债券ETF跟踪：债券ETF净值修复，资金流出

1. Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] 2. Core View of the Report - The net value of bond ETFs has recovered, but there has been a capital outflow. The net inflow and outflow of different types of bond ETFs vary, and the net value of various bond ETF products has generally increased [1][5][6] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of January 23, 2026, bond - type ETFs had a total net outflow of 13.381 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.763 billion yuan, 11.944 billion yuan, and a net inflow of 4.326 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.327 billion yuan, 0.048 billion yuan, and 0.048 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 5.011 billion yuan and 7.356 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 54.852 billion yuan, 475.079 billion yuan, and 30.291 billion yuan respectively, totaling 560.222 billion yuan [5] 3.2 Net Value Performance - Throughout the week, the net values of various types of bond ETF products generally rose. As of January 23, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 1.26% for the week, the Treasury Bond ETF Huaxia rose 0.45%, and the Ten - year Treasury Bond ETF rose 0.16%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 2.88% and 2.40% respectively last week [6] 3.3 Performance of Credit Bond ETFs and Science - Innovation Bond ETFs - As of January 23, 2026, the median unit net values of credit bond ETFs and science - innovation bond ETFs were 1.0141 and 1.0020 respectively, rising 0.13% and 0.10% for the week. Among credit bond ETFs, the Credit Bond ETF Haifutong performed relatively well, rising 0.14% for the week. Among science - innovation bond ETFs, the Science - Innovation Bond ETF Huatai Bairui and the Science - Innovation Bond ETF Invesco performed relatively well. As of January 23, 2026, the median discount rate of credit bond ETFs was 25BP, and that of science - innovation bond ETFs was 24BP [7] 3.4 Credit - Type ETF Duration Tracking - As of January 23, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.35 years, 1.93 years, and 2.10 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond and Shenzhen Market - Making Corporate Bond indexes were 3.61 years and 2.78 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond, Shanghai AAA Science - Innovation Bond, and Shenzhen AAA Science - Innovation Bond indexes were 3.32 years, 3.21 years, and 3.18 years respectively [10] 3.5 Report Summary - Last week, the ChinaBond New Composite Index rose 0.26% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.04% and 0.08% respectively; the CSI AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.16% and 0.17% respectively [9]