Core Viewpoint - The Chinese bond ETF market is experiencing rapid growth due to a low interest rate environment and accelerated passive transformation in the asset management industry, with significant policy support and product innovation driving this expansion [1][6][20]. Group 1: Market Development - The first batch of 8 benchmark market-making credit bond ETFs was listed on January 7, 2025, on both the Shanghai and Shenzhen Stock Exchanges [1]. - On July 17, 2025, the China Securities Regulatory Commission announced the acceleration of the launch of Sci-Tech Innovation Bond ETFs, with 10 such ETFs approved for listing [1]. - As of August 2025, the total size of existing bond ETFs reached 564.31 billion yuan, with a compound annual growth rate of 137.04% from 2021 [7][9]. Group 2: Bond ETF Characteristics - Bond ETFs are passive index bond funds that trade on exchanges, consisting of a basket of bonds, and allow for T+0 trading [2][4]. - The transparency of bond ETF components is high, with regular disclosures from index companies and fund managers [4]. - Bond ETFs can engage in general pledge-style repurchase agreements, enhancing liquidity, with 9 credit bond ETFs included in the pledge library as of May 29, 2025 [5]. Group 3: Types and Structure of Bond ETFs - As of August 2025, there are 39 bond ETFs categorized into three main types: interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs, with credit bond ETFs dominating in both number and scale [9][11]. - The credit bond ETF market saw significant growth in 2025, with the scale increasing from 54.1 billion yuan at the end of 2024 to 350.4 billion yuan by August 2025 [11]. - Convertible bond ETFs experienced growth from 6.6 billion yuan at the end of 2023 to 43.9 billion yuan at the end of 2024, maintaining a steady increase into 2025 [12]. Group 4: Challenges in the Bond ETF Market - The liquidity of bond ETFs is characterized by a concentration at the top, with the top 5 ETFs accounting for 62.30% of total market turnover, while many products have low trading volumes [16]. - The investor structure is predominantly institutional, with low participation from individual investors, leading to homogeneity in trading behavior [17]. - There is significant product homogeneity, with many ETFs tracking similar indices, which can lead to resource wastage and liquidity issues for smaller products [18]. Group 5: Future Outlook and Recommendations - Recommendations include optimizing market maker arrangements to improve liquidity, such as adjusting assessment criteria and providing subsidies for market makers [20]. - Diversifying the types of products offered can attract a broader range of investors, including individual and overseas investors, enhancing market stability [21]. - Improving regulatory frameworks and infrastructure is essential for encouraging product innovation and facilitating smoother cross-market operations [22][23].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (January 5 - January 9), bond - type ETFs had a net capital outflow of 63.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 56.1 billion yuan, 9.6 billion yuan, and a net inflow of 2.7 billion yuan respectively. Compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, - 0.17%, and +3.86% respectively [2][4][13]. 3. Summaries According to Relevant Catalogs 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [17]. 3.2 Existing Product Tracking - As of January 9, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 142.2 billion yuan, 404.5 billion yuan, and 66.3 billion yuan respectively, with credit - bond ETFs accounting for 60.6%. The circulating market values of Haifutong CSI Short - term Finance ETF and Boshi Convertible - bond ETF ranked top two, at 61.829 billion yuan and 55.556 billion yuan respectively. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 10.5 billion yuan, 38.6 billion yuan, and increased by 5.3 billion yuan respectively. Products with significant scale reduction last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Science and Technology Innovation Bond ETF Yin Hua, and Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF, with a month - on - month decrease of over 6 billion yuan each [19][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were 119.9 billion yuan and 311 billion yuan respectively, decreasing by 7.1 billion yuan and 44 billion yuan compared with the previous week [23]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.20%, while the return rate of science - and - technology innovation bond ETFs has marginally declined to 0.21% [26][28]. 3.4 Premium/Discount Rate Tracking - From a broad - category perspective, last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.25%, - 0.03%, 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 - and - technology innovation bond ETFs were - 0.39% and - 0.22% respectively [34]. 3.5 Turnover Rate Tracking - The weekly turnover rates of interest - rate bond ETFs, convertible - bond ETFs, and credit - bond ETFs were calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rates showed the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs, and the weekly turnover rates of all three types of products increased marginally, reaching 141%, 112%, and 91% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong CSI Short - term Finance ETF had relatively high turnover rates [39].

Core Insights - In 2025, China's bond market underwent a significant transformation from "active selection" to "tool allocation," with bond ETFs experiencing exponential growth, reshaping asset allocation and marking passive tools as new symbols of efficiency and stability [1][2] Industry Overview - The bond ETF market reached a "high point" in 2025, with the number of products increasing to 53 and total scale exceeding 800 billion yuan, a 362% increase from 174 billion yuan at the beginning of the year [2] - The growth of bond ETFs is characterized by structural features, primarily driven by benchmark credit bond ETFs and innovative Sci-Tech bond ETFs, with the latter contributing over 340 billion yuan to the market, accounting for nearly half of the total growth [2] - The bond ETF market has established a multi-tiered toolbox covering interest rate bonds, credit bonds, and convertible bonds, with a healthy dynamic of "institutional dominance and individual interest" [2] Company Strategy - Penghua Fund's fixed income team has proactively positioned itself as a "bond index expert" since 2018, developing a comprehensive product line that includes interest rate bond indices, credit bond indices, certificates of deposit indices, and bond ETFs [3] - As of Q3 2025, Penghua's related products have reached a total management scale of over 57.8 billion yuan, demonstrating the realization of its strategic vision [3] - Penghua's bond ETF business stands out, with a total scale surpassing 38.1 billion yuan as of December 26, 2025, establishing a leading advantage in the Sci-Tech and local government bond sectors [3][4] Product Highlights - The Penghua Sci-Tech bond ETF, launched in July 2025, has a scale of 22.9 billion yuan, leading its category in the Shanghai market, with an average daily trading volume of 6.3 billion yuan and a turnover rate of 36.7% [4] - The Penghua 0-4 Year Local Government Bond ETF, the only short-duration local government bond product, has a scale of 11.4 billion yuan, ranking first in its category, suitable for short-term fund management [6] - The Penghua 5-Year Local Government Bond ETF, launched in August 2019, has a scale of 3.8 billion yuan and offers a stable long-term performance, filling a gap in the Shenzhen market [6] Future Outlook - The trend towards bond index investment is expected to continue in a low-interest-rate environment, with Penghua Fund positioned favorably due to its strategic foresight and diversified product matrix [7] - The company emphasizes the importance of understanding trends and preparing a "toolbox" for investors to lead in the era of passive investment [7]

Core Insights - The bond ETF market has shown positive changes recently, with a significant inflow of funds amounting to 37.706 billion yuan over three trading days, doubling the inflow from the previous week [1] - The liquidity of credit bond ETFs has improved, with notable net value increases for the Guangfa Sci-Tech Bond ETF and Guangfa Credit Bond ETF, which rose by 0.18% and 0.17% respectively [1] - The convergence of discount rates for credit bond ETFs indicates a recovery in the price difference between secondary market prices and fund net values, reflecting renewed investor confidence in bond investment value [2] Fund Performance - The Guangfa Sci-Tech Bond ETF (511120.SH) and Guangfa Credit Bond ETF (159397.SZ) are among the top performers, with net inflows of 393 million yuan and 293 million yuan respectively [1] - The discount rates for these ETFs have narrowed significantly, indicating a positive market sentiment and improved liquidity conditions [1][2] Market Dynamics - The convergence of discount rates suggests that the secondary market prices are aligning more closely with the net asset values of the ETFs, which is a sign of market recovery [2] - The introduction of benchmark market-making credit bond ETFs and sci-tech bond ETFs has attracted significant investor interest, highlighting their advantages in terms of lower thresholds, fees, and transaction costs [2][3] Investment Strategy - Investing through credit bond ETFs offers advantages such as lower entry barriers, lower fees, and higher transparency, which can help diversify investment risks and enhance portfolio strategies [2] - Both Guangfa Credit Bond ETF and Guangfa Sci-Tech Bond ETF are among the first in their categories to be approved for general pledged repurchase transactions, which can enhance market liquidity and trading activity [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Last week, the ChinaBond New Composite Index rose 0.06% for the whole week; short - term pure bond and medium - long - term pure bond funds rose 0.02% and 0.02% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index rose 0.05% and 0.06% respectively [2]. - All types of bond ETF product net values recovered last week. As of December 19, 2025, the 30 - year Treasury Bond ETF performed well, rising 0.46% for the whole week, and the Policy - Financial Bond ETF rose 0.17%. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.44% and 0.17% respectively [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of December 19, 2025, bond - type ETFs had a total net inflow of 20.485 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 2.911 billion yuan, 18.993 billion yuan, and a net outflow of 1.42 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net outflows of 2.775 billion yuan, a net inflow of 0.351 billion yuan, and a net outflow of 0.008 billion yuan respectively. Market - making credit bonds had a net inflow of 2.8 billion yuan, and sci - tech innovation bonds had a net inflow of 18.626 billion yuan. As of December 19, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 74.719 billion yuan, 473.285 billion yuan, and 20.548 billion yuan respectively, with a total of 568.552 billion yuan [4]. 3.2 Net Value Performance - As of December 19, 2025, the 30 - year Treasury Bond ETF performed well, rising 0.46% for the whole week, and the Policy - Financial Bond ETF rose 0.17%. The Convertible Bond ETF and the SSE Convertible Bond ETF rose 0.44% and 0.17% respectively [5]. 3.3 Performance of Credit Bond ETFs and Sci - tech Innovation Bond ETFs - As of December 19, 2025, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0107 and 0.9989 respectively, rising 0.05% and 0.04% for the whole week. Among credit bond ETFs, the E Fund Corporate Bond ETF and the Credit Bond ETF performed relatively well, rising 0.07% for the whole week. Among sci - tech innovation bond ETFs, the Taikang Sci - tech Innovation Bond ETF performed relatively well. As of December 19, 2025, the median discount rates of credit bond ETFs and sci - tech innovation bond ETFs were 30BP and 21BP respectively [6]. 3.4 Duration Tracking of Credit - type ETFs - As of December 19, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.39 years, 1.82 years, and 2.16 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the SSE Market - making Corporate Bond Index and the SZSE Market - making Corporate Bond Index were 3.80 years and 2.61 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond Index, the SSE AAA Sci - tech Innovation Bond Index, and the SZSE AAA Sci - tech Innovation Bond Index were 3.39 years, 3.42 years, and 3.26 years respectively [7].

Core Insights - The bond ETF market in China has experienced significant growth, with total market size exceeding 700 billion yuan by November 2025, and the number of products reaching 53 [1][2] - Hai Futong Fund Management Company has established itself as a leader in the bond ETF sector, being the first to surpass 100 billion yuan in management scale and driving the market towards deeper and broader development [1][2] Group 1: Company Strategy and Innovation - Hai Futong Fund began its bond ETF journey in 2014 with the launch of the Shanghai Stock Exchange Urban Investment Bond ETF, which raised 6.6 billion yuan, marking a significant entry into the market [2] - The company has continuously innovated by launching several pioneering products, including the first short-term bond ETF in 2020 and a market-leading convertible bond ETF [2][3] - By November 2025, Hai Futong managed six bond ETFs with a total scale of approximately 129.8 billion yuan, making it the largest fund company in terms of product variety and scale in the bond ETF market [2] Group 2: Operational Excellence and Market Position - The growth of Hai Futong's bond ETFs is attributed to its meticulous operational management and ecosystem building, which includes addressing liquidity challenges and enhancing customer engagement [3][4] - The Hai Futong Zhongzheng Short-term Bond ETF has seen its scale grow to over 70 billion yuan, demonstrating a successful turnaround from initial struggles [5] - The company emphasizes credit safety and has established a robust risk management framework for its credit ETFs, ensuring independent credit rating and risk management teams [6] Group 3: Team Expertise and Market Understanding - Hai Futong's investment and research team features a diverse range of experience, with core members having extensive backgrounds in fixed income markets and index management [7] - The company actively collaborates with regulators, exchanges, market makers, and investors to foster a supportive ecosystem for bond ETFs, enhancing market awareness and application of these financial tools [7][8] - The future outlook for bond ETFs remains positive, with expectations for continued growth driven by market development and diversified investor structures [8]

Core Insights - The bond ETF market in China has experienced significant growth, with total market size exceeding 700 billion yuan and 53 products by November 2025, compared to the initial 5.4 billion yuan when the first bond ETF was launched in 2013 [1][2] - Hai Futong Fund Management Company has established itself as a leader in the bond ETF market, being the first to surpass 100 billion yuan in management scale and driving the market towards deeper and broader development [1][3] Group 1: Product Development and Innovation - Hai Futong Fund began its bond ETF journey with the launch of the Shanghai Stock Exchange Urban Investment Bond ETF in late 2014, raising 6.6 billion yuan, marking a significant entry into the market [2] - The company has continuously filled market gaps with innovative products, launching several first-of-their-kind ETFs, including those tracking long-term government bonds and short-term financing bonds [2][3] - As of November 2025, Hai Futong manages six bond ETFs with a total scale of approximately 129.8 billion yuan, making it the largest fund company in terms of product variety and scale in the bond ETF market [3] Group 2: Operational Excellence and Market Position - The growth of Hai Futong's bond ETFs is attributed to its refined operational management and ecosystem-building capabilities, exemplified by the success of the Zhongzheng Short-term Financing Bond ETF [4][5] - The Zhongzheng Short-term Financing Bond ETF overcame initial challenges to achieve a scale of over 70 billion yuan by November 2023, demonstrating a successful turnaround from a low initial scale [5] - The company emphasizes liquidity and credit safety in its operations, with the short-term financing ETF achieving a net value growth rate of 12.40% since its inception, significantly outperforming its benchmark [4][5] Group 3: Sustainable Competitive Advantage - Hai Futong maintains a rigorous operational management system, particularly for credit ETFs, ensuring independent risk management and tailored risk control plans for each product [6] - The investment team showcases deep expertise in bond markets, focusing on credit risk control and addressing liquidity issues in local government bonds [6][7] - The company actively collaborates with regulators, exchanges, market makers, and investors to enhance the bond ETF ecosystem, promoting awareness and understanding of these investment tools [7][8] Group 4: Future Outlook - The bond ETF market in China is expected to continue expanding, driven by the increasing demand for transparent, efficient, and risk-diversified investment products [8] - Hai Futong plans to leverage its expertise in the bond ETF sector to enhance product operations and contribute to the high-quality development of the bond ETF market in China [8]

Core Insights - The article highlights the rapid growth of the bond ETF market in China, with the total market size exceeding 700 billion yuan by November 2025, up from 5.4 billion yuan in 2013, indicating a significant increase in investor demand for transparent and efficient investment tools [1][2]. Group 1: Company Development - Hai Fu Tong Fund Management Company has strategically positioned itself as a leader in the bond ETF market, being the first to surpass 100 billion yuan in management scale and currently managing 1.298 billion yuan across six bond ETFs, making it the largest fund company in terms of both quantity and scale [2][4]. - The company has consistently innovated by launching pioneering products, such as the first short-term bond ETF in 2020 and various government bond ETFs, thereby filling market gaps and providing investors with convenient trading tools [2][3]. Group 2: Product Performance - The Hai Fu Tong Zhong Zheng Short-term Bond ETF, despite initial struggles with a scale of only 50 million yuan, has seen a remarkable turnaround, achieving a net value growth rate of 12.40% since its inception, significantly outperforming its benchmark [3][4]. - The company’s bond ETFs have demonstrated a "head effect," where clear product positioning and ample liquidity have led to a virtuous cycle of scale enhancement and increased liquidity, attracting more capital [4][5]. Group 3: Operational Excellence - Hai Fu Tong Fund emphasizes a professional and prudent operational management system, particularly for credit ETFs, ensuring independent credit rating and risk management teams to maintain credit safety as a priority [5][6]. - The investment team comprises experienced professionals with a deep understanding of various bond types, ensuring effective collaboration from macro judgment to execution [5][6]. Group 4: Market Ecosystem Engagement - The company actively engages with regulators, exchanges, market makers, and investors to foster a collaborative ecosystem for bond ETFs, enhancing market understanding and application of these financial tools [6]. - Hai Fu Tong Fund aims to continue leveraging its expertise in the bond ETF sector to contribute to the market's prosperity and high-quality development as the bond market evolves [6].

Report Summary - The market has recently worried about the redemption of credit bond ETFs. Data shows that the overall scale of credit bond ETFs has not declined significantly, but there is structural differentiation among products [4]. - Interest - rate products: Ultra - long bond products have seen obvious capital outflows. As of November 28, 2025, interest - rate ETFs had a net outflow of 249 million yuan in the past week. The Pengyang ChinaBond - 30 - year Treasury Bond ETF's net value dropped by 0.71% and its market capitalization decreased by 2.614 billion yuan, while the Huaxia Benchmark Treasury Bond ETF's net value dropped by 0.26% but its market capitalization increased by 2.914 billion yuan [4]. - Credit - type products: The scale of market - making credit bond ETFs has decreased significantly, while the scale of science and technology innovation bond ETFs has continued to grow, but there is significant structural differentiation among products. As of November 28, 2025, credit - type ETFs had a net outflow of 535 million yuan in the past week. Specifically, short - term financing, corporate bonds, and urban investment bonds had net inflows of 1.212 billion yuan, 111 million yuan, and a net outflow of 10 million yuan respectively. Market - making credit bonds had a large - scale net outflow of 2.952 billion yuan, and science and technology innovation bonds had a net inflow of 1.104 billion yuan [4]. - Specific products: In credit bond ETFs, the market capitalization of Huaxia Credit Bond ETF, Credit Bond ETF GF, and Credit Bond ETF Dacheng decreased by 1.355 billion yuan, 785 million yuan, and 731 million yuan respectively in the past week. In science and technology innovation bond ETFs, the scale of Science and Technology Innovation Bond ETF Southern, Science and Technology Innovation Bond ETF E Fund, Science and Technology Innovation Bond ETF China Merchants, and Science and Technology Innovation Bond ETF Industrial decreased by 1.767 billion yuan, 1.206 billion yuan, 729 million yuan, and 629 million yuan respectively. The scale of Science and Technology Innovation Bond ETF Fullgoal and Science and Technology Innovation Bond ETF Dacheng increased by 2.142 billion yuan and 2.417 billion yuan respectively [4]. - Overall bond - type ETFs: As of November 28, 2025, bond - type ETFs had a total net outflow of 2.303 billion yuan in the past week. Interest - rate, credit - type, and convertible - bond - type ETFs had net outflows of 249 million yuan, 535 million yuan, and 1.519 billion yuan respectively. The cumulative net inflows of interest - rate, credit - type, and convertible - bond ETFs for the year were 73.951 billion yuan, 444.828 billion yuan, and 23.619 billion yuan respectively, with a total of 542.398 billion yuan [4]. - Net value performance: All types of bond ETF products' net values have been adjusted. As of November 28, 2025, the Orient Fortune Treasury Bond ETF and the Guokai Bond ETF performed well, rising 0.02%. The 30 - year Treasury Bond ETF adjusted significantly, falling 0.71%. Convertible bond ETFs and Shanghai Stock Exchange Convertible Bond ETFs fell 0.28% and 0.77% respectively [4]. Credit Bond ETF and Science and Technology Innovation Bond ETF Performance - As of November 28, 2025, the median net asset values per unit of credit bond ETFs and science and technology innovation bond ETFs were 1.0109 and 0.9991 respectively, falling 0.16% and 0.17% for the week. Among credit bond ETFs, Bosera Credit Bond ETF performed relatively well, falling 0.10%. Among science and technology innovation bond ETFs, the Yongying Science and Technology Innovation Bond ETF and the Invesco Great Wall Science and Technology Innovation Bond ETF performed relatively well [2]. - As of November 28, 2025, the median discount rates of credit bond ETFs and science and technology innovation bond ETFs were 24BP and 13BP respectively [2]. Credit - Type ETF Duration Tracking - As of November 28, 2025, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.37 years, 1.85 years, and 2.20 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond Index and the Shenzhen Market - Making Corporate Bond Index were 3.84 years and 2.87 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, Shanghai AAA Science and Technology Innovation Bond Index, and Shenzhen AAA Science and Technology Innovation Bond Index were 3.49 years, 3.56 years, and 3.24 years respectively [3][5]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - Bond - type ETFs had significant net inflows in the past week, with credit - type ETFs leading the way, and large cumulative net inflows throughout the year [3]. - The net values of various bond ETF products recovered significantly in the past week, with some products performing well and others showing different trends [4]. - Credit - bond ETFs and science - innovation bond ETFs had certain increases in unit net value, and their discount rates were at specific levels [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of November 21, 2025, bond - type ETFs had a total net inflow of 12.729 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 3.538 billion yuan, 6.636 billion yuan, and 2.555 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.598 billion yuan, 1.269 billion yuan, and 1.212 billion yuan respectively, while market - making credit bonds had a net outflow of 252 million yuan, and science - innovation bonds had a net inflow of 1.809 billion yuan. - As of November 21, 2025, the cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 74.2 billion yuan, 445.363 billion yuan, and 25.137 billion yuan respectively, with a total of 544.7 billion yuan [3]. 3.2 Net Value Performance - Throughout the week, the net values of various bond ETF products recovered significantly. As of November 21, 2025, the 5 - year local - bond ETF and 10 - year local - bond ETF performed well, rising 0.15% and 0.14% respectively. The government - financial bond ETF and 0 - 4 local - bond ETF both rose 6BP. Treasury - bond ETFs and state - development - bond ETFs performed steadily. Convertible - bond ETFs and Shanghai - Stock - Exchange convertible - bond ETFs fell 1.72% and 1.37% respectively last week [4]. 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of November 21, 2025, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0126 and 1.0008 respectively, rising 0.01% and 0.02% throughout the week. Among credit - bond ETFs, Dacheng Credit - Bond ETF performed well, rising 0.04%. Among science - innovation bond ETFs, Fuguo, Boshi, and JingShun Science - Innovation Bond ETFs performed relatively well. As of November 21, 2025, the median discount rate of credit - bond ETFs was 25BP, and that of science - innovation bond ETFs was 22BP [5]. 3.4 Credit - Type ETF Duration Tracking - As of November 21, 2025, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.40 years, 1.84 years, and 2.21 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 3.789 years and 2.87 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 3.47 years, 3.56 years, and 3.24 years respectively [8]. 3.5 Report Abstract - Last week, the ChinaBond New Composite Index rose 0.03% throughout the week. Short - term pure - bond and medium - long - term pure - bond funds rose 0.02% and 0.02% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate - Bond Index rose 0.03% and 0.03% respectively [7].