信用债ETF的投资新机遇

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The scale of bond ETFs will continue to expand significantly this year, with ample room for future development. Their holding income and trading attributes are prominent, and the market has broad growth potential [13][22]. - Credit - bond ETFs are expected to attract more capital inflows, and their net asset value will grow rapidly, enhancing their investment value [5][61]. - Benchmark - market - making credit - bond ETFs may be a preferred choice for allocation in a low - interest - rate environment, worthy of investors' attention [67]. 3. Summary by Relevant Catalogs 3.1 Bond ETFs - Market Scale: As of May 28, 2025, there were 29 bond ETFs in the market, with a total net asset value of 281.404 billion yuan. This year's scale growth has caught up with that of the whole of last year [2][12][13]. - Performance: Since 2024, treasury bond ETFs, local government bond ETFs, and convertible bond ETFs have higher absolute returns, while local government bond ETFs and benchmark - market - making credit - bond ETFs have stronger risk - resistance capabilities. In terms of risk - return ratio, local government bond ETFs have the highest Sharpe ratio [3][21]. - Comparison with Bond Funds: In 2024, bond ETFs had stronger return capabilities and faster share growth compared to active/passive bond funds [22]. 3.2 Credit - bond ETFs - Scale and Growth: Short - term financing ETFs have obvious scale advantages and the fastest growth rate. The combined net asset value of 8 newly - established benchmark - market - making corporate bond ETFs has exceeded 60 billion yuan, with a growth rate of 185.64% compared to their inception [4][27]. - Performance: As of May 28, 2025, the cumulative returns of urban investment bond ETFs, short - term financing ETFs, and corporate bond ETFs were 5.16%, 2.83%, and 4.11% respectively. In the past month, 4 benchmark - market - making corporate bond ETFs and 1 urban investment bond ETF had annualized returns of over 6.20% [5][35]. - Liquidity: The 8 benchmark - market - making credit - bond ETFs have higher turnover rates, and their liquidity is expected to further improve [5][62]. 3.3 Credit - bond ETF Investment Strategies - Characteristics of Benchmark - Market - Making Credit - bond ETFs: They have high - quality underlying assets, wide - range maturity coverage, significant cost advantages, and flexible trading mechanisms [66][67]. - Investment Advantages: For investors with liquidity management requirements, purchasing long - term credit bonds through bond ETFs can enhance portfolio flexibility and reduce liquidity risks [6][71].