Report Summary 1. Report Industry Investment Rating The document does not provide the industry investment rating. 2. Core Viewpoints - In August 2025, although the net value of credit - bond ETFs declined, the total market value and circulating shares remained stable, with the market value and shares of science - innovation bond ETFs increasing significantly [2]. - The decline in the net value of credit - bond ETFs did not trigger a negative feedback loop of fund share redemptions, and the secondary discount of credit - bond ETFs did not show signs of spreading to the primary market [2]. - As of the end of August 2025, 8 benchmark - making credit - bond ETFs and 10 science - innovation bond ETFs have been included in the exchange repurchase pledge pool, which can help holders improve leverage efficiency and relieve liquidity pressure [2]. - The secondary discount rate of credit - bond ETFs will fluctuate and return to the center. The bond market is expected to recover in the future, which may drive up the net value of credit - bond ETFs [2][3]. - In August 2025, the yields of the constituent bonds of listed credit - bond ETFs did not show obvious over - adjustment. Attention should be paid to the marginal impact that the listing of the second batch of science - innovation bond ETFs may bring [3]. 3. Summary by Relevant Content 3.1 Performance in August 2025 - **Market Environment**: In August 2025, the equity market continued its strong performance, and the Shanghai Composite Index rose from 3,573 at the end of July to 3,858 on August 29. Affected by the stock - bond seesaw effect, the bond market declined, and the yield of the active 10 - year Treasury bond rose from around 1.71% at the end of July to 1.78% on August 29 [2]. - **Net Value Performance**: The average unit net value of science - innovation bond ETFs decreased by 0.26% compared with the end of last month, and all adjusted to below 100 yuan by the end of August. The average unit net value of benchmark - making credit - bond ETFs decreased by 0.23% compared with the end of last month [2]. - **Market Value and Circulating Shares**: The total market value and circulating shares of credit - bond ETFs were generally stable in August, and there was no large - scale primary redemption of ETF shares. By the end of August, the total market value of benchmark - making credit - bond ETFs was 126.2 billion yuan, and the circulating shares were 1.254 billion, both slightly decreasing from the end of last month. The total market value of science - innovation bonds was 120.2 billion yuan, and the circulating shares were 1.207 billion, showing a significant increase from the end of last month [2]. - **Discount Rate**: On August 18, affected by the strong performance of the equity market, the discount rate of benchmark - making credit - bond ETFs deepened to over 0.5%, and the discount rate of science - innovation bond ETFs exceeded 0.3%. By the end of August, the discount rate of benchmark - making credit - bond ETFs was 0.2%, and that of science - innovation bond ETFs was 0.06%, showing a large - scale repair compared with the deep discount on August 18 [2]. 3.2 Inclusion in the Repurchase Pledge Pool - As of the end of August 2025, 8 benchmark - making credit - bond ETFs and 10 science - innovation bond ETFs have been included in the exchange repurchase pledge pool. Holders can choose to finance through repurchase to obtain liquidity instead of directly redeeming ETF shares at the primary level, which can relieve the pressure of ETF share redemptions to some extent [2][3]. 3.3 Future Outlook - **Market Factors**: As of the end of August 2025, the total number of fixed - income wealth management products in the market was 40,605, with a total scale of 28.68 trillion yuan, an increase of 120 billion yuan from the end of July. In August, wealth management products net - bought 59.9 billion yuan of credit bonds in the inter - bank market, showing no signs of negative feedback from wealth management redemptions [2]. - **Yield Forecast**: Considering factors such as continuous central bank easing and the decline in bank liability costs, the report expects the yield of the 10 - year Treasury bond to be between 1.6% - 1.8% in the second half of the year, and the bond market is expected to recover, which may drive up the net value of credit - bond ETFs [2][3]. 3.4 Component Bond Yields and Market Impact - In August 2025, the yields of the constituent bonds of the CSI AAA science - innovation bond index and the Shanghai Stock Exchange benchmark - making corporate bond index mostly showed significant corrections, but compared with the maturity yields of medium - and short - term notes of ChinaBond (AA+), the yields of the index constituent bonds did not show obvious over - adjustment [3]. - On August 20, 14 fund companies collectively submitted applications for the second batch of science - innovation bond ETFs. Based on the impact of the first batch of science - innovation bond ETFs on the yields of constituent bonds after listing, the second batch may bring a downward trend in the spreads of constituent bonds at the initial stage of listing. It is recommended to pay attention to the allocation opportunities of medium - and short - duration science - innovation bond ETF constituent bonds [3].