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].