Two bond ETFs surpass 50 billion yuan in size, institutional investors hold a relatively optimistic view.

Since the beginning of this year, bond ETFs have become one of the important directions favored by funds, with the scale of several bond ETFs reaching record highs. The latest data shows that as of June 20th, the scale of the Harvest CSI Short-term Bond ETF and the Fortune SGAMZ Bond ETF both exceeded 50 billion yuan, making them the first batch of bond ETFs in the market to reach this scale. Looking ahead to the second half of the year in the bond market, Harvest Fund believes that the fundamentals supporting the bull market in bonds over the past two years have not changed. The current economy is still in a period of structural adjustment, and the downward trend in bond yields remains unchanged. Xu Tan, the fund manager of the Fixed Income Department of Huabao Fund, stated that in the first half of 2025, the bond market will be volatile. Factors that may continue the "bull market in bonds" in the future include: the short-term resilience of the economic fundamentals, the rebound in social financing growth in the second quarter, banks continuing to realize profits by selling bonds, and the slow downward pressure on banks' liability costs restricting the speed of decline in bonds.