中信证券：长久期利率债的性价比已经有所修复 金十数据7月21日讯，中信证券研报称，近期随着权益市场情绪升温，债市进入窄幅震荡模式，10年、 30年国债似乎难以突破前低，但信用债、地方债等品种表现则相对强势，说明在基准利率方向不明朗的 阶段，压缩利差成为阻力更小的方向。从比价效应来看，长久期利率债的性价比已经有所修复。 ...

Core Insights - The total scale of bond ETFs in China has surpassed 300 billion yuan for the first time, marking a significant milestone since the market first crossed the 200 billion yuan mark in February 2024 [1] - The bond ETF market has seen rapid growth, with the total scale increasing from 200 billion yuan to 300 billion yuan in just four months, highlighting a robust development trajectory since the inception of the first bond ETF in 2013 [1] Market Performance - Bond ETFs have become a crucial asset allocation tool for investors due to their advantages such as good liquidity and diversified risk [2] - In the past year, certain bond ETFs have shown remarkable performance, with the Bosera SSE 30-Year Treasury ETF and Pengyang Zhongzhai 30-Year Treasury ETF rising by 14.52% and 14.40% respectively [2] Product Classification - Credit bond ETFs, long-duration interest rate bond ETFs, and convertible bond ETFs are currently the most popular types in the bond ETF market, with credit bond ETFs accounting for over half of the total scale [3] - As of June 6, the total scale of credit bond ETFs reached 156.5 billion yuan, representing 51.45% of the total bond ETF market [3] Industry Trends - The bond ETF market is experiencing a "Matthew Effect," with eight bond ETF products managing over 10 billion yuan, indicating a growing head effect [4] - The total management scale of bond ETFs increased by over 40 billion yuan in May 2025 alone, reflecting strong market dynamics [4] Company Landscape - Sixteen fund companies are currently involved in the bond ETF sector, with Haifutong Fund leading with a management scale of 86.5 billion yuan [5] - The bond ETF market has seen a significant increase in scale, with a growth of 101.4 billion yuan in 2025 compared to 2024, indicating a positive outlook for future development [5]

债券ETF市场持续扩容。 今年以来，债券市场表现震荡，债券类基金回报远不及预期，但这并未妨碍债券型ETF市场的蓬勃发展。在弱 回报下，资金涌入债券型ETF力度不减。5月收官，债券型ETF规模再破新高，单月获超400亿元资金净流入。 与此同时，场内资金参与债券ETF交易热情高涨，如5月30日单日成交金额排名前12的ETF产品中有10只ETF均 为债券型ETF。 另外，随着近期信用债ETF开展通用质押式回购业务正式落地，9只债券型ETF产品获允作为通用质押式回购 担保品，被纳入回购质押库，债券型ETF扩容有望按下加速键，整体规模或将再上新台阶。 不惧弱回报，债券型ETF规模大增 开年以来，债券型ETF整体收益不佳，除2只可转债ETF外，已上市的27只信用债、利率债ETF至今最大收益不 足1%。 具体来看，海富通上证城投债ETF、大成深证基准做市信用债ETF、博时深证基准做市信用债ETF年内收益分 别为0.83%、0.8%和0.66%，是今年回报居前三的纯债ETF。这样的业绩与去年动辄5%、8%的年回报相差甚 远，与去年债券市场牛市行情相比，今年债市行情无疑可看作是"熊市"行情。 不过，与消沉的低回报相比，债券型E ...