Core Insights - The recent inclusion of credit bond ETFs in the pledged repo trading has significantly boosted trading activity, with two benchmark market-making credit bond ETFs exceeding transaction volumes of 10 billion yuan on June 11 [1][2] - The rapid influx of capital has led to four credit bond ETFs, established for less than six months, joining the "100 billion club" [1][2] Trading Activity - On June 11, the Southern CSI Benchmark Market-Making Corporate Bond ETF recorded a transaction volume exceeding 15.5 billion yuan, marking an increase of over 7 billion yuan from the previous trading day and setting a new single-day transaction record [2] - Other ETFs, such as the E Fund CSI Benchmark Market-Making Corporate Bond ETF, also saw significant trading volumes, with over 9 billion yuan, while several others surpassed 6 billion yuan [2] Fund Inflows - In the past month, four major credit bond ETFs have seen net inflows exceeding 5 billion yuan, with the E Fund and Southern ETFs leading the way [3] - The inclusion of credit bond ETFs in the pledged repo has enhanced liquidity and provided a tool for liquidity management, allowing investors to use these ETFs for financing during tight liquidity periods [3] Investment Strategies - The inclusion of credit bond ETFs in pledged repo trading is viewed as a key measure to address developmental shortcomings, significantly enhancing their investment appeal [4] - Investors can utilize a "buy ETF - pledge financing - reinvest" leverage strategy to increase returns, improving overall capital efficiency for institutional investors [4] - Various investment strategies, including pure bond strategies, multi-asset strategies, and structured investment strategies, can benefit from leveraging credit bond ETFs [4]

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].

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].

Market Overview - The Shanghai Composite Index rose 0.59% to close at 3444.43, the Shenzhen Component Index rose 0.83% to close at 10465.12, and the ChiNext Index rose 1.35% to close at 2153.01. The trading volume of A-shares in the two markets was 15174 billion yuan [2][6]. - The top - performing sectors were national defense and military industry (4.35%), media (2.82%), and communication (1.90%), while the bottom - performing sectors were non - bank finance (-0.77%), banking (-0.34%), and transportation (-0.09%) [2][6]. Stock ETF - The top trading - volume stock ETFs today were Huatai - Peregrine CSI 300 ETF (up 0.48%, discount rate 0.40%), Harvest CSI A500 ETF (up 1.12%, discount rate 1.05%), and China AMC CSI A500 ETF (up 0.84%, discount rate 0.66%) [3][7]. - The report also provided detailed information on the top ten trading - volume stock ETFs, including code, price, change rate, tracking index, etc. [8] Bond ETF - The top trading - volume bond ETFs today were Haitong CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.03%), Southern CSI Shanghai Benchmark Market - making Corporate Bond ETF (down 0.04%, discount rate 0.06%), and Haitong CSI Short - term Financing ETF (up 0.02%, discount rate - 0.00%) [4][9]. - Detailed data on the top five trading - volume bond ETFs were presented, including code, price, change rate, discount rate, and trading volume [10]. Gold ETF - Gold AU9999 rose 0.15% and Shanghai Gold fell 0.10% today. The top trading - volume gold ETFs were Huaan Gold ETF (down 0.16%, discount rate - 0.04%), Bosera Gold ETF (down 0.07%, discount rate 0.00%), and E Fund Gold ETF (down 0.11%, discount rate - 0.02%) [12]. - Information on the top five trading - volume gold ETFs was provided, including code, price, change rate, trading volume, etc. [13] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.26% with a discount rate of 0.97%, Dacheng Non - ferrous Metals Futures ETF rose 0.06% with a discount rate of - 0.09%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF had a change rate of 0.00% with a discount rate of - 0.33% [15]. - Specific data on commodity futures ETFs were given, including code, price, change rate, trading volume, tracking index, etc. [16] Cross - border ETF - The previous trading day, the Dow Jones Industrial Average rose 1.00%, the Nasdaq Composite rose 0.52%, the S&P 500 rose 0.52%, and the German DAX rose 1.62%. Today, the Hang Seng Index fell 0.87% and the Hang Seng China Enterprises Index fell 0.96%. - The top trading - volume cross - border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.44%, discount rate 0.36%), GF CSI Hong Kong Innovative Drug ETF (up 1.79%, discount rate 1.15%), and China AMC Hang Seng Tech ETF (down 0.14%, discount rate 0.00%) [17]. - Information on the top five trading - volume cross - border ETFs was provided, including code, trading volume, change rate, and discount rate [18]. Money ETF - The top trading - volume money ETFs today were Huabao Tianyi ETF, Yin Hua Rili ETF, and Money ETF Jianxin Tianyi [19]. - The trading volumes of the top three trading - volume money ETFs were presented, including code and trading volume [21].

Core Viewpoint - The first batch of 8 benchmark market-making credit bond ETFs has shown strong capital-raising ability, with a total scale reaching nearly 112 billion yuan, reflecting a growth of approximately 416% in just five months [2][4]. Group 1: Performance and Growth of Credit Bond ETFs - The first batch of 8 benchmark market-making credit bond ETFs was approved for issuance in January, with a total fundraising scale of 21.71 billion yuan, and has since grown to 111.95 billion yuan by June 23, marking a 415.66% increase [4][5]. - The latest scale of the Huaxia Shanghai Stock Exchange Benchmark Market-Making Corporate Bond ETF has surpassed 20 billion yuan, reaching 20.04 billion yuan, while the E Fund ETF reached 18.28 billion yuan [4]. - The Southern ETF has exceeded 15 billion yuan, reaching 16.55 billion yuan, with other ETFs also crossing the 10 billion yuan mark [4]. Group 2: Market Activity and Investor Interest - Since June 6, the total net inflow of funds into credit bond ETFs has exceeded 40 billion yuan, with some days seeing net inflows surpassing 10 billion yuan [5]. - The trading activity of benchmark market-making credit bond ETFs has been robust, with average daily trading volume increasing from 2.398 billion yuan to over 6.4 billion yuan after June 6 [6]. Group 3: Overall Bond ETF Market Trends - The total scale of bond ETFs has approached 360 billion yuan, with credit bond ETFs accounting for nearly 57% of this market, totaling approximately 204.68 billion yuan [8]. - The recent emergence of 500 billion yuan-level super ETFs, such as the Hai Futong and Fu Guo government bond ETFs, indicates significant growth in the bond ETF sector [8]. Group 4: Historical Context and Future Potential - The development of domestic credit bond ETFs has faced challenges since the first credit bond ETF was launched in December 2014, but a turning point was reached with the approval of the first batch of 8 benchmark market-making credit bond ETFs in December 2023 [9]. - The inclusion of these ETFs in the general pledged repo market has enhanced their attractiveness and facilitated greater participation from various investors, indicating substantial future growth potential for credit bond ETFs [9].

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]

Group 1: ETF Market Developments - The largest ETF in the market, Huatai-PB CSI 300 ETF, announced a cash dividend exceeding 8 billion yuan, setting a record for the largest single dividend in ETF history [2] - Public fund dividends have surged this year, with total dividends exceeding 95 billion yuan, a year-on-year increase of over 50%, and index funds contributing over 20 billion yuan [2] - The bond ETF market has reached a significant milestone, surpassing 300 billion yuan in total scale, with nearly 10 bond ETFs exceeding 10 billion yuan [6] Group 2: Innovation Drug Sector - The innovation drug sector in Hong Kong has seen a remarkable increase, with some stocks rising over 60% this year, leading to record trading volumes and turnover rates exceeding 100% [2][3] - A major Chinese biopharmaceutical company is in discussions with several multinational pharmaceutical companies for significant licensing deals, indicating strong growth potential in the sector [6] Group 3: Public REITs and Fund Performance - Public REITs have experienced a "one-day sell-out" phenomenon, indicating strong investor interest and demand [10][11] - The first "doubling fund" of the year has emerged, driven by the strong performance of innovation drug sector funds, with some funds reporting over 100% returns [7] Group 4: Regulatory Actions - The Shandong Securities Regulatory Bureau has taken administrative measures against Lide Capital Management, indicating ongoing regulatory scrutiny in the financial sector [8]

Report Investment Rating - No industry investment rating information is provided in the report. Core View - The report presents the market performance of various types of ETFs on June 12, 2025, including stock ETFs, bond ETFs, gold ETFs, commodity futures ETFs, cross - border ETFs, and money ETFs, along with the overall A - share market situation [2][3][4][12][15][17][19] Summary by Directory Market Overview - The Shanghai Composite Index rose 0.01% to 3402.66 points, the Shenzhen Component Index fell 0.11% to 10234.33 points, and the ChiNext Index rose 0.26% to 2067.15 points. The total trading volume of A - shares in the two markets was 13038 billion yuan. The top - rising industries were non - ferrous metals (1.40%), media (1.33%), and beauty care (1.31%), while the top - falling industries were household appliances (-1.77%), coal (-1.14%), and food and beverages (-1.13%) [2][6] Stock ETF - The top - trading - volume stock ETFs included Huaxia CSI A500 ETF (up 0.11%, discount rate 0.02%),嘉实 CSI A500 ETF (up 0.10%, discount rate 0.06%), and Huatai - Peregrine SSE 300 ETF (up 0.05%, discount rate 0.03%) [3][7] - Detailed data of the top ten trading - volume stock ETFs are presented in Chart 1, including price, change rate, tracking index, and other information [8] Bond ETF - The top - trading - volume bond ETFs were Haifutong SSE Benchmark Market - making Corporate Bond ETF (up 0.06%, discount rate 0.07%), Huaxia SSE Benchmark Market - making Corporate Bond ETF (up 0.05%, discount rate 0.11%), and Southern SSE Benchmark Market - making Corporate Bond ETF (up 0.04%, discount rate 0.07%) [4][9] - Detailed data of the top five trading - volume bond ETFs are shown in Chart 2 [10] Gold ETF - Gold AU9999 rose 0.76% and Shanghai Gold rose 0.90%. The top - trading - volume gold ETFs were Huaan Gold ETF (up 0.93%, discount rate 0.92%), Boshi Gold ETF (up 0.97%, discount rate 0.95%), and E Fund Gold ETF (up 0.91%, discount rate 0.90%) [12] - Detailed data of the top five trading - volume gold ETFs are provided in Chart 3 [13] Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 0.15% with a discount rate of 0.39%, Dacheng Non - ferrous Metals Futures ETF fell 0.53% with a discount rate of - 0.38%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.15% with a discount rate of 0.26% [15] - Detailed data of commodity futures ETFs are presented in Chart 4 [16] Cross - border ETF - The previous trading day saw the Dow Jones Industrial Average fall 0.00%, the Nasdaq fall 0.50%, the S&P 500 fall 0.27%, and the German DAX fall 0.16%. On this day, the Hang Seng Index fell 1.36% and the Hang Seng China Enterprises Index fell 1.53%. The top - trading - volume cross - border ETFs were GF CSI Hong Kong Innovative Drug ETF (up 4.97%, discount rate 5.46%), E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.18%, discount rate - 0.14%), and Huitianfu SZSE - HK Connect Innovative Drug ETF (up 5.57%, discount rate 6.02%) [17] - Detailed data of the top five trading - volume cross - border ETFs are shown in Chart 5 [18] Money ETF - The top - trading - volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [19] - Detailed data of the top three trading - volume money ETFs are provided in Chart 6 [21]

Core Viewpoint - The recent surge in the scale of benchmark market-making credit bond ETFs in China, with four ETFs surpassing 10 billion yuan, indicates strong market demand and effective liquidity management tools for investors [1][4]. Group 1: ETF Scale and Performance - Four benchmark market-making credit bond ETFs have surpassed 10 billion yuan in scale, including E Fund, Southern, Huaxia, and Haifutong ETFs, with respective scales of 140.12 billion yuan, 139.44 billion yuan, 112 billion yuan, and 107.67 billion yuan [4]. - The total scale of eight benchmark market-making credit bond ETFs has reached 817.91 billion yuan, reflecting a significant increase of nearly 277% in just four months [1][4]. - On June 11, the trading volume for benchmark market-making credit bond ETFs reached 619.22 billion yuan, with notable daily trading amounts for Southern and Haifutong ETFs at 155.68 billion yuan and 101.75 billion yuan, respectively [2]. Group 2: Market Dynamics and Investor Behavior - The inclusion of credit bond ETFs in the general repurchase pledge library has enhanced liquidity management for investors, promoting the healthy development of the credit bond market [1][5]. - The recent influx of 167.82 billion yuan in net buying for these ETFs in June indicates strong market interest and confidence among investors [4]. - The current low-interest-rate environment, coupled with the central bank's recent policy adjustments, has increased the attractiveness of medium-term high-rated credit bond yields, further driving demand for credit bond ETFs [5].

Core Insights - The recent inclusion of credit bond ETFs in the pledged repo trading has significantly boosted trading activity, with two benchmark market-making credit bond ETFs exceeding 10 billion yuan in trading volume on June 11 [1][2] - The rapid influx of funds has led to four credit bond ETFs, established for less than six months, joining the "100 billion club" [1][2] - Fund managers believe that the ability to use credit bond ETFs for pledged financing enhances their attractiveness and expands the potential investor base [1][3] Trading Activity - On June 11, the trading volume of the Southern CSI Benchmark Market-Making Corporate Bond ETF surpassed 15.5 billion yuan, marking an increase of over 7 billion yuan from the previous trading day, setting a new single-day trading record [1] - The E Fund CSI Benchmark Market-Making Corporate Bond ETF also saw trading volume exceed 9 billion yuan, while several other ETFs recorded volumes above 6 billion yuan [1] Growth in Scale - As of June 10, four benchmark market-making credit bond ETFs have surpassed the 10 billion yuan mark in scale, with specific figures being 13.72 billion yuan for E Fund, 13.21 billion yuan for Southern, 10.76 billion yuan for Hai Fu Tong, and 10.17 billion yuan for Hua Xia [2] - Other ETFs like Bosera and GF have also shown significant scale growth, reaching 9.01 billion yuan and 8.27 billion yuan respectively [2] Leverage Strategies - The recent month has seen net inflows exceeding 5 billion yuan for the top four credit bond ETFs, with GF's deep credit bond ETF seeing net inflows over 4 billion yuan [2] - The ability to employ a "buy ETF - pledge financing - reinvest" strategy allows investors to enhance returns through leverage [4] Liquidity Management - The inclusion of credit bond ETFs in the pledged repo trading enhances liquidity and serves as a liquidity management tool, allowing investors to mitigate short-term liquidity risks [3] - This move is seen as a critical step in addressing the developmental shortcomings of credit bond ETFs, significantly increasing their investment appeal [3]