2013年，当国内首只债券ETF——国债ETF以54亿元的规模起步时，这个品类在浩渺的资管产品海洋 中，还只是一叶悄然入水的扁舟，少有人问津。十多年间，中国资产管理行业浪潮奔涌，投资者对透 明、高效工具的需求越来越旺盛。 到了2025年，这片曾经宁静的水域已澎湃为一片波澜壮阔的蓝海。Wind数据显示，截至2025年11月 底，全市场债券ETF总规模已超过7000亿元，产品数量达53只。 在这条飞速发展的航道上，海富通基金管理有限公司凭借前瞻的战略布局、持续的产品创新与精细化的 生态运营，不仅自身债券ETF管理规模率先突破千亿，稳居行业首位，更在推动中国债券ETF市场驶向 更深、更广的"深水区"中，锚定了坚实的航向。 构建全链工具箱 前瞻布局与产品创新 海富通基金对债券ETF的深耕，源于数年前一场"摸着石头过河"的孤勇拓荒。早在2014年底，公司便发 行了海富通上证城投债ETF，募集规模达66亿元，成为当时市场上募集规模最大的债券ETF产品，可 谓"一炮打响"。此后，海富通基金将债券ETF确立为特色化发展重点，在业内率先投入大量资源进行研 究和布局。 这种前瞻性，还体现在其不断填补市场空白的"首创"产品序列上： ...

到了2025年，这片曾经宁静的水域已澎湃为一片波澜壮阔的蓝海。数据显示，截至2025年11月底，全市 场债券ETF总规模已超过7000亿元，产品数量达53只。 在这条飞速发展的航道上，海富通基金管理有限公司凭借前瞻的战略布局、持续的产品创新与精细化的 生态运营，不仅自身债券ETF管理规模率先突破千亿，稳居行业首位，更在推动中国债券ETF市场驶向 更深、更广的"深水区"中，锚定了坚实的航向。 ● 本报记者 魏昭宇 2013年，当国内首只债券ETF——国债ETF以54亿元的规模起步时，这个品类在浩渺的资管产品海洋 中，还只是一叶悄然入水的扁舟，少有人问津。十多年间，中国资产管理行业浪潮奔涌，投资者对透 明、高效工具的需求越来越旺盛。 构建全链工具箱 前瞻布局与产品创新 海富通基金对债券ETF的深耕，源于数年前一场"摸着石头过河"的孤勇拓荒。早在2014年底，公司便发 行了海富通上证城投债ETF，募集规模达66亿元，成为当时市场上募集规模最大的债券ETF产品，可 谓"一炮打响"。此后，海富通基金将债券ETF确立为特色化发展重点，在业内率先投入大量资源进行研 究和布局。 产品布局是基础，而将产品做活、做大，则考验着管 ...

Core Insights - The article highlights the rapid growth of the bond ETF market in China, with the total market size exceeding 700 billion yuan by November 2025, up from 5.4 billion yuan in 2013, indicating a significant increase in investor demand for transparent and efficient investment tools [1][2]. Group 1: Company Development - Hai Fu Tong Fund Management Company has strategically positioned itself as a leader in the bond ETF market, being the first to surpass 100 billion yuan in management scale and currently managing 1.298 billion yuan across six bond ETFs, making it the largest fund company in terms of both quantity and scale [2][4]. - The company has consistently innovated by launching pioneering products, such as the first short-term bond ETF in 2020 and various government bond ETFs, thereby filling market gaps and providing investors with convenient trading tools [2][3]. Group 2: Product Performance - The Hai Fu Tong Zhong Zheng Short-term Bond ETF, despite initial struggles with a scale of only 50 million yuan, has seen a remarkable turnaround, achieving a net value growth rate of 12.40% since its inception, significantly outperforming its benchmark [3][4]. - The company’s bond ETFs have demonstrated a "head effect," where clear product positioning and ample liquidity have led to a virtuous cycle of scale enhancement and increased liquidity, attracting more capital [4][5]. Group 3: Operational Excellence - Hai Fu Tong Fund emphasizes a professional and prudent operational management system, particularly for credit ETFs, ensuring independent credit rating and risk management teams to maintain credit safety as a priority [5][6]. - The investment team comprises experienced professionals with a deep understanding of various bond types, ensuring effective collaboration from macro judgment to execution [5][6]. Group 4: Market Ecosystem Engagement - The company actively engages with regulators, exchanges, market makers, and investors to foster a collaborative ecosystem for bond ETFs, enhancing market understanding and application of these financial tools [6]. - Hai Fu Tong Fund aims to continue leveraging its expertise in the bond ETF sector to contribute to the market's prosperity and high-quality development as the bond market evolves [6].

Core Viewpoint - The latest ETF margin balance in the two markets is 100.148 billion yuan, showing a decrease of 1.73 billion yuan compared to the previous trading day, indicating a slight decline in market activity [1] Group 1: ETF Margin Balance Overview - As of August 15, the total ETF margin balance is 100.148 billion yuan, down 1.73 billion yuan or 0.17% from the previous day [1] - The financing balance for ETFs is 93.908 billion yuan, a decrease of 1.80 billion yuan or 0.19% from the previous day [1] - The Shenzhen market's ETF margin balance is 31.904 billion yuan, increasing by 2.44 million yuan, while the Shanghai market's balance is 68.243 billion yuan, decreasing by 4.18 billion yuan [1] Group 2: Specific ETF Financing Balances - The top three ETFs by financing balance are: - Huaan Gold ETF with 7.453 billion yuan - E Fund Gold ETF with 6.253 billion yuan - Huaxia Hang Seng ETF with 4.232 billion yuan [2] - The ETFs with the highest increase in financing balance include: - Penghua CSI 300 ETF with an increase of 8331.75% - Wanji Zhongzheng A500 ETF with an increase of 2384.62% - CSI 500 ETF with an increase of 1814.58% [2] Group 3: Margin Trading and Short Selling - The latest short selling balance for ETFs shows significant changes, with the highest increase in short selling being for Guangfa Solar 50 ETF, which increased by 16666.67% [5] - The top three ETFs by short selling balance are: - Southern CSI 1000 ETF with 2.1107418 billion yuan - Guangfa CSI 1000 ETF with 386.4118 million yuan - Huaxia CSI 1000 ETF with 374.5804 million yuan [6] Group 4: Net Buying and Selling of ETFs - The ETFs with the highest net buying amounts are: - E Fund ChiNext ETF with 229.45 million yuan - Southern CSI 500 ETF with 221.48 million yuan - E Fund Hong Kong Securities Investment Theme ETF with 190.98 million yuan [4] - The ETFs with the highest net selling amounts include: - Fuguo Zhongdai 7-10 Year Policy Financial Bond ETF with 703 million yuan - Guotai CSI 5-Year National Bond ETF with 75.117 million yuan - Guangfa Zhongzheng Hong Kong Innovative Medicine ETF with 73.2018 million yuan [4]

Core Viewpoint - The bond ETF market in China is experiencing significant growth, with the Ping An Fund's corporate bond ETF surpassing 10 billion yuan in scale, indicating a strong demand for high-grade credit bonds in a stable monetary policy environment [1][2]. Group 1: Market Performance - As of May 15, the total scale of bond ETFs in the market reached 99.241 billion yuan, an increase of 19.089 billion yuan since the end of 2023, representing a growth rate of 23.82% [1][2]. - Among the 20 bond ETFs, only one is currently in a loss position, while the remaining 19 have achieved floating profits, with some products yielding over 5% returns [2]. Group 2: Product Characteristics - The corporate bond ETF is the first Smart Beta bond ETF in China, focusing on high-grade credit bonds, particularly those rated AAA and above, and aims to serve as a core tool for "debt blue-chip" investments [1]. - The bond ETF market includes 15 interest rate bond ETFs, 3 credit bond ETFs, and 2 convertible bond ETFs, reflecting a diverse product offering [2]. Group 3: Investor Demand and Trends - The growth in bond ETFs is driven by increasing demand from institutional investors such as insurance companies and pension funds, who are seeking long-duration bond products [3]. - The bond ETF's transparent operation and low fees make it an attractive option for investors looking to switch between asset classes seamlessly [3]. Group 4: Future Outlook - The bond ETF market is expected to continue its rapid growth, with projections indicating that the total market scale could exceed 100 billion yuan in 2024 [2]. - Despite being the second-largest bond market globally, China's bond ETF market is still in its early stages, suggesting significant potential for future development [4].

Core Points - The total margin balance of ETFs in the two markets is 100.171 billion yuan, a decrease of 4.38% from the previous trading day [1] - The financing balance of ETFs is 93.913 billion yuan, down 4.55% from the previous day [1] - The latest margin balance for the Shenzhen market is 32.287 billion yuan, while the Shanghai market is 67.884 billion yuan, both showing a decrease [1] Financing Balance Summary - There are 104 ETFs with a financing balance exceeding 100 million yuan, with the highest being Huaan Gold ETF at 7.583 billion yuan [2] - The ETFs with the largest increases in financing balance include Ping An CSI A500 ETF, with a growth of 1009.39% [2][3] - The ETFs with the largest decreases in financing balance include China Merchants SSE STAR Market Comprehensive ETF, with a decline of 97.27% [2][3] Net Buying and Selling Summary - The top net buying ETFs include Hai Fu Tong CSI Short Bond ETF with a net buying amount of 272 million yuan [4] - The top net selling ETFs include Fu Guo Central Government Bonds 7-10 Year Policy Financial Bonds ETF, with a net selling amount of 2.308 billion yuan [4][5] Margin Trading Summary - The latest margin balance for the top ETFs includes Southern CSI 1000 ETF at 2.216 billion yuan, and Southern CSI 500 ETF at 1.811 billion yuan [5] - The ETFs with the highest increase in margin balance include Guotai CSI A500 ETF, with an increase of 16.124 million yuan [6][7] - The ETFs with the largest decrease in margin balance include Huatai-PB SSE 300 ETF, with a decrease of 47.576 million yuan [6][7]

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]