● 本报记者 赵中昊 近日，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场数据。截至7月末，沪 市ETF共719只，总市值33520.69亿元；深市ETF共516只，总市值12383.17亿元。沪深两市ETF规模合计 近4.6万亿元，较上个月稳步上升。从券商经纪业务角度看，在ETF业务竞争格局中，华泰证券、中信 证券、东方财富等传统优势券商的业务规模稳居第一梯队。 近期随着市场交投活跃度提升，部分券商ETF的交易佣金已降至万分之0.5。业内人士表示，近年来， 券商从服务升级、工具创新、买方投顾陪伴等多维度谋求破局，重点挖掘存量客户的增量需求。尤其是 在买方投顾领域加速向"以客户资产增值为核心"的模式转型，通过长周期服务提升客户黏性。财富管理 转型已成为券商构建核心竞争力的关键，并为业务增长注入新动能。 传统券商业务规模居前 近期市场交投活跃度显著提升，新开户需求持续高涨。为加速获客，多家券商通过降费让利、提供精细 化服务以及开展多平台营销等方式积极拓展市场。 Wind数据显示，8月21日，全市场股票ETF（含跨境ETF）资金净流入69.85亿元。中国证券报记者了解 到，部分券商近期密集推出新 ...

低利率环境下，债券指数以 相对较低的 波动受到投资者青睐， 截至2025年8月21日， 债券ETF规 模突破5000亿 元 ，这其中，凭借出色的ETF管理能力， 博时基金旗下五只债券ETF总规模突破千 亿，其中可转债ETF规模超570亿元，另还有 多只 债券 ETF规模 频频 突破百亿元，为投资者提供 了多样化的债券指数投资工具。 共铸千亿丰碑，博时债券ETF助力捕捉债市机遇 目前，博时基金旗下共计5只债券ETF，包括可转债ETF（511380），30年国债ETF博时 （511130），信用债ETF博时（159396），科创债ETF博时（551000），国开ETF（159650） 等。多年的匠心耕耘，博时债券ETF硕果累累，规模增长迅速，其中可转债ETF规模突破570亿元， 另外博时旗下多只债券ETF规模已突破100亿元。 规模超570亿元，博时可转债进可攻，退可守 为投资者紧抓机遇，博时基金与时俱进，持续创新。可转债ETF（511380）凭借管理者的精心耕耘 以及行业分散、评级覆盖广等特性，产品规模增长迅速，目前，管理规模就超过570亿元。 另外，业绩也是可圈可点，可转债ETF成立以来至2025年二季度，累 ...

共铸千亿丰碑，博时债券ETF助力捕捉债市机遇 目前，博时基金旗下共计5只债券ETF，包括可转债ETF（511380），30年国债ETF博时（511130），信 用债ETF博时（159396），科创债ETF博时（551000），国开ETF（159650）。多年的匠心耕耘，博时 债券ETF硕果累累，规模增长迅速。其中，可转债ETF规模突破570亿元，博时旗下多只债券ETF规模已 突破100亿元。（数据来源：上海证券交易所，截至2025年8月21日） 规模超570亿元，博时可转债进可攻退可守 博时基金与时俱进，持续创新。可转债ETF（511380）凭借管理者的精心耕耘以及行业分散、评级覆盖 广等特性，产品规模增长迅速，目前，管理规模已超过570亿元。（数据来源：上海证券交易所，截至 2025年8月21日） 另外，业绩也是可圈可点，可转债ETF成立以来至2025年二季度，累计回报率达24.02%（业绩比较基准 收益率为22.79%），高于同期中证转债指数21.29%，也高于同期上证指数12.14%和沪深300指 数-6.43%。（数据来源：基金2025年二季报，统计区间：2020年3月6日—2025年6月30日） 多 ...

Summary of ETF Fund Flows Core Insights - On July 25, 2025, a total of 276 ETFs experienced net inflows, while 454 ETFs saw net outflows, indicating a mixed sentiment in the market [1] - The top five ETFs with significant net inflows included Hong Kong Securities ETF, 30-Year Treasury ETF, and others, with inflows exceeding 1 billion yuan [1][3] - Conversely, 42 ETFs had net outflows exceeding 1 billion yuan, with the China Securities 500 ETF leading the outflows [1][5] Inflow Analysis - The top five ETFs with the highest net inflows were: - Hong Kong Securities ETF (513090.SH): 1.60181 billion yuan - 30-Year Treasury ETF (511090.SH): 1.43977 billion yuan - 30-Year Treasury ETF Bosera (511130.SH): 1.28831 billion yuan - Hong Kong Stock Connect Internet ETF (159792.SZ): 0.96396 billion yuan - Convertible Bond ETF (511380.SH): 0.07977 billion yuan [3] - A total of 141 ETFs have seen continuous inflows, with the Hong Kong Dividend Low Volatility ETF leading with 4.94 billion yuan over 18 days [7] Outflow Analysis - The top five ETFs with the highest net outflows were: - China Securities 500 ETF (510500.SH): 1.1466 billion yuan - Sci-Tech 50 ETF (588000.SH): 0.83326 billion yuan - Huabao Tianyi ETF (511990.SH): 0.5104 billion yuan - Credit Bond ETF Bosera (159396.SZ): 0.20531 billion yuan - A500 ETF (512050.SH): 0.0465 billion yuan [5] - A total of 298 ETFs have experienced continuous outflows, with the China Securities A50 Index ETF leading with 9.65 billion yuan over 32 days [9] Recent Trends - Over the past five days, 94 ETFs have accumulated net inflows exceeding 1 billion yuan, with the 30-Year Treasury ETF Bosera leading at 5.256 billion yuan [10] - In contrast, 121 ETFs have seen net outflows exceeding 1 billion yuan, with the Yin Hua Daily ETF experiencing the largest outflow of 3.798 billion yuan [10]

截至2025年7月23日 14:46，信用债ETF博时(159396)下跌0.10%，最新报价101.07元。拉长时间看，截至2025年7月22日，信用债ETF博时近半年累计上涨 1.09%，涨幅排名可比基金2/4。 流动性方面，信用债ETF博时盘中换手5.57%，成交7.22亿元。拉长时间看，截至7月22日，信用债ETF博时近1周日均成交54.82亿元，居可比基金第一。 天风证券表示，于债市而言，短期内央行总量进一步宽松政策或相对有限，资金面可能延续二季度偏"低波刚性"的状态，流动性环境整体对债市仍较友好。 震荡行情中的潜在扰动可能主要来自于外部扰动下的基本面变化、股债"跷跷板"效应和增量政策情况，对长端利率或带来一定扰动，可适度参与曲线陡峭化 交易，策略上可以关注"中短端以守为攻压利差+长端逢调配置"。 规模方面，信用债ETF博时近1周规模增长469.23万元，实现显著增长，新增规模位居可比基金2/4。 份额方面，信用债ETF博时本月以来份额增长605.80万份，实现显著增长，新增份额位居可比基金2/4。 资金流入方面，信用债ETF博时最新资金流入流出持平。拉长时间看，近16个交易日内，合计"吸金"6.1 ...

Core Viewpoint - The credit bond ETF from Bosera has shown a mixed performance with a slight increase in value, while new listings of technology innovation bond ETFs have significantly boosted the market size and liquidity [3][4]. Group 1: Performance Metrics - As of July 17, 2025, the Bosera credit bond ETF has increased by 0.28% this month, ranking 1 out of 4 among comparable funds [3]. - The ETF's latest price is 101.36 yuan, with a trading volume of 50.33 billion yuan, indicating active market participation [3]. - Over the past six months, the net value of the Bosera credit bond ETF has risen by 1.36%, placing it 23 out of 477 in the index bond fund rankings [4]. Group 2: Fund Size and Liquidity - The Bosera credit bond ETF has reached a new high in size at 129.32 billion yuan, ranking 2 out of 4 among comparable funds [3]. - The ETF has seen a significant increase in shares, with a growth of 297,000 shares over the past two weeks, also ranking 2 out of 4 [3]. - The recent inflow of funds has been stable, with a total of 4.86 billion yuan attracted over the last ten trading days [4]. Group 3: Risk and Return Analysis - The maximum drawdown since inception for the Bosera credit bond ETF is 0.89%, with a recovery time of 26 days [4]. - The ETF has a historical monthly profit probability of 75.96% and a 100% probability of profit over a six-month holding period [4]. - The management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [4]. Group 4: Tracking and Precision - The Bosera credit bond ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market [5]. - The tracking error for the ETF this year is 0.009%, indicating the highest tracking precision among comparable funds [4].

Core Viewpoint - The credit bond ETF from Bosera has shown a slight increase in value and significant growth in scale and shares, indicating strong demand and positive supply-demand dynamics in the credit bond market [3][4]. Group 1: Performance Metrics - As of July 15, 2025, the Bosera credit bond ETF has increased by 0.12% this month, with a current price of 101.24 yuan [3]. - The ETF has experienced a significant increase in scale, growing by 6.02 billion yuan over the past two weeks, ranking second among comparable funds [3]. - The ETF's share count has increased by 583.40 million shares in the last two weeks, also ranking second among comparable funds [4]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 1.12% with a trading volume of 1.44 billion yuan on the latest trading day [3]. - Over the past month, the average daily trading volume has been 52.26 billion yuan, ranking first among comparable funds [3]. - In the last ten trading days, there have been net inflows on six days, totaling 613 million yuan, with an average daily net inflow of 61.33 million yuan [4]. Group 3: Risk and Return Analysis - The ETF has a historical monthly profit probability of 75.49% and a 100% probability of profit over a three-month holding period [4]. - The maximum drawdown since inception is 0.89%, with a recovery time of 26 days [4]. - The ETF has a management fee of 0.15% and a custody fee of 0.05%, which are the lowest among comparable funds [4]. Group 4: Market Context - The People's Bank of China announced a 14 billion yuan reverse repurchase operation to maintain liquidity in the banking system, which may support the credit bond market [3]. - The demand for credit bonds remains strong, supported by the growth of wealth management products and the increasing popularity of credit bond ETFs [3].

Core Viewpoint - The credit bond ETF from Bosera has shown a mixed performance with a slight increase since its inception, but faces challenges from market conditions and policy impacts [3] Group 1: Performance Metrics - As of July 9, 2025, the Bosera credit bond ETF has accumulated a total increase of 1.18% since its inception, ranking 2nd out of 4 comparable funds [3] - The latest scale of the Bosera credit bond ETF reached 12.925 billion yuan, marking a new high since its establishment, also ranking 2nd out of 4 comparable funds [4] - The ETF's latest share count reached 12.8 million, the highest in the past three months, maintaining the 2nd position among comparable funds [4] Group 2: Liquidity and Fund Flows - The ETF recorded a turnover rate of 6.85% with a transaction volume of 884 million yuan, and an average daily transaction volume of 6.636 billion yuan over the past week, ranking first among comparable funds [3] - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day net inflow of 185 million yuan, totaling 613 million yuan, averaging 102 million yuan per day [4] - The financing net purchase amount reached 1.4175 million yuan, with the latest financing balance at 1.4786 million yuan, indicating ongoing leverage funding [4] Group 3: Risk and Return Analysis - The ETF has experienced a maximum drawdown of 0.89% since inception, with a relative benchmark drawdown of 0.10%, and a recovery period of 26 days [4] - The longest consecutive monthly gain for the ETF was 4 months, with a profit-loss ratio of 4:1, a monthly profit percentage of 80%, and a monthly profit probability of 74.49% [4] - As of July 4, 2025, the ETF's Sharpe ratio over the past month was 1.63, ranking in the top 2 out of 4 comparable funds, indicating higher returns for the same level of risk [4] Group 4: Fee Structure - The management fee for the Bosera credit bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]

Core Viewpoint - The credit bond ETF Boshi (159396) shows positive performance and liquidity, with a recommendation for investors to focus on specific bond durations and types for potential gains [3][4]. Group 1: Performance Metrics - As of July 3, 2025, the credit bond ETF Boshi increased by 0.06%, with a latest price of 101.24 yuan [3]. - Over the past three months, the ETF has accumulated a rise of 1.16%, ranking 2nd out of 4 comparable funds [3]. - The ETF's latest scale reached 12.316 billion yuan, marking a new high since its inception, and it ranks 2nd among comparable funds [4]. - The ETF's share count reached 12.2 million, also a new high in the last three months, maintaining the 2nd position among comparable funds [4]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 60.27% during trading, with a transaction volume of 7.429 billion yuan, indicating active market participation [3]. - The average daily transaction volume over the past month was 4.678 billion yuan, ranking 1st among comparable funds [3]. Group 3: Fund Inflows and Returns - The ETF experienced a net inflow of 22.251 million yuan recently, with a total of 690 million yuan net inflow over the past five trading days, averaging 138 million yuan per day [4]. - Since its inception, the ETF has had a maximum consecutive monthly gain of 4 months, with a profit percentage of 80% and a profit probability of 73.12% [4]. - The ETF's Sharpe ratio for the past month was 1.06, placing it in the top 2 out of 4 comparable funds, indicating higher returns for the same level of risk [4]. Group 4: Risk and Fee Structure - The maximum drawdown since inception for the ETF was 0.89%, with a relative benchmark drawdown of 0.10% [4]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - The tracking error for the ETF year-to-date is 0.009%, indicating high tracking precision compared to similar funds [4]. Group 5: Market Context - The People's Bank of China reported liquidity injections in June, including a net injection of 535.9 billion yuan through short-term reverse repos [3]. - Industry experts remain optimistic about the overall credit bond market in 2025, suggesting a focus on 3-5 year bonds with higher valuations and liquidity for tactical trading [3].

Group 1 - The core viewpoint of the news is that the launch of the Sci-Tech Bond ETF by Bosera Fund aligns with national policies aimed at promoting technological innovation and provides a new financing channel for Sci-Tech enterprises [1][2][4] - The Sci-Tech Bond ETF has been approved shortly after its application, indicating a strong policy support for technology finance and filling a gap in the bond ETF market focused on "hard technology" [2][4] - The underlying index of the ETF includes 646 bonds from 145 issuers, primarily state-owned enterprises, with a total market value of 903.1 billion yuan, focusing on sectors like semiconductors and renewable energy [2][3] Group 2 - Bosera Fund has established a comprehensive bond ETF product system, with a total of 11 bond index products, including government bonds, convertible bonds, and credit bonds, providing a panoramic investment tool for investors [3][5] - The company has been actively expanding its product line in the Sci-Tech sector since 2021, launching multiple ETFs targeting specific areas such as AI and semiconductors, and now the Sci-Tech Bond ETF [4][5] - The financial sector plays a crucial role in supporting the development of high-tech enterprises and the transformation of technological achievements, which is essential for building a modern industrial system [4][6]