ETF谋势：科创债ETF收益扭负转正

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (October 27 - October 31), bond - type ETFs had a net capital inflow of 12.7 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 9.9 billion yuan, 4.5 billion yuan, and a net outflow of 1.7 billion yuan respectively. Their cumulative unit net value weekly growth rates were +0.26%, +0.42%, and +0.69% respectively, with a slight recovery in net values [2][13]. - Recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively. As of October 31, the cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95% (with February 7 as the base date), and the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13% (with July 17 as the base date), entering the positive range [5][32]. 3. Summary by Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][17]. 3.2 Stock Product Tracking - As of October 31, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 140.9 billion yuan, 375.5 billion yuan, and 67.8 billion yuan respectively. The scale of credit - bond ETFs accounted for 64.3%. Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 5.41 billion yuan, 4.93 billion yuan, and decreased by 1.18 billion yuan respectively. Products with significant scale growth last week included Tianhong CSI AAA Science and Technology Innovation Corporate Bond ETF and Penghua 0 - 4 Local Government Bonds, with a year - on - year scale growth of over 3 billion yuan [4][19][21]. - Among credit - bond ETFs, the circulating market values of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were 122.2 billion yuan and 252.1 billion yuan respectively, increasing by 760 million yuan and 7.47 billion yuan compared with last week [24]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively [27]. - As of October 31, with February 7 as the base date, the average cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95%; with July 17 as the base date, the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13%, entering the positive range [5][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 - 0.09%, - 0.02%, and - 0.03% respectively. The average trading price of ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were - 0.13% and - 0.10% respectively [6][37]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 162%, 150%, and 107% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF among interest - rate bond ETFs, and Huaan CSI AAA Science and Technology Innovation Corporate Bond ETF, Science - innovation Bond ETF Yongying among science - innovation bond ETFs had relatively high turnover rates [7][42].