校对：王玥 制作：小茉 审核：木鱼 版权声明 《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。 授权转载合作联系人：于先生（电话：0755-82468670） （原标题：破千亿！） 【导读】信用债ETF规模首破1000亿元大关 中国基金报记者 曹雯璟 4月以来，信用债ETF获资金加速流 入。目前，全市场11只信用债ETF最新规模突破1000亿元，相较去年年末规模几乎翻倍。其中，海富通 旗下三只产品合计规模超536亿元，占比过半。 业内人士表示，债券市场牛市的基础不变，但波动或加 大。信用债大概率跟随利率债延续牛市行情，高票息资产荒延续。不过考虑到当前信用债收益率的绝对 水平已处于历史较低分位数，预计信用债收益率大幅下降的空间或有限。 信用债ETF规模首破1000亿元大关 Wind数据显示，截至4月29日，4月以来，全市场11只信用债ETF合 计资金净流入超200亿元。目前，信用债ETF最新规模突破1000亿元，达1003.74亿元，相较去年年末 540亿元的规模几乎翻倍。其中，海富通旗下短融ETF、城投债ETF和信用债ETF规模分别达到325.94亿 元、161.86亿 ...

Macro Strategy - In Q1, China's export scale exceeded 6 trillion yuan, achieving a rapid growth of 6.9%, demonstrating strong resilience under pressure [2] - Private enterprises accounted for 5.85 trillion yuan in imports and exports, growing by 5.8%, and their share increased to 56.8% [2] - High-tech product exports from private enterprises reached a historical high of nearly 1 trillion yuan, maintaining their position as the largest import and export entity [2] - The customs authority noted four positive changes in foreign trade: increased activity among business entities, expanded cooperation space, optimized regional opening layout, and enhanced "new content" in foreign trade, with self-owned brand product exports growing by 10.2% [2] Industry Company - Steel Industry - The steel sector declined by 6.29% last week, underperforming the benchmark index (CSI 300) by 3.42 percentage points [9] - The steel industry's PE valuation stands at 15.6 times, at the 62.35% percentile over the past decade, while the PB valuation is at 0.95 times, at the 25.49% percentile [9] - Steel production showed a slight decrease, with iron water production and blast furnace operating rates remaining high; as of April 11, the operating rate increased by 0.15 percentage points week-on-week [10] - Demand for five major steel products decreased by 2.14% week-on-week, influenced by tariff policies and limited downstream industry operations [10] - Total steel inventory decreased by 1.71% week-on-week, although the decline rate has narrowed; inventory pressure is mainly on factory stocks, which increased by 2% [10] - Short-term outlook suggests that tariff issues may further suppress domestic steel demand, leading to weak steel prices; however, long-term prospects for high-end and green transformation in the industry are promising [10]