节后债券ETF贴水率收敛

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - Last week (2/24 - 2/27), bond - type ETFs had a net capital outflow of 8.6 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.2 billion yuan, 3.3 billion yuan, and a net inflow of 0.9 billion yuan respectively. In terms of performance, compared with the previous week, the cumulative unit net value weekly change rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were +0.03%, - 0.10%, and - 0.35% respectively [2][14]. - The trading prices of credit - bond ETFs were lower than the fund unit net value, indicating low allocation sentiment [6][33]. - The weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, with the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs [7][38]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][18]. 3.2 Stock Product Tracking - As of February 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 132.8 billion yuan, 378.3 billion yuan, and 79.3 billion yuan respectively, with the credit - bond ETFs accounting for 64% of the total scale. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 3.8 billion yuan, 5.6 billion yuan, and increased by 0.8 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 103.8 billion yuan and 274.1 billion yuan respectively, decreasing by 0.4 billion yuan and 3.2 billion yuan compared with the previous week [4][20][23]. 3.3 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. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since its establishment has marginally declined to 1.64%, and the return rate of science - innovation bond ETFs since its establishment has dropped to 0.62% [5][24][27]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.10%, - 0.02%, and +0.11% respectively. The average trading price of credit - bond ETFs was lower than the fund 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 - 0.13% and - 0.10% respectively [6][33]. 3.5 Turnover Rate Tracking - The weekly turnover rate was calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rate order was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs, and the weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, dropping to 106%, 91%, and 65% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Haifutong CSI Short - Term Financing Bond ETF, and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][38].