Core Viewpoint - The credit bond ETF from Bosera has shown strong performance and liquidity, with significant inflows and a positive outlook for the credit bond market in China [3][4]. Group 1: Performance Metrics - As of July 7, 2025, the Bosera credit bond ETF has accumulated a weekly increase of 0.26%, ranking in the top 25% among comparable funds [3]. - The ETF's latest scale reached 12.742 billion yuan, marking a new high since its inception and ranking second among comparable funds [3]. - The ETF has achieved a monthly profitability percentage of 80.00% since its inception, with a historical holding period of 3 months showing a 100.00% profitability probability [4]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 74.67% during trading, with a total transaction volume of 9.562 billion yuan, indicating active market participation [3]. - Over the past week, the ETF averaged daily transactions of 5.386 billion yuan, ranking first among comparable funds [3]. - The ETF has seen continuous net inflows over the past four days, totaling 430 million yuan, with a peak single-day inflow of 185 million yuan [4]. Group 3: Risk and Return Analysis - The ETF's maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10%, indicating a relatively stable performance [4]. - The Sharpe ratio for the past month is 1.63, placing it in the top 50% among comparable funds, suggesting higher returns for the same level of risk [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 CEO of the Hong Kong Stock Exchange highlighted the growing demand for connectivity between global and domestic markets, with the Bond Connect program being a preferred channel for international investors in China's interbank bond market [3]. - Guohai Securities maintains an optimistic outlook for the credit bond market, suggesting strategies to explore short-term yields and focus on high-valuation, liquid targets in the 3-5 year range [3].

Core Viewpoint - The credit bond ETF from Bosera has shown significant growth and liquidity in the market, becoming a popular choice among investors seeking yield in a low-return environment [3][4]. Group 1: Performance Metrics - As of June 30, 2025, the Bosera credit bond ETF was priced at 101.1 yuan, with a 3-month cumulative increase of 1.19%, ranking 2nd out of 4 comparable funds [3]. - The ETF has achieved a record high in size, reaching 116.46 billion yuan, and a total of 1.15 million shares, both ranking 2nd among comparable funds [3]. - The ETF has demonstrated strong profitability, with a monthly profit percentage of 75.00% and a historical 100% probability of profit over a 3-month holding period [4]. Group 2: Liquidity and Fund Flows - The Bosera credit bond ETF has seen a net inflow of 30.52 million yuan recently, with a total of 302 million yuan in net inflows over the past five trading days [4]. - The trading volume has been active, with an average daily transaction of 5.606 billion yuan over the past week, ranking first among comparable funds [3]. Group 3: Risk and Fee Structure - The ETF has a maximum drawdown of 0.89% since inception, with a recovery time of 26 days [4]. - The management fee is 0.15% and the custody fee is 0.05%, making it the lowest among comparable funds [4]. - The tracking error for the ETF this year is 0.009%, indicating the highest tracking precision among comparable funds [4].

Core Viewpoint - The rapid growth of bond ETFs in China is driven by their scarcity, operational convenience, and the recent inclusion of credit bond ETFs in general pledge-style repurchase agreements, enhancing their attractiveness and liquidity [1][2][5]. Group 1: Growth of Bond ETFs - The total market size of bond ETFs has surpassed 360 billion yuan, with credit bond ETFs showing significant growth, particularly the Bosera Credit Bond ETF, which has recently exceeded 10 billion yuan in size [1]. - The scarcity of bond ETFs, such as the limited number of 30-year government bond index funds and convertible bond index funds, contributes to their appeal [2]. - The operational advantages of bond ETFs include low management fees, strong tool attributes, and transparent underlying assets, making them more attractive compared to traditional bond index funds [3][4]. Group 2: Institutional and Individual Participation - Institutional investors, including banks, insurance companies, and pension funds, dominate the bond ETF market, accounting for over 80% of the ownership structure, although individual investors are gradually increasing their participation [4]. - The recognition and acceptance of bond ETFs among individual investors are still in the early stages, but with increased investor education and product promotion, participation is expected to rise [4]. Group 3: Impact of Pledge Inclusion - The inclusion of multiple credit bond ETFs in general pledge-style repurchase agreements enhances their attractiveness by allowing investors to leverage their holdings for increased returns [5]. - The operational simplicity and low transaction costs associated with pledge transactions make credit bond ETFs particularly suitable for on-exchange investment needs [5]. - The liquidity of credit bond ETFs is significantly better than that of individual corporate bonds, and the continued growth in scale is expected to further enhance liquidity and meet customer trading demands [5]. Group 4: Stock-Bond Relationship - The "stock-bond seesaw" effect has been amplified in recent years, indicating a stronger inverse relationship between stock and bond market performances [6][7]. - The occurrence of days where stocks rise while bonds fall, or vice versa, has increased, with the proportion of such trading days rising to over 50% in recent years [6][7]. - The correlation between daily price movements of stocks and bonds has also increased, indicating a growing interdependence between the two asset classes [7].

Core Viewpoint - The credit bond ETF from Bosera has shown strong performance with significant inflows and trading volume, indicating a favorable market environment for credit bonds [3][4] Group 1: Performance Metrics - As of June 24, 2025, the Bosera credit bond ETF has increased by 0.03%, marking its 11th consecutive rise, with the latest price at 101.16 yuan [3] - The ETF has achieved a record high in scale, reaching 11.398 billion yuan, ranking 2nd among comparable funds [3] - The ETF's share count has reached 11.3 million, also a 3-month high, ranking 2nd among comparable funds [3] Group 2: Trading Activity - The ETF has seen a trading turnover of 9.28% during the day, with total transactions amounting to 1.059 billion yuan [3] - Over the past week, the ETF has averaged daily transactions of 5.633 billion yuan, leading among comparable funds [3] - The ETF has experienced continuous net inflows over the past 17 days, with a peak single-day inflow of 737 million yuan, totaling 3.793 billion yuan in net inflows [3] Group 3: Risk and Return Analysis - Since its inception, the ETF has recorded a maximum drawdown of 0.89%, with a recovery period of 26 days [4] - The ETF has a Sharpe ratio of 1.40 for the past month, ranking in the top 50% among comparable funds, indicating higher returns for the same level of risk [4] - The management fee is 0.15% and the custody fee is 0.05%, the lowest among comparable funds [4] Group 4: Investment Strategy - The ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market in Shenzhen [4] - The company suggests focusing on medium to long-term credit bonds with maturities of 3-5 years while advising to control positions to mitigate interest rate fluctuations [3]

Core Viewpoint - The article highlights the rapid growth of bond ETFs in China, particularly the BoShi Credit Bond ETF (159396), which has surpassed 10 billion yuan in scale within six months of its launch, driven by favorable market conditions and increasing investor interest [2][4][5]. Group 1: Market Growth and ETF Performance - The total scale of bond ETFs in China has exceeded 300 billion yuan as of June 6, marking a historical high, attributed to both new fund launches and continuous inflows into existing bond ETFs [2]. - The BoShi Credit Bond ETF (159396) has become a significant player, being the first credit bond ETF from BoShi and the tenth product in its bond index toolbox, aimed at providing investors with a convenient and transparent trading channel for mid-to-high-grade bonds [2][4]. Group 2: Factors Driving Popularity - The bond index fund market in China is relatively underdeveloped, with a market share of around 10%, compared to 40% in mature markets like the U.S., indicating substantial growth potential [4]. - The limited number of existing credit bond index funds presents an opportunity for growth in this segment [5]. - The low management fee of 0.15% per year and custody fee of 0.05% per year for BoShi's bond ETFs cater to diverse needs of institutional and individual investors [5]. Group 3: Product Advantages and Recent Developments - The BoShi Credit Bond ETF tracks a benchmark index composed of mid-to-high-grade bonds listed on the Shenzhen Stock Exchange, all rated AAA, offering good liquidity and low credit risk [5]. - The product was recently included in the general pledged repo market, enhancing its liquidity and attractiveness as a collateralized asset [7][10]. - The ability to use the ETF for repo transactions allows investors to enhance returns through leveraged financing, making it a more appealing option compared to traditional liquidity management tools [10].

Group 1 - The core viewpoint of the news highlights the performance and market activity of the credit bond ETF BoShi, indicating a neutral to moderately optimistic outlook for the bond market, with a focus on strategic trading opportunities [3] - As of June 3, 2025, the credit bond ETF BoShi has a latest price of 100.73 yuan, with a trading volume of 10.52 billion yuan and a turnover rate of 13.81%, reflecting active market participation [3] - The fund's latest scale reached 77.26 billion yuan, marking a new high since its inception, and it ranks in the top quarter among comparable funds [3] Group 2 - The credit bond ETF BoShi has recorded a monthly profit percentage of 75.00% since its inception, with a historical holding period profit probability of 100.00% [4] - The maximum drawdown since inception is 0.89%, with a recovery time of 26 days, indicating strong resilience [4] - The management fee of the credit bond ETF BoShi is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]

Core Viewpoint - The inclusion of multiple credit bond ETFs, such as Bosera Credit Bond ETF (159396), Shanghai Stock Exchange Corporate Bond ETF (511070), and Corporate Bond ETF (511030), into the general pledge repo application has been approved by China Securities Depository and Clearing Corporation Limited (CSDC) [1] Group 1 - The recent notice from China Securities indicates that eligible credit bond ETF products can pilot the general pledge repo business on the exchange [1] - Bosera fund manager Zhang Lei believes that the inclusion of credit bond ETFs into the general pledge repo will provide several benefits for investors, including enhanced returns [1] - The convenience of exchange pledging is highlighted as a significant advantage for investors [1] Group 2 - From a liquidity perspective, credit bond ETFs exhibit significantly better on-market liquidity compared to individual corporate bonds [1]

Core Viewpoint - The credit bond ETF from Bosera has shown a positive trend with a 0.05% increase, marking its sixth consecutive rise, and has reached a new high in both scale and share volume [2][3] Group 1: Market Performance - As of May 26, 2025, the credit bond ETF from Bosera is priced at 100.74 yuan, with a trading volume of 4.05 billion yuan and a turnover rate of 6.33% [2] - The ETF has achieved an average daily transaction volume of 34.51 billion yuan over the past week [2] - The fund's latest scale has reached 6.813 billion yuan, a record high since its inception, ranking it in the top quarter among comparable funds [2] - The number of shares for the ETF has reached 67.7051 million, also a three-month high, placing it in the top quarter among comparable funds [2] Group 2: Fund Inflows and Leverage - The credit bond ETF has seen continuous net inflows over the past four days, with a maximum single-day inflow of 425 million yuan, totaling 778 million yuan and an average daily net inflow of 195 million yuan [3] - The ETF has experienced six consecutive days of net purchases from leveraged funds, with the latest financing balance at 5.5 billion yuan [3] Group 3: Performance Metrics - Since its inception, the ETF has recorded a maximum drawdown of 0.89%, with a relative benchmark drawdown of 0.10%, and a recovery period of 26 days [3] - The fund has a management fee of 0.15% and a custody fee of 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF year-to-date is 0.009%, indicating the highest tracking precision among comparable funds [3]

Group 1 - The credit bond ETF Bosera (159396) has seen a 0.04% increase, marking its fourth consecutive rise, with the latest price at 100.67 yuan [3] - The fundamental outlook for the first quarter shows a seasonal "opening red" effect, but the impact of U.S. tariffs is beginning to manifest, leading to increased pressure for domestic growth in the second quarter [3] - The political bureau meeting emphasized high-quality development without introducing new stimulus policies, indicating a more proactive stance on monetary easing compared to fiscal policy [3] Group 2 - As of May 21, 2025, the credit bond ETF Bosera has achieved a maximum monthly gain of 66.67% since its inception, with a monthly profit probability of 60.94% and a 100% probability of profit over three months [4] - The maximum drawdown since inception is 0.89%, with a relative benchmark drawdown of 0.10%, and a recovery period of 26 days [4] - The management fee for the credit bond ETF Bosera is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [4]

Core Viewpoint - The credit bond ETF from Bosera is experiencing a tight market with active trading and significant liquidity, reflecting a structural contrast in credit expansion and economic policies in China [2][3]. Group 1: Market Performance - As of May 15, 2025, the Bosera credit bond ETF is priced at 100.54 yuan, with a turnover rate of 25.28% and a trading volume of 1.521 billion yuan, indicating active market participation [2]. - The ETF has reached a new high in scale at 6.028 billion yuan and a new high in shares at 59.9751 million, ranking in the top quarter among comparable funds [3]. - Over the past five days, the ETF has seen continuous net inflows, with a maximum single-day inflow of 286 million yuan, totaling 515 million yuan, averaging 103 million yuan daily [3]. Group 2: Financial Metrics - The ETF has recorded a maximum drawdown of 0.89% since inception, with a recovery period of 26 days, indicating resilience in performance [3]. - The management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [3]. - The ETF has a historical monthly profit percentage of 66.67% and a 100% probability of profit over a three-month holding period [3]. Group 3: Economic Context - As of April 2025, China's social financing scale increased by 8.7% year-on-year, with M2 balance growing by 8%, indicating a robust monetary environment [2]. - The average interest rate for new corporate loans in April was approximately 3.2%, down by about 4 basis points from the previous month, maintaining a historically low level [2]. - The current economic policies are focused on expanding fiscal measures to stimulate consumption and investment, with potential for further monetary easing [2].