11月17日～11月21日，A股主要指数全线调整，沪深300指数周跌3.77%，创业板指跌6.15%，科创50指数跌5.54%；港股同步调整，恒生指数周跌5.09%， 恒生科技指数一周跌幅达7.18%。 在主要股指全线调整背景下，本周ETF市场上演"资金大迁徙"。股票型ETF单周缩水超1100亿元，其中沪深300指数挂钩产品"失血"422亿元，占比超 36%。 与此同时，固收、黄金类产品却成避风港——债券ETF规模单周增124亿元，总规模达到7187亿元，年内增长5387亿元，增幅近3倍。商品型ETF本周保持 增长势头，总规模突破2300亿元，年内增幅也超200%；其中，华安基金旗下黄金ETF年内规模增长587亿元，成为年内增量"新王"。 从头部产品来看，易方达、华泰柏瑞旗下沪深300产品单周缩水超百亿元。受沪深300指数等宽基产品拖累，本周4家头部公募ETF规模缩水超100亿元，其 中华夏基金、易方达基金"失血"超200亿元。 与此同时，海富通基金ETF规模本周逆势增长45亿元，主要得益于旗下海富通短融ETF的持续吸金，该产品规模突破700亿元，成为首只700亿级债券 ETF。 值得注意的是，在主要股指挂钩 ...

【导读】海富通短融ETF最新规模达到700.01亿元 飞速发展的债券ETF，首次迎来"700亿元级"单品。 数据显示，截至11月20日，海富通短融ETF最新规模达到700.01亿元，首次突破700亿元大关，成为国内债券ETF发展史上首只700亿元级别的产品。 今年以来，债券ETF市场不断"吸金"。截至11月20日，债券ETF总规模达7150.60亿元，创历史新高。年内规模增长超过5400亿元，规模增量仅次于股票 ETF；规模增幅超过3倍，是各大类ETF中增幅最大的品种。 短融ETF规模突破700亿元 二级市场表现方面，经历2月份的波动之后，海富通短融ETF单位净值自3月初以来稳步上涨；截至11月20日，今年以来海富通短融ETF单位净值上涨 1.37%。 一位债券基金经理表示，伴随近年来流动性宽松、无风险收益率下行，货币基金收益率持续走低，短融ETF吸引了一些此前投资货币基金的客户，满足投 资者对于短期闲散资金管理的需求。 此外，今年以来，FOF产品也在加大配置短融ETF的力度。数据显示，截至三季度末，共有67只FOF持有短融ETF，合计持有市值达到32.9亿元，持仓份额 达到2926.48万份，环比增长146 ...

【导读】海富通短融ETF最新规模达到700.01亿元 中国基金报记者 陆慧婧 方丽 飞速发展的债券ETF，首次迎来"700亿元级"单品。 Wind数据显示，截至11月20日，海富通短融ETF最新规模达到700.01亿元，首次突破700亿元大关，成为国内债券ETF发展史上首只700 亿元级别的产品。 今年以来，债券ETF市场不断"吸金"。截至11月20日，债券ETF总规模达7150.60亿元，创历史新高。年内规模增长超过5400亿元，规模 增量仅次于股票ETF；规模增幅超过3倍，是各大类ETF中增幅最大的品种。 短融ETF规模突破700亿元 在债券ETF市场高速发展带动下，龙头产品规模也迈上新台阶。 海富通短融ETF是信用债ETF中的代表性品种。据介绍，海富通中证短融ETF成立于2020年8月3日，是市场上唯一一只以短期融资券为主 要投资标的的场内工具型产品。 今年以来，海富通短融ETF规模从去年年末的293.41亿元增长至目前的700.01亿元，增长406.6亿元，增幅高达138.58%，是今年以来规 模增长最多的债券ETF。 二级市场表现方面，经历2月份的波动之后，海富通短融ETF单位净值自3月初以来稳步上 ...

｜2025年11月21日 星期五｜ NO.1 券商前三季度科创债承销额同比增长近58% 近日，中国证券业协会发布2025年前三季度证券公司债券（含企业债券）承销业务专项统计数据，详细 列出了券商承销各类专项债券的数量、金额以及排名等关键信息。其中，中信证券在半数细分指标上位 居榜首，展现出强大的综合实力。今年前三季度，券商在重点领域债券承销业务上的增长势头尤为亮 眼。其中，科技创新债券承销金额实现跨越式增长，同比增幅超57%，总额成功突破7000亿元大关；民 营企业债券承销同样交出亮眼成绩，金额达3913.6亿元，同比增长43.46%，两大板块的强劲增长，凸显 出券商对实体经济重点领域融资需求的精准响应。 点评：债券ETF规模激增至7100亿元，反映投资者对稳健资产的偏好持续增强。海富通短融ETF、博时 可转债ETF等头部产品规模扩张显著，凸显市场对流动性和多元化配置的需求。这一趋势或推动固收类 产品创新，加剧基金公司间竞争。债市资金流入可能对股市形成一定分流效应，投资者需更注重资产组 合的防御性。长期看，债券ETF的壮大将丰富投资工具，助力金融市场深化发展。 NO.4 先锋领航：ETF年度资金流入量逼近35 ...

Group 1 - As of November 7, the total scale of credit bond ETFs reached 493.8 billion yuan, with a daily increase of 2.87 billion yuan, while the benchmark market-making ETF decreased by 0.23 billion yuan and the Sci-Tech Innovation Bond ETF increased by 0.63 billion yuan; the weighted average duration median is 3.3 years [1] - The overall trading volume was 169.4 billion yuan, with an average single transaction amount of 5.98 million yuan (benchmark market-making 5.73 million yuan, Sci-Tech Innovation Bond 6.30 million yuan); the median turnover rate was 33.7% [1] - The median yield was 1.84%, and the median discount rate was -19.6 basis points (benchmark market-making -31.3 basis points, Sci-Tech Innovation Bond -16.7 basis points) [1] Group 2 - Last week, the bond market experienced a three-day rally driven by the central bank's bond purchases, but adjustments began due to rumors of redemption new regulations, leading to significant net redemptions in several bond ETFs, although the overall scale still showed slight growth [2] - The top-ranked funds by scale include Hai Fu Tong Short-term Bond ETF (69.073 billion yuan, 1st), Bosera Convertible Bond ETF (57.732 billion yuan, 2nd), and others, with notable inflow into Ping An Corporate Bond ETF (511030) of 470 million yuan, attributed to its short duration (1.95 years) and static high yield (current 1.90%) [2] - The Ping An Corporate Bond ETF (511030) ranked first in drawdown control since the bond market adjustment began this year, with a relatively stable net value and controllable drawdown, averaging a premium of 2 basis points over the past week [3] Group 3 - The bond market's trading last week was primarily influenced by the central bank's treasury transactions, upcoming fund fee regulation rumors, and market risk appetite, with future pricing likely shifting to fundamental changes and the final implementation of bond fund redemption regulations [3] - The market did not continue the bullish trend from the end of last month, maintaining a bearish oscillation, with long-end bonds strengthening towards the end of the week; the overall market showed fluctuations with collective yield increases [3] Group 4 - Institutions believe that domestic demand is weak and supply is excessive, indicating no inflation issues in the coming years; the impact of pandemic-related spending in Europe and the U.S. may have peaked, making sustained export growth challenging [5] - The formal implementation of punitive redemption fees is anticipated to be a negative factor, but the market remains optimistic about the bond market, expecting a second wave of momentum in Q4 [5] - The opening of bond funds under the amortized cost method is expected to lead to a transition from government bonds to credit bonds, benefiting long-duration industrial bonds and urban investment bonds in the next six months [5]

Core Insights - Bond ETFs have emerged as one of the fastest-growing asset classes in the ETF sector, with a total scale reaching 695.05 billion yuan by the end of September, marking an increase of over 500 billion yuan since the beginning of the year, representing a nearly 300% growth [1] Group 1: Growth Trends - The growth of bond ETFs is not coincidental, as they have experienced rapid development for three consecutive years since the end of 2022, with the scale increasing from 23.96 billion yuan to 52.94 billion yuan in 2022, a growth rate of 121% [3] - By the end of 2023, the scale is expected to surpass 80 billion yuan, and by May 2024, it is projected to exceed 100 billion yuan, reaching 173.97 billion yuan by year-end [3] - The growth rate accelerated further in 2025, with the scale surpassing 200 billion yuan in February, crossing the 500 billion yuan milestone in July, and successfully reaching the 600 billion yuan mark in September [3] Group 2: Market Dynamics - The market has seen a continuous influx of bond ETFs with over 32 products exceeding 10 billion yuan in scale as of the end of September, with Hai Futong Short-term Bond ETF leading at 63.15 billion yuan, followed closely by Bosera Convertible Bond ETF at 60.57 billion yuan [3] - The emergence of Sci-tech Bond ETFs is reshaping the market landscape, with a total of 24 existing products and a cumulative scale of 252.30 billion yuan, of which 14 products exceed 10 billion yuan [3] Group 3: Institutional Participation - Leading institutions are accelerating their market presence, with Hai Futong Fund becoming the first company to have bond ETFs exceeding 100 billion yuan in scale, offering a complete product matrix covering credit bonds, interest rate bonds, and convertible bonds [4] - Bosera Fund joined the "100 billion club" in August 2023, with five bond ETFs totaling over 100 billion yuan [4] - Other institutions such as Huatai-PB Fund, Yongying Fund, Wanji Fund, Taikang Fund, and Morgan Asset Management are also entering the market as new participants [4] Group 4: Future Outlook - The industry is optimistic about the future development of bond ETFs, with expectations that ongoing reforms in bond fund fee structures and the popularization of index-based investment concepts will make bond ETFs a more significant tool for asset allocation, attracting more capital inflows [4]

Core Insights - The bond ETF market has experienced explosive growth in 2023, with total assets reaching 695.05 billion yuan by September 30, marking an increase of over 500 billion yuan since the beginning of the year, representing a nearly 300% growth rate [1][3]. Market Overview - As of September 30, the total scale of bond ETFs is approaching 700 billion yuan, with 32 products exceeding 10 billion yuan in size [2]. - The bond ETF market has shown continuous growth since the end of 2022, with the scale increasing from 23.96 billion yuan in 2022 to 52.94 billion yuan, a growth rate of 121% [3]. Product Performance - The leading bond ETFs include: - Hai Futong Short-term Bond ETF: 63.15 billion yuan - Bosera Convertible Bond ETF: 60.57 billion yuan - Fuguo Government Bond ETF: 43.71 billion yuan - Pengyang 30-Year Treasury Bond ETF: 30.48 billion yuan [5]. Innovation in Product Types - The Sci-Tech Bond ETF is reshaping the bond ETF market, with 24 existing products totaling 252.30 billion yuan, and 14 of these exceeding 10 billion yuan in size [4][6]. Trading Dynamics - The average daily trading volume of bond ETFs has significantly increased, from 38.4 billion yuan in January to over 220 billion yuan since September [6]. Institutional Participation - Multiple public funds are actively entering the bond ETF market, with Hai Futong Fund being the first to surpass 100 billion yuan in bond ETF scale, and Bosera Fund also joining the "100 billion club" [8].

Core Viewpoint - The bond ETF market has experienced explosive growth in 2023, becoming the most notable asset class within the ETF sector, with total assets nearing 700 billion yuan, reflecting a nearly 300% increase since the beginning of the year [1][2]. Group 1: Market Growth - As of September 30, 2023, the total scale of bond ETFs reached 695.05 billion yuan, up from 239.64 billion yuan at the end of 2022, marking a growth of 121% [3]. - The bond ETF market is projected to continue its rapid expansion, with expectations to surpass 1 trillion yuan by the end of 2024 and 2 trillion yuan by early 2025 [3]. Group 2: Product Development - There are currently 32 bond ETF products with assets exceeding 10 billion yuan, including leading products such as Hai Futong Short-term Bond ETF at 63.15 billion yuan and Bosera Convertible Bond ETF at 60.57 billion yuan [2][3]. - The market for Sci-tech Bond ETFs is reshaping the bond ETF landscape, with 24 existing products totaling 252.30 billion yuan, and 14 of these exceeding 10 billion yuan in scale [4]. Group 3: Institutional Participation - Multiple public fund companies are actively entering the bond ETF market, with Hai Futong Fund being the first to surpass 100 billion yuan in bond ETF assets, followed by Bosera Fund [8]. - The increasing participation of institutions is expected to enhance liquidity and trading volume in the bond ETF market, with average daily trading volume rising from 38.4 billion yuan in January to over 220 billion yuan since September [6][8]. Group 4: Comparative Analysis - The current market share of domestic bond index funds in pure bond funds is approximately 15%, while the share of bond ETFs within bond index funds is around 34%, indicating significant growth potential compared to the U.S. market, where these figures exceed 40% and 60% respectively [9].

Group 1 - The bond ETF market has experienced significant growth in 2023, with the number of products reaching 53 and total assets increasing to 684.4 billion yuan, a 280% rise from the beginning of the year [1][6][10] - The bond ETF landscape is diversifying, with three main categories: interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs, including the newly launched Sci-Tech bond ETFs that align with national innovation strategies [3][4] - Institutional investors, including pension funds and public funds, are increasingly allocating to bond ETFs, while individual investor interest is also rising, supported by fee reforms in public funds [4][11] Group 2 - The newly launched Sci-Tech bond ETFs have been particularly successful, raising nearly 29 billion yuan shortly after their introduction, significantly boosting the overall bond ETF market size [7][10] - As of September 28, 32 bond ETFs have surpassed 10 billion yuan in assets, with notable products like Bosera Convertible Bond ETF and Haitong Short-term Bond ETF leading the market [10][11] - The average daily trading volume of bond ETFs has surged from 38.4 billion yuan in January to over 220 billion yuan in September, highlighting their growing importance as investment tools [11][13] Group 3 - Hai Fu Tong Fund has become the first company to have over 100 billion yuan in bond ETF assets, offering a diverse range of products that cater to various bond types [13] - New entrants such as Huatai-PB Fund and Yongying Fund have accelerated their participation in the bond ETF market, enhancing competition and market dynamics [13][14] - The demand for bond ETFs is expected to continue rising as institutional investors shift focus towards broader asset allocation strategies rather than individual bond selection [14]

Core Viewpoint - The bond ETF market is experiencing rapid growth, with a significant increase in the number of products and total assets under management, indicating a strong demand and evolving investment landscape [1][5][10]. Group 1: Market Expansion - As of September 28, the number of bond ETFs has reached 53, with a total scale of 684.4 billion yuan, an increase of over 500 billion yuan since the beginning of the year, representing a growth of 280% [1][5]. - The bond ETF market is diversifying into three main categories: interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs, with the recent introduction of technology innovation bond ETFs enhancing the investment tool matrix [3][5]. Group 2: Institutional Participation - Various asset management products, including pension funds, social security, and public FOF funds, are increasingly allocating to bond ETFs, while individual investor interest is also rising [3][5]. - Major players like Hai Fu Tong Fund, Guotai Fund, and others have established a strong presence in the bond ETF space, while new entrants such as Huatai Baichuan Fund and Yongying Fund are accelerating their participation [3][10]. Group 3: Performance of Technology Innovation Bond ETFs - The newly launched technology innovation bond ETFs have shown remarkable performance, with 10 products raising nearly 29 billion yuan, significantly boosting the total scale of bond ETFs [5][6]. - The rapid growth of technology innovation bond ETFs is attributed to government support and the flexible trading characteristics of bond ETFs, which lower the investment threshold for investors [6][10]. Group 4: High-Value Products - As of September 28, 32 bond ETFs have surpassed the 10 billion yuan mark, with notable products like Boshi Convertible Bond ETF and Hai Fu Tong Short-term Bond ETF leading in scale [8][9]. - The average daily trading volume of bond ETFs has increased significantly, from 38.4 billion yuan in January to over 220 billion yuan in September, reflecting growing market activity [9][10].