市场迭创新高，ETF势如破竹。 8月21日，海富通上证可转债ETF、华宝金融科技ETF双双突破百亿元。 今年以来，全市场39只债券ETF总规模超5400亿元，相较年初增长超1300亿元，规模增速遥遥领先。目 前，市场上百亿级债券ETF已经达25只，占比约六成。 沪上一位第三方研究人士表示，多只债券型ETF规模快速增长并突破百亿元，背后原因包括近年来债券 市场整体走强、债券ETF优势明显、"资产荒"背景下的配置需求以及产品创新和市场拓展等。未来，随 着债券市场不断发展和投资者对债券ETF认识的加深，债券ETF市场有望保持稳健增长态势。 目前，行业主题类百亿级ETF产品数量已达22只，股票ETF（含跨境ETF）合计规模站上4万亿元大关， 再创新高。 此外，市场上百亿级债券ETF达25只，全市场债券ETF总规模超5400亿元，较年初增长超千亿元。 业内人士表示，上证指数站上3700点、3800点整数关口，极大地激发了市场热情。当下，不仅百亿级 ETF占比提升，日均成交额等数据也在改善，市场风险偏好已经悄然转变。综合来看，市场或已步入一 个"预期修复→资金流入→指数走强→进一步强化预期"的正向反馈。 海富通上证可转债 ...

中国基金报记者 曹雯璟 【导读】海富通上证可转债ETF、华宝金融科技ETF双双突破百亿元 市场迭创新高，ETF势如破竹。 8月21日，海富通上证可转债ETF、华宝金融科技ETF双双突破百亿元。 目前， 行业主题类百亿级ETF产品数量已达22只，股票ETF（含跨境ETF）合计规模站上4万亿元大关，再创新高。 此外， 市场上百 亿 级债券ETF达2 5 只，全市场债券ETF总规模超5400亿元，较年初增长超千亿元。 具体来看，截至8月 21 日， 博时可转债ETF和 海富通短融ETF规模已突破500亿元大关，分别达到573.43 亿元、 530.91亿元； 富国 政 金债券ETF规模达到469.57亿元；海富通城投债ETF、公司债ETF易方达、平安公司债ETF、鹏扬30年国债ETF、南方上证公司债ETF、华 夏信用债ETF的规模均在200亿元之上。 今年以来，全市场39只债券ETF总规模超5400亿元，相较年初增长超1300亿元，规模增速遥遥领先。 目前，市场上百亿级债券ETF已经 达2 5 只，占比约六成。 沪上一位第三方研究人士表示，多只债券型ETF规模快速增长并突破百亿元，背后原因包括 近年来 债券市场整体 ...

Group 1: Market Overview - The bond market showed slight gains in early trading on August 21, with the 30-year Treasury ETF rising by 0.09% and the 30-year Treasury futures contract increasing by 0.28% to a price of 115.8 yuan [1] - The central bank conducted a 7-day reverse repurchase operation of 253 billion yuan at a stable interest rate of 1.40%, while major interest rates for government bonds generally rose [1] Group 2: Monetary Policy Impact - The recent recovery in bond market sentiment is attributed to the central bank's significant net injections since August 15, with a notable operation of 616 billion yuan in reverse repos, resulting in a net injection of 497.5 billion yuan [2] - The market currently perceives a "stock-bond seesaw effect" as a dominant factor, with equity market fluctuations being the largest variable affecting the bond market in the absence of major positive support [2] Group 3: Investment Products - The Pengyang 30-year Treasury ETF (511090) is the first ETF tracking the 30-year Treasury index, offering T+0 trading attributes, allowing investors to capitalize on short-term price movements and adjust portfolio duration [3] - This product serves as a high-elasticity cash management tool and duration adjustment tool, making it attractive for investors, especially in a low-interest-rate environment [3]

展望后市，多位机构人士认为，债券ETF的市场渗透率仍存在提升空间。一方面，随着养老金、年金等长期资金入市，对低风险、高流动性工具 的需求将持续增长；另一方面，ETF产品的费率优势与策略透明度，使其在资产配置中的"压舱石"作用愈发凸显。 鹏扬30年国债ETF(511090)是目前市场上首只跟踪中债30年期国债指数的ETF，具备T+0交易属性，既可使得投资者日内低买高卖博取收益，也可 帮助投资者快速拉长组合久期或用作对冲权益仓位。该产品可以作为客户的高弹性现金管理工具和组合久期调节工具，短期在市场利率波动放大 时，具备较强的交易属性，长期在低利率的背景下，具备较强的配置属性，值得投资者积极关注。 风险提示：本处所列示信息仅用于沟通交流之目的，仅供参考，不构成对任何个股的投资建议。"基金有风险，投资需谨慎" 8月15日讯，国债市场早盘小幅拉升。截至上午10:05，30年国债ETF(511090)涨0.03%。债市方面，30年期国债期货合约(TL2509)最新价为117.76 元，跌0.06%，成交量为17478手，总持仓量为72453手。其余国债期货合约10年期国债(T2509)涨0.01%；5年期国债(TF250 ...

Group 1 - The bond market showed slight gains in early trading on August 7, with the 30-year government bond ETF rising by 0.15% and the 30-year government bond futures contract increasing by 0.20% [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 160.7 billion yuan at a stable interest rate of 1.40%, indicating a stable liquidity environment [1] - The yields on major government bonds experienced minor fluctuations, with the 10-year government bond yield decreasing by 0.5 basis points to 1.699% and the 30-year government bond yield decreasing by 0.05 basis points to 1.9175% [1] Group 2 - Starting from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax, while existing bonds will remain exempt until maturity [2] - The announcement is expected to lead to an increase in forward yield expectations for bonds, with a widening gap between near and long-term prices; however, the long-term impact on the bond market is expected to be limited, providing opportunities for long-term bond investments [2] - The Pengyang 30-year government bond ETF is the first ETF tracking the 30-year government bond index, offering T+0 trading attributes, making it suitable for investors looking to manage cash and adjust portfolio duration [2]

Core Viewpoint - The bond ETF market is experiencing significant growth, with the launch of new products and increasing investor participation, leading to a surge in the number of billion-yuan bond ETFs [2][3][7]. Group 1: Market Overview - On August 5, the BoShi Sci-Tech Bond ETF reached a scale of 10.031 billion yuan, contributing to a total bond ETF market size of nearly 520 billion yuan [2][4][8]. - There are currently 24 bond ETFs with a scale exceeding 10 billion yuan, accounting for approximately 60% of the market [7]. Group 2: Growth Drivers - The rapid growth of bond ETFs is attributed to a strong bond market, the clear advantages of bond ETFs, demand for asset allocation amid an "asset shortage," and ongoing product innovation [7][9]. - The bond ETF market has seen a significant increase in scale, growing from 23.964 billion yuan at the end of 2021 to 52.943 billion yuan by the end of 2022, and further to 80.152 billion yuan by the end of 2023, marking an increase of over 50% [9]. Group 3: Investor Participation - In 2023, the total inflow of funds into bond ETFs reached 274.341 billion yuan, with several company bond ETFs attracting over 20 billion yuan each [9]. - The bond market's bullish trend has encouraged increased allocation to bond ETFs, with their inherent advantages such as ease of trading, risk diversification, and lower fees being highlighted [9][10]. Group 4: Future Outlook - The bond ETF market is expected to continue its steady growth as the bond market develops and investor understanding of bond ETFs deepens [7][10]. - The expansion of bond ETF varieties and improvements in trading mechanisms are anticipated to enhance market recognition and acceptance [10].

Group 1: Market Overview - The bond market saw a slight increase in early trading on August 5, with the 30-year Treasury ETF (511090) rising by 0.10% [1] - As of 10:00 AM, the latest price for the 30-year Treasury futures contract (TL2509) was 119.17 yuan, down by 0.08%, with a trading volume of 18,263 contracts and a total open interest of 105,935 contracts [1] - Other Treasury futures contracts, including the 10-year (T2509), 5-year (TF2509), and 2-year (TS2509), all saw a marginal increase of 0.01% [1] Group 2: Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 160.7 billion yuan today, maintaining the bidding rate at 1.40% [1] - Major interbank interest rates for government bonds saw a slight increase, with the 10-year government bond yield rising by 1.25 basis points to 1.7075% and the 30-year government bond yield increasing by 2 basis points to 1.923% [1] Group 3: Bond Market Insights - The 30-year Treasury ETF (511090) has become significantly more active, with its latest scale surpassing 23.287 billion yuan, marking a record high since its inception [2] - On August 4, the single-day trading volume for the 30-year Treasury ETF reached 9.962 billion yuan, ranking first among similar ETFs in the market [2] - Analysts suggest that the bond market has entered a phase of technical recovery due to previous adjustments, with short-term favorable conditions arising from central bank support and a decrease in insurance preset rates [2] - The 30-year Treasury ETF is noted for its T+0 trading feature, allowing investors to engage in day trading and manage portfolio duration effectively [2]

Core Viewpoint - The bond market is experiencing fluctuations with a recent increase in the scale of the 30-year government bond ETF, indicating a positive sentiment among investors [1][2]. Group 1: Market Performance - As of 10:00 AM, the 30-year government bond ETF (511090) decreased by 0.25%, while its scale surpassed 23.2 billion yuan [1]. - The latest price for the 30-year government bond futures contract (TL2509) was 119.12 yuan, remaining unchanged, with a trading volume of 26,103 contracts and a total open interest of 114,229 contracts [1]. - Other government bond futures, including the 10-year (T2509) and 5-year (TF2509) contracts, showed minimal changes, with the 10-year contract down by 0.01% and the 5-year contract unchanged [1]. Group 2: Monetary Policy and Market Sentiment - The People's Bank of China conducted a 126 billion yuan 7-day reverse repurchase operation at a stable interest rate of 1.40% [1]. - The central bank's recent meeting emphasized the need for sustained macroeconomic policies, including proactive fiscal measures and moderately loose monetary policies to enhance liquidity and lower financing costs [2]. - Following the meeting, the bond market sentiment improved, with the 30-year government bond futures rising for two consecutive days, reflecting a stable fundamental outlook for fixed-income assets [2]. Group 3: Investment Opportunities - The Pengyang 30-year government bond ETF (511090) is the first ETF tracking the 30-year government bond index, offering T+0 trading attributes, which allows investors to capitalize on intraday price movements [2]. - This ETF serves as a high-elasticity cash management tool and a duration adjustment tool for portfolios, making it attractive for investors, especially in a low-interest-rate environment [2].

专题：新浪仓石基金研究院 机构资金持续涌入，债市"压舱石"产品迎来新里程碑。作为全市场首只超长期限ETF，该产品自2023年 5月成立两年多便实现规模从2.92亿到两百亿的跨越，成为债券ETF市场最耀眼的明星产品之一。 规模突破200亿创历史新高 鹏扬30年国债ETF的规模增长轨迹堪称债券ETF市场发展的缩影。鹏扬中债-30年期国债ETF（511090） 成立于2023-05-19，有效募集2110 户募资2.92亿。比较基准：中债-30年期国债指数收益率，基金经理施 红俊，王凯。今年2月14日，该基金规模首次突破百亿大关，达到102.28亿元，成为全市场第6只百亿级 债券ETF。不到半年时间，截止2025年7月24日，流通规模200.48亿元，展现出惊人的"吸金"能力。 长期视角下，该产品展现出超长期国债的独特投资价值。截至2025年7月24日，鹏扬30年国债ETF自成 立以来累计总回报28.83%，略输同期业绩比较基准，但大幅跑赢中证综合债同期表现，同类332只基金 中排名第1。 规模爆发式增长的背后是资金的持续追捧。仅5个交易日，鹏扬中债-30年期国债ETF（511090）近5个 交易日累计"吸金"21 ...

Group 1 - The 30-year government bond ETFs, specifically Bosera 30-Year Government Bond Index ETF and Pengyang 30-Year Government Bond ETF, showed strong performance with daily increases of 0.84% and 0.79% respectively on July 8, 2025 [1] - The central bank did not publish the usual government bond trading operations in June 2025, following its first-ever bond trading operation in August 2024, where it net purchased bonds worth 100 billion yuan [1] - The first quarter monetary policy report indicated that the central bank paused government bond purchases due to a supply-demand imbalance in the bond market [1] Group 2 - Global political and economic order is rapidly restructuring in 2025, with the "Trump 2.0" policy becoming a key variable, leading to increased trade barriers and geopolitical conflicts, which heighten global economic uncertainty and slow growth [1] - China is expected to achieve an annual economic growth rate of approximately 5% through structural reforms in response to external shocks [1] - The domestic demand shortage, low price levels, and external uncertainties are providing support for the bond market, but limited room for further fundamental gains is anticipated due to stable economic growth [1] Group 3 - Under the policy framework of "proactive fiscal policy + moderate monetary easing," there is a likelihood of a 10-15 basis point interest rate cut in the fourth quarter, which may drive down the interest rate center [1] - The bond market is expected to maintain volatility, with a higher probability of strengthening in the fourth quarter [1] Group 4 - The 10-Year Government Bond ETF tracks the 10-Year Government Bond Index, which primarily selects fixed-rate government bonds with a remaining term close to 10 years listed on the Shanghai Stock Exchange, reflecting the overall performance of China's long-term government bond market [2] - The index does not involve specific industry or style allocations, and the issuer is typically the Ministry of Finance of China, aimed at providing investors with a benchmark tool for measuring the long-term government bond market [2]