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 article discusses the challenges posed by a low-interest-rate environment and suggests various asset allocation strategies to mitigate inflation pressure and enhance returns in such conditions [1][3][7]. Group 1: Financial Environment - The global financial environment is becoming increasingly complex, with many individuals struggling to keep pace [1]. - Japan's zero interest rate policy since 1999 and Europe's negative interest rates since 2014 have led to a shift in asset allocation strategies among residents [1][3]. Group 2: Current Market Conditions - Gold prices have reached $3,300, and Bitcoin has surged to $110,000, while deposit interest rates have fallen below 1%, creating significant pressure on traditional savings [3]. - Major domestic banks have collectively lowered deposit rates, with one-year fixed deposit rates dropping below 1% [3]. Group 3: Asset Allocation Strategies - Personal asset management should follow a "three-part method" for diversified asset allocation [3]. - Short-term liquidity should be managed through money market funds or T+0 cash management products, with annualized rates around 1% [3]. - High-dividend stocks and REITs are recommended for stable income, with average dividend rates of approximately 3% for domestic ETFs and up to 7% for Hong Kong's high-dividend ETFs [5]. - A combination of government bonds, convertible bonds, and high-rated corporate bonds can target around 3% returns, with domestic options including policy financial bond funds and convertible bond index funds [5]. - Long-term guaranteed income can be achieved through life insurance products offering around 3% returns, although recent trends show a decline in guaranteed rates [5][7]. Group 4: Global Asset Diversification - Investors concerned about currency depreciation are advised to consider QDII index funds and gold ETFs for international asset diversification and commodity risk hedging [5]. - The article emphasizes the need for a multi-faceted investment strategy to adapt to the low-interest-rate environment and ensure asset preservation and growth [7].