信用债ETF博时(159396)最新份额创近3月新高，机构：2025年信用债整体仍偏乐观

Core Viewpoint - The credit bond ETF Boshi (159396) shows positive performance and liquidity, with a recommendation for investors to focus on specific bond durations and types for potential gains [3][4]. Group 1: Performance Metrics - As of July 3, 2025, the credit bond ETF Boshi increased by 0.06%, with a latest price of 101.24 yuan [3]. - Over the past three months, the ETF has accumulated a rise of 1.16%, ranking 2nd out of 4 comparable funds [3]. - The ETF's latest scale reached 12.316 billion yuan, marking a new high since its inception, and it ranks 2nd among comparable funds [4]. - The ETF's share count reached 12.2 million, also a new high in the last three months, maintaining the 2nd position among comparable funds [4]. Group 2: Liquidity and Trading Activity - The ETF recorded a turnover rate of 60.27% during trading, with a transaction volume of 7.429 billion yuan, indicating active market participation [3]. - The average daily transaction volume over the past month was 4.678 billion yuan, ranking 1st among comparable funds [3]. Group 3: Fund Inflows and Returns - The ETF experienced a net inflow of 22.251 million yuan recently, with a total of 690 million yuan net inflow over the past five trading days, averaging 138 million yuan per day [4]. - Since its inception, the ETF has had a maximum consecutive monthly gain of 4 months, with a profit percentage of 80% and a profit probability of 73.12% [4]. - The ETF's Sharpe ratio for the past month was 1.06, placing it in the top 2 out of 4 comparable funds, indicating higher returns for the same level of risk [4]. Group 4: Risk and Fee Structure - The maximum drawdown since inception for the ETF was 0.89%, with a relative benchmark drawdown of 0.10% [4]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4]. - The tracking error for the ETF year-to-date is 0.009%, indicating high tracking precision compared to similar funds [4]. Group 5: Market Context - The People's Bank of China reported liquidity injections in June, including a net injection of 535.9 billion yuan through short-term reverse repos [3]. - Industry experts remain optimistic about the overall credit bond market in 2025, suggesting a focus on 3-5 year bonds with higher valuations and liquidity for tactical trading [3].