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。 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"。 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。 1月份央行买国债量持续增加。央行公告显示1月份国债净买入1000亿，规模较此前几个月持续增加。有 机构指出，去年四季度，国债净买入量（1200亿）占国债净发行比例为10%，而今年1月份比例扩大到 23.4%，或意味着一旦国债发行提速，货币政策就会更好的和财政政策进行配合，缓和市场对供给的担 心。 此外，央行公告，2月4日将以固定数量、利率招标、多重价位中标开展8000亿元买断式逆回购操作，期 限为3个月，而2月份到期的3月买断式回购是7000亿，这意味着央行净投放1000亿。整体也体现了央行 对流动性的呵护。 截至2026年2月4日 15:00，科创债ETF鹏华(551030)多 ...

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"。 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。 截至2026年1月30日 15:00，科创债ETF鹏华(551030)小幅回调，盘中换手46.94%，成交额96.25亿元，市 场交投活跃。 德邦证券指出，距离春节（2月10日）尚有约两周，央行净投放叠加Shibor短端全线下行，表明机构备 付需求未集中爆发，其中14天期回购利率仅微降0.3BP，市场对央行后续流动性对冲有信心，建议继续 关注央行流动性投放工具（如MLF续作、逆回购）的对冲力度。外围流动性稳定，跨节预期平稳，适 度宽松的货币政策环境有望支撑债市情绪。 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。 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 ...

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。 1月23日央行开展9000亿元1年期MLF操作，净投放规模超过近几个月水平，明确释放了维护流动性充 裕的信号。同日，央行行长在接受专访时重申"今年降准降息还有一定的空间"，进一步强化了政策宽松 的预期。华宝证券指出，综合来看，短期资金面无忧，中期亦有明确的宽松工具可期，短期内有望继续 支撑债市情绪。 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。 截至2026年1月26日 15:00，科创债ETF鹏华(551030)小幅回调。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。 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 ...

Group 1 - The central bank's monetary policy will continue to focus on structural measures, with a reduction of 0.25 percentage points in various structural monetary policy tool rates to lower social financing costs and support key sectors [1] - There is room for interest rate cuts and reserve requirement ratio reductions, which will be used flexibly and efficiently [1] - The central bank will dynamically adjust the scale of bond purchases based on market conditions to prevent sharp market fluctuations [1] Group 2 - The Penghua Science and Technology Innovation Bond ETF (551030) is one of the first ten such ETFs, tracking the Shanghai Stock Exchange AAA-rated technology innovation corporate bond index [2] - Compared to single bond investment strategies, the ETF offers advantages such as low fees, low trading costs, high transparency, high diversification, and efficient "T+0" redemption, which helps to mitigate investment portfolio risks and improve capital efficiency [2] - Penghua Fund has established a long-term strategy for fixed income tools since the second half of 2018, actively positioning itself in various fixed income index products and aiming to become a domestic expert in fixed income indices [2]

截至2026年1月15日 15:00，科创债ETF鹏华(551030)上涨0.04%，实现3连涨，盘中换手60.9%，成交 132.43亿元，市场交投活跃。 消息面上，央行相关负责人1月15日表示，下调各类结构性货币政策工具利率0.25个百分点，各类再贷 款一年期利率降至1.25%，其他期限档次利率同步调整。 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。 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。 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"。 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。 华西证券指出，对于债市而言，随着抑制资本市场过热的情绪，股市慢牛信号逐渐明 ...

Group 1 - The bond market is currently under pressure from equity risk appetite, with the Penghua Sci-Tech Bond ETF (551030) experiencing a slight pullback and a trading volume of 1.33 billion yuan, accumulating 2.598 billion yuan over the past 19 trading days [1] - Zhongyou Securities indicates that the relative pricing between stocks and bonds has reached a balance, and the suppression of bonds by risk appetite is expected to be temporary, as the fundamental environment has not reversed [1] - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA-rated Sci-Tech Innovation Company Bond Index, which selects bonds with AAA ratings and above, offering advantages such as low fees, low trading costs, high transparency, and high efficiency in redemption [1] Group 2 - Huaxi Securities believes that the policy dividends will create a broad market space for Sci-Tech bonds, and the Sci-Tech Bond ETF is expected to continue to highlight its 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 laying out various fixed-income index products and aiming to become a domestic expert in fixed-income indices [2] - The total scale of bond ETFs has surpassed 30 billion yuan, reflecting the growing demand for bond index investment tools [2]

Group 1 - The core viewpoint is that the bond market is gradually recovering from a bearish phase, with increasing liquidity and potential for a bond bull market to start soon [1][2] - The Penghua Science and Technology Innovation Bond ETF (551030) has shown active trading with a turnover of 41.38% and a transaction volume of 9.407 billion yuan, indicating strong market interest [1] - Over the past eight trading days, there have been five days of net inflows totaling 503 million yuan, with an average daily net inflow of approximately 62.9 million yuan [1] Group 2 - Huaxi Securities believes that the policy benefits will create a broad market space for science and technology innovation bonds, with the ETF being the only indexed tool in this sector, enhancing its long-term value and market influence [2] - Penghua Fund has been actively developing a long-term strategy for fixed-income tools since the second half of 2018, aiming to become a domestic expert in fixed-income indices [2] - The Penghua Fund plans to continue providing high-quality bond index investment tools, leveraging its expertise in bond index investment management and product operation experience [2]

Group 1 - The core viewpoint is that the 科创债 ETF (Penghua, 551030) is experiencing active market trading, with a slight increase of 0.06% and a turnover rate of 42.27%, amounting to a transaction volume of 10.113 billion yuan [1] - The bond market is facing multiple pressures, including a strong stock market, rising supply pressures, temporary inflation increases, and limited central bank bond purchases, which negatively impact the bond market [1] - Despite these challenges, rising bond yields are improving the relative value of bonds compared to loans, and the valuation of bonds is becoming competitive with stocks, indicating a potential stabilization in the bond market [1] Group 2 - 华西证券 believes that the 科创债 market has significant growth potential under favorable policies, and the 科创债 ETF is expected to continue to highlight its long-term allocation value and market influence [2] - The flexibility of the 科创债 ETF as a tool caters to investors' demand for stable returns while providing liquidity and investment opportunities [2] - Penghua Fund has been actively developing a "fixed income tool product" strategy since the second half of 2018, aiming to become a domestic expert in fixed income indices by offering high-quality bond index investment tools [2]

Core Viewpoint - The article highlights the active trading and significant net inflows into the Penghua Sci-Tech Bond ETF, indicating a favorable market environment for bond investments, particularly in the technology sector [1][2]. Group 1: Market Activity - As of December 31, 2025, the Penghua Sci-Tech Bond ETF (551030) recorded a trading volume of 5.311 billion yuan, reflecting active market participation [1]. - The ETF has seen continuous net inflows over the past seven days, with a peak single-day net inflow of 629 million yuan, totaling 2.795 billion yuan in net inflows for the month, averaging 399 million yuan per day [1]. Group 2: Market Conditions - The bond market has experienced fluctuations in yields due to factors such as the central bank's liquidity support, a generally loose funding environment, and varying expectations of interest rate cuts [1]. - In early December, the bond market strengthened slightly due to marginally loose funding and institutional demand, while mid-month saw fluctuations influenced by the central bank's actions and supply concerns [1]. - By the end of the month, expectations for interest rate cuts diminished, leading to a rapid increase of 2 basis points in the yield of 10-year bonds in a single day [1]. Group 3: Investment Strategy and Outlook - According to China Galaxy Securities, the funding environment is likely to stabilize in January under the central bank's support, with potential for further monetary easing measures, which could favor the bond market [1]. - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA-rated Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, indicating a focus on high-quality debt instruments [1]. Group 4: Advantages of Sci-Tech Bond ETF - Compared to single bond purchase strategies, the Sci-Tech Bond ETF offers advantages such as low fees, low trading costs, high transparency, and high liquidity, which help in diversifying investment risks and improving capital efficiency [2]. - Huaxi Securities believes that the policy benefits create a broad market space for sci-tech bonds, and the ETF's unique index-based nature will enhance its long-term value and market influence [2]. - Penghua Fund has been actively developing a range of fixed-income products since the second half of 2018, aiming to establish itself as a leading expert in fixed-income indices in China [2].

Core Viewpoint - The article discusses the performance and market dynamics of the Penghua Sci-Tech Bond ETF (551030), highlighting its recent trading activity and the broader context of the bond market in China [1][2]. Group 1: Market Performance - As of November 18, 2025, the Penghua Sci-Tech Bond ETF has increased by 0.03%, with a trading volume of 7.5 billion yuan, indicating active market participation [1]. - The latest scale of the Penghua Sci-Tech Bond ETF has surpassed 19.628 billion yuan [1]. Group 2: Monetary Policy and Market Outlook - The People's Bank of China (PBOC) conducted a reverse repurchase operation of 407.5 billion yuan at a fixed rate of 1.4%, with 403.8 billion yuan maturing today, resulting in a net injection of 3.7 billion yuan [1]. - Recent economic and financial data confirm the economic fundamentals, while the PBOC's third-quarter monetary policy report emphasizes a stable policy stance and a focus on medium to long-term issues [1]. - The report suggests a shift in market sentiment regarding the necessity of interest rate cuts, indicating a potential delay in such actions [1]. Group 3: Investment Strategy and Product Features - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index, which includes bonds rated AAA and above, providing advantages such as low fees, low trading costs, high transparency, and diversification [2]. - Under favorable policy conditions, the market for sci-tech bonds is expected to expand, with the ETF's long-term value and market influence likely to increase [2]. - Penghua Fund aims to establish itself as a "fixed income index expert" by actively developing a range of fixed income products, with the total scale of bond ETFs exceeding 30 billion yuan [2].