国庆中秋长假如何高效利用账户中的闲置资金？投资者可瞄准基准国债ETF（511100）、信用债 ETF基金（511200）和科创债ETF华夏（551550）等债券型ETF。9月30日15:00之前买入，在享受票息 收益的同时仍可追逐市场波动。 科创债ETF华夏（551550）聚焦一系列高成长性科创公司债，指数市值容量大、收益挖掘具备潜 力；成分券发行人以央国企为主，整体呈现中短久期特征。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 债券资产的收益来源等于债券票息收入加债券价格变动，其中票息收入按日计提，所以在长假期 间，若债券型ETF所投债券未出现违约风险，会稳定获得票息收入。不过，假日期间票息收入存在无法 冲抵交易日价格负向变动的情况，但债券型ETF仍为长假闲钱理财的优质工具。 债券型ETF具备"T+0"交易、低成本（无申购赎回费，管理费+托管费仅0.2%）和持仓 ...

9月25日，科创债ETF华夏（551550）震荡下行，截至10点35分，科创债ETF华夏跌0.14%，最新报 价99.165元。规模方面，截至9月24日，科创债ETF华夏最新规模达152.86亿元。 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创债ETF华夏（551550）聚焦一篮子高成长性科创公司债，主要跟踪中证AAA科技创新公司债指 数，从沪深交易所上市的科技创新公司债中，选取主体评级AAA、隐含评级AA+及以上的债券作为指 数样本，以反映相应科技创新公司债的整体表现。成分券剩余期限分布在0-30年，涵盖各期限，其中1- 5年期限成分券占比最高，整体呈现中短久期特征。指数市值容量大、收益挖掘具备潜力；成分券发行 人以央国企为主，信用风险整体可控。 每日经济新闻 近年来国内债券ETF的大发展，离不开机构资金的认可与青睐。从2025年半年报来看，养老金、保 险、信托、企业年金 ...

Group 1: ETF Market Performance - On August 1, the Hang Seng Consumption ETF rose by 4.69%, leading the market, while several cross-border ETFs tracking the US and European markets saw declines of over 2% [1][4][8] - In the first seven months of the year, four ETFs recorded net inflows exceeding 20 billion yuan, with the total net inflow for all listed ETFs surpassing 370 billion yuan [3][12] - Bond ETFs have been the primary direction for fund inflows, with a net inflow of 281.4 billion yuan, while stock and money market ETFs experienced net outflows [14] Group 2: Bond ETF Activity - Bond ETFs saw active trading, with the Short-term Bond ETF achieving a transaction volume of over 26 billion yuan, the highest in the market [2][10] - The South China Science and Technology Bond ETF and the Huaxia Science and Technology Bond ETF both had turnover rates exceeding 100% [10][11] Group 3: Sector-Specific Insights - The photovoltaic sector is expected to strengthen due to industry normalization and potential supply-side reform policies, with a focus on leading companies with long-term competitiveness [5][6] - The traditional Chinese medicine sector is highlighted for its potential due to inventory cycle disruptions, with a focus on premium and innovative products [6] Group 4: Cross-Border ETF Adjustments - A significant number of cross-border ETFs, specifically 135 out of 161, experienced declines, indicating a broader market adjustment [7][8]

Market Overview - The three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.62%, the Shenzhen Component Index by 0.84%, and the ChiNext Index by 0.61% [1][4] - Several infrastructure ETFs saw significant gains, including the Infrastructure ETF (516950.SH) which rose by 6.99%, and the Infrastructure ETF (159619.SZ) which increased by 6.44% [1][11] ETF Performance - The A500 ETF market experienced a significant shift, with the net asset scale of the top 10 A500 ETFs decreasing from 10 to 9, and the China A500 ETF (560610.SH) shrinking from 12.45 billion to 8.734 billion [2] - Central Huijin Investment increased its holdings in major broad-based ETFs by over 200 billion in Q2, indicating a strong commitment to stabilizing the capital market [3] Sector Performance - In the sector performance, coal, building materials, and construction decoration sectors ranked highest, with daily increases of 6.18%, 4.49%, and 3.38% respectively [6] - Over the past five trading days, the building materials, coal, and steel sectors also showed strong performance, with increases of 11.46%, 9.15%, and 7.68% respectively [6] ETF Categories - Among different ETF categories, strategy ETFs performed the best with an average increase of 1.56%, while bond ETFs had the worst performance with an average decrease of 0.04% [9] - The top-performing ETFs included the Coal ETF (515220.SH) with an increase of 8.25%, the Building Materials ETF (159787.SZ) with 7.91%, and the Infrastructure ETF (516950.SH) with 6.99% [12][11] Trading Volume - The top three ETFs by trading volume were the CSI 300 ETF (510300.SH) with a trading volume of 4.517 billion, the STAR 50 ETF (588000.SH) with 4.086 billion, and the A500 ETF (512050.SH) with 4.057 billion [14][15]

Core Viewpoint - The launch of the first batch of Sci-Tech Innovation Bond ETFs marks a significant milestone for the public fund industry, indicating the beginning of a "Tech Finance" era, with total market scale approaching 100 billion yuan within just two days of listing [2][4]. Group 1: Market Performance - The first batch of 10 Sci-Tech Innovation Bond ETFs was launched on July 17, with a total scale nearing 100 billion yuan, driven by strong market demand [4][15]. - On the first trading day, the 华夏中证AAA科技创新公司债ETF (551550) recorded a trading volume of 78.37 billion yuan, with a turnover rate of 264.43% and net inflow exceeding 11.2 billion yuan, making it the top performer in its category [2][4]. - The overall trading volume for the first two days surpassed 800 billion yuan, showcasing robust market interest and liquidity [8][10]. Group 2: Characteristics of Sci-Tech Innovation Bonds - Sci-Tech Innovation Bonds are designed to provide funding support for technology innovation enterprises, with strict criteria for issuers focusing on technology sectors [12][13]. - As of May 2025, the total outstanding scale of Sci-Tech Innovation Bonds reached 2.45 trillion yuan, reflecting a 40% year-on-year growth [14]. - The bonds primarily target sectors such as semiconductors, artificial intelligence, and renewable energy, aligning with national strategic goals [13][14]. Group 3: Index Tracking and Performance - The first batch of ETFs tracks three main indices, with the 中证AAA科技创新公司债指数 being the most prominent, reflecting the performance of AAA-rated bonds in the tech innovation sector [17][19]. - As of June 20, the index had a sample size of 792 bonds with a total market value of 1.0247 trillion yuan, indicating a strong credit quality with over 70% rated AAA [18][19]. Group 4: Advantages of Sci-Tech Innovation Bond ETFs - The introduction of these ETFs fills a gap in the "Tech Finance" bond fund sector, providing a new tool for capital markets to support technology innovation financing [22][26]. - The ETFs offer T+0 trading and low management fees of 0.2% per year, enhancing liquidity and cost-effectiveness for investors [23][25]. - Institutional investors dominate the initial subscription, holding 99.61% of the shares, indicating strong institutional confidence in these products [25]. Group 5: Growth of Bond ETFs - The successful launch of the Sci-Tech Innovation Bond ETFs has significantly boosted the overall scale of bond ETFs, which has now surpassed 430 billion yuan [26][27]. - The rapid growth of bond ETFs is evidenced by the increase in the number of products and total assets under management, reflecting a trend towards accelerated expansion in this market segment [26][27].

Group 1: Fund Performance and Trends - The Dachen Insight Advantage Mixed Fund announced a successful launch with a total issuance scale of 2.46 billion, making it the largest actively managed equity fund launched in 2023 [1] - The Huashang Zhiyuan Return Mixed Fund also launched with a scale of 2.082 billion, setting a record for similar products this year [1] - The total issuance scale of actively managed equity funds reached 56.964 billion, reflecting a year-on-year growth of 28.01% compared to the same period in 2024 [1] Group 2: ETF Market Developments - The first batch of Sci-Tech Bond ETFs saw significant inflows, with the Huaxia ETF surpassing 14.2 billion in scale and experiencing a net inflow of approximately 11.1 billion on its first trading day, marking a 378% increase [2] - The Penghua Sci-Tech Bond ETF also reported a trading volume of 18.361 billion, with a turnover rate of 612.17%, bringing its scale to over 10.9 billion [2] - Among the four Sci-Tech Bond ETFs listed on the Shenzhen Stock Exchange, two have exceeded 10 billion in scale, namely the Jiashi and Fuguo Sci-Tech Bond ETFs [2] Group 3: Fund Liquidation - A total of 50 actively managed equity funds have been liquidated this year, including several initiated funds [3] - In July alone, six actively managed equity funds entered liquidation, triggered by the automatic termination of fund contracts without the need for a shareholder meeting [3] - Notable liquidated funds include those focused on popular sectors such as artificial intelligence and healthcare [3] Group 4: Floating Fee Rate Funds - The first batch of floating management fee funds has seen a total issuance scale of 24.762 billion, with 25 products announced as established [4] - A second batch of 11 floating fee rate funds has been submitted for approval, focusing on sectors like high-end equipment and healthcare [4] Group 5: Fund Manager Adjustments - Fund manager Liu Gesong has made significant adjustments in the second quarter, reducing holdings in the new energy vehicle supply chain and semiconductor equipment companies while increasing positions in new consumption, internet, and military industries [5] - Liu emphasized the importance of monitoring domestic and international economic developments and policy impacts on industries [5] Group 6: Portfolio Insights - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated investments in TMT and innovative pharmaceutical sectors in his second-quarter report [6] - The top ten holdings of Gao's flagship fund include companies like Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with notable new additions and increased stakes in several stocks [7] Group 7: Market Overview - On July 18, the market showed mixed performance, with the Shanghai Composite Index rising by 0.5% and total trading volume reaching 1.57 trillion, an increase of 31.7 billion from the previous trading day [8] - Sectors such as rare metals and energy metals performed well, while gaming and consumer electronics sectors experienced declines [8]

Fund Issuance and Performance - The issuance of new funds has reached record levels this year, with the Dachen Insight Advantage Mixed Fund raising 2.46 billion yuan, setting a new high for active equity fund launches in 2023. This follows the Huashang Zhi Yuan Return Mixed Fund, which raised 2.082 billion yuan just a day earlier. The total issuance of active equity funds has increased by 28.01% year-on-year [1][2] - A total of 50 active equity funds have been liquidated this year, with 6 funds entering liquidation procedures in July alone [3] ETF Market Dynamics - The first batch of Sci-Tech Bond ETFs has seen significant inflows, with the Huaxia Sci-Tech Bond ETF surpassing 14.2 billion yuan in size, reflecting a daily increase of over 378%. Additionally, the Penghua Sci-Tech Bond ETF has also exceeded 10.9 billion yuan [2] - The overall market showed mixed performance, with the Shanghai Composite Index rising by 0.5%, the Shenzhen Component Index by 0.37%, and the ChiNext Index by 0.34%. The total trading volume in the two markets reached 1.57 trillion yuan, an increase of 31.7 billion yuan from the previous trading day [5] Notable Fund Manager Activities - Gao Nan, Chief Equity Investment Officer at Yongying Fund, has concentrated his portfolio in TMT and innovative pharmaceutical sectors. His flagship fund, Yongying Ruixin, includes top holdings such as Pop Mart, Zhongji Xuchuang, and Kangfang Biotech, with several stocks being newly added or increased in weight [4] Sector Performance Insights - The rare earth permanent magnet sector has shown strong performance, with stocks like Huahong Technology hitting the daily limit. The rare metal ETFs led the market with a gain of 4.12% [5][7] - The gaming market is in an upward cycle, with expectations for long-term growth in revenue and player numbers. The introduction of advanced generative capabilities in game development is anticipated to enhance efficiency and user engagement [8]

Core Viewpoint - The emergence of technology innovation bonds (科创债) is seen as a key opportunity for investors to balance risk and reward in the current volatile market, providing a stable yet growth-oriented investment option [2][14]. Group 1: Technology Innovation Bonds Overview - Technology innovation bonds, or 科创债, are credit bonds issued by technology companies specifically for funding in the technology sector, with a trial initiated in 2021 and formal policies established in 2022 [6]. - As of June 2025, the total outstanding amount of 科创债 reached 2.45 trillion yuan, with credit bonds accounting for 87% of this total [15]. - The majority of issuers are large state-owned enterprises and their technology subsidiaries, which generally have high credit ratings [8]. Group 2: Investment Appeal - 科创债 has shown a significant increase in high-rated bonds, with AAA and AA+ rated bonds rising from 61% in 2022 to 71% by June 2025, indicating a strong credit defense [9]. - The yield on 科创债 is notably higher than that of traditional corporate bonds, reflecting the market's recognition of their technology innovation attributes [13]. - Investment in 科创债 not only offers relatively stable returns but also allows participation in the growth of China's strategic technology sectors, such as advanced manufacturing and renewable energy [14]. Group 3: ETF as an Investment Vehicle - The introduction of 科创债 ETFs provides a more accessible way for individual investors to participate in this market, as they bundle a diversified selection of bonds into a single, tradable product [17]. - Currently, there are 10 科创债 ETFs in the market, tracking various indices, with the 中证 AAA 科技创新公司债指数 being highlighted for its comprehensive coverage and balanced risk-return profile [18][20]. - The 中证 AAA 科技创新公司债指数 includes 810 bonds, significantly more than the 670 and 146 bonds in the other indices, providing better market representation and risk diversification [20]. Group 4: Advantages of Specific ETFs - The 中证 AAA 科技创新公司债指数 has a higher credit quality threshold, with 99% of its components rated AAA or AA+, ensuring a robust credit structure [21]. - The duration structure of the 中证 index is balanced, with a modified duration of 3.88 years, making it suitable for current interest rate environments [23]. - Historical performance shows that the 中证 index has outperformed others, indicating a more effective index construction leading to better returns [24][25]. Group 5: Key Considerations for Investors - Investors are encouraged to select a well-structured and professionally managed ETF to capitalize on the opportunities presented by 科创债, with 华夏基金's 科创债ETF being a recommended option due to its strong index tracking and management capabilities [29][33]. - The ETF offers good liquidity, low fees, and transparency, making it an attractive choice for long-term investors seeking to balance stability and growth in their portfolios [30][32].

Core Insights - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7 and will be listed on July 17, with institutional investors being the main subscribers, holding up to 99.61% of the shares [2][13]. Fund Details - The total issuance amounts for the ETFs range from 20.88 billion to 30 billion, with the highest subscription from the Sci-Tech Bond ETF by Fuguo, which had 6,011 effective subscription accounts [3][14]. - The institutional holding ratios for various ETFs are notably high, with the highest being 99.06% for the Sci-Tech Bond ETF by Factory Development [3][14]. Major Holders - Industrial Bank is the largest holder for multiple ETFs, including holding 8.9 billion shares (30.08%) in the Sci-Tech Bond ETF by Jiashi and 8.7 billion shares (30.83%) in the Sci-Tech Bond ETF by Yifangda [4][15]. - Other significant holders include Galaxy Securities and CITIC Trust, with holdings of 4 billion shares (13.52%) and 5 billion shares (16.85%) respectively in different ETFs [4][15]. Fund Share Adjustment - The ETFs underwent a share adjustment on July 10, where the total shares were reduced by a factor of 100, allowing for easier trading and clearer visibility of net asset values [9][19]. - For example, the total shares for the Sci-Tech Bond ETF by Huaxia were adjusted from 29.61 billion to 29.6082 million, with the net asset value changing from 1 yuan to 100 yuan [9][19]. Market Strategy - Several public funds are discussing market-making strategies to enhance liquidity for the Sci-Tech Bond ETFs post-listing, with upgrades to IT systems to support efficient trading and management [10][20]. - The ETFs are positioned as suitable for both individual and institutional investors, providing opportunities for stable returns and reducing operational costs for institutions [10][20]. Importance of Listing - The listing of Sci-Tech Bond ETFs is significant for multiple reasons, including supporting national strategies for technological innovation, filling gaps in the public fund market, and enhancing market vitality [11][21]. - The ETFs are expected to attract long-term capital, contributing to a more sustainable investment ecosystem [11][21].