机构建议积极把握调整后的信用债配置价值，信用债ETF博时(159396)交投活跃，成交额放量超31亿元

Core Viewpoint - The credit bond ETF from Bosera has shown active trading and a significant increase in scale and shares, indicating a positive market sentiment and potential investment opportunities in the credit bond sector [3][4]. Group 1: Market Performance - As of May 12, 2025, the Bosera credit bond ETF (159396) decreased by 0.10%, with a latest price of 100.52 yuan [3]. - The ETF recorded a turnover of 56.3% during the trading session, with a total transaction volume of 3.127 billion yuan, reflecting active market participation [3]. - The average daily transaction volume over the past month reached 2.072 billion yuan as of May 9, 2025 [3]. Group 2: Yield and Investment Strategy - Credit bond yields experienced a rapid decline in early April, influenced by improved liquidity and U.S. tariff policies, but later followed a "V" shaped trend with most yields rising [3]. - The outlook suggests that credit bond yields may decline in line with interest rates due to expected easing in the financial environment, recommending a gradual shift in credit bond allocation from short to long durations [3]. - The ETF closely tracks the Shenzhen benchmark market-making credit bond index, reflecting the operational characteristics of the credit bond market in Shenzhen [3]. Group 3: Fund Metrics - The latest scale of the Bosera credit bond ETF reached 5.837 billion yuan, marking a new high since its inception and ranking it in the top quarter among comparable funds [4]. - The ETF's latest share count reached 58.1031 million, also a new high in the past three months [4]. - The fund has seen a net inflow of 286 million yuan recently, with three out of the last four trading days showing net inflows totaling 351 million yuan [4]. Group 4: Performance and Fees - Since its inception, the Bosera credit bond ETF has recorded a maximum drawdown of 0.89%, with a recovery period of 26 days [4]. - The fund's management fee is 0.15% and the custody fee is 0.05%, both among the lowest in comparable funds [4]. - The tracking error over the past three months is 0.008%, indicating the highest tracking precision among comparable funds [4].