信用债类ETF行情修复，转债类ETF增势收敛

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Credit - bond ETFs' share significantly rebounded, while convertible - bond ETFs' popularity weakened. The overall share of credit - bond ETFs remained stable, with slight outflows from some. The share of science - innovation bond ETFs generally increased, and their net value continued to rise. The net value of major bond ETFs all increased, with convertible - bond ETFs leading the gain. Among partial bond ETFs, the urban investment bond ETF had the highest cumulative net inflow this week and this month [2][5][8][9][14][16][20][22][25]. Summary by Directory 1.1 各类债券 ETF 份额走势 - As of September 5, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 675.94 million, 467.14 million, 79.98 million, 3208.58 million, and 5719.55 million respectively, with a total of 10151.19 million for bond - type ETFs. Compared with the closing on August 29, 2025, they changed by 25.72 million, 0.23 million, 0.20 million, 109.92 million, and 36.30 million respectively, and the total change of bond - type ETFs was 172.38 million [2][5]. 1.2 主要债券 ETF 份额及净值走势 - As of September 5, 2025, the shares of selected major bond ETFs (30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF) changed by 7.86 million, - 0.42 million, no change, 55.70 million, and 23.40 million respectively compared with the previous week's closing. Their net values increased by 0.02%, 0.08%, 0.13%, 0.07%, and 0.57% respectively [8][9]. 1.3 信用债 ETF 份额及净值走势 - As of September 5, 2025, the overall share of 8 existing credit - bond ETFs remained stable, with slight outflows from the E Fund Corporate Bond ETF and Credit Bond ETF. Their net values continued to increase, with changes ranging from 0.06% to 0.11% compared with the previous week's closing. Last week, the PCF list of credit - bond ETFs re - included 4 bonds. The top three bonds in the product of excess return change and corresponding duration were 24 Yuezu G2, 25 Runzu G2, and 23 Jigao 02; the last three were 25 Dongguan K1, 24 Jiaomei K2, and 24 Jigao 02 [14][16][18]. 1.4 科创债 ETF 份额及净值走势 - As of September 5, 2025, the shares of 10 existing science - innovation bond ETFs generally increased. Their net values continued to rise, with changes ranging from 0.08% to 0.11% compared with the previous week's closing. Last week, the PCF list of science - innovation bond ETFs re - included 7 bonds. The top three bonds in the product of excess return change and corresponding duration were 25 Lvji K1, 25 Beikong K4, and 25 Zhezi K2; the last three were 25 Bingqi K2, 25 Tiegong K1, and 25 Bingqi K1 [20][22][25]. 1.5 部分债券 ETF 净流入情况 - In terms of weekly and monthly cumulative net inflows, the top three bond ETFs were the urban investment bond ETF, short - term financing ETF, and convertible - bond ETF, with net inflows of 79.81 million yuan, 56.20 million yuan, and 31.21 million yuan respectively. In the past 10 trading days, the top three were the convertible - bond ETF (660.10 million yuan), short - term financing ETF (80.82 million yuan), and urban investment bond ETF (79.81 million yuan); in the past 20 trading days, the top three were the convertible - bond ETF (1488.65 million yuan), Shanghai - Stock - Exchange Convertible - Bond ETF (212.33 million yuan), and urban investment bond ETF (116.34 million yuan) [2][28].