债券ETF跟踪：利率型ETF资金净流出

1. Report's Industry Investment Rating - The report does not provide an industry investment rating [25] 2. Core Viewpoints - Last week, the ChinaBond New Composite Index fell 0.21% for the whole week; short - term pure bond and medium - long - term pure bond funds were flat and fell 0.05% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index fell 0.10% each [2] - As of December 5, 2025, bond - type ETFs had a net inflow of 612 million yuan in the recent week, with interest - rate, credit - type, and convertible - bond - type ETFs having a net outflow of 1.647 billion yuan, a net inflow of 2.529 billion yuan, and a net outflow of 269 million yuan respectively [4] - All types of bond ETF products' net values were adjusted last week. The Treasury Bond ETF Dongcai performed well, rising 0.05%, while the 30 - year Treasury Bond ETF adjusted significantly, falling 1.94% [5] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of December 5, 2025, bond - type ETFs had a net inflow of 612 million yuan in the recent week. Interest - rate, credit - type, and convertible - bond - type ETFs had a net outflow of 1.647 billion yuan, a net inflow of 2.529 billion yuan, and a net outflow of 269 million yuan respectively. Among credit - type ETFs, short - term financing bonds had a net outflow of 121 million yuan, corporate bonds had a net inflow of 856 million yuan, and urban investment bonds were flat. Market - making credit bonds had a net outflow of 1.521 billion yuan, and sci - tech innovation bonds had a net inflow of 3.313 billion yuan. The cumulative net inflows of interest - rate, credit - type, and convertible - bond ETFs for the year were 72.304 billion yuan, 447.357 billion yuan, and 23.349 billion yuan respectively, totaling 543.01 billion yuan [4] 3.2 Net Value Performance - As of December 5, 2025, last week, the Treasury Bond ETF Dongcai rose 0.05% for the whole week, while the 30 - year Treasury Bond ETF fell 1.94%. The circulating market values of the 30 - year Treasury Bond ETF and the 30 - year Treasury Bond ETF Boshi decreased by 1.859 billion yuan and 1.337 billion yuan respectively. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.07% and 0.25% respectively last week [5] 3.3 Performance of Credit Bond ETFs and Sci - tech Innovation Bond ETFs - As of December 5, 2025, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0098 and 0.9979 respectively, falling 0.11% each for the whole week. Among credit - bond ETFs, Credit - bond ETF GF, Credit - bond ETF Boshi, and Credit - bond ETF Tianhong performed relatively well, falling 0.08%. Among sci - tech innovation bond ETFs, Sci - tech Innovation Bond ETF Yongying, Sci - tech Innovation Bond ETF Huitianfu, and Sci - tech Innovation Bond ETF Taikang performed relatively well. As of December 5, 2025, the median discount rates of credit - bond ETFs and sci - tech innovation bond ETFs were 27BP and 23BP respectively [6] 3.4 Duration Tracking of Credit - type ETFs - As of December 5, 2025, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.38 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 3.85 years and 2.88 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 3.50 years, 3.54 years, and 3.22 years respectively [7]