2025 年 7 月 23 日 债市生态进化论系列之十五 科创债仍有相对价值，尤其是银行间科创债 证券分析师 | 刘璐 | 投资咨询资格编号 | | --- | --- | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 张君瑞 | 投资咨询资格编号 | | | S1060519080001 | | | ZHANGJUNRUI748@pingan.com.cn | 平安观点： 风险提示：货币政策转向，科创债政策低于预期，科创债行情过度透支。 债 券 报 告 债 券 动 态 跟 踪 报 告 首批科创债 ETF跟踪的科创债指数的成份券均为在交易所上市的高等级公募科创公司债。首批 10 支科创债 ETF 跟踪了 3 支 科创债指数（分别是中证 AAA 科技创新公司债指数、上证 AAA 科技创新公司债指数和深证 AAA 科技创新公司债指数）。 3 支指数总的成份券有 838 支，合计规模约 1 万亿，其中的中证 AAA 科创债指数成份券基本覆盖了另外两支指数。 首批科创债 ETF和首批基准做市信用债 ETF的底层债券存在较多重合。今年上市了首批 8 支基准做市信 ...

Report Summary 1. Market Overview - The Shanghai Composite Index rose 1.04% to close at 3455.97, the Shenzhen Component Index rose 1.72% to close at 10393.72, and the ChiNext Index rose 3.11% to close at 2128.39. The total trading volume of A-shares in the two markets was 1639.7 billion yuan. The top-performing sectors were non-bank finance (4.46%), national defense and military industry (3.36%), and computer (2.99%), while the bottom-performing sectors were coal (-1.00%), petroleum and petrochemical (-0.57%), and transportation (-0.21%) [2][6] 2. Stock ETFs - The top trading volume stock ETFs were Huatai-PineBridge CSI 300 ETF (up 1.65%, discount rate 1.59%), Cathay CSI All-Securities Company ETF (up 5.37%, discount rate 5.36%), and ChinaAMC SSE STAR Market 50 ETF (up 1.85%, discount rate 1.79%) [3][7] 3. Bond ETFs - The top trading volume bond ETFs were ChinaAMC SSE Benchmark Market-Making Corporate Bond ETF (down 0.01%, discount rate 0.03%), Haitong CSI Short-Term Financing Bond ETF (down 0.01%, discount rate -0.02%), and Bosera Shenzhen Benchmark Market-Making Credit Bond ETF (down 0.03%, discount rate 0.02%) [4][9] 4. Gold ETFs - Gold AU9999 rose 0.34% and Shanghai Gold rose 0.26%. The top trading volume gold ETFs were HuaAn Gold ETF (up 0.27%, discount rate 0.28%), E Fund Gold ETF (up 0.21%, discount rate 0.25%), and Bosera Gold ETF (up 0.23%, discount rate 0.31%) [12] 5. Commodity Futures ETFs - ChinaAMC Feed Soybean Meal Futures ETF fell 1.32% with a discount rate of -1.20%, CCB E Fund YiSheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.45% with a discount rate of -0.86%, and Dacheng Nonferrous Metals Futures ETF rose 0.30% with a discount rate of 0.46% [13][14] 6. Cross-Border ETFs - The previous trading day, the Dow Jones Industrial Average rose 1.19%, the Nasdaq Composite rose 1.43%, the S&P 500 rose 1.11%, and the German DAX rose 1.60%. Today, the Hang Seng Index rose 1.23% and the Hang Seng China Enterprises Index rose 1.15%. The top trading volume cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 8.51%, discount rate 8.63%), GF CSI Hong Kong Innovative Drug ETF (up 0.69%, discount rate 0.53%), and ChinaAMC Hang Seng Tech ETF (up 1.26%, discount rate 1.54%) [15] 7. Money Market ETFs - The top trading volume money market ETFs were Silver HuaRiLi ETF, Huabao TianYi ETF, and CCB TianYi Money Market ETF [17][18]

ETF 日报 2025.05.30 市场概况： 今日 A 股上证综指下跌 0.47%，收于 3347.49 点，深证成指下跌 0.85%，收于 10040.63 点，创业板指下跌 0.96%，收于 1993.19 点， 两市 A 股成交金额为 11642 亿元。涨幅靠前的行业有：农林牧渔 （1.20%）、银行（0.64%）、医药生物（0.37%），跌幅靠前的行业有： 汽车（-1.91%）、综合（-1.87%）、电子（-1.85%）。 股票 ETF： 今日成交金额靠前的股票 ETF 为：华夏中证 A500ETF 下跌 0.43%， 贴水率为-0.45%；华泰柏瑞沪深 300ETF 下跌 0.18%，贴水率为- 0.10%；嘉实中证 A500ETF 下跌 0.31%，贴水率为-0.16%。 债券 ETF： 今日成交金额靠前的债券 ETF 为：海富通中证短融 ETF 上涨 0.02%， 贴水率为 0.02%；大成深证基准做市信用债 ETF 上涨 0.07%，贴水 率为 0.10%；富国中债 7-10 年政策性金融债 ETF 上涨 0.16%，贴 水率为 0.11%。 2025 年 05 月 30 日 ETF 日报 ...