Report Industry Investment Rating - Not provided in the report Core Viewpoints - Last week (2/2 - 2/6), bond - type ETFs had a net capital outflow of 4.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.4 billion yuan, net inflows of 1.2 billion yuan, and net inflows of 1.1 billion yuan respectively. The weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs compared to the previous week were +0.02%, +0.16%, and - 0.07% respectively [2][13]. - There were no newly issued bond ETFs last week [3][17]. - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][19][20]. - Last week, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [5][27][29]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. - Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138%. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39]. Summary by Directory 1. Issuance Progress Tracking - No new bond ETFs were issued last week [3][17] 2. Existing Product Tracking - As of February 6, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.1 billion yuan, 369.5 billion yuan, and 76.9 billion yuan respectively, with credit - bond ETFs accounting for 64% of the total scale. The top two in terms of circulating market value were Haifutong China Securities Short - Term Financing ETF and Bosera Convertible Bond ETF, with values of 68.1 billion yuan and 65.0 billion yuan respectively [4][19][20]. - Compared to the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.7 billion yuan, decreased by 5.3 billion yuan, and increased by 0.9 billion yuan respectively. The product with a significant increase in scale last week was Haifutong China Securities Short - Term Financing ETF, with a month - on - month increase of 3.3 billion yuan, followed by Penghyang China Bond - 30 - Year Treasury Bond ETF and Bosera Shanghai Stock Exchange 30 - Year Treasury Bond ETF [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 104.3 billion yuan and 278.2 billion yuan respectively, decreasing by 2.4 billion yuan and 7.9 billion yuan compared to the previous week [4][24]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [27]. - The return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.47%, and the return rate of science - innovation bond ETFs since their establishment has marginally increased to 0.46% [29]. 4. Premium/Discount Rate Tracking - The premium/discount rate of ETFs measures the deviation between the secondary - market trading price of the fund and its unit net value. A high premium rate usually indicates that the market is optimistic about the fund or its underlying assets, while a high discount rate indicates pessimism or lack of interest [34]. - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.14%, - 0.01%, and - 0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.19% and - 0.13% respectively [6][34]. 5. Turnover Rate Tracking - The weekly turnover rate of ETFs is calculated by dividing the weekly trading volume by the fund shares. Last week, the turnover rates were in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of interest - rate bond ETFs and credit - bond ETFs improved, rising to 165% and 141% respectively, while the weekly turnover rate of convertible - bond ETFs marginally decreased to 138% [7][39]. - Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science and Technology Innovation Corporate Bond ETF, and Morgan Shanghai Stock Exchange AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][39].

Report Industry Investment Rating No industry investment rating was provided in the report. Core Viewpoints of the Report - In 2025, the domestic bond ETF market experienced rapid growth, with the scale increasing from 174 billion yuan at the end of 2024 to 829 billion yuan at the end of 2025. The product structure showed differentiation, with credit - bond ETFs becoming the main growth driver. [1] - The participation of bond ETFs continued to expand, but the scale barriers of leading fund companies were relatively stable. The market was mainly dominated by institutional investors. [1][2] - The performance of interest - rate bond ETFs was related to duration, and there was significant differentiation. Credit - bond ETFs such as science - innovation bond ETFs and benchmark market - making credit - bond ETFs showed stable performance. Convertible bond ETFs also achieved high - speed growth. [2] - The domestic bond ETF market may further concentrate on leading institutions in single categories. Future product innovation may focus on diversified expansion to meet the differentiated needs of investors. [2] Summary by Relevant Catalogs 1. Domestic Bond ETF Market Overview 1.1 Bond ETF Development Process - The development of domestic bond ETFs has gone through three stages: the start - up stage from 2013 - 2018, the slow - growth stage from 2019 - 2021, and the rapid - growth stage from 2021 to the present. As of December 31, 2025, the scale reached 829 billion yuan. [6] 1.2 Bond ETF Scale Growth in 2025 - In 2025, the bond ETF market grew rapidly. By the end of 2025, there were 53 listed bond ETFs, with a total scale of 829 billion yuan, a 377% increase compared to the end of 2024. The scale expansion showed an accelerating trend. [9] - Among the 53 bond ETF products, 37 had a scale of over 10 billion yuan, accounting for about 70%, indicating rapid market development in 2025. [14] 1.3 Bond ETF Benchmark Index - As of the end of 2025, the domestic bond ETF benchmark index had formed a system covering all categories such as interest - rate bonds, credit bonds, and convertible bonds, with a total of 25 indices compiled by index institutions such as China Securities Index and China Bond Index. [17] - Different types of ETFs correspond to different target indices, which can meet the diversified needs of investors from stable allocation to thematic investment. [18] 1.4 Bond ETF Product Classification System - Domestic bond ETFs can be divided into interest - rate bond ETFs, credit - bond ETFs, and convertible bond ETFs. Interest - rate bond ETFs are the basic products, credit - bond ETFs were the main growth driver in 2025, and there are currently 2 convertible bond ETFs. [21][22] 1.5 Bond ETF Managers - As of the end of 2025, 28 fund companies managed a total of 53 bond ETFs. The scale of leading fund managers showed a long - term stagnation followed by rapid growth. [23] - The market pattern showed significant leading effects and high concentration. Haitong Fund ranked first, followed by Boshi Fund and Fuguo Fund. Both leading institutions and new entrants promoted the expansion of the industry. [28][31] 2. Bond ETF Product Line and Recent Trends 2.1 Structural Differentiation of Bond ETF Scale Growth in 2025 - In terms of scale and quantity, interest - rate bond, credit - bond, and convertible bond ETFs showed significant differentiation in 2025, reflecting the different demand for products with different risk - return characteristics. [33] - Products with a duration of 0 - 3 years and 3 - 7 years accounted for a relatively large proportion, with the proportion increasing by 12.33 percentage points compared to the end of 2024. [38] - The launch of science - innovation bond ETFs and benchmark market - making credit - bond ETFs was the highlight of the market in 2025. The total scale of science - innovation bond ETFs exceeded 35.53 billion yuan, contributing nearly 54% of the annual market scale increment. [41] 2.2 Interest - Rate Bond ETFs - The scale of interest - rate bond ETFs expanded steadily. As of the end of December 2025, the asset - net - value scale was 152.8 billion yuan, accounting for 18.4% of the overall bond ETF market. Policy support promoted the inflow of funds. [45][51] - The product system was improving and achieved full - duration coverage, but there was still room for innovation in some niche categories. [52] - The competition pattern was relatively stable, with leading institutions taking the lead. Competition focused on duration coverage, tracking - error control, and liquidity maintenance. [54] 2.3 Credit - Bond ETFs - Before 2025, there were only 3 credit - bond ETFs. In 2025, it was a big year for credit - bond ETF issuance, with the launch of benchmark market - making credit - bond ETFs and science - innovation bond ETFs. [57] - **Benchmark Market - Making Credit - Bond ETFs**: In January 2025, 8 benchmark market - making credit - bond ETFs were listed. Their scale showed a trend of rapid expansion in the first half of the year and high - level oscillation in the second half. The underlying assets were concentrated in medium - and short - duration, high - rating bonds, mainly including general public - offering corporate bonds and science - innovation bonds. [58][59][62] - **Science - Innovation Bond ETFs**: In 2025, science - innovation bond ETFs grew rapidly, with a total scale of 35.53 billion yuan at the end of the year, accounting for over 40% of the overall bond ETF scale. They were driven by policies and had a three - pillar tracking - index system, with products concentrated in leading fund companies. [70][73][76] - **Other Credit - Bond ETFs**: There were only 3 other credit - bond ETFs, focusing on short - term financing, urban investment bonds, and high - grade corporate bonds. [79] 2.4 Convertible Bond ETFs - In a low - interest - rate environment, convertible bond ETFs became an important allocation target. As of the end of 2025, there were only 2 convertible bond ETFs. The market had achieved leap - forward growth in recent years, and although the scale decreased in 2025, it remained at a high level. [81][82] 3. Bond ETF Product Holder Structure - Bond ETFs were mainly held by institutional investors, and the investor structure of treasury - bond ETFs was relatively balanced. As of June 2025, institutional investors held 92% of the asset - net - value scale, and individual investors held 8%. [84] - In terms of concentration, the concentration of policy - financial bond ETFs was the highest, and that of convertible bond ETFs was the lowest. The top three institutional investors in terms of holding scale were other institutions, securities firms, and securities investment funds. [88][89] 4. Bond ETF Performance - As of the end of 2025, the performance of interest - rate bond ETFs showed significant differentiation, with long - duration products having larger declines and short - duration products achieving positive returns. Most products had a tracking - deviation mean of less than 0.1. [92] - The performance of credit - bond ETFs also showed differentiation. Some science - innovation bond ETFs and benchmark market - making credit - bond ETFs performed well, and the annualized returns of some early - established credit - bond ETFs were higher. [95][97] - The recovery - unit - net - value trends of Haitong Shanghai - Stock - Exchange Investment - Grade Convertible Bond ETF and Boshi Convertible Bond ETF were highly synchronized, with 2025 returns of 13.1% and 18.0% respectively, and annualized returns since establishment of 4.5% and 5.5% respectively. [98] 5. Future Development of Bond ETFs - The domestic bond ETF market showed a trend of concentration among leading institutions, and there were problems such as product homogenization and lack of richness, which were difficult to meet the differentiated needs of investors. [102] - Referring to the US bond ETF market, the domestic bond ETF market could enrich the product matrix from multiple dimensions, including expanding product - gradient coverage, developing Smart Beta and actively managed bond ETFs, adding cross - border and cross - market bond ETFs if QDII quotas were sufficient, and adding over - the - counter connection funds. [103][104][107]

上周（1/19-1/23）债券型 ETF 资金净流出 156 亿元，信用债 ETF、利率债 ETF、可转债 ETF 分别净流出 117 亿元、净 流出 63 亿元、净流入 23 亿元。业绩表现来看，相较于上周，信用债 ETF、利率债 ETF、可转债 ETF 累计单位净值周 度涨跌幅分别为+0.11%、+0.26%、+2.65%。 发行进度跟踪： 上周无新发行债券 ETF。 存量产品跟踪： 截止 2026 年 1 月 23 日，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别为 1311 亿元、3829 亿元、734 亿元，信 用债 ETF 规模占比为 63%。相较于上周，利率债 ETF、信用债 ETF、可转债 ETF 流通市值分别减少 58 亿元、减少 91 亿 元、增加 43 亿元。从信用债 ETF 来看，基准做市信用债 ETF、科创债 ETF 流通市值分别为 1092 亿元、2950 亿元，较 上周分别减少 50 亿元、减少 74 亿元。 ETF 业绩跟踪： 上周利率债 ETF、信用债 ETF 累计单位净值分别收于 1.19、1.03。从累计回报情况来看，基准做市信用债 ETF 成立以 来回报 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (January 5 - January 9), bond - type ETFs had a net capital outflow of 63.1 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 56.1 billion yuan, 9.6 billion yuan, and a net inflow of 2.7 billion yuan respectively. Compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, - 0.17%, and +3.86% respectively [2][4][13]. 3. Summaries According to Relevant Catalogs 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [17]. 3.2 Existing Product Tracking - As of January 9, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 142.2 billion yuan, 404.5 billion yuan, and 66.3 billion yuan respectively, with credit - bond ETFs accounting for 60.6%. The circulating market values of Haifutong CSI Short - term Finance ETF and Boshi Convertible - bond ETF ranked top two, at 61.829 billion yuan and 55.556 billion yuan respectively. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 10.5 billion yuan, 38.6 billion yuan, and increased by 5.3 billion yuan respectively. Products with significant scale reduction last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Science and Technology Innovation Bond ETF Yin Hua, and Fullgoal CSI AAA Science and Technology Innovation Corporate Bond ETF, with a month - on - month decrease of over 6 billion yuan each [19][20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were 119.9 billion yuan and 311 billion yuan respectively, decreasing by 7.1 billion yuan and 44 billion yuan compared with the previous week [23]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since their establishment has been stable at around 1.20%, while the return rate of science - and - technology innovation bond ETFs has marginally declined to 0.21% [26][28]. 3.4 Premium/Discount Rate Tracking - From a broad - category perspective, last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.25%, - 0.03%, and +0.03% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.39% and - 0.22% respectively [34]. 3.5 Turnover Rate Tracking - The weekly turnover rates of interest - rate bond ETFs, convertible - bond ETFs, and credit - bond ETFs were calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rates showed the order of interest - rate bond ETFs > convertible - bond ETFs > credit - bond ETFs, and the weekly turnover rates of all three types of products increased marginally, reaching 141%, 112%, and 91% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong CSI Short - term Finance ETF had relatively high turnover rates [39].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Last week (12/22 - 12/26), bond - type ETFs had a net capital inflow of 54.515 billion yuan. The net unit value of bond ETFs showed marginal recovery. There was no new issuance of bond ETFs. The trading volume and turnover rate of various bond ETFs showed different changes, and the performance of different types of bond ETFs also varied [2][12]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][16]. 3.2 Stock Product Tracking - As of December 26, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 152.6 billion yuan, 426.4 billion yuan, and 60.9 billion yuan respectively, with credit - bond ETFs accounting for 66.6% of the total scale. The circulating market values of Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF ranked top two, at 65.1 billion yuan and 52.3 billion yuan respectively [18]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.586 billion yuan, 31.621 billion yuan, and decreased by 2.768 billion yuan respectively. Products with significant scale growth last week included Yinhuakongchuangzhai ETF, Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, and Huatianfu CSI AAA Kechuang Bond ETF, with a year - on - year scale growth of over 6 billion yuan [20]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 124.8 billion yuan and 340.5 billion yuan respectively, increasing by 7.262 billion yuan and 56.694 billion yuan compared with the previous week [22]. 3.3 ETF Performance Tracking - Last week, the cumulative net unit values of interest - rate bond ETFs and credit - bond ETFs closed at 1.18 and 1.03 respectively [23]. - As of December 26, based on February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.89%; based on July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.22%, returning to the positive range [29]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.11%, - 0.06%, and - 0.10% respectively. The average trading price of credit - bond ETFs was lower than the fund's net unit value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.25% and - 0.07% respectively [36]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was in the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 136%, 102%, and 84% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, and Yongying Science - Innovation Bond ETF had relatively high turnover rates [41].

Group 1: Investment Ratings - No information provided on the report's industry investment rating Group 2: Core Views - As of December 12, controlling drawdown is the main strategic goal recently. In a market with slow rises and sharp falls in the past month, the focus is on drawdown control rather than achieving excess returns through duration + band operations [2][12] - Last week (December 8 - December 12), bond - type ETFs had a net inflow of 2.95 billion yuan, with credit - bond ETFs having a net inflow of 5.37 billion yuan, while interest - rate bond ETFs and convertible - bond ETFs had net outflows of 960 million yuan and 1.46 billion yuan respectively. Bond ETF net values are marginally recovering [3][16] - As of December 15, 2025, compared with the previous week, more than half of the non - financial and non - real - estate industrial bonds saw their yields rise, real - estate bond yields generally increased, and financial bond yields showed differentiation among bond types [4][18] - The trading preference for ultra - long - term credit bonds has not improved. The number of transactions of general credit bonds with a maturity of over 7 years remains at a low level, and the lack of spread protection space weakens investors' motivation [5][20] - In terms of the issuance pricing of local government bonds, the average issuance rate of 10 - year local bonds in the latest week was 2.05%, slightly up from the previous week. The average coupon rates of new 20 - year and 30 - year local bonds were above 2.45%, at a relatively high level within the year. The long - end spreads remain high [6][23] Group 3: Summary of Each Section Quantitative Credit Strategy - As of December 12, the cumulative excess returns of the short - end sinking strategy for urban investment bonds, the bullet strategy for commercial financial bonds, and the sinking strategy for securities firm bonds reached 5bp, 4.4bp, and 1.5bp respectively, while those of other medium - and long - term strategies were less than 5bp. The cumulative excess return of the urban investment dumbbell portfolio, which performed well in the previous two months, dropped to a low of - 25.7bp in the past four weeks. The sinking strategy of the financial bond heavy - position portfolio outperformed the corresponding duration strategy by more than 12bp in cumulative returns [2][12] ETF Strategy - Last week (December 8 - December 12), bond - type ETFs had a net inflow of 2.95 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 5.37 billion yuan, net outflows of 960 million yuan, and net outflows of 1.46 billion yuan respectively. Compared with the previous week, their cumulative unit net value weekly growth rates were + 0.05%, + 0.08%, and + 0.20% respectively [3][16] Coupon Asset Heat Map - As of December 15, 2025, compared with the previous week, more than half of the non - financial and non - real - estate industrial bonds saw their yields rise. Except for private - placement bonds of private enterprises within 1 year, the yield adjustments of other varieties were less than 4BP. Real - estate bond yields generally increased, with the yields of non - perpetual bonds within 1 year rising by more than 5BP. Financial bond yields showed differentiation among bond types, with the yields of commercial financial bonds within 3 years mainly rising, bank sub - debt valuations generally recovering, and the performance of securities firm sub - debt being better than that of ordinary bonds [4][18] Ultra - long Credit Bond Tracking - The trading preference for ultra - long - term credit bonds has not improved. This week (December 8 - December 12, 2025), the number of transactions of general credit bonds with a maturity of over 7 years remained at a relatively low level of around 300. The spread between the most actively traded 7 - 10 - year industrial bonds and 20 - 30 - year treasury bonds is only 19.9bp, which further weakens investors' motivation [5][20] Local Government Bond Supply and Trading Tracking - In the latest week, the average issuance rate of 10 - year local bonds was 2.05%, slightly up from the previous week. The average coupon rates of new 20 - year and 30 - year local bonds were above 2.45%, at a relatively high level within the year. The long - end spreads of local government bonds remain high, with the average spread of bonds with a maturity of 10 years and above being higher than 20bp [6][23]

Report Industry Investment Rating No relevant content provided. Core View of the Report From November 10 - 14, bond - type ETFs had a net capital outflow of 550 million yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 370 million yuan, net inflows of 1.21 billion yuan, and net outflows of 1.39 billion yuan respectively. In terms of performance, compared with the previous week, the weekly cumulative unit - net - value changes of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.01%, + 0.06%, and + 0.43% respectively, with the net value of convertible - bond ETFs continuously recovering [2][13]. Summary by Directory 1. Issuance Progress Tracking - Last week, there were no newly issued bond ETFs [3][17]. - A list of bond ETFs issued this year was provided, including details such as fund names, issuance shares, issuance scales, issuance announcement dates, fund establishment dates, and performance comparison benchmarks [18]. 2. Existing Product Tracking - As of November 14, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 146.9 billion yuan, 376.9 billion yuan, and 65.7 billion yuan respectively, with credit - bond ETFs accounting for 63.9% of the total scale. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values [19]. - Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 1.35 billion yuan, decreased by 130 million yuan, and decreased by 980 million yuan respectively. Products with obvious scale growth last week included Pengyang ChinaBond - 30 - year Treasury Bond ETF and Haifutong CSI Short - term Financing ETF [21]. - Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 120 billion yuan and 251.7 billion yuan respectively, decreasing by 1.58 billion yuan and 70 million yuan compared with the previous week [23]. 3. ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, the cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively [26]. - As of November 14, taking February 7 as the base date, the average cumulative return of benchmark - market - making credit - bond ETFs rose to 0.81%; taking July 17 as the base date, the cumulative return of science - innovation bond ETFs marginally recovered to 0.09% [5][30]. 4. Premium/Discount Rate Tracking - The average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs last week were - 0.18%, + 0.01%, and - 0.04% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.30% and - 0.16% respectively [6][36]. 5. Turnover Rate Tracking - Last week, the turnover rates of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of all three types of products declined, falling to 125%, 121%, and 87% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, and Guotai CSI AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][41]. - A detailed list of 53 bond ETFs' existing details and weekly performance was provided, including circulating market values, weekly changes, weekly net - value changes, cumulative returns this year, weekly average premium/discount rates, and weekly turnover rates [45].

Group 1 - The core view of the report indicates that credit bond ETFs will continue to attract capital inflows, with a notable recovery in liquidity observed in October [5][8] - The total circulation scale of credit bond ETFs has approached 500 billion yuan, significantly surpassing that of interest rate bond ETFs, reflecting a strong market sentiment [5][8] - The report anticipates that the credit bond ETF's discount rate may further compress, although transitioning to a premium without a major market event remains challenging [5][10] Group 2 - The report highlights that the issuance volume of credit bonds has increased, with a net financing of 92 billion yuan recorded, indicating a positive shift in the financing landscape [29][30] - The average coupon rates for newly issued AAA and AA+ rated bonds have decreased, with the average rates at 2.07% and 2.27% respectively, showing a downward trend in financing costs [29][30] - The credit spreads across various grades have narrowed, particularly for longer maturities, with significant compressions observed in the AA grade [32][34]

Core Viewpoint - The A-share market has declined following global stock market trends, while the bond market has shown positive performance, particularly in the technology innovation bond ETF, which has seen significant gains since late September [1] Market Performance - Since the end of September, the market has experienced increased risk aversion due to trade tensions, leading to a recovery trend in rate bonds and credit bonds ETFs, with the technology innovation bond ETF South (159700) rising by 89 basis points from September 26 to the present [1] - The technology innovation bond ETF South (159700) has seen a substantial increase in its share volume, growing by 7,356 million shares, representing a growth rate of 166.13% since its launch in July [1] Central Bank Actions - The central bank has resumed operations for government bond purchases, signaling a loosening monetary policy. On November 5, it conducted a 700 billion yuan reverse repurchase operation to inject medium-term liquidity into the banking system, helping to maintain a stable and ample funding environment [1] Policy Support for Technology Innovation Bonds - The government continues to implement policies to support the development of technology innovation bonds, including establishing a green channel for reviews and encouraging market makers to provide liquidity, indicating a potential for continued expansion in the technology innovation bond market [1] - Guohai Securities highlights the certainty of ongoing expansion for technology innovation bond ETFs, ensuring a favorable development trend and good liquidity advantages, making it a focus for continued attention [1]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (October 27 - October 31), bond - type ETFs had a net capital inflow of 12.7 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 9.9 billion yuan, 4.5 billion yuan, and a net outflow of 1.7 billion yuan respectively. Their cumulative unit net value weekly growth rates were +0.26%, +0.42%, and +0.69% respectively, with a slight recovery in net values [2][13]. - Recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively. As of October 31, the cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95% (with February 7 as the base date), and the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13% (with July 17 as the base date), entering the positive range [5][32]. 3. Summary by Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][17]. 3.2 Stock Product Tracking - As of October 31, 2025, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 140.9 billion yuan, 375.5 billion yuan, and 67.8 billion yuan respectively. The scale of credit - bond ETFs accounted for 64.3%. Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 5.41 billion yuan, 4.93 billion yuan, and decreased by 1.18 billion yuan respectively. Products with significant scale growth last week included Tianhong CSI AAA Science and Technology Innovation Corporate Bond ETF and Penghua 0 - 4 Local Government Bonds, with a year - on - year scale growth of over 3 billion yuan [4][19][21]. - Among credit - bond ETFs, the circulating market values of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were 122.2 billion yuan and 252.1 billion yuan respectively, increasing by 760 million yuan and 7.47 billion yuan compared with last week [24]. 3.3 ETF Performance Tracking - Based on the average trends of the cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs, recently, interest - rate bond ETFs and credit - bond ETFs continued the recovery trend, with cumulative unit net values closing at 1.19 and 1.04 respectively [27]. - As of October 31, with February 7 as the base date, the average cumulative yield of benchmark market - making credit - bond ETFs increased to 0.95%; with July 17 as the base date, the cumulative yield of science - innovation bond ETFs marginally recovered to 0.13%, entering the positive range [5][32]. 3.4 Premium/Discount Rate Tracking - Last week, the average premium/discount rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were - 0.09%, - 0.02%, and - 0.03% respectively. The average trading price of ETFs was lower than the fund's unit net value, indicating low allocation sentiment. Specifically, the weekly average premium/discount rates of benchmark market - making credit - bond ETFs and science - innovation bond ETFs were - 0.13% and - 0.10% respectively [6][37]. 3.5 Turnover Rate Tracking - Last week, the turnover rate was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs. The weekly turnover rates of the three types of products all increased marginally, reaching 162%, 150%, and 107% respectively. Specifically, products such as Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF, Huaxia Shanghai Stock Exchange Benchmark Market - making Treasury Bond ETF among interest - rate bond ETFs, and Huaan CSI AAA Science and Technology Innovation Corporate Bond ETF, Science - innovation Bond ETF Yongying among science - innovation bond ETFs had relatively high turnover rates [7][42].