[Table_ReportInfo] 2025 年 08 月 25 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（8.18-8.22） 整体受压于利率上行，可转债 ETF 表现占优 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 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 份额走势：上周国债类、可转债类 ETF 份额激增，信用债类 ETF份额转跌。截至 2025年 8月 22日收盘，国债类、政金债类、地方债类、 信用债类和可转债类份额较 2025 年 8 月 15 日收盘分别变化 61.29 百万份、 -23.71 百万份、无变化、-24.81百万份、520.30百万份，债券类 ETF合计变 化 533.07百万份；较上月底收盘分别变化 88.02百万份、-37.90百万份、-0.40 百万份、169.83百万份、10 ...

Market Performance - The stock market has become increasingly active, with the Shanghai Composite Index breaking through 3800 points, driven by a positive cycle of profit accumulation and capital inflow [1] - The STAR Market AI Index surged by 16.7%, while the CSI Chip Industry Index and CSI AI Theme Index rose by 14.2% and 13.7% respectively, indicating strong performance in semiconductor and AI-related sectors [1] ETF Activity - Significant trading activity was observed in ETFs, with the total trading volume of CSI A500-related ETFs reaching 143.28 billion yuan, ranking first among all index products [2] - The trading volume of Hong Kong stock ETFs was also robust, with the E Fund CSI Hong Kong Securities Investment Theme ETF surpassing 120 billion yuan in trading volume, maintaining its position as the market leader for seven consecutive weeks [2] Fund Flows - The overall market attracted a net inflow of 24.783 billion yuan into ETFs, with notable inflows into brokerage-related ETFs, including 3.956 billion yuan into the Guotai CSI All-Share Securities Company ETF [3] - Some high-performing ETFs, such as the Huaxia STAR Market 50 ETF, experienced significant net outflows, indicating profit-taking behavior among investors [3] Sector Insights - The technology sector, particularly the semiconductor industry, has shown strong growth, with the STAR Market Chip Index rising approximately 10% in a single day [4] - The release of DeepSeek-V3.1, aimed at next-generation domestic chip design, is expected to catalyze the development of a domestic AI ecosystem [4] Future Outlook - The market is anticipated to continue receiving support from positive capital flows, with structural opportunities expected to persist due to ongoing economic recovery and policy support [5] - Investors are encouraged to focus on core growth assets, as current valuations are at historical lows, providing potential for valuation recovery [5]

低利率环境下，债券指数以 相对较低的 波动受到投资者青睐， 截至2025年8月21日， 债券ETF规 模突破5000亿 元 ，这其中，凭借出色的ETF管理能力， 博时基金旗下五只债券ETF总规模突破千 亿，其中可转债ETF规模超570亿元，另还有 多只 债券 ETF规模 频频 突破百亿元，为投资者提供 了多样化的债券指数投资工具。 共铸千亿丰碑，博时债券ETF助力捕捉债市机遇 目前，博时基金旗下共计5只债券ETF，包括可转债ETF（511380），30年国债ETF博时 （511130），信用债ETF博时（159396），科创债ETF博时（551000），国开ETF（159650） 等。多年的匠心耕耘，博时债券ETF硕果累累，规模增长迅速，其中可转债ETF规模突破570亿元， 另外博时旗下多只债券ETF规模已突破100亿元。 规模超570亿元，博时可转债进可攻，退可守 为投资者紧抓机遇，博时基金与时俱进，持续创新。可转债ETF（511380）凭借管理者的精心耕耘 以及行业分散、评级覆盖广等特性，产品规模增长迅速，目前，管理规模就超过570亿元。 另外，业绩也是可圈可点，可转债ETF成立以来至2025年二季度，累 ...

【导读】股票ETF资金净流入近70亿元，证券类ETF大举"吸金" 中国基金报记者 若晖 8月21日午后，A股市场风云突变，多个主流宽基指数宽幅震荡。场内资金借道股票ETF逢低布局。 Wind数据显示，8月21日，全市场股票ETF（含跨境ETF）资金净流入近70亿元。 大型基金公司旗下部分ETF继续保持资金净流入的步伐。截至8月21日，易方达基金旗下ETF最新规模达7231.8亿元，较前一交易日增加 47.8亿元。其中，香港证券ETF净流入9.7亿元，创业板ETF净流入4.8亿元，恒生科技ETF易方达净流入3.5亿元，人工智能ETF净流入2.7 亿元，机器人ETF易方达净流入1.1亿元。 8月21日，华夏基金旗下ETF中，恒生科技指数ETF和恒生互联网ETF净流入金额居前，分别净流入5.73亿元和3.83亿元，最新规模分别达 360.16亿元和270.22亿元，对应跟踪指数近一月日均成交额分别为45.54亿元和33.08亿元。基准国债ETF净流入2.09亿元，中证 1000ETF和新能源车ETF分别净流入1.61亿元和1.54亿元，机器人ETF、消费电子ETF、科创创业50ETF、人工智能AIETF净流入也都超 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints - Last week, the share of treasury bond ETFs significantly rebounded, while the growth momentum of credit bond and convertible bond ETFs continued. Convertible bond ETFs showed outstanding performance with an increase in share and net value, as well as the highest cumulative net inflow [2][5]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of August 15, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 555.45 million, 491.75 million, 79.78 million, 3101.15 million, and 4675.35 million respectively, with a total of 8903.48 million for bond - type ETFs. Compared with August 8, 2025, the changes were 37.52 million, - 9.28 million, - 1.60 million, 40.77 million, and 241.90 million respectively, and the total change for bond - type ETFs was 309.32 million. Compared with the end of last month, the changes were 26.72 million, - 14.39 million, - 0.40 million, 194.64 million, and 490.20 million respectively, and the total change for bond - type ETFs was 696.78 million [2][5]. 1.2 主要债券 ETF 份额走势 - The share changes of major bond ETFs were consistent with those of various bond ETFs. As of August 15, 2025, the shares of selected major bond ETFs changed by 24.50 million, - 8.58 million, - 1.00 million, 25.20 million, and 236.30 million respectively compared with the previous week's closing [2][7]. - The share trend of credit bond ETFs was gentle. As of August 15, 2025, among the 8 existing credit bond ETFs, most showed no change compared with the previous week's closing, except for one with a 0.30 - million increase [2][10]. - The share performance of individual science - innovation bond ETFs was differentiated, but the overall growth was maintained. As of August 15, 2025, among the 10 existing science - innovation bond ETFs, the share changes compared with the previous week's closing were - 1.25 million, 0.44 million, 40.15 million, - 0.25 million, no change, no change, 0.10 million, 3.40 million, 0.05 million, and no change respectively [2][13]. 1.3 主要债券 ETF 净值走势 - Last week, the net values of major bond ETFs turned down, while convertible bond ETFs rose against the trend. As of August 15, 2025, the net values of selected major bond ETFs changed by - 1.75%, - 0.48%, - 0.12%, - 0.08%, and 1.56% respectively compared with the previous week's closing [2][15]. - The net values of credit bond ETFs declined across the board. As of August 15, 2025, the net values of 8 credit bond ETFs changed by - 0.14%, - 0.14%, - 0.13%, - 0.12%, - 0.18%, - 0.18%, - 0.19%, and - 0.18% respectively compared with the previous week's closing [2][17]. - The net values of science - innovation bond ETFs slightly declined. As of August 15, 2025, the net values of 10 science - innovation bond ETFs changed by - 0.16%, - 0.13%, - 0.16%, - 0.17%, - 0.15%, - 0.18%, - 0.17%, - 0.12%, - 0.16%, and - 0.15% respectively compared with the previous week's closing [2][21]. 1.4 部分债券 ETF 净流入情况 - Convertible bond ETFs had the highest cumulative net inflow last week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETFs, urban investment bond ETFs, and 30 - year treasury bond ETFs, with net inflow amounts of 313.03 million yuan, 36.12 million yuan, and 31.13 million yuan respectively. Monthly, the top three were convertible bond ETFs, urban investment bond ETFs, and Shanghai Stock Exchange convertible bond ETFs, with net inflow amounts of 556.90 million yuan, 197.80 million yuan, and 86.56 million yuan respectively. In terms of cumulative trading days, the top three in the past 10 trading days were convertible bond ETFs (481.93 million yuan), urban investment bond ETFs (186.62 million yuan), and Shanghai Stock Exchange convertible bond ETFs (92.76 million yuan); and in the past 20 trading days, they were convertible bond ETFs (1096.32 million yuan), urban investment bond ETFs (242.94 million yuan), and Shanghai Stock Exchange convertible bond ETFs (152.66 million yuan) [2][24].

Group 1 - The core viewpoint of the articles highlights the significant inflow into bond ETFs, with a net inflow of 300.3 billion yuan year-to-date, and a total scale surpassing 536.34 billion yuan as of August 14 [1][3] - The bond ETF market has seen a notable increase in new products, with 18 new bond ETFs established this year, including 8 benchmark credit bond ETFs and 10 Sci-Tech Innovation bond ETFs launched in July [3] - The growth of bond ETFs is attributed to the increasing demand from long-term funds such as pensions and annuities, as well as the advantages of ETF products in terms of fee structure and transparency [3] Group 2 - Hai Fu Tong Fund has six bond ETFs, three of which exceed 10 billion yuan in scale, contributing to the firm becoming a trillion-level non-cash ETF manager [3] - As of August 13, the total scale of non-cash ETFs managed by Hai Fu Tong Fund reached 110.91 billion yuan, with bond ETFs accounting for 107.10 billion yuan, representing 96.56% of the total [3] - The largest convertible bond ETF in the market, the Bosera Convertible Bond ETF, has grown to a scale of 50.86 billion yuan [3]

Group 1 - The first 200 billion-level Sci-Tech Bond ETF in the market has been launched by Harvest Fund, with a latest scale of 200.22 billion yuan as of August 13 [2][3] - A total of 10 Sci-Tech Bond ETFs were established on July 10, with an initial fundraising scale of nearly 29 billion yuan, pushing the overall bond ETF market scale to exceed 400 billion yuan [2][4] - As of August 13, the overall scale of the 10 Sci-Tech Bond ETFs has surpassed 1156.91 billion yuan, with 8 products entering the "billion club" [2][4] Group 2 - The rapid growth of the Sci-Tech Bond ETFs reflects strong market demand for bond tool products and showcases the refined operational capabilities of public funds in index investment [3][5] - The design of the Sci-Tech Bond ETFs includes a T+0 trading mechanism and a physical redemption model, significantly enhancing trading flexibility [2][3] - The bond ETF market has seen a significant increase in scale, reaching 5363.42 billion yuan as of August 13, up over 208% from the beginning of the year [4][5] Group 3 - The passive bond investment surge is attributed to several factors, including the continuous decline in interest rates, making it increasingly difficult for active bond investments to achieve excess returns [5][6] - Passive products offer high transparency, lower fees, and T+0 trading mechanisms, attracting numerous investors [5][6] - Regulatory support for the development of the bond ETF market has created a favorable policy environment, including initiatives to promote interconnectivity between the interbank market and the exchange market [6]

Core Viewpoint - The rapid growth of the Sci-Tech Bond ETF market, with the first product surpassing 20 billion yuan, reflects strong investor demand and the effectiveness of public funds in index investment [2][3][5][7]. Group 1: Market Overview - As of August 13, the total scale of the 10 Sci-Tech Bond ETFs has exceeded 115.6 billion yuan, with 8 of them entering the "billion club" [3][6]. - The overall bond ETF market has surpassed 530 billion yuan, marking a significant increase from 174 billion yuan at the beginning of the year, representing a growth of over 208% [9][11]. - The first batch of 10 Sci-Tech Bond ETFs was launched on July 10, with an initial fundraising scale of nearly 29 billion yuan, which helped push the total bond ETF market above 400 billion yuan [6][9]. Group 2: Performance of Individual ETFs - The leading Sci-Tech Bond ETF from Harvest Fund has reached a scale of 20.22 billion yuan, followed by Huaxia and Fortune ETFs at 15.35 billion yuan and 15.18 billion yuan, respectively [5][6][7]. - The average daily turnover rate of the 10 Sci-Tech Bond ETFs is over 55%, with an average daily trading volume exceeding 5.6 billion yuan [6][7]. Group 3: Investment Focus and Strategy - Sci-Tech Bond ETFs primarily target cutting-edge sectors such as semiconductors, artificial intelligence, and new energy, aligning with national technology innovation strategies [7]. - The design of Sci-Tech Bond ETFs includes a T+0 trading mechanism and a physical redemption model, enhancing trading flexibility [6][7]. Group 4: Factors Driving Growth - The rise of passive bond investment is attributed to several factors, including declining interest rates making active investment more challenging, high transparency and low fees of passive products, regulatory support for the bond ETF market, and continuous product innovation by fund companies [11].

Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index achieving an eight-day winning streak, reaching its highest level since December 2021, closing up 0.48% [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index rose by 3.62% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,509 billion [1] ETF Performance - The top-performing ETF was the ChiNext 50 ETF (159367), which surged by 6.89% [2] - Other notable ETFs included the Communication ETF (215880) and Communication Equipment ETF (159583), both rising by 6.45% [2][3] - Several AI-related ETFs also saw significant gains, with the ChiNext AI ETF (Dacheng) increasing by 6.25% [3] AI Industry Developments - Kimi K2's new model ranked first in daily downloads on Hugging Face, while Baidu AI Search led in monthly active users domestically [4] - OpenAI launched its new flagship AI model, GPT-5, which integrates capabilities from various models to enhance performance [5] Banking Sector Insights - Bank-related ETFs experienced collective declines, but there is potential for growth driven by increased insurance capital allocation to bank stocks [6] Trading Activity - The Hong Kong Securities ETF (513090) had the highest trading volume, reaching 24.636 billion [8] - The turnover rate for the Shenzhen 100 ETF (Rongtong) was the highest at 392% [9] Upcoming ETF Launch - A new product, the Hong Kong Stock Connect Dividend ETF (159277), is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index [10]

Group 1 - The convertible bond market has reached a ten-year high, with the China Convertible Bond Index hitting 469.56 points and a year-to-date increase of 12.74% [2] - More than ten convertible bond funds have seen net value growth rates exceeding 15% this year, with the top performer, Southern Changyuan Convertible Bond A, achieving 24.78% [2][3] - The strong performance of convertible bonds is attributed to a supply-demand imbalance and a robust equity market, making them an attractive investment option due to their debt protection and equity-like characteristics [1][2] Group 2 - The current valuation of convertible bonds is considered to be at a relatively high level within a 3-4 year range, with potential opportunities for accumulation if valuations decline [3] - The convertible bond market is expected to experience three phases: initial price recovery, balanced valuation expansion, and high volatility/high return phase [3] - The market is currently characterized by limited downward space, with a focus on sectors like photovoltaic and pig farming for risk-controlled investments [4]