01 上周（11月17日至21日），标普生物科技ETF和新兴亚洲ETF两只跨境ETF周涨幅居前。除此之外，上周上涨的ETF中，债券型 ETF居多。新能源主题ETF集体回调，科创板新能源ETF、光伏龙头ETF、电池ETF等跌超10%，周跌幅居前。 02 上周，多只宽基ETF逆势获资金流入，中证500ETF、创业板ETF、沪深300ETF、科创50ETF、中证1000ETF净流入额均超过20 亿元。此外，恒生科技指数ETF、恒生科技ETF两只跨境ETF净流入额也超过20亿元，净流入额位居前十。 03 上周，科技题材回调，部分资金已开启"抄底"模式，聚焦科技方向的ETF被资金"越跌越买"。芯片ETF易方达（516350）等相关 主题ETF在指数回调时受到市场关注。同时，16只聚焦硬科技方向的基金获批，即将发售，科技板块将迎来增量资金。 一周ETF涨幅榜 11月17日至21日，A股市场震荡调整，ETF跌多涨少，两只跨境ETF——标普生物科技ETF和新兴亚洲ETF周涨幅居前，周涨幅 分别为1.35%和0.67%。 多只跨境ETF近期出现了溢价。数据显示，截至11月21日，纳指科技ETF、纳指100ETF溢价率超过10% ...

Core Insights - The public fund issuance market in China has reached a scale of 1.0728 trillion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan, with equity funds becoming the main force in this growth [1][2][4] - The growth is attributed to a combination of policy guidance, a shift in capital allocation, and a favorable market environment, indicating a long-term trend of residents transferring assets from real estate to financial assets [1][6][7] Fund Issuance Trends - The issuance of new funds has maintained a high level, with equity funds (stock and mixed funds) accounting for over 50% of the total issuance, surpassing bond funds which have dropped from over 70% to 40% [4][5] - The strong performance of the A-share market and favorable economic data have boosted investor confidence, leading to increased fund inflows [2][3] Market Dynamics - The shift towards equity funds reflects a significant change in market risk appetite and asset allocation logic, with investors now favoring equity funds to share in the benefits of economic transformation [5][6] - The public fund industry is expected to continue innovating with new products such as credit bond ETFs and floating rate funds, which will drive high-quality development in the sector [8][10] Future Outlook - The trend of maintaining a trillion yuan issuance scale is likely to become the norm, supported by the ongoing transition of residents' assets towards financial investments [6][7] - The public fund industry is planning to focus on innovative products in 2026, including equity funds centered on technology and high-dividend assets, as well as optimizing fixed-income products [10][15] Product Innovation - The introduction of innovative products such as credit bond ETFs and multi-asset ETFs is seen as a catalyst for the public fund industry's high-quality development [8][18] - Fund companies are increasingly focusing on differentiated product offerings to meet the diverse needs of both institutional and individual investors [16][19]

Core Insights - The public fund issuance market in China has reached a scale of 10,727.76 billion yuan in 2025, marking the seventh consecutive year of exceeding one trillion yuan [3][5][10] - Equity funds have become the main force in new fund issuance, accounting for over 50% of the total, replacing bond funds [3][7][10] - The growth in fund issuance is attributed to a combination of policy guidance, shifts in capital allocation, and favorable market conditions [3][5][10] Fund Issuance Trends - The new fund issuance level remains high, with 10,727.76 billion yuan issued this year, continuing a trend of over one trillion yuan for seven years [5][10] - Economic recovery and improved A-share earnings expectations have driven investor enthusiasm for equity funds, leading to a significant increase in their issuance [5][6] - The shift from real estate and deposits to capital markets is evident, with public funds becoming a key investment tool due to their transparency and regulatory compliance [5][6][10] Structural Changes in Fund Types - The proportion of equity funds (stock and mixed funds) has surpassed 50%, while bond funds have dropped from over 70% to around 40% [7][10] - This shift reflects both market dynamics and policy encouragement for long-term capital allocation towards equity assets [7][10] - The trend is expected to continue, supported by ongoing capital market reforms and the enhancement of public fund research capabilities [7][8] Future Outlook - The one trillion yuan issuance scale is likely to become a new norm, driven by the long-term trend of asset allocation towards financial assets [10][11] - Fund managers are focusing on sustainable marketing and improving investor experience, fostering a positive cycle of performance and capital inflow [11] - The public fund industry is expected to continue innovating, with new products like credit bond ETFs and floating rate funds emerging to meet diverse investor needs [12][13][28] Product Innovation and Development - The public fund industry has seen significant innovation, with new products such as credit bond ETFs and floating rate funds enhancing market vitality [12][13] - Innovation is viewed as a key driver for high-quality development in the public fund sector, expanding the range of asset classes covered [12][14] - The emergence of innovative products is pushing fund companies to enhance their research capabilities and adapt to differentiated competition [14][28] 2026 Product Strategy - The focus for 2026 will include equity funds centered on technology and high-dividend assets, alongside optimized fixed-income products [15][20] - Fund companies are planning to develop products that align with the needs of both individual and institutional investors, emphasizing differentiated strategies [22][24] - There is anticipation for innovative products such as multi-asset ETFs and floating rate funds to cater to evolving market demands [26][27][28]

Group 1 - The total scale of credit bond ETFs reached 494.9 billion yuan, with a daily increase of 1.18 billion yuan, including a rise of 30 million yuan for benchmark market-making ETFs and 240 million yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.3 years, with an overall transaction amount of 158.6 billion yuan and an average single transaction amount of 5.76 million yuan [1] - The median yield is 1.85%, with a median discount rate of -22.6 basis points [1] Group 2 - As of November 17, the company bond ETF (511030) rose by 0.02%, marking three consecutive increases, with the latest price at 106.64 yuan and a year-to-date increase of 1.46% [4] - The liquidity of the company bond ETF showed a turnover of 7.14% and a transaction volume of 1.785 billion yuan, with an average daily transaction of 2.341 billion yuan over the past week [4] - The latest scale of the company bond ETF reached 25.004 billion yuan, a new high in nearly a year, with the latest share count at 235 million, also a new high in six months [4] Group 3 - Over the past five years, the net value of the company bond ETF has increased by 13.59%, with a maximum monthly return of 1.22% since inception [5] - The maximum drawdown in the last six months was 0.28%, with a recovery time of 29 days [5] - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05% [5] Group 4 - The company bond ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which reflects the trends in the RMB bond market [6] - The index is based on AAA-rated corporate bonds listed on the Shanghai Stock Exchange and is adjusted quarterly [6]

Report Industry Investment Rating No relevant content provided. Core View of the Report From November 10 - 14, bond - type ETFs had a net capital outflow of 550 million yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 370 million yuan, net inflows of 1.21 billion yuan, and net outflows of 1.39 billion yuan respectively. In terms of performance, compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, + 0.06%, and + 0.43% respectively, with the net value of convertible - bond ETFs continuously recovering [2][13]. Summary by Directory 1. Issuance Progress Tracking - Last week, there were no newly issued bond ETFs [3][17]. - A list of bond ETFs issued this year was provided, including details such as fund names, issuance shares, issuance scales, issuance announcement dates, fund establishment dates, and performance comparison benchmarks [18]. 2. Existing Product Tracking - As of November 14, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 146.9 billion yuan, 376.9 billion yuan, and 65.7 billion yuan respectively, with credit - bond ETFs accounting for 63.9% of the total scale. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values [19]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.35 billion yuan, decreased by 130 million yuan, and decreased by 980 million yuan respectively. Products with obvious scale growth last week included Pengyang ChinaBond - 30 - year Treasury Bond ETF and Haifutong CSI Short - term Financing ETF [21]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 120 billion yuan and 251.7 billion yuan respectively, decreasing by 1.58 billion yuan and 70 million yuan compared with the previous week [23]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [26]. - As of November 14, taking February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.81%; taking July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.09% [5][30]. 4. Premium/Discount Rate Tracking - The average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs last week were - 0.18%, + 0.01%, and - 0.04% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.30% and - 0.16% respectively [6][36]. 5. Turnover Rate Tracking - Last week, the turnover rates of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of all three types of products declined, falling to 125%, 121%, and 87% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, and Guotai CSI AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][41]. - A detailed list of 53 bond ETFs' existing details and weekly performance was provided, including circulating market values, weekly changes, weekly net - value changes, cumulative returns this year, weekly average premium/discount rates, and weekly turnover rates [45].

Core Insights - The bond ETF market has reached a new high with a total scale exceeding 700 billion yuan, marking significant growth in 2023 [1] - There has been a net inflow of over 427 billion yuan into bond ETFs this year, with 20 ETFs attracting more than 10 billion yuan each [1] - Institutional investors dominate the bond ETF market, accounting for 92% of the total investors [1] Group 1: Market Overview - As of November 14, 2023, the total scale of bond ETFs is 706.29 billion yuan, a record high [1] - The bond ETF market has seen a notable expansion this year, with 53 bond ETFs contributing to the total scale [1] - The short-term bond ETF has attracted nearly 40 billion yuan, while the 30-year government bond ETF has seen over 29 billion yuan in net inflows [1] Group 2: Types of Bond ETFs - The main categories of bond ETFs include interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs, each with distinct risk-return characteristics [2][3][4] - Interest rate bond ETFs are based on government bonds and policy financial bonds, while credit bond ETFs focus on corporate bonds [2][3] - Convertible bond ETFs serve as a hybrid between bonds and stocks, providing unique investment opportunities [4] Group 3: Factors Driving Growth - The growth of bond ETFs is driven by increased demand from investors in a low-interest environment, leading to heightened sensitivity to fund fees [5] - Regulatory support and product innovation have contributed to the introduction of 32 new bond ETFs this year [6] - Enhanced liquidity from market makers and broker-dealers has significantly improved the trading environment for bond ETFs, creating a positive feedback loop [6] Group 4: Future Outlook - The bond ETF market is expected to face challenges in 2025, with diminishing correlations between long-term bonds and both fundamental and liquidity factors [6] - Institutional behavior is increasingly influencing the bond market, with a shift towards equity-bond rebalancing due to declining risk-return ratios [6] - The asset management sector is anticipated to focus on multi-asset and multi-strategy developments in response to changing market conditions [6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The high - frequency disclosure of the PCF list of ETF funds makes it have the potential to observe the actual holdings. Although there are some limitations, it has reference value [4][11]. - When using the PCF list to observe the actual holdings of ETFs, there is an implicit assumption of full - position allocation, and the actual positions of ETFs may not be fully occupied, but the overall deviation is within 10% [6][13]. - Since October, 18 credit bonds have been increased in holding by ETFs with a scale of over 500 million yuan, including 12 newly - listed bonds [6][11][18]. 3. Summary by Related Catalogs 1.1 Based on the Component Bond Holdings Observation of the PCF List - According to the information disclosure requirements of bond ETFs, the PCF list can be used as an approximate observation of the actual holdings of ETFs. When investors subscribe or redeem bond ETFs, they need to operate according to the PCF list [13]. - Using the PCF structure to simulate the actual holdings of ETFs implies the assumption of full - position allocation, but the actual positions of ETFs vary. For example, as of June 30, 2025, the proportion of bond assets in the fund assets of benchmark - making credit bond ETFs ranged from less than 80% to over 95% [13]. - Taking the top 5 holding bonds of a benchmark - making credit bond ETF as an example, the overall deviation between the estimated value and the actual value is within 10%, with 3 over - estimated, 1 under - estimated, and 1 accurately estimated [14]. 1.2 Which Bonds Have Been Increased in Holding by Bond ETFs Recently? - Since the second batch of science - innovation bonds were listed, the scale of credit bond ETFs has reached a phased high. Without new scale, the adjustment behavior of bond ETFs on component bonds has reference value for investors [18]. - Based on the observation results of the PCF list, the holding amount and its changes of each bond can be calculated. From October, 18 credit bonds have been increased in holding by ETFs with a scale of over 500 million yuan, including 12 newly - listed bonds and 6 bonds listed before October [18][19].

Core Insights - The current allocation of foreign investors in the Chinese bond market is driven by macro factors such as the internationalization of the Renminbi and index investment, as well as tactical opportunities like foreign exchange and carry trades [1][3] Group 1: Suggestions for Enhancing Bond Market Attractiveness - Increasing the supply of credit bond ETFs by learning from overseas experiences to enhance overall market liquidity through product innovation [3] - Improving the credit bond reissuance mechanism to boost the liquidity of individual bonds and the secondary market [3] - The Shanghai Stock Exchange's introduction of the credit bond reissuance mechanism this year is seen as a starting point for further increasing reissuance frequency and scale, which could create a linkage effect between the primary and secondary markets, attracting more foreign investors [3]

Group 1 - The core view of the report indicates that credit bond ETFs will continue to attract capital inflows, with a notable recovery in liquidity observed in October [5][8] - The total circulation scale of credit bond ETFs has approached 500 billion yuan, significantly surpassing that of interest rate bond ETFs, reflecting a strong market sentiment [5][8] - The report anticipates that the credit bond ETF's discount rate may further compress, although transitioning to a premium without a major market event remains challenging [5][10] Group 2 - The report highlights that the issuance volume of credit bonds has increased, with a net financing of 92 billion yuan recorded, indicating a positive shift in the financing landscape [29][30] - The average coupon rates for newly issued AAA and AA+ rated bonds have decreased, with the average rates at 2.07% and 2.27% respectively, showing a downward trend in financing costs [29][30] - The credit spreads across various grades have narrowed, particularly for longer maturities, with significant compressions observed in the AA grade [32][34]

Group 1 - As of November 7, the total scale of credit bond ETFs reached 493.8 billion yuan, with a daily increase of 2.87 billion yuan, while the benchmark market-making ETF decreased by 0.23 billion yuan and the Sci-Tech Innovation Bond ETF increased by 0.63 billion yuan; the weighted average duration median is 3.3 years [1] - The overall trading volume was 169.4 billion yuan, with an average single transaction amount of 5.98 million yuan (benchmark market-making 5.73 million yuan, Sci-Tech Innovation Bond 6.30 million yuan); the median turnover rate was 33.7% [1] - The median yield was 1.84%, and the median discount rate was -19.6 basis points (benchmark market-making -31.3 basis points, Sci-Tech Innovation Bond -16.7 basis points) [1] Group 2 - Last week, the bond market experienced a three-day rally driven by the central bank's bond purchases, but adjustments began due to rumors of redemption new regulations, leading to significant net redemptions in several bond ETFs, although the overall scale still showed slight growth [2] - The top-ranked funds by scale include Hai Fu Tong Short-term Bond ETF (69.073 billion yuan, 1st), Bosera Convertible Bond ETF (57.732 billion yuan, 2nd), and others, with notable inflow into Ping An Corporate Bond ETF (511030) of 470 million yuan, attributed to its short duration (1.95 years) and static high yield (current 1.90%) [2] - The Ping An Corporate Bond ETF (511030) ranked first in drawdown control since the bond market adjustment began this year, with a relatively stable net value and controllable drawdown, averaging a premium of 2 basis points over the past week [3] Group 3 - The bond market's trading last week was primarily influenced by the central bank's treasury transactions, upcoming fund fee regulation rumors, and market risk appetite, with future pricing likely shifting to fundamental changes and the final implementation of bond fund redemption regulations [3] - The market did not continue the bullish trend from the end of last month, maintaining a bearish oscillation, with long-end bonds strengthening towards the end of the week; the overall market showed fluctuations with collective yield increases [3] Group 4 - Institutions believe that domestic demand is weak and supply is excessive, indicating no inflation issues in the coming years; the impact of pandemic-related spending in Europe and the U.S. may have peaked, making sustained export growth challenging [5] - The formal implementation of punitive redemption fees is anticipated to be a negative factor, but the market remains optimistic about the bond market, expecting a second wave of momentum in Q4 [5] - The opening of bond funds under the amortized cost method is expected to lead to a transition from government bonds to credit bonds, benefiting long-duration industrial bonds and urban investment bonds in the next six months [5]