关注科创债ETF未“超涨”成分券

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - After the issuance of the second batch of Sci - tech Bond ETFs, the "over - rising" spread of component bonds remained stable at around 7 - 8bp, with no "front - running" phenomenon. If the scale of the second - batch ETFs expands rapidly, component bonds with a smaller "over - rising" margin may experience an excessive decline in valuation. Bonds with a maturity of more than 5 years or perpetual bonds have a smaller "over - rising" margin [5][8]. - Although the bond market fluctuated last week, credit bonds performed relatively stably. Credit bonds are still a choice for pursuing certainty, and medium - term bonds of 2 - 3 years can be quickly deployed. It is recommended to use the idea of mining based on the issuer's yield curve [5][12]. - Credit bonds are still the choice for pursuing certainty, and the 2 - 3Y medium - term can be quickly deployed. The idea of mining based on the issuer's yield curve is continued to be recommended, and riding opportunities or "convex points" of individual bonds can be found during the exploration towards the medium - and long - term [5][12]. 3. Summary According to the Directory 3.1 Credit Bond Weekly Viewpoint - The second batch of Sci - tech Bond ETFs completed fundraising on September 12, with a total issuance of approximately 40.8 billion yuan and are scheduled to be listed on September 24. The "over - rising" spread of component bonds is stable, and the probability of large - scale redemptions and negative feedback is low. Component bonds with a smaller "over - rising" margin may see an excessive decline in valuation if the ETF scale expands [5][8]. - Last week, the bond market fluctuated, but credit bonds were stable. Credit bonds are a good choice for certainty, and 2 - 3Y medium - term bonds can be deployed. The idea of mining based on the issuer's yield curve is recommended [5][12]. 3.2 Credit Bond Weekly Review 3.2.1 Negative Information Monitoring - From September 15 to September 21, 2025, Wuhan Contemporary Technology Investment Co., Ltd. failed to pay the principal and interest of bond H20 Technology 4 on time. Shanghai Shimao Construction Co., Ltd., Sichuan Bluetown Development Co., Ltd., and Shanghai Shimao Co., Ltd. had major negative events such as overdue debts, being included in the list of dishonest被执行人, and large - scale litigation [16][17]. 3.2.2 Primary Issuance - From September 15 to September 21, the primary issuance of credit bonds was 326.1 billion yuan, a 25% increase from the previous period. The total repayment amount increased to 236.5 billion yuan, and the net inflow was 89.6 billion yuan, remaining the same as the previous period. The cost of new bonds for high - grade issuers increased, and 3 bonds were cancelled or postponed for issuance, with a total scale of 1.55 billion yuan [17][18][20]. 3.2.3 Secondary Trading - The valuation of credit bonds was generally stable, fluctuating within ±2bp, and credit spreads were passively narrowed by about 4bp. The 5Y - 1Y term spreads of all grades widened, while the 3Y - 1Y spreads were flat or slightly narrowed. The AA - AAA grade spreads were stable or declined. The credit spreads of urban investment bonds in each province narrowed by about 1bp on average, and only Ningxia widened. The spreads of industrial bonds in each industry also narrowed by about 1bp, with the media industry having the largest narrowing of 2bp. The liquidity of credit bonds improved, with the turnover rate increasing by 0.24pct to 1.77%. The top five real - estate companies with widening spreads were Times Holdings, Country Garden, Rongqiao, Logan Group, and Pearl River Investment [22][26][29].