债券ETF跟踪：信用债类ETF表现亮眼

Group 1: Report Summary - The credit bond market showed a significant recovery last week. The ChinaBond New Composite Index declined by 0.03% for the whole week. Short - term and medium - to - long - term pure bond funds rose by 0.03% and 0.02% respectively. The CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index both rose by 0.16% [3] - The net value trends of interest - rate bond and credit bond ETF products diverged, with credit bond - related ETFs performing better [6] Group 2: Capital Flows - As of October 24, 2025, bond - type ETFs had a total net inflow of 6.144 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.449 billion yuan, 1.717 billion yuan, and 2.977 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 3.768 billion yuan, 0.097 billion yuan, and 0.295 billion yuan respectively, while market - making credit bonds had a net outflow of 0.57 billion yuan and sci - tech innovation bonds had a net outflow of 1.873 billion yuan. As of October 24, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 59.261 billion yuan, 424.779 billion yuan, and 25.812 billion yuan respectively, totaling 509.852 billion yuan [5] Group 3: Net Value Performance - As of October 24, 2025, the 30 - year Treasury Bond ETF performed weakly, falling 0.54% for the whole week. The Benchmark Treasury Bond ETF and the Ten - year Treasury Bond ETF had declines of more than 20bp. Short - end CDB ETFs and other CDB bond ETFs performed steadily. Convertible - bond ETFs and the SSE Convertible - bond ETF rose by 1.41% and 1.07% respectively last week [6] Group 4: Credit Bond ETF and Sci - tech Innovation Bond ETF Performance - As of October 24, 2025, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0090 and 0.9972 respectively, rising 0.15% and 0.13% for the whole week. Among credit bond ETFs, the SSE Corporate Bond ETF and the Credit Bond ETF Fund rose 0.17%, and the Tianhong Credit Bond ETF rose 0.11%. Among sci - tech innovation bond ETFs, the Southern Sci - tech Innovation Bond ETF and the Penghua Sci - tech Innovation Bond ETF performed relatively well. As of October 26, 2025, the median discount rate of credit bond ETFs was 37BP, and that of sci - tech innovation bond ETFs was 26BP [7] Group 5: Credit - type ETF Duration Tracking - As of October 24, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.35 years, 1.97 years, and 2.17 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond Index and the Shenzhen Market - making Corporate Bond Index were 3.91 years and 2.94 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond Index, the Shanghai AAA Sci - tech Innovation Bond Index, and the Shenzhen AAA Sci - tech Innovation Bond Index were 3.40 years, 3.31 years, and 3.12 years respectively [8]