（数据来源：WIND资讯） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 代码 | 同家 | 场内简称 | 托管人 | 規模(亿) | 近1周均贴 | 近1周济跌 | 今年以来 | 质押率 | 本轮调整 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 水率 | 国 | FID (8) | | 最大回覆 | Calmar D | | 511030.SH | 平安中债-中高等级公司债利差因子ETF | 公司债ETF | 十安银行股份有限公司 | 223.53 | -0.06% | -0.119% | 0.84 | 63.00 | -0.1925 | 3.6503 | | 511220.SH | 海富通上证城投债ETF | 城投债ETF | 中国银行股份有限公司 | 245.11 | -0.19% | -0.407% | 1.05 | 0.00 | -0.2907 | 2.1636 | | 511070.SH | 南方上证基准做市公司债ETF | 上证公司侦E ...

Core Insights - The recent inclusion of credit bond ETFs in the pledged repo trading has significantly boosted trading activity, with two benchmark market-making credit bond ETFs exceeding transaction volumes of 10 billion yuan on June 11 [1][2] - The rapid influx of capital has led to four credit bond ETFs, established for less than six months, joining the "100 billion club" [1][2] Trading Activity - On June 11, the Southern CSI Benchmark Market-Making Corporate Bond ETF recorded a transaction volume exceeding 15.5 billion yuan, marking an increase of over 7 billion yuan from the previous trading day and setting a new single-day transaction record [2] - Other ETFs, such as the E Fund CSI Benchmark Market-Making Corporate Bond ETF, also saw significant trading volumes, with over 9 billion yuan, while several others surpassed 6 billion yuan [2] Fund Inflows - In the past month, four major credit bond ETFs have seen net inflows exceeding 5 billion yuan, with the E Fund and Southern ETFs leading the way [3] - The inclusion of credit bond ETFs in the pledged repo has enhanced liquidity and provided a tool for liquidity management, allowing investors to use these ETFs for financing during tight liquidity periods [3] Investment Strategies - The inclusion of credit bond ETFs in pledged repo trading is viewed as a key measure to address developmental shortcomings, significantly enhancing their investment appeal [4] - Investors can utilize a "buy ETF - pledge financing - reinvest" leverage strategy to increase returns, improving overall capital efficiency for institutional investors [4] - Various investment strategies, including pure bond strategies, multi-asset strategies, and structured investment strategies, can benefit from leveraging credit bond ETFs [4]

Group 1 - The core viewpoint of the articles highlights the significant growth of bond ETFs in China, with the total scale surpassing 500 billion yuan, nearly doubling from the end of last year [1][2] - The first batch of 10 sci-tech bond ETFs has seen explosive sales, with a total issuance scale of 28.988 billion yuan, and within just five trading days, their total scale exceeded 100 billion yuan, accounting for approximately 20% of the entire bond ETF market [1] - The newly launched benchmark market-making credit bond ETFs have also contributed to the expansion, with the first batch of 8 products raising over 21 billion yuan and their latest combined scale reaching 134.44 billion yuan [1] Group 2 - From a funding inflow perspective, the overall ETF market has seen a net inflow of 371.597 billion yuan this year, with bond ETFs attracting 272.357 billion yuan, leading among various ETF categories [2] - Notably, the Hai Fu Tong Zhong Zheng Short-term Bond ETF has gained over 23 billion yuan in net inflow this year, while several other bond ETFs have attracted more than 10 billion yuan each [2] - The total number of bond ETFs in the market has expanded to 39, with a combined scale of 508.621 billion yuan, marking a historical high and accounting for 11.04% of the total ETF scale, reflecting a growth of nearly 192.26% from the end of last year [2]

Group 1 - The core viewpoint of the articles highlights the significant growth of public fund assets in the A-share market, surpassing 34 trillion yuan, driven primarily by the increase in ETF funds [1][2] - As of the end of Q2 2025, the total scale of public funds reached 34.05 trillion yuan, marking a 7.04% increase from 31.81 trillion yuan at the end of Q1 2025 [2] - All types of funds experienced growth in Q2, with stock funds increasing by over 270 billion yuan, bond funds by 865.3 billion yuan, and money market funds by 950.5 billion yuan [2] Group 2 - ETFs emerged as the main contributor to the growth in fund management scale, with significant increases in several products, including those from E Fund and Huaxia Fund, each exceeding 10 billion yuan in growth [3] - The "head effect" of ETFs is evident, with top funds attracting substantial inflows, particularly from state-owned entities, which added over 220 billion yuan to ETFs in Q2 [3][4] - Several thematic ETFs, particularly in the healthcare and technology sectors, have shown strong performance, with some achieving returns over 20%, notably the Hang Seng Innovation Drug ETF, which rose by 67.5% [4] Group 3 - The top three heavily held stocks by public funds in Q2 were Ningde Times, Kweichow Moutai, and Midea Group, with market values held by funds of 52.05 billion yuan, 29.34 billion yuan, and 28.36 billion yuan respectively [5] - In terms of changes in holdings, the top three increased positions were in Zhongji Xuchuang, Xinyi Sheng, and Hudian Co., with increases of 13.97 billion yuan, 12.89 billion yuan, and 8.45 billion yuan respectively [6] - Conversely, the largest reductions were in BYD, Luxshare Precision, and Kweichow Moutai, with decreases of 16.51 billion yuan, 10.51 billion yuan, and 8.46 billion yuan respectively [6] Group 4 - Market outlook suggests that capital flow and innovation will remain key drivers for stock performance, with a positive view on H-shares and the overall Chinese stock market [7] - The market has shown strong performance since June, with the Shanghai Composite Index reaching a new high for the year, indicating a solid bullish sentiment among investors [7] - Recommendations include maintaining a medium to high position in the market, focusing on opportunities related to technological advancements and domestic demand policies [7]

Group 1 - The number of actively managed equity funds with assets exceeding 10 billion yuan has decreased from 27 to 24 year-on-year, indicating a shrinking market for these funds [1][2][6] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a current size of 34.943 billion yuan, down 3.965 billion yuan from the previous quarter [1][2] - Other notable funds such as the China Europe Medical Health and the Fortune Tianhui Select Growth have also seen reductions in size, with current assets of 30.801 billion yuan and 23.544 billion yuan respectively [1][2] Group 2 - In contrast to the decline in actively managed equity funds, many ETFs, money market funds, and bond funds have experienced significant inflows, with total public fund assets increasing by 2.11 trillion yuan in the second quarter [6][7] - Three ETFs, specifically the Huaxia CSI 300 ETF, Huatai-PB CSI 300 ETF, and E Fund CSI 300 ETF, each saw growth exceeding 30 billion yuan in a single quarter, highlighting strong demand for broad-based ETFs [7][8] - The overall market for public funds reached a total size of 33.73 trillion yuan by mid-year, with money market funds, bond funds, and stock funds contributing significantly to this growth [6][7] Group 3 - Some actively managed funds have bucked the trend and increased in size, such as the Yongying Advanced Manufacturing Select Fund, which grew by 2.327 billion yuan in the second quarter, reaching a total of 13.845 billion yuan [3][6] - The divergence between actively managed products and passive index products is becoming more pronounced, reflecting a shift in investor risk preferences and a growing demand for stable performance [8]

Core Insights - The public fund industry in China has seen its total assets exceed 34 trillion yuan by the end of Q2 2025, marking a historical high, with both equity and bond funds experiencing growth [1][4] - The increase in fund size reflects a growing trust from investors, but it also brings greater responsibility for fund managers [4] Fund Size Changes - As of the end of Q2 2025, approximately 12,000 funds had a combined size of 34.05 trillion yuan, an increase of 2.24 trillion yuan from the end of Q1 2025 [1][5] - Bond funds have rebounded, surpassing 10 trillion yuan, with an increase of 865.3 billion yuan (8.74%) from Q1 2025 [1][6] - Money market funds also saw a significant increase, growing by 950.5 billion yuan (7.32%) [1][6] Equity Fund Performance - By the end of Q2 2025, the size of pure index equity funds reached 4.02 trillion yuan, up 7.41% from Q1 2025 [1][5] - Despite a recovery in performance, ordinary equity funds experienced a decrease in size by 107 million yuan [1][5] Specialized Fund Growth - Commodity funds and Funds of Funds (FOF) led the market in growth rates, increasing by 48% and 10% respectively, reaching sizes of 268.3 billion yuan and 165 billion yuan [2] - Notable growth was observed in specific ETFs, particularly those linked to the CSI 300 index, which saw increases exceeding 30 billion yuan [3] High-Performing Funds - Actively managed equity funds that performed well in Q2 2025, such as Changcheng Pharmaceutical Industry Select Mixed Fund and Yongying Technology Smart Select Mixed Fund, saw significant growth in size, increasing by 304.7% and 364% respectively [3]

Core Viewpoint - The public fund management scale reached a historical high of 34.05 trillion yuan by the end of Q2 2025, marking an increase of 2.24 trillion yuan from the previous quarter, driven by strong inflows from residents and a broad-based growth across various fund types [2][5]. Fund Management Scale - By the end of Q2 2025, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, an increase of 2.24 trillion yuan from 31.81 trillion yuan at the end of Q1 2025 [5]. - The growth in fund scales was broad-based, with stock funds increasing by over 270 billion yuan, bond funds growing by 865.3 billion yuan, and money market funds increasing by 950.5 billion yuan [2][7]. Fund Types Performance - Despite lower yields in the bond and money market funds compared to the previous year, there was a significant inflow into stable-performing bond and money market funds, indicating a continued demand for stable assets [6]. - The growth in bond and money market funds was substantial, with bond funds increasing by 865.3 billion yuan and money market funds by 950.5 billion yuan in Q2 2025 [7]. ETF Growth - ETFs remained a key growth engine for fund companies, with significant inflows into various ETFs, particularly in the context of AI, humanoid robots, and innovative pharmaceuticals [11]. - The non-money management scale of fund companies grew by nearly 1.29 trillion yuan in Q2 2025, surpassing 20 trillion yuan for the first time [12]. - Major fund companies like Huaxia Fund and E Fund saw their non-money management scales increase by over 100 billion yuan, with specific ETFs experiencing substantial growth [12][14]. Competitive Landscape - The public fund industry continues to exhibit a "Matthew Effect," where leading fund companies maintain strong competitive advantages, while smaller firms face intense competition and challenges in growth [18]. - Smaller fund companies like Yongying Fund and Haifutong Fund have been actively expanding their product offerings and achieving growth, while others have seen declines in their management scales [19][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Credit - bond ETFs may become important asset allocation and liquidity management tools for institutional investors due to their low fees, controllable credit risks, good liquidity (T + 0), and leverage benefits, but they may have a certain "crowding - out" effect on existing bond investments [5]. - Under the expansion of credit - bond ETFs, seizing constituent bonds has become an important strategy for investors. Recently, affected by the expansion, the market has seen a continuous trend of seizing constituent bonds, with these bonds performing well, having significantly higher liquidity, and lower yields and credit spreads compared to non - constituent bonds [5]. - In a low - interest - rate environment and with the expansion of credit - bond ETFs, potential risks under changes in institutional behavior should be noted. In the face of significant market shocks, credit - bond ETFs may face significant discounts and redemption pressures [5]. 3. Summary by Relevant Catalogs 3.1 Credit - bond ETF Mechanism Analysis 3.1.1 What is a Credit - bond ETF? - A credit - bond ETF is an open - ended index fund that is listed and traded on a stock exchange and invests in a portfolio of bonds listed on the stock exchange corresponding to a specific credit - bond index. Its investment goal is to minimize the tracking deviation and tracking error from the index, with requirements for controlling the absolute value of the daily average tracking deviation and the annualized tracking error. It has advantages such as low fees, controllable credit risks, good liquidity (T + 0), and leverage benefits (pledgeable for repurchase). It mainly invests in the constituent bonds and alternative bonds of the target index (≥ 80%/90% of the fund's net value), and its investment strategies include sampling replication and substitution strategies [2][9]. 3.1.2 How to Subscribe and Redeem Credit - bond ETFs? - The fund manager publishes the subscription and redemption list (PCF) before the market opens every day. The subscription and redemption of credit - bond ETFs follow a T + 0 confirmation and T + 2 fund settlement mechanism. On T day, investors can submit subscription or redemption applications during trading hours, and the shares or physical bonds are immediately available after the delivery of the consideration (portfolio bonds/cash). On T + 1 day, the settlement of cash substitution and the clearing of cash differences are carried out. Within T + 2 days, the settlement of cash differences is completed (the manager buys bonds on behalf of investors, with excess refunded and shortage supplemented). Except for short - term financing ETFs and some science - innovation bond ETFs (such as those of Fullgoal and Southern) which require full - cash substitution for subscription and redemption, others allow cash substitution for subscription but mostly do not allow it for redemption [2][32]. 3.1.3 Deconstruction of Credit - bond ETF Liquidity - T + 0 trading: Successfully subscribed shares can be used immediately, and can be sold, redeemed, or pledged on the same day. Bonds obtained from redemption can be sold, pledged, or used to subscribe for other ETFs on the same day. - Pledge repurchase: Currently, 9 credit - bond ETFs are included in the general pledge library, with a pledge rate mostly around 60% (determined by China Securities Depository and Clearing Corporation Limited based on the principle of prudence and updated daily). Science - innovation bond ETFs may also be included in the future. - Market - maker system: Market - makers provide liquidity services such as two - sided quotes, and market - making assessment indicators include hard requirements such as quote time coverage, maximum spread limit, and minimum quote volume [2][40]. 3.2 Main Investors in Credit - bond ETFs - Credit - bond ETF investors are mainly institutional investors, accounting for nearly 90%. Among the top ten investors, securities firms' proprietary trading accounts for the highest proportion (about 48%), and banks, trusts, and insurance companies are also important investors (with each accounting for over 10%) [2]. - Except for short - term financing ETFs and urban investment bond ETFs, the concentration of investors in other credit - bond ETFs is relatively high (the total proportion of the top ten investors often exceeds 60%). The top ten investors in the initial offering of benchmark market - making credit - bond ETFs and science - innovation bond ETFs are mostly securities firms' proprietary trading. However, the types of investors in benchmark market - making credit - bond ETFs are more diverse, while science - innovation bond ETFs have more institutions such as banks, trusts, and wealth management companies among their investors [2][70]. 3.3 Impact of Credit - bond ETFs on Institutional Behavior - Credit - bond ETFs may become important asset allocation and liquidity management tools for institutional investors, but they may also have a certain "crowding - out" effect on existing bond investments [5]. - Under the expansion of credit - bond ETFs, seizing constituent bonds has become an important strategy for investors, leading to better performance and higher liquidity of these bonds [5]. - In a low - interest - rate environment and with the expansion of credit - bond ETFs, in the face of significant market shocks, credit - bond ETFs may face significant discounts and redemption pressures. The impact on the market during the redemption stage may have different scenarios, including direct selling pressure on constituent bonds, a further decline in the liquidity of constituent bonds, and an increase in the redemption pressure on other bond funds [5].

Report Summary 1. Market Overview - The Shanghai Composite Index rose 0.32% to close at 3472.32 points, the Shenzhen Component Index fell 0.25% to close at 10508.76 points, and the ChiNext Index fell 0.36% to close at 2156.23 points. The total trading volume of A-shares in the two markets was 1454.7 billion yuan. The top-performing sectors were banking (1.84%), media (0.91%), and comprehensive (0.71%), while the worst-performing sectors were beauty care (-1.87%), non-ferrous metals (-1.60%), and basic chemicals (-1.22%) [2][6]. 2. Stock ETFs - The top-trading volume stock ETFs today were Huatai-PineBridge CSI 300 ETF (up 0.42% with a discount rate of 0.37%), ChinaAMC CSI A500 ETF (up 0.10% with a discount rate of 0.11%), and Harvest CSI A500 ETF (up 0.10% with a discount rate of 0.08%) [3][7]. 3. Bond ETFs - The top-trading volume bond ETFs today were Haitong CSI Short-term Commercial Paper ETF (up 0.02% with a discount rate of 0.01%), Southern Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF (up 0.12% with a discount rate of 0.12%), and ChinaAMC Shanghai Stock Exchange Benchmark Market-making Corporate Bond ETF (up 0.12% with a discount rate of 0.13%) [4][9]. 4. Gold ETFs - Gold AU9999 fell 0.55% and Shanghai Gold fell 0.53%. The top-trading volume gold ETFs were HuaAn Gold ETF (down 0.51% with a discount rate of -0.44%), Bosera Gold ETF (down 0.50% with a discount rate of -0.41%), and E Fund Gold ETF (down 0.50% with a discount rate of -0.44%) [12]. 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF rose 0.05% with a discount rate of 0.36%, Dacheng Non-ferrous Metals Futures ETF fell 0.64% with a discount rate of -0.77%, and CCB E Fund Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.74% with a discount rate of -0.89% [15]. 6. Cross-border ETFs - The Dow Jones Industrial Average rose 0.77%, the Nasdaq Composite rose 1.02%, the S&P 500 rose 0.83%, and the German DAX rose 0.61% the previous trading day. Today, the Hang Seng Index fell 0.64% and the Hang Seng China Enterprises Index fell 0.45%. The top-trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.70% with a discount rate of 0.85%), GF CSI Hong Kong Innovative Drugs ETF (up 0.93% with a discount rate of 1.27%), and ChinaAMC Hang Seng Technology ETF (down 0.56% with a discount rate of -0.18%) [17]. 7. Money Market ETFs - The top-trading volume money market ETFs today were Silver HuaRui Day Profit ETF, Huabao Tianyi ETF, and CCB Tianyi Money Market ETF [19].

Core Viewpoint - The bond fund market has seen a significant recovery since June, with record numbers in both the number of new funds and issuance scale, indicating strong investor interest in credit bonds [1][2]. Group 1: Bond Fund Issuance - As of June 26, 132 new public funds were established in June, with a total issuance of 1,038.73 billion units, marking the highest monthly record for the year [2]. - Among these, 30 bond funds were established, with a total issuance of 513.44 billion units, also a record for the year [2]. - Several bond funds experienced explosive demand, leading to early closures, such as the Huisheng and Shengchun bond fund, which reached its fundraising cap of 6 billion yuan in just 3 days [2]. Group 2: Credit Bond Market - There has been a notable increase in institutional investment in credit bonds, with a total of 2,130 billion yuan in 11 listed credit bond ETFs as of June 26, and a net subscription of over 80 billion yuan in the past month [3]. - Major credit bond ETFs, such as the Hai Fu Tong Zhong Zheng Short-term Bond ETF, have surpassed 50 billion yuan in scale, reflecting strong demand [3]. - Institutions are increasingly optimistic about credit bonds, particularly long-duration varieties, as they adjust their portfolios in response to market conditions [3][4]. Group 3: Market Outlook - The bond market is expected to maintain stability in the context of ongoing liquidity support from the central bank, with long-duration credit bonds likely to continue performing well [4]. - The current credit spread for 10-year bonds is considered relatively attractive, prompting attention to both primary and secondary market opportunities [4].