信用ETF能做超额收益吗？

Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week (2/2 - 2/6), bond - type ETFs had a net capital outflow of 4.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.4 billion yuan, net inflows of 1.2 billion yuan, and net inflows of 1.1 billion yuan respectively. The weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs compared to the previous week were +0.02%, +0.16%, and - 0.07% respectively [2][13]. - There were no newly issued bond ETFs last week [3][17]. - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][19][20]. - Last week, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [5][27][29]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. - Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138%. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39]. Summary by Directory 1. Issuance Progress Tracking - No new bond ETFs were issued last week [3][17] 2. Existing Product Tracking - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. The top two in terms of circulating market value were Haifutong China Securities Short - Term Financing ETF and Bosera Convertible Bond ETF, with values of 68.1 billion yuan and 65.0 billion yuan respectively [4][19][20]. - Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. The product with a significant increase in scale last week was Haifutong China Securities Short - Term Financing ETF, with a month - on - month increase of 3.3 billion yuan, followed by Penghyang China Bond - 30 - Year Treasury Bond ETF and Bosera Shanghai Stock Exchange 30 - Year Treasury Bond ETF [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][24]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [27]. - The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [29]. 4. Premium/Discount Rate Tracking - The premium/discount rate of ETFs measures the deviation between the secondary - market trading price of the fund and its unit net value. A high premium rate usually indicates that the market is optimistic about the fund or its underlying assets, while a high discount rate indicates pessimism or lack of interest [34]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. 5. Turnover Rate Tracking - The weekly turnover rate of ETFs is calculated by dividing the weekly trading volume by the fund shares. Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138% [7][39]. - Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39].