国泰海通｜固收：ETF扩容，利好成分信用债的三个要点

Core Insights - The main differences between the Shanghai and Shenzhen credit bond indices lie in duration, constituent bonds, and issuer concentration [1][2][4] - The total scale of credit bond ETFs has significantly increased, with a net growth of 95.4% since Q2, reaching a total scale of 304.2 billion yuan [1][4] Group 1: Credit Bond ETF Overview - The total number of bond ETFs in China has reached 29, with credit bond ETFs accounting for 11 of them, totaling 156.5 billion yuan, which is 51.45% of the total bond ETF scale [1][2] - The scale of credit bond ETFs has increased by 764 billion yuan since Q2, with individual ETFs showing growth rates between 104% and 201% [1][4] Group 2: Comparison of Shanghai and Shenzhen Indices - The Shanghai credit bond index consists of 212 constituent bonds with a total scale of 587.7 billion yuan, while the Shenzhen index has 220 bonds totaling 364 billion yuan [2][3] - The weighted duration of the Shanghai index is 4.11 years, compared to 3.05 years for the Shenzhen index, indicating a longer duration for the Shanghai index [2][4] Group 3: Growth of Constituent Bonds - The number of constituent bonds in the Shanghai index has increased by 44 since the end of 2024, while the Shenzhen index has seen an increase of 102 [3] - The total scale of constituent bonds in the Shanghai index has grown by 92.5 billion yuan, while the Shenzhen index has increased by 101.7 billion yuan [3]