固定收益ETF包含债券ETF和货币ETF两大类。货币ETF是一种既可以在交易所二级市场买卖，又可以 在交易所场内申购、赎回的货币市场基金，是一种场内保证金理财工具，可以无缝连接货币基金与二级 股票和ETF市场。债券ETF是指以债券类指数为跟踪标的的ETF，投资者既可以在一级市场以组合证券 或现金来申购、赎回债券ETF份额，也可以在二级市场买卖债券ETF份额，债券ETF可细分为国债、地 方政府债、政策性金融债、信用债等品种，为场内投资者提供了丰富的固定收益投资工具。 固定收益ETF具有如下特点： （1）交易效率高 固定收益ETF实行当日回转交易制度（"T+0"交易），即当日买入的ETF份额当日可以卖出，支持日内 多次买卖操作，较场外基金和股票ETF交易效率更高。 （2）费率低廉 目前国内交易所国债ETF和政金债ETF已被中国结算纳入交易所质押库，投资者可将ETF基金份额在交 易所场内以一定的标准券折扣系数参与交易所质押回购融资，有以下便利性：资金使用比率高，与银行 间质押利率95折的比例相仿；当日买入，即可申报作为质押券，质押后交易所头寸当日可用，可用于购 买权益类资产；当日申报解除质押的ETF份额，当日可以申 ...

Group 1 - Fixed income ETFs consist of bond ETFs and money market ETFs, providing a seamless connection between money market funds and the secondary stock and ETF markets [1] - Bond ETFs can be subdivided into various types, including government bonds, local government bonds, policy financial bonds, and credit bonds, offering a rich array of fixed income investment tools for investors [1] - Fixed income ETFs exhibit high trading efficiency, allowing for same-day buy and sell transactions (T+0 trading), which supports multiple trading operations within a single day [1] Group 2 - The average comprehensive fee rate for domestic bond ETFs is only 0.15%, while for money market ETFs it is 0.25%, with no trading commissions charged in the market, highlighting a significant fee advantage over domestic bond funds [2] - The low fee structure of fixed income ETFs helps reduce the cost for holders and enhances investment returns [2] Group 3 - Fixed income ETFs enhance their tool attributes in several ways [3] - Domestic government bond ETFs and policy financial bond ETFs have been included in the exchange's pledge library, allowing investors to use ETF shares as collateral for repo financing, providing high capital utilization rates similar to interbank pledge rates [4] - Investors can engage in leveraged trading by borrowing funds to purchase ETFs or borrowing ETFs to sell, with proceeds from short selling available for investment in bond ETFs and money market funds [5]

Core Insights - BlackRock's asset management scale reached a record high of approximately 12.53 trillion USD, equivalent to about 89.70 trillion RMB, as of June 30, 2025, marking an 18% year-on-year growth that exceeded market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of approximately 19% from the previous quarter's 84 billion USD [1] - The total asset growth in Q2 was 943.66 billion USD, reflecting an increase of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and an increase in risk asset allocation due to expectations of interest rate cuts by the Federal Reserve [1] Group 2: Business Segments - The iShares segment, a core business for BlackRock, attracted 14 billion USD in net inflows during Q2, primarily from digital asset ETFs [1] - The Bitcoin ETF, IBIT, saw a net inflow of 14 billion USD, a 366% increase compared to the previous quarter's inflow of about 3 billion USD [1] Group 3: Market Trends - There was a surge in short-term risk aversion demand in Q2, leading to a net inflow of 22 billion USD into BlackRock's money market funds [2] - Fixed income ETFs experienced a net outflow of 4.66 billion USD during the same period, influenced by an unstable interest rate environment and stock market rebound [2] Group 4: Strategic Acquisitions - BlackRock completed several acquisitions in 2025, including the purchase of private data platform Preqin for approximately 3.2 billion USD, significantly contributing to the growth of its technology services revenue, which increased by 26.3% to 499 million USD in Q2 [4] - The acquisition of HPS Investment Partners and the completion of the acquisition of GIP also led to a significant expansion of BlackRock's alternative asset scale [4] Group 5: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock has developed customized target date funds that allocate assets between public and private markets, enhancing its diversified client base [5]

Core Viewpoint - BlackRock's asset management scale reached a record high of approximately 89.70 trillion RMB, with a total of 12.53 trillion USD as of June 30, 2025, reflecting an 18% year-on-year growth, exceeding market expectations [1] Group 1: Financial Performance - In Q2 2025, BlackRock attracted a net inflow of 68 billion USD, a decrease of about 19% from the previous quarter's 84 billion USD [1] - The asset management scale increased by 943.66 billion USD in Q2, representing a growth rate of 8.15% [1] - The growth was driven by net inflows, a rebound in global stock markets, and expectations of interest rate cuts by the Federal Reserve [1] Group 2: ETF Business - iShares, a core business of BlackRock, attracted a net inflow of 14 billion USD in Q2, primarily from digital asset ETFs [2] - The Bitcoin ETF IBIT saw a net inflow of 14 billion USD, a 366% increase from the previous quarter's inflow of approximately 3 billion USD [2] - The money market funds of BlackRock experienced a net inflow of 22 billion USD due to a surge in short-term risk aversion [2] - Fixed income ETFs faced a net outflow of 4.66 billion USD in Q2 [2] Group 3: Acquisition Strategy - BlackRock completed several acquisitions in 2025, including the purchase of the private equity data platform Preqin for approximately 3.2 billion USD [4] - The acquisition of HPS Investment Partners and GIP significantly expanded BlackRock's alternative asset scale [4] - BlackRock's CEO, Larry Fink, stated the company aims to transform into a "technology-driven asset management giant," targeting over 30% of total revenue from private equity and technology by 2030 [4] Group 4: Fundraising Achievements - GIP's fifth flagship fund raised 25.2 billion USD, setting a record for private infrastructure fund fundraising [5] - BlackRock developed a customized target date fund glide path for asset allocation between public and private markets [5] - The IBIT has become the largest Bitcoin ETF globally, with increasing attention on its joint venture in India [5]

Market Growth - The Greater China region (Mainland China, Hong Kong, Taiwan) is the main driver of ETF market growth in the Asia-Pacific region, contributing 71% of the region's growth. In 2024, the ETF asset size in this region surged by 31% to reach $1.7 trillion, with record inflows of $347 billion [2][19]. - 71% of Greater China investors increased their ETF allocations over the past five years, with 20% reporting an increase of over 25%. Looking ahead, 99% of respondents plan to further increase their ETF investments in the next 12 months, particularly in Hong Kong (54%) and Taiwan (47%) [2][24]. - Taiwan's market has seen exceptional growth, with assets increasing by over 170% since the end of 2022, driven by a strong retail investor base of over 14 million [2][21]. Regional Characteristics - Taiwan's market is dominated by retail investors with a strong preference for specific themes such as artificial intelligence (60% view it as a leading trend for 2025) and cryptocurrency ETFs (40% plan to purchase) [3]. - Hong Kong is characterized by product innovation and serves as a cross-border hub, with 34% of investors planning to buy fixed income ETFs. Tax efficiency is a significant factor for 26% of investors when choosing ETFs [3]. - Mainland China investors exhibit a steady increase in allocations, with 74% planning to increase their ETF investments by no more than 10% in the next 12 months. There is a strong demand for offshore assets, particularly through cross-border channels [3]. Product Trends - There is a rising demand for buffered ETFs, with 29% of Greater China investors planning to invest in these products in the next 12 months, particularly in Mainland China (34%) [4]. - Interest in cryptocurrency ETFs is notable, with 26% of investors planning to invest, led by Taiwan (40%) and Hong Kong (23%) [4]. - Active ETFs are experiencing significant demand, with 100% of respondents planning to increase allocations in the next 12 months. In Hong Kong and Taiwan, 40% of investors plan to increase their allocations by over 25% [4]. Market Drivers and Challenges - Regulatory innovation is a key driver, with mechanisms like the ETF mutual access between Mainland China and Hong Kong facilitating cross-border investments [6]. - 27% of companies in Greater China are using AI tools to assist in investment decisions, indicating a growing trend in technology application [6]. - Competition among issuers is intensifying, with 76% of institutional investors planning to increase the number of ETF issuers they collaborate with. Product scale is a significant barrier, with 85% requiring a minimum AUM of $50 million [6].

Core Insights - The report titled "ETF Industry on Overdrive: Shifting Gears, Breaking New Barriers" highlights the rapid acceleration and transformation of the global ETF industry, based on insights from over 600 professional investors managing more than $1.1 trillion in ETF assets [1][2] - Philippe Malaise, CEO of Trackinsight, emphasizes that ETFs are driving a global financial transformation focused on clarity, innovation, and investment opportunities [1] - Travis Spence from J.P. Morgan Asset Management indicates that 2025 will mark the era of active ETFs, with over 90% of respondents planning to maintain or increase their allocation to active ETFs [2] ETF Adoption Trends - Investors primarily choose ETFs for diversification, cost-effectiveness, and trading convenience, with performance, fees, liquidity, and issuer reputation being key selection criteria [3] - The usage of active ETFs is on the rise, benefiting from lower fees and higher transparency compared to mutual funds, with nearly 70% of respondents planning to increase their allocation to active ETFs in the next six months [3] - In fixed income, corporate and government bond ETFs are preferred, with 80% of investors planning to increase their allocation to active fixed income ETFs [3] - Theme-based ETFs are used for diversification and long-term strategic investments, with over half of respondents planning to increase their investment in thematic ETFs [3] - ESG ETFs are chosen based on personal beliefs and environmental concerns, with over half of European respondents indicating plans to increase their allocation to active ESG strategies [3] - Cryptocurrency ETFs are used primarily for risk diversification and long-term value growth, with nearly 60% of respondents planning to increase their allocation [3] - Income and options strategies remain popular, with about 60% of respondents expecting to increase investments in covered call and buffered products [3] Role of Financial Indices - Financial indices are increasingly being utilized by institutional investors as powerful tools for innovation within the ETF industry, as stated by Robert Ross from S&P Dow Jones Indices [4]