可转债类ETF份额逆市增长

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The net inflow of bond ETFs showed a structural divergence last week, with the net outflows of interest - rate bond and credit - bond ETFs narrowing, and convertible bond ETFs getting a small net inflow, which may reflect the trend of some funds switching between major asset classes during the adjustment of the equity market [4][7]. - The outflow of funds mainly came from the science - innovation bond ETF, which had a large net outflow for two consecutive weeks after a large - scale inflow at the end of last year [4][8]. - The share of convertible bond ETFs increased significantly, while the share of science - innovation bond ETFs decreased significantly [4][18]. Summary by Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of bond ETFs was structurally differentiated. Last week, the net inflows of interest - rate bond, credit - bond, and convertible bond ETFs were - 5.061 billion yuan, - 14.547 billion yuan, and + 1.703 billion yuan respectively, with a total net inflow of - 17.905 billion yuan in the bond ETF market. As of January 16, 2026, the bond ETF fund scale was 747.966 billion yuan, down 2.17% from the previous week's close and 9.78% from the beginning of the year, accounting for 12.31% of the total market ETF scale [7]. - The outflow of funds mainly came from the science - innovation bond ETF, with a net outflow of 8.568 billion yuan last week, followed by the benchmark market - making credit - bond ETF (- 5.023 billion yuan) and the policy - financial bond ETF (- 2.651 billion yuan) [8]. 1.2 各类债券 ETF 份额及代表产品净值走势 - The share of convertible bond ETFs increased by 3.5%, leading other types of bond ETFs, while the total share of bond ETFs decreased by 0.2%. Compared with the end of last month, the total share of bond ETFs decreased by 3.5% [18]. - Last week, the bond market recovered, and the net values of major bond ETFs were boosted. The net values of representative products of various bond ETFs increased by 0.03% - 1.05% compared with the previous week's close [21]. 1.3 基准做市信用债 ETF 份额及净值走势 - The shares of all 8 existing benchmark market - making credit - bond ETFs decreased, with a total decrease of 55.11 million shares compared with the previous week's close [26]. - The net values of all 8 products increased, with an increase of 0.05% - 0.10% compared with the previous week's close [28]. 1.4 科创债 ETF 份额及净值走势 - The shares of science - innovation bond ETFs, which had received a large amount of funds before, flowed out intensively. The net inflow of shares last week was - 84.37 million shares, a decrease of 2.71% from the previous week. The top three products with the largest share outflows were Huatai - PineBridge Science - Innovation Bond ETF, GF Science - Innovation Bond ETF, and Bosera Science - Innovation Bond ETF [31]. - The net values of science - innovation bond ETFs rebounded slightly. The average net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.07% and 0.08% respectively compared with the previous week's close [33]. 1.5 单只债券 ETF 市场表现情况 - Benefiting from the strong bond market, the net values of bond ETF products generally rose. The convertible bond ETF, Shanghai - Stock - Exchange Convertible Bond ETF, and Bosera 30 - Year Treasury Bond ETF led the gains, with increases of 1.05%, 0.68%, and 0.37% respectively [36]. - In terms of the premium/discount rate, the Shanghai - Stock - Exchange Convertible Bond ETF and the convertible bond ETF had the highest premium rates, at 0.04% and 0.02% respectively. In terms of scale change, the Shanghai - Stock - Exchange Convertible Bond ETF (+ 1.561 billion yuan), the convertible bond ETF (+ 0.677 billion yuan), and the short - term financing ETF (+ 0.252 billion yuan) ranked the top three in net inflow [36].