科创债非成分券：成分券利差创新低

1. Report Industry Investment Rating No information provided in the report about the industry investment rating. 2. Core Viewpoints of the Report - The scale of the Science and Technology Innovation Bond ETF has been declining for eight consecutive weeks, with most product scales basically stabilizing. Only 5 out of 24 Science and Technology Innovation Bond ETFs had a decline in scale last week, while the rest had a slight increase or remained stable [1]. - The scale of the Benchmark Market - Making Credit Bond ETF stopped falling and rebounded slightly, with an increase of 2 billion yuan to 104.1 billion yuan on March 6 [1]. - Among other credit bond ETFs, the Urban Investment Bond ETF and Short - Term Financing ETF of Haifutong Fund had relatively large increases, contributing the main increment to the credit bond ETF this week. The total scale of credit bond ETFs reached 524.4 billion yuan, with a weekly increase of 17 billion yuan [1]. - The weighted duration of most credit bond ETFs on March 6 was basically the same as that on February 27, with the median durations of the Science and Technology Innovation Bond ETF and the Benchmark Market - Making Credit Bond ETF being 3.2 years and 3.1 years respectively [2]. - The median static yield of the credit bond ETF portfolio reached 1.85%, about 2bp lower than the previous week [2]. - The Science and Technology Innovation Bond ETF mainly increased its holdings of new bonds issued in 2026, with a preference for bonds with maturities of 2 - 3 years and 4 - 5 years. The Benchmark Market - Making Credit Bond ETF had relatively shorter - term increases and decreases in holdings, mainly within 2 years [2]. - The median "non - component bond - component bond" spread of the Science and Technology Innovation Bond ETF dropped to 2.6bp, narrowing by 0.9 percentage points compared to the previous week, reaching a new low since listing. The trading enthusiasm of the Science and Technology Innovation Bond ETF is still low, and there is room for improvement in trading activity [3]. 3. Summary by Relevant Catalogs 3.1 Scale of ETFs - As of March 6, the scale of the Science and Technology Innovation Bond ETF was 271.4 billion yuan, a decrease of 3 billion yuan compared to February 27. The scale of the Benchmark Market - Making Credit Bond ETF was 104.1 billion yuan, an increase of 2 billion yuan. The total scale of credit bond ETFs was 524.4 billion yuan, an increase of 17 billion yuan [1]. 3.2 Duration and Yield of ETFs - The weighted duration of most credit bond ETFs on March 6 was basically the same as that on February 27, with the median durations of the Science and Technology Innovation Bond ETF and the Benchmark Market - Making Credit Bond ETF being 3.2 years and 3.1 years respectively. The median static yield of the credit bond ETF portfolio was 1.85%, about 2bp lower than the previous week [2]. 3.3 Bond Holdings of ETFs - The Science and Technology Innovation Bond ETF mainly increased its holdings of new bonds issued in 2026, with a preference for bonds with maturities of 2 - 3 years and 4 - 5 years. The industries involved include military, environmental protection, and urban investment. The bonds with reduced holdings also mainly had maturities of 2 - 3 years and 4 - 5 years, with a preference for central enterprise bonds in the construction, building materials, and machinery industries [2]. - The Benchmark Market - Making Credit Bond ETF had relatively shorter - term increases and decreases in holdings, mainly within 2 years. It mainly increased its holdings of local state - owned enterprise bonds with maturities of 1 - 2 years, involving industries such as transportation, environmental protection, and leasing. It mainly reduced its holdings of short - term bonds within 1 year, involving industries such as comprehensive investment and machinery [2]. 3.4 Spread and Trading Activity - The median "non - component bond - component bond" spread of the Science and Technology Innovation Bond ETF dropped to 2.6bp, narrowing by 0.9 percentage points compared to the previous week, reaching a new low since listing. From March 2 - 6, the number of transactions of the Science and Technology Innovation Bond ETF component bonds accounted for 6.3% of the credit bonds, still in a low - level shock. There is room for improvement in trading activity [3].