科创债ETF规模转增122亿元

Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - As of March 27, the scale of credit - bond ETFs reached 544.7 billion yuan, an increase of 20 billion yuan compared to March 20. The growth mainly came from some science - innovation bond ETFs, Haifutong Short - term Financing ETF, and Haifutong Urban Investment Bond ETF [1]. - The weekly scale of science - innovation bond ETFs increased by 12.2 billion yuan, the first increase this year. Jishi and Southern science - innovation bond ETFs had the top two growths of 6.2 billion yuan and 3.3 billion yuan respectively [1]. - The weighted duration of most science - innovation bond ETFs decreased slightly as of March 27, with a median decline of 0.02 years. The duration of most benchmark market - making credit - bond ETFs was basically stable, with Dacheng Credit - bond ETF having a relatively large increase of 0.2 years to 2.9 years [2]. - From March 23 - 27, science - innovation bond ETFs continued to focus on increasing holdings of 2 - 3 - year bonds, while benchmark market - making credit - bond ETFs' main increase and decrease were also in 2 - 3 - year bonds [2]. - The trading activity remained low. From March 23 - 27, the number of trading transactions of science - innovation bond ETF component bonds accounted for 5% of credit - bonds, a 1 - percentage - point decrease from the previous week [2]. - The median spread of "non - component bonds - component bonds" of science - innovation bond ETFs widened by 1.6bp compared to the previous week, mainly due to a larger decline in the valuation of component bonds, which may be related to the recovery of the scale of science - innovation bond ETFs [2]. 3. Summary by Related Catalogs 3.1 Credit - bond ETF Scale - As of March 27, the total scale of 35 credit - bond ETFs was 544.7 billion yuan, an increase of 20 billion yuan from March 20. Science - innovation bond ETFs, Haifutong Short - term Financing ETF, and Haifutong Urban Investment Bond ETF contributed to the growth. The scale of basic market - making credit - bond ETFs was basically stable, with an overall weekly increase of 0.5 billion yuan [1][5]. 3.2 Duration and Yield - As of March 27, the median durations of science - innovation bond ETFs and benchmark market - making credit - bond ETFs were 2.4 years and 2.5 years respectively, with corresponding static yields of 1.76% and 1.79% [2]. 3.3 Bond Holdings - From March 23 - 27, science - innovation bond ETFs increased holdings of 2 - 3 - year bonds and new bonds issued in 2026, and decreased holdings of bonds with a maturity of less than 1 year. Benchmark market - making credit - bond ETFs mainly increased holdings in the commerce, transportation, and machinery industries and decreased holdings in the building decoration and comprehensive industries [2]. 3.4 Trading Activity - From March 23 - 27, the number of trading transactions of science - innovation bond ETF component bonds accounted for 5% of credit - bonds, a 1 - percentage - point decrease from the previous week [2]. 3.5 Spread - The median spread of "non - component bonds - component bonds" of science - innovation bond ETFs was 3.8bp, widening by 1.6bp compared to the previous week [2].