债券ETF跟踪：信用债类ETF贴水加深

1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints of the Report - In the week ending November 14, 2025, the net values of various bond ETF products significantly recovered. The 30 - year Treasury Bond ETF and 10 - year Local Government Bond ETF performed well, rising 0.12% and 0.14% respectively. The Convertible Bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 0.53% and 0.33% respectively. The ChinaBond New Composite Index rose 0.07% for the week. Short - term and medium - to - long - term pure bond funds rose 0.03% and 0.06% respectively. The CSI AAA Science and Technology Innovation Bond Index remained flat, and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index fell 0.01% [4][7]. - As of November 14, 2025, bond - type ETFs had a net inflow of 176 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.351 billion yuan, net outflows of 196 million yuan, and net outflows of 979 million yuan respectively. Year - to - date, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs were 70.662 billion yuan, 438.727 billion yuan, and 22.582 billion yuan respectively, totaling 531.972 billion yuan [3]. 3. Summaries According to Relevant Catalogs 3.1 Fund Flows - As of November 14, 2025, bond - type ETFs had a net inflow of 176 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.351 billion yuan, net outflows of 196 million yuan, and net outflows of 979 million yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 702 million yuan, 433 million yuan, and 324 million yuan respectively, while market - making credit bonds had a net outflow of 1.584 billion yuan, and science and technology innovation bonds had a net outflow of 71 million yuan. Year - to - date, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs were 70.662 billion yuan, 438.727 billion yuan, and 22.582 billion yuan respectively, totaling 531.972 billion yuan [3]. 3.2 Net Value Performance - As of November 14, 2025, the 30 - year Treasury Bond ETF and 10 - year Local Government Bond ETF performed well, rising 0.12% and 0.14% respectively for the week. Other products such as the Policy - Financial Bond ETF and National Development Bond ETF rose 8bp. The Convertible Bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 0.53% and 0.33% respectively last week [4]. 3.3 Performance of Credit Bond ETFs and Science and Technology Innovation Bond ETFs - As of November 14, 2025, the median unit net values of credit bond ETFs and science and technology innovation bond ETFs were 1.0124 and 1.0006 respectively. The credit bond ETFs remained flat for the week, while the science and technology innovation bond ETFs fell 0.01%. Among credit bond ETFs, the Dacheng Credit Bond ETF performed well, rising 0.02%. Among science and technology innovation bond ETFs, the Yongying Science and Technology Innovation Bond ETF and the Invesco Great Wall Science and Technology Innovation Bond ETF performed relatively well. The median discount rate of credit bond ETFs was 29BP, and that of science and technology innovation bond ETFs was 26BP [5]. 3.4 Duration Tracking of Credit - Type ETFs - As of November 14, 2025, the holding durations of the Short - Term Financing ETF, Corporate Bond ETF, and Urban Investment Bond ETF were 0.35 years, 1.99 years, and 2.21 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 3.79 years and 2.94 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, the Shanghai AAA Science and Technology Innovation Bond Index, and the Shenzhen AAA Science and Technology Innovation Bond Index were 3.46 years, 3.54 years, and 3.24 years respectively [8].