债券ETF周度跟踪（12.15-12.19）：科创债ETF获资金集中流入-20251222

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The bond market rebounded for several days, and the net inflow of bond ETFs increased significantly. The bond ETF market is expected to resonate with the recovery trend of underlying bond assets at the end of the year and benefit from the year - end market [3][6]. - The capital flow is highly concentrated in science - innovation bond ETFs, which are the main contributor to the net inflow [3][7]. 3. Summary According to Relevant Catalogs 3.1 1.1 各类债券 ETF 资金净流入情况 - The net inflows of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs last week were +2.937 billion yuan, +14.569 billion yuan, and - 1.730 billion yuan respectively, with a total net inflow of 15.776 billion yuan in the bond ETF market. The year - to - date net inflow reached 462.608 billion yuan. As of December 19, 2025, the bond ETF fund size was 74.3012 billion yuan, up 2.88% from the previous week's close and 313.31% from the beginning of the year. The net inflow scale increased by 264.3% compared with the previous week, mainly driven by credit bond ETFs [3][6]. - The science - innovation bond ETFs had the largest net inflow of 15.965 billion yuan last week, followed by local government bond ETFs (+2.483 billion yuan) and benchmark market - making credit bond ETFs (+1.066 billion yuan). The short - term financing ETF had the largest net outflow of 2.795 billion yuan, followed by convertible bond ETFs (-1.730 billion yuan) [7]. 3.2 1.2 各类债券 ETF 份额走势 - As of the close on December 19, 2025, the share changes of treasury bond ETFs, policy - financial bond ETFs, local government bond ETFs, credit bond ETFs, and convertible bond ETFs compared with December 12, 2025, were 0.46%, 0.49%, 15.94%, 1.99%, and - 2.68% respectively, and the total change in bond - type ETFs was 0.33%. The announcement of the central government allocating 500 billion yuan from the local debt balance limit to supplement local finances on December 15 might be the direct catalyst for the increase in local government bond ETF shares [20]. 3.3 1.3 主要债券 ETF 份额及净值走势 - The shares of major bond ETFs decreased, with the convertible bond ETF having the largest net outflow of shares. As of the close on December 19, 2025, the share changes of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF compared with December 12, 2025, were - 14.02 million shares, - 2.52 million shares, no change, no change, and - 92.90 million shares respectively [22]. - The net values of major bond ETFs were boosted. As of the close on December 19, 2025, compared with December 12, 2025, the net value changes of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF were 0.43%, 0.17%, 0.05%, 0.03%, and 0.44% respectively [26]. 3.4 1.4 基准做市信用债 ETF 份额及净值走势 - The share performance of the 8 existing benchmark market - making credit bond ETFs was divergent. As of the close on December 19, 2025, compared with December 9, 2025, the share changes of these ETFs were - 4.50 million shares, 1.00 million shares, no change, no change, 10.00 million shares, 15.00 million shares, - 6.00 million shares, and - 3.80 million shares respectively [29]. - The net values of all 8 ETFs increased. As of the close on December 19, 2025, compared with December 12, 2025, the net value changes of these ETFs were 0.05%, 0.04%, 0.04%, 0.04%, 0.05%, 0.07%, 0.07%, and 0.06% respectively [30]. 3.5 1.5 科创债 ETF 份额及净值走势 - The tracking indexes of science - innovation bond ETFs with leading share increases were mostly AAA science - innovation bonds. The net share inflow of the 24 existing science - innovation bond ETFs last week was 369.32 million shares, a 15.10% increase from the previous week. The top three products in terms of share inflow were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Huaxia, and Science - Innovation Bond ETF ICBC [35]. - The net values of science - innovation bond ETFs rebounded slightly. As of the close on December 19, 2025, the average net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.04% and 0.05% respectively compared with the previous week's close [37]. 3.6 1.6 单只债券 ETF 市场表现情况 - Benefiting from the strong bond market, the net values of bond ETF products generally increased. The 30 - year treasury bond ETF, convertible bond ETF, and 30 - year treasury bond ETF Bosera had the leading increases of 0.46%, 0.44%, and 0.41% respectively. The net value and share trends of the convertible bond ETF were divergent, possibly due to capital cashing in floating profits [40]. - In terms of premium/discount rates, the benchmark treasury bond ETF, Science - Innovation Bond ETF Taikang, and Science - Innovation Bond ETF Dacheng had the leading premium rates of 0.04%, 0.02%, and 0.02% respectively. In terms of scale changes, Science - Innovation Bond ETF Harvest (+5.346 billion yuan), Science - Innovation Bond ETF Huaxia (+3.666 billion yuan), and 0 - 4 Local Government Bond ETF (+2.440 billion yuan) had the top three net inflows, while the short - term financing ETF, 30 - year treasury bond ETF, and convertible bond ETF had the top net outflows of - 2.795 billion yuan, - 1.607 billion yuan, and - 1.247 billion yuan respectively [40].