科创债ETF规模结束十连跌

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Last week (3/23 - 3/27), bond - type ETFs had a net inflow of 21.5 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 19.7 billion yuan, 3.1 billion yuan, and a net outflow of 1.3 billion yuan respectively. Their cumulative unit net value weekly changes were +0.06%, +0.12%, and +1.02% [2][14]. - Thanks to the scarcity support of short - and medium - term coupon assets due to supply contraction and the demand support from "asset relocation" of wealth management products and continuous acceptance by public funds, credit bonds maintained strong resilience in the recent volatile market [31]. 3. Summary by Directory 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [3][18]. 3.2 Stock Product Tracking - As of March 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.4 billion yuan, 401.1 billion yuan, and 72.8 billion yuan respectively, with credit - bond ETFs accounting for 66% of the total. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values, at 91.4 billion yuan and 60.7 billion yuan respectively [4][20]. - Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 3.3 billion yuan, 18.3 billion yuan, and decreased by 0.5 billion yuan respectively. Products with significant scale increases last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Haifutong CSI Short - term Financing ETF, and Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, with increases of 6.2 billion yuan, 4.3 billion yuan, and 3.3 billion yuan respectively [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - making credit - bond ETFs and science - and - technology innovation bond ETFs were 100.9 billion yuan and 277.5 billion yuan respectively, increasing by 0.5 billion yuan and 12.3 billion yuan compared with last week. The scale of science - and - technology innovation bond ETFs ended a ten - week decline [4][22]. 3.3 ETF Performance Tracking - The cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The benchmark - making credit - bond ETF's return since its establishment has marginally climbed to 1.89%, and the science - and - technology innovation bond ETF's return since its establishment has risen to 0.85% [5][23][31]. 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 - 0.03%, - 0.01%, and - 0.10% 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 - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.07% and - 0.03% respectively, and the discount rates continued to converge [6][35]. 3.5 Turnover Rate Tracking - Last week, the turnover rate ranked as convertible - bond ETFs > interest - rate bond ETFs > credit - bond ETFs. The weekly turnover rate of convertible - bond ETFs improved to 155%, while those of interest - rate and credit - bond ETFs slightly declined to 144% and 96% respectively. Products with high turnover rates included Huaxia Shanghai Stock Exchange Benchmark - making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF [7][40].