信用债热度持续走高，天弘旗下唯一信用债ETF天弘（159398）盘中涨0.07%，冲击三连涨

Group 1 - The core viewpoint is that the Tianhong Credit Bond ETF (159398) is experiencing significant inflows and is on track for a potential three-day rise, with a net inflow of nearly 5.9 billion yuan over the past 20 trading days [1] - As of the latest data, the Tianhong Credit Bond ETF has reached a record circulation scale of 11.8 billion yuan, reflecting strong market interest [2] - The rapid expansion of credit bond ETFs is contributing to a bull market for long-term credit bonds, with the total scale of eight newly listed benchmark market-making credit bond ETFs approaching 130 billion yuan, nearly six times the initial fundraising scale [2] Group 2 - The bond market has been in a tug-of-war since the second quarter of 2025, with short-term credit spreads compressing to historical lows, making medium to long-term credit bonds more attractive [2] - There is an increasing focus from investors, particularly insurance and wealth management sectors, on exchange-traded credit bond ETFs, indicating a growing interest in these products [2] - The rapid expansion of credit bond ETFs is driving an independent bull market for ultra-long credit bonds [2]