ETF谋势：信用ETF规模弱平衡

Report Summary 1. Investment Rating There is no information about the industry investment rating in the report. 2. Core View Last week (10/13 - 10/17), bond - type ETFs had a net capital outflow of 13.36 billion yuan. Convertible bond ETFs had a large drawdown, while the net values of credit bond and interest - rate bond ETFs showed marginal recovery. There was no new issuance of bond ETFs. The market values of interest - rate, credit, and convertible bond ETFs all decreased compared to the previous week. The average trading price of credit bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. The weekly turnover rates of all three types of products increased significantly [2][13][17]. 3. Section Summaries 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [17]. 3.2 Stock Product Tracking - As of October 17, 2025, the circulating market values of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs were 134.1 billion yuan, 368.2 billion yuan, and 66 billion yuan respectively, with credit bond ETFs accounting for 64.8% of the total. Haifutong China Short - term Financing ETF and Bosera Convertible Bond ETF had the top two circulating market values [19]. - Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs decreased by 3.76 billion yuan, 3.41 billion yuan, and 2.16 billion yuan respectively. Products with a market value reduction of over 1.5 billion yuan last week included Haifutong China Short - term Financing ETF, Bosera Convertible Bond ETF, etc. [21]. - Among credit bond ETFs, the circulating market values of benchmark - making credit bond ETFs and science - innovation bond ETFs were 122 billion yuan and 246.5 billion yuan respectively, decreasing by 450 million yuan and 5.18 billion yuan compared to the previous week [24]. 3.3 ETF Performance Tracking - Recently, the market has been oscillating within a range. In the past two weeks, the cumulative unit net values of interest - rate bond ETFs and credit bond ETFs closed at 1.18 and 1.02 respectively [27]. - As of October 17, based on February 7 as the base date, the average cumulative return of benchmark - making credit bond ETFs rose to 0.42%. Based on July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to - 0.30% but still remained in the negative range [32]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit bond ETFs, interest - rate bond ETFs, and convertible bond ETFs were - 0.15%, + 0.001%, and + 0.04% respectively. The average trading price of credit bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the average weekly premium/discount rates of benchmark - making credit bond ETFs and science - innovation bond ETFs were - 0.21% and - 0.15% respectively [37]. 3.5 Turnover Rate Tracking - Last week, the turnover rate of interest - rate bond ETFs > credit bond ETFs > convertible bond ETFs. The weekly turnover rates of all three types of products increased significantly, rising to 187%, 143%, and 109% respectively. Specifically, interest - rate bond ETFs such as Haifutong Shanghai 5 - year Local Government Bond ETF and Huaxia Shanghai Benchmark - making Treasury Bond ETF had relatively high turnover rates [42].