随着公募基金市场尤其是ETF(交易型开放式指数基金)的不断发展壮大，流动性服务成为基金精细化运 营的核心环节。9月份以来，全市场十余家公募机构发布公告称，为旗下共40余只产品新增流动性服务 商，其中包括多只ETF。 晨星(中国)基金研究中心分析师崔悦向《证券日报》记者表示，更多流动性服务商通过提供双边报价与 持续交易，能够进一步有效缩小ETF的二级市场买卖价差。对于投资者来说，不仅有助于降低即时交易 成本，还能让交易过程更顺畅。尤其在市场波动比较大的情况下，充足的流动性服务商可有效应对因二 级市场流动性不足引发的交易困难或交易价格大幅偏离ETF净值的风险。 长期来看，流动性提升与投资者参与形成正向循环。崔悦分析，流动性服务商通过持续报价能够平抑 ETF二级市场交易价格的异常波动，而流动性服务商数量的增加有助于进一步强化这一效果。此外，更 优的流动性安排还有助于ETF吸引更多投资者参与，进而形成"流动性提升—投资者基础扩大—流动性 进一步提升"的良性循环。 严格筛选流动性服务商 业内人士分析认为，这一措施可以引入更多专业机构提供流动性服务，缩小产品的交易价差、稳定基金 价格、缓释净值偏离风险，为投资者构建更高效 ...

Group 1 - The core viewpoint of the article highlights the successful fundraising of the Tianhong Sci-Tech Bond ETF, which raised over 2.9 billion yuan in just one day, indicating strong institutional interest in bond ETF products [1] - The scarcity of the Sci-Tech Bond ETF and its role in filling a gap in the bond investment tool market are identified as key factors driving the product's popularity among investors [1] - The Tianhong Sci-Tech Bond ETF features multiple advantages, including T+0 trading, a minimum fee rate of 0.2%, high credit quality investment targets, and high investment cost-effectiveness [1] Group 2 - The index tracked by the Tianhong Sci-Tech Bond ETF is the CSI AAA Technology Innovation Company Bond Index, which consists of bonds rated AAA, with implied ratings of AA+ and above [1] - As of August 29, 2025, the annualized return of the index has been 4.37% since the end of June 2022 [1]

Monetary Policy and Financing - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [1] - The total social financing stock was 433.66 trillion yuan, also reflecting a year-on-year increase of 8.8% [1] - The balance of loans to the real economy in RMB was 265.42 trillion yuan, growing by 6.6% year-on-year [1] Investment Products and Market Trends - The Tianhong Science and Technology Bond ETF raised over 2.9 billion yuan in a single day, indicating strong institutional interest in bond ETF products [2] - The number of private equity firms with over 10 billion yuan in assets has increased to 91, with quantitative private equity firms making up 49.45% of this group [2] Insurance Sector - In August, the total penalties imposed on insurance institutions reached 44.33 million yuan, marking a year-on-year increase of 43.61% [3] - The penalties for life insurance companies surged by 83.12% year-on-year, while property insurance companies faced a 34.44% increase in penalties [3] Corporate Developments - BoShi Fund is expected to undergo a leadership change, with General Manager Zhang Dong likely to succeed Jiang Xiangyang as Chairman [6] - Dazhonghua has confirmed that its operations are ongoing despite the investigation of a senior executive for alleged misconduct [6] - China Nuclear Engineering has signed new contracts totaling 96.63 billion yuan as of August [9] Market Performance - The Shanghai Composite Index fell by 0.12% amid a mixed market performance, with over 3,300 stocks declining [16] - The storage chip sector saw a surge, with stocks like Demingli hitting the daily limit [16]

人民财讯9月12日电，记者从渠道处获悉，科创债ETF天弘已于今日结募，认购资金超29亿元，募集期 为1天。 ...