科创债ETF业绩分化

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The performance of the first batch of Sci - tech Bond ETFs has been on the market for nearly 4 months, and the second batch for nearly 2 months. There is a differentiation in the yields of different products within the same batch, with some Sci - tech Bond ETFs leading in performance [1]. - Products tracking the "Shenzhen AAA Sci - tech Bonds" have outperformed. The best - performing Sci - tech Bond ETFs in both batches are the only ones tracking the "Shenzhen AAA Sci - tech Bonds" in their respective batches [2]. - Most Sci - tech Bond ETFs continue to increase their duration, while the duration of benchmark - making credit bond ETFs is relatively stable [3]. - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs, especially when the spread between "non - constituent bonds - constituent bonds" is high [3]. 3. Summary by Related Catalogs 3.1 Performance Differentiation of Sci - tech Bond ETFs - In the first batch, the best - performing is Invesco Great Wall Sci - tech Bond ETF with a since - listing yield of 0.35%, followed by E Fund Sci - tech Bond ETF with a yield of 0.29%, and the yields of other ETFs are below 0.2% [1]. - In the second batch, the best - performing is Wanjia Sci - tech Bond ETF with a since - listing yield of 0.48%, and the yields of Huatai - Peregrine, Dacheng, and Tianhong Sci - tech Bond ETFs are between 0.41% - 0.46% [1]. 3.2 Reasons for Performance Differentiation - The "Shenzhen AAA Sci - tech Bonds" have performed relatively well. The index yield of the "Shenzhen AAA Sci - tech Bonds" in the past 3 months is 0.32%, while those of the "CSI AAA Sci - tech Bonds" and "Shanghai AAA Sci - tech Bonds" are 0.21% and 0.20% respectively [2]. - There are only 2 ETFs tracking the "Shenzhen AAA Sci - tech Bonds", so the trading is less crowded. Also, the "Shenzhen AAA Sci - tech Bonds" do not have requirements for the implied ratings of constituent bonds, leaving a certain spread [2]. 3.3 Scale and Component Bond Changes - On November 14, the scale of credit bond ETFs reached 493.7 billion yuan, basically unchanged from November 7. The weekly scale changes of each ETF are generally within (- 2%, 2%) [2]. - The newly issued central and state - owned enterprise bonds with a term of over 5 years are still the types of bonds being increased by Sci - tech Bond ETFs. The 2 - 3 - year term is also a major term for bond - increasing, mainly in the finance and power industries. The bonds being reduced are concentrated in the 2 - 3 - year term, mainly in the building materials industry [2]. 3.4 Duration Changes - 18 Sci - tech Bond ETFs, accounting for 75%, continue to increase their duration. Among them, China Merchants Sci - tech Bond ETF's duration increased by 0.2 years to 4.05 years last week, becoming the Sci - tech Bond ETF with the longest duration [3]. - The duration of benchmark - making credit bond ETFs is relatively stable, basically unchanged from November 7 [3]. 3.5 Individual Bond Strategy - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs. When the spread between "non - constituent bonds - constituent bonds" is high, there is room for compression [3]. - Last week, the spreads between the "non - constituent bonds - constituent bonds" of Sichuan Expressway Investment Group, Dongfeng Motor Group, and China Railway Co., Ltd. have narrowed from over 20bp to within 20bp. This week, attention should continue to be paid to the non - constituent bonds of Shaanxi Yanchang Petroleum, China National Energy Conservation and Environmental Protection Group, and China Merchants Highway Network Technology [3].