1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The scale of credit - bond ETFs has declined for two consecutive weeks, dropping by 14.2 billion yuan to 541.9 billion yuan on January 16 compared to January 9. After the "first rise then fall" since mid - December, the current scale has basically returned to that of one month ago (December 19) [1] - Most credit - bond ETFs saw a decline or remained flat in scale compared to last week, with corresponding bond holdings being reduced. The reduction mainly targeted bonds with a 2 - 3 - year term [2] - The trading activity of credit - bond ETFs has weakened for two consecutive weeks. The recovery of trading activity depends on whether the scale of credit - bond ETFs can stabilize [2] 3. Summary by Related Catalogs 3.1 Scale of Credit - bond ETFs - On January 16, the total scale of 35 credit - bond ETFs was 541.9 billion yuan, a decrease of 14.2 billion yuan compared to January 9 [6] - Compared with December 19, the scales of Silver Hua Kechuang Bond ETF, Ping An Corporate Bond ETF, Industrial Bank Kechuang Bond ETF, and Huatai - PineBridge Kechuang Bond ETF increased by more than 3.5 billion yuan, with an increase rate of over 20% [1] 3.2 Duration and Yield - On January 16, the durations of most credit - bond ETFs remained basically the same as on January 9, and the static portfolio yields were also stable. Only Tianhong Kechuang Bond ETF significantly reduced its duration by 0.68 years to 2.34 years, with the corresponding portfolio yield decreasing by 7bp to 1.81%. Currently, its duration is only slightly higher than that of Yongying (2.2 years) and is the second - lowest among 24 Kechuang Bond ETFs [1] - The durations of current Kechuang Bond ETFs are between 2.2 - 3.9 years, and those of benchmark - market - making credit - bond ETFs are between 2.7 - 3.7 years [1] 3.3 Bond Holdings Adjustment - Most credit - bond ETFs reduced their bond holdings. The reduction mainly targeted bonds with a 2 - 3 - year term, continuing the pattern of last week [2] - Kechuang Bond ETFs mainly reduced their holdings in the energy, securities, and public utilities sectors, with a large proportion of AAA central - state - owned enterprise bonds. Benchmark - market - making credit - bond ETFs reduced their holdings in the pharmaceutical, transportation, construction, and urban investment sectors [2] 3.4 Trading Activity - The trading activity has weakened for two consecutive weeks. On January 16, the number of trading transactions of Kechuang Bond ETF component bonds accounted for only 5.0% of that of credit bonds, a decrease of 0.5 percentage points compared to last week [2][15] - The median spread between "non - component bonds and component bonds" of Kechuang Bond ETFs has also narrowed for two consecutive weeks. On January 16, the median spread dropped to 5.2bp, a narrowing of 1.3bp compared to January 9 [2]