SWSC(SH:600369) Southwest Securities·2025-09-01 02:49Report Industry Investment Rating - Not provided in the given content Core Viewpoints - In the stock bull market, convertible bond ETFs continue to drive a significant increase in the share of bond ETFs. As of the close on August 29, 2025, compared with the close on August 22, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs changed by 33.48 million shares, - 1.37 million shares, no change, 22.31 million shares, and 487.60 million shares respectively, with a total change of 542.02 million shares in bond - type ETFs; compared with the end - of - last - month close, they changed by 121.50 million shares, - 39.28 million shares, - 0.40 million shares, 192.15 million shares, and 1498.10 million shares respectively, with a total change of 1772.07 million shares in bond - type ETFs [2][5]. - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction [2][7]. Summary by Directory 1.1 Various Bond ETF Share Trends - In the stock bull market, convertible bond - type ETFs continue to drive a significant increase in the share of bond ETFs. As of August 29, 2025, the shares of treasury bond, policy - financial bond, local bond, credit bond, and convertible bond ETFs were 650.23 million shares, 466.86 million shares, 79.78 million shares, 3098.66 million shares, and 5683.25 million shares respectively, with a total of 9978.77 million shares in bond - type ETFs [5]. 1.2 Main Bond ETF Share and Net Value Trends - Core bond ETFs generally saw an increase in shares, convertible bond ETFs received substantial net inflows, and long - term interest - rate bonds were also allocated. As of August 29, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF were 248.07 million shares, 406.16 million shares, 31.73 million shares, 2381.68 million shares, and 4825.79 million shares respectively, with changes of 9.69 million shares, - 0.21 million shares, no change, no change, and 471.50 million shares respectively compared with August 22, 2025 [7]. - The net value of long - term interest - rate bond ETFs stabilized and rose slightly, while convertible bond ETFs showed a significant correction. As of August 29, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.26%, - 0.01%, 0.05%, 0.03%, and - 2.54% respectively compared with August 22, 2025; compared with the end - of - last - month close, they changed by - 2.21%, - 0.66%, - 0.19%, - 0.06%, and 4.17% respectively [10]. 1.3 Credit Bond ETF Share and Net Value Trends - The overall share of credit bond ETFs was stable, with only a slight outflow of 3.00 million shares from Boshi Credit Bond ETF. As of August 29, 2025, among the 8 existing credit bond ETFs, only Boshi Credit Bond ETF had a change of - 3.00 million shares, and the others remained unchanged [14]. - The net value of credit bond ETFs rebounded slightly. As of August 29, 2025, compared with August 22, 2025, the net values of the 8 credit bond ETFs changed with some showing no change and others having increases such as 0.01%, 0.04% etc. [16]. 1.4 Science and Technology Innovation Bond ETF Share and Net Value Trends - The shares of science and technology innovation bond ETFs were slightly differentiated. As of August 29, 2025, among the 10 existing science and technology innovation bond ETFs, some had share decreases such as - 1.16 million shares, - 2.80 million shares, - 0.73 million shares, while others had increases such as 3.00 million shares, 1.05 million shares, 1.00 million shares [19]. - The net value of science and technology innovation bond ETFs generally stopped falling and rose slightly. As of August 29, 2025, compared with August 22, 2025, most of the 10 science and technology innovation bond ETFs had net value increases such as 0.01%, 0.02%, 0.03%, 0.04%, with only one showing a - 0.02% change [21]. - Last week, the PCF list repeatedly included 6 bonds such as 25 Postal K2. The top three bonds in the ranking of the product of the excess return change and the corresponding duration of each expanded bond were 25 Yuanrong K5, 25 Yuanrong K2, and 25 Yuehuan GK1, and the last three were 25 Shenneng K1, 25 Postal K2, and Jingzi K12 [22]. 1.5 Net Inflow of Some Bond ETFs - Convertible bond ETFs had the highest cumulative net inflow this week and this month. Weekly, the top three bond ETFs with cumulative net inflows were convertible bond ETF, short - term financing ETF, and benchmark treasury bond ETF; monthly, the top three were convertible bond ETF, Shanghai - Stock - Exchange convertible bond ETF, and urban investment bond ETF. In terms of cumulative trading days, the top three bond ETFs with cumulative net inflows in the past 10 trading days were convertible bond ETF (1135.76 million yuan), Shanghai - Stock - Exchange convertible bond ETF (188.22 million yuan), and 30 - year treasury bond ETF (48.71 million yuan); in the past 20 trading days, they were convertible bond ETF (1618.23 million yuan), Shanghai - Stock - Exchange convertible bond ETF (281.16 million yuan), and urban investment bond ETF (186.85 million yuan) [2][24].