建立健全多樣化專業性的金融產品和服務體系是加快構建我國特色現代金融體系的一項重要任務。債券指數產品作為金融產品體系的組成部分，憑借其低風險、低成本的優勢，得到了投資者的廣泛關注。隨著我國債券市場發展穩步推進，債券指數持續豐富完善，指數質量在編制方法的優化下不斷提高，為債券指數產品提供了新的機遇。近年來，我國債券指數產品的配置性需求持續提升，產品類型和應用場景日益豐富，在支持國家發展戰略、推進經濟高質量發展中發揮著重要作用。

　　債券指數產品為投資者提供戰略性和戰術性配置工具。債券指數投資是一種低成本的投資管理方式，具有較高的透明度和分散性，可以分散信用風險。投資者可以購買與債券指數掛鉤的產品，分享市場長期增長的平均收益。債券指數產品優勢的發揮依靠債券指數業務和服務的縱深發展。以中債指數為代表的指數品牌，已實現境內人民幣債券全覆蓋，為市場提供豐富、專業、權威的跟蹤標的和業績比較基準，被廣泛應用于基金產品、理財產品、結構化產品等領域。截至2024年一季度末，境內存續的債券指數基金產品規模為6517.35億元。2023年新發以債券指數作為業績比較基準的理財產品近190只。除此之外，與收益憑證、收益互換、場外期權等產品掛鉤的債券指數，助力了金融機構投資策略落地。近年來，創新型多資產系列指數持續推出，滿足了“固收+”等金融產品領域多元化投資需求。

　　債券指數產品為國家戰略實施提供積極支持。債券指數產品所追蹤的指數，聚焦國家重大戰略、重點領域，一定程度上引導債券市場對該領域的長期關注和支持：在綠色金融領域，中債指數推出包括綠色多資產系列、綠債系列、ESG系列及碳系列指數，反映我國綠色及可持續發展債券市場的發展，向投資者提供相關債券指數參考基準和標的；在普惠金融領域，已有數只掛鉤普惠主題指數的公募基金發行，引導資金流向小微、“三農”等領域；在養老金融領域，中債指數支持機構定制年金基金債券指數，進行養老金指數化投資方面的開放性探索；在科技金融領域，中債指數發布多只科技創新債券指數，推動市場資金精準高效流入科技創新領域，更好發揮債券市場在服務國家創新驅動發展戰略和產業轉型升級中的積極作用。

　　未來，債券指數產品市場發展潛力巨大。一方面，應加強債券指數研發，多角度反映人民幣債券市場走勢，為投資者提供多元化的業績比較基準和跟蹤標的；應重點關注科技金融、綠色金融、普惠金融、養老金融、數字金融領域，更好支持國家發展戰略。另一方面，可拓展債券指數的應用，積極推動指數產品化，如進一步推動債券指數作為理財產品的業績比較基準，助力理財產品凈值化轉型；支持發行更多細分領域債券指數基金，為市場提供信用資質佳、分散度高、流動性好、可追蹤、可復制的投資標的，助力建立健全多樣化專業性的金融產品和服務體系。

　　◇ 本文原載《債券》2024年7月刊

　　◇ 作者：鐘言

　　◇ 編輯：張文　廖雯雯

　　Unleashing the Potential of Bond Index Products to Support High-Quality Economic Development

　　Zhong Yan

　　Establishing and improving a diversified and professional system of financial products and services is key to accelerating the construction of a modern financial system with Chinese characteristics． As part of the financial product system， bond index products have gained attention from investors due to low risks and costs． With the steady development of China’s bond market， bond indices have been improved with optimized methodologies and thus enhanced quality， providing new opportunities for bond index products． In recent years， bond index products have been diversified， used in more scenarios and sought after by more investors， playing an important role in supporting national initiatives and high-quality economic development．

　　Bond index products stand out as a strategic and tactical investment tool． Bond index-based investment is a low-cost investment management method with good transparency and diversification． Investors can buy products linked to bond indices and share the average return of long-term market growth． The advantages of bond index products depend on the in-depth development of bond index business and services． Index products， for instance the ChinaBond Indices， have achieved full coverage of domestic RMB bonds， providing professional and reliable tracking targets and performance benchmarks， and thus being widely used in fund products， wealth management products， structured products and so on． By the end of the first quarter of 2024， the outstanding amount of bond index fund products in China was RMB651.735 billion． In 2023， nearly 190 new wealth management products had bond indices as performance benchmarks． In addition， bond indices linked to income certificates， return swaps and OTC options has helped financial institutions to practice their investment strategies． In recent years， innovative multi-asset indices have been created， meeting the “fixed income+” and other diversified investment needs．

　　Bond index products support implementation of national initiatives． The indices tracked by bond index products focus on major national initiatives and key areas， guiding the bond market’s long-term attention and support to such areas． For green finance， ChinaBond Indices have launched green multi-asset series， green bond series， ESG series and carbon series， reflecting China’s green and sustainable bond market， and providing investors with benchmarks． For inclusive finance， several public funds linked to inclusive indices have been issued to guide the funds towards small and micro enterprises， agriculture， rural areas， and farmers． For pension finance， ChinaBond Indices support customized annuity bond indices， making explorations in index-based pension investment． For technology finance， ChinaBond Indices have offered several sci-tech innovation bond indices to promote the precise and efficient flow of funds into the technology innovation sector， and better leverage the positive role of the bond market in serving the national initiative of innovation-driven development as well as industrial transformation and upgrading．

　　In the future， there is enormous potential for the development of the bond index products． On the one hand， research and development of bond indices needs to be enhanced， so as to reflect the trend of the RMB bond market from multiple perspectives， and provide investors with diversified performance benchmarks and tracking targets． Attention needs to be placed on technology finance， green finance， inclusive finance， pension finance， and digital finance to support relevant national initiatives． On the other hand， the application of bond indices can be expanded． For example， efforts can be made to promote the use of bond indices as performance benchmarks for wealth management products， facilitating the transformation to net value-based management． It is also suggested to issue bond index funds of more segments， providing trackable and replicable investment targets with good credit， diversification and liquidity， and contributing to a diversified and professional system of financial product and services．

　　This article was first published on Bond Monthly （ Jul． 2024）．Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．

　　◇ Editors：Zhang Wen， Liao Wenwen

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責任編輯：趙思遠