Core Viewpoint - The 30-year government bond ETF from Bosera (511130) has surpassed 20 billion yuan in scale, marking it as a significant product among Bosera's bond ETFs and highlighting its investment value in a low-interest-rate environment [1][3][19] Investment Value - The core value of the 30-year government bond ETF lies in its approximately 20-year duration, which provides a "leverage" effect, making it a vital investment tool [3][5] - The ETF is one of only two 30-year government bond ETFs available in the market, indicating its relative scarcity [4] Configuration Value - In a declining interest rate environment, the long duration of the 30-year government bond offers strong configuration value. Historical data shows that an investment in the 30-year bond since 2012 would yield an average annualized return of 6.69% over three years, compared to 5.09% for a similar duration of 7-10 year government bonds [6][9] Trading Value - The ETF's longer duration results in higher volatility, enhancing its trading value. For instance, the modified duration of the 30-year bond index is 19.65 years, significantly higher than the 7.5 years for the 7-10 year government bond index, providing advantages in capital gains during trading [11][12] Hedging Value - The long duration of the 30-year government bond ETF allows it to hedge against equity market volatility, particularly in a financial disintermediation context. Historical data indicates that in 137 months since 2013, 61.31% showed a "see-saw" effect between stocks and bonds [13] Trading Strategies - The ETF offers three trading strategies: 1. **Arbitrage**: Investors can estimate the ETF's premium/discount levels and utilize the ETF's redemption and trading mechanisms for arbitrage [14] 2. **Futures and Spot Arbitrage**: Investors can compare futures and spot prices, using the ETF as a substitute for spot trading [15] 3. **Grid Trading Strategy**: In a fluctuating market, investors can set parameters to adjust positions, potentially yielding good returns [16] Trading Convenience - The 30-year government bond ETF allows for easy trading through both primary and secondary markets. Investors can subscribe using physical or cash methods, with immediate access to ETF shares [17][18] Future Outlook - Bosera Fund aims to continue innovating and expanding its product offerings in the index product field, providing diverse investment options for investors [20][21]

Core Insights - The 30-year government bond ETF from Bosera has surpassed 20 billion yuan in scale, marking it as a significant product alongside other major bond ETFs from the company [1] - The ETF's core value lies in its approximately 20-year duration, which provides leverage benefits and makes it a rare product in the current market [2][4] - The ETF offers three main investment values: allocation value, trading value, and hedging value, particularly in a low-interest-rate environment [2][6] Allocation Value - In a downward interest rate trend, the long duration of the 30-year government bond ETF provides strong allocation value, with an average annualized return of 6.69% for a three-year holding period since 2012, compared to 5.09% for 7-10 year government bonds [2][4] Trading Value - The ETF has a higher trading value due to its longer duration and greater volatility compared to 7-10 year government bonds, with a modified duration of 19.65 years versus 7.50 years for the latter [6] - Historical data shows that during low volatility phases, the trading value of the 30-year government bond ETF becomes more pronounced [6] Hedging Value - The long duration of the ETF allows it to hedge against equity market fluctuations, with a significant occurrence of the "stock-bond seesaw" effect noted in 61.31% of the months analyzed since 2013 [6] - The ETF supports various trading strategies, including arbitrage and grid strategies, enhancing its appeal in a volatile market [6][7] Trading Mechanism - The ETF can be traded conveniently through both primary and secondary markets, with options for physical or cash subscriptions [7] - The trading efficiency is comparable to stocks, allowing for T+0 transactions, which lowers the entry barrier for investors [7] Future Outlook - Bosera aims to continue innovating and expanding its product offerings in the index product space, focusing on providing diverse investment options for investors [9]

Core Insights - The bond ETF market is thriving in a low-interest-rate environment, with the total scale of bond ETFs surpassing 500 billion yuan as of August 21, 2025, driven by investor preference for lower volatility [1] - Bosera Fund has successfully launched five bond ETFs, with a total scale exceeding 100 billion yuan for several products, including a convertible bond ETF that has surpassed 57 billion yuan [1][2] - The performance of Bosera's bond ETFs has been strong, with the convertible bond ETF achieving a cumulative return of 24.02% since inception, outperforming various benchmarks [1][2][3] Bosera Bond ETF Overview - Bosera Fund's bond ETF lineup includes five products: Convertible Bond ETF (511380), 30-Year Government Bond ETF (511130), Credit Bond ETF (159396), Sci-Tech Bond ETF (551000), and National Development Bank ETF (159650) [1][2] - The 30-Year Government Bond ETF has seen significant growth, with its scale increasing from 29.87 billion yuan at the beginning of the year to over 170 billion yuan, marking a growth rate of over 450% [2] - The Sci-Tech Bond ETF focuses on sectors like chips and new energy, achieving a yield of 14.48% since inception, significantly higher than major indices [2] Performance Metrics - The Credit Bond ETF has also performed well, with a scale exceeding 114 billion yuan and a yield of 12.01% since inception, outperforming major indices [2] - The National Development Bank ETF has shown a cumulative return of over 36.34% over the past decade, outperforming the comprehensive bond index [3] - Bosera's bond ETFs are characterized by low credit risk and good liquidity, making them attractive to investors seeking stable returns [3] Market Positioning - Bosera Fund has established a comprehensive product line in the bond ETF space, catering to diverse investor needs and preferences [5] - The bond ETFs offer advantages such as low management fees (0.15% per year) and quick trading capabilities (T+0), enhancing their appeal to investors [5] - The recent inclusion of the Credit Bond ETF and Sci-Tech Bond ETF in the general pledge-style repurchase market is expected to further enhance their liquidity and marketability [2]

Core Insights - The BoShi Convertible Bond ETF (511380) has surpassed 50 billion yuan in scale as of August 13, 2024, reflecting its growth from a niche product to a favored investment tool in a low-interest-rate environment [1][5][11] Group 1: Performance and Growth - Since its inception on March 6, 2020, the BoShi Convertible Bond ETF has achieved a cumulative return of 24.02%, outperforming its benchmark return of 22.79% and the CSI Convertible Bond Index's return of 21.29% [6][12] - The ETF's performance over the past six months, one year, and since inception shows returns of 6.93%, 12.81%, and 24.02% respectively, indicating strong performance relative to its benchmarks [3][6] Group 2: Market Position and Strategy - The BoShi Convertible Bond ETF fills a gap in the passive investment market for convertible bonds, with only two such ETFs available in mainland China [5][11] - The ETF closely tracks the CSI Convertible Bond and Exchangeable Bond Index, with a market capitalization-weighted methodology that adjusts monthly [5][6] Group 3: Advantages of Convertible Bond ETFs - Convertible Bond ETFs offer a superior risk-return profile, combining equity-like growth potential with bond-like protection, making them attractive in both bull and bear markets [7][8] - They simplify asset allocation for investors by integrating both stock and bond characteristics into a single product, reducing the complexity of managing separate stock and bond ETFs [8][10] - The liquidity of Convertible Bond ETFs is generally higher than that of individual convertible bonds and some stock ETFs, making them suitable for both institutional and retail investors [9][10] Group 4: Broader ETF Landscape - In addition to the Convertible Bond ETF, BoShi has successfully launched other bond ETFs, with total bond ETF assets exceeding 90 billion yuan, showcasing its strong management capabilities [11][12] - The current market dynamics, influenced by stock-bond interactions and external uncertainties, highlight the importance of stable bond assets in investment portfolios [11]

截至2025年7月14日 14:35，信用债ETF博时(159396)多空胶着，最新报价101.08元。拉长时间看，截至2025年7月11日，信用债ETF博时成立以来累计上涨 1.07%，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41.22%，成交53.17亿元，市场交投活跃。拉长时间看，截至7月11日，信用债ETF博时近1周日均成交53.19亿元，排 名可比基金第一。 据统计，今年上半年，债券ETF蓬勃发展，规模再创新高，其中信用债类ETF合计增加1660亿元，成为全市场规模增加最多的债券ETF品种，11只信用债 ETF中有10只信用债ETF净流入均突破百亿（含募集）。据国盛证券统计，8只基准做市信用债ETF自今年1月发行以来，半年内规模均破百亿，最新规模已 超1300亿至1336.65亿元 数据显示，杠杆资金持续布局中。信用债ETF博时最新融资买入额达139.58万元，最新融资余额达144.72万元。 规模方面，信用债ETF博时近1周规模增长1.77亿元，实现显著增长，新增规模位居可比基金1/4。 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5个交易日内有3日资金 ...

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].