信用债类 ETF 大幅净流入 ——债券 ETF 跟踪 证券研究报告/固收事件点评报告 2025 年 11 月 24 日 分析师：吕品 执业证书编号：S0740525060003 Email：lvpin@zts.com.cn 分析师：苏恩民 执业证书编号：S0740525070002 Email：suem@zts.com.cn 资金流向 全周来看，各类型债券 ETF 产品净值均明显修复。截至 2025 年 11 月 21 日，上周 5 年地方债 ETF、10 年地方债 ETF 表现较好，全周上涨 0.15%、0.14%；其余产品中， 政金债券 ETF、0-4 地债 ETF 均上涨 6BP。国债 ETF、国开债 ETF 等产品表现稳健。 可转债 ETF、上证可转债 ETF 上周分别下跌 1.72%、1.37%。 信用债 ETF 及科创债 ETF 表现 截至 2025 年 11 月 21 日，信用债 ETF、科创债 ETF 单位净值中位数分别为 1.0126、 1.0008，全周分别上涨 0.01%、0.02%。信用债 ETF 中，信用债 ETF 大成表现较好 上涨 0.04%。科创债 ETF 中，科创债 ETF ...

【导读】海富通短融ETF最新规模达到700.01亿元 飞速发展的债券ETF，首次迎来"700亿元级"单品。 数据显示，截至11月20日，海富通短融ETF最新规模达到700.01亿元，首次突破700亿元大关，成为国内债券ETF发展史上首只700亿元级别的产品。 今年以来，债券ETF市场不断"吸金"。截至11月20日，债券ETF总规模达7150.60亿元，创历史新高。年内规模增长超过5400亿元，规模增量仅次于股票 ETF；规模增幅超过3倍，是各大类ETF中增幅最大的品种。 短融ETF规模突破700亿元 二级市场表现方面，经历2月份的波动之后，海富通短融ETF单位净值自3月初以来稳步上涨；截至11月20日，今年以来海富通短融ETF单位净值上涨 1.37%。 一位债券基金经理表示，伴随近年来流动性宽松、无风险收益率下行，货币基金收益率持续走低，短融ETF吸引了一些此前投资货币基金的客户，满足投 资者对于短期闲散资金管理的需求。 此外，今年以来，FOF产品也在加大配置短融ETF的力度。数据显示，截至三季度末，共有67只FOF持有短融ETF，合计持有市值达到32.9亿元，持仓份额 达到2926.48万份，环比增长146 ...

【导读】海富通短融ETF最新规模达到700.01亿元 中国基金报记者 陆慧婧 方丽 飞速发展的债券ETF，首次迎来"700亿元级"单品。 Wind数据显示，截至11月20日，海富通短融ETF最新规模达到700.01亿元，首次突破700亿元大关，成为国内债券ETF发展史上首只700 亿元级别的产品。 今年以来，债券ETF市场不断"吸金"。截至11月20日，债券ETF总规模达7150.60亿元，创历史新高。年内规模增长超过5400亿元，规模 增量仅次于股票ETF；规模增幅超过3倍，是各大类ETF中增幅最大的品种。 短融ETF规模突破700亿元 在债券ETF市场高速发展带动下，龙头产品规模也迈上新台阶。 海富通短融ETF是信用债ETF中的代表性品种。据介绍，海富通中证短融ETF成立于2020年8月3日，是市场上唯一一只以短期融资券为主 要投资标的的场内工具型产品。 今年以来，海富通短融ETF规模从去年年末的293.41亿元增长至目前的700.01亿元，增长406.6亿元，增幅高达138.58%，是今年以来规 模增长最多的债券ETF。 二级市场表现方面，经历2月份的波动之后，海富通短融ETF单位净值自3月初以来稳步上 ...

15只今年新发科创债ETF规模均超百亿元 今年以来，债券ETF规模节节攀升。数据显示，截至11月19日，债券ETF（交易型开放式指数基金）规 模已达到7148.17亿元，创下历史新高。 在业内人士看来，债券ETF的持续扩容，不仅为投资者提供了 更丰富的多元化配置选择，拓宽了大类资产配置的路径，也将显著提升债券市场流动性，进一步推动 ETF向高质量、多层次方向发展。随着其在资产配置中的地位稳步提升，债券ETF的战略价值正愈发凸 显。(证券日报) 短融ETF规模突破700亿元 今年以来债券ETF凭借流动性强、费率低、交易高效、结构透明等优势，规模不断创新高，成为资产配 置中的重要工具。数据显示，截至2025年11月20日，债券ETF中规模最大的一只——短融ETF规模已突 破700亿大关，达700.01亿元，该产品基金管理人为海富通基金。截至最新，全部债券ETF规模达7150.6 亿元。（人民财讯） 不良个贷转让加速 11月以来挂牌超260亿元 近日，国家金融监督管理总局披露的数据显示，商业银行不良贷款余额、不良贷款率环比小幅"双升"。 与此同时，年内不良个贷转让加速，今年11月以来，挂牌相关资产包合计超过260亿 ...

科创债凸显独特投资价值。科创债ETF（551880）既能凭借高等级信用债底色抵御债市短期波动，又能 依托政策持续加码的红利，为投资者分享科技创新领域长期发展机遇，成为平衡风险与收益的优质配置 选择。 长期来看，新规有助于债基负债端稳定，通过筛选出真正长期持有的资金减少负债端频繁波动对债基扰 动，推动债基向主动管理转型，投研能力较强的机构将通过"固收"产品承接机构资金，未来债券ETF、 科创债ETF、绿色债ETF等细分品种或成为机构流动性管理的主流工具。 （文章来源：每日经济新闻） 甬兴证券表示，10月宏观经济数据验证了"淡化总量、优化结构"的经济复苏路径。虽然地产下行与基建 投资回落构成拖累，外部风险依然存在，但制造业升级和服务消费韧性支撑效应显著。所以，现阶段债 券市场或在基本面偏弱、资金面宽松与政策预期博弈中维持震荡，投资者或可关注基金新规落地后对债 市的影响。 ...

Group 1 - The total scale of credit bond ETFs reached 494.9 billion yuan, with a daily increase of 1.18 billion yuan, including a rise of 30 million yuan for benchmark market-making ETFs and 240 million yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.3 years, with an overall transaction amount of 158.6 billion yuan and an average single transaction amount of 5.76 million yuan [1] - The median yield is 1.85%, with a median discount rate of -22.6 basis points [1] Group 2 - As of November 17, the company bond ETF (511030) rose by 0.02%, marking three consecutive increases, with the latest price at 106.64 yuan and a year-to-date increase of 1.46% [4] - The liquidity of the company bond ETF showed a turnover of 7.14% and a transaction volume of 1.785 billion yuan, with an average daily transaction of 2.341 billion yuan over the past week [4] - The latest scale of the company bond ETF reached 25.004 billion yuan, a new high in nearly a year, with the latest share count at 235 million, also a new high in six months [4] Group 3 - Over the past five years, the net value of the company bond ETF has increased by 13.59%, with a maximum monthly return of 1.22% since inception [5] - The maximum drawdown in the last six months was 0.28%, with a recovery time of 29 days [5] - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05% [5] Group 4 - The company bond ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which reflects the trends in the RMB bond market [6] - The index is based on AAA-rated corporate bonds listed on the Shanghai Stock Exchange and is adjusted quarterly [6]

Core Insights - The current environment of optimized monetary policy and bond market reforms, combined with global interest rate fluctuations and regional political factors, has led to a heightened demand for efficient and transparent bond instruments, with bond ETFs emerging as a valuable investment tool [1][2] - The bond ETF market is experiencing significant growth, with the "Three Musketeers" of Ping An Fund—corporate bond ETF, policy bank bond ETF, and treasury bond ETF—offering diverse investment options that cater to various market conditions [2][3] Group 1: Market Trends and Demand - The overall ETF market is thriving, and while bond ETFs currently have room for growth in market share, their potential is substantial due to increasing investor demand for stable investment options [2] - Ping An Fund's bond ETFs cover three core categories: credit bonds, policy bank bonds, and treasury bonds, with durations spanning long, medium, and short cycles, making them adaptable to different market environments [2][4] Group 2: Investment Strategies - The bond ETFs from Ping An Fund each have unique advantages for various investment scenarios, such as the treasury bond ETF being ideal for those anticipating interest rate declines, while the policy bank bond ETF serves liquidity management needs [5] - Investors can optimize returns through strategic combinations of the ETFs, such as pairing corporate bond ETFs with treasury bond ETFs to balance interest rate returns and credit spread enhancement [5][6] Group 3: Innovation and Future Outlook - Ping An Fund is leveraging its comprehensive financial advantages to innovate within the ETF space, developing proprietary systems for integrated management and risk control, which enhances investment efficiency [7] - The bond ETF market is expected to see further growth opportunities as market reforms deepen and investor demand for stable products increases, with Ping An Fund committed to enhancing product innovation and performance [7]

Report's Investment Rating for the Industry No relevant content provided. Core Viewpoints of the Report - Last week, the net inflow of funds into the bond ETF market shrank again, likely due to the suppression of the rising stock market. The net inflow of funds into interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. The scale of bond ETF funds increased by 0.02% compared to the previous week's closing, mainly due to the downward oscillation of bond market yields in a loose - money environment, which led to a slight increase in the overall net value of the bond ETF market [2][5]. - The net inflow of treasury bond ETFs led again. The net inflow amounts of treasury bond ETFs (+1.101 billion yuan), short - term financing ETFs (+0.682 billion yuan), and corporate bond ETFs (+0.417 billion yuan) ranked in the top three [2][5]. - The share redemption of convertible bond ETFs may be related to the conversion of underlying assets. The continuous large - scale outflow of convertible bond ETF shares for many weeks may be due to the strong motivation of funds to convert shares when the stock market is strong, and the underlying convertible bonds are redeemed and converted into shares [2][16]. - In a loose - money environment, the net value of bond ETFs increased slightly. The recent restart of treasury bond trading by the central bank and the positive net investment of reverse repurchase funds last week provided short - term support for the bond market, driving a slight increase in the net value of bond ETFs [2][23]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into the bond ETF market shrank again last week, affected by the rising stock market. The net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. As of November 14, 2025, the scale of bond ETF funds was 70.629 billion yuan, up 0.02% from the previous week's closing and 292.88% from the beginning of the year, accounting for 12.32% of the total market ETF scale, with a 4bp increase from the previous weekend [5]. - Treasury bond ETFs had the highest net inflow again. The net inflow amounts of treasury bond ETFs, short - term financing ETFs, and corporate bond ETFs ranked in the top three, while the net inflows of benchmark market - making credit bond ETFs, convertible bond ETFs, and science and technology innovation bond ETFs were negative [5]. 1.2 各类债券 ETF 份额走势 - As of November 14, 2025, the shares of treasury bond, policy - financial bond, local government bond, credit bond, and convertible bond ETFs changed by 8.94 million shares, - 0.22 million shares, 1.11 million shares, 21.39 million shares, and - 102.70 million shares respectively compared to November 7, 2025, with a total change of - 71.48 million shares in bond - type ETFs. The continuous large - scale outflow of convertible bond ETF shares may be related to the conversion of underlying convertible bonds [16]. 1.3 主要债券 ETF 份额及净值走势 - The share net inflows of 30 - year treasury bond ETF and urban investment bond ETF led. As of November 14, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 8.66 million shares, 0.39 million shares, no change, 28.90 million shares, and - 89.70 million shares respectively compared to November 7, 2025 [19]. - In a loose - money environment, the net value of bond ETFs increased slightly. As of November 14, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.11%, 0.08%, 0.06%, 0.02%, and 0.53% respectively compared to November 7, 2025 [23]. 1.4 基准做市信用债 ETF 份额及净值走势 - Some products had a significant increase in redeemed shares. As of November 14, 2025, the shares of 8 existing benchmark market - making credit bond ETFs changed by no change, no change, no change, no change, - 4.82 million shares, - 1.80 million shares, - 2.07 million shares, and - 7.08 million shares respectively compared to November 7, 2025 [26]. - The net value performance was differentiated, and most products declined. As of November 14, 2025, the net values of 8 credit bond ETFs changed by 0.02%, 0.01%, no change, no change, - 0.02%, - 0.04%, - 0.03%, and - 0.04% respectively compared to November 7, 2025 [27]. 1.5 科创债 ETF 份额及净值走势 - The overall shares of science and technology innovation bond ETFs were basically the same as the previous week. The net inflow of shares last week was - 1.70 million shares, a decrease of 0.07% from the previous week. The shares of science and technology innovation bond ETFs of Harvest, Penghua, and China Merchants ranked in the top three. The net inflow of shares of science and technology innovation bond ETFs of China Merchants, Guotai, and Penghua ranked in the top three, while those of GF, Boshi, and Tianhong had the largest net outflows [31]. - The net value trend was flat. As of November 14, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.01% compared to the previous week's closing, basically the same as the previous week [31]. 1.6 单只债券 ETF 市场表现情况 - The 30 - year treasury bond ETF had the highest net inflow again, and convertible bond - type ETFs led in net value growth. Last week, the net values of convertible bond ETF and Shanghai Stock Exchange convertible bond ETF increased by 0.53% and 0.33% respectively, ranking in the top. In terms of premium/discount rates, the 30 - year treasury bond ETF, urban investment bond ETF, and corporate bond ETF had the highest premium rates [35]. - In terms of scale changes, the 30 - year treasury bond ETF (+1.037 billion yuan), short - term financing ETF (+0.682 billion yuan), and science and technology innovation bond ETF of Harvest (+0.419 billion yuan) had the top - three net inflow amounts, while the convertible bond ETF had a significantly higher net outflow amount than other products, reaching - 1.228 billion yuan [35].

交易咨询业务资格：证监许可【2012】1091号 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到 或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 期债 行情回顾 持续走强的动力可能依旧欠缺。 1、基本面：今年以来，在债市波动较大的情况下，债券ETF继续显著增长，总规模一路拾级而上。Wind数据显示，截至11月14日，53只债券ETF最新 规模达7062.9亿元，再创历史新高。年内债券ETF资金净流入超4270亿元。 2、资金面：11月14日，人民银行以固定利率、数量招标方式开展了了2128亿元7天期逆回购操作，操作利率1.40%，投标量2128亿元，中标量2128亿 元。Wind数据显示，当日1417亿元逆回购到期，据此计算，单日净投放711亿元。 3、基差：TS主力基差-0.0174，现券贴水期货，偏空。TF主力基差为-0.0357，现券贴水期货，偏空。T主力基差0.0891，现券升水期货，偏多。 TL主 力基差为0.0356，现券升水期货，偏多。 4、库存：TS、TF、T主力可交割券余额分别为13594亿、1493 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (October 27 - October 31), bond - type ETFs had a net capital inflow of 12.7 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 9.9 billion yuan, 4.5 billion yuan, and a net outflow of 1.7 billion yuan respectively. Their cumulative unit net value weekly growth rates were +0.26%, +0.42%, and +0.69% respectively, with a slight recovery in net values [2][13]. - Recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively. As of October 31, the cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95% (with February 7 as the base date), and the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13% (with July 17 as the base date), entering the positive range [5][32]. 3. Summary by Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][17]. 3.2 Stock Product Tracking - As of October 31, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 140.9 billion yuan, 375.5 billion yuan, and 67.8 billion yuan respectively. The scale of credit - bond ETFs accounted for 64.3%. Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 5.41 billion yuan, 4.93 billion yuan, and decreased by 1.18 billion yuan respectively. Products with significant scale growth last week included Tianhong CSI AAA Science and Technology Innovation Corporate Bond ETF and Penghua 0 - 4 Local Government Bonds, with a year - on - year scale growth of over 3 billion yuan [4][19][21]. - Among credit - bond ETFs, the circulating market values of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were 122.2 billion yuan and 252.1 billion yuan respectively, increasing by 760 million yuan and 7.47 billion yuan compared with last week [24]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively [27]. - As of October 31, with February 7 as the base date, the average cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95%; with July 17 as the base date, the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13%, entering the positive range [5][32]. 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 - 0.09%, - 0.02%, and - 0.03% respectively. The average trading price of ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were - 0.13% and - 0.10% respectively [6][37]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 162%, 150%, and 107% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF among interest - rate bond ETFs, and Huaan CSI AAA Science and Technology Innovation Corporate Bond ETF, Science - innovation Bond ETF Yongying among science - innovation bond ETFs had relatively high turnover rates [7][42].