Report's Investment Rating for the Industry No relevant content provided. Core Viewpoints of the Report - Last week, the net inflow of funds into the bond ETF market shrank again, likely due to the suppression of the rising stock market. The net inflow of funds into interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. The scale of bond ETF funds increased by 0.02% compared to the previous week's closing, mainly due to the downward oscillation of bond market yields in a loose - money environment, which led to a slight increase in the overall net value of the bond ETF market [2][5]. - The net inflow of treasury bond ETFs led again. The net inflow amounts of treasury bond ETFs (+1.101 billion yuan), short - term financing ETFs (+0.682 billion yuan), and corporate bond ETFs (+0.417 billion yuan) ranked in the top three [2][5]. - The share redemption of convertible bond ETFs may be related to the conversion of underlying assets. The continuous large - scale outflow of convertible bond ETF shares for many weeks may be due to the strong motivation of funds to convert shares when the stock market is strong, and the underlying convertible bonds are redeemed and converted into shares [2][16]. - In a loose - money environment, the net value of bond ETFs increased slightly. The recent restart of treasury bond trading by the central bank and the positive net investment of reverse repurchase funds last week provided short - term support for the bond market, driving a slight increase in the net value of bond ETFs [2][23]. Summary According to the Directory 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into the bond ETF market shrank again last week, affected by the rising stock market. The net inflow of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs was 1.208 billion yuan, - 0.366 billion yuan, and - 1.395 billion yuan respectively, with a total net inflow of - 0.553 billion yuan in the bond ETF market. As of November 14, 2025, the scale of bond ETF funds was 70.629 billion yuan, up 0.02% from the previous week's closing and 292.88% from the beginning of the year, accounting for 12.32% of the total market ETF scale, with a 4bp increase from the previous weekend [5]. - Treasury bond ETFs had the highest net inflow again. The net inflow amounts of treasury bond ETFs, short - term financing ETFs, and corporate bond ETFs ranked in the top three, while the net inflows of benchmark market - making credit bond ETFs, convertible bond ETFs, and science and technology innovation bond ETFs were negative [5]. 1.2 各类债券 ETF 份额走势 - As of November 14, 2025, the shares of treasury bond, policy - financial bond, local government bond, credit bond, and convertible bond ETFs changed by 8.94 million shares, - 0.22 million shares, 1.11 million shares, 21.39 million shares, and - 102.70 million shares respectively compared to November 7, 2025, with a total change of - 71.48 million shares in bond - type ETFs. The continuous large - scale outflow of convertible bond ETF shares may be related to the conversion of underlying convertible bonds [16]. 1.3 主要债券 ETF 份额及净值走势 - The share net inflows of 30 - year treasury bond ETF and urban investment bond ETF led. As of November 14, 2025, the shares of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 8.66 million shares, 0.39 million shares, no change, 28.90 million shares, and - 89.70 million shares respectively compared to November 7, 2025 [19]. - In a loose - money environment, the net value of bond ETFs increased slightly. As of November 14, 2025, the net values of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF changed by 0.11%, 0.08%, 0.06%, 0.02%, and 0.53% respectively compared to November 7, 2025 [23]. 1.4 基准做市信用债 ETF 份额及净值走势 - Some products had a significant increase in redeemed shares. As of November 14, 2025, the shares of 8 existing benchmark market - making credit bond ETFs changed by no change, no change, no change, no change, - 4.82 million shares, - 1.80 million shares, - 2.07 million shares, and - 7.08 million shares respectively compared to November 7, 2025 [26]. - The net value performance was differentiated, and most products declined. As of November 14, 2025, the net values of 8 credit bond ETFs changed by 0.02%, 0.01%, no change, no change, - 0.02%, - 0.04%, - 0.03%, and - 0.04% respectively compared to November 7, 2025 [27]. 1.5 科创债 ETF 份额及净值走势 - The overall shares of science and technology innovation bond ETFs were basically the same as the previous week. The net inflow of shares last week was - 1.70 million shares, a decrease of 0.07% from the previous week. The shares of science and technology innovation bond ETFs of Harvest, Penghua, and China Merchants ranked in the top three. The net inflow of shares of science and technology innovation bond ETFs of China Merchants, Guotai, and Penghua ranked in the top three, while those of GF, Boshi, and Tianhong had the largest net outflows [31]. - The net value trend was flat. As of November 14, 2025, the average net values of the first - batch and second - batch science and technology innovation bond ETFs increased by 0.01% compared to the previous week's closing, basically the same as the previous week [31]. 1.6 单只债券 ETF 市场表现情况 - The 30 - year treasury bond ETF had the highest net inflow again, and convertible bond - type ETFs led in net value growth. Last week, the net values of convertible bond ETF and Shanghai Stock Exchange convertible bond ETF increased by 0.53% and 0.33% respectively, ranking in the top. In terms of premium/discount rates, the 30 - year treasury bond ETF, urban investment bond ETF, and corporate bond ETF had the highest premium rates [35]. - In terms of scale changes, the 30 - year treasury bond ETF (+1.037 billion yuan), short - term financing ETF (+0.682 billion yuan), and science and technology innovation bond ETF of Harvest (+0.419 billion yuan) had the top - three net inflow amounts, while the convertible bond ETF had a significantly higher net outflow amount than other products, reaching - 1.228 billion yuan [35].