[Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 [Table_ReportInfo] 2026 年 03 月 02 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（2.24-2.27） 两会在即，布局超长债与转债 ETF 弹性机会 摘要 西南证券研究院 S 各类债券 ETF资金净流入情况：短期仍受股市行情牵制。上周利率债类 ETF、 信用债类 ETF、可转债类 ETF净流入资金分别-32.93亿元、-62.10亿元、+9.30 亿元，债券 ETF 市场合计净流入金额-85.73 亿元。整体来看，年后第一周 A 股强势表现对资金吸引力仍大，此外上周上海出台地产新政，其他城市后续或 跟进，短期内对债市情绪有所牵制，利率债类、信用债类 ...

证券研究报告|固收研究报告 [Table_Date] 2026 年 03 月 01 日 [Table_Title] 3 月信用，先止盈后布局 [Table_Title2] 2026 信用月报之三 [Table_Summary] ► 3 月初适当止盈高弹性品种，等待月底布局时机 2 月利率小幅震荡下行。期间 10 年国债利率受到机构行为力量推动，一度突破 阻力位至 1.78%；但后续缺乏增量利多，叠加月末"沪七条"地产政策带来的 情绪扰动，长端利率重回 1.80%。信用债收益率普遍下行，信用利差走势分 化，长久期品种表现更好。 展望 3 月，债市多空因素交织，市场走势不确定性上升，叠加当前信用利差已 收窄至历史偏低区间，建议月初对高弹性品种适度止盈，等待 3 月底的布局时 机。3 月影响债市的不确定因素在于：一是伊朗局势升级，避险情绪可能带动 短期内利率下行；但战争引发的输入型通胀压力或导致国内通胀预期抬升，利 率也面临上行压力。二是两会召开在即，叠加 2月 26日"沪七条"楼市新政落 地，市场对稳增长政策力度与节奏的预期或有变化。 此外，关注科创债成分券的超跌修复机会。2 月科创债 ETF 规模小幅回落，成 ...

Group 1: Investment Rating of the Report - No information about the industry investment rating is provided in the report. Group 2: Core Views of the Report - As of February 27, the scales of the Sci - Tech Bond ETF and the Benchmark Market - Making Credit Bond ETF have been declining for seven consecutive weeks, but the decline has significantly narrowed since February. The Sci - Tech Bond ETF's scale on February 27 was 274.6 billion yuan, a decrease of 2.9 billion yuan from February 13, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan, a decrease of only 0.3 billion yuan from February 13 [1]. - The scale of Haifutong Fund's Short - Term Financing ETF reached 80.1 billion yuan before the Spring Festival, a significant increase of 12 billion yuan from February 6, and then slightly declined after the festival, with a scale of 77.2 billion yuan on February 27, making it the largest - scale product among current credit bond ETFs [1]. - On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year). Along with the market adjustment, the median static yield of the portfolio reached 1.87%, about 1.2 bp higher on average than before the Spring Festival. Currently, the median duration of the Sci - Tech Bond ETF is 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF is 3.1 years, with little difference [1]. - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure, and relatively more in the 4 - 5 - year and 2 - 3 - year terms. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026, with local state - owned enterprises and central state - owned enterprises basically in half, and the industries including transportation, public utilities, and securities [2]. - In terms of bond sales, bonds with a term of 4 - 5 years were relatively more. Among the top ten sold bonds, 6 had a term of 4 - 5 years, and the industries involved included machinery and equipment, transportation, electronics, and coal. The increase and decrease in the Benchmark Market - Making Credit Bond ETF were not significant. The increase mainly focused on short - duration bonds within 2 years, and the industries involved included transportation and medicine. The decrease mainly involved bonds with a term of 2 - 3 years, and the industries included non - ferrous metals, securities, and public utilities [2]. - In terms of trading, from February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival, indicating low activity. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27. Currently, the trading enthusiasm for the Sci - Tech Bond ETF is low, which is still related to the decline in scale. As the decline rhythm gradually slows down, attention can be paid to the opportunities of component bonds after the scale stabilizes and rebounds [2]. Group 3: Summary According to the Directory Scale and Duration of Credit Bond ETFs - As of February 27, 2026, the total scale of 35 credit bond ETFs was 522.9 billion yuan, a decrease of 6 billion yuan from February 13 (before the Spring Festival). The Sci - Tech Bond ETF's scale was 274.6 billion yuan, and the Benchmark Market - Making Credit Bond ETF's scale was 103.9 billion yuan. The scale of Haifutong Fund's Short - Term Financing ETF was 77.2 billion yuan, the largest among credit bond ETFs [1][5]. - The median duration of the Sci - Tech Bond ETF was 3.2 years, and that of the Benchmark Market - Making Credit Bond ETF was 3.1 years. On February 27, the durations of most credit bond ETFs were basically the same as those on February 13, with most changes falling within the range of (- 0.1 year, 0.1 year) [1]. Bond Holdings and Trading of Credit Bond ETFs - The Sci - Tech Bond ETF increased its holdings of bonds, mainly new bonds issued in 2026, with a dispersed term structure. From February 24 - 27, 6 component bonds with an increase of more than 1 billion yuan were added, among which 5 were new bonds issued in 2026. The Benchmark Market - Making Credit Bond ETF's increase mainly focused on short - duration bonds within 2 years [2]. - In terms of bond sales, the Sci - Tech Bond ETF mainly sold bonds with a term of 4 - 5 years, and the Benchmark Market - Making Credit Bond ETF mainly sold bonds with a term of 2 - 3 years [2]. - From February 24 - 27, the number of trading transactions of the Sci - Tech Bond ETF's component bonds accounted for 5.2% of the total number of credit bond trading transactions, a decrease of 0.4 percentage points compared to before the Spring Festival. Since February, the median spread between "non - component bonds and component bonds" of the ETF has been continuously fluctuating at a low level, reaching 3.5 bp on February 27 [2].

转自：新华财经 新华财经上海2月24日电（记者陈云富、王淑娟）作为展现上海国际金融中心建设进展的年度"成绩单"，节后第一 天，2025年上海国际金融中心建设十大事件对外发布。金融中心建设央地协作全面深化、国际货币基金组织上海 中心启用、跨境金融服务便利化水平全方位优化、离岸金融体系与市场开放稳慎推进……过去一年，一系列具有 全局意义的金融改革创新在上海密集落地，交出成色十足的年度答卷。 回望，是为了更好地前进。当前，上海正进一步加大对外开放，推动金融中心建设与经济、贸易、航运和科创中 心建设联动发展，持续提升全球资源配置力。一个不断提升能级的国际金融中心，正在黄浦江畔澎湃前行。 开放新答卷：离岸金融体系启新程 离岸金融是衡量国际金融中心成熟度的重要标尺。2025年9月，《关于进一步推进上海自贸离岸债高质量发展的若 干措施（试行）》正式印发，为自贸离岸债业务开展提供了"行动指南"。凭借"发行端、投资端两头在外"的独特 制度设计，自贸离岸债迅速成为连接境内优质资产与境外资本的重要通道。 今年1月，随着首单由非银行金融机构提供跨境担保的自贸离岸债完成发行，已有多家机构参与打通自贸离岸债的 发行、交易和清结算全流程。 ...

票息行情未止：接续力量和可挖掘的标的 [Table_Authors] 张紫睿(分析师) 信用债市场周度回顾 260223 本报告导读： 下一步承接力量为配置盘打底+交易盘接力，短端和科创债值得挖掘。 投资要点： 请务必阅读正文之后的免责条款部分 | 1. | 票息行情未止：接续力量和可挖掘的标的 3 | | --- | --- | | 2. | 信用债市场周度回顾 4 | | 2.1. | 一级发行：净融资大幅减少 4 | | 2.2. | 二级交易：成交量基本持平，利差多数下行 5 | | 2.3. | 信用评级调整及违约跟踪 7 | | 3. | 风险提示 7 | | | 021-23185652 | | --- | --- | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | | | 王宇辰(分析师) | | | 010-83939801 | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | [Table_Report] 相关报告 春节期间需关注的几件事 ——海外篇 2026.02.22 M2- ...

票息行情未止：接续力量和可挖掘的标的 [Table_Authors] 张紫睿(分析师) 信用债市场周度回顾 260223 本报告导读： 下一步承接力量为配置盘打底+交易盘接力，短端和科创债值得挖掘。 投资要点： 请务必阅读正文之后的免责条款部分 | | 021-23185652 | | --- | --- | | | zhangzirui@gtht.com | | 登记编号 | S0880525040068 | | | 王宇辰(分析师) | | | 010-83939801 | | | wangyuchen4@gtht.com | | 登记编号 | S0880523020004 | [Table_Report] 相关报告 春节期间需关注的几件事 ——海外篇 2026.02.22 M2-社融、存贷款双背离，银行间资金宽松的长 期逻辑 2026.02.22 节后第一周地方债发行金额 2564 亿元，2 月实际 发行将超万亿 2026.02.22 震荡市宜因子动态均衡 2026.02.21 持 ETF 过春节，短信用债 ETF 获大量申购 2026.02.16 债 券 研 究 市 场 策 略 周 报 1. 票息行情 ...

[Table_ReportInfo] 2026 年 02 月 24 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（2.9-2.13） 春季配置需求回归，债券 ETF 有望扩张 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF资金净流入情况：市场情绪偏多，债券 ETF净流入金额转正。 上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别+50.98亿 元、+142.12亿元、+5.87亿元，债券 ETF市场合计净流入金额 198.96亿元。 展望后市，债券 ETF 规模在经历年初季节性资金流出后，有望随机构春季配 置需求的回归以及"两会"定调的关键政策重回扩张通道。品种上 ...

Core Viewpoint - The public fund industry is poised for high-quality development, emphasizing the integration of financial services with national strategies and the needs of investors, while leveraging technological advancements to enhance investment capabilities [1][2][4]. Group 1: Industry Overview - The public fund industry has deeply integrated into the national development framework, focusing on optimizing resource allocation and supporting the transformation of the real economy [1][2]. - The industry has seen significant growth, with the pension fund management scale approaching one trillion, reflecting a commitment to long-term value creation and support for residents' financial well-being [3]. Group 2: Strategic Initiatives - The company is enhancing its investment and research system by focusing on key sectors such as technology, semiconductors, and innovative enterprises, aiming to create a diversified product matrix centered around new quality productivity [2][5]. - The introduction of innovative financial products, including the first domestic science and technology index ETFs and REITs, demonstrates the company's commitment to empowering the technology and digital economy sectors [2][4]. Group 3: Global Expansion - The company is actively expanding its cross-border business, focusing on global asset allocation and enhancing its capabilities in international markets, particularly through the launch of multiple Hong Kong Stock Connect products [4][5]. - The emphasis on high-level financial openness positions the company as a key player in connecting domestic and international markets, facilitating investment opportunities for global investors [4]. Group 4: Future Outlook - The company aims to strengthen its service capabilities in response to national strategic needs, focusing on identifying transformative technological breakthroughs and enhancing its competitive edge in capital markets [5]. - The commitment to improving wealth management services and optimizing product offerings reflects the company's dedication to meeting the evolving needs of investors and ensuring sustainable growth [5].

Core Viewpoint - The company emphasizes its commitment to long-term value creation and its role in supporting the real economy through innovative financial products and services, while adapting to the evolving macroeconomic landscape [3][4][5][6][7] Group 1: Economic Resilience and Industry Role - The Chinese economy has shown strong resilience and maintained a positive long-term trend despite a complex global macro environment [3] - The public fund industry has integrated deeply into the national development framework, focusing on optimizing resource allocation and supporting the transformation of the real economy [4] Group 2: Innovation and Product Development - The company is focused on developing a diversified product matrix centered around new quality productivity, including key sectors like computing power and semiconductors [5] - It has successfully launched several innovative financial products, including the first domestic Sci-Tech Innovation Index ETF and AI Index products, enhancing the capital market's support for the tech industry and digital economy [5] Group 3: Long-term Investment Strategy - The company is addressing the challenges of an aging population by enhancing its pension finance offerings and developing a diversified pension product matrix [6] - It aims to create a virtuous cycle where long-term funds support the capital market, which in turn empowers improvements in people's livelihoods [6] Group 4: Global Expansion and Cross-Border Business - The company is committed to being a pioneer in the high-level opening of the capital market, focusing on global asset allocation and cross-border collaboration [7] - It plans to deepen its cross-border business layout and enhance its capabilities in multi-asset investment research and asset allocation [7] Group 5: Commitment to Investor Interests - The company has implemented a new fee structure to align its interests with those of investors, ensuring shared benefits [6] - It has achieved significant milestones, including over 100 billion in profits and continuous growth in client numbers, reflecting its commitment to investor-centric practices [6]

Core Viewpoint - The public fund industry, represented by Southern Fund, emphasizes its commitment to high-quality development and its role in supporting the national economic strategy while enhancing investor benefits in the new year [1][2][3]. Group 1: Economic Resilience and Innovation - In the past year, China's economy has shown strong resilience amidst a complex global macro environment, with new productive forces emerging and a modern industrial system being steadily constructed [1][2]. - The rise of artificial intelligence and continuous innovation has been highlighted as a key driver for economic growth [1][2]. Group 2: Commitment to Investor Interests - Southern Fund is dedicated to enhancing its business and service systems centered around the best interests of investors, guided by the new "National Nine Articles" and the "Action Plan for Promoting High-Quality Development of Public Funds" [2][3]. - The company has successfully issued the first batch of innovative floating-rate funds in the industry, aligning its interests with those of investors [3][12]. Group 3: Focus on Long-term Value and Pension Management - The company is addressing the long-term trend of an aging population by developing a comprehensive asset management system for pension finance, aiming to reach a management scale of nearly one trillion [3][11]. - Southern Fund is actively guiding long-term capital, such as insurance and pension funds, to invest in equity assets, fostering a positive interaction between long-term funding and capital markets [3][11]. Group 4: Global Integration and Cross-Border Opportunities - The company is committed to being a pioneer in the high-level opening of capital markets, enhancing its cross-border business layout and focusing on global asset allocation [4][13]. - Southern Fund has launched multiple Hong Kong Stock Connect products to improve investment research and asset allocation capabilities across markets and time zones [4][13]. Group 5: Future Strategies and Technological Empowerment - In the new year, the company plans to enhance its ability to serve national strategic industries, focusing on identifying transformative technological breakthroughs [5][14]. - Southern Fund aims to leverage artificial intelligence to upgrade its investment research, market, product, and operational systems, seizing opportunities in the AI era [5][14].