信用债ETF规模“先升后降”

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - The scale of credit - bond ETFs has shown a trend of "rising first and then falling." From mid - December 2025 to the end of the year, the scale rose from 509.2 billion yuan to 615.2 billion yuan, and then dropped to 556.1 billion yuan on January 9, 2026 [1]. - The weighted duration of PCF holding bonds in most credit - bond ETFs has decreased, and the static yield has increased due to bond market adjustments. The median static yield of science - innovation bond ETFs rose by 4bp to 1.90%, and that of benchmark market - making credit - bond ETFs rose by 2bp to 1.95% [2]. - As the scale of credit - bond ETFs decreased, the corresponding positions were reduced, mainly short - term bonds. Science - innovation bond ETFs mainly reduced positions in energy, brokerage, and public utilities, while benchmark market - making credit - bond ETFs were more diversified in their reductions [2]. - The "non - component bond - component bond" spread of science - innovation bond ETFs first widened and then narrowed, and the trading activity decreased after the scale decline [3]. Group 3: Summary by Related Content Scale and Performance - On January 9, 2026, the total scale of 35 credit - bond ETFs was 556.1 billion yuan, a decrease of 59.1 billion yuan compared to December 31, 2025. Among them, the scale of science - innovation bond ETFs increased by 46 billion yuan compared to December 12, 2025, with a growth rate of 17%, and the scale of benchmark market - making credit - bond ETFs changed little [1][5]. - In science - innovation bond ETFs, Yin Hua had the highest growth rate of 104%, with a scale increase of 11.3 billion yuan, followed by Harvest, Huatai - PineBridge, and Industrial Fund, all with a scale increase of more than 4 billion yuan and a growth rate of over 25% [1]. Duration and Yield - This week, 19 out of 24 science - innovation bond ETFs continued to slightly reduce their duration, accounting for 79%, with a median decline of 0.03 years. Among them, GF Science - innovation Bond ETF had the largest decline of 0.19 years to 2.9 years. Only 4 products increased their duration, with the highest increase of 0.14 years. Among 8 benchmark market - making credit - bond ETFs, 6 reduced their duration, with a median decline of 0.12 years [2]. Valuation and Trading Activity - As the scale of science - innovation bond ETFs "rose first and then fell," the median of the "non - component bond - component bond" spread first widened and then narrowed. It rose to 10.3bp at the end of December and then dropped to 6.5bp on January 9, 2026 [3]. - After the scale decline, the proportion of the trading volume of science - innovation bond ETF component bonds/credit bonds decreased from 8.2% to 5.5%, and the trading activity declined [3]. Position Reduction - With the decline in the scale of credit - bond ETFs, the corresponding positions were reduced. The reduced bonds were mainly short - term. Science - innovation bond ETFs mainly reduced positions in 2 - 3 - year bonds, and benchmark market - making credit - bond ETFs mainly reduced positions in 0 - 3 - year bonds [2]. - In terms of industries, science - innovation bond ETFs mainly reduced positions in energy, brokerage, and public utilities, while benchmark market - making credit - bond ETFs were more diversified, including medicine, rail transit, energy, and subway. The reduction was mainly in local state - owned enterprise bonds, with fewer central enterprise bonds [2].