份额方面，公司债ETF最新份额达3.35亿份，创近半年新高。（数据来源：Wind） 资金流入方面，公司债ETF最新资金净流入5351.17万元。拉长时间看，近4个交易日内有3日资金净流入，合计"吸金"2.15亿元，日均净流入达5382.87万元。 （数据来源：Wind） 回撤方面，截至2026年2月26日，公司债ETF今年以来最大回撤0.03%，相对基准回撤0.07%。回撤后修复天数为7天。 截至2026年2月26日 15:00，公司债ETF(511030)多空胶着，最新报价107.03元。拉长时间看，截至2026年2月26日，公司债ETF近1年累计上涨1.91%。 流动性方面，公司债ETF盘中换手3.73%，成交13.36亿元。拉长时间看，截至2月26日，公司债ETF近1月日均成交30.27亿元。 规模方面，公司债ETF最新规模达358.69亿元，创近1年新高。（数据来源：Wind） 跟踪精度方面，截至2026年2月26日，公司债ETF近1月跟踪误差为0.007%。 公司债ETF紧密跟踪中债-中高等级公司债利差因子指数(总值)净价指数，为多角度反映人民币债券市场的走势，该指数以主体和债项评级AAA的上交所公 ...

Core Viewpoint - The article suggests that investors with idle funds and a willingness to accept some volatility should consider purchasing the National Development Bank Bond ETF (国开债券ETF) or corporate bond ETFs before the holiday, as it may provide better returns compared to other short-term cash management options [1] Group 1: Investment Recommendations - Investors are advised to buy the National Development Bank Bond ETF (159651) as it offers better returns than reverse repos, especially since buying on February 13 allows them to enjoy 8 days of interest during the holiday [1] - The National Development Bank Bond ETF has lower holding fees (20 basis points) compared to the average 40 basis points for money market ETFs, making it a more cost-effective option for investors looking to buy before the holiday [1] Group 2: Performance Metrics - As of February 12, 2026, the National Development Bank Bond ETF has increased by 0.01%, with a one-year cumulative increase of 1.19% [2] - The ETF has seen a significant growth in scale, with an increase of 20.67 million yuan over the past week [3] - The ETF's maximum drawdown this year is 0.04%, with a relative benchmark drawdown of 0.03% [3] Group 3: Liquidity and Trading Activity - The National Development Bank Bond ETF has a trading volume of 1.67 billion yuan, indicating active market participation [2] - The average daily trading volume over the past year is 274 million yuan [2] Group 4: Fee Structure - The management fee for the National Development Bank Bond ETF is 0.15%, and the custody fee is 0.05% [4] Group 5: Tracking Accuracy - The ETF has a tracking error of 0.009% over the past three months, closely following the China Bond - 0-3 Year National Development Bank Bond Index [5]

机构人士指出，长假前最后一个交易日，对于场内有闲置资金且不想持股过节的，或能承受一定波动的中低风险客户，可直接申购\买入公司债ETF，具体 建议如下: T:能承受小幅波动回撤的场内中低风险现金管理需求——申购\买入公司债ETF（511030） 1、公司债ETF回撤稍高但弹性更大。 适合客户：场内保证金客户，不满足于收益现状，可考虑将货币ETF置换为公司债ETF（511030）。 2、本身持有公司债ETF的客户，可通过质押正回购增厚假期收益——周五（2月13日）,用公司债ETF质押取得的资金继续买入公司债ETF（只需质押隔夜， 产品户为2倍杠杆），用杠杆仓位获取的假期10天票息去覆盖1天的融资成本。 截至2026年2月12日 15:00，公司债ETF(511030)上涨0.03%， 实现5连涨。最新价报107.11元。拉长时间看，截至2026年2月12日，公司债ETF近1年累计上涨 1.59%。 流动性方面，公司债ETF盘中换手8.01%，成交28.55亿元。拉长时间看，截至2月12日，公司债ETF近1月日均成交30.56亿元。 规模方面，公司债ETF最新规模达356.42亿元，创近1年新高。（数据来源：Win ...

Core Viewpoint - The article discusses investment strategies for low to medium-risk clients with idle funds during the upcoming Chinese New Year holiday, recommending the use of government bond reverse repos and bond ETFs as viable options for generating returns during this period [1][3]. Group 1: Investment Strategies - On February 12, clients with idle funds are advised to engage in a government bond reverse repo (131810) and purchase the National Development Bank Bond ETF (159651) to benefit from dual returns during the holiday [1]. - The strategy involves executing a reverse repo on February 12, which matures on February 13, allowing clients to earn interest during the holiday while also investing in the bond ETF [1][3]. - On February 13, clients are encouraged to directly purchase the National Development Bank Bond ETF, which offers potentially higher returns compared to reverse repos, as it allows for the collection of interest over the holiday period [3][4]. Group 2: Fund Characteristics - The National Development Bank Bond ETF (159651) has a low management fee of 0.15% and a custody fee of 0.05%, making it more cost-effective compared to money market ETFs [6]. - The ETF has shown significant growth, with a recent increase in scale of 70.7 million yuan over the past three months and a net inflow of 642,400 yuan recently [6]. - As of February 11, 2026, the ETF's price was 107.06 yuan, with a 1.17% increase over the past year, indicating a stable performance [4][5]. Group 3: Market Activity - The National Development Bank Bond ETF has an active trading environment, with a turnover rate of 20.82% and a transaction volume of 117 million yuan, reflecting strong market interest [5]. - The average daily trading volume over the past year has been 27.6 million yuan, showcasing consistent liquidity in the market [5].

Group 1 - The total scale of credit bond ETFs is 513.8 billion yuan, with a daily increase of 600 million yuan, where the benchmark market-making ETF decreased by 280 million yuan and the Sci-Tech bond ETF increased by 550 million yuan [1] - The median weighted duration is 3.2 years, and the overall transaction amount is 121 billion yuan, with an average single transaction amount of 3.76 million yuan [1] - The median yield is 1.89%, and the median discount rate is -15.4 basis points, with the benchmark market-making at -13.7 basis points and the Sci-Tech bond at -16.8 basis points [1] Group 2 - As of February 10, 2026, the company bond ETF (511030) rose by 0.04%, achieving three consecutive increases, with the latest price at 107.03 yuan and a one-year cumulative increase of 1.51% [4] - The liquidity of the company bond ETF shows a turnover of 5.11% and a transaction volume of 1.748 billion yuan, with an average daily transaction of 2.977 billion yuan over the past week [4] - The latest scale of the company bond ETF reached 34.247 billion yuan, a new high in nearly a year, with the latest share count at 320 million, also a new high in six months [4] Group 3 - The company bond ETF has a management fee rate of 0.15% and a custody fee rate of 0.05% [5] - The tracking error of the company bond ETF for the year to date is 0.006%, closely tracking the China Bond - Medium to High Grade Corporate Bond Spread Factor Index [5] - The index is based on AAA-rated corporate bonds and is adjusted quarterly, providing a benchmark for investment performance in medium to high-grade corporate bonds [5]

与此同时，该基金最新成交量为1633.80万份，最新成交额达17.48亿元，居全市场第一梯队。 拉长时间看，该基金近3天主力资金加速流入，合计流入14.52亿元，居全市场第一梯队。（数据来源： Wind） 2026年2月10日，公司债ETF（511030.SH）收涨0.04%，主力资金（单笔成交额100万元以上）净流入 6.69亿元，居全市场第一梯队。（数据来源：Wind） ...

Group 1: Credit Bond ETF Overview - The total scale of credit bond ETFs is 513.2 billion yuan, with a daily decrease of 1.06 billion yuan, including a decline of 0.06 billion yuan for benchmark market-making ETFs and 0.93 billion yuan for sci-tech bond ETFs [1] - The median weighted duration is 3.2 years, indicating the sensitivity of the bond prices to interest rate changes [1] - The median yield is 1.88%, with a median discount rate of -15.3 basis points, where benchmark market-making ETFs have a discount rate of -15.1 basis points and sci-tech bond ETFs have -17.5 basis points [1] Group 2: Company Bond ETF Performance - As of February 9, 2026, the company bond ETF (511030) increased by 0.03%, with the latest price at 106.98 yuan, and a one-year cumulative increase of 1.46% [3] - The liquidity of the company bond ETF shows an intraday turnover of 11.97% and a transaction volume of 4.093 billion yuan, indicating active market trading [3] - The latest scale of the company bond ETF reached 34.206 billion yuan, marking a one-year high, with a total inflow of 25.662 million yuan over the last 10 trading days [3] Group 3: Leverage and Tracking Accuracy - Leverage funds have been consistently investing in the company bond ETF, with net purchases for seven consecutive days, peaking at a single-day net purchase of 19.1374 million yuan, and the latest financing balance at 57.595 million yuan [3] - The maximum drawdown for the company bond ETF this year is 0.03%, with a relative benchmark drawdown of 0.03% [3] - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05%, with a tracking error of 0.006% for the year [3] Group 4: Index Tracking - The company bond ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which reflects the trends in the RMB bond market and is based on AAA-rated corporate bonds [4] - The index is divided into three groups based on implied ratings and is adjusted quarterly on the first working day of the interbank market [4]

信用债ETF日度跟踪显示总规模5142亿元，单日上升17.7亿元，其中基准做市ETF下降4.9亿元、科创债ETF下降5.1亿元；加权久期中位数3.2年。流动性：整 体成交金额2353亿元，平均单笔成交额724万元（基准做市723万元、科创债737万元）；换手率中位数50.7%。估值情况：收益率中位数1.89%，贴水率中位 数-15.5BP（基准做市-15.7BP、科创债-15.9BP）。 规模方面，公司债ETF最新规模达341.97亿元，创近1年新高。（数据来源：Wind） 资金流入方面，公司债ETF最新资金流入流出持平。拉长时间看，近10个交易日内，合计"吸金"2779.96万元。（数据来源：Wind） 数据显示，杠杆资金持续布局中。公司债ETF连续6天获杠杆资金净买入，最高单日获得1913.74万元净买入，最新融资余额达575.95万元。（数据来源： Wind） 回撤方面，截至2026年2月6日，公司债ETF今年以来最大回撤0.03%，相对基准回撤0.03%。回撤后修复天数为7天。 费率方面，公司债ETF管理费率为0.15%，托管费率为0.05%。 截至2026年2月6日 15:00，公司债ETF(511 ...

Group 1 - The credit bond carry strategy remains robust, but the safety cushion is narrowing, especially at the short end [9] - The current credit spread is at a relatively low level, suggesting attention to certain varieties and downgrading of coupon value [9] - The demand for amortized bond funds supports the logic that the public credit bond market has not yet significantly started but remains promising [9] Group 2 - The company bond ETF (511030) is experiencing a stalemate, with the latest quote at 106.94 yuan and a cumulative increase of 1.51% over the past year [3] - The trading volume of the company bond ETF is 8.85%, with a transaction value of 3.026 billion yuan, and an average daily transaction of 3.105 billion yuan over the past week [4] - The latest scale of the company bond ETF has reached 34.193 billion yuan, marking a new high in nearly a year [5] Group 3 - The company bond ETF has seen continuous net purchases of leveraged funds for five consecutive days, with the highest single-day net purchase reaching 19.1374 million yuan [5] - The maximum drawdown of the company bond ETF this year is 0.03%, with a recovery period of 7 days [5] - The management fee rate for the company bond ETF is 0.15%, and the custody fee rate is 0.05% [5] Group 4 - The tracking error of the company bond ETF this year is 0.006%, closely tracking the China Bond - High-Grade Corporate Bond Spread Factor Index [6] - The index serves as a performance benchmark for investing in high-grade corporate bonds, based on AAA-rated corporate bonds [6]

机构对2026年2月信用债市场展望如下： ✨套息适度拉长久期至3-5年。基本面偏弱叠加资金面呵护，共同支撑债市短期行情，中高等级信用债套息策略仍然稳健，但安全垫在缩小尤其是短端。考 虑到摊余债基对普信债仍有需求支持，可适度拉长期限对3-5年中高等级信用债套息加杠杆增厚收益。 ✨同时关注中短端票息资产。考虑到当前信用利差已处于历史相对低位，继续压缩的空间相对有限，建议关注部分品种和等级下沉的票息价值，可重点关 注2年以内头部央国企地产债、3年及以内弱资质城投债、3年左右中高等级永续或私募普信债、以及3-5年高等级保险次级债的参与机会。 信用债ETF日度跟踪显示总规模5147亿元，单日下降22.4亿元，其中基准做市ETF下降7.8亿元、科创债ETF下降19.2亿元；加权久期中位数3.2年。流动性： 整体成交金额1915亿元，平均单笔成交额685万元（基准做市723万元、科创债727万元）；换手率中位数32.5%。估值情况：收益率中位数1.90%，贴水率中 位数-17.7BP（基准做市-18.3BP、科创债-17.9BP）。 截至2026年2月4日 15:00，公司债ETF(511030)上涨0.05%，最新价报1 ...