建立健全多样化专业性的金融产品和服务体系是加快构建我国特色现代金融体系的一项重要任务。债券指数产品作为金融产品体系的组成部分，凭借其低风险、低成本的优势，得到了投资者的广泛关注。随着我国债券市场发展稳步推进，债券指数持续丰富完善，指数质量在编制方法的优化下不断提高，为债券指数产品提供了新的机遇。近年来，我国债券指数产品的配置性需求持续提升，产品类型和应用场景日益丰富，在支持国家发展战略、推进经济高质量发展中发挥着重要作用。
债券指数产品为投资者提供战略性和战术性配置工具。债券指数投资是一种低成本的投资管理方式，具有较高的透明度和分散性，可以分散信用风险。投资者可以购买与债券指数挂钩的产品，分享市场长期增长的平均收益。债券指数产品优势的发挥依靠债券指数业务和服务的纵深发展。以中债指数为代表的指数品牌，已实现境内人民币债券全覆盖，为市场提供丰富、专业、权威的跟踪标的和业绩比较基准，被广泛应用于基金产品、理财产品、结构化产品等领域。截至2024年一季度末，境内存续的债券指数基金产品规模为6517.35亿元。2023年新发以债券指数作为业绩比较基准的理财产品近190只。除此之外，与收益凭证、收益互换、场外期权等产品挂钩的债券指数，助力了金融机构投资策略落地。近年来，创新型多资产系列指数持续推出，满足了“固收+”等金融产品领域多元化投资需求。
债券指数产品为国家战略实施提供积极支持。债券指数产品所追踪的指数，聚焦国家重大战略、重点领域，一定程度上引导债券市场对该领域的长期关注和支持：在绿色金融领域，中债指数推出包括绿色多资产系列、绿债系列、ESG系列及碳系列指数，反映我国绿色及可持续发展债券市场的发展，向投资者提供相关债券指数参考基准和标的；在普惠金融领域，已有数只挂钩普惠主题指数的公募基金发行，引导资金流向小微、“三农”等领域；在养老金融领域，中债指数支持机构定制年金基金债券指数，进行养老金指数化投资方面的开放性探索；在科技金融领域，中债指数发布多只科技创新债券指数，推动市场资金精准高效流入科技创新领域，更好发挥债券市场在服务国家创新驱动发展战略和产业转型升级中的积极作用。
未来，债券指数产品市场发展潜力巨大。一方面，应加强债券指数研发，多角度反映人民币债券市场走势，为投资者提供多元化的业绩比较基准和跟踪标的；应重点关注科技金融、绿色金融、普惠金融、养老金融、数字金融领域，更好支持国家发展战略。另一方面，可拓展债券指数的应用，积极推动指数产品化，如进一步推动债券指数作为理财产品的业绩比较基准，助力理财产品净值化转型；支持发行更多细分领域债券指数基金，为市场提供信用资质佳、分散度高、流动性好、可追踪、可复制的投资标的，助力建立健全多样化专业性的金融产品和服务体系。
◇ 本文原载《债券》2024年7月刊
◇ 作者：钟言
◇ 编辑：张文廖雯雯
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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