According to the CITIC Securities research report, as of 2023Q4, China's bond ETF market reached 78.483 billion yuan, an increase of 48.26% over the previous year. However, as the bullish debt market has continued to heat up since the beginning of the year, we are concerned that the net worth of some bond ETF products has also grown rapidly, and the share of some products has even increased exponentially. We believe that this round of market is mainly benefiting from the resonance of demand for transactional and allocation-type capital. As interest rates on long-term bonds return to a low level, the growth trend of ultra-long-term products such as the more transactional 30-year treasury bond ETF may slow down, but medium- to long-term interest rate bonds and credit bond ETFs still have a lot of room for growth.