Core Viewpoint - The A-share market has experienced a significant pullback since March 12, with major indices like the Shanghai Composite Index and Shenzhen Component Index declining by approximately 5.91% and 5.94% respectively by March 26. Despite the downturn, there is a notable shift in fund allocation, with a trend towards risk aversion and a reallocation of assets into safer investments like money market and bond ETFs [1][3]. Group 1: Market Trends - The overall market ETF shares decreased by about 4 billion units, a decline of approximately 0.12%, with stock ETFs facing a net redemption of 11.9 billion units. Conversely, money market ETFs saw a net inflow of 2.2 billion units, and passive index bond ETFs increased by 300 million units, indicating a clear trend towards risk aversion [3]. - Over 200 ETFs experienced net subscriptions during the same period, highlighting a selective investment strategy amidst the broader market decline [3]. Group 2: Investment Focus Areas - Four main areas have emerged as focal points for fund inflows: 1. **Bond ETFs**: These are favored for their defensive characteristics, with short-term bond ETFs receiving a net inflow of 11.261 billion yuan, leading the pack [3]. 2. **Broad-based Indices**: Core assets like the CSI 300 and SSE Composite Index ETFs saw net inflows of 9.952 billion yuan and 4.699 billion yuan respectively, indicating continued confidence in large-cap stocks [4]. 3. **Sector and Theme Investments**: A "barbell" strategy is evident, with funds flowing into both growth sectors like new energy batteries (+2.145 billion yuan) and defensive high-dividend strategies like the CSI Dividend Index (+2.056 billion yuan) [6]. 4. **QDII Funds**: International stock ETFs, particularly those linked to Chinese technology assets, saw a net subscription of 6.8 billion units, reflecting long-term confidence in Chinese core tech assets [7]. Group 3: Market Outlook - Analysts suggest that the current market pullback is characterized by a focus on safety, low valuations, and certainty. Key asset categories attracting bottom-fishing capital include high-dividend defensive sectors, low-priced energy and cyclical assets, and reasonably valued growth leaders like semiconductors and innovative pharmaceuticals [9][10]. - The market is expected to remain in a phase of oscillation, with structural opportunities emerging as the focus shifts from speculative trading to a balance of undervalued value and high-quality growth [10].

Market Overview - As of March 20, 2026, the total market size of ETFs reached 5.10 trillion yuan, a decrease of 0.92 trillion yuan since the beginning of the year, with the number of listed ETFs increasing to 1,458, adding 55 new ones [2][26] - The stock-type ETFs accounted for 2.95 trillion yuan, while commodity-type ETFs saw a significant increase of 820.92 billion yuan to 3325.55 billion yuan, indicating sustained demand for hedging [2][26] - The top 20 fund companies experienced a general decline in ETF volumes, with significant pressure on equity sectors, leading to increased differentiation among leading institutions [2][8] Performance Analysis - The domestic equity market saw a substantial pullback, with the CSI 500 and CSI 1000 indices dropping by 6.00% and 5.29% respectively, while valuation levels remained historically high [11][12] - Defensive sectors did not perform well, with the power ETF declining by 2.97%, indicating that even traditionally safe investments were affected by market conditions [11][12] - The military and dividend ETFs had high PE ratios of 96.54 and 99.26 respectively, while the Hang Seng Technology ETF and pharmaceutical ETF remained at lower valuation levels, suggesting potential long-term investment appeal [11][18] Fund Flows - There was a marginal shift in fund flows, with broad-based ETFs seeing a net inflow of 126.08 billion yuan over the past five days, marking a return to positive territory for the first time recently [3][32] - However, over a 60-day period, broad-based ETFs still experienced a net outflow of 10,101.11 billion yuan, indicating ongoing mid-term pressure [3][32] - The recent inflow into the ChiNext index of 52.59 billion yuan suggests a notable shift of funds from safe-haven assets towards growth-oriented equities [21][32] Trading Activity - The trading volume of ETFs reached approximately 2.58 trillion yuan, reflecting a decrease from the previous week, with a notable shift of funds from bonds to equities and cross-border investments [39][41] - The trading activity of bond ETFs decreased significantly, while stock-type ETFs, particularly those related to the A500 index, remained highly active [41][45] - The turnover rate for bond ETFs showed a downward trend, indicating a shift in trading frequency and a potential move towards more stable asset allocations [42][45] Issuance Dynamics - A total of 10 ETFs were listed last week, with a combined share of 3.633 billion, indicating a recovery in supply [49][51] - The number of ETFs currently in issuance decreased to 49, while the number of newly established funds increased significantly to 47, suggesting a more robust supply side for the market [49][51] - Future listings are expected to be limited, with only three ETFs announced for the next two weeks, reflecting a potential contraction in supply [51]

Group 1 - The report emphasizes a defensive strategy in a volatile market, with a preference for short-duration products, as evidenced by the net inflows into various bond ETFs [2][5][6] - Last week, the net inflows for interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs were -1.457 billion, 5.023 billion, and -2.241 billion respectively, leading to a total net inflow of 1.325 billion for bond ETFs [5][6] - The total scale of bond ETFs reached 725.34 billion as of March 20, 2026, reflecting a decrease of 0.10% from the previous week and a 12.53% decline since the beginning of the year [5][6] Group 2 - Short-term products, such as short-term financing and urban investment bond ETFs, have seen significant net inflows of 5.230 billion and 1.537 billion respectively, indicating a strong market preference for these assets [6][7] - The report forecasts a gradual increase in government bond supply due to a positive fiscal policy stance for 2026, while the pace of interest rate cuts may be delayed due to inflation concerns and strong economic data from early 2026 [7] - Caution is advised regarding the accumulation of long-duration products, with a focus on defensive products that offer stable coupon yields and liquidity advantages [7] Group 3 - The report notes that the net inflow of short-duration products is driven by a "deposit substitution" effect due to stricter self-discipline in interbank interest rates [6][7] - The net outflows from convertible bond ETFs were significant, totaling -2.241 billion, as the equity market showed no clear signs of reversal [6][7] - The report highlights that the recent adjustments in the PCF list for credit bond ETFs indicate a focus on bonds with shorter durations, with average modified durations of 3.03 years and 3.84 years for newly added bonds [6][7][46]

Core Insights - The report highlights a divergence between short-term and long-term bond performance, with credit bond ETFs experiencing continued outflows [3][5] - As of March 13, 2026, bond ETFs saw a total net outflow of 11.575 billion yuan over the past week, with specific outflows from interest rate, credit, and convertible bond ETFs [3][4] Market Performance - The China Bond Composite Index fell by 0.08% over the past week, while short-term pure bond funds rose by 0.03% and medium to long-term pure bond funds fell by 0.01% [3] - The 30-year government bond ETF showed a weak performance, declining by 1.49%, while the national development bond ETF and the national development ETF increased by 0.05% and 0.04%, respectively [3][4] Fund Flows - As of March 13, 2026, the net inflows for credit bond ETFs included 2.212 billion yuan for short-term bonds, 0.199 billion yuan for corporate bonds, and 0.721 billion yuan for urban investment bonds, while market-making credit bonds saw a net outflow of 3.206 billion yuan and sci-tech bonds experienced a net outflow of 5.066 billion yuan [3][4] ETF Performance - The median unit net value for credit bond ETFs and sci-tech bond ETFs stood at 1.0178 and 1.0054, respectively, with the former remaining flat and the latter declining by 0.01% [4] - The median duration for short-term bond ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.30 years, 1.99 years, and 2.02 years, respectively [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The report tracks bond ETFs, showing that there is a differentiation between short - and long - end bonds, and credit - bond ETFs continue to experience outflows. It also presents data on the net inflows and outflows, net value performance, and duration of different types of bond ETFs [1][4] 3. Summary by Relevant Catalogs 3.1 Fund Flows - As of March 13, 2026, bond - type ETFs had a total net outflow of 11.575 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 3.67 billion yuan, 5.141 billion yuan, and 2.764 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 2.212 billion yuan, 0.199 billion yuan, and 0.721 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 3.206 billion yuan and 5.066 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 52.486 billion yuan, 464.916 billion yuan, and 34.751 billion yuan respectively, with a total of 552.152 billion yuan [4] 3.2 Net Value Performance - Throughout the week, the net value trends of various types of bond ETF products were differentiated. As of March 13, 2026, the 30 - year Treasury bond ETF performed weakly, falling 1.49% for the week, while the China Development Bank bond ETF and the China Development ETF rose 0.05% and 0.04% respectively. The convertible - bond ETF and the Shanghai Stock Exchange convertible - bond ETF fell 1.09% and 1.13% respectively last week [5] 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of March 13, 2026, the median unit net values of credit - bond ETFs and science - innovation bond ETFs were 1.0178 and 1.0054 respectively. The credit - bond ETFs remained flat for the week, while the science - innovation bond ETFs fell 0.01%. Among credit - bond ETFs, GF Credit - Bond ETF performed relatively well, rising 0.01% for the week. Among science - innovation bond ETFs, Invesco Science - Innovation Bond ETF and Yongying Science - Innovation Bond ETF performed relatively well. As of March 13, 2026, the median discount rate of credit - bond ETFs was 9 basis points, and that of science - innovation bond ETFs was 11 basis points [6] 3.4 Duration Tracking of Credit - Type ETFs - As of March 13, 2026, the holding durations of short - term financing ETFs, corporate - bond ETFs, and urban - investment - bond ETFs were 0.30 years, 1.99 years, and 2.02 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 3.40 years and 2.81 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index were 3.24 years, 3.23 years, and 3.12 years respectively [9] 3.5 Report Summary - Last week, the ChinaBond New Composite Index fell 0.08% for the week. Short - term pure - bond and medium - and long - term pure - bond funds rose 0.03% and fell 0.01% respectively. The ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.02% and 0.03% respectively [8]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week, the bond market showed weak oscillations, and the scale of the bond ETF market shrank. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan in the bond ETF market. The release of February CPI and foreign trade data, along with geopolitical conflicts, led to inflation concerns and a weak bond market [2][5]. - In the short term, short - term assets are expected to remain dominant due to strengthened inter - bank deposit self - regulation and quarter - end disturbances. If the inter - bank demand deposit rate is reduced, non - bank institutions may accelerate "deposit substitution", boosting the short - term allocation value of short - duration products like short - term financing ETFs. For long - term products, the macro - economic fundamentals are in a "weak recovery" state, and the long - term interest - rate bond ETFs may face difficulties in yield decline. At the quarter - end, there is a marginal tightening of funds, and some bond ETFs may face redemption tests [2][7]. - It is recommended to be cautious about extending the duration and pay attention to credit - bond ETFs with stable coupons and liquidity advantages. There may be arbitrage opportunities in some benchmark - making and science - innovation bond ETFs with significant secondary - market discounts. For convertible - bond ETFs, although the share decreased slightly last week, there is still expansion potential after the "Two Sessions" policies are implemented [2][7]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The bond ETF market scale shrank last week. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan. As of March 13, 2026, the bond ETF fund scale was 726.096 billion yuan, down 1.54% from the previous week and 12.44% from the beginning of the year, accounting for 13.82% of the total ETF scale, a decrease of 9 basis points from the previous weekend [5]. - Short - term financing ETFs had a large net inflow of 2.183 billion yuan last week, followed by urban investment bond ETFs and corporate bond ETFs with net inflows of 727 million yuan and 192 million yuan respectively. Science - innovation bond ETFs and benchmark - making credit - bond ETFs had large net outflows, mainly due to deep discounts in the secondary market. Treasury - bond ETFs also had a large net outflow [6]. 3.2 各类债券 ETF 份额走势 - As of March 13, 2026, the shares of treasury - bond, policy - financial - bond, local - bond, benchmark - making credit - bond, science - innovation bond, corporate - bond, short - term financing, urban - investment - bond, and convertible - bond ETFs were 608.04 million shares, 353.12 million shares, 160.66 million shares, 993.44 million shares, 2646.27 million shares, 338.41 million shares, 723.05 million shares, 3294.68 million shares, and 5598.95 million shares respectively, with changes of -3.8%, -1.1%, 0.4%, -3.1%, -1.9%, 0.5%, 2.7%, 2.2%, and -2.1% compared to March 6, 2026, and the total change of bond - type ETF shares was -0.9% [18]. 3.3 各基准做市信用债 ETF 份额及净值走势 - The shares of existing credit - bond ETFs generally declined. As of March 13, 2026, the shares of 8 credit - bond ETFs were 99.46 million shares, 85.41 million shares, 103.54 million shares, 96.47 million shares, 174.83 million shares, 203.50 million shares, 93.00 million shares, and 141.32 million shares respectively, with changes of -3.87%, -3.39%, no change, no change, no change, -7.58%, -0.96%, and -2.08% compared to March 6, 2026 [19]. - The net - value growth of credit - bond ETFs slowed down. As of March 13, 2026, the net values of 8 credit - bond ETFs were 1.0207, 1.0198, 1.0182, 1.0185, 1.0134, 1.0164, 1.0174, and 1.0164 respectively, with changes of 0.02%, 0.01%, 0.01%, 0.01%, no change, no change, -0.01%, and -0.01% compared to March 6, 2026, and changes of 0.14%, 0.13%, 0.12%, 0.12%, 0.11%, 0.11%, 0.11%, and 0.11% compared to the end of last month [21]. 3.4 各科创债 ETF 份额及净值走势 - The science - innovation bond ETFs experienced net redemptions. The total net inflow of shares last week was -46.01 million shares, a decrease of 1.71% from the previous week. The top three products in terms of share size were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yinhua, and Science - innovation Bond ETF Penghua, with 214.54 million shares, 198.49 million shares, and 191.81 million shares respectively. The top three products with net outflows were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yifangda, and Science - innovation Bond ETF Penghua, with net outflows of 12.18 million shares, 12.00 million shares, and 5.00 million shares respectively [26]. - The net - value growth of science - innovation bond ETFs significantly narrowed. As of March 13, 2026, the top - ranked products in terms of net value were Science - innovation Bond ETF Wanjia, Science - innovation ETF Huatai Bairui, and Science - innovation Bond ETF Yongying, with net values of 1.0103, 1.0100, and 1.0099 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs were 1.0058 and 1.0084 respectively, with no change compared to the previous week. The median net values of products tracking the CSI AAA Science - innovation Bond Index, Shanghai AAA Science - innovation Bond Index, and Shenzhen AAA Science - innovation Bond Index were 1.0079, 1.0063, and 1.0101 respectively, with changes of -0.01%, 0.00%, and +0.01% compared to the previous week [31]. 3.5 上周单只债券 ETF 市场表现情况 - Most bond ETF products had a decline in net value. The 30 - year Treasury Bond ETF, 30 - year ETF Boshi, and Convertible Bond ETF Haifutong led the decline, with decreases of 1.49%, 1.44%, and 1.14% respectively compared to the previous week. In terms of premium/discount rates, the Corporate Bond ETF, Treasury Bond ETF Huaxia, and Urban Investment Bond ETF Haifutong had the highest premium rates, at +0.02%, +0.02%, and +0.02% respectively. In terms of scale changes, the Short - term Financing ETF Haifutong had the largest net inflow of 2.183 billion yuan, while the 30 - year Treasury Bond ETF, Corporate Bond ETF Yifangda, and Convertible Bond ETF Boshi had the largest net outflows, at -1.762 billion yuan, -1.696 billion yuan, and -1.384 billion yuan respectively [32]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For benchmark - making credit - bond ETFs, the PCF lists of Corporate Bond ETF Nanfang and Credit - Bond ETF Haifutong added 12 and 15 bonds respectively, with average modified durations of 3.33 years and 3.94 years. The bond "25 Jingtou K2" was repeatedly included in the PCF lists of benchmark - making credit - bond ETFs, with a modified duration of 4.0323 years [35]. - For science - innovation bond ETFs, the newly included bonds of Science - innovation Bond ETF Morgan, Science - innovation Bond ETF Tianhong, and Science - innovation Bond ETF Nanfang had relatively large average durations of 8.85 years, 8.85 years, and 8.50 years respectively. The average modified duration of the bonds removed from the PCF list of Science - innovation Bond ETF Tianhong, which tracks the CSI AAA Science - innovation Bond Index, was significantly longer at 7.30 years. Ten bonds such as "23 Sichuan Investment K1" were repeatedly removed from the PCF lists of science - innovation bond ETFs, and seven bonds such as "24 Sichuan Investment K1" were included in multiple science - innovation bond ETFs [36][39]. 3.7 债券 ETF 基金运营管理规则变更汇总 - On March 12, 2026, Credit - Bond ETF Dacheng changed the cash - substitution flag of the PCF list to "must". On March 13, 2026, Credit - Bond ETF Guangfa and Corporate Bond ETF Yifangda also made the same change. On March 11 and March 13, 2026, Science - innovation Bond ETF China Merchants and Science - innovation Bond ETF Yifangda changed the cash - substitution flag of the PCF list to "must" respectively [41].

1. Report Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report focuses on the performance and fund flow of the ETF fund market in the week from March 9th to March 13th, including overall market, different popular segments, and innovative themes and sub - industries, to provide reference for investors [1]. 3. Summary by Relevant Catalogs 3.1 ETF Market Overall Performance - **Market Performance**: Stock ETFs showed mixed performance. Hong Kong mid - stream manufacturing ETFs led in gains, with an average increase of 3.15% for funds above a certain scale. In contrast, Shanghai - Hong Kong - Shenzhen theme ETFs, Hong Kong pharmaceutical and biotech ETFs, and Hong Kong consumer ETFs led in losses, with average declines of 3.19%, 3.09%, and 2.96% respectively for funds above a certain scale [2][6]. - **Fund Flow**: Funds mainly flowed into A - share mid - stream manufacturing ETFs, with a net inflow of 8.996 billion yuan throughout the week. Conversely, A - share large - cap and bond ETFs had net outflows of 12.475 billion yuan and 9.938 billion yuan respectively [3][8]. 3.2 Different Popular Segmented Type ETF Funds Market Performance - **A - share ETFs**: Include various types such as broad - based index (full - market, large - cap/super large - cap, small - and medium - cap, science and technology/growth enterprise board), industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biotech, cycle, finance and real estate), SmartBeta (value, growth, dividend, free cash flow), and theme ETFs. Each type has different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [16][17][18]. - **Hong Kong ETFs**: Include broad - based index, industry (TMT, mid - stream manufacturing, consumption, pharmaceutical and biotech, finance and real estate), SmartBeta (dividend), and theme ETFs, with different performance in various aspects [31][32][33]. - **Shanghai - Hong Kong - Shenzhen ETFs**: Include industry and theme ETFs, with different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [36][37]. - **US ETFs**: Include broad - based index and industry ETFs, with different performance in various aspects [38][39]. - **Other QDII - ETFs (excluding Hong Kong/US)**: Include funds tracking different markets, with different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [40]. - **Bond ETFs**: Different bond ETFs have different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [41]. - **Commodity ETFs**: Different commodity ETFs have different performance in terms of weekly fund flow, weekly return, recent 1 - month return, and year - to - date return [42]. 3.3 Innovative Themes and Sub - industry ETF Funds Market Performance - **TMT Innovation Themes**: Different TMT - related themes such as 5G communication, consumer electronics, etc., have different weekly and year - to - date returns, and the performance of representative funds is also different [44]. - **Consumption Sub - industries**: Include agriculture, animal husbandry and aquaculture, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [45]. - **Pharmaceutical Sub - industries**: Include medical devices, healthcare, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [46]. - **New Energy Themes**: Include low - carbon economy, new energy, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [47][48]. - **Central and State - owned Enterprise Themes**: Include state - owned enterprise dividends, central enterprise modern energy, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [48]. - **Steady - growth Themes**: Include coal, infrastructure projects, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [49]. - **Shanghai - Hong Kong - Shenzhen/Hong Kong Stock Connect Sub - industries**: Include Hong Kong Stock Connect technology, Shanghai - Hong Kong - Shenzhen technology, etc., with different weekly and year - to - date returns, and the performance of representative funds is also different [50]. - **Dividend/Dividend Low - volatility Index Families**: Different dividend - related indices have different weekly and year - to - date returns, and the performance of representative funds is also different [51]. - **Science and Technology/Growth Enterprise Board Index Families**: Different indices in this family have different weekly and year - to - date returns, and the performance of representative funds is also different [52].

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The net inflow of bond ETFs has improved, and the redemption wave of credit - bond ETFs may be coming to an end. Policy expectations have been realized, with relatively limited short - term benefits. The underlying asset trends of bond ETFs may still be mainly related to equity market performance and geopolitical conflict progress. For interest - rate bond ETFs, government bond yields are at a point with low odds and limited winning probabilities, while government financial bond ETFs are more cost - effective. For credit - bond ETFs, the net inflow of benchmark market - making credit - bond ETFs has turned slightly positive, and the redemption wave of science and technology innovation bond ETFs may be over. For convertible - bond ETFs, there may be room for further breakthroughs in the high - end valuation, but attention should be paid to the stop - profit timing [4][8]. 3. Summary According to Relevant Catalogs 3.1 Various Bond ETF Fund Net Inflow Situations - Overall, the net value and share have increased slightly, and the scale of the bond ETF market has risen slightly. Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were - 8.50 billion yuan, + 12.02 billion yuan, and + 29.28 billion yuan respectively. The total net inflow of the bond ETF market was + 32.80 billion yuan, with a cumulative net inflow of 10.761 billion yuan this month and a cumulative net inflow of - 97.586 billion yuan this year. As of March 6, 2026, the scale of bond ETF funds was 737.488 billion yuan, + 0.39% compared with the previous week's closing, - 11.06% compared with the beginning of the year, and accounting for 13.91% of the total market ETF scale, with a 27bp increase compared with the previous weekend. Short - term financing and urban investment ETFs were favored. Convertible - bond ETFs had the largest net inflow, and short - term financing ETFs and urban investment bond ETFs also had significant net inflows, while science and technology innovation bond ETFs and government bond ETFs had large net outflows [4][7]. 3.2 Various Bond ETF Share Trends - Only science and technology innovation bond and government bond ETFs faced net redemptions. As of the close on March 6, 2026, the shares of various types of bond ETFs changed to different extents compared with February 27, 2026, and the end of last month. The total share of bond - type ETFs increased by 2.5% compared with February 27 and 3.2% compared with the end of last month [13]. 3.3 Share and Net Value Trends of Each Benchmark Market - Making Credit - Bond ETF - The overall share increased slightly, with contributions from E Fund and Haitong. As of the close on March 6, 2026, the shares of 8 credit - bond ETFs changed to different extents compared with February 27, 2026. The net value continued to rise, with all 8 credit - bond ETFs showing an increase in net value compared with February 27 and the end of last month [21][25]. 3.4 Share and Net Value Trends of Each Science and Technology Innovation Bond ETF - Redemption was concentrated, but the subscription situation improved marginally. The net inflow of shares last week was - 17.64 million shares, a - 0.65% decrease compared with the previous week. Some products had net outflows, while 10 products had net subscriptions, indicating that the redemption wave since the beginning of the year may be over, and the market is expected to stabilize and recover. The net value continued to rise, and the median net values of the first - batch and second - batch science and technology innovation bond ETFs increased compared with the previous week [28][36]. 3.5 Market Performance of Single Bond ETFs Last Week - The net value generally increased. 30 - year government bond ETF, 30 - year ETF Bosera, and government financial bond ETF led the gains. In terms of premium and discount rates, Convertible Bond ETF Haitong, Government Bond ETF Huaxia, and 30 - year Government Bond ETF Bosera had leading premium rates. In terms of scale changes, Short - term Financing ETF Haitong, Convertible Bond ETF Bosera, and Urban Investment Bond ETF Haitong had the largest net inflows [38]. 3.6 Marginal Changes in the PCF Lists of Benchmark Market - Making Credit - Bond and Science and Technology Innovation Bond ETFs - For benchmark market - making credit - bond ETFs, the PCF list of Company Bond ETF E Fund had the largest change in modified duration, which decreased by 0.45 years compared with the previous week due to the removal of many long - duration bonds. Five bonds such as 23 Shaanxi Investment 01 were repeatedly removed from the PCF list. For science and technology innovation bond ETFs, the PCF lists of Science and Technology Innovation Bond ETF Tianhong and Science and Technology Innovation Bond ETF Hua'an had relatively large changes in modified duration. The average modified duration of newly included bonds in Science and Technology Innovation Bond ETF Tianhong was relatively large, and the average modified duration of removed bonds in Science and Technology Innovation Bond ETF Southern and Science and Technology Innovation Bond ETF Tianhong was significantly longer. The bond Yongtongshang K1 was repeatedly removed from the PCF list, and 8 bonds such as 26 CATLK1 were included in multiple science and technology innovation bond ETFs. In terms of coupon - supplement cost, the coupon - supplement prices of Science and Technology Innovation Bond ETF Xingye, Science and Technology Innovation Bond ETF E Fund, and Credit - Bond ETF Haitong fluctuated relatively more [41][45][49]. 3.7 Summary of Changes in Bond ETF Fund Operation and Management Rules - In terms of cash - substitution signs, Science and Technology Innovation Bond ETF Huitianfu changed all the cash - substitution signs in the PCF list to "must" on March 2 and March 3, 2026, and a large amount of funds were redeemed during this period. The cash - refund and - supplement difference settlement period of Science and Technology Innovation Bond ETF China Merchants was changed from T + 2 days to T + 1 days. The main reason is that the underlying science and technology innovation bond sources are relatively abundant, and the recent continuous shrinkage of its scale has also alleviated the coupon - supplement pressure during subscription, creating pre - conditions for shortening the settlement cycle [51][55].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has outlined its achievements and future goals during the "14th Five-Year Plan" period, emphasizing risk prevention, regulatory enhancement, and high-quality development to support China's modernization efforts. Group 1: Achievements During the "14th Five-Year Plan" - The SZSE facilitated direct financing for the real economy exceeding 12 trillion yuan, a 22% increase compared to the "13th Five-Year Plan" [3] - The total scale of ETF products reached 1.79 trillion yuan, an 8-fold increase from the beginning of the "14th Five-Year Plan" [4] - The number of newly listed companies reached 649, with IPO fundraising amounting to 602.3 billion yuan, a 58% increase from the previous period [3] - The average R&D intensity of companies on the ChiNext board increased to 5.03%, up by 0.41 percentage points [3] - The market value of companies in advanced manufacturing, digital economy, and green low-carbon sectors reached 26.95 trillion yuan, a 48.63% increase [3] Group 2: Market Resilience and Stability - The annual compound growth rate of listed companies' revenue was 9.1%, with cash dividends exceeding 2.2 trillion yuan, a 103% increase from the "13th Five-Year Plan" [4] - The SZSE implemented a "double improvement" initiative for listed company quality and returns, resulting in significant increases in share buybacks and major asset restructurings [4] - The annualized volatility of the Shenzhen Component Index decreased by 1.7 percentage points to 22.1% [4] Group 3: Regulatory Enhancements - The SZSE strengthened its regulatory framework, implementing new rules and enhancing oversight to protect investors' rights [5] - A total of 1,222 disciplinary actions were taken, a 50.68% increase from the previous period, with a focus on serious violations [5] - The number of companies delisted reached 117, surpassing the total from the previous two decades [5] Group 4: Innovation in Debt and REITs Markets - The SZSE's bond market facilitated over 10 trillion yuan in direct financing, a 52% increase compared to the "13th Five-Year Plan" [6] - The issuance of innovative bond products reached 1.8 trillion yuan, a 70% increase, with significant funds directed towards key sectors [6] - The number of listed REITs reached 26, promoting asset liquidity and new investments [6] Group 5: Internationalization and Cross-Border Cooperation - The Shenzhen-Hong Kong Stock Connect celebrated its 9th anniversary, with cumulative transactions reaching 110 trillion yuan, a 3.5-fold increase [7] - The SZSE expanded its international ETF offerings, with products listed in over 10 global exchanges [7] - The number of cross-border investor engagement activities increased, supporting over 200 deep market companies [7] Group 6: Service Enhancement and Investor Engagement - The SZSE improved its market service capabilities, launching various initiatives to enhance investor experience [8] - A total of 1,326 investor service events were conducted, significantly increasing engagement [9] - The introduction of an intelligent customer service system and enhanced investor relations management tools improved communication with market participants [9]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has demonstrated strong performance in enhancing stock market liquidity and new listings over the past two years, achieving record high revenues and profits for the second consecutive year [1] Group 1: Market Performance - HKEX reported a significant increase in average daily trading volume, which rose by 90% year-on-year to nearly HKD 250 billion [1] - The trading volumes in the spot, derivatives, and commodities markets also reached new highs [1] Group 2: Investor Demand and Product Development - There is a growing diversification in global investor demand, with interests not only in equities but also in derivatives, commodities, and fixed income products [1] - The exchange plans to focus on building a multi-asset ecosystem to enhance Hong Kong's market competitiveness and has a positive outlook on daily trading volume trends [1] Group 3: Future Product Offerings - Strong demand from professional retail investors has been noted, particularly for derivatives [1] - HKEX is considering the launch of fixed income ETFs in addition to existing bond ETFs, and anticipates introducing more new products in the futures market, including weekly and monthly stock options [1] - There are ongoing efforts to introduce the "zero-day options" contract for the Hang Seng Index, which would expire on the same trading day [1]