（数据来源：WIND资讯，平安基金整理，截至20250919） 本周债市迎来过山车走势，收益率先上后下再上，央行重启买债预期高涨，随着周中20Y国债发行结果好于预期，直至周五国 债发飞和贸易协议传言再度引爆市场悲观情绪。具体而言，周一债市早盘小幅修复走强，尾盘收益率再度上行；周二现券收益 率午后迎来一波陡峭化下行；周三债市早盘多空反复，横盘震荡，午后多头情绪再度上演反攻行情；周四隔夜美联储如期降息 25BP，股债双双下跌；周五债市缓步修复一周，迎来大幅下跌。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 平安公司债ETF（511030）产品定位短融ETF+，久期短（1.5-2年），静态收益高（1.97%）近一周净值回撤可控（仅10bp）， 周均贴水小（仅4bp），规模稳定，且是少数几家采用中债估值的债券ETF之一。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，净值相对稳健且回撤可控，可参考下表（本轮 债市调整自2025年8月10日起算）： | 代码 | 目家 | 场内同称 | 托管人 | 搜複(亿) | 近1周族 | 近1周均贴 | 近1周波 | 质 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Last week (9/15 - 9/19), bond - type ETFs had a total net capital outflow of 5.1 billion yuan, with interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs having net outflows of 1.9 billion yuan, 0.7 billion yuan, and 2.5 billion yuan respectively. Convertible - bond ETFs and credit - bond ETFs had significant drawdowns, while the net value of interest - rate bond ETFs changed little [2][11]. - The second batch of sci - tech bond ETFs will be listed on September 24. With the establishment of these 14 new funds, the total scale of sci - tech bond ETFs has exceeded 170 billion yuan, and the overall scale of bond ETFs has exceeded 600 billion yuan for the first time [3][14]. Summary by Directory 1. Issuance Progress Tracking - The second batch of 14 sci - tech bond ETFs from 14 public funds such as ICBC Credit Suisse Fund and Morgan Fund started issuing on September 12. They were submitted on August 20, approved on September 8, and scheduled for issuance on September 12. The total issuance scale of these 14 sci - tech bond ETFs reached 40.786 billion yuan, and 13 of them had an issuance scale of over 2.9 billion yuan [3][14]. 2. Existing Product Tracking - As of September 19, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 140 billion yuan, 355.8 billion yuan, and 70.1 billion yuan respectively, with credit - bond ETFs accounting for 63% of the scale. Compared with last week, their circulating market values decreased by 2.2 billion yuan, 0.02 billion yuan, and 3.6 billion yuan respectively [4][16]. - Among credit - bond ETFs, the circulating market values of benchmark - making credit - bond ETFs and sci - tech bond ETFs were 123.7 billion yuan and 125.9 billion yuan respectively, with a decrease of 0.6 billion yuan and an increase of 2.3 billion yuan compared to last week [19]. 3. ETF Performance Tracking - Recently, the market has shown range - bound fluctuations. In the past two weeks, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.02 respectively [23]. - As of September 19, with February 7 as the base date, the average cumulative yield of benchmark - making credit - bond ETFs dropped to 0.30%; with July 17 as the base date, the cumulative yield of sci - tech bond ETFs dropped to - 0.46% and remained in the negative range [24]. 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 - 0.17%, - 0.03%, and - 0.15% respectively, indicating that the average trading price was lower than the fund's unit net value and the allocation sentiment was low. Specifically, the weekly average premium/discount rates of benchmark - making credit - bond ETFs and sci - tech bond ETFs were - 0.23% and - 0.06% respectively [6][30]. 5. Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs. The weekly turnover rate of interest - rate bond ETFs rose to 179%, that of credit - bond ETFs remained around 89%, and that of convertible - bond ETFs dropped to 100%. Specifically, products like Huaxia Shanghai Stock Exchange Benchmark - Making Treasury Bond ETF and Haitong Shanghai Stock Exchange 5 - Year Local Government Bond ETF had relatively high turnover rates [6][36].

Core Viewpoint - The second batch of Sci-Tech Innovation Bond ETFs is set to launch on September 24, with a total issuance scale exceeding 40 billion yuan, indicating strong demand from institutional investors [1][2]. Group 1: Issuance and Demand - The second batch consists of 14 Sci-Tech Innovation Bond ETFs, which completed fundraising in just one day, totaling 407.86 billion yuan [2]. - Institutional investors hold a significant portion of these ETFs, with over 98% ownership in several funds, highlighting their importance in the market [2]. - Major institutional buyers include banks and securities firms, with some investing tens of billions in these ETFs, such as China Merchants Bank holding 15 million shares in two specific ETFs [2][3]. Group 2: Market Growth and Competition - The total scale of bond ETFs has surpassed 600 billion yuan, with the addition of the new Sci-Tech Innovation Bond ETFs contributing to this growth [6]. - The first batch of 10 Sci-Tech Innovation Bond ETFs has also seen explosive growth, increasing by over 90 billion yuan since their launch [4]. - The competitive landscape is expected to intensify as the number of Sci-Tech Innovation Bond ETFs expands to 24, with significant disparities in fund sizes among them [5]. Group 3: Market Liquidity and Management - To enhance market liquidity, several existing Sci-Tech Innovation Bond ETFs have increased their market-making services, indicating a proactive approach to ensure stable operations [4]. - The rise of bond ETFs is attributed to the challenges of active bond investment in a declining interest rate environment, making passive index products more appealing [6].

这一场景也曾在首批科创债ETF首发时上演，彼时，10只产品全部1天结束发行，合计募资超过280亿 元。Wind数据显示，截至9月11日，首批科创债ETF总规模已超1200亿元。 多只产品提前结募 9月12日，第二批共14只科创债ETF首发。中国证券报记者获悉，目前已有多只产品结束募集。 将推动扩容和流动性提升 9月12日，中国证券报记者从渠道处获悉，今日首发的第二批科创债ETF中，已有科创债ETF天弘、科 创债ETF大成、科创债ETF国泰、科创债ETF工银、科创债ETF万家、科创债ETF泰康等多只产品结募。 其中，科创债ETF天弘、科创债ETF国泰、科创债ETF万家、科创债ETF泰康、科创债ETF大成均为提前 结募。前四只基金原定结募日期为9月16日，第五只基金为9月18日。 科创债ETF工银以及华泰柏瑞基金、中银基金、华安基金、汇添富基金、银华基金、永赢基金、摩根基 金、兴业基金旗下科创债ETF则是原定于今日结募。 从9月8日获准发行，到9月9日公告发行档期，再到9月12日一天结募，这些产品的发行节奏不逊于首批 科创债ETF。 第二批科创债ETF覆盖三类科创债指数。 工银瑞信基金、大成基金、天弘基金、泰康基 ...

Group 1 - The core viewpoint of the article highlights the successful fundraising of the Tianhong Sci-Tech Bond ETF, which raised over 2.9 billion yuan in just one day, indicating strong institutional interest in bond ETF products [1] - The scarcity of the Sci-Tech Bond ETF and its role in filling a gap in the bond investment tool market are identified as key factors driving the product's popularity among investors [1] - The Tianhong Sci-Tech Bond ETF features multiple advantages, including T+0 trading, a minimum fee rate of 0.2%, high credit quality investment targets, and high investment cost-effectiveness [1] Group 2 - The index tracked by the Tianhong Sci-Tech Bond ETF is the CSI AAA Technology Innovation Company Bond Index, which consists of bonds rated AAA, with implied ratings of AA+ and above [1] - As of August 29, 2025, the annualized return of the index has been 4.37% since the end of June 2022 [1]

Monetary Policy and Financing - As of the end of August, the broad money supply (M2) reached 331.98 trillion yuan, with a year-on-year growth of 8.8% [1] - The total social financing stock was 433.66 trillion yuan, also reflecting a year-on-year increase of 8.8% [1] - The balance of loans to the real economy in RMB was 265.42 trillion yuan, growing by 6.6% year-on-year [1] Investment Products and Market Trends - The Tianhong Science and Technology Bond ETF raised over 2.9 billion yuan in a single day, indicating strong institutional interest in bond ETF products [2] - The number of private equity firms with over 10 billion yuan in assets has increased to 91, with quantitative private equity firms making up 49.45% of this group [2] Insurance Sector - In August, the total penalties imposed on insurance institutions reached 44.33 million yuan, marking a year-on-year increase of 43.61% [3] - The penalties for life insurance companies surged by 83.12% year-on-year, while property insurance companies faced a 34.44% increase in penalties [3] Corporate Developments - BoShi Fund is expected to undergo a leadership change, with General Manager Zhang Dong likely to succeed Jiang Xiangyang as Chairman [6] - Dazhonghua has confirmed that its operations are ongoing despite the investigation of a senior executive for alleged misconduct [6] - China Nuclear Engineering has signed new contracts totaling 96.63 billion yuan as of August [9] Market Performance - The Shanghai Composite Index fell by 0.12% amid a mixed market performance, with over 3,300 stocks declining [16] - The storage chip sector saw a surge, with stocks like Demingli hitting the daily limit [16]

北京商报讯(记者郝彦)9月12日，第二批14只科创债ETF开售，仅售一天，每只产品限额30亿元。北京商 报记者从渠道处获悉，科创债ETF天弘已结募，认购资金超29亿元。 有机构人士指出，科创债ETF的稀缺性以及填补债券投资工具上的空白领域的作用，成为该类产品火爆 销售背后的核心因素。尤其是未来若公募赎回费率出现变动增加债基短期持有成本，则债券ETF类产品 优势将更加突出。 ...

记者从渠道处获悉，科创债ETF天弘（159111）已于今日结募，认购资金超29亿元，募集期为1天。资 金的踊跃认购，再次凸显了机构对债券ETF产品的青睐。 机构人士指出，科创债ETF的稀缺性以及填补债券投资工具上的空白领域，成为该类产品火爆销售背后 的核心因素。尤其是未来若公募赎回费率出现变动增加债基短期持有成本，则债券ETF类产品优势将更 加突出。 据了解，科创债ETF天弘（159111）具备T+0交易、0.2%最低档费率、高信用资质投资标的、高投资性 价比等多重特点。其跟踪指数为中证AAA科创债，该指数成分券主体评级AAA，隐含评级AA+及以 上；成分券中99%为央国企发行，央企占比超50%，单只个券权重不足1%，信用风险与集中度风险双重 可控。 收益表现上，Wind数据显示，截至2025年8月29日，该指数自2022年6月底以来年化收益率为4.37%，年 化波动率仅1.05%，最大回撤仅-1.41%，夏普比率达2.42。 市场有风险，投资需谨慎，观点仅供参考，不构成投资意见。指数基金存在跟踪误差。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 ...

新一批科创债ETF来了！根据国泰基金公告显示，国泰中证 AAA 科技创新公司债交易型开放式指数证 券投资基金今日开始发行，募集期为9月12日-16日。场内扩位简称为"科创债ETF国泰"，认购代码为 551803，基金募集规模上限为30亿元人民币。 科创债是由科技创新领域相关机构发行，或者募集资金主要用于支持科技创新领域发展的信用债。是金 融"五篇大文章"在科技金融的具体体现。作为债券市场支持科技创新发展的新兴融资工具，科创债高度 契合新质生产力发展需求，是推动加快构建科技金融体制的关键一环。随着我国债券ETF的不断壮大， 科创债ETF有望发展成为债券ETF拼图中的重要一块。 据悉，正在发行的科创债ETF国泰（认购代码551803）跟踪中证AAA科技创新公司债指数 （932160.CSI），标的指数横跨沪深交易所，覆盖超66%的交易所科创债，相较单市场科创债指数样本 空间更广、指数容量更大。截至9月1日，成分券数量达969只，债券容量达1.26万亿元，有望更好地表 征科创债整体走势。 从久期分布上看，截至9月1日，跟踪指数超过一半的券久期在2年-5年，目前指数久期3.6年。按中债估 值收益率计算，目前指数组合静 ...

Group 1 - The core viewpoint of the news highlights the performance of Ping An Company Bond ETF (511030) amidst a broader bond market adjustment, showing resilience with a net inflow of 456 million and a slight premium in trading [1] - The company bond ETF has maintained a strong position in controlling drawdowns, ranking first in this regard since the bond market adjustment began on August 8, 2025 [1] - As of September 10, 2025, the company bond ETF's latest price is 106.1 yuan, with a trading volume of 2.122 billion yuan and a turnover rate of 9.29% [1] Group 2 - Over the past five years, the company bond ETF has seen a net value increase of 13.60% [2] - The ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which serves as a benchmark for investment performance in medium to high-grade corporate bonds [2] - The index is based on AAA-rated corporate bonds listed on the Shanghai Stock Exchange and is adjusted quarterly to reflect market conditions [2]