[Table_ReportInfo] 2025 年 11 月 24 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（11.17-11.21） 权益回调，债券 ETF 迎来转机 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 资金净流入情况：央行买断式逆回购与股债跷板效应共振，债 券 ETF净流入回暖。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流 入资金分别+37.39 亿元、+65.43 亿元、+35.52 亿元，债券 ETF 市场合计净 流入金额 138.34 亿元。上周央行加量续做 6M 买断式逆回购，市场流动性充 裕推动债券 ETF 市场份额净值双增。叠加上周权益市场高位回调，沪深 300 指数单周大跌 3.77%，提振债市行情。多数类型获资金净流入，国债 ...

证券研究报告 | 债券市场专题研究 | 债券研究 债券市场专题研究 报告日期：2025 年 11 月 20 日 权益长牛如何重塑转债格局？ ——债市策略思考 核心观点 需求端：权益长牛叠加股债跷跷板，债市资金或持续外溢，转债负债端需求仍具韧性。 供给端：转债大概率延续强赎高发的现状，但是转债发行有望从 2026 年开始改善，市 场内部结构或出现新老交替。长周期视角，转债有望跟随权益走势进入慢牛状态，但 转债表现大概率弱于股票、强于纯债。 经济基本面改善不足；国内流动性收紧；海外风险事件超预期；历史经验不代表 未来 分析师：覃汉 执业证书号：S1230523080005 qinhan@stocke.com.cn 分析师：陈婷婷 执业证书号：S1230525050001 chentingting01@stocke.com.cn 相关报告 1 《从核心超储偏低的视角理解 资金面和分层利差》 2025.11.16 2 《风偏回落，哑铃优先》 2025.11.16 3 《债市低波时代，优选 3-5 年 二永》 2025.11.15 http://www.stocke.com.cn 1/7 请务必阅读正文之后的免责条款部 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report From November 10 - 14, bond - type ETFs had a net capital outflow of 550 million yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 370 million yuan, net inflows of 1.21 billion yuan, and net outflows of 1.39 billion yuan respectively. In terms of performance, compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, + 0.06%, and + 0.43% respectively, with the net value of convertible - bond ETFs continuously recovering [2][13]. Summary by Directory 1. Issuance Progress Tracking - Last week, there were no newly issued bond ETFs [3][17]. - A list of bond ETFs issued this year was provided, including details such as fund names, issuance shares, issuance scales, issuance announcement dates, fund establishment dates, and performance comparison benchmarks [18]. 2. Existing Product Tracking - As of November 14, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 146.9 billion yuan, 376.9 billion yuan, and 65.7 billion yuan respectively, with credit - bond ETFs accounting for 63.9% of the total scale. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values [19]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.35 billion yuan, decreased by 130 million yuan, and decreased by 980 million yuan respectively. Products with obvious scale growth last week included Pengyang ChinaBond - 30 - year Treasury Bond ETF and Haifutong CSI Short - term Financing ETF [21]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 120 billion yuan and 251.7 billion yuan respectively, decreasing by 1.58 billion yuan and 70 million yuan compared with the previous week [23]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [26]. - As of November 14, taking February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.81%; taking July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.09% [5][30]. 4. Premium/Discount Rate Tracking - The average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs last week were - 0.18%, + 0.01%, 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 weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.30% and - 0.16% respectively [6][36]. 5. Turnover Rate Tracking - Last week, the turnover rates of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of all three types of products declined, falling to 125%, 121%, and 87% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, and Guotai CSI AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][41]. - A detailed list of 53 bond ETFs' existing details and weekly performance was provided, including circulating market values, weekly changes, weekly net - value changes, cumulative returns this year, weekly average premium/discount rates, and weekly turnover rates [45].

Market Overview - The A-share market experienced a decline across major indices last week, with the Shanghai Composite Index, CSI 1000, and CSI 300 showing returns of -0.18%, -0.52%, and -1.08% respectively. In contrast, the STAR 50, ChiNext Index, and SME Board Index had poorer performances with returns of -3.85%, -3.01%, and -1.71% respectively [1] - In terms of industry performance, consumer services, textiles and apparel, and pharmaceuticals led with returns of 4.81%, 4.43%, and 3.29% respectively, while communication, electronics, and computers lagged with returns of -4.90%, -4.44%, and -3.72% respectively [1] Fund Flow - The ETF market saw a net inflow of 29.317 billion yuan last week, with stock ETFs contributing 17.352 billion yuan, QDII stock ETFs 5 billion yuan, commodity ETFs 5.957 billion yuan, money market fund ETFs 1.236 billion yuan, and bond ETFs experiencing a net outflow of 0.276 billion yuan [2] - Specific indices that saw significant net inflows include SGE Gold 9999 (5.573 billion yuan), STAR 50 (3.532 billion yuan), and ChiNext AI (2.300 billion yuan) [4] - Conversely, indices such as CSI A500 and CSI 300 experienced notable net outflows of 4.055 billion yuan and 2.640 billion yuan respectively [2][4] ETF Performance - The median weekly return for stock ETFs was -1.09%, with the CSI 50 ETF showing the highest median return of 0.02% among broad-based ETFs. Consumer ETFs had a median return of 2.10%, the highest among sectors [11] - Top-performing ETFs included the Hong Kong Stock Connect Innovative Drug ETF (10.92%), Hang Seng Innovative Drug ETF (10.80%), and Tourism ETF (9.30%) [12][14] - In contrast, ETFs such as 5G Communication ETF and Communication ETF saw declines of -7.03% and -6.89% respectively [16][18] New Fund Activity - A total of 56 funds were reported last week, an increase from the previous week, including one QDII and several thematic ETFs [20] - 25 new funds were established with a total issuance scale of 14.173 billion yuan, which is a decrease compared to the previous week [20] - 41 funds entered the issuance phase last week, with 33 more expected to begin issuance this week [21] Hot News - Several cross-border ETFs have been flagged for premium risks due to significant discrepancies between market trading prices and net asset values [22] - The "Southbound ETF" program expanded on November 10, adding six ETFs to the Hong Kong Stock Connect list, increasing the total number of products from 17 to 23 [23]

Core Insights - The bond ETF market has reached a new high with a total scale exceeding 700 billion yuan, marking significant growth in 2023 [1] - There has been a net inflow of over 427 billion yuan into bond ETFs this year, with 20 ETFs attracting more than 10 billion yuan each [1] - Institutional investors dominate the bond ETF market, accounting for 92% of the total investors [1] Group 1: Market Overview - As of November 14, 2023, the total scale of bond ETFs is 706.29 billion yuan, a record high [1] - The bond ETF market has seen a notable expansion this year, with 53 bond ETFs contributing to the total scale [1] - The short-term bond ETF has attracted nearly 40 billion yuan, while the 30-year government bond ETF has seen over 29 billion yuan in net inflows [1] Group 2: Types of Bond ETFs - The main categories of bond ETFs include interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs, each with distinct risk-return characteristics [2][3][4] - Interest rate bond ETFs are based on government bonds and policy financial bonds, while credit bond ETFs focus on corporate bonds [2][3] - Convertible bond ETFs serve as a hybrid between bonds and stocks, providing unique investment opportunities [4] Group 3: Factors Driving Growth - The growth of bond ETFs is driven by increased demand from investors in a low-interest environment, leading to heightened sensitivity to fund fees [5] - Regulatory support and product innovation have contributed to the introduction of 32 new bond ETFs this year [6] - Enhanced liquidity from market makers and broker-dealers has significantly improved the trading environment for bond ETFs, creating a positive feedback loop [6] Group 4: Future Outlook - The bond ETF market is expected to face challenges in 2025, with diminishing correlations between long-term bonds and both fundamental and liquidity factors [6] - Institutional behavior is increasingly influencing the bond market, with a shift towards equity-bond rebalancing due to declining risk-return ratios [6] - The asset management sector is anticipated to focus on multi-asset and multi-strategy developments in response to changing market conditions [6]

Report's Investment Rating for the Industry No relevant content provided. Core Viewpoints of the Report - Last week, the net inflow of funds into the bond ETF market shrank again, likely due to the suppression of the rising stock market. The net inflow of funds into interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. The scale of bond ETF funds increased by 0.02% compared to the previous week's closing, mainly due to the downward oscillation of bond market yields in a loose - money environment, which led to a slight increase in the overall net value of the bond ETF market [2][5]. - The net inflow of treasury bond ETFs led again. The net inflow amounts of treasury bond ETFs (+1.101 billion yuan), short - term financing ETFs (+0.682 billion yuan), and corporate bond ETFs (+0.417 billion yuan) ranked in the top three [2][5]. - The share redemption of convertible bond ETFs may be related to the conversion of underlying assets. The continuous large - scale outflow of convertible bond ETF shares for many weeks may be due to the strong motivation of funds to convert shares when the stock market is strong, and the underlying convertible bonds are redeemed and converted into shares [2][16]. - In a loose - money environment, the net value of bond ETFs increased slightly. The recent restart of treasury bond trading by the central bank and the positive net investment of reverse repurchase funds last week provided short - term support for the bond market, driving a slight increase in the net value of bond ETFs [2][23]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into the bond ETF market shrank again last week, affected by the rising stock market. The net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. As of November 14, 2025, the scale of bond ETF funds was 70.629 billion yuan, up 0.02% from the previous week's closing and 292.88% from the beginning of the year, accounting for 12.32% of the total market ETF scale, with a 4bp increase from the previous weekend [5]. - Treasury bond ETFs had the highest net inflow again. The net inflow amounts of treasury bond ETFs, short - term financing ETFs, and corporate bond ETFs ranked in the top three, while the net inflows of benchmark market - making credit bond ETFs, convertible bond ETFs, and science and technology innovation bond ETFs were negative [5]. 1.2 各类债券 ETF 份额走势 - As of November 14, 2025, the shares of treasury bond, policy - financial bond, local government bond, credit bond, and convertible bond ETFs changed by 8.94 million shares, - 0.22 million shares, 1.11 million shares, 21.39 million shares, and - 102.70 million shares respectively compared to November 7, 2025, with a total change of - 71.48 million shares in bond - type ETFs. The continuous large - scale outflow of convertible bond ETF shares may be related to the conversion of underlying convertible bonds [16]. 1.3 主要债券 ETF 份额及净值走势 - The share net inflows of 30 - year treasury bond ETF and urban investment bond ETF led. As of November 14, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 8.66 million shares, 0.39 million shares, no change, 28.90 million shares, and - 89.70 million shares respectively compared to November 7, 2025 [19]. - In a loose - money environment, the net value of bond ETFs increased slightly. As of November 14, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.11%, 0.08%, 0.06%, 0.02%, and 0.53% respectively compared to November 7, 2025 [23]. 1.4 基准做市信用债 ETF 份额及净值走势 - Some products had a significant increase in redeemed shares. As of November 14, 2025, the shares of 8 existing benchmark market - making credit bond ETFs changed by no change, no change, no change, no change, - 4.82 million shares, - 1.80 million shares, - 2.07 million shares, and - 7.08 million shares respectively compared to November 7, 2025 [26]. - The net value performance was differentiated, and most products declined. As of November 14, 2025, the net values of 8 credit bond ETFs changed by 0.02%, 0.01%, no change, no change, - 0.02%, - 0.04%, - 0.03%, and - 0.04% respectively compared to November 7, 2025 [27]. 1.5 科创债 ETF 份额及净值走势 - The overall shares of science and technology innovation bond ETFs were basically the same as the previous week. The net inflow of shares last week was - 1.70 million shares, a decrease of 0.07% from the previous week. The shares of science and technology innovation bond ETFs of Harvest, Penghua, and China Merchants ranked in the top three. The net inflow of shares of science and technology innovation bond ETFs of China Merchants, Guotai, and Penghua ranked in the top three, while those of GF, Boshi, and Tianhong had the largest net outflows [31]. - The net value trend was flat. As of November 14, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.01% compared to the previous week's closing, basically the same as the previous week [31]. 1.6 单只债券 ETF 市场表现情况 - The 30 - year treasury bond ETF had the highest net inflow again, and convertible bond - type ETFs led in net value growth. Last week, the net values of convertible bond ETF and Shanghai Stock Exchange convertible bond ETF increased by 0.53% and 0.33% respectively, ranking in the top. In terms of premium/discount rates, the 30 - year treasury bond ETF, urban investment bond ETF, and corporate bond ETF had the highest premium rates [35]. - In terms of scale changes, the 30 - year treasury bond ETF (+1.037 billion yuan), short - term financing ETF (+0.682 billion yuan), and science and technology innovation bond ETF of Harvest (+0.419 billion yuan) had the top - three net inflow amounts, while the convertible bond ETF had a significantly higher net outflow amount than other products, reaching - 1.228 billion yuan [35].

Market Overview - A-shares experienced a collective pullback with the Shanghai Composite Index down by 0.97%, Shenzhen Component down by 1.93%, and ChiNext down by 2.82% on November 14, 2025, with a total trading volume of 1,958.1 billion yuan [1] ETF Performance - Oil and gas-related ETFs led the gains, with the top performers including: - Oil and Gas ETF Bosera (561760) up by 2.02% - Oil and Gas Resource ETF (159309) up by 1.68% - Oil and Gas Resource ETF (263150) up by 1.48% [2] - Conversely, the top decliners included: - Sino-Korea Semiconductor ETF (513310) down by 4.45% - Hang Seng Internet ETF (159688) down by 3.66% - ChiNext AI ETF Guotai (159388) down by 3.64% [4] Sector Insights - Guolian Minsheng Securities noted that OPEC+ unexpected production increases and U.S. tariffs are pressuring oil prices, but a slowdown in U.S. oil and gas production growth may provide fundamental support. The focus remains on leading oil and gas central enterprises with quality upstream assets and high dividends [3] - The current investment strategy is diversified, emphasizing "anti-involution," domestic demand, and emerging industries. The traditional cyclical chemical sector is expected to see improvements as excess capacity is gradually eliminated [3] A-share Strategy Outlook - Guoxin Securities projected that the bull market initiated in 2024 is not over, entering its second phase with a shift from sentiment to fundamentals. The focus for 2026 will be on technology, particularly in AI applications, robotics, and smart driving [5] - The market is expected to revolve around themes of technological self-reliance, industrial upgrades, and resource security, with opportunities in AI, semiconductors, and high-end manufacturing [5] ETF Trading Activity - The Short-term Bond ETF (511360) had the highest trading volume at 19.797 billion yuan, followed by Silver Hua Daily ETF (211880) at 12.553 billion yuan and Huabao Tianyi ETF (211990) at 11.818 billion yuan [6][7] - The National Debt Policy Bond ETF (511580) led in turnover rate at 275%, indicating high trading activity [7] New ETF Launch - A new QDII product, the Hang Seng Technology ETF Southern (520570), will be launched next Monday, tracking the Hang Seng Technology Index. It is suitable for investors optimistic about China's long-term tech development [8]

Report Information - The report is a weekly fixed - income regular report on bond ETFs from November 3rd to November 7th, 2025, titled "Bond ETF Weekly Tracking (11.3 - 11.7): Market Net Inflow Growth Marginal Narrowing" [1] Core Viewpoint - The overall net inflow growth of the bond ETF market has narrowed marginally, with the increment mainly coming from interest - rate bond ETFs. The net inflow of convertible bond ETFs is negative [4][7] Industry Investment Rating - No industry investment rating information is provided in the report Summary by Directory 1.1 各类债券 ETF 资金净流入情况 - The overall net inflow growth of bond ETFs has narrowed marginally, and the increment mainly comes from interest - rate bond ETFs. Last week, the net inflow funds of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs were 4.914 billion yuan, 1.394 billion yuan, and - 1.574 billion yuan respectively, with a total net inflow of 4.734 billion yuan in the bond ETF market. As of November 7, 2025, the bond ETF fund scale was 70.6121 billion yuan, up 0.87% from the previous week's close and 292.79% from the beginning of the year, accounting for 12.28% of the total market ETF scale, up 1bp from the previous weekend [4][7] - Treasury bond ETFs led the net inflow, and the growth of short - term financing and local bond ETFs continued. Last week, treasury bond ETFs (+ 2.698 billion yuan), short - term financing ETFs (+ 2.553 billion yuan), and local bond ETFs (+ 2.223 billion yuan) ranked top three in net inflow amount. Convertible bond ETFs, science and technology innovation bond ETFs, and benchmark market - making credit bond ETFs had negative net inflows, with - 1.574 billion yuan, - 1.390 billion yuan, and - 0.515 billion yuan respectively [7] 1.2 各类债券 ETF 份额走势 - The share inflows of interest - rate bond and credit bond ETFs improved marginally, and the local bond ETFs had a steep growth. As of the close on November 7, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 683.88 million shares, 442.47 million shares, 127.08 million shares, 7185.08 million shares, and 4954.95 million shares respectively, with a total of 13393.45 million shares for bond - type ETFs. Compared with the close on October 31, 2025, they changed by 22.53 million shares, - 0.08 million shares, 19.41 million shares, 35.81 million shares, and - 116.90 million shares respectively, with a total change of - 39.22 million shares [21] 1.3 主要债券 ETF 份额及净值走势 - Convertible bond ETFs had a large - scale share outflow. As of the close on November 7, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 279.89 million shares, 379.37 million shares, 31.73 million shares, 2635.48 million shares, and 4241.99 million shares respectively. Compared with the close on October 31, 2025, they changed by 11.78 million shares, - 0.06 million shares, no change, 27.80 million shares, and - 99.70 million shares respectively [24] - The net value performance was differentiated, and some interest - rate bond ETFs turned down. As of the close on November 7, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 1.2549, 1.1502, 1.2577, 1.4377, and 1.3610 respectively, changing by - 0.37%, - 0.10%, 0.06%, 0.06%, and 0.85% respectively compared with the close on October 31, 2025 [27] 1.4 基准做市信用债 ETF 份额及净值走势 - The share change was not obvious, and some products had a small - scale outflow. As of the close on November 7, 2025, among the 8 existing benchmark market - making credit bond ETFs, the shares of some products changed by no change, no change, no change, no change, - 2.11 million shares, - 1.00 million shares, no change, - 2.00 million shares respectively compared with the close on October 31, 2025 [30] - The upward momentum of the net value weakened. As of the close on November 7, 2025, the net values of the 8 credit bond ETFs changed by 0.06%, 0.05%, 0.06%, 0.03%, 0.05%, 0.04%, 0.04%, 0.05% respectively compared with the close on October 31, 2025. Looking at each single day, the net value showed a turning trend at the end of last week, and the growth momentum showed signs of weakening after continuous upward movement for many weeks [33] 1.5 科创债 ETF 份额及净值走势 - Last week, the shares of science and technology innovation bond ETFs decreased more than they increased. The net inflow of shares of the 24 existing science and technology innovation bond ETFs was - 10.56 million shares, a decrease of 0.42% compared with the previous week. The top three products in terms of share net inflow were Science and Technology Innovation Bond ETF China Merchants (+ 2.00 million shares), Science and Technology Innovation Bond ETF Penghua (+ 1.39 million shares), and Science and Technology Innovation Bond ETF Huaxia (+ 1.25 million shares). The top three products in terms of share net outflow were Science and Technology Innovation Bond ETF Boshi (- 7.00 million shares), Science and Technology Innovation Bond ETF Fuguo (- 3.85 million shares), and Science and Technology Innovation Bond ETF Southern (- 2.12 million shares) [36] - The net value was higher than the previous week's closing price, but showed an "inverted U" trend during the week. As of the close on November 7, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.05% and 0.03% respectively compared with the previous week's close, but the net value of each science and technology innovation bond ETF showed a decline at the weekend [37] 1.6 单只债券 ETF 市场表现情况 - The 0 - 4 local bond ETF led the net inflow for two consecutive weeks, and the convertible bond - type ETF led the net value increase. Last week, the net values of 30 - year treasury bond ETF Boshi and 30 - year treasury bond ETF turned down after leading the increase for several consecutive weeks, with - 0.41% and - 0.39% respectively. Convertible bond ETF and Shanghai - Stock - Exchange Convertible Bond ETF benefited from the excellent performance of the equity market, with their net value increases ranking among the top, at + 0.85% and + 0.83% respectively [40] - In terms of the premium - discount rate, 30 - year treasury bond ETF, 30 - year treasury bond ETF Boshi, and benchmark treasury bond ETF led with 0.08%, 0.07%, and 0.02% respectively, reflecting the market capital preference. In terms of scale change, short - term financing ETF (+ 2.553 billion yuan), 0 - 4 local bond ETF (+ 2.100 billion yuan), and 30 - year treasury bond ETF (+ 1.413 billion yuan) ranked top three in net inflow amount, while the convertible bond ETF had a significantly higher net outflow amount than other products, at - 1.353 billion yuan [40]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - As of the end of Q3 2025, the scale of bond ETFs held by bank wealth - management products increased, with a total scale of 327.96 billion yuan in the top ten held assets, a quarter - on - quarter increase of 113.19 billion yuan [2]. - The number of institutions holding bond ETFs increased, mainly share - holding commercial bank wealth - management companies and bank asset management departments. There were 26 wealth - management companies and 9 bank asset management departments holding bond ETFs, with a net increase of 2 wealth - management companies and 9 bank asset management departments compared to Q2 [2]. - The bond ETF positions of bank wealth - management showed structural differentiation. Share - holding commercial banks and large - scale bank wealth - management companies were the main buyers, while city and rural commercial bank wealth - management companies reduced their positions [2]. - In terms of bond ETF category allocation, credit bonds and science - innovation bonds became the focus of increased positions, while the attractiveness of interest - rate bond products declined [2]. - The bond ETF market still showed a high concentration of positions, with the top ten institutions' positions accounting for about 80%. However, the bond ETF allocation categories of the top ten institutions showed a trend of diversification [2]. - From the perspective of the top ten bond ETF category distribution of wealth - management companies, the overall structure remained stable in Q3 2025 compared to Q2, but the largest - scale bond ETF product changed from government - financial bond ETF to credit bond ETF, and the position scale of a single product increased significantly [2][3]. 3. Summary by Related Catalogs 3.1 Scale and Structure of Bond ETF Holdings - As of the end of Q3 2025, the total scale of bond ETFs in the top ten held assets of wealth - management products was 327.96 billion yuan, a quarter - on - quarter increase of 113.19 billion yuan. The credit bond ETF had the largest position scale, accounting for 65.24%, with a quarter - on - quarter increase of 1.34 percentage points [2]. - The top ten bond - ETF - holding wealth - management products changed from Q2 to Q3. For example, in Q2, Suyin Wealth - management's products were on the list, while in Q3, it was replaced by products of CITIC Wealth - management and China Merchants Bank Wealth - management [4][5]. 3.2 Changes in the Number of Holding Institutions - As of the end of Q3 2025, there were 26 wealth - management companies and 9 bank asset management departments holding bond ETFs, with a net increase of 2 wealth - management companies (3 new and 1 reduced) and 9 bank asset management departments compared to Q2 [2]. 3.3 Structural Differentiation of Positions - Share - holding commercial bank wealth - management companies held 169.92 billion yuan of bond ETFs, a quarter - on - quarter increase of 79.45%. Large - scale bank wealth - management companies held 98.37 billion yuan, a quarter - on - quarter increase of 51.44 billion yuan. City and rural commercial bank wealth - management companies' positions decreased to 56.31 billion yuan, a quarter - on - quarter decrease of 20.91% [2]. 3.4 Differentiation in Category Allocation - Share - holding commercial bank wealth - management companies significantly increased their positions in credit bond ETFs and science - innovation bond ETFs and reduced their positions in government bond ETFs. Large - scale bank wealth - management companies focused on science - innovation bond ETFs, convertible bond ETFs, and credit bond ETFs. City and rural commercial bank wealth - management companies mainly increased their positions in science - innovation bond ETFs and convertible bond ETFs and reduced their positions in credit bond ETFs and government - financial bond ETFs [2]. 3.5 Concentration and Diversification of Positions - The overall position concentration of the bond ETF market remained high, with the top ten institutions' positions accounting for about 80%, basically the same as at the end of the previous quarter. However, the bond ETF allocation categories of the top ten institutions showed a trend of diversification [2]. 3.6 Changes in the Top Ten Bond ETF Categories - In Q3 2025 compared to Q2, the overall structure of the top ten bond ETF categories held by wealth - management companies remained stable, but the largest - scale bond ETF product changed from government - financial bond ETF to credit bond ETF, and the position scale of a single product increased significantly [2][3].

Group 1: ETF Performance - The top-performing ETFs include the Photovoltaic ETF Leader (560980) with a gain of 5.59%, followed by the Grid Equipment ETF (159326) at 5.31% and the Innovation New Energy ETF (588830) at 5.18% [1] - Other notable gainers are the E Fund Photovoltaic ETF (562970) at 5.11% and the Photovoltaic ETF Fund (516180) at 4.99% [1] Group 2: Photovoltaic Sector Insights - The improvement in Q3 profitability for the photovoltaic sector is driven by two main factors: stabilization of the photovoltaic industry chain prices and a reduction in inventory impairment losses [2] - The overall gross margin level has increased, particularly in the silicon material segment, indicating a positive trend in profitability [2] - Future demand in the photovoltaic market remains under pressure, especially with the implementation of Document No. 136, which may affect pricing and profitability levels [2] Group 3: ETF Declines - The worst-performing ETFs include the Asia-Pacific Select ETF (159687) with a decline of 3.56%, followed by the Sino-Korean Semiconductor ETF (213310) at 3.13% [3] - Other notable declines are seen in the Dividend Low Volatility ETF (260890) at 2.94% and the Nikkei 225 ETF (213880) at 2.43% [3] Group 4: ETF Trading Activity - The Short-term Bond ETF (511360) recorded the highest trading volume at 29.218 billion yuan, followed by the Yinhua Daily ETF (511880) at 15.899 billion yuan [4] - The turnover rate for the Government Bond ETF (511580) was the highest at 341%, indicating significant trading activity [4] Group 5: New ETF Offerings - The E Fund A500 Dividend Low Volatility ETF (563510) will begin fundraising, tracking the CSI A500 Dividend Low Volatility Index [5] - The Hong Kong Stock Connect Technology ETF (159125) will be listed, focusing on major technology companies like Alibaba and Tencent, appealing to investors optimistic about the long-term growth of the Hong Kong tech sector [5]