债券ETF跟踪：科创债ETF集中上市，成交表现活跃

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - Last week, the credit bond market adjusted significantly, with the ChinaBond New Composite Index falling 0.22% for the week. Short - term and medium - to - long - term pure bond funds declined by 0.04% and 0.12% respectively. The CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index dropped 0.30% and 0.34% respectively [8]. 3. Summary by Related Catalogs 3.1 Funds Flow - As of September 26, 2025, bond - type ETFs had a net inflow of 117.5 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.444 billion yuan, net inflows of 119.269 billion yuan, and net outflows of 325 million yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net outflows of 574 million yuan, 22 million yuan, and 70 million yuan respectively. Market - making credit - bond ETFs had a net outflow of 1.425 billion yuan, while sci - tech innovation bonds had a net inflow of 121.36 billion yuan. - As of September 26, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 62.338 billion yuan, 420.901 billion yuan, and 26.697 billion yuan respectively, totaling 509.936 billion yuan [4]. 3.2 Net Value Performance - Throughout the week, the net values of interest - rate and credit - bond ETF products adjusted to varying degrees. The 30 - year Treasury Bond ETF performed weakly, falling 0.50% for the week as of September 26, 2025. Among other products, the benchmark Treasury Bond ETF and the Policy - Financial Bond ETF declined by about 0.2%. The Treasury - Policy Financial Bond ETF, the 0 - 4 Local Government Bond ETF, and the Short - term Financing ETF performed well. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.88% and 0.89% respectively last week [5]. 3.3 Performance of Credit - Bond ETFs and Sci - tech Innovation Bond ETFs - As of September 26, 2025, the median unit net values of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0047 and 0.9931 respectively, falling 0.28% and 0.29% for the week. Among credit - bond ETFs, the SSE Corporate Bond ETF and the Credit - Bond ETF Fund both declined 0.34%, performing weakly, while the Credit - Bond ETF Tianhong and the Credit - Bond ETF Dacheng performed better. Among sci - tech innovation bond ETFs, the Sci - tech Innovation Bond ETF Southern fell 0.32%, and the Sci - tech Innovation Bond ETF E Fund and the Sci - tech Innovation Bond ETF Invesco performed relatively well. - As of September 26, 2025, the median discount rate of credit - bond ETFs was 41BP, and that of sci - tech innovation bond ETFs was 9BP [6]. 3.4 Credit - Type ETF Duration Tracking - As of September 26, 2025, the holding durations of the Short - term Financing ETF, the Corporate Bond ETF, and the Urban Investment Bond ETF were 0.31 years, 2.06 years, and 2.22 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond and Shenzhen Market - making Corporate Bond were 4.15 years and 2.99 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond, the Shanghai AAA Sci - tech Innovation Bond, and the Shenzhen AAA Sci - tech Innovation Bond were 3.26 years, 3.53 years, and 2.97 years respectively [9].