（数据来源：WIND资讯） 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 | 同家 | 场内简称 | 托管人 | 規模(亿) | 近1周均贴 | 近1周济跌 | 今年以来 | 质押率 | 本轮调整 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 水率 | 国 | FID (8) | | 最大回覆 | Calmar D | | 511030.SH | 平安中债-中高等级公司债利差因子ETF | 公司债ETF | 十安银行股份有限公司 | 223.53 | -0.06% | -0.119% | 0.84 | 63.00 | -0.1925 | 3.6503 | | 511220.SH | 海富通上证城投债ETF | 城投债ETF | 中国银行股份有限公司 | 245.11 | -0.19% | -0.407% | 1.05 | 0.00 | -0.2907 | 2.1636 | | 511070.SH | 南方上证基准做市公司债ETF | 上证公司侦E ...

上证10年新高，全A历史新高，成交量有点回落。港股近期没涨，资金驱动的A股牛市还能走多远不好说。随着券商自营及 债基久期快速降久期，后续股市对债市的影响预计明显减弱，终将回归基本面。我们持续看下半年10Y国债1.6-1.8，当前全 力看多，因1）央行宽松，正carry；2）调整后对银行有配置价值；3）经济下行压力上升。要珍惜收益率2%以上的5Y资本 债及30Y国债。 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。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，净值相对稳健且回撤可控，可参考下表 （本轮债市调整自2025年2月10日起算）： 机构认为，盯着股市做债，导致债市阶段性受股市的影响很大。资金驱动的股票牛市没有债熊，经济复苏驱动的股票牛市 才会带来债熊。2014年四季度股债双牛，当时债基规模非常小，债券投资主要靠银行自营及理财。 | 代码 | 簡易 | 易内简称 | 托管人 | 规模(亿) | 近1周豢 | 近1周均贴 | 近1周涨跌 | 貞押宰 | 本轮词整 | 近1年 | | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - The rapid development of bond ETFs in China, driven by increasing investor demand for stable and transparent investment tools, has positioned Hai Fu Tong Fund as a leading player in this market, contributing significantly to the growth and innovation of bond ETFs [1][2]. Group 1: Market Growth and Development - The first bond ETF, the National Debt ETF, was established in 2013 with an issuance scale of 5.4 billion yuan, and by May 2024, the market size of bond ETFs surpassed 100 billion yuan, reaching over 400 billion yuan by July 2025 [1]. - As of July 17, 2025, the total scale of Hai Fu Tong Fund's bond ETFs exceeded 100 billion yuan, making it one of the first fund companies to achieve this milestone [1]. Group 2: Product Innovation and Strategy - Hai Fu Tong Fund has launched various innovative products, including short-term financing bond ETFs, urban investment bond ETFs, local government bond ETFs, and convertible bond ETFs, enriching the bond ETF product lineup [1][8]. - The Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF, established in August 2020, saw its scale grow from 50 million yuan to 53.195 billion yuan by July 17, 2025, positioning it among the top tier of domestic bond ETFs [3][7]. Group 3: Management and Performance - The Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF achieved a cumulative increase of 11.99% since its inception, with an annualized return between 2% and 3%, and a maximum drawdown of no more than 0.04% over the past two years [5][6]. - In 2024, the trading volume of the Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF reached 2.64 trillion yuan, with an average daily trading volume exceeding 10.9 billion yuan [6]. Group 4: Risk Management and Ecosystem Development - Hai Fu Tong Fund emphasizes independent credit risk management, ensuring that the credit rating team operates separately from the fixed income investment team, which enhances the effectiveness of credit risk management [8][9]. - The company actively engages in building a bond ETF ecosystem by collaborating with various institutions and promoting investor education to expand the investor base and enhance product awareness [9].

Group 1 - The core point of the article highlights the changing dynamics in FOF (Fund of Funds) investments, particularly the decline in holdings of gold ETFs, despite their popularity among fund managers [1][2] - As of the end of Q2 2025, the Huazhong Gold ETF has the highest number of FOF holdings, totaling 78, with a market value of 987 million yuan [1] - The top five funds with the most FOF purchases include Huazhong Gold ETF, Hai Futong Zhongzheng Short Bond ETF, Pengyang Zhongzheng 30-Year Treasury ETF, and others, indicating a shift in investment focus [2] Group 2 - The article discusses the performance of FOFs, noting that several funds have achieved over 20% returns year-to-date, with specific funds like Guotai Preferred Navigation and ICBC Smart Progress leading the way [4][5] - Fund managers are adopting a proactive investment strategy, focusing on sectors such as Hong Kong technology, innovative pharmaceuticals, and A-share new productivity themes, which are driving net asset value growth [3][6] - The outlook for the market suggests a focus on industry rotation opportunities, with key investment themes including rare earths, innovative pharmaceuticals, resource commodities, and the financial real estate sector [6][7]

Core Viewpoint - The rapid development of bond ETFs in China is significantly driven by Hai Fu Tong Fund's continuous innovation and deep engagement in the market, establishing itself as a leading player in the industry [1][2]. Market Growth - The first bond ETF, the National Debt ETF, was established in 2013 with an issuance scale of 5.4 billion yuan. By May 2024, the bond ETF market size surpassed 100 billion yuan, and by July 2025, it exceeded 400 billion yuan, reflecting a growing demand for stable, transparent, and efficient investment tools [2]. - As of July 17, 2025, the total scale of Hai Fu Tong Fund's bond ETFs surpassed 100 billion yuan, making it the first fund company to achieve this milestone [2]. Product Innovation - Hai Fu Tong Fund has pioneered various bond ETF products, including short-term financing bond ETFs, urban investment bond ETFs, local government bond ETFs, and convertible bond ETFs, contributing to a diverse product lineup [2][11]. - The Hai Fu Tong Zhong Zheng Short-term Financing Bond ETF, established in August 2020, saw its scale grow from 50 million yuan to 53.195 billion yuan by July 17, 2025, positioning it among the top tier of domestic bond ETFs [4][10]. Team and Management - The management team of the bond ETFs, consisting of experienced professionals, focuses on liquidity, credit risk, net value growth, and tracking error, ensuring a positive investment experience for clients [9][12]. - The team has developed targeted service strategies based on customer needs, enhancing the overall trading experience and addressing liquidity concerns [6][7]. Risk Management - Hai Fu Tong Fund emphasizes independent credit risk management, ensuring that the credit rating team operates separately from the fixed income investment team, which enhances the effectiveness of risk management [12][13]. Future Outlook - The company aims to leverage its expertise in the bond ETF sector to continuously improve product operations and introduce more market-demand-driven products, contributing to the development of China's bond ETF market [14].

Core Viewpoint - The public fund management scale reached a historical high of 34.05 trillion yuan by the end of Q2 2025, marking an increase of 2.24 trillion yuan from the previous quarter, driven by strong inflows from residents and a broad-based growth across various fund types [2][5]. Fund Management Scale - By the end of Q2 2025, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, an increase of 2.24 trillion yuan from 31.81 trillion yuan at the end of Q1 2025 [5]. - The growth in fund scales was broad-based, with stock funds increasing by over 270 billion yuan, bond funds growing by 865.3 billion yuan, and money market funds increasing by 950.5 billion yuan [2][7]. Fund Types Performance - Despite lower yields in the bond and money market funds compared to the previous year, there was a significant inflow into stable-performing bond and money market funds, indicating a continued demand for stable assets [6]. - The growth in bond and money market funds was substantial, with bond funds increasing by 865.3 billion yuan and money market funds by 950.5 billion yuan in Q2 2025 [7]. ETF Growth - ETFs remained a key growth engine for fund companies, with significant inflows into various ETFs, particularly in the context of AI, humanoid robots, and innovative pharmaceuticals [11]. - The non-money management scale of fund companies grew by nearly 1.29 trillion yuan in Q2 2025, surpassing 20 trillion yuan for the first time [12]. - Major fund companies like Huaxia Fund and E Fund saw their non-money management scales increase by over 100 billion yuan, with specific ETFs experiencing substantial growth [12][14]. Competitive Landscape - The public fund industry continues to exhibit a "Matthew Effect," where leading fund companies maintain strong competitive advantages, while smaller firms face intense competition and challenges in growth [18]. - Smaller fund companies like Yongying Fund and Haifutong Fund have been actively expanding their product offerings and achieving growth, while others have seen declines in their management scales [19][21].

Core Viewpoint - The public fund fee reform initiated in July 2023 is reshaping the industry landscape, focusing on optimizing the fee structure to promote high-quality development in the public fund sector [1] Group 1: Fee Reduction Initiatives - Major fund companies have reduced management fees for actively managed equity funds from 1.5% to 1.2%, with custodial fees also lowered from 0.25% to 0.2% as of July 10, 2023 [2] - Over 70 equity mixed funds now have management fees below 1%, and some funds, like ICBC Credit Suisse's fund, will reduce fees to 0.8% starting July 11, 2025 [2] - The fee reduction has expanded to various fund categories, including ETFs and bond funds, with many broad-based stock ETFs lowering management fees to 0.15% and custodial fees to 0.05% [2][3] Group 2: Impact on Investors - The average comprehensive fee rate for public funds decreased from 1.41% in 2022 to 1.29% in 2023, and is projected to drop further to 1.03% in 2024, saving investors over 15 billion yuan [3] - The implementation of new regulations on trading commissions is expected to reduce brokerage commission income for public funds by over 35% in 2024 [3] Group 3: Innovative Fee Structures - A new floating management fee mechanism has been introduced, linking fees to fund performance, with rates varying based on the fund's performance relative to benchmarks [4][5] - As of July 10, 2023, 24 products under this new fee structure have been established, with a total issuance scale of 22.68 billion yuan [5] Group 4: Future Directions - The third phase of the fee reform will focus on reducing sales fees, with expectations of saving investors approximately 45 billion yuan annually starting in 2025 [6] - The ongoing fee reform is believed to enhance investor experience and shift the industry focus from scale to returns, as lower fees correlate with better fund performance [6][7]

Core Viewpoint - The bond fund market has seen a significant recovery since June, with record numbers in both the number of new funds and issuance scale, indicating strong investor interest in credit bonds [1][2]. Group 1: Bond Fund Issuance - As of June 26, 132 new public funds were established in June, with a total issuance of 1,038.73 billion units, marking the highest monthly record for the year [2]. - Among these, 30 bond funds were established, with a total issuance of 513.44 billion units, also a record for the year [2]. - Several bond funds experienced explosive demand, leading to early closures, such as the Huisheng and Shengchun bond fund, which reached its fundraising cap of 6 billion yuan in just 3 days [2]. Group 2: Credit Bond Market - There has been a notable increase in institutional investment in credit bonds, with a total of 2,130 billion yuan in 11 listed credit bond ETFs as of June 26, and a net subscription of over 80 billion yuan in the past month [3]. - Major credit bond ETFs, such as the Hai Fu Tong Zhong Zheng Short-term Bond ETF, have surpassed 50 billion yuan in scale, reflecting strong demand [3]. - Institutions are increasingly optimistic about credit bonds, particularly long-duration varieties, as they adjust their portfolios in response to market conditions [3][4]. Group 3: Market Outlook - The bond market is expected to maintain stability in the context of ongoing liquidity support from the central bank, with long-duration credit bonds likely to continue performing well [4]. - The current credit spread for 10-year bonds is considered relatively attractive, prompting attention to both primary and secondary market opportunities [4].

Core Viewpoint - The credit bond ETF market has experienced unprecedented growth, with total scale surpassing 200 billion yuan, driven by a shift in investor preference towards stable income assets and supported by favorable policies [1][3][6]. Group 1: Market Growth and Scale - As of June 23, the total scale of credit bond ETFs reached 204.68 billion yuan, accounting for approximately 57% of the entire bond ETF market [3]. - The initial launch of eight benchmark market-making products at the beginning of the year laid the foundation for this growth, with their combined initial issuance scale of 21.71 billion yuan now exceeding 10 billion yuan each [3]. - The Huaxia Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF has seen its scale grow from 3 billion yuan at the start of the year to over 20 billion yuan, contributing significantly to the overall growth of credit bond ETFs [3]. Group 2: Policy Support and Market Dynamics - Continuous policy support has been a driving force for the development of credit bond ETFs, including the inclusion of these products in the bond general repurchase pledge library [3]. - The announcement of the ability to conduct general pledge-style repurchase transactions for credit bond ETFs led to a significant increase in subscription volume, with the market value of newly listed corporate bond ETFs rising from 39.1 billion yuan to 64.9 billion yuan, a 66% increase [4]. Group 3: Product Characteristics and Investor Demand - Credit bond ETFs are characterized by low volatility, low cost, and high liquidity, making them an attractive option for investors seeking stable income assets in a market characterized by "asset scarcity" [2][5]. - The passive nature of bond funds has gained favor among institutions, leading to an expansion in the scale of credit bond ETFs as they offer a combination of lower risk and relatively stable returns [6]. Group 4: Performance and Cost Advantages - Credit bond ETFs have demonstrated robust long-term return capabilities, often outperforming actively managed credit bond funds in terms of returns while exhibiting lower volatility [8][9]. - The average management fee for credit bond ETFs is approximately 0.165%, with a total cost of around 0.22%, which is lower than the average fees for actively managed credit bond funds [10]. Group 5: Future Outlook and Investment Strategies - The demand for stable income assets is expected to continue rising, and credit bond ETFs are likely to become a preferred choice for more investors, with potential for further growth in scale [10]. - Investors are advised to select credit bond ETFs based on their specific needs, such as liquidity management or credit risk exposure, given the current market's limited variety of these products [11].

Group 1 - The era of bond index investment is accelerating, with the total scale of bond ETFs surpassing 300 billion yuan, reaching a new high [1][2] - Multiple fund companies are preparing to report the first batch of Sci-Tech Innovation Bond ETFs, with expectations of up to 10 new products [1] - The rapid development of the Sci-Tech bond market is creating favorable conditions for the layout of Sci-Tech Bond ETFs [1] Group 2 - Significant inflows into bond ETFs have been observed, with a net subscription amount of 130.99 billion yuan as of June 12 [2] - The total scale of bond ETFs reached 317.90 billion yuan, marking a historical peak [2] - The number of bond ETFs exceeding 10 billion yuan has increased from 5 to 10 within a year [2] Group 3 - Several large-scale bond ETFs have announced fee reductions to enhance investor appeal, with management fees for some funds being cut by half [3]