以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 代码 | 简客 | | | | 近1周規模 | 近1周族 | 近1周均點 | 近1周湿族 | | 本轮调 2 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 场内简称 | 壬Մ人 | 規模(亿) | S (47. | 日 | 7×23 | E | 质押率 | | almer br | | 511030 SH | 平安中债-中高等级公司债利差因子ETF | | | 230.42 | 1.31 | 59.37% | -0.034 | 0.124% | 63.00 | -0.5018 | 3.5944 | | | | 公司 债ETF | 平安银行股份有限公司 | | | | | | | | | | 511220.SH | 海富通上证城投债ETF | 被投资ETF | 中国银行股份有限公司 | 249.63 | 2.26 | 1428% | -0.14% | 0.356% | 0.00 | -0.7432 | 3.1 ...

45.74 1481.75273.67%0.00%0.100%0.00-0.0434 511220.SH海富通上证城投债ETF城投债ETF247.37 在债市新一轮回调背景下，长假前后多数信用债ETF均折价10-30bp，平安公司债ETF仍保持升水状态，周均溢价1bp，原因 在于市场下跌时不断的客户买入，由于产品成立更久且风险控制优秀，在极端行情下交易仍保持活跃，产品折价保护优势 相对突出。 代码简称场内简称规模（亿）规模变化（亿）周成交量（亿）周换手率周均贴水率周涨跌幅质押率今年以来最大回撤 511360.SH海富通中证短融ETF短融ETF626.48 0.18 210.198.61%-0.17%0.178%0.00-0.7432 511030.SH平安中债-中高等级公司债利差因子ETF公司债ETF229.11 0.90 97.4145.17%0.01%0.142%63.00-0.5018 511110.SH易方达上证基准做市公司债ETF公司债ETF易方达219.55 0.47 511200.SH华夏上证基准做市公司债ETF信用债ETF基金199.44 78.0635.74%-0.38%0.291%59.0 ...

Report Summary 1. Market Overview - A-share market: Shanghai Composite Index fell 0.18% to 3821.83 points, Shenzhen Component Index dropped 0.29% to 13119.82 points, and ChiNext Index rose 0.21% to 3114.55 points. The total trading volume of A-shares was 2518.8 billion yuan [2][6]. - Industry performance: Top gainers were banking (1.52%), coal (1.11%), and power equipment (0.43%); top losers were social services (-3.11%), commerce and retail (-2.90%), and computer (-2.39%) [2][6]. 2. Stock ETFs - Top trading volume: E Fund ChiNext ETF rose 0.36% with a premium rate of 0.33%; Huaxia SSE STAR 50 ETF fell 0.27% with a premium rate of -0.28%; Harvest SSE STAR Market Chip ETF rose 0.42% with a premium rate of 0.51% [3][7]. 3. Bond ETFs - Top trading volume: Haifutong CSI Short - Term Financing Bond ETF had a 0.00% change with a premium rate of -0.01%; Bosera CSI Convertible and Exchangeable Bond ETF fell 0.22% with a premium rate of -0.27%; E Fund CSI AAA Sci - tech Innovation Corporate Bond ETF fell 0.04% with a premium rate of -0.11% [4][9]. 4. Gold ETFs - Gold prices: AU9999 rose 1.33% and Shanghai Gold rose 1.11%. Top trading volume: Huaan Gold ETF rose 1.18% with a premium rate of 1.34%; Bosera Gold ETF rose 1.17% with a premium rate of 1.35%; E Fund Gold ETF rose 1.13% with a premium rate of 1.30% [12]. 5. Commodity Futures ETFs - Performance: ChinaAMC Feed Soybean Meal Futures ETF fell 2.17% with a premium rate of -0.19%; Dacheng Non - Ferrous Metals Futures ETF fell 0.41% with a premium rate of -0.29%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.31% with a premium rate of -0.81% [15]. 6. Cross - border ETFs - Index performance: Previous day, Dow Jones Industrial Average rose 0.14%, NASDAQ rose 0.70%, S&P 500 rose 0.44%, and German DAX fell 0.48%. Today, Hang Seng Index fell 0.70% and Hang Seng China Enterprises Index fell 0.86%. Top trading volume: E Fund CSI Hong Kong Securities Investment Theme ETF fell 2.96% with a premium rate of -3.20%; Huatai - Peregrine Hang Seng Tech ETF fell 1.80% with a premium rate of -1.68%; Huaxia Hang Seng Tech ETF fell 1.77% with a premium rate of -1.45% [17]. 7. Money ETFs - Top trading volume: Yin Hua Day - to - Day Profit ETF, Hua Bao Tian Yi ETF, and Jianxin Tian Yi Money ETF [19].

Group 1 - 14 new Sci-Tech Bond ETFs are set to be listed on September 24, with a total issuance scale of 40.786 billion yuan [1] - The institutional investor holding ratio for these ETFs is notably high, with 11 out of 14 funds having over 98% held by institutions, indicating strong institutional interest [3] - The total scale of the first batch of listed Sci-Tech Bond ETFs has grown significantly to 125.727 billion yuan since their launch on July 17, reflecting an increase of over 90 billion yuan [3] Group 2 - The overall scale of bond ETFs has reached a new high of 608.636 billion yuan, with the addition of the new Sci-Tech Bond ETFs contributing to a growth of over 420 billion yuan since the end of last year [4] - Several listed Sci-Tech Bond ETFs have recently increased their market makers to enhance liquidity and stability, indicating a proactive approach to market dynamics [4] - The number of bond ETFs exceeding 10 billion yuan has reached 25, showcasing the growing popularity and investment in this segment [4]

Group 1 - The article discusses the potential for interest rates to continue declining, with a focus on the performance of 10-year government bonds expected to range between 1.85% and 1.9% [1] - It highlights specific bonds to consider for trading, including 250203 and 250208, while emphasizing the importance of liquidity in bond selection [1] - The article notes that the current spread between 10-year government bonds (250210-250215) is around 1.5 basis points, with expectations for 250215 to remain a key bond in the coming months [1] Group 2 - The article mentions that the 30-year government bond (25T6) is currently trading 3-4 basis points higher than 25T5 and 9-10 basis points higher than 25T2, indicating its volatility during market adjustments [2] - It suggests that if 25T6 becomes the main bond, the spread compared to 25T2 could narrow to 3-6 basis points under optimistic conditions [2] - The article provides a detailed table of various bond ETFs, highlighting their performance metrics, including net asset values and trading volumes, with a focus on the stability of the Ping An Company Bond ETF (511030) [2]

Core Insights - The total scale of credit bond ETFs reached 354.3 billion yuan, with a daily increase of 2.42 billion yuan, indicating a positive trend in the market [1] - The average trading amount was 124.4 billion yuan, with an average single transaction amount of 5.55 million yuan, reflecting active market participation [1] - The median yield was 1.91%, and the median discount rate was -10.8 basis points, suggesting a stable valuation environment [1] Market Performance - The Ping An Company Bond ETF (511030) had the least discount in the past week at 2 basis points and saw a net inflow of 52 million yuan, outperforming the Sci-Tech Three Treasures which experienced a net redemption of 340 million yuan [1] - The Ping An Company Bond ETF ranked first in controlling drawdown during the recent bond market adjustment, indicating strong performance stability [1] ETF Comparison - The table provided shows various ETFs with their respective scales, trading volumes, and performance metrics, highlighting the Ping An Company Bond ETF's competitive edge in terms of lower discount and better drawdown control [1] - Other ETFs such as Hai Fu Tong and Southern also showed significant trading volumes and percentage changes, but with higher drawdowns compared to Ping An [1]

Core Viewpoint - The article discusses the concept of "anti-involution," which opposes disorderly competition and overcapacity in various industries, emphasizing the negative cycle caused by irrational subsidies and blind production expansion [1] Industry Analysis - Local governments have historically used subsidies and preferential policies to attract businesses, aiming for GDP growth, which has led to irrational production expansions without sufficient market demand [1] - This blind expansion results in overcapacity, creating significant inventory pressures for companies, which in turn leads to inevitable price wars [1] - The low-price competition sacrifices reasonable profits, R&D investments, and product quality, resulting in a vicious cycle that harms not only individual companies but also the entire industry ecosystem and long-term economic development [1] Investment Opportunity - The Ping An Company Bond ETF (511030) has a duration of 2 years and a current static yield of 1.93%, showing significant differentiation from other market benchmarks and tech bond ETFs [1] - This ETF has ranked first in controlling drawdown during the recent bond market adjustment, with the least market discount in the past week, indicating a relatively stable net value and manageable drawdown [1] - The data table provided compares various bond ETFs, highlighting the performance metrics such as scale, recent discount rates, and year-to-date performance, which can guide investment decisions [1]

01 7月31日，跨境ETF行情火热，多只纳斯达克主题ETF涨超1.5%；多只芯片、云计算、人工智能等主题 ETF亦有明显涨幅。房地产、大宗商品等板块调整明显。 02 资金流向方面，数据显示，7月30日，易方达创业板ETF和易方达中证AAA科技创新公司债ETF净流入 超10亿元。近一个月以来，华夏基金、嘉实基金、富国基金、鹏华基金4家公募机构旗下的科创债 ETF，净流入额超100亿元。 多只纳斯达克主题ETF领涨 7月31日，跨境ETF领涨，多只纳斯达克主题ETF涨超1.5%。其中，纳指科技ETF（159509）涨幅达 2.38%，自年初以来涨超12%。 | 多只纳斯达克主题ETF领涨 | | | | | --- | --- | --- | --- | | 代码 | 名称 | 现价(元) | 涨幅 (%) | | 159509.SZ | 纳指科技ETF | 1.81 | 2.38 | | 159577.SZ | 美国50ETF | 1.37 | 2.17 | | 513850.SH | 美国50ETF | 1.52 | 2.02 | | 513390.SH | 纳指100ETF | 1.95 | 1.78 | ...

业内人士认为，科创债ETF的推出具有重要的战略意义，一方面，将有效发挥公募基金在服务国家战略 和市场资金引导方面的积极作用，填补公募基金在"科技金融"债券基金领域的空白，助力科技强国建 设；另一方面，ETF具有交易成本低、流动性强等特点，科创债ETF通过其高度聚焦的投资主题设计， 吸引各类资金精准投向科创重点领域，为科创企业拓宽融资来源、降低融资成本并提高融资效率。 据悉，此次上交所6只科创债ETF跟踪的中证AAA科技创新公司债指数和上证AAA科技创新公司债指数 由中证指数公司于2023年8月发布，具有代表性强、信用风险低、收益稳健的特点，是优质的被动投资 跟踪标的，两条指数的国企债占比均为99%，债券主体评级均为AAA，信用风险低，近一年成交额分别 为10366亿元和8764亿元。在政策的大力支持下，科创债供给的将持续增加，指数空间有望继续扩容， 流动性将稳步提升。 近年来，指数化投资蓬勃发展，债券ETF作为一类风险低、收益稳的场内产品，较好满足了投资者稳健 型资产配置需求，是指数化投资的重要组成部分。2025年上半年全市场ETF净流入2974亿元，其中债券 ETF净流入1720亿元，9只债券ETF净流入均 ...