当前如何看待信用债类 ETF 投资机会？ ——信用债 ETF 手册 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 证券研究报告/固收专题报告 2025 年 09 月 01 日 报告摘要 请务必阅读正文之后的重要声明部分 相关报告 市场调整下信用债类 ETF 明显回撤，信用债 ETF 出现资金流出。受权益市场强势表 现影响，前期大热的基准做市信用债 ETF 和科创债 ETF 出现明显回撤，7 月中旬以 来二者最大回撤中位数均达到了 0.5%左右。从资金流向来看，7 月下旬以来信用债 ETF 开始出现明显流出，截至 8 月底最新规模合计 1262 亿元，较 7 月 18 日峰值的 1353 亿元下降 91 亿元，科创债 ETF 规模则相对平稳。整体来看，截至 8 月底信用 债类 ETF 合计规模 3501 亿元，较年初增长 2959 亿元，而近期科创债 ETF 质押回购 业务落地、第二批 14 只科创债 ETF 集中上报，科创债 ETF 扩容在即，当下信 ...

Group 1: Fund News - Huaren Yuanda Fund announced the appointment of Jia Ronglei as the new Deputy General Manager on May 27, 2023, with a background in various managerial roles at other funds [1] - As of the end of April, the total net asset value of public funds in China has surpassed 33.12 trillion yuan, marking an increase of 898.5 billion yuan from the end of March [2] - Beijing Chengtong Jin控 has invested a total of 600 million yuan in the China Securities Chengtong State-owned Enterprise Digital Economy ETF [1] Group 2: Market Commentary - Fund manager Xiao Shiyuan indicated that the pharmaceutical sector is gradually recovering, with performance improvements beginning to reflect in the earnings of listed companies [1] - Despite some sub-sectors like innovative drugs performing well, the overall pharmaceutical index has seen limited gains, but the outlook for the year remains positive due to expected earnings recovery and valuation adjustments [2] Group 3: ETF Market Overview - The market experienced narrow fluctuations, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.26%, and the ChiNext Index down 0.31%, with total trading volume reaching 1.01 trillion yuan, an increase of 110 billion yuan from the previous trading day [3] - The Communication ETF led the gains with an increase of 1.42%, while several logistics-related ETFs also performed well [3] Group 4: ETF Opportunities - The decline in oil prices is seen as unfavorable for major oil suppliers, but as tariff negotiations progress, demand confidence may improve, presenting potential opportunities in energy ETFs [6]