截至2025年11月10日 15:00，科创债ETF鹏华(551030)小幅回调，截至上个交易日，科创债ETF鹏华最新 规模达194.69亿元，位居全市场同类第二、沪市同类第一。 华源证券指出，债市走势可能阶段性与基本面脱钩，但无法长期脱钩，当前债市配置价值突出，债券收 益率或震荡下行。从季节性规律来看，11月及12月国债收益率往往大幅下行。国内方面，国内消费意愿 较为低迷，国内经济修复动能或偏弱。外部方面，美国联邦政府"停摆"，美联储降息周期开启。内外双 重作用下，未来半年政策利率有望下调。央行重启国债买卖或已确立了债券收益率的顶部，后续可能将 定价政策利率降息。当前继续看多债市。 作为首批10只科创债ETF之一，科创债ETF鹏华(551030)跟踪上证AAA科技创新公司债指数，该指数是 从上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA+及以上的债券作为成分券。 华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自201 ...

截至2025年11月6日 15:00，科创债ETF鹏华(551030)小幅回调，盘中成交额58.50亿元，市场交投活跃。 截至上个交易日，科创债ETF鹏华最新规模达194.78亿元，位居全市场同类第二、沪市同类第一。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 相较于单券买入策略，科创债ETF具有低费率、低交易成本、透明度高、分散度高、"T+0"高效申赎等 优势，有利于分散投资组合风险、提高资金使用效率。 华西证券认为，在政策红利下，科创债市场空间广阔，科创债ETF作为科技领域债券的唯一指数化工 具，其长期配置价值和市场影响力有望持续凸显。同时，科创债ETF工具属性灵活，兼顾收益机会与流 动性，适配投资者稳健型需求。 鹏华基金自2018下半年建立"固收工具型产品"中长期战略，并在利率债指数产品及ETF、信用债指数、 存单指数产品等方面积极布局，致力于打造固收工具库，力争成为国内"固收指数专家"。当前债券ETF 总规模已突破300亿。 凭借专业的债券指数投资管理能力和丰富的产品运作经验，鹏华基金将持续为投资者提供优质的债券指 数化投资工具。 德邦证券指出，近期虽然央行维持净回笼，但资 ...

涨幅方面，光伏板块领涨 | | | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | 证券代码 | 证券名称 | 涨幅(%) | 基金管理人 | 投资类 | | 159371 | 创业板50ETF富国 | 12.29 | 富国事金 | 被动指数² | | 516290 | 光伏龙头ETF | 8.81 | 汇添富基金 | 被动指数垫 | | 159857 | 光伏ETF | 8.75 | 天弘基金 | 被动指数型 | | 515790 | 光伏ETF | 8.25 | 华泰柏瑞基金 | 被动指数垫 | | 159864 | 光伏50ETF | 8.25 | 国泰基金 | 被动指数² | | 516880 | 光伏50ETF | 8.25 | 银布置等 | 被动指数垫 | | 516180 | 光伏ETF基金 | 8.20 | 平安基金 | 被动指数垫 | | 15960a | 光伏龙头ETF | 8.15 | 浦银安盛基金 | 被动指数垫 | | 159618 | 光伏ETF指数基金 | 8.11 | 华安基金 | 被动指数² | | 562970 | 光 ...

Core Viewpoint - The recent performance of the Penghua Science and Technology Bond ETF (551030) indicates strong market activity, with a notable increase in trading volume and a significant fund size, positioning it as a leading product in its category [1] Group 1: Market Performance - As of October 28, 2025, the Penghua Science and Technology Bond ETF has risen by 0.13%, with a trading turnover of 50.6% and a transaction volume of 9.732 billion [1] - The latest fund size of the Penghua Science and Technology Bond ETF reached 19.267 billion, making it the second largest in its category across the market and the largest in the Shanghai market [1] Group 2: Policy and Market Impact - The People's Bank of China has restarted government bond trading, leading to a rapid decline in bond yields across various maturities [1] - Analysts suggest that the impact of the restarted bond trading may not replicate the effects seen in Q4 of the previous year due to banks having sufficient liquidity and the potential for government bonds to replace other monetary tools [1] Group 3: Investment Strategy and Product Features - The Penghua Science and Technology Bond ETF tracks the Shanghai AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, with an average yield of 2.02% and a duration of 3.72 years [1] - Compared to individual bond purchases, the ETF offers advantages such as low fees, low trading costs, high transparency, and high liquidity, making it suitable for diversifying investment risks and improving capital efficiency [2] - Under the influence of policy incentives, the market for science and technology bonds is expected to expand, with the ETF's long-term value and market influence likely to continue to grow [2] Group 4: Company Strategy - Penghua Fund has been actively developing a long-term strategy for fixed-income products since the second half of 2018, aiming to establish itself as a "fixed-income index expert" in China [2] - The total scale of bond ETFs managed by Penghua Fund has surpassed 24 billion, indicating a strong presence in the market [2] - The company has also launched various bond ETFs, including the 5-year local government bond ETF, which is the largest in its category in terms of scale and liquidity [2]

年内两批科创债ETF的相继上市，开启了中国债券ETF市场的"硬科技"时代。据Wind数据，截至2025年 10月22日，全市场24只科创债ETF整体规模已达2452亿元，其中15只产品规模突破百亿元，展现出强劲 的市场吸引力。科创债ETF鹏华(551030)以192.47亿元的规模位列全市场同类第二、沪市同类第一，成 为投资者配置科创债资产的重要选择。 科创债ETF鹏华跟踪的是"上证AAA科技创新公司债指数"。该基金基金经理张羊城表示，该指数历史表 现稳健，具备风险可控、操作效率高和成长潜力大等特点，高度契合当前产品定位与配置需求。 在公募基金改革的大背景下，鹏华基金认为，做大科创债ETF正当其时：一是服务财富管理需求，在低 利率环境下，科创债ETF将科技创新属性、高信用资质、指数化管理相结合，让各类投资者便捷地分享 科创企业成长红利。二是服务国家战略，推动金融资源向战略新兴产业聚集，为科技成果转化、产业结 构升级提供有力支持，助力新质生产力发展。三是服务资本市场建设，提升科创债市场流动性和定价效 率，进一步强化股债联动共同服务科技创新的良好势头。 (责任编辑：叶景) 在债券市场"科技板"制度持续完善与政策利 ...

截至2025年10月17日 15:00，科创债ETF鹏华(551030)上涨0.06%，盘中成交108.52亿元，市场交投活 跃。截至上个交易日，科创债ETF鹏华最新规模192.20亿，位居全市场同类第二、沪市同类第一。 德邦证券指出，债市有望维持偏暖。短期来看，中美的贸易摩擦不确定性依然存在，避险情绪或将持续 推动国债配置需求，同时，央行在资金面维持呵护，精准滴灌或为债市维持偏暖打下基础。经济基本面 弱修复与货币政策"以我为主"的组合下，长端利率趋势性下行空间有限，债市或仍将延续偏暖走势。 作为首批10只科创债ETF之一，科创债ETF鹏华(551030)跟踪上证AAA科技创新公司债指数，该指数是 从上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA+及以上的债券作为成分券。沪 AAA科创债指数平均收益率在2.05的水平，平均久期3.7年。 相较于单券买入策略，科创债ETF具有低费率、低交易成本、透明度高、分散度高、"T+0"高效申赎等 优势，有利于分散投资组合风险、提高资金使用效率。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 华西证券认为，在政策红利下，科创债市场空 ...

截至2025年10月15日 15:00，科创债ETF鹏华(551030)小幅回调，盘中换手20.63%，成交39.56亿元。截 至上个交易日，科创债ETF鹏华最新规模达192.16亿元，位居全市场同类第二、沪市同类第一。 消息面上，央行10月15日以固定数量、利率招标、多重价位中标方式开展6000亿元6个月期（182天）买 断式逆回购操作。 渤海证券指出，资金面上，央行呵护态度不变，四季度资金面有望保持稳中偏松，预计DR007波动中枢 在1.4-1.5%，流动性是四季度债市的主要利好因素，央行重启公开市场国债买卖也依然可期。 作为首批10只科创债ETF之一，科创债ETF鹏华(551030)跟踪上证AAA科技创新公司债指数，该指数是 从上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA+及以上的债券作为成分券。沪 AAA科创债指数平均收益率在2.05的水平，平均久期3.7年。 债券ETF方面，鹏华基金目前布局了5年地债ETF（159972）、0-4地债ETF（159816），分别定位为中 长久期债券ETF、类货币ETF工具，其中5年地债ETF是全市场规模最大的地方债ETF，流动性也位于市 场前列。 ...

Core Viewpoint - The rapid growth of the Sci-Tech Bond ETF market reflects strong investor interest, driven by policy support and product innovation, with total market size exceeding 240 billion yuan as of September 26 [1][2]. Group 1: Market Performance - The total number of Sci-Tech Bond ETFs has reached 24, with a total market size surpassing 240 billion yuan, and 16 products exceeding 10 billion yuan in size [1]. - The first listed Sci-Tech Bond ETF, Penghua (551030.SH), has shown exceptional performance, with a size exceeding 19.014 billion yuan, ranking second across all categories and first in the Shanghai market [1]. Group 2: Product Features - Sci-Tech Bond ETFs benefit from high credit ratings, stable returns, and significant liquidity advantages, making them attractive to investors [1]. - The ETF market's growth pattern indicates that larger product sizes typically lead to stronger liquidity, which in turn attracts more capital [1]. Group 3: Management Strategies - The management team of Penghua Sci-Tech Bond ETF focuses on precise index tracking, enhancing liquidity through partnerships with multiple brokers, and robust risk management practices [2]. - The team employs a sampling replication strategy based on duration segments to ensure close tracking of the index [2]. Group 4: Industry Trends - The overall bond ETF market has expanded significantly, with 53 products and a total size exceeding 670 billion yuan, reflecting a growth of over 400 billion yuan since the beginning of the year [2]. - As more institutions enter the bond ETF space, the product ecosystem is expected to diversify, enhancing market vitality [2]. Group 5: Competitive Landscape - Penghua Fixed Income has emerged as a key player in the bond ETF market, with a total size exceeding 24 billion yuan across its bond ETFs [3]. - The company has positioned itself competitively by developing specialized products, such as the 5-Year Local Government Bond ETF and the 0-4 Year Local Government Bond ETF, which cater to different trading strategies [3].

Market Overview - On September 23, A-shares showed mixed performance with the Shanghai Composite Index down 0.18% and the Shenzhen Component Index down 0.29%, while the ChiNext Index rose 0.21% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 24,944 billion RMB, a significant increase of 3,729 billion compared to the previous trading day [1] - The margin trading scale was 24,000 billion RMB, a slight decrease of 8 billion from the previous day, indicating a distance from the 2015 bull market levels [1] Sector Performance - The banking sector (1.52%), coal (1.11%), and electrical equipment (0.43%) were the top gainers, while leisure services (-3.11%), commercial trade (-2.90%), and computers (-2.39%) saw the largest declines [7] Fund Flow - The ETF market experienced a net inflow of 85.62 billion RMB, with stock ETFs and cross-border ETFs being the main contributors, attracting 58.54 billion and 20.88 billion RMB respectively [8][9] - Semiconductor chips saw a notable net inflow of 27.52 billion RMB, leading the sector, while the CSI 300 experienced a significant net outflow of 22.14 billion RMB [10] Key Highlights - The Science and Technology Innovation Bond ETF (Penghua) reached a new high with a scale exceeding 173 billion RMB, reflecting strong market activity [11] - The semiconductor equipment sector is gaining attention due to multiple favorable factors, including Huawei's announcement of its Ascend chip roadmap and Yangtze Memory's expansion plans [12] - The renewable energy sector is also performing strongly, driven by multiple positive developments, including advancements in solid-state batteries and hydrogen energy technologies [13]

Core Viewpoint - The current bond market is experiencing a complex situation with mixed signals, where a stabilizing funding environment supports bullish sentiment, while the impact of new public bond fund redemption regulations remains uncertain, leading to persistent bearish sentiment [1] Group 1: Market Performance - As of September 22, the Penghua Sci-Tech Bond ETF (551030) reached a new high in scale at 173.54 billion, with a trading volume of 45.62 billion and a turnover rate of 26.31% [1] - The ETF tracks the Shanghai Stock Exchange AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, with nearly 70% of the bonds rated AAA- or higher [1] Group 2: Investment Strategy - The company suggests a defensive strategy, waiting for central bank bond purchases and the implementation of new public fund sales regulations to identify potential trading opportunities after market adjustments [1] - The Penghua Sci-Tech Bond ETF offers advantages such as low fees, low trading costs, high transparency, high diversification, and efficient "T+0" redemption, which helps mitigate investment portfolio risks and improve capital efficiency [1] Group 3: Industry Outlook - Huaxi Securities believes that the policy dividends will create a broad market space for Sci-Tech bonds, with the ETF expected to continue demonstrating long-term allocation value and market influence [2] - Penghua Fund has established a long-term strategy for fixed-income tools since the second half of 2018, actively developing various bond index products and aiming to become a domestic expert in fixed-income indices [2] - The total scale of bond ETFs has surpassed 22 billion, with Penghua Fund also managing significant local government bond ETFs, indicating strong market positioning and liquidity [2]