1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - ETFs have significant allocation tool attributes and have become one of the most highly - regarded and fastest - growing fund types in recent years. The domestic ETF institutional system has been continuously improved, and the first batch of stock - bond constant ETFs is expected to be launched soon [1]. - Stock - bond constant ETFs can standardize and passivize the "fixed - income +" strategy, with high strategy transparency, strong investment discipline, low comprehensive costs, and high trading efficiency. They are expected to become an important supplement in the multi - asset allocation field [2]. - Overseas, the BlackRock iShares Core Allocation series is a benchmark product. It has achieved remarkable scale expansion and good performance, providing a reference for the development of domestic products [3]. - The launch of stock - bond constant ETFs may have a structural impact on the bond market, and fund companies and investors should take corresponding measures [4]. 3. Summary by Directory 3.1 System Improvement and Product Launch - **ETF Basic System Optimization**: Since 2022, a series of policies have been introduced to optimize the ETF system, including promoting product innovation, shortening the waiting period for fund development, establishing a fast - approval channel, guiding long - term funds to enter the market, and optimizing the registration process and sales fee arrangements [8][9]. - **Policy Guidance for Stock - Bond Constant Products**: In 2025, relevant policies explicitly proposed to research and launch multi - asset ETFs, and the Shenzhen Stock Exchange put forward the development direction of "serving new - quality productivity through stock - bond combination". Meanwhile, multiple stock - bond constant ratio indexes have been released [11]. 3.2 Characteristics of Stock - Bond Constant Indexes and ETF Products - **Product Introduction**: Stock - bond constant ETFs are passive exchange - traded funds that allocate stocks and bonds in a preset fixed ratio. They achieve disciplined multi - asset allocation by tracking standardized indexes and use a rebalancing mechanism to maintain the target ratio. They have advantages such as high strategy transparency, strong investment discipline, low comprehensive costs, and high trading efficiency [2][13]. - **Stock - Bond Constant Indexes**: The domestic stock - bond constant ratio index system has a multi - level layout, covering different risk preferences. It provides a basis for the diversified and differentiated issuance of stock - bond constant ETFs [16]. 3.3 Overseas Experience: BlackRock iShares Series - **Product Introduction**: The BlackRock iShares Core Allocation series uses four standardized stock - bond ratios to cover the full risk spectrum, corresponding to different risk - preference customer groups [20]. - **Architecture Design**: It adopts a pure ETF - FOF architecture, with the mother ETF investing in iShares' core stock and bond ETFs, achieving high - transparency global asset allocation [23]. - **Cost Advantage**: The series has a unified net fee rate of 15bp, benefiting from scale effects, internal cooperation, and a passive management model [31]. - **Performance**: From November 2008 to the end of 2025, different - ratio products showed clear gradients in annualized returns, with higher stock ratios corresponding to higher returns [32]. - **Scale Change**: The average asset size of the series expanded from $49 million in 2008 to $8.35 billion in 2025, with the scale being affected by the underlying asset market [33]. 3.4 Market Outlook - **Impact on the Bond Market**: In the short term, stock - bond constant ETFs have a limited and local impact on the bond market. In the long term, they may lead to the re - allocation of some fixed - income funds, having a structural impact on the bond market [37]. - **Experience for Fund Companies**: Fund companies should focus on the first - mover advantage, select mature underlying indexes, and control cost rates [38]. - **Attraction for Investors**: In the low - interest - rate era, stock - bond constant ETFs can supplement the returns of traditional fixed - income products, have lower costs, and high strategy transparency, allowing investors to choose asset combinations according to their risk preferences [40].