科创债ETF规模降幅收窄

Group 1: Investment Rating of the Report - No information about the industry investment rating is provided in the report. Group 2: Core Views of the Report - As of February 27, the scales of the Sci - Tech Bond ETF and the Benchmark Market - Making Credit Bond ETF have been declining for seven consecutive weeks, but the decline has significantly narrowed since February. The Sci - Tech Bond ETF's scale on February 27 was 274.6 billion yuan, a decrease of 2.9 billion yuan from February 13, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan, a decrease of only 0.3 billion yuan from February 13 [1]. - The scale of Haifutong Fund's Short - Term Financing ETF reached 80.1 billion yuan before the Spring Festival, a significant increase of 12 billion yuan from February 6, and then slightly declined after the festival, with a scale of 77.2 billion yuan on February 27, making it the largest - scale product among current credit bond ETFs [1]. - On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year). Along with the market adjustment, the median static yield of the portfolio reached 1.87%, about 1.2 bp higher on average than before the Spring Festival. Currently, the median duration of the Sci - Tech Bond ETF is 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF is 3.1 years, with little difference [1]. - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure, and relatively more in the 4 - 5 - year and 2 - 3 - year terms. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026, with local state - owned enterprises and central state - owned enterprises basically in half, and the industries including transportation, public utilities, and securities [2]. - In terms of bond sales, bonds with a term of 4 - 5 years were relatively more. Among the top ten sold bonds, 6 had a term of 4 - 5 years, and the industries involved included machinery and equipment, transportation, electronics, and coal. The increase and decrease in the Benchmark Market - Making Credit Bond ETF were not significant. The increase mainly focused on short - duration bonds within 2 years, and the industries involved included transportation and medicine. The decrease mainly involved bonds with a term of 2 - 3 years, and the industries included non - ferrous metals, securities, and public utilities [2]. - In terms of trading, from February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival, indicating low activity. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27. Currently, the trading enthusiasm for the Sci - Tech Bond ETF is low, which is still related to the decline in scale. As the decline rhythm gradually slows down, attention can be paid to the opportunities of component bonds after the scale stabilizes and rebounds [2]. Group 3: Summary According to the Directory Scale and Duration of Credit Bond ETFs - As of February 27, 2026, the total scale of 35 credit bond ETFs was 522.9 billion yuan, a decrease of 6 billion yuan from February 13 (before the Spring Festival). The Sci - Tech Bond ETF's scale was 274.6 billion yuan, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan. The scale of Haifutong Fund's Short - Term Financing ETF was 77.2 billion yuan, the largest among credit bond ETFs [1][5]. - The median duration of the Sci - Tech Bond ETF was 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF was 3.1 years. On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year) [1]. Bond Holdings and Trading of Credit Bond ETFs - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026. The Benchmark Market - Making Credit Bond ETF's increase mainly focused on short - duration bonds within 2 years [2]. - In terms of bond sales, the Sci - Tech Bond ETF mainly sold bonds with a term of 4 - 5 years, and the Benchmark Market - Making Credit Bond ETF mainly sold bonds with a term of 2 - 3 years [2]. - From February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27 [2].