue to grow [2] Group 4: Company Strategy - Penghua Fund has been actively developing a long-term strategy for fixed-income products since the second half of 2018, aiming to establish itself as a "fixed-income index expert" in China [2] - The total scale of bond ETFs managed by Penghua Fund has surpassed 24 billion, indicating a strong presence in the market [2] - The company has also launched various bond ETFs, including the 5-year local government bond ETF, which is the largest in its category in terms of scale and liquidity [2]

年内两批科创债ETF的相继上市，开启了中国债券ETF市场的"硬科技"时代。据Wind数据，截至2025年 10月22日，全市场24只科创债ETF整体规模已达2452亿元，其中15只产品规模突破百亿元，展现出强劲 的市场吸引力。科创债ETF鹏华(551030)以192.47亿元的规模位列全市场同类第二、沪市同类第一，成 为投资者配置科创债资产的重要选择。 科创债ETF鹏华跟踪的是"上证AAA科技创新公司债指数"。该基金基金经理张羊城表示，该指数历史表 现稳健，具备风险可控、操作效率高和成长潜力大等特点，高度契合当前产品定位与配置需求。 在公募基金改革的大背景下，鹏华基金认为，做大科创债ETF正当其时：一是服务财富管理需求，在低 利率环境下，科创债ETF将科技创新属性、高信用资质、指数化管理相结合，让各类投资者便捷地分享 科创企业成长红利。二是服务国家战略，推动金融资源向战略新兴产业聚集，为科技成果转化、产业结 构升级提供有力支持，助力新质生产力发展。三是服务资本市场建设，提升科创债市场流动性和定价效 率，进一步强化股债联动共同服务科技创新的良好势头。 (责任编辑：叶景) 在债券市场"科技板"制度持续完善与政策利 ...

Core Insights - The Penghua Sci-Tech Bond ETF (551030) has seen a slight increase of 0.05% with a trading volume of 4.581 billion yuan, and its latest scale reached 19.238 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1] - Despite uncertainties in trade negotiations, liquidity remains strong, and the upward risk in bond yields is limited, suggesting potential market fluctuations around the current levels [1] - The Penghua Sci-Tech Bond ETF tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, with an average yield of 2.02% and a duration of 3.72 years [1] Industry Analysis - Huaxi Securities highlights the broad market potential for the Sci-Tech Bond market under favorable policies, with the Sci-Tech Bond ETF expected to maintain its long-term value and market influence [2] - Penghua Fund has been actively developing a "fixed income tool product" strategy since the second half of 2018, aiming to become a domestic expert in fixed income indices [2] - The total scale of bond ETFs has surpassed 24 billion yuan, with Penghua Fund offering various products including the largest local government bond ETF in the market [2]

Core Insights - The launch of two batches of Sci-Tech Bond ETFs marks a significant entry into the "hard technology" sector for China's bond ETF market [1] - As of October 20, 2025, the total scale of 24 Sci-Tech Bond ETFs reached 246.875 billion yuan, with 15 products exceeding 10 billion yuan in size [1] - Institutional investors dominate the subscription of Sci-Tech Bond ETFs, with over 90% held by institutions in many funds [1][3] Institutional Investor Insights - Major institutional investors include banks, securities firms, wealth management subsidiaries, insurance companies, and trusts [3] - For instance, the top two holders of the Sci-Tech Bond ETF from Industrial Bank are Pudong Development Bank and Industrial Bank, holding 49.84% and 29.83% respectively [3] - The first major holder of the Huatai-PB Sci-Tech Bond ETF is China Merchants Bank, with a holding ratio of 50.17% [3] Market Dynamics - The China Securities Regulatory Commission (CSRC) has emphasized the need to enhance support for technology innovation through the multi-tiered bond market [4] - The introduction of the "technology board" in the bond market aims to alleviate financing difficulties for tech innovation companies [4] - Sci-Tech Bond ETFs serve as important tools for participating in investments on the technology board, gaining market favor [4] Investment Characteristics - Sci-Tech Bond ETFs consist of a basket of AAA-rated bonds from technology innovation companies, providing a diversified investment option [4][5] - They offer high liquidity and can participate in repurchase agreements, helping to alleviate redemption pressures on wealth management products [4] - The ETFs are suitable for both institutional and individual investors, providing a channel for personal investors to access Sci-Tech bonds [5][6] Risk and Return Profile - Compared to government bonds and money market funds, Sci-Tech bonds offer higher annualized returns, especially in the context of a declining deposit rate [7] - However, the investment in technology enterprises carries higher risks due to uncertainties in development and market changes [7] - The ETFs are designed to balance returns and volatility, making them suitable for medium to low-risk investors [6][8] Index Tracking - The existing 24 Sci-Tech Bond ETFs track three types of indices: the CSI AAA Technology Innovation Company Bond Index, the SSE AAA Technology Innovation Company Bond Index, and the SZSE AAA Technology Innovation Company Bond Index [7] - Each index has different characteristics, catering to various investor preferences regarding risk and return [7][8]

Core Viewpoint - The market for technology innovation bonds (科创债) is expected to maintain a warm trend, supported by ongoing demand for government bonds due to trade uncertainties and a favorable monetary policy environment [1][2]. Group 1: Market Performance - As of October 17, 2025, the Penghua Science and Technology Innovation Bond ETF (科创债ETF鹏华, 551030) increased by 0.06%, with a trading volume of 10.852 billion yuan, indicating active market participation [1]. - The latest scale of the Penghua Science and Technology Innovation Bond ETF reached 19.22 billion yuan, ranking second in the market for similar products and first in the Shanghai market [1]. Group 2: Investment Strategy - The Penghua Science and Technology Innovation Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which selects bonds with an AAA rating and implied ratings of AA+ and above [1]. - The average yield of the Shanghai AAA Technology Innovation Bond Index is at 2.05%, with an average duration of 3.7 years [1]. - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, high diversification, and efficient "T+0" redemption, which helps in risk diversification and improves capital efficiency [1]. Group 3: Future Outlook - Huaxi Securities believes that under policy incentives, the market for technology innovation bonds has significant growth potential, with the ETF's long-term value and market influence expected to continue to rise [2]. - Penghua Fund has been actively developing a range of fixed-income tools since the second half of 2018, aiming to become a domestic expert in fixed-income indices [2]. - The total scale of bond ETFs has surpassed 24 billion yuan, indicating a growing interest in this investment vehicle [2].

Group 1 - The second batch of 14 Sci-Tech Bond ETFs will be listed on September 24, expanding the total number of listed Sci-Tech Bond ETFs to 24 [1][3] - The total issuance scale of the first two batches of Sci-Tech Bond ETFs has reached nearly 700 billion yuan, with the first batch alone raising 289.88 billion yuan [3][4] - The rapid expansion of the first batch's scale indicates strong market demand for policy-supported and stable-yield technology-themed bond instruments [1][5] Group 2 - As of September 22, 8 out of the 10 first batch Sci-Tech Bond ETFs have exceeded 10 billion yuan in scale, with the largest being 19.76 billion yuan [4] - The majority of the ETFs track the China Securities AAA Technology Innovation Company Bond Index, which has increased by 1.24% year-to-date [5] - The unique investment value of Sci-Tech Bond ETFs is highlighted by their ability to maintain liquidity and attract investment amid a fluctuating bond market [6][7] Group 3 - The issuance of the second batch of Sci-Tech Bond ETFs is expected to bring in continuous inflow of incremental funds, enhancing market activity [6] - The policy support for these ETFs allows them to be included as collateral for general pledged repo, improving capital efficiency for investors [6] - The current market environment suggests that the unique investment value of Sci-Tech Bonds will become more pronounced as the bond market stabilizes [7][8]