债券ETF赚钱效应如何？

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Last week (1/19 - 1/23), bond - type ETFs had a net capital outflow of 15.6 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 11.7 billion yuan, 6.3 billion yuan, and a net inflow of 2.3 billion yuan respectively. Their cumulative unit net value weekly growth rates were +0.11%, +0.26%, and +2.65% compared to the previous week [2][13]. 3. Summary According to the Directory 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [3][17]. 3.2 Stock Product Tracking - As of January 23, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 131.1 billion yuan, 382.9 billion yuan, and 73.4 billion yuan respectively, with credit - bond ETFs accounting for 63% of the total. Compared to the previous week, their circulating market values decreased by 5.8 billion yuan, 9.1 billion yuan, and increased by 4.3 billion yuan respectively. The circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 109.2 billion yuan and 295 billion yuan respectively, decreasing by 5 billion yuan and 7.4 billion yuan compared to the previous week [4][19][20]. 3.3 ETF Performance Tracking - The cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs were 1.19 and 1.03 respectively. The return rate of benchmark - market - making credit - bond ETFs since their establishment has continuously risen to around 1.4%, and that of science - innovation bond ETFs has risen to 0.4% [5][24][30]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.17%, - 0.04%, and +0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.24% and - 0.17% respectively [6][35]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, reaching 171% and 136% respectively, while that of convertible - bond ETFs decreased to 109%. Products with high turnover rates included Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Science - Innovation Bond ETF Yongying, and Morgan Shanghai Stock Exchange AAA Science - and - Technology Innovation Corporate Bond ETF [7][40].