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 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].

1. Report Industry Investment Rating No information provided in the given content. 2. Core View of the Report - In the low - interest - rate era, "extending duration" and "controlling costs" are two key strategies for bond investment. The public - offering bond funds are shifting from "credit downgrading" to "duration management", and the low - cost advantage of bond - fund indexation is prominent [1][2]. - Long - duration index bond funds are the best combination of "high duration" and "low cost". Different types of long - duration index bond funds have different risk - return characteristics, and investors can choose according to their needs [3]. - Ten - year Treasury bond ETFs are effective "offensive - and - defensive" tools for enhancing portfolio returns, and are also suitable for short - term trading and rotation strategies [7]. 3. Summary According to the Directory 3.1 Low - Interest - Rate Era: "Extending Duration" and "Controlling Costs" as Two Key Strategies - Since early 2014, domestic interest rates have been in a downward cycle, and the upward elasticity of interest rates has weakened. From 2015 to 2025, the market has experienced five rounds of local government debt resolution, gradually flattening the credit spread [1][12][13]. - Facing the "low - interest - rate + low - spread" environment, public - offering bond funds are shifting from "credit downgrading" to "duration management". The average allocation ratio of medium - and long - term bond funds to credit bonds has dropped from 41% in 2020 to 30% at the end of Q1 2025, while the acceptance of portfolio duration is increasing [1][20][21]. - Referring to overseas experience, in a low - interest - rate environment, Japanese public - offering bond funds have increased their allocation to long - term bonds. In terms of risk - return ratio, the cost - effectiveness of long - duration strategies has become prominent since 2021 [27][32]. - Passive index - type bond funds have a cost - saving advantage of about 11 - 15bp per year compared with actively managed products, which is a relatively certain "hidden alpha" for investors [2][33]. 3.2 Long - Duration Index Bond Funds: The Best Combination of "High Duration" and "Low Cost" 3.2.1 Choices of Long - Duration Index Tools - Mainstream long - duration index bond funds are divided into three categories: local government bonds, Treasury bonds, and policy - financial bonds, and can be further divided into "long - term tools" (7 - 10 years and 10 years) and "ultra - long - term tools" (30 years) [3][48]. - Among them, the 10 - year index - type bond funds mainly hold bonds with a remaining term of 7 - 10 years, similar to 7 - 10 - year products. The 7 - 10 - year policy - financial bond index funds are the most popular, while the local bond index funds are scarce [48][49]. 3.2.2 Differences in the Long - Duration Index Toolbox - From the duration dimension, the 10 - year and 30 - year Treasury bonds have significant differences in risk - return characteristics, corresponding to the "ballast" and "offensive spear" roles respectively. The 10 - year Treasury bond is suitable for stable long - term investment, while the 30 - year Treasury bond is suitable for aggressive investors [54]. - From the bond type dimension, 7 - 10 - year policy - financial bonds are similar to Treasury bonds, while local bonds have unique characteristics. Although the long - term performance of 7 - 10 - year local bonds is good, investors may need more patience. The investment value of Treasury bonds and policy - financial bonds is converging [55][56][61]. 3.3 Investment Strategies for Long - Duration Index Bond Funds 3.3.1 Allocation: Enhancing Portfolio Returns, "Offensive and Defensive" - Ten - year Treasury bond ETFs are effective "offensive - and - defensive" tools for enhancing portfolio returns. In the interest - rate downward cycle, they have excellent return - capturing ability, such as the 9.02% annual return of Cathay Shanghai Stock Exchange 10 - Year Treasury Bond ETF in 2024 [7][65]. 3.3.2 Trading: Capturing Band - Trading Returns from "Point - Type Market Conditions" - Long - duration index products represented by ten - year Treasury bond ETFs have high liquidity and trading convenience, and are suitable for capturing band - trading returns from "point - type market conditions" in the bond market, such as the rapid decline and rebound of the 10 - year Treasury bond yield from November 2024 to January 2025 [7]. 3.3.3 Important Tools in Rotation Strategies - A "core - satellite" strategy is proposed, using long - duration interest - rate bond ETFs as the core "base" for pure - bond rotation, and tactically adjusting the satellite positions according to short - term market conditions. Back - testing shows that the improved rotation strategy can enhance returns and has better risk - adjusted returns [7][77][80].

Group 1 - The total ETF margin balance in the two markets reached 100.92 billion yuan, an increase of 38.19 million yuan compared to the previous trading day, representing a 0.04% increase [1] - The financing balance for ETFs decreased by 30.68 million yuan to 95.92 billion yuan, a 0.03% decrease [1] - The margin balance for the Shenzhen market was 34.74 billion yuan, a decrease of 2.45 billion yuan, while the financing balance was 34.01 billion yuan, down 2.70 billion yuan [1] Group 2 - The financing balance for the top three ETFs was led by Huaan Gold ETF at 8.685 billion yuan, followed by E Fund Gold ETF at 7.048 billion yuan and Huaxia Hang Seng ETF at 5.384 billion yuan [2] - The ETFs with the highest increase in financing balance included Penghua SSE Sci-Tech Innovation Board Biomedicine ETF, with a growth of 304.68%, and China International Capital Corporation CSI A500 ETF, with a growth of 226.73% [2][3] - The ETFs with the largest decrease in financing balance included Hai Fu Tong SSE 10-Year Local Government Bond ETF, which fell by 89.52%, and Fortune SSE Sci-Tech Innovation Board Comprehensive Price ETF, which decreased by 77.82% [2][3] Group 3 - The top three ETFs by net financing inflow were Huaxia SSE Sci-Tech Innovation Board 50 Component ETF at 104 million yuan, Hai Fu Tong CSI Short Bond ETF at 83.16 million yuan, and Bosera Convertible Bond ETF at 67.10 million yuan [4][5] - The ETFs with the highest net financing outflow included E Fund ChiNext ETF at 138 million yuan, Huabao CSI Financial Technology Theme ETF at 104 million yuan, and Huaan Gold ETF at 55.20 million yuan [4][5] Group 4 - The latest margin balance for short selling was highest for Southern CSI 1000 ETF at 1.771 billion yuan, followed by Southern CSI 500 ETF at 1.557 billion yuan and Huaxia CSI 1000 ETF at 373 million yuan [5] - The ETFs with the largest increase in short selling balance included Southern CSI 1000 ETF, which increased by 55.30 million yuan, and Huaxia CSI 1000 ETF, which rose by 12.23 million yuan [5][6] - The ETFs with the largest decrease in short selling balance included Guotai CSI All-Index Securities Company ETF, which decreased by 19.80 million yuan, and Wine ETF, which fell by 4.14 million yuan [5][6]

Group 1 - The total ETF margin balance in the two markets is 103.09 billion yuan, an increase of 507 million yuan from the previous trading day, representing a 0.49% increase [1] - The financing balance of ETFs is 98.34 billion yuan, which increased by 510 million yuan, a 0.52% increase from the previous day [1] - The margin balance for the Shenzhen market is 35.14 billion yuan, a decrease of 4.54 million yuan, while the Shanghai market's margin balance is 67.95 billion yuan, an increase of 511 million yuan [1] Group 2 - There are 106 ETFs with a financing balance exceeding 100 million yuan, with the highest being Huaan Gold ETF at 8.78 billion yuan [2] - The ETFs with the largest increases in financing balance include Southern SSE Sci-Tech Innovation Board Comprehensive ETF, with a growth of 349.13% [2][3] - The ETFs with the largest decreases in financing balance include Huatai-PB Cloud Computing ETF, which saw a decline of 74.93% [2][3] Group 3 - The top three ETFs by net financing inflow are Hai Fu Tong CSI Short Bond ETF, Bo Shi Convertible Bond ETF, and Huatai-PB SSE Dividend ETF, with net inflows of 352 million yuan, 92.76 million yuan, and 33.53 million yuan respectively [4] - The top three ETFs by net financing outflow are Huaan Gold ETF, Huaxia Hang Seng Internet Technology ETF, and Huabao CSI Medical ETF, with net outflows of 46.22 million yuan, 43.88 million yuan, and 38.57 million yuan respectively [4] Group 4 - The latest margin balance for the top ETFs includes Southern CSI 1000 ETF, Southern CSI 500 ETF, and Huaxia CSI 1000 ETF, with balances of 1.68 billion yuan, 1.47 billion yuan, and 352 million yuan respectively [5] - The ETFs with the largest increases in margin balance include Southern CSI 500 ETF and Southern CSI 1000 ETF, which increased by 17.70 million yuan and 11.48 million yuan respectively [5] - The ETFs with the largest decreases in margin balance include Huatai-PB SSE 300 ETF and Huabao CSI Medical ETF, which decreased by 12.16 million yuan and 10.86 million yuan respectively [5]