Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint The report analyzes the performance of bond ETFs in the week up to March 27, 2026, including capital flows, net value performance, and the performance of credit - bond and science - innovation bond ETFs, as well as the duration tracking of credit - type ETFs [3][5][6]. 3. Summary by Directory 3.1 Market Index Performance - The ChinaBond New Composite Index rose 0.09% last week; short - term pure - bond and medium - long - term pure - bond funds rose 0.04% and 0.06% respectively; the CSI AAA Science and Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index rose 0.06% and 0.07% respectively [3]. 3.2 Capital Flows - As of March 27, 2026, bond - type ETFs had a net inflow of 22.902 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 3.266 billion yuan, 20.094 billion yuan, and a net outflow of 458 million yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 4.349 billion yuan, 45 million yuan, and 2.829 billion yuan respectively; market - making credit bonds had a net inflow of 543 million yuan, and science - innovation bonds had a net inflow of 12.327 billion yuan. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 54.175 billion yuan, 490.359 billion yuan, and 29.717 billion yuan respectively, totaling 574.251 billion yuan [5]. 3.3 Net Value Performance - The net value trends of various types of bond ETF products were divergent last week. As of March 27, 2026, the 30 - year Treasury Bond ETF performed well, rising 0.54% for the week; the Treasury Bond ETF Huaxia rose 0.27%, and the 10 - year Local Government Bond ETF rose 0.15%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 1.22% and 0.81% respectively last week [6]. 3.4 Performance of Credit - Bond and Science - Innovation Bond ETFs - As of March 27, 2026, the median unit net values of credit - bond and science - innovation bond ETFs were 1.0191 and 1.0066 respectively, rising 0.07% and 0.06% for the week. Among credit - bond ETFs, the Shanghai Stock Exchange Corporate Bond ETF performed relatively well, rising 0.07% for the week. Among science - innovation bond ETFs, the Science and Innovation Bond ETF Southern and the Science and Innovation Bond ETF Industrial performed relatively well. The median discount rates of credit - bond and science - innovation bond ETFs were 6BP and 4BP respectively [7]. 3.5 Duration Tracking of Credit - Type ETFs - As of March 27, 2026, the holding durations of short - term financing, corporate bond, and urban investment bond ETFs were 0.31 years, 2.02 years, and 2.11 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 were 3.46 years and 2.90 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science and Innovation Bond, Shanghai AAA Science and Innovation Bond, and Shenzhen AAA Science and Innovation Bond were 3.27 years, 3.23 years, and 3.08 years respectively [8].

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Last week (3/23 - 3/27), bond - type ETFs had a net inflow of 21.5 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 19.7 billion yuan, 3.1 billion yuan, and a net outflow of 1.3 billion yuan respectively. Their cumulative unit net value weekly changes were +0.06%, +0.12%, and +1.02% [2][14]. - Thanks to the scarcity support of short - and medium - term coupon assets due to supply contraction and the demand support from "asset relocation" of wealth management products and continuous acceptance by public funds, credit bonds maintained strong resilience in the recent volatile market [31]. 3. Summary by Directory 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [3][18]. 3.2 Stock Product Tracking - As of March 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.4 billion yuan, 401.1 billion yuan, and 72.8 billion yuan respectively, with credit - bond ETFs accounting for 66% of the total. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values, at 91.4 billion yuan and 60.7 billion yuan respectively [4][20]. - Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 3.3 billion yuan, 18.3 billion yuan, and decreased by 0.5 billion yuan respectively. Products with significant scale increases last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Haifutong CSI Short - term Financing ETF, and Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, with increases of 6.2 billion yuan, 4.3 billion yuan, and 3.3 billion yuan respectively [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - making credit - bond ETFs and science - and - technology innovation bond ETFs were 100.9 billion yuan and 277.5 billion yuan respectively, increasing by 0.5 billion yuan and 12.3 billion yuan compared with last week. The scale of science - and - technology innovation bond ETFs ended a ten - week decline [4][22]. 3.3 ETF Performance Tracking - The cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The benchmark - making credit - bond ETF's return since its establishment has marginally climbed to 1.89%, and the science - and - technology innovation bond ETF's return since its establishment has risen to 0.85% [5][23][31]. 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 - 0.03%, - 0.01%, and - 0.10% 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 - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.07% and - 0.03% respectively, and the discount rates continued to converge [6][35]. 3.5 Turnover Rate Tracking - Last week, the turnover rate ranked as convertible - bond ETFs > interest - rate bond ETFs > credit - bond ETFs. The weekly turnover rate of convertible - bond ETFs improved to 155%, while those of interest - rate and credit - bond ETFs slightly declined to 144% and 96% respectively. Products with high turnover rates included Huaxia Shanghai Stock Exchange Benchmark - making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF [7][40].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The scale of bond ETFs has significantly increased, with credit - bond ETFs contributing the main increment. Last week, the net inflow of funds into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was 3.145 billion yuan, 19.669 billion yuan, and - 1.336 billion yuan respectively, with a total net inflow of 21.479 billion yuan in the bond ETF market [1][4]. - The scale trend of convertible - bond ETFs is differentiated, and science - innovation bond ETFs have received a large inflow of funds. Last week, the convertible - bond ETFs had a net redemption of 1.336 billion yuan, while the science - innovation bond ETFs had a net inflow of 12.058 billion yuan [1][5]. - After the end of the quarter, attention should be focused on the change of the liquidity center in April. Due to the upcoming tax period in April, combined with the rhythm of fiscal expenditure and the supply pressure of the bond market, there is a need to be vigilant about the disturbance of the short - and medium - duration products caused by the structural tightness of funds. The bond ETF market may maintain the current duration strategy, and the scale may tilt towards defensive varieties [1][6]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The scale of bond ETFs has grown significantly, and credit - bond ETFs contribute the main increment. As of March 27, 2026, the bond ETF fund scale was 748.058 billion yuan, up 3.13% from the previous week's closing, down 9.79% from the beginning of the year, and accounting for 14.84% of the total market ETF scale, with a 62bp increase from the previous weekend [1][4]. - The convertible - bond ETFs had a net redemption of 1.336 billion yuan last week, with the inflows of Convertible Bond ETF Haifutong and Convertible Bond ETF Boshi being + 528 million yuan and - 1.864 billion yuan respectively. The science - innovation bond ETFs had a net inflow of 12.058 billion yuan, followed by short - term financing ETFs and urban investment bond ETFs, with net inflows of 4.33 billion yuan and 2.786 billion yuan respectively last week [1][5]. 3.2 各类债券 ETF 份额走势 - As of the close on March 27, 2026, the shares of various types of bond ETFs such as treasury bond, policy - financial bond, local bond, benchmark market - making credit bond, science - innovation bond, corporate bond, short - term financing, urban investment bond, and convertible - bond ETFs were 601.05 million shares, 358.51 million shares, 163.16 million shares, 986.20 million shares, 2716.21 million shares, 339.96 million shares, 797.53 million shares, 3614.38 million shares, and 5417.95 million shares respectively, with changes of 1.0%, 2.0%, 0.9%, - 0.1%, 3.1%, 0.1%, 3.7%, 4.9%, - 0.3% compared with March 20, 2026, and the total share of bond - type ETFs changed by + 1.9%. Compared with the end of last month, the total share of bond - type ETFs changed by 3.5% [11]. 3.3 各基准做市信用债 ETF 份额及净值走势 - Among the existing 8 credit - bond ETFs, the share of Corporate Bond ETF Southern led the increase. As of the close on March 27, 2026, the shares of these 8 ETFs were 99.46 million shares, 80.41 million shares, 97.44 million shares, 96.47 million shares, 184.72 million shares, 203.30 million shares, 89.00 million shares, and 141.32 million shares respectively, with changes of no change, - 2.43%, - 2.01%, no change, 5.66%, - 0.10%, - 1.11%, no change compared with March 20, 2026 [17]. - The net value of these 8 credit - bond ETFs continued to rise. As of the close on March 27, 2026, the net values were 1.0217, 1.0210, 1.0195, 1.0198, 1.0148, 1.0179, 1.0187, and 1.0178 respectively, with changes of 0.05%, 0.06%, 0.07%, 0.06%, 0.07%, 0.07%, 0.07%, 0.07% compared with March 20, 2026, and changes of 0.24%, 0.25%, 0.25%, 0.25%, 0.25%, 0.26%, 0.24%, 0.25% compared with the end of last month [20]. 3.4 各科创债 ETF 份额及净值走势 - The net subscription shares of science - innovation bond ETFs turned positive significantly, and funds were concentrated in AAA - rated science - innovation bond products. Among the 24 existing science - innovation bond ETFs, the share had a net inflow of 119.91 million shares last week, up 4.55% from the previous week. The top three products in terms of share as of March 27, 2026, were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Huaxia, and Science - Innovation Bond ETF Penghua, with 278.00 million shares, 210.14 million shares, and 189.81 million shares respectively. The top three in terms of net inflow of shares were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Southern, and Science - Innovation Bond ETF Huaxia, all of which are products tracking the AAA science - innovation bond index [23]. - The net value increase of science - innovation bond ETFs widened. As of the close on March 27, 2026, the top - ranked products in terms of net value among the 24 science - innovation bond ETFs were Science - Innovation Bond ETF Wanjia, Science - Innovation Bond ETF Invesco Great Wall, and Science - Innovation Bond ETF Huatai - Peregrine, with net values of 1.0114, 1.0112, and 1.0112 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs last week were 1.0066 and 1.0096 respectively, up 0.06% from the previous week's closing. The median net values of products tracking the AAA science - innovation bond, Shanghai AAA science - innovation bond, and Shenzhen AAA science - innovation bond were 1.0089, 1.0074, and 1.0113 respectively, up 0.06% from the previous week's closing [31]. 3.5 上周单只债券 ETF 市场表现情况 - The net values of all bond ETF products rose last week. Convertible Bond ETF Boshi and Convertible Bond ETF Haifutong led the increase, up 1.22% and 0.81% respectively from the previous week, followed by 30 - year Treasury Bond ETF Penghua and 30 - year Treasury Bond ETF Boshi, up 0.54% and 0.51% respectively [38]. - In terms of the premium - discount rate, Science - Innovation Bond ETF Harvest, Urban Investment Bond ETF Haifutong, and Convertible Bond ETF Haifutong led with premium rates of + 0.036%, + 0.039%, and + 0.035% respectively. In terms of scale change, Science - Innovation Bond ETF Harvest (+ 6.171 billion yuan), Short - Term Financing ETF Haifutong (+ 4.33 billion yuan), and Science - Innovation Bond ETF Southern (+ 3.245 billion yuan) had the largest net inflows, while Convertible Bond ETF Boshi had a relatively large net outflow of - 1.864 billion yuan last week [38]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For the PCF list of benchmark market - making credit - bond ETFs last week, among the products tracking the Shanghai market - making credit - bond index, Corporate Bond ETF Southern and Credit - Bond ETF Haifutong added 14 and 11 bonds to their PCF lists respectively, with the average modified durations of the newly added bonds being 3.65 years and 3.42 years respectively. Bond 21 Yuegao 01 was repeatedly removed from the PCF list of benchmark market - making credit - bond ETFs because it was about to mature, and Bond 25 Guolian K1 was included in the PCF lists of multiple products, with a modified duration of 3.9360 years [40]. - For the PCF list of science - innovation bond ETFs last week, the average duration of the newly added bonds of Science - Innovation Bond ETF Tianhong was relatively large, at 7.74 years. Science - Innovation Bond ETF Southern added a total of 144 bonds to its PCF list throughout the week due to a large inflow of funds (+ 3.245 billion yuan) [41]. - Bond 23 Gan Jiao K1 and other 2 bonds were repeatedly removed from the PCF lists of science - innovation bond ETFs, and 19 bonds such as 26 Yue Huan GK1 were included in the PCF lists of multiple science - innovation bond ETFs [44]. 3.7 债券 ETF 基金运营管理规则变更汇总 - In terms of the cash - substitution flag, Science - Innovation Bond ETF Huaxia changed all the cash - substitution flags of its PCF list to "must" on March 24 and March 25, 2026, and the net outflow amount of the product was 30 million yuan on both days [45].

Report Summary 1. Report Investment Rating No information provided regarding the industry investment rating. 2. Core View Last week, the ChinaBond New Composite Index rose 0.02% throughout the week. Short - term and medium - to - long - term pure bond funds increased by 0.05% and 0.07% respectively. The ChinaBond AAA Sci - tech Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index rose 0.06% and 0.07% respectively. Bond - type ETFs had a net outflow of 804 million yuan in the past week, with different trends among different types of ETFs [3]. 3. Summary by Related Catalogs 3.1. Fund Flows - As of March 20, 2026, bond - type ETFs had a net outflow of 804 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.577 billion yuan, a net inflow of 5.35 billion yuan, and a net outflow of 4.577 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 5.262 billion yuan, 158 million yuan, and 1.574 billion yuan respectively, while market - making credit bonds and sci - tech innovation bonds had net outflows of 535 million yuan and 1.11 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 50.908 billion yuan, 470.265 billion yuan, and 30.175 billion yuan respectively, totaling 551.349 billion yuan [5]. 3.2. Net Value Performance - As of March 20, 2026, the net value trends of various types of bond ETF products were divergent. The 30 - year Treasury Bond ETF performed weakly, falling 0.28% throughout the week, while the China Development Bank Bond ETF and the Treasury Bond ETF Orient Fortune rose 0.08% and 0.07% respectively. The convertible - bond ETF and the Shanghai Stock Exchange Convertible - Bond ETF fell 3.06% and 2.96% respectively last week [6]. 3.3. Credit - Bond ETF and Sci - Tech Innovation Bond ETF Performance - As of March 20, 2026, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0184 and 1.0060 respectively, both rising 0.06% throughout the week. Among credit - bond ETFs, the E Fund Corporate Bond ETF performed relatively well, rising 0.08% throughout the week. Among sci - tech innovation bond ETFs, the ICBC Sci - Tech Innovation Bond ETF and the Yongying Sci - Tech Innovation Bond ETF performed relatively well. As of March 20, 2026, the median discount rate of credit - bond ETFs was 7 basis points, and that of sci - tech innovation bond ETFs was 9 basis points [7]. 3.4. Credit - Type ETF Duration Tracking - As of March 20, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.29 years, 2.02 years, and 2.06 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 3.45 years and 2.81 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - Tech Innovation Bond Index, the Shanghai AAA Sci - Tech Innovation Bond Index, and the Shenzhen AAA Sci - Tech Innovation Bond Index were 3.26 years, 3.21 years, and 3.10 years respectively [8].

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - Last week (2/24 - 2/27), bond - type ETFs had a net capital outflow of 8.6 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.2 billion yuan, 3.3 billion yuan, and a net inflow of 0.9 billion yuan respectively. In terms of performance, compared with the previous week, the cumulative unit net value weekly change rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were +0.03%, - 0.10%, and - 0.35% respectively [2][14]. - The trading prices of credit - bond ETFs were lower than the fund unit net value, indicating low allocation sentiment [6][33]. - The weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, with the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs [7][38]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][18]. 3.2 Stock Product Tracking - As of February 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 132.8 billion yuan, 378.3 billion yuan, and 79.3 billion yuan respectively, with the credit - bond ETFs accounting for 64% of the total scale. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 3.8 billion yuan, 5.6 billion yuan, and increased by 0.8 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 103.8 billion yuan and 274.1 billion yuan respectively, decreasing by 0.4 billion yuan and 3.2 billion yuan compared with the previous week [4][20][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 1.19 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since its establishment has marginally declined to 1.64%, and the return rate of science - innovation bond ETFs since its establishment has dropped to 0.62% [5][24][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 - 0.10%, - 0.02%, and +0.11% respectively. The average trading price of credit - bond ETFs was lower than the fund 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 - 0.13% and - 0.10% respectively [6][33]. 3.5 Turnover Rate Tracking - The weekly turnover rate was calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rate order was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs, and the weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, dropping to 106%, 91%, and 65% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Haifutong CSI Short - Term Financing Bond ETF, and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][38].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Short - term bond ETFs are still constrained by the stock market. The net inflow of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs last week was -3.293 billion yuan, -6.21 billion yuan, and +930 million yuan respectively, with a total net inflow of -8.573 billion yuan in the bond ETF market. The strong performance of the A - share market after the Spring Festival and the real - estate policy in Shanghai have affected the bond market sentiment [2][5]. - In the future, the fundamental repair expectations and allocation needs of interest - rate and credit - bond ETFs resonate. Long - end varieties have gaming value before the Two Sessions. The underlying assets of interest - rate and credit - bond ETFs have limited downside space, and the market is expected to continue the trading - style market before the policy implementation of the Two Sessions [2][15]. - For convertible - bond ETFs, the bull market in the equity market drives valuation expansion. Due to policy dividends in 2026, the net value of convertible - bond ETFs may still have room to rise. Given the limitations in individual bond selection, convertible - bond ETFs have higher tool - based allocation cost - effectiveness [2][15]. 3. Summary According to Relevant Catalogs 3.1 Various Bond ETF Fund Inflow Situations - The net inflow of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs last week was -3.293 billion yuan, -6.21 billion yuan, and +930 million yuan respectively. The total net inflow of the bond ETF market was -8.573 billion yuan, with a cumulative net inflow of 7.818 billion yuan this month and -100.529 billion yuan this year. The bond ETF fund scale was 734.641 billion yuan as of February 27, 2026, down 1.25% from the previous week's close and 11.41% from the beginning of the year, accounting for 13.64% of the total market ETF scale, a decrease of 23bp from the previous weekend [5]. - After the Spring Festival, funds flowed out of short - term financing ETFs. The net inflow of convertible - bond ETFs led last week, while short - term financing ETFs had a net outflow of 2.938 billion yuan, and科创债 ETFs and treasury - bond ETFs also had relatively large net outflows [6]. 3.2 Share and Net Value Trends of Various Bond ETFs and Representative Products - As of February 27, 2026, the shares of treasury - bond, policy - financial - bond, local - bond, benchmark - market - making credit - bond,科创债, corporate - bond, short - term - financing, urban - investment - bond, and convertible - bond ETFs were 646.59 million shares, 350.39 million shares, 159.41 million shares, 1.02384 billion shares, 2.72782 billion shares, 334.91 million shares, 682.84 million shares, 3.05238 billion shares, and 5.50985 billion shares respectively, with changes of -2.7%, -3.5%, +0.3%, -0.4%, -1.1%, +0.2%, -3.7%, 0.0%, and +1.2% compared to February 13, 2026, and changes of +3.5%, +3.8%, +0.9%, -3.0%, -4.4%, +4.8%, +18.9%, +9.2%, and +3.5% compared to the end of last month [22]. - The net value of the 30 - year treasury - bond ETF led the decline among major bond ETFs. As of February 27, 2026, the net values of the 30 - year treasury - bond ETF, policy - financial - bond ETF, 0 - 4 - year local - bond ETF, corporate - bond ETF, short - term - financing ETF Haifutong, urban - investment - bond ETF Haifutong, and convertible - bond ETF Boshi were 1.2244 yuan, 1.1566 yuan, 1.1651 yuan, 1.1960 yuan, 1.1309 yuan, 1.4445 yuan, and 1.4570 yuan respectively, with changes of -0.62%, -0.11%, 0.03%, 0.03%, 0.05%, 0.04%, and -0.23% compared to February 27, 2026, and changes of 0.16%, 0.33%, 0.10%, 0.13%, 0.12%, 0.16%, and 0.80% compared to the end of last month [25]. 3.3 Share and Net Value Trends of Each Benchmark - Market - Making Credit - Bond ETF - The shares of existing credit - bond ETFs fluctuated slightly, with E Fund and Boshi achieving reverse growth in shares. As of February 27, 2026, the shares of 8 credit - bond ETFs were 103.46 million shares, 88.41 million shares, 106.54 million shares, 96.47 million shares, 174.83 million shares, 216.90 million shares, 92.90 million shares, and 144.32 million shares respectively, with changes of 0.00%, 2.31%, -1.84%, 0.00%, -1.13%, 0.60%, -2.11%, and -0.69% compared to February 13, 2026 [29]. - The net value continued to rise, with Dacheng, Southern, and Haifutong leading the increase. As of February 27, 2026, the net values of 8 credit - bond ETFs were 1.0193, 1.0185, 1.0170, 1.0173, 1.0123, 1.0153, 1.0163, and 1.0153 respectively, with changes of 0.03%, 0.04%, 0.03%, 0.04%, 0.03%, 0.02%, 0.04%, and 0.02% compared to February 13, 2026, and changes of 0.21%, 0.19%, 0.20%, 0.17%, 0.21%, 0.18%, 0.21%, and 0.20% compared to the end of last month [31]. 3.4 Share and Net Value Trends of Each 科创债 ETF - The shares of 科创债 ETFs decreased slightly overall, with Yongying achieving reverse capital absorption. The net inflow of shares last week was -31.73 million shares, a decrease of 1.15% from the previous week. As of February 27, 2026, the top - three products in terms of shares were 科创债 ETF Jiashi, 科创债 ETF Yinhua, and 科创债 ETF Penghua, with 221.81 million shares, 197.39 million shares, and 196.81 million shares respectively. 科创债 ETF Yinhua, 科创债 ETF Jiashi, and 科创债 ETF Zhaoshang had the top - three net outflows of shares, with 8.40 million shares, 7.63 million shares, and 7.00 million shares respectively. 科创债 ETF Yongying had the leading net inflow of shares (+4.60 million shares) [34]. - The net value continued to rise. As of February 27, 2026, the top - ranked products in terms of net value among 24 科创债 ETFs were 科创债 ETF Wanjia, 科创 ETF Huatai Bairui, and 科创债 ETF Yongying, with 1.0092, 1.0089, and 1.0088 respectively. The median net values of the first - batch and second - batch 科创债 ETFs last week were 1.0047 and 1.0073 respectively, up 0.03% and 0.02% from the previous week's close. The median net values of products tracking the CSI AAA 科创债, Shanghai AAA 科创债, and Shenzhen AAA 科创债 were 1.0068, 1.0051, and 1.0089 respectively, up 0.03%, 0.03%, and 0.02% from the previous week's close [42]. 3.5 Market Performance of Single Bond ETFs Last Week - The net values of bond ETF products generally declined last week. The 30 - year treasury - bond ETF, 30 - year ETF Boshi, and convertible - bond ETF Haifutong led the decline, down 0.67%, 0.63%, and 0.47% respectively from the previous week. In terms of premium/discount rates, convertible - bond ETF Boshi, 30 - year treasury - bond ETF, and treasury - bond ETF Huaxia had the leading premium rates, at +0.05%, +0.02%, and +0.02% respectively. In terms of scale changes, 科创债 ETF Yongying (+464 million yuan), convertible - bond ETF Boshi (+586 million yuan), and convertible - bond ETF Haifutong (+344 million yuan) had the leading net inflows [45]. 3.6 Marginal Changes in the PCF Lists of Benchmark - Market - Making Credit - Bond and 科创债 ETFs - The estimated modified durations of benchmark - market - making credit - bond ETFs decreased across the board last week. The average modified duration of bonds listed in the PCF list of each bond ETF was used as the estimated modified duration of the ETF. Among products tracking the Shanghai - market - making 科创债 index, the average modified durations of newly added bonds in the PCF lists of corporate - bond ETF Southern and credit - bond ETF Haifutong were 6.10 years and 4.32 years respectively. There were no repeated inclusions or exclusions of bonds in the PCF lists of benchmark - market - making credit - bond ETFs last week [48]. - The estimated modified durations of 科创债 ETFs generally shortened last week, with 科创债 ETF Tianhong and 科创债 ETF Dacheng experiencing relatively large shortenings. The PCF lists of each 科创债 ETF were adjusted slightly last week. The modified durations of newly added bonds were generally between 2 - 5 years. Among the excluded bonds, the average modified durations of bonds excluded from the PCF lists of 科创债 ETF Southern and 科创债 ETF Tianhong, which track the CSI AAA 科创债 index, were significantly longer, at 5.71 years and 7.87 years respectively [51]. - Yongtongshang K1 was repeatedly excluded from the PCF lists of 科创债 ETFs last week due to its upcoming maturity. Bonds such as 26 Shudao K2, 26 Jieneng K1, and 26 Jieneng K2 were included in multiple 科创债 ETFs and are newly listed bonds [53].

Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints - Last week, the ChinaBond New Composite Index rose 0.08% throughout the week; short - term and medium - long - term pure bond funds rose 0.01% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index rose 0.03% respectively [2]. - As of February 6, 2026, bond - type ETFs had a net outflow of 4.075 billion yuan in the past week, with interest - rate, credit, and convertible - bond ETFs having net inflows of 1.745 billion yuan, net outflows of 6.72 billion yuan, and net inflows of 0.9 billion yuan respectively [4]. - Overall, the net values of various types of bond ETF products generally rose last week. As of February 6, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 0.74% for the week [5]. 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of February 6, 2026, bond - type ETFs had a net outflow of 4.075 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.745 billion yuan, net outflows of 6.72 billion yuan, and net inflows of 0.9 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 3.274 billion yuan, 0.016 billion yuan, and 0.283 billion yuan respectively, while market - making credit bonds had a net outflow of 2.384 billion yuan, and sci - tech innovation bonds had a net outflow of 7.908 billion yuan. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 53.805 billion yuan, 459.605 billion yuan, and 33.807 billion yuan respectively, totaling 547.217 billion yuan [4]. 3.2 Net Value Performance - Overall, the net values of various types of bond ETF products generally rose last week. As of February 6, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 0.74% for the week; the Treasury Bond ETF Huaxia rose 0.23%, and the Policy Financial Bond ETF rose 0.22%. The Convertible Bond ETF and the SSE Convertible Bond ETF fell 0.02% and 0.12% respectively last week [5]. 3.3 Performance of Credit Bond ETFs and Sci - tech Innovation Bond ETFs - As of February 6, 2026, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0148 and 1.0026 respectively, rising 0.02% and 0.01% for the week. Among credit bond ETFs, the Credit Bond ETF Boshi performed relatively well, rising 0.03% for the week. Among sci - tech innovation bond ETFs, the Sci - tech Innovation Bond ETF Dacheng and the Sci - tech Innovation Bond ETF Yongying performed relatively well. As of February 6, 2026, the median discount rate of credit bond ETFs was 16BP, and that of sci - tech innovation bond ETFs was 17BP [6]. 3.4 Duration Tracking of Credit - type ETFs - As of February 6, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.31 years, 1.90 years, and 2.08 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 3.57 years and 2.74 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond Index, the Shanghai AAA Sci - tech Innovation Bond Index, and the Shenzhen AAA Sci - tech Innovation Bond Index were 3.28 years, 3.18 years, and 3.14 years respectively [7].

1. Report Industry Investment Rating No information provided in the content. 2. Report's Core View - The net - outflow of bond ETF funds has further narrowed, and the capital flow is expected to return to normal. With the obvious signs of the bond market's recovery in the past two weeks, it is expected that after the short - term disturbing factors subside, the capital flow of bond ETFs will return to normal and may be supported by the "good start" allocation funds [4][7]. - Convertible bond ETFs and short - term financing ETFs are favored. The net inflow of convertible bond ETFs has been leading, and short - term financing ETFs have also seen a large inflow of funds. Meanwhile, science and technology innovation bond ETFs and benchmark market - making credit bond ETFs have relatively large net outflows [8]. 3. Summary According to the Directory 3.1 Various Bond ETFs' Net Inflow of Funds - Last week, the net inflow of funds for interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was - 2.754 billion yuan, - 6.89 billion yuan, and + 4.395 billion yuan respectively. The total net inflow of the bond ETF market was - 5.249 billion yuan. The net - outflow pressure of interest - rate and credit bond ETFs continued to narrow, while the net inflow of convertible bond ETFs increased significantly [4][7]. - As of January 30, 2026, the scale of bond ETF funds was 725.475 billion yuan, a decrease of 1.24% from the previous week's closing and 12.51% from the beginning of the year. However, its proportion in the total market ETF scale was 13.26%, a 55bp increase from the previous weekend [7]. 3.2 Share and Net Value Trends of Various Bond ETFs and Their Representative Products - Convertible bond ETFs and short - term financing ETFs had the leading share increase. As of the close on January 23, 2026, the shares of various bond ETFs changed by different degrees compared with the previous week, with the total share of bond - type ETFs increasing by 1.3%. Compared with the end of last month, the total share of bond - type ETFs decreased by 2.4% [20]. - The net values of major bond ETFs generally increased, while the net value of convertible bond ETFs significantly declined. As of the close on January 30, 2026, the net values of selected representative bond ETFs changed to different extents compared with the close on January 16, 2026 and the end of last month [24]. 3.3 Share and Net Value Trends of Each Benchmark Market - Making Credit Bond ETF - The share outflow was concentrated. As of the close on January 30, 2026, the shares of 8 existing credit bond ETFs changed to different degrees compared with the close on January 23, 2026 [29]. - The net values increased slightly. As of the close on January 30, 2026, the net values of 8 credit bond ETFs increased by 0.03% - 0.06% compared with the close on January 23, 2026, and increased by 0.19% - 0.31% compared with the end of last month [31]. 3.4 Share and Net Value Trends of Each Science and Technology Innovation Bond ETF - Most products had a net outflow of shares. The net inflow of shares of 24 existing science and technology innovation bond ETFs last week was - 69.59 million shares, a decrease of 2.38% compared with the previous week. Some products had significant net outflows, while a few had net inflows [36]. - The net values continued to rise. As of the close on January 30, 2026, the net values of some science and technology innovation bond ETFs ranked high. The median net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.04% compared with the previous week, and the median net values of products tracking different indexes also increased to different degrees [38]. 3.5 Market Performance of Single Bond ETFs Last Week - Convertible bond ETFs had a significant decline. Only convertible bond ETFs, Shanghai Stock Exchange Convertible Bond ETF, 30 - year Treasury Bond ETF Boshi, and 30 - year Treasury Bond ETF had a decline in net value last week [41]. - In terms of the premium - discount rate, most bond ETFs showed a discount, while only convertible bond ETFs and Shanghai Stock Exchange Convertible Bond ETF had a positive premium rate. In terms of scale change, most bond ETF products' scales decreased, but convertible bond ETFs and short - term financing ETFs had a large net inflow [41]. 3.6 Marginal Changes in the PCF Lists of Benchmark Market - Making Credit Bond and Science and Technology Innovation Bond ETFs - The estimated values of the modified durations of credit bond ETFs and E Fund Corporate Bond ETF changed relatively significantly, with an increase of 0.11 years and a decrease of 0.09 years respectively. The estimated values of the modified durations of most science and technology innovation bond ETFs were shortened, possibly due to the defensive portfolio strategy to avoid market volatility risks [43][45]. - Some bonds were repeatedly included in the PCF lists of benchmark market - making credit bond ETFs, belonging to industries such as coal, non - bank finance, and optional consumer retail. Some new - listed bonds were repeatedly included in the PCF lists of science and technology innovation bond ETFs, and some bonds were excluded from multiple science and technology innovation bond ETFs [44][45][48].

Fund Flow - As of January 16, 2026, bond ETFs experienced a net outflow of 16.512 billion yuan over the past week, with interest rate, credit, and convertible bond ETFs seeing net outflows of 5.307 billion yuan, 14.018 billion yuan, and a net inflow of 2.814 billion yuan respectively [21][24] - Since 2025, cumulative net inflows for interest rate, credit, and convertible bond ETFs have reached 60.615 billion yuan, 487.023 billion yuan, and 25.964 billion yuan respectively, totaling 573.603 billion yuan [21][24] Index Performance - The China Bond New Comprehensive Index rose by 0.18% over the past week, while short-term pure bond and medium-to-long-term pure bond funds increased by 0.02% and 0.05% respectively [19][24] - The CSI AAA Sci-Tech Bond Index and the Shanghai Benchmark Market Company Bond Index both increased by 0.11% [19][24] Net Value Performance - Various types of bond ETFs generally saw an increase in net value, with the 30-year government bond ETF from Bosera rising by 0.37%, and the government bond ETF from Huaxia increasing by 0.31% [23][24] - Convertible bond ETFs and the Shanghai Convertible Bond ETF rose by 1.05% and 0.68% respectively [23][24] Credit Bond ETF and Sci-Tech Bond ETF Performance - As of January 16, 2026, the median unit net value for credit bond ETFs and sci-tech bond ETFs was 1.0128 and 1.0010, with increases of 0.09% and 0.07% respectively [25][32] - The Dachen credit bond ETF performed relatively well, increasing by 0.10% [25][32] Duration Tracking of Credit Bond ETFs - As of January 16, 2026, the holding durations for short-term bond ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.34 years, 1.56 years, and 2.13 years respectively [32][34] - For market-making credit bond ETFs, the median holding durations for products tracking the Shanghai and Shenzhen market-making corporate bonds were 3.58 years and 2.80 years respectively [32][34]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The net inflow of bond ETFs showed a structural divergence last week, with the net outflows of interest - rate bond and credit - bond ETFs narrowing, and convertible bond ETFs getting a small net inflow, which may reflect the trend of some funds switching between major asset classes during the adjustment of the equity market [4][7]. - The outflow of funds mainly came from the science - innovation bond ETF, which had a large net outflow for two consecutive weeks after a large - scale inflow at the end of last year [4][8]. - The share of convertible bond ETFs increased significantly, while the share of science - innovation bond ETFs decreased significantly [4][18]. Summary by Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of bond ETFs was structurally differentiated. Last week, the net inflows of interest - rate bond, credit - bond, and convertible bond ETFs were - 5.061 billion yuan, - 14.547 billion yuan, and + 1.703 billion yuan respectively, with a total net inflow of - 17.905 billion yuan in the bond ETF market. As of January 16, 2026, the bond ETF fund scale was 747.966 billion yuan, down 2.17% from the previous week's close and 9.78% from the beginning of the year, accounting for 12.31% of the total market ETF scale [7]. - The outflow of funds mainly came from the science - innovation bond ETF, with a net outflow of 8.568 billion yuan last week, followed by the benchmark market - making credit - bond ETF (- 5.023 billion yuan) and the policy - financial bond ETF (- 2.651 billion yuan) [8]. 1.2 各类债券 ETF 份额及代表产品净值走势 - The share of convertible bond ETFs increased by 3.5%, leading other types of bond ETFs, while the total share of bond ETFs decreased by 0.2%. Compared with the end of last month, the total share of bond ETFs decreased by 3.5% [18]. - Last week, the bond market recovered, and the net values of major bond ETFs were boosted. The net values of representative products of various bond ETFs increased by 0.03% - 1.05% compared with the previous week's close [21]. 1.3 基准做市信用债 ETF 份额及净值走势 - The shares of all 8 existing benchmark market - making credit - bond ETFs decreased, with a total decrease of 55.11 million shares compared with the previous week's close [26]. - The net values of all 8 products increased, with an increase of 0.05% - 0.10% compared with the previous week's close [28]. 1.4 科创债 ETF 份额及净值走势 - The shares of science - innovation bond ETFs, which had received a large amount of funds before, flowed out intensively. The net inflow of shares last week was - 84.37 million shares, a decrease of 2.71% from the previous week. The top three products with the largest share outflows were Huatai - PineBridge Science - Innovation Bond ETF, GF Science - Innovation Bond ETF, and Bosera Science - Innovation Bond ETF [31]. - The net values of science - innovation bond ETFs rebounded slightly. The average net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.07% and 0.08% respectively compared with the previous week's close [33]. 1.5 单只债券 ETF 市场表现情况 - Benefiting from the strong bond market, the net values of bond ETF products generally rose. The convertible bond ETF, Shanghai - Stock - Exchange Convertible Bond ETF, and Bosera 30 - Year Treasury Bond ETF led the gains, with increases of 1.05%, 0.68%, and 0.37% respectively [36]. - In terms of the premium/discount rate, the Shanghai - Stock - Exchange Convertible Bond ETF and the convertible bond ETF had the highest premium rates, at 0.04% and 0.02% respectively. In terms of scale change, the Shanghai - Stock - Exchange Convertible Bond ETF (+ 1.561 billion yuan), the convertible bond ETF (+ 0.677 billion yuan), and the short - term financing ETF (+ 0.252 billion yuan) ranked the top three in net inflow [36].