Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - In the week ending December 26, 2025, the net inflow of bond - type ETFs totaled 61.982 billion yuan, and the cumulative net inflow for the year reached 630.534 billion yuan. The performance of various bond ETF products' net worth has recovered, and different types of bond ETFs have different performance in terms of net inflow and net worth changes [4][5]. 3. Summary by Related Catalogs 3.1 Funds Flow - As of December 26, 2025, bond - type ETFs had a total net inflow of 61.982 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.586 billion yuan, 63.164 billion yuan, and a net outflow of 2.768 billion yuan respectively. Among credit - type ETFs, short - term financing had a net outflow of 5.219 billion yuan, corporate bonds had a net inflow of 4.419 billion yuan, urban investment bonds had a net inflow of 0.008 billion yuan, market - making credit bonds had a net inflow of 7.262 billion yuan, and science - innovation bonds had a net inflow of 56.694 billion yuan. The cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 76.305 billion yuan, 536.450 billion yuan, and 17.780 billion yuan respectively [4]. 3.2 Net Worth Performance - As of December 26, 2025, the 30 - year Treasury Bond ETF Boshi performed well, rising 0.17% for the week, and the 10 - year local government bond ETF rose 0.16%. Convertible - bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 1.56% and 1.23% respectively last week [5]. 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of December 26, 2025, the median net asset values per unit of credit - bond ETFs and science - innovation bond ETFs were 1.0119 and 1.0002 respectively, rising 0.12% and 0.13% for the week. Among credit - bond ETFs, E Fund Corporate Bond ETF and Credit - Bond ETF performed relatively well, rising 0.16% and 0.14% respectively for the week. Among science - innovation bond ETFs, Taikang Science - Innovation Bond ETF performed relatively well. The median discount rate of credit - bond ETFs was 20BP, and the median premium rate of science - innovation bond ETFs was 2BP [6]. 3.4 Credit - Type ETF Duration Tracking - As of December 26, 2025, the holding durations of short - term financing ETF, corporate bond ETF, and urban investment bond ETF were 0.38 years, 1.79 years, and 2.17 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 3.77 years and 2.84 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 3.42 years, 3.31 years, and 3.22 years respectively [9]. 3.5 Report Abstract - Last week, the ChinaBond New Composite Index rose 0.14% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.03% and 0.04% respectively; the ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.13% and 0.13% respectively [8].