2025年债券市场"稳健中藏机遇"，信用债不仅成为机构配置的"香饽饽"，个人投资者也纷纷加 码。2025年债市发生了哪些关键变化？2026年债券市场该怎么投？还能继续拥抱"稳稳的幸 福"吗？今年火爆的科创债ETF，普通投资者该怎么选？ 2025年债券市场 本期《投资热点说》特别邀请到鹏华基金固收领域的专家——鹏华基金现金投资部副总经理张佳 蕾、现金投资部基金经理王中兴， 深度拆解2026年债券投资新机遇和新选择！ （点击图片查看精彩直播回看） 访谈金句 张佳蕾：与场外债券指数产品相比，科创债 ETF在产品设计上具备一些特点和优势：交易便捷，申赎高 效。第二，持仓高度透明，便于穿透管理。第三，一键配置科创债主题。第四，可质押融资，资金使用效 率更高。 王中兴：我们认为 2026年债券市场的核心机会将主要围绕"确定性"和"收益增厚"两条主线展开，具体体现 在以下三大领域：第一，中高等级信用债的票息价值领域。第二，具有政策红利的主题债券领域。第三， 利率债的波段交易性机会。 张佳蕾：我建议将债券指数产品作为长期配置的"压舱石"，而将优秀的主动型债基视为可能的收益增强选 择 王中兴：主动管理是 "艺术"，依赖基金经理 ...

（编辑：罗辑 审核：夏欣 校对：燕郁霞） Wind数据显示，截至11月28日，鹏华科创债ETF（551030）规模已成功突破200亿元大关，保持全市场 同类规模第二、沪市同类第一。 自7月17日上市以来，科创债ETF鹏华在场内的交投持续活跃，日均成交额达61.74亿元，日均换手率超 过37.94%。 中经记者 孙汝祥 夏欣 北京报道 ...

在政策红利与市场需求的共同驱动下，我国债券ETF市场正经历前所未有的扩容。近两年间，整体规模 实现从千亿到超7100亿元的历史性跨越，规模增速突飞猛进。在这轮迅猛的发展浪潮中，信用债ETF成 为重要的增长主力，而科创债ETF更是其中的佼佼者。 据Wind数据，截至今年三季末，年内信用债ETF的总规模增长了约4318亿元，其中仅科创债ETF单一品 类就贡献了超2500亿元的增量，占信用债ETF新增规模的近60%。年内市场分两批共推出24只科创债 ETF，分别为7月17日上市的第一批10只和9月24日上市的第二批14只。 作为首批上市的产品之一，鹏华科创债ETF（551030）表现尤为突出。据Wind数据显示，截至2025年11 月28日，该产品规模已成功突破200亿元大关，保持全市场同类规模第二、沪市同类第一，持续保持在 该品类的领先优势。自7月17日上市以来，科创债ETF鹏华在场内的交投持续活跃，日均成交额达61.74 亿元，日均换手率超过37.94%，充分体现了专业投资者的高度认可。 政策东风助力，科创债市场持续扩容 独特信用债品种：科创债整体信用资质高、流动性好 科创债ETF能够迅速赢得市场青睐，除政策支 ...

Core Viewpoint - The technology innovation sector is leading the market, with Penghua Fund establishing itself as a benchmark in the "Tech Innovation Stock and Bond ETF" industry through its strategic positioning and strong performance [1][3]. Group 1: Fund Performance - Penghua Science and Technology 100 ETF (code 588220) achieved a net value growth rate of 94.54% over the past year, with its scale reaching 6.672 billion yuan, making it the top performer among 12 ETFs tracking the Science and Technology 100 Index [1]. - Penghua's Science and Technology Bond ETF (code 551030) also performed well, with a scale of 16.434 billion yuan, ranking among the best in the market for similar products [3]. Group 2: Strategic Positioning - The success of Penghua Fund is attributed to its deep industry insights and forward-looking strategic layout, capitalizing on the national emphasis on technological innovation [3]. - The Science and Technology 100 ETF focuses on mid-cap, liquid leading companies in the Science and Technology Board, providing investors with a convenient way to access "hard technology" assets [3]. - The Science and Technology Bond ETF creates a new area in fixed income investment, catering to the market demand for financing support for tech enterprises, offering a unique asset class with higher credit ratings and better yield potential than ordinary credit bonds [3]. Group 3: Operational Excellence - Penghua Fund boasts a leading quantitative investment team and risk control system, ensuring that ETF net value performance closely aligns with the underlying index, maintaining low tracking errors [4]. - The company has invested significantly in brand building and customer service, promoting the investment value of technology innovation indices and cultivating a broad investor base [4]. Group 4: Future Outlook - As the effectiveness of the A-share market improves and the difficulty of obtaining excess returns from active investment increases, low-cost, high-transparency ETFs are expected to become the preferred choice for more investors [4]. - Penghua Fund plans to continue enhancing its existing products and expanding its ETF product line to meet diverse asset allocation needs of investors [4][5].

Group 1 - The core viewpoint of the articles emphasizes the rapid growth and diversification of the ETF market in China, driven by increasing adoption of index investment strategies and the appeal of ETFs to institutional and individual investors [1][2][3] - ETFs have become a crucial component of asset allocation, with the total number of ETFs exceeding 1200 and total assets surpassing 4.5 trillion yuan, indicating a significant expansion in the market [2][3] - Institutional investors play a dominant role in the ETF market, holding 70% of stock ETFs and 91% of bond ETFs, highlighting their importance in driving market growth [2][3] Group 2 - The ETF market is characterized by a wide range of products covering multiple asset classes and strategies, enhancing the depth and breadth of asset allocation options available to investors [3][4] - Penghua Fund has positioned itself strategically in the ETF space, focusing on innovation and comprehensive product offerings, including a diverse range of technology-focused ETFs [4][5] - The company aims to meet diverse client needs by providing a "one-stop" ETF solution, covering various sectors and themes, and has launched several pioneering bond ETFs [5][6] Group 3 - Penghua Fund is committed to building a robust ETF investment service system, enhancing market liquidity and investor education, which is essential for the sustainable development of the ETF ecosystem [6] - The company emphasizes collaboration and resource sharing with partners to enhance the value of the ETF ecosystem, aiming to support the healthy development of the capital market [6]

Core Viewpoint - The article emphasizes the significance of the newly launched Penghua Science and Technology Innovation Bond ETF in supporting China's technological innovation and enhancing the financing capabilities of innovative enterprises in the bond market [6][21]. Group 1: Overview of Science and Technology Innovation Bonds - The Science and Technology Innovation Bond market in China began in 2016 and has rapidly expanded to a trillion-yuan market by 2022, with further policy support expected by 2025 [6]. - The introduction of the "Technology Board" concept by the central bank in March 2023 and its formal launch in May 2023 marks a new development phase for the Science and Technology Innovation Bond market [6]. - The growing financing needs of innovative enterprises are being met through the issuance of Science and Technology Innovation Bonds, which are increasingly favored by the market [6]. Group 2: Features of the Penghua Science and Technology Innovation Bond ETF - The ETF aims to track the performance of a bond index composed of high-quality Science and Technology Innovation Bonds, ensuring that the underlying bonds have a high credit rating [8][10]. - The index includes 651 bonds with a total outstanding amount of 885.755 billion yuan, representing 78% of the balance of Science and Technology Innovation Bonds on the Shanghai Stock Exchange [12]. - The ETF is designed to enhance market liquidity for Science and Technology Innovation Bonds, making it easier for investors to participate in this market [6][8]. Group 3: Investment Strategy and Management - The Penghua Fund has a long-standing reputation in fixed income investment, with a professional team that has been active since 2003, ensuring a robust management framework for the ETF [24][28]. - The ETF employs a dual-fund manager model to leverage both research and operational expertise, enhancing its ability to respond to market changes and manage risks effectively [28][29]. - The ETF is positioned as a standardized tool that aligns with national strategies and supports technological enterprises, filling a gap in the existing bond ETF market [22][21].