2月27日，深交所发布"十四五"、启航"十五五"概述。 概述指出，"十四五"时期，深交所深入贯彻党中央、国务院决策部署，认真落实中国证监会和驻证监会 纪检监察组工作要求，一体推进防风险、强监管、促高质量发展，突出强本强基、严监严管，增强制度 包容性、适应性，实现市场功能"六大提升"，助力中国式现代化新征程迈出稳健步伐。 亮点数据方面，截至"十四五"末，深市ETF产品规模合计1.79万亿元，较"十四五"初期增长8倍。其 中，"创业板系列"ETF总规模2823亿元，债券ETF规模2266亿元，分别增长3倍和36倍。 深港通迎来9周年，保持平稳运行，"十四五"累计成交110万亿元，较"十三五"增长3.5倍，深股通、港股 通标的数量分别达到1825只和588只，标的市值占比均接近90%，可交易标的越来越多，可交易时间越 来越长，跨境交易便利度越来越高。 高水平开放是资本市场高质量发展的必由之路。"十四五"时期，深交所稳步扩大高水平制度型对外开 放，助力畅通国内国际双循环。互联互通让投资更便捷。深港通迎来9周年，保持平稳运行，"十四 五"累计成交110万亿元，较"十三五"增长3.5倍，深股通、港股通标的数量分别达到18 ...

港交所行政总裁陈翊庭表示，过去两年香港交易所在提升股票市场流通量及新股方面都有不俗表现，收 入及其他收益以及溢利已连续第二年创新高，现货、衍生产品及商品市场成交量亦创新高，全年日均成 交额同比增长9成至近2500亿港元。 陈翊庭指，近期全球投资者多元化需求持续上升，不单是倾向于多元化配置股票产品，亦对衍生产品、 大宗商品、固定收益等有一定兴趣。港交所未来将专注于建设多元资产生态圈，以提升香港市场竞争 力，对市场日均成交额走势感到正面。 市场主管余学勤表示，专业零售投资者需求强劲，当中衍生产品备受追捧，未来除债券ETF外，港交所 亦可能会推出固定收益ETF，期货市场预期亦会有更多新产品登场，包括每周及每月股票期权等。去年 有消息指港交所将在今年上半年推出恒指"零日期权"合约，即在交易当日即到期的期权合约产品，他透 露正在推进有关工作，争取可尽快推出市场。 ...

[Table_ReportInfo] 2026 年 02 月 24 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（2.9-2.13） 春季配置需求回归，债券 ETF 有望扩张 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF资金净流入情况：市场情绪偏多，债券 ETF净流入金额转正。 上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别+50.98亿 元、+142.12亿元、+5.87亿元，债券 ETF市场合计净流入金额 198.96亿元。 展望后市，债券 ETF 规模在经历年初季节性资金流出后，有望随机构春季配 置需求的回归以及"两会"定调的关键政策重回扩张通道。品种上 ...

Group 1 - The core message emphasizes the resilience and vitality of China's capital market, showcasing significant growth and structural optimization over the past year [1] - Hai Fu Tong Fund has achieved a strong performance, with its actively managed equity funds ranking in the top 10% of the industry over the past seven years, and its bond ETFs becoming the first to exceed 100 billion yuan in total management scale [1] - The outlook for 2026 is optimistic, with expectations for continued policy benefits, corporate profit recovery, and emerging structural opportunities in technology innovation, industrial expansion, and high-dividend assets [1] Group 2 - Hai Fu Tong Fund plans to maintain strategic focus, enhance research and investment systems, and improve product offerings to provide high-quality asset management services [2] - The company is committed to corporate social responsibility, including investor education and charitable activities, reflecting its dedication to community engagement [2] - The management expresses a desire to collaborate with investors to seize market opportunities and share in the growth of the Chinese economy and capital market [2]

投资者结构持续优化 (●) 机构持有股票市值占比提升至 2l.l% 平均股息率 2.4% 股票市值 (全球排名第三位) ⊙ 65万亿元 ... .. .. .. .. ◇) 持续完善指数及产品体系 新发布科创综指 为市场全面了解科创板运行整体情况提供表征 沪市ETF规模 (亚洲第二大ETF市场) (●) 4.2万亿元 同比增长 55% 同比增长 其中: 债券ETF规模 约6000亿元 291% 科创债ETF规模1994亿元 融资功能有效发挥 远超2024年 IPO受理66家 同比增长31.3% IPO上市42家 股票首发融资额812.9亿元 | 同比增长1.5倍 : ・・・・・ 股票再融资额9602亿元 同比增长3.8倍 聚焦服务新质雪音力 科创成长层新上市禾元生物、摩尔线程、沐曦股份等 6家企业 科创成长层已汇聚39家企业(截至2026年2月13日) 同比增长 科创板新增股权融资 1073亿元 2.8倍 并购市场活力进发 新增披露资产重组 其中: 重大资产重组 9|4家次 95家次 同比增长 3 830% 大型吸收合并、多元支付等创新示范性项目相继涌现 沪市围绕新质生产力的并购重组占比 近7成 债券市场提质 ...

Core Viewpoint - The stock ETF market in China experienced a significant net outflow of approximately 62 billion yuan on February 12, with a total outflow of nearly 200 billion yuan over four consecutive trading days, indicating a trend of capital withdrawal ahead of the upcoming holiday [1][2][3]. Market Overview - On February 12, the total market ETF net outflow reached 56.3 billion yuan, with broad-based ETFs seeing the largest outflows, totaling 60.13 billion yuan [3][12]. - The stock ETF market saw a reduction of 44.33 million shares, reflecting a cautious sentiment among investors as they reposition ahead of the holiday [3][12]. Sector Performance - The ETFs tracking the ChiNext, A500, Sci-Tech 50, and CSI 300 indices, as well as thematic ETFs in green power, securities insurance, and non-ferrous metals, experienced significant net outflows [1][6][10]. - Conversely, ETFs tracking the CSI 500, CSI 1000, and sectors like Hang Seng Technology and internet themes saw notable net inflows, with the CSI 500 ETF, Hang Seng Technology ETF, and CSI 1000 ETF leading the inflows [1][3][12]. Fund Flows - A total of 27 stock ETFs recorded net inflows exceeding 1 billion yuan, with the top three being the CSI 500 ETF (11.24 billion yuan), Hang Seng Technology ETF (8.77 billion yuan), and CSI 1000 ETF (8.19 billion yuan) [5][14]. - The top inflow sectors included the Hang Seng Technology Index (23.8 billion yuan), CSI 1000 Index (15.7 billion yuan), and CSI 500 Index (14.4 billion yuan) [3][12]. Fund Management Insights - E Fund reported a total ETF size of 662.75 billion yuan, with significant inflows into its internet and technology ETFs, indicating strong investor interest in these sectors [8][16]. - Huaxia Fund noted that its Hang Seng Technology Index ETF and CSI 1000 ETF also saw substantial inflows, reflecting a trend towards high-quality assets [8][16]. Market Sentiment - Fund managers suggest that the market may stabilize after recent fluctuations, with a focus on sectors that could benefit from a post-holiday recovery and potential style rotation [9][17]. - The emphasis on domestic demand and the regulatory support for capital markets are seen as positive factors for future market performance [9][17].

来源：市场资讯 货币ETF及债券ETF均为假期稳健收益之选 （来源：东北证券金融世界） Q9 资金过节怎么办？看懂货币与债券ETF的春节收益 A 根据国务院办公厅发布的通知，2026年春节将拥有一个为期9天的悠长假期（2月15日至2月23日）。这个来得稍晚的马年新春，不仅适合享受团聚，也为 投资者提供了一个规划资金的契机——如何让资产在春节休市期间依然创造收益？实现这一点的关键，在于理解货币ETF和债券ETF的"假日收益"特性。 即便在春节休市期间，这些ETF所持有的资产仍会持续计息，使得基金净值在假期中依然能够增长，真正做到"人闲钱不闲"。 | | | | 2026-2月休市安排 | | | | | --- | --- | --- | --- | --- | --- | --- | | 周一 | 周二 | 周三 | 周四 | 周五 | 周六 | 周 日 | | 9 | 10 | 11 | 12 | 13 | 14 | । રે | | 16 | 17 | 18 | 19 | 20 | 21 | 22 | | 23 | 24 | 25 | 26 | 27 | 28 | | 简单来说，收益来自于它们投资的底层资 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report In 2025, affected by the changing external environment, China's economy advanced steadily, social confidence continued to improve, and new achievements were made in high - quality development. However, the contradiction between strong supply and weak demand was prominent, and there were many risks and hidden dangers in key areas. Against this background, regulatory authorities took multiple measures to continuously improve the bond market system and mechanism, innovatively launched the "Technology Board" in the bond market, promoted the expansion of bonds in green and private sectors, solidly carried out the "Five Major Articles" in finance, continuously promoted the opening - up of the bond market, strengthened credit risk management and control in the bond market, and improved the default disposal mechanism, further enhancing the marketization, legalization, and internationalization levels of China's bond market [2]. 3. Summary by Directory 3.1完善债券市场体制机制 - **规范债券发行业务**: In 2025, the Dealer Association issued a series of notices to regulate bond underwriting behavior, including prohibiting underwriters from distorting market prices and competing with below - cost quotes, and establishing self - disciplinary mechanisms. The exchange launched the pilot of corporate bond continuation issuance, which helps meet the investment and financing needs of market entities and enhance market liquidity. The Dealer Association optimized the bond financing mechanism for mature - layer enterprises, adjusting relevant indicators and requirements to improve enterprise financing convenience and efficiency [4]. - **完善信息披露制度**: In 2025, the Shanghai, Shenzhen, and Beijing Stock Exchanges revised relevant rules and issued guidelines to expand the scope of specific situations to be concerned, strengthen information disclosure and verification requirements for issuers' solvency, and clarify the requirements for information disclosure and verification of honest practice, as well as the management requirements, responsibilities, and self - regulatory arrangements for information disclosure responsible persons, which helps standardize corporate bond information disclosure behavior [5]. - **发展债券指数化产品**: In 2025, the China Securities Regulatory Commission issued an action plan to promote the high - quality development of capital market index investment, including expanding bond ETFs, optimizing registration and issuance arrangements, and improving operation mechanisms. The Shanghai and Shenzhen Stock Exchanges allowed bond ETFs to conduct general pledge - style repurchase transactions, which helps enrich the bond index product system and meet investors' diverse investment needs [7]. - **规范债券估值业务发展**: In 2025, the Dealer Association issued a self - regulatory guidance on bond valuation business, including requirements for the entire valuation production process, measures to improve transparency, a multi - level verification mechanism, and clear prohibitive behaviors, which helps standardize bond valuation management and improve valuation quality and transparency [8]. 3.2创新推出债市"科技板" In 2025, multiple departments issued a series of policies to support the high - quality development of science and technology innovation corporate bonds, including optimizing the issuance and registration process, providing credit enhancement support, exploring new bond products, and establishing a "Technology Board" in the bond market, which helps guide bond funds to be more efficiently, conveniently, and cost - effectively invested in the field of scientific and technological innovation and improve the service level of the bond market for scientific and technological innovation [9][10]. 3.3支持绿色等领域债券扩容 - **做好"绿色金融大文章"**: Multiple departments issued policies to support green bond investment and financing, including optimizing green bond standards, encouraging rating agencies to incorporate environmental information indicators, and supporting green enterprises' bond issuance. The Dealer Association optimized the issuance mechanism of green panda bonds, which helps promote the issuance and investment of green bonds and expand the green bond market [11][12]. - **支持民营企业债券融资**: The Dealer Association and relevant laws provided a series of measures to support private enterprise bond financing, including product innovation, improving the financing environment, and enhancing the service of bond financing support tools, which helps protect the legitimate rights and interests of private enterprises and expand their bond financing scale [13]. - **支持乡村振兴领域债券发行**: The People's Bank of China issued policies to encourage financial institutions to issue special financial bonds for "agriculture, rural areas, and farmers" and support enterprises to issue rural revitalization bonds, which helps guide financial resources to the "agriculture, rural areas, and farmers" field and expand the rural revitalization bond market [14]. - **支持体育领域债券发行**: The People's Bank of China and the State Council issued policies to support the issuance of financial bonds and corporate credit - type bonds in the sports field, which helps promote the development of the sports industry and expand the relevant bond market [15]. - **支持消费领域债券融资**: Multiple departments issued policies to support the issuance of bonds by enterprises in the service consumption field, encourage science and technology innovation enterprises to raise funds through the bond market, and support the issuance of financial bonds by relevant financial institutions, which helps promote the issuance of consumer - related bonds and expand the bond market [15]. - **支持林业领域债券发行**: The People's Bank of China issued a notice to encourage forest - related enterprises to issue bonds and support financial institutions to issue relevant financial bonds, which helps broaden the financing channels for forestry development and expand the relevant bond market [16]. - **支持制造业企业融资**: The People's Bank of China issued a policy to promote the growth of the number of manufacturing enterprises issuing bonds and their scale by 2027, support bond variety innovation, and apply green financial tools in the manufacturing industry's green and low - carbon transformation, which helps broaden the financing channels for manufacturing enterprises and expand the manufacturing - related bond market [16]. - **优化并购票据工作机制**: The Dealer Association issued a notice to optimize the working mechanism of merger and acquisition notes, including clarifying the definition and scope of application, strengthening fund use supervision, and innovating the information disclosure mechanism, which helps improve the issuance efficiency of merger and acquisition notes and expand their scale [17]. 3.4推进债券市场对外开放 - **优化债券通机制安排**: In 2025, the People's Bank of China and the Hong Kong Monetary Authority announced three optimization measures for opening up, including expanding the scope of participants in the South - bound Connect, optimizing the offshore RMB bond repurchase business, and optimizing the Swap Connect operation mechanism, which helps promote the opening - up of China's bond market [18]. - **支持境外投资者参与债券回购业务**: The People's Bank of China and relevant exchanges issued policies to expand the scope of overseas institutional investors participating in bond repurchase business, which helps improve the liquidity value and collateral function of RMB bonds and enhance their attractiveness to global institutions [19]. - **推进上海自贸区离岸债券发展**: The Shanghai Head Office of the People's Bank of China issued measures to optimize the issuance process, expand the issuer types, and encourage product innovation of Shanghai Free Trade Zone offshore bonds, which helps expand the offshore bond market and provide financing channels for Chinese enterprises and countries and regions along the "Belt and Road" [20]. 3.5推动评级行业高质量发展 - **支持评级行业创新发展**: The General Offices of the Communist Party of China Central Committee and the State Council issued an opinion to support the innovation and development of the credit rating industry, including innovating business models, regulating the behavior of credit service institutions, and promoting the internationalization of domestic credit rating agencies [21]. - **支持评级机构服务债市"科技板"**: The People's Bank of China and the China Securities Regulatory Commission, as well as the Dealer Association, issued policies to encourage rating agencies to design special rating methods and models for science and technology innovation enterprises, which helps provide more accurate rating results for the "Technology Board" in the bond market and reduce information asymmetry [22]. 3.6加强债券市场风险管控 - **优化信用风险缓释工具管理机制**: The Dealer Association revised relevant rules and issued notices to optimize the management mechanism of credit risk mitigation tools, including simplifying the filing process, expanding the scope of underlying assets, and strengthening the rights and responsibilities of participants, which helps improve the operation mechanism of credit risk mitigation tools and the credit risk sharing system [23]. - **加强存续期管理**: The Dealer Association and the Shanghai Stock Exchange issued policies to strengthen the supervision of raised funds, standardize the handling of ongoing business, and strengthen the rules for entrusted management, which helps prevent the risk of misappropriation of raised funds, improve the efficiency of information disclosure and risk management, and promote the due performance of entrusted managers [25]. - **完善违约处置机制**: Exchanges and relevant departments issued policies to standardize debt - restructuring bond swaps, optimize bond buy - back business mechanisms, and improve the diversified dispute resolution mechanism, which helps standardize bond default disposal, enrich debt management tools, and improve the efficiency of default bond disposal [26][27].

Core Insights - In 2025, China's ETF market reached a historic milestone, surpassing Japan to become the largest in Asia, with a total scale exceeding 6.02 trillion yuan [1] - The ETF market experienced significant growth, breaking through the 4 trillion, 5 trillion, and 6 trillion yuan thresholds within the year [1] - The Shanghai Stock Exchange's ETF trading volume ranked first in Asia and third globally [1] Market Structure Changes - Bond ETFs saw explosive growth, with a scale increase of 376%, becoming a key area for capital inflow [1] - The number of Sci-Tech Innovation Board ETFs surged from 38 to 106, covering the entire chain of hard technologies such as artificial intelligence and chips [1] - The total scale of dividend-type ETFs (including cross-border) increased by over 360% compared to the end of 2023, with "dividend + low volatility" strategy products exceeding 100.3 billion yuan, appealing to conservative investors [1] Institutionalization of the Market - The proportion of institutional holdings in Shanghai's ETFs rose to 65%, while in Shenzhen, it increased to 58%, indicating a shift towards long-term capital as the dominant force in the market [1] - The transition from retail to institutional investment signifies China's evolution from a "follower" to a significant "leader" in the global ETF market [1]

Group 1 - BlackRock China predicts a "slow bull" market for Chinese assets in 2026, supported by fundamental and policy resonance, with conditions such as liquidity and profit improvement necessary for the bull market's continuation [1][2] - The global investment landscape in 2026 will be driven by the AI wave, with the U.S. economy showing resilience and a shift from consumption-led growth to a balance of AI investment and consumption [1][2] - The Chinese economy is expected to maintain a significant global position, with strong export performance as a key growth driver and an improved environment for the Hong Kong stock market [2] Group 2 - Dynamic asset allocation is essential in the current high-volatility market, with active rebalancing strategies showing better long-term results than static approaches [2][3] - The 2025 performance of the CSI 300 index saw an increase of nearly 18%, driven by valuation expansion, indicating a sentiment-driven bull market [2][3] - Four conditions are necessary for the continuation of the bull market: ample liquidity, a transition to profit realization in the stock market, supportive policy measures, and a reduction in geopolitical risks [2] Group 3 - The negative correlation between traditional asset classes, particularly stocks and bonds, is weakening, necessitating a focus on expected returns and risk trade-offs [3] - ETFs are highlighted as a flexible investment tool suitable for capturing structural opportunities in the A-share market, reflecting a trend towards more sophisticated investment products [3][4] - The bond market is expected to exhibit "corridor-style" fluctuations, with limited volatility due to ongoing economic recovery and supportive monetary policy [3][5] Group 4 - Approximately 50 trillion yuan in deposits are set to mature this year, with expectations that some will flow into the capital markets, potentially influencing asset prices [4] - The Chinese bond ETF market, currently at 830 billion yuan, has significant growth potential compared to the total bond market size of nearly 200 trillion yuan, indicating room for innovation in bond strategies [5] Group 5 - Gold is expected to maintain its long-term hedging value due to factors such as global central bank purchases, potential dollar weakness, and persistent geopolitical uncertainties [5][6] - The investment landscape is shifting towards themes of financial stability, energy, technology, and national defense, with commodities closely linked to these themes [6] Group 6 - The trend in global pension investments is moving from defined benefit (DB) plans to defined contribution (DC) plans, reflecting the need for individuals to take on more retirement responsibility [7] - BlackRock aims to localize overseas strategies for the Chinese market, focusing on adapting investment approaches to align with local risk preferences and improving client investment behavior [7]