● 本报记者 连润 联瑞转债有望拉开可转债加快发行的序幕。Wind数据显示，2025年12月1日至2026年1月8日，共有春风 动力、耐普矿机、上声电子、华峰测控、艾为电子、尚太科技6家上市公司公告其获得可转债发行批复 文件，6家上市公司待发可转债规模总计73.38亿元；博士眼镜、长高电新、海天股份、统联精密、祥和 实业5家上市公司公告其获得上市委通过，预计发行规模为29.11亿元。此外，17家上市公司公告其已获 交易所受理，预计发行规模为239.66亿元。 值得一提的是，在股市走强影响下，不少可转债提前赎回或到期摘牌，可转债市场持续缩量。Wind数 据显示，截至1月8日，可转债市场存续债券411只，可转债余额为5561.39亿元。博时可转债ETF基金规 模为605.73亿元，上证可转债ETF基金规模为95.22亿元。 作为2026年首只发行的可转债，总额6.95亿元的联瑞转债1月8日启动网上申购。 此轮可转债上涨受正股上涨驱动明显，结构性行情突出。西部证券首席固收分析师姜珮珊表示，2025年 12月以来，A股市场情绪逐步转暖，商业航天板块走出持续性行情，AI算力、人形机器人方向的阶段性 行情则推动通信、电子 ...

Report Industry Investment Rating No information provided in the given content. Core Viewpoints - On December 30, the convertible bond industry showed mixed performance in terms of gains and losses, with valuations rising on a month - on - month basis [1]. - The mid - cap growth style was relatively dominant in the market [1]. - The trading sentiment in the convertible bond market weakened [1]. - The convertible bond price center increased, and the proportion of high - price bonds rose [2]. - The convertible bond valuations increased [2]. - In the A - share market, more than half of the underlying stock industry indices declined, while in the convertible bond market, 14 industries rose [3]. Summary by Related Catalogs Market Overview - **Index Performance**: The CSI Convertible Bond Index rose 0.14% month - on - month, the Shanghai Composite Index remained unchanged, the Shenzhen Component Index rose 0.49%, the ChiNext Index rose 0.63%, the SSE 50 Index rose 0.06%, and the CSI 1000 Index rose 0.04% [1]. - **Market Style**: Mid - cap growth was relatively dominant. Large - cap growth rose 0.57%, large - cap value fell 0.13%, mid - cap growth rose 0.81%, mid - cap value rose 0.66%, small - cap growth rose 0.66%, and small - cap value rose 0.34% [1]. - **Fund Performance**: The trading sentiment in the convertible bond market weakened. The trading volume of the convertible bond market was 75.057 billion yuan, a 2.96% month - on - month decrease; the total trading volume of the Wind All - A was 2.161532 trillion yuan, a 0.18% month - on - month increase; the net outflow of the main funds in the Shanghai and Shenzhen stock markets was 23.828 billion yuan, and the yield of the 10 - year treasury bond decreased by 0.02 bp to 1.86% [1]. Convertible Bond Price - The overall weighted average closing price of convertible bonds was 134.53 yuan, a 0.09% month - on - month increase. Among them, the closing price of equity - biased convertible bonds was 202.44 yuan, a 1.47% increase; the closing price of bond - biased convertible bonds was 118.85 yuan, a 0.18% decrease; the closing price of balanced convertible bonds was 129.71 yuan, a 0.01% increase [2]. - The proportion of bonds with a closing price above 130 yuan was 59.95%, a 1.15 - percentage - point increase. The largest change in proportion occurred in the 120 - 130 (including 130) range, with a proportion of 28.01%, a 1.39 - percentage - point decrease. There were no bonds with a closing price below 100 yuan. The median price was 132.60 yuan, a 0.07% month - on - month decrease [2]. Convertible Bond Valuation - The fitted conversion premium rate of 100 - yuan par value was 33.54%, a 0.45 - percentage - point month - on - month increase; the overall weighted par value was 101.88 yuan, a 0.19% month - on - month decrease [2]. - The premium rate of equity - biased convertible bonds was 18.25%, a 1.38 - percentage - point increase; the premium rate of bond - biased convertible bonds was 86.78%, a 2.11 - percentage - point increase; the premium rate of balanced convertible bonds was 25.17%, a 0.42 - percentage - point increase [2]. Industry Performance - **Underlying Stock Market**: Among the A - share industries, the top three decliners were Commerce and Retail (-1.56%), Real Estate (-1.22%), and Utilities (-1.14%); the top three gainers were Petroleum and Petrochemical (+2.63%), Automobile (+1.35%), and Non - Ferrous Metals (+1.31%) [3]. - **Convertible Bond Market**: Among the convertible bond industries, the top three gainers were Automobile (+2.08%), Petroleum and Petrochemical (+1.25%), and Textile and Apparel (+0.77%); the top three decliners were Environmental Protection (-2.57%), National Defense and Military Industry (-1.23%), and Building Materials (-1.16%) [3]. - **By Category**: - **Closing Price**: The large - cycle category decreased by 0.38%, manufacturing increased by 0.54%, technology decreased by 0.24%, large - consumption increased by 0.10%, and large - finance decreased by 0.05% [3]. - **Conversion Premium Rate**: The large - cycle category decreased by 0.21 percentage points, manufacturing increased by 0.57 percentage points, technology increased by 0.028 percentage points, large - consumption increased by 0.63 percentage points, and large - finance increased by 0.79 percentage points [3]. - **Conversion Value**: The large - cycle category decreased by 0.74%, manufacturing increased by 0.17%, technology decreased by 0.36%, large - consumption decreased by 0.43%, and large - finance decreased by 0.20% [3]. - **Pure Bond Premium Rate**: The large - cycle category decreased by 0.55 percentage points, manufacturing increased by 0.81 percentage points, technology decreased by 0.16 percentage points, large - consumption increased by 0.12 percentage points, and large - finance decreased by 0.065 percentage points [4]. Industry Rotation - Industries such as Petroleum and Petrochemical, Automobile, and Non - Ferrous Metals led the gains. For example, Petroleum and Petrochemical had a daily increase of 2.63% in the underlying stock market and 1.25% in the convertible bond market; Automobile had a 1.35% increase in the underlying stock market and 2.08% in the convertible bond market [54].

【导读】打响规模争夺战！中证A500ETF 12月以来"吸金"近950亿元 资金净流入超73亿元 12月25日，沪指日线连拉七连阳，带动上证指数逼近4000点关口，投资ETF场内资金也在中证A500ETF规模争夺战推动下，持续 保持净流入。 在中证A500ETF规模争夺战推动下，股票ETF市场再现资金净流入，推动全市场ETF规模逼近6万亿元大关。 据银河证券基金研究中心数据统计，12月25日，全市场股票ETF（含跨境ETF）资金净流入超73亿元，12月以来资金净流入超过 1100亿元。 中证A500ETF继续成为股票ETF当日"吸金"主力，华泰柏瑞、华夏、南方旗下中证A500ETF资金单日净流入均超过10亿元。12月 以来，全市场中证A500ETF资金净流入接近950亿元。 股票ETF12月25日 银河证券基金研究中心数据显示，截至12月25日，全市场1282只股票ETF（含跨境ETF）总规模达4.74万亿元。在昨日股市上涨 行情中，股票ETF市场总份额增加31.27亿份，按照区间成交均价测算，净流入资金达73.95亿元。 从大类型来看，宽基ETF与债券ETF净流入居前，分别达91.89亿元与88.14亿元， ...

最新两市ETF两融余额为1180.49亿元，环比上一交易日减少8.83亿元，其中，ETF融资余额环比减少 8.84亿元，融券余额环比增加160.77万元。 证券时报 数据宝统计显示，截至12月5日，两市ETF两融余额为1180.49亿元，较上一交易日减少8.83亿 元，环比减少0.74%，其中，ETF融资余额为1100.91亿元，较上一交易日减少8.84亿元，环比减少 0.80%。 具体来看，深市ETF最新两融余额353.97亿元，较上一日减少1.53亿元，ETF融资余额344.32亿元，环比 减少1.57亿元，融券余量4.94亿份，环比减少369.80万份，降幅0.74%，ETF最新融券余额9.65亿元，环 比增加398.15万元。沪市ETF最新两融余额826.52亿元，较上一日减少7.30亿元，ETF融资余额756.59亿 元，环比减少7.28亿元，融券余量21.67亿份，环比减少1653.84万份，降幅0.76%，ETF最新融券余额 69.93亿元，环比减少237.38万元。 融券方面，最新融券余额居前的ETF有南方中证1000ETF、南方中证500ETF、华夏中证1000ETF，融券 余额分别为25. ...

Core Insights - The total margin balance of ETFs in the two markets is 120.92 billion yuan, a decrease of 368 million yuan from the previous trading day, representing a 0.30% decline [1] - The financing balance of ETFs is 113.92 billion yuan, also down by 347 million yuan, reflecting a 0.30% decrease [1] Group 1: ETF Margin Balance - The latest margin balance for Shenzhen market ETFs is 36.49 billion yuan, down by 34.1 million yuan, with a financing balance of 35.64 billion yuan, decreasing by 34.6 million yuan [1] - The latest margin balance for Shanghai market ETFs is 84.43 billion yuan, down by 27.65 million yuan, with a financing balance of 78.28 billion yuan, decreasing by 1.48 million yuan [1] Group 2: ETF Financing Balances - There are 139 ETFs with financing balances exceeding 100 million yuan, with the highest being Huaan Gold ETF at 7.98 billion yuan, followed by E Fund Gold ETF and Huatai-PB CSI 300 ETF at 5.74 billion yuan and 4.09 billion yuan respectively [2] - The ETFs with the largest increases in financing balances include Penghua CSI 300 ETF, Taikang 300, and Huaxia Growth ETF, with increases of 5.27 times, 3.06 times, and 1.07 times respectively [2] Group 3: ETF Financing Net Inflows and Outflows - The ETFs with the highest net inflows are Bosera Convertible Bond ETF, Huatai-PB CSI 300 ETF, and Huaxia SSE Sci-Tech Innovation Board 50 ETF, with net inflows of 203 million yuan, 115 million yuan, and 79.07 million yuan respectively [5] - The ETFs with the highest net outflows include Huaxia Hang Seng Internet Technology ETF, E Fund CSI Overseas China Internet 50 ETF, and Southern CSI 500 ETF, with net outflows of 147 million yuan, 139 million yuan, and 120 million yuan respectively [4][5] Group 4: Short Selling Balances - The latest short selling balances are led by Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF, with balances of 2.19 billion yuan, 2.12 billion yuan, and 409 million yuan respectively [5] - The ETFs with the largest increases in short selling balances include Huaxia CSI 1000 ETF, GF CSI 1000 ETF, and Huatai-PB CSI 300 ETF, with increases of 6.24 million yuan, 4.07 million yuan, and 3.97 million yuan respectively [5][6]

Group 1 - The core viewpoint of the news highlights a significant increase in the underwriting amount of technology innovation bonds by securities firms, which grew nearly 58% year-on-year, surpassing 700 billion yuan, indicating strong support from the capital market for technological innovation [1] - In the first three quarters of 2025, the underwriting amount for technology innovation bonds reached over 700 billion yuan, reflecting a robust response from securities firms to the financing needs of key sectors in the real economy [1] - The underwriting amount for private enterprise bonds also showed impressive growth, reaching 391.36 billion yuan, a year-on-year increase of 43.46%, further emphasizing the strong performance of these two segments [1] Group 2 - The change in the actual controller of Guosheng Securities to the Jiangxi Provincial State-owned Assets Supervision and Administration Commission marks a strengthening of its state-owned background, potentially providing new momentum for resource integration and business expansion [2][3] - Despite the holding ratio of the controlling shareholder remaining unchanged, the elevation of the actual controller level may enhance market expectations for policy support [3] - The simultaneous reduction plans by the three major shareholders may create short-term market sentiment disturbances, necessitating attention to the pace and purpose of these reductions [3] Group 3 - The total scale of bond ETFs has surged to 710 billion yuan, reflecting a sustained preference among investors for stable assets [4] - The significant expansion of leading products like the Hai Fu Tong Short-term Bond ETF and the Bosera Convertible Bond ETF indicates a growing demand for liquidity and diversified allocation [4] - The rapid growth of bond ETFs is expected to enrich investment tools and support the deepening development of the financial market [4] Group 4 - Vanguard's ETF annual fund inflow is approaching 350 billion USD, breaking the previous record set in 2021, showcasing the deepening trend of passive investment [5][6] - The dominance of ETF giants like Vanguard and BlackRock is solidifying, putting greater competitive pressure on smaller asset management firms [6] - The massive inflow of funds into ETFs may exacerbate liquidity differentiation among index constituent stocks, leading to more pronounced structural market characteristics [6]

Group 1 - As of November 7, the total scale of credit bond ETFs reached 493.8 billion yuan, with a daily increase of 2.87 billion yuan, while the benchmark market-making ETF decreased by 0.23 billion yuan and the Sci-Tech Innovation Bond ETF increased by 0.63 billion yuan; the weighted average duration median is 3.3 years [1] - The overall trading volume was 169.4 billion yuan, with an average single transaction amount of 5.98 million yuan (benchmark market-making 5.73 million yuan, Sci-Tech Innovation Bond 6.30 million yuan); the median turnover rate was 33.7% [1] - The median yield was 1.84%, and the median discount rate was -19.6 basis points (benchmark market-making -31.3 basis points, Sci-Tech Innovation Bond -16.7 basis points) [1] Group 2 - Last week, the bond market experienced a three-day rally driven by the central bank's bond purchases, but adjustments began due to rumors of redemption new regulations, leading to significant net redemptions in several bond ETFs, although the overall scale still showed slight growth [2] - The top-ranked funds by scale include Hai Fu Tong Short-term Bond ETF (69.073 billion yuan, 1st), Bosera Convertible Bond ETF (57.732 billion yuan, 2nd), and others, with notable inflow into Ping An Corporate Bond ETF (511030) of 470 million yuan, attributed to its short duration (1.95 years) and static high yield (current 1.90%) [2] - The Ping An Corporate Bond ETF (511030) ranked first in drawdown control since the bond market adjustment began this year, with a relatively stable net value and controllable drawdown, averaging a premium of 2 basis points over the past week [3] Group 3 - The bond market's trading last week was primarily influenced by the central bank's treasury transactions, upcoming fund fee regulation rumors, and market risk appetite, with future pricing likely shifting to fundamental changes and the final implementation of bond fund redemption regulations [3] - The market did not continue the bullish trend from the end of last month, maintaining a bearish oscillation, with long-end bonds strengthening towards the end of the week; the overall market showed fluctuations with collective yield increases [3] Group 4 - Institutions believe that domestic demand is weak and supply is excessive, indicating no inflation issues in the coming years; the impact of pandemic-related spending in Europe and the U.S. may have peaked, making sustained export growth challenging [5] - The formal implementation of punitive redemption fees is anticipated to be a negative factor, but the market remains optimistic about the bond market, expecting a second wave of momentum in Q4 [5] - The opening of bond funds under the amortized cost method is expected to lead to a transition from government bonds to credit bonds, benefiting long-duration industrial bonds and urban investment bonds in the next six months [5]

Core Insights - The recent surge in gold prices has led to a significant increase in the scale of gold-linked ETFs, surpassing traditional broad-based ETFs like CSI 1000, SSE 50, STAR 50, and CSI A500, achieving a record scale only second to the CSI 300 ETF [1][2] - The traditional ETF market is becoming increasingly crowded, with many broad-based ETFs experiencing stagnation or decline in total scale, despite the overall growth in the number of ETF products [1][8] - A trend is emerging where fund companies are focusing on niche ETFs to differentiate themselves and capture market share, moving away from a broad-based approach [2][5] ETF Market Dynamics - The total scale of ETFs has reached 5.69 trillion yuan, with leading fund companies like Huaxia and E Fund leveraging their extensive product offerings and resources to dominate the ETF space [1][2] - The gold ETFs from several fund companies have seen substantial net inflows, with notable performances from Huaxia, E Fund, and Bosera, among others, contributing to the overall growth in this segment [2][3] - Fund companies are increasingly adopting a strategy of focusing on single-point breakthroughs in specific themes or sectors, allowing them to establish a competitive edge in less crowded markets [5][6] Performance of Specific ETFs - The Huaxia Gold ETF has become a standout product, achieving a scale of 829.84 billion yuan and contributing significantly to Huaxia's overall ETF growth [3] - Other notable ETFs include the Fortune CSI Hong Kong Stock Connect Internet ETF and the Hai Fu Tong CSI Short Bond ETF, which have also attracted significant capital inflows [3][4] - Several fund companies have successfully carved out niches with specialized products, such as Bosera's convertible bond ETF and Guotai Junan's securities ETF, both achieving substantial growth [4] Challenges in Traditional ETF Space - Traditional broad-based ETFs are facing challenges, with many experiencing stagnant or declining scales despite rising A-share indices [8][9] - The performance of certain ETFs, such as the STAR 50 and ChiNext ETFs, has shown significant capital outflows, highlighting the difficulties in the traditional ETF market [9][10] - The market is witnessing a clear divide, with stock ETFs struggling for growth while new thematic ETFs, including bond and commodity ETFs, are experiencing explosive growth [9][10] Strategic Shifts in Fund Companies - Fund companies are shifting their focus from traditional broad-based ETFs to specialized, thematic products that cater to specific investor needs [10] - Smaller fund companies are increasingly targeting niche markets to avoid direct competition with larger firms in the traditional ETF space [10] - The strategy of ecological positioning is becoming crucial for fund companies, allowing them to establish advantages in emerging sectors before market opportunities fully materialize [6][7]

Core Insights - The article highlights the significant growth of gold-linked ETFs, which have surpassed traditional broad-based ETFs in scale, marking a historic record just behind the CSI 300 ETF [1][2] - The traditional ETF market is experiencing stagnation, with many broad-based ETFs seeing a decline in total scale despite the increasing number of products [1][9] ETF Market Dynamics - The ETF market is witnessing a "Matthew Effect," where leading fund companies like Huaxia and E Fund leverage their extensive product offerings and resources to dominate the ETF space [2] - Many smaller fund companies are shifting focus from broad coverage to specialized ETFs, aiming to create differentiated products that can stand out in a competitive environment [2][6] Performance of Gold ETFs - Gold ETFs have seen a surge in scale, with seven fund companies' gold ETFs exceeding 200 billion yuan, marking a historical high [2] - Notable fund companies such as Huaxia, E Fund, and Bosera have reported significant net inflows into their gold ETFs, contributing to their overall growth [2] Case Studies of Successful ETFs - Huaxia's gold ETF has reached a scale of 829.84 billion yuan, significantly contributing to the company's growth and ranking in the industry [3] - Other successful ETFs include the Fortune CSI Hong Kong Stock Connect Internet ETF and the Hai Fu Tong CSI Short Bond ETF, which have also attracted substantial net inflows [3] Strategy of Niche Focus - Fund companies are increasingly adopting a strategy of focusing on niche themes and specialized sectors to carve out competitive advantages [6][8] - This approach allows them to avoid the crowded traditional ETF space and attract investors with specific allocation needs [6] Traditional ETF Market Challenges - The growth of traditional broad-based ETFs is stalling, with many failing to reach historical peaks despite strong market performance [9][10] - The reliance on passive net value increases rather than active investor subscriptions is evident, leading to a decline in some ETF scales [9][11] Emerging Trends in ETF Issuance - There is a noticeable shift in fund companies' interest from traditional broad-based ETFs to specialized products that cater to specific market demands [11] - Smaller fund companies are focusing on unique attributes or defensive strategies to differentiate themselves in the ETF market [11]

Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core View Last week (10/13 - 10/17), bond - type ETFs had a net capital outflow of 13.36 billion yuan. Convertible bond ETFs had a large drawdown, while the net values of credit bond and interest - rate bond ETFs showed marginal recovery. There was no new issuance of bond ETFs. The market values of interest - rate, credit, and convertible bond ETFs all decreased compared to the previous week. The average trading price of credit bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. The weekly turnover rates of all three types of products increased significantly [2][13][17]. 3. Section Summaries 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [17]. 3.2 Stock Product Tracking - As of October 17, 2025, the circulating market values of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs were 134.1 billion yuan, 368.2 billion yuan, and 66 billion yuan respectively, with credit bond ETFs accounting for 64.8% of the total. Haifutong China Short - term Financing ETF and Bosera Convertible Bond ETF had the top two circulating market values [19]. - Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs decreased by 3.76 billion yuan, 3.41 billion yuan, and 2.16 billion yuan respectively. Products with a market value reduction of over 1.5 billion yuan last week included Haifutong China Short - term Financing ETF, Bosera Convertible Bond ETF, etc. [21]. - Among credit bond ETFs, the circulating market values of benchmark - making credit bond ETFs and science - innovation bond ETFs were 122 billion yuan and 246.5 billion yuan respectively, decreasing by 450 million yuan and 5.18 billion yuan compared to the previous week [24]. 3.3 ETF Performance Tracking - Recently, the market has been oscillating within a range. In the past two weeks, the cumulative unit net values of interest - rate bond ETFs and credit bond ETFs closed at 1.18 and 1.02 respectively [27]. - As of October 17, based on February 7 as the base date, the average cumulative return of benchmark - making credit bond ETFs rose to 0.42%. Based on July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to - 0.30% but still remained in the negative range [32]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit bond ETFs, interest - rate bond ETFs, and convertible bond ETFs were - 0.15%, + 0.001%, and + 0.04% respectively. The average trading price of credit bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the average weekly premium/discount rates of benchmark - making credit bond ETFs and science - innovation bond ETFs were - 0.21% and - 0.15% respectively [37]. 3.5 Turnover Rate Tracking - Last week, the turnover rate of interest - rate bond ETFs > credit bond ETFs > convertible bond ETFs. The weekly turnover rates of all three types of products increased significantly, rising to 187%, 143%, and 109% respectively. Specifically, interest - rate bond ETFs such as Haifutong Shanghai 5 - year Local Government Bond ETF and Huaxia Shanghai Benchmark - making Treasury Bond ETF had relatively high turnover rates [42].