证券研究报告、晨会聚焦：债券ETF跟踪：固收吕品：长短端分化，信用债类ETF持续流出-20260317

Core Insights - The report highlights a divergence between short-term and long-term bond performance, with credit bond ETFs experiencing continued outflows [3][5] - As of March 13, 2026, bond ETFs saw a total net outflow of 11.575 billion yuan over the past week, with specific outflows from interest rate, credit, and convertible bond ETFs [3][4] Market Performance - The China Bond Composite Index fell by 0.08% over the past week, while short-term pure bond funds rose by 0.03% and medium to long-term pure bond funds fell by 0.01% [3] - The 30-year government bond ETF showed a weak performance, declining by 1.49%, while the national development bond ETF and the national development ETF increased by 0.05% and 0.04%, respectively [3][4] Fund Flows - As of March 13, 2026, the net inflows for credit bond ETFs included 2.212 billion yuan for short-term bonds, 0.199 billion yuan for corporate bonds, and 0.721 billion yuan for urban investment bonds, while market-making credit bonds saw a net outflow of 3.206 billion yuan and sci-tech bonds experienced a net outflow of 5.066 billion yuan [3][4] ETF Performance - The median unit net value for credit bond ETFs and sci-tech bond ETFs stood at 1.0178 and 1.0054, respectively, with the former remaining flat and the latter declining by 0.01% [4] - The median duration for short-term bond ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.30 years, 1.99 years, and 2.02 years, respectively [4]