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]

Core Viewpoint - The company bond ETF (511030) is experiencing a stalemate in trading, with a latest quote of 107.03 yuan and a cumulative increase of 1.91% over the past year [3]. Trading Activity - The company bond ETF has a turnover rate of 3.73% during the trading session, with a transaction volume of 1.336 billion yuan. The average daily transaction volume over the past month is 3.027 billion yuan [3]. - The latest scale of the company bond ETF has reached 35.869 billion yuan, marking a new high in nearly a year [3]. - The latest share count of the company bond ETF is 335 million shares, also a new high in the past six months [3]. Fund Flows - The company bond ETF has recorded a net inflow of 53.5117 million yuan. Over the past four trading days, there have been net inflows on three days, totaling 215 million yuan, with an average daily net inflow of 5.38287 million yuan [3]. Performance Metrics - As of February 26, 2026, the maximum drawdown for the company bond ETF this year is 0.03%, compared to a benchmark drawdown of 0.07%. The recovery period after the drawdown is 7 days [3]. Fee Structure - The management fee for the company bond ETF is 0.15%, and the custody fee is 0.05% [4]. Tracking Accuracy - As of February 26, 2026, the tracking error for the company bond ETF over the past month is 0.007%. The ETF closely tracks the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which reflects the trends in the RMB bond market [5].

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]

Core Viewpoint - The article discusses investment strategies for company bond ETFs, particularly focusing on the company bond ETF (511030) as a viable option for medium to low-risk investors looking to manage cash during the holiday period. Group 1: Investment Recommendations - Investors with idle funds who prefer not to hold stocks during the holiday can consider directly subscribing to or buying company bond ETFs (511030) [1] - Company bond ETFs have slightly higher drawdowns but offer greater elasticity, making them suitable for margin clients seeking better returns [1] - Existing holders of company bond ETFs can enhance holiday returns by using them as collateral for repurchase agreements, allowing for leveraged purchases of additional company bond ETFs [1] Group 2: Performance Metrics - As of February 12, 2026, the company bond ETF (511030) has increased by 0.03%, marking five consecutive days of gains, with a latest price of 107.11 yuan [4] - Over the past year, the company bond ETF has accumulated a total increase of 1.59% [4] - The ETF's liquidity is strong, with an intra-day turnover of 8.01% and a total transaction volume of 28.55 billion yuan [4] - The latest scale of the company bond ETF reached 356.42 billion yuan, a new high for the past year [4] - The ETF's shares have reached 333 million, also a new high for the past six months [4] Group 3: Fund Flows and Leverage - The company bond ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 866 million yuan, totaling 1.415 billion yuan in net inflows [4] - Leveraged funds are actively entering the market, with the ETF experiencing net purchases of leveraged funds for ten consecutive days [4] Group 4: Risk and Tracking - The maximum drawdown for the company bond ETF this year is 0.03%, with a relative benchmark drawdown of 0.06% [4] - The tracking error for the company bond ETF this year is 0.006%, indicating tight tracking of the underlying index [6] - The ETF closely follows the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which serves as a benchmark for investing in high-grade corporate bonds [6]

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]

Core Viewpoint - The company’s bond ETF (511030.SH) has shown a positive performance with a slight increase of 0.04% on February 10, 2026, indicating strong market interest and investment activity [1] Group 1: Fund Performance - The bond ETF recorded a net inflow of 669 million yuan from major funds (transactions over 1 million yuan), ranking it among the top tier in the market [1] - Over the past three days, the fund has experienced accelerated inflows totaling 1.452 billion yuan, maintaining its position in the top tier of the market [1] - The latest trading volume for the fund reached 16.338 million units, with a total transaction value of 1.748 billion yuan, also placing it in the top tier of the market [1]

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]

Group 1 - The total scale of credit bond ETFs is 514.2 billion yuan, with a daily increase of 1.77 billion yuan, while the benchmark market-making ETF decreased by 0.49 billion yuan and the Sci-Tech bond ETF decreased by 0.51 billion yuan [1] - The median weighted duration is 3.2 years, and the overall transaction amount is 235.3 billion yuan, with an average single transaction amount of 7.24 million yuan [1] - The median yield is 1.89%, and the median discount rate is -15.5 basis points, with the benchmark market-making at -15.7 basis points and the Sci-Tech bond ETF at -15.9 basis points [1] Group 2 - As of February 6, 2026, the company bond ETF (511030) rose by 0.02%, with the latest price at 106.95 yuan, and a cumulative increase of 1.43% over the past year [3] - The liquidity of the company bond ETF shows a turnover of 6.52% and a transaction volume of 2.229 billion yuan, with an average daily transaction of 3.028 billion yuan over the past week [3] - The latest scale of the company bond ETF reached 34.197 billion yuan, marking a new high in nearly a year, with net inflow and outflow of funds remaining balanced [3] Group 3 - 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 [4] - The index is based on AAA-rated corporate bonds from the Shanghai Stock Exchange and is segmented by implied ratings in the China Bond market [4] - The wealth index code for the China Bond - Medium to High Grade Corporate Bond Spread Factor Index is CBC00701, with a base date of June 30, 2015 [4]

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]