1. Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] 2. Core View of the Report - The net value of bond ETFs has recovered, but there has been a capital outflow. The net inflow and outflow of different types of bond ETFs vary, and the net value of various bond ETF products has generally increased [1][5][6] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of January 23, 2026, bond - type ETFs had a total net outflow of 13.381 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.763 billion yuan, 11.944 billion yuan, and a net inflow of 4.326 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.327 billion yuan, 0.048 billion yuan, and 0.048 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 5.011 billion yuan and 7.356 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 54.852 billion yuan, 475.079 billion yuan, and 30.291 billion yuan respectively, totaling 560.222 billion yuan [5] 3.2 Net Value Performance - Throughout the week, the net values of various types of bond ETF products generally rose. As of January 23, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 1.26% for the week, the Treasury Bond ETF Huaxia rose 0.45%, and the Ten - year Treasury Bond ETF rose 0.16%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 2.88% and 2.40% respectively last week [6] 3.3 Performance of Credit Bond ETFs and Science - Innovation Bond ETFs - As of January 23, 2026, the median unit net values of credit bond ETFs and science - innovation bond ETFs were 1.0141 and 1.0020 respectively, rising 0.13% and 0.10% for the week. Among credit bond ETFs, the Credit Bond ETF Haifutong performed relatively well, rising 0.14% for the week. Among science - innovation bond ETFs, the Science - Innovation Bond ETF Huatai Bairui and the Science - Innovation Bond ETF Invesco performed relatively well. As of January 23, 2026, the median discount rate of credit bond ETFs was 25BP, and that of science - innovation bond ETFs was 24BP [7] 3.4 Credit - Type ETF Duration Tracking - As of January 23, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.35 years, 1.93 years, and 2.10 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 3.61 years and 2.78 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 3.32 years, 3.21 years, and 3.18 years respectively [10] 3.5 Report Summary - Last week, the ChinaBond New Composite Index rose 0.26% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.04% and 0.08% respectively; the CSI AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.16% and 0.17% respectively [9]

Group 1: Report Summary - The ChinaBond New Composite Index rose 0.18% last week; short - term and medium - long - term pure bond funds rose 0.02% and 0.05% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index rose 0.11% each [2] Group 2: Capital Flows - As of January 16, 2026, bond - type ETFs had a net outflow of 16.512 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.307 billion yuan, 14.018 billion yuan, and a net inflow of 2.814 billion yuan respectively [4] - Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.274 billion yuan, 0.113 billion yuan, and 0.05 billion yuan respectively. Market - making credit bonds had a net outflow of 5.776 billion yuan, and sci - tech innovation bonds had a net outflow of 8.679 billion yuan [4] - As of January 16, 2026, interest - rate, credit, and convertible - bond ETFs had cumulative net inflows of 60.615 billion yuan, 487.023 billion yuan, and 25.964 billion yuan respectively since 2025, totaling 573.603 billion yuan [4] Group 3: Net Value Performance - Overall, the net values of various types of bond ETF products generally rose last week. As of January 16, 2026, Boshi 30 - year Treasury Bond ETF performed well, rising 0.37% for the week. Huaxia Treasury Bond ETF rose 0.31%, and the 10 - year Treasury Bond ETF rose 0.36%. Convertible Bond ETF and SSE Convertible Bond ETF rose 1.05% and 0.68% respectively last week [5] Group 4: Credit Bond ETF and Sci - tech Innovation Bond ETF Performance - As of January 16, 2026, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0128 and 1.0010 respectively, rising 0.09% and 0.07% for the week. Among credit bond ETFs, Dacheng Credit Bond ETF performed relatively well, rising 0.10% for the week. Among sci - tech innovation bond ETFs, Invesco and Wanjia Sci - tech Innovation Bond ETFs performed relatively well [6] - As of January 16, 2026, the median discount rate of credit bond ETFs was 21BP, and that of sci - tech innovation bond ETFs was 24BP [6] Group 5: Credit - type ETF Duration Tracking - As of January 16, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.34 years, 1.56 years, and 2.13 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 3.58 years and 2.80 years respectively [7] - Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond, Shanghai AAA Sci - tech Innovation Bond, and Shenzhen AAA Sci - tech Innovation Bond indexes were 3.31 years, 3.24 years, and 3.16 years respectively [7]

Group 1: Investment Rating - The industry investment rating is not provided in the report. Group 2: Core Viewpoints - The report tracks the bond ETFs, focusing on the capital outflow and duration decline of credit - type ETFs. It analyzes the capital flow, net value performance, and duration of different types of bond ETFs [1][5][6]. Group 3: Summary by Directory Capital Flow - As of January 9, 2026, bond - type ETFs had a total net outflow of 64.352 billion yuan in the past week. Interest - rate, credit - type, and convertible - bond - type ETFs had a net outflow of 10.454 billion yuan, 59.224 billion yuan, and a net inflow of 5.325 billion yuan respectively. Among credit - type ETFs, short - term financing bonds, corporate bonds, and urban investment bonds had a net outflow of 8.394 billion yuan, a net inflow of 0.242 billion yuan, and a net outflow of 0.006 billion yuan respectively. Market - making credit bonds and science and technology innovation bonds had a net outflow of 7.071 billion yuan and 43.995 billion yuan respectively. Since 2025, interest - rate, credit - type, and convertible - bond ETFs had cumulative net inflows of 65.923 billion yuan, 501.041 billion yuan, and 23.151 billion yuan respectively, with a total of 590.115 billion yuan [5]. Net Value Performance - Throughout the week, the net value trends of different types of bond ETF products were divergent. As of January 9, 2026, the 30 - year Treasury Bond ETF Boshi performed weakly, with a weekly decline of 1.05%. The 0 - 4 Local Bond ETF rose 0.04%, and the 5 - year Local Bond ETF rose 0.01%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 4.30% and 3.39% respectively last week [6]. Performance of Credit Bond ETF and Science and Technology Innovation Bond ETF - As of January 9, 2026, the median unit net values of credit bond ETF and science and technology innovation bond ETF were 1.0119 and 1.0003 respectively, with a weekly decline of 0.01% each. Among credit bond ETFs, the Haifutong Credit Bond ETF performed relatively well, with a weekly decline of 0.01%. Among science and technology innovation bond ETFs, the Science and Technology Innovation Bond ETF Yin Hua and the Science and Technology Innovation Bond ETF Wan Jia performed relatively well. The median discount rates of credit bond ETF and science and technology innovation bond ETF were 28BP and 22BP respectively [7]. Credit - type ETF Duration Tracking - As of January 9, 2026, the holding durations of short - term financing ETF, corporate bond ETF, and urban investment bond ETF were 0.36 years, 1.58 years, and 2.15 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 3.59 years and 2.81 years respectively. Among science and technology innovation bond ETFs, the median holding durations of products tracking the AAA Science and Technology Innovation Bond Index, the Shanghai AAA Science and Technology Innovation Bond Index, and the Shenzhen AAA Science and Technology Innovation Bond Index were 3.32 years, 3.26 years, and 3.17 years respectively [10].