ETF谋势：冲量资金“来去匆匆”

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week (3/9 - 3/13), bond - type ETFs had a net capital outflow of 9.8 billion yuan. The net outflows of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were 4.8 billion yuan, 3.3 billion yuan, and 1.7 billion yuan respectively. The cumulative unit net value of credit - bond ETFs was basically the same as that of the previous Friday, while the weekly changes in the cumulative unit net values of interest - rate bond ETFs and convertible - bond ETFs were - 0.23% and - 1.11% respectively. The bond market adjusted significantly due to factors such as overseas geopolitical conflicts, a significant increase in international crude oil prices, increased domestic imported inflation pressure, and better - than - expected import and export data from January to February as well as a marginal recovery in social financing and credit. The long - end interest rate rose sharply, but the credit sector showed strong resilience [2][13]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][17] 3.2 Stock Product Tracking - As of March 13, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 128.7 billion yuan, 377.5 billion yuan, and 77.9 billion yuan respectively, with the credit - bond ETFs accounting for 65% of the total. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 3.7 billion yuan, 4.5 billion yuan, and 2.8 billion yuan respectively. The market values of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 100.8 billion yuan and 266.3 billion yuan respectively, decreasing by 3.2 billion yuan and 5.1 billion yuan from the previous week [4][19][22] 3.3 ETF Performance Tracking - The average cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs were 1.19 and 1.03 respectively. The returns since the establishment of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs increased to 1.76% and 0.73% respectively [5][26][27] 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 - 0.065%, - 0.002%, and - 0.104% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. The weekly average premium/discount rates of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.09% and - 0.07% respectively [6][33] 3.5 Turnover Rate Tracking - Last week, the turnover rate 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 161% and 137% respectively, while the weekly turnover rate of convertible - bond ETFs slightly decreased to 94%. Products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science - Innovation Corporate Bond ETF, and Guotai China Securities AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][38]