债券ETF跟踪：科创债ETF规模大增

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the ChinaBond New Composite Index rose 0.06% for the whole week; short - term pure bond and medium - long - term pure bond funds rose 0.02% and 0.02% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index rose 0.05% and 0.06% respectively [2]. - All types of bond ETF product net values recovered last week. As of December 19, 2025, the 30 - year Treasury Bond ETF performed well, rising 0.46% for the whole week, and the Policy - Financial Bond ETF rose 0.17%. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.44% and 0.17% respectively [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of December 19, 2025, bond - type ETFs had a total net inflow of 20.485 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 2.911 billion yuan, 18.993 billion yuan, and a net outflow of 1.42 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net outflows of 2.775 billion yuan, a net inflow of 0.351 billion yuan, and a net outflow of 0.008 billion yuan respectively. Market - making credit bonds had a net inflow of 2.8 billion yuan, and sci - tech innovation bonds had a net inflow of 18.626 billion yuan. As of December 19, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 74.719 billion yuan, 473.285 billion yuan, and 20.548 billion yuan respectively, with a total of 568.552 billion yuan [4]. 3.2 Net Value Performance - As of December 19, 2025, the 30 - year Treasury Bond ETF performed well, rising 0.46% for the whole week, and the Policy - Financial Bond ETF rose 0.17%. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.44% and 0.17% respectively [5]. 3.3 Performance of Credit Bond ETFs and Sci - tech Innovation Bond ETFs - As of December 19, 2025, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0107 and 0.9989 respectively, rising 0.05% and 0.04% for the whole week. Among credit bond ETFs, the E Fund Corporate Bond ETF and the Credit Bond ETF performed relatively well, rising 0.07% for the whole week. Among sci - tech innovation bond ETFs, the Taikang Sci - tech Innovation Bond ETF performed relatively well. As of December 19, 2025, the median discount rates of credit bond ETFs and sci - tech innovation bond ETFs were 30BP and 21BP respectively [6]. 3.4 Duration Tracking of Credit - type ETFs - As of December 19, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.39 years, 1.82 years, and 2.16 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the SSE Market - making Corporate Bond Index and the SZSE Market - making Corporate Bond Index were 3.80 years and 2.61 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond Index, the SSE AAA Sci - tech Innovation Bond Index, and the SZSE AAA Sci - tech Innovation Bond Index were 3.39 years, 3.42 years, and 3.26 years respectively [7].