债券ETF跟踪：信用债类ETF赎回了吗？

Report Summary - The market has recently worried about the redemption of credit bond ETFs. Data shows that the overall scale of credit bond ETFs has not declined significantly, but there is structural differentiation among products [4]. - Interest - rate products: Ultra - long bond products have seen obvious capital outflows. As of November 28, 2025, interest - rate ETFs had a net outflow of 249 million yuan in the past week. The Pengyang ChinaBond - 30 - year Treasury Bond ETF's net value dropped by 0.71% and its market capitalization decreased by 2.614 billion yuan, while the Huaxia Benchmark Treasury Bond ETF's net value dropped by 0.26% but its market capitalization increased by 2.914 billion yuan [4]. - Credit - type products: The scale of market - making credit bond ETFs has decreased significantly, while the scale of science and technology innovation bond ETFs has continued to grow, but there is significant structural differentiation among products. As of November 28, 2025, credit - type ETFs had a net outflow of 535 million yuan in the past week. Specifically, short - term financing, corporate bonds, and urban investment bonds had net inflows of 1.212 billion yuan, 111 million yuan, and a net outflow of 10 million yuan respectively. Market - making credit bonds had a large - scale net outflow of 2.952 billion yuan, and science and technology innovation bonds had a net inflow of 1.104 billion yuan [4]. - Specific products: In credit bond ETFs, the market capitalization of Huaxia Credit Bond ETF, Credit Bond ETF GF, and Credit Bond ETF Dacheng decreased by 1.355 billion yuan, 785 million yuan, and 731 million yuan respectively in the past week. In science and technology innovation bond ETFs, the scale of Science and Technology Innovation Bond ETF Southern, Science and Technology Innovation Bond ETF E Fund, Science and Technology Innovation Bond ETF China Merchants, and Science and Technology Innovation Bond ETF Industrial decreased by 1.767 billion yuan, 1.206 billion yuan, 729 million yuan, and 629 million yuan respectively. The scale of Science and Technology Innovation Bond ETF Fullgoal and Science and Technology Innovation Bond ETF Dacheng increased by 2.142 billion yuan and 2.417 billion yuan respectively [4]. - Overall bond - type ETFs: As of November 28, 2025, bond - type ETFs had a total net outflow of 2.303 billion yuan in the past week. Interest - rate, credit - type, and convertible - bond - type ETFs had net outflows of 249 million yuan, 535 million yuan, and 1.519 billion yuan respectively. The cumulative net inflows of interest - rate, credit - type, and convertible - bond ETFs for the year were 73.951 billion yuan, 444.828 billion yuan, and 23.619 billion yuan respectively, with a total of 542.398 billion yuan [4]. - Net value performance: All types of bond ETF products' net values have been adjusted. As of November 28, 2025, the Orient Fortune Treasury Bond ETF and the Guokai Bond ETF performed well, rising 0.02%. The 30 - year Treasury Bond ETF adjusted significantly, falling 0.71%. Convertible bond ETFs and Shanghai Stock Exchange Convertible Bond ETFs fell 0.28% and 0.77% respectively [4]. Credit Bond ETF and Science and Technology Innovation Bond ETF Performance - As of November 28, 2025, the median net asset values per unit of credit bond ETFs and science and technology innovation bond ETFs were 1.0109 and 0.9991 respectively, falling 0.16% and 0.17% for the week. Among credit bond ETFs, Bosera Credit Bond ETF performed relatively well, falling 0.10%. 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 [2]. - As of November 28, 2025, the median discount rates of credit bond ETFs and science and technology innovation bond ETFs were 24BP and 13BP respectively [2]. Credit - Type ETF Duration Tracking - As of November 28, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.37 years, 1.85 years, and 2.20 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 3.84 years and 2.87 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, Shanghai AAA Science and Technology Innovation Bond Index, and Shenzhen AAA Science and Technology Innovation Bond Index were 3.49 years, 3.56 years, and 3.24 years respectively [3][5]