1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The bond market rebounded for several days, and the net inflow of bond ETFs increased significantly. The bond ETF market is expected to resonate with the recovery trend of underlying bond assets at the end of the year and benefit from the year - end market [3][6]. - The capital flow is highly concentrated in science - innovation bond ETFs, which are the main contributor to the net inflow [3][7]. 3. Summary According to Relevant Catalogs 3.1 1.1 各类债券 ETF 资金净流入情况 - The net inflows of interest - rate bond ETFs, credit bond ETFs, and convertible bond ETFs last week were +2.937 billion yuan, +14.569 billion yuan, and - 1.730 billion yuan respectively, with a total net inflow of 15.776 billion yuan in the bond ETF market. The year - to - date net inflow reached 462.608 billion yuan. As of December 19, 2025, the bond ETF fund size was 74.3012 billion yuan, up 2.88% from the previous week's close and 313.31% from the beginning of the year. The net inflow scale increased by 264.3% compared with the previous week, mainly driven by credit bond ETFs [3][6]. - The science - innovation bond ETFs had the largest net inflow of 15.965 billion yuan last week, followed by local government bond ETFs (+2.483 billion yuan) and benchmark market - making credit bond ETFs (+1.066 billion yuan). The short - term financing ETF had the largest net outflow of 2.795 billion yuan, followed by convertible bond ETFs (-1.730 billion yuan) [7]. 3.2 1.2 各类债券 ETF 份额走势 - As of the close on December 19, 2025, the share changes of treasury bond ETFs, policy - financial bond ETFs, local government bond ETFs, credit bond ETFs, and convertible bond ETFs compared with December 12, 2025, were 0.46%, 0.49%, 15.94%, 1.99%, and - 2.68% respectively, and the total change in bond - type ETFs was 0.33%. The announcement of the central government allocating 500 billion yuan from the local debt balance limit to supplement local finances on December 15 might be the direct catalyst for the increase in local government bond ETF shares [20]. 3.3 1.3 主要债券 ETF 份额及净值走势 - The shares of major bond ETFs decreased, with the convertible bond ETF having the largest net outflow of shares. As of the close on December 19, 2025, the share changes of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF compared with December 12, 2025, were - 14.02 million shares, - 2.52 million shares, no change, no change, and - 92.90 million shares respectively [22]. - The net values of major bond ETFs were boosted. As of the close on December 19, 2025, compared with December 12, 2025, the net value changes of 30 - year treasury bond ETF, policy - financial bond ETF, 5 - year local government bond ETF, urban investment bond ETF, and convertible bond ETF were 0.43%, 0.17%, 0.05%, 0.03%, and 0.44% respectively [26]. 3.4 1.4 基准做市信用债 ETF 份额及净值走势 - The share performance of the 8 existing benchmark market - making credit bond ETFs was divergent. As of the close on December 19, 2025, compared with December 9, 2025, the share changes of these ETFs were - 4.50 million shares, 1.00 million shares, no change, no change, 10.00 million shares, 15.00 million shares, - 6.00 million shares, and - 3.80 million shares respectively [29]. - The net values of all 8 ETFs increased. As of the close on December 19, 2025, compared with December 12, 2025, the net value changes of these ETFs were 0.05%, 0.04%, 0.04%, 0.04%, 0.05%, 0.07%, 0.07%, and 0.06% respectively [30]. 3.5 1.5 科创债 ETF 份额及净值走势 - The tracking indexes of science - innovation bond ETFs with leading share increases were mostly AAA science - innovation bonds. The net share inflow of the 24 existing science - innovation bond ETFs last week was 369.32 million shares, a 15.10% increase from the previous week. The top three products in terms of share inflow were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Huaxia, and Science - Innovation Bond ETF ICBC [35]. - The net values of science - innovation bond ETFs rebounded slightly. As of the close on December 19, 2025, the average net values of the first - batch and second - batch science - innovation bond ETFs increased by 0.04% and 0.05% respectively compared with the previous week's close [37]. 3.6 1.6 单只债券 ETF 市场表现情况 - Benefiting from the strong bond market, the net values of bond ETF products generally increased. The 30 - year treasury bond ETF, convertible bond ETF, and 30 - year treasury bond ETF Bosera had the leading increases of 0.46%, 0.44%, and 0.41% respectively. The net value and share trends of the convertible bond ETF were divergent, possibly due to capital cashing in floating profits [40]. - In terms of premium/discount rates, the benchmark treasury bond ETF, Science - Innovation Bond ETF Taikang, and Science - Innovation Bond ETF Dacheng had the leading premium rates of 0.04%, 0.02%, and 0.02% respectively. In terms of scale changes, Science - Innovation Bond ETF Harvest (+5.346 billion yuan), Science - Innovation Bond ETF Huaxia (+3.666 billion yuan), and 0 - 4 Local Government Bond ETF (+2.440 billion yuan) had the top three net inflows, while the short - term financing ETF, 30 - year treasury bond ETF, and convertible bond ETF had the top net outflows of - 2.795 billion yuan, - 1.607 billion yuan, and - 1.247 billion yuan respectively [40].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - If the new public offering sales regulations are implemented as per the draft for soliciting opinions, the cost - effectiveness of using traditional bond funds as liquidity management tools for institutional investors, especially wealth management products and bank proprietary trading, will be significantly weakened. Bond ETFs, outside the scope of the new fee reform and with advantages such as good liquidity and low trading costs, may become high - quality alternative tools for institutional liquidity management. The "new regulations" may drive institutional funds to migrate to credit - bond ETFs, bringing expansion opportunities for such products [2][5]. - The bond ETF market's scale slightly increased last week, with the increment mainly coming from credit - bond ETFs. As interest rates rise to a high - value level and institutional funds gradually enter the market, the bond market is expected to stop falling and rebound, which may drive the recovery of the bond ETF market. Additionally, with the upcoming implementation of the new public offering sales regulations and the bond market entering a volatile period, the potential value of bond ETFs as liquidity management and tactical allocation tools is expected to be re - evaluated by the market [2][45]. Summary by Directory 1. Sales New Regulations Impact: Credit - Bond ETF Incremental Funds Calculation - **Potential Scale of Migratable Funds**: - Approximate the scale of short - term pure - bond and passive index - type bond funds as the scale of bond funds held by wealth management products and bank proprietary trading for liquidity management. The combined proportion of short - term pure - bond and passive index - type bond funds under the heavy - position caliber of wealth management products and the affiliated - party holding caliber of bank proprietary trading is 28.9% and 10.1% respectively [9]. - Determine the proportion of credit - type bond funds in the short - term pure - bond and passive index - type bond funds held by wealth management and bank proprietary trading. The proportion of credit - type bond funds in short - term pure - bond and passive index - type bond funds under the heavy - position caliber of wealth management and the affiliated - party caliber of bank proprietary trading is 62.8% and 16.8% respectively, accounting for 18.1% and 1.7% of the total bond - fund scale held by each [11]. - Calculate the full - scale bond - fund scale held by wealth management products and bank proprietary trading. The estimated bond - fund holding scale of wealth management products and bank proprietary trading is 8496 billion yuan and 6927.1 billion yuan respectively. Based on this, the potential scale of migratable funds in the bond - type fund positions of wealth management products and bank proprietary trading under the full - scale is 1540.1 billion yuan and 1181.5 billion yuan respectively [21][22]. - **Actual Migrated Funds Calculation**: - Follow the "duration matching" principle. Part of the funds in the (0, 1], (1, 2], (2, 3], and (3, 4] duration intervals of credit - type short - term pure - bond and passive index - type bond funds held by wealth management products and bank proprietary trading will be transferred to credit - bond ETF products with similar duration intervals after the new regulations are implemented. - Set three scenarios: optimistic, neutral, and pessimistic, corresponding to 10%, 20%, and 50% of the fund migration ratio respectively. The incremental funds obtained by credit - bond ETFs in the optimistic, neutral, and pessimistic scenarios are 234.0 billion yuan, 467.9 billion yuan, and 1169.9 billion yuan respectively, with year - on - year increases of 4.7%, 9.3%, and 23.3% [33]. - **Market Capacity**: Even in the pessimistic scenario with the highest migration ratio, the incremental funds in each duration interval only account for 2.2%, 0.9%, 1.1%, and 0.4% of the corresponding index capacity. Existing credit - bond ETFs can absorb the potential fund migration caused by the new regulations without substantial constraints [42]. 2. Weekly Situation of Bond ETFs - **Fund Inflows of Various Bond ETFs**: - Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were +0.15 billion yuan, +25.42 billion yuan, and - 3.69 billion yuan respectively. The total net inflow of the bond ETF market was 21.89 billion yuan. The scale increment mainly came from credit - bond ETFs [45]. - Among them, science - innovation bond ETFs had the largest net inflow, with a net inflow of 31.59 billion yuan, followed by corporate - bond ETFs (+8.62 billion yuan) and local - bond ETFs (+3.27 billion yuan). The benchmark market - making credit - bond ETF had the largest net outflow, with a net outflow of 13.45 billion yuan [46]. - **Share Trends of Various Bond ETFs**: As of December 5, 2025, the share inflows were concentrated in credit - bond ETFs. The shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs were 732.23 million shares, 434.03 million shares, 134.61 million shares, 7415.46 million shares, and 5010.55 million shares respectively, with changes of - 0.31%, - 0.36%, 2.18%, 0.34%, and - 0.55% respectively compared to November 28, 2025 [60]. - **Share and Net Value Trends of Major Bond ETFs**: - The shares of convertible - bond ETFs and 30 - year treasury - bond ETFs significantly outflowed. As of December 5, 2025, compared to November 28, 2025, the share changes of 30 - year treasury - bond ETFs, policy - financial - bond ETFs, 5 - year local - bond ETFs, urban - investment - bond ETFs, and convertible - bond ETFs were - 7.06 million shares, - 1.93 million shares, 0.15 million shares, no change, and - 26.20 million shares respectively [63]. - The net values of all major bond ETFs declined, with the 30 - year treasury - bond ETF showing a significant decline. As of December 5, 2025, compared to November 28, 2025, the net - value changes of 30 - year treasury - bond ETFs, policy - financial - bond ETFs, 5 - year local - bond ETFs, urban - investment - bond ETFs, and convertible - bond ETFs were - 1.82%, - 0.30%, - 0.15%, - 0.05%, and 0.07% respectively [67]. - **Share and Net Value Trends of Benchmark Market - Making Credit - Bond ETFs**: - The shares of benchmark market - making credit - bond ETFs slightly outflowed. As of December 5, 2025, compared to November 28, 2025, the share changes of 8 existing benchmark market - making credit - bond ETFs were mostly negative [70]. - The net values of benchmark market - making credit - bond ETFs continued to decline. As of December 5, 2025, compared to November 28, 2025, the net - value changes of these 8 ETFs were all negative [71]. - **Share and Net Value Trends of Science - Innovation Bond ETFs**: - The share inflow of the science - innovation bond ETF嘉实 was the largest. Among the 24 existing science - innovation bond ETFs, the total share inflow last week was 31.62 million shares, with a 1.24% increase compared to the previous week [76]. - The net - value decline of science - innovation bond ETFs accelerated. As of December 5, 2025, the average net values of the first - batch and second - batch science - innovation bond ETFs decreased by 0.11% and 0.10% respectively compared to the previous week's closing [75]. - **Market Performance of Single Bond ETFs**: - Constrained by the weak bond - market situation, the net values of bond ETF products generally declined. The 30 - year treasury - bond ETF, 30 - year treasury - bond ETF博时, and benchmark treasury - bond ETF led the decline, with decreases of - 1.94%, - 1.83%, and - 0.48% respectively [78]. - In terms of the premium - discount rate, the benchmark treasury - bond ETF, 30 - year treasury - bond ETF, and 5 - year local - bond ETF had higher premium rates, while the benchmark market - making credit - bond and science - innovation bond ETFs generally had higher discount rates [78]. - In terms of scale changes, the science - innovation bond ETF嘉实 (+31.15 billion yuan), corporate - bond ETF (+8.62 billion yuan), and science - innovation bond ETF景顺 (+7.95 billion yuan) had the largest net inflows, while the 30 - year treasury - bond ETF博时, 30 - year treasury - bond ETF, and credit - bond ETF had the largest net outflows [78].

1. Report Industry Investment Rating No information provided in the given text. 2. Core View of the Report The bond ETF market is experiencing a recovery, with both trading volume and prices rising. The net inflow of funds into bond - type ETFs has accelerated, and the capital situation of local bond ETFs has significantly improved. The share inflows of interest - rate bond and credit - bond ETFs have marginally improved, while the share of local bond ETFs has shown a steep increase. The net values of major representative bond ETFs have continued to grow [2]. 3. Summary According to the Directory 3.1 1.1 各类债券 ETF 资金净流入情况 - The net inflow of funds into bond - type ETFs has accelerated. Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 4.489 billion yuan, 9.919 billion yuan, and - 1.692 billion yuan respectively, with a total net inflow of 12.717 billion yuan in the bond ETF market. The capital situation of local bond ETFs has significantly improved, with the net inflow scale increasing substantially last week. Specifically, the top three in terms of net inflow amount were Science and Technology Innovation Bond ETF (+6.323 billion yuan), local bond - type ETFs (+3.087 billion yuan), and Short - term Financing Bond ETF (+2.003 billion yuan), and only the convertible - bond ETF had a negative net inflow of funds [2][5]. 3.2 1.2 各类债券 ETF 份额走势 - The share inflows of interest - rate bond and credit - bond ETFs have marginally improved, and the share of local bond ETFs has shown a steep increase. As of the close on October 31, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs changed by 8.38 million shares, 3.31 million shares, 26.99 million shares, 207.60 million shares, and - 124.20 million shares respectively compared to the previous week's close, with a total change of 122.08 million shares in bond - type ETFs [2][16]. 3.3 1.3 主要债券 ETF 份额及净值走势 - The share inflow of the Urban Investment Bond ETF has increased significantly. As of the close on October 31, 2025, the shares of the 30 - year Treasury Bond ETF, Policy Financial Bond ETF, 5 - year Local Bond ETF, Urban Investment Bond ETF, and Convertible Bond ETF changed by 6.24 million shares, 1.49 million shares, no change, 123.50 million shares, and - 146.80 million shares respectively compared to the previous week's close. - The net values of all representative targets have continued to grow. As of the close on October 31, 2025, the net values of the 30 - year Treasury Bond ETF, Policy Financial Bond ETF, 5 - year Local Bond ETF, Urban Investment Bond ETF, and Convertible Bond ETF changed by 1.21%, 0.46%, 0.22%, 0.19%, and 0.74% respectively compared to the previous week's close [2][21][24]. 3.4 1.4 基准做市信用债 ETF 份额及净值走势 - There was no significant change in the share, with only a small inflow. As of the close on October 31, 2025, the shares of the existing 8 credit - bond ETFs changed by no change, no change, 0.20 million shares, no change, no change, 0.20 million shares, 0.25 million shares, and 0.20 million shares respectively compared to the close on October 24, 2025. - The net values continued the upward trend. As of the close on October 31, 2025, the net values of the 8 credit - bond ETFs changed by 0.26%, 0.27%, 0.28%, 0.24%, 0.33%, 0.34%, 0.35%, and 0.34% respectively compared to the close on October 24, 2025 [2][28]. 3.5 1.5 科创债 ETF 份额及净值走势 - The shares of Science and Technology Innovation Bond ETF Tianhong and Science and Technology Innovation Bond ETF Taikang led the increase significantly. Among the existing 24 Science and Technology Innovation Bond ETFs, the top three products in terms of net share inflow last week were Science and Technology Innovation Bond ETF Tianhong, Science and Technology Innovation Bond ETF Taikang, and Science and Technology Innovation Bond ETF Invesco, with changes of 43.62 million shares, 22.14 million shares, and 1.70 million shares respectively compared to the close on October 24, 2025. - The net values have increased for multiple consecutive weeks. The top three Science and Technology Innovation Bond ETFs in terms of net - value increase last week were Science and Technology Innovation Bond ETF Tianhong, Science and Technology Innovation Bond ETF Boshi, and Science and Technology Innovation Bond ETF Fuguo, with increases of 0.33%, 0.32%, and 0.32% respectively [2][32][35]. 3.6 1.6 单只债券 ETF 市场表现情况 - The net - value increase of ultra - long - term Treasury Bond ETF led again, and the scales of 0 - 4 Local Bond ETF and Science and Technology Innovation Bond ETF Tianhong led the growth significantly. Last week, the net - value increases of 30 - year Treasury Bond ETF Boshi and 30 - year Treasury Bond ETF continued to lead, at 1.38% and 1.27% respectively. - In terms of premium/discount rates, 30 - year Treasury Bond ETF, 30 - year Treasury Bond ETF Boshi, and Urban Investment Bond ETF led in terms of premium rates. In terms of scale change, the top three in terms of net inflow amount were Science and Technology Innovation Bond ETF Tianhong (+4.463 billion yuan), 0 - 4 Local Bond ETF (+3.029 billion yuan), and Science and Technology Innovation Bond ETF Taikang (+2.199 billion yuan). The convertible - bond ETF had a significantly higher net outflow amount than other products last week, at - 1.979 billion yuan, indicating that funds were still withdrawing [2][37].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core View of the Report The bond ETF market has experienced the largest redemption wave this year, with all bond - related ETFs showing net outflows. The net outflows of treasury - bond ETFs and sci - tech bond ETFs reached new highs this week. Only corporate bond ETFs and urban investment bond ETFs had small net inflows. Different types of bond ETFs presented various trends in share and net value changes [4][7]. 3. Summary According to the Directory 3.1 Various Bond ETF Fund Inflow Situations - Bond - related ETFs had net outflows across the board. Last week, the net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were - 49.60 billion yuan, - 74.56 billion yuan, and - 9.41 billion yuan respectively, with a total net inflow of - 133.57 billion yuan in the bond ETF market. As of October 17, 2025, the bond ETF fund scale was 6778.33 billion yuan, down 2.00% from the previous week's close, up 277.05% from the beginning of the year, and accounting for 12.27% of the total market ETF scale, a 43 - basis - point decrease from the previous weekend [4][7]. - Treasury - bond ETFs and sci - tech bond ETFs had record - high weekly net outflows. Only corporate bond ETFs (+1.09 billion yuan) and urban investment bond ETFs (+1.89 billion yuan) had small net inflows last week, while the net inflows of other types of bond ETFs were negative. The net outflows of sci - tech bond ETFs and treasury - bond ETFs were relatively large, at - 49.52 billion yuan and - 48.59 billion yuan respectively, both reaching new highs in weekly net outflows since the beginning of 2024 [7]. 3.2 Various Bond ETF Share Trends - The shares of treasury - bond, credit - bond, and convertible - bond ETFs had significant outflows. As of the close on October 17, 2025, the shares of treasury - bond, policy - financial - bond, local - bond, credit - bond, and convertible - bond ETFs changed by - 45.47 million shares, - 0.93 million shares, no change, - 55.97 million shares, and - 71.20 million shares respectively compared to the close on October 10, 2025, with a total change of - 173.57 million shares for bond - related ETFs [20]. 3.3 Main Bond ETF Share and Net Value Trends - Among the representative products, only the urban investment bond ETF had positive share growth. As of the close on October 17, 2025, the shares of 30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by - 5.33 million shares, - 0.46 million shares, no change, 18.60 million shares, and - 51.70 million shares respectively compared to the close on October 10, 2025 [24]. - The net values continued to rise, except for the convertible - bond ETF. As of the close on October 17, 2025, the net values of 30 - year treasury - bond ETF, policy - financial - bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by 1.47%, 0.37%, 0.16%, 0.10%, and - 2.26% respectively compared to the close on October 10, 2025 [28]. 3.4 Benchmark Market - Making Credit - Bond ETF Share and Net Value Trends - The shares had an overall outflow. As of the close on October 17, 2025, the shares of 8 existing credit - bond ETFs changed by no change, - 2.00 million shares, - 1.80 million shares, 0.01 million shares, no change, 0.10 million shares, - 2.90 million shares, and - 1.80 million shares respectively compared to the close on October 10, 2025 [31]. - The net values continued the upward trend. As of the close on October 17, 2025, the net values of 8 credit - bond ETFs changed by 0.12%, 0.12%, 0.12%, 0.12%, 0.12%, 0.13%, 0.16%, and 0.13% respectively compared to the close on October 10, 2025 [34]. 3.5 Sci - Tech Bond ETF Share and Net Value Trends - The shares generally had outflows. Among the 24 existing sci - tech bond ETFs, the top three in terms of share size were Sci - Tech Bond ETF Harvest, Sci - Tech Bond ETF Penghua, and Sci - Tech Bond ETF China Merchants. The top three products in terms of share net inflow last week were Sci - Tech Bond ETF E Fund, Sci - Tech Bond ETF Penghua, and Sci - Tech Bond ETF Taikang, with changes of 0.30 million shares, 0.30 million shares, and 0.04 million shares respectively compared to the close on October 10, 2025 [37]. - The net values generally increased. The top three sci - tech bond ETFs in terms of net - value increase last week were Sci - Tech Bond ETF Dacheng, Sci - Tech Bond ETF Harvest, and Sci - Tech Bond ETF Huaxia, with increases of 0.16%, 0.15%, and 0.14% respectively [38]. 3.6 Single Bond ETF Market Performance - The net values of long - term interest - rate bond ETFs rebounded, and only the net values of convertible - bond ETFs declined. Last week, the net - value increases of 30 - year treasury - bond ETF and 30 - year treasury - bond ETF Boshi led, while only the net values of convertible - bond ETF and Shanghai - Stock - Exchange Convertible - Bond ETF adjusted downward, expected to be affected by the decline of the equity market in the second half of the week [40]. - In terms of premium/discount rates, the benchmark market - making credit - bond ETFs and sci - tech bond ETFs had significantly higher discounts than other products. Credit - Bond ETF Boshi, Sci - Tech Bond ETF Invesco, and Corporate Bond ETF E Fund had the highest discount rates [40]. - In terms of scale changes, urban investment bond ETFs and corporate bond ETFs had positive net inflows, while short - term financing ETFs, Treasury - Bond ETF Dongcai, and 30 - year Treasury - Bond ETF Boshi had the largest net outflows last week [40].

Overall Summary Report's Core View - During the period from September 29 to October 10, 2025, there was a divergence in funds flowing into bond ETFs, with credit - bond ETFs being favored by funds. The net inflow of funds into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was - 569 million yuan, 9.619 billion yuan, and - 2.452 billion yuan respectively, and the total net inflow of the bond ETF market was 6.598 billion yuan. The market preferred science - innovation bond ETFs and short - term financing ETFs [3][6]. 1.1 Various Bond ETFs' Net Inflow of Funds - There was a divergence in funds flowing into bond ETFs, with credit - bond ETFs being favored. The net inflow of funds into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was - 569 million yuan, 9.619 billion yuan, and - 2.452 billion yuan respectively. The bond ETF market had a total net inflow of 6.598 billion yuan, with a cumulative net inflow of - 2.967 billion yuan this month and 417.82 billion yuan this year. As of October 10, 2025, the bond ETF fund scale was 69.1673 billion yuan, up 1.06% from September 26, 2025, and up 284.75% from the beginning of the year, accounting for 12.70% of the total market ETF scale, a 19bp increase from September 26 [6]. - The market preferred science - innovation bond ETFs and short - term financing ETFs. The net inflow of funds into science - innovation bond ETFs and short - term financing ETFs last week was + 5.013 billion yuan and + 4.528 billion yuan respectively, leading significantly. The net inflow of funds into convertible - bond ETFs, policy - financial bond ETFs, and treasury - bond ETFs was negative, at - 2.452 billion yuan, - 491 million yuan, and - 78 million yuan respectively [6]. 1.2 Various Bond ETFs' Share Trends - Convertible - bond ETFs had a significant outflow of shares. As of the close on October 10, 2025, the shares of treasury - bond, policy - financial bond, local - bond, credit - bond, and convertible - bond ETFs were 684.67 million shares, 438.69 million shares, 80.18 million shares, 6.97434 billion shares, and 5.10215 billion shares respectively. Compared with the close on September 26, 2025, they changed by - 0.04 million shares, - 4.28 million shares, no change, 91.41 million shares, and - 208 million shares respectively, with a total change of - 120.91 million shares for bond - type ETFs [17]. 1.3 Main Bond ETFs' Share and Net Value Trends - Long - term interest - rate bond ETFs and convertible - bond ETFs had a net outflow of shares. As of the close on October 10, 2025, the shares of 30 - year treasury - bond ETF, policy - financial bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by - 2.99 million shares, - 4.56 million shares, no change, no change, and - 107.80 million shares respectively compared with the close on September 26, 2025 [24]. - After the holiday, both stocks and bonds performed well, and the net values generally rebounded. As of the close on October 10, 2025, the net values of 30 - year treasury - bond ETF, policy - financial bond ETF, 5 - year local - bond ETF, urban investment bond ETF, and convertible - bond ETF changed by - 0.38%, 0.11%, 0.11%, 0.06%, and 1.56% respectively compared with the close on September 26, 2025 [28]. 1.4 Benchmark Market - Making Credit - Bond ETFs' Share and Net Value Trends - There was no significant change in shares. As of the close on October 10, 2025, among the 8 existing benchmark market - making credit - bond ETFs, the shares of most products had no change, and only a few had minor increases [31]. - The net values generally rebounded significantly. As of the close on October 10, 2025, the net values of the 8 credit - bond ETFs changed by 0.12% - 0.18% compared with the close on September 26, 2025 [32]. 1.5 Science - Innovation Bond ETFs' Share and Net Value Trends - The shares generally increased, with individual performance varying. Among the 24 existing science - innovation bond ETFs, the top three in terms of share inflow were GF Science - Innovation Bond ETF, Harvest Science - Innovation Bond ETF, and Dacheng Science - Innovation Bond ETF, with changes of 11.7 million shares, 10.0 million shares, and 8.0 million shares respectively compared with the close on September 26, 2025 [37]. - The net values generally increased, and the second - batch products generally had higher net values. This period saw a general increase in the net values of science - innovation bond ETFs, and the top three in terms of increase were Southern Science - Innovation Bond ETF, Harvest Science - Innovation Bond ETF, and GF Science - Innovation Bond ETF [38]. 1.6 Single Bond ETFs' Market Performance - Only the net values of ultra - long - term interest - rate bond ETFs declined. This period saw a general increase in net values, with convertible - bond ETFs leading the increase. Only the net values of 30 - year treasury - bond ETF and Boshi 30 - year treasury - bond ETF declined by - 0.4% and - 0.6% respectively [40]. - In terms of premium/discount rates, Boshi Credit - Bond ETF, E Fund Corporate Bond ETF, and Credit - Bond ETF Fund had relatively high discount rates. In terms of scale changes, the short - term financing ETF had a significantly leading net inflow this period, followed by GF Science - Innovation Bond ETF and Harvest Science - Innovation Bond ETF [40].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The convertible bond index led the market, while the sci - tech innovation bond index and the benchmark market - making credit bond index declined this period, with negative stage returns. Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [1]. - The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale [1]. - The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, and the coupon rates of bond index sample bonds were relatively low, with concentrated issuance terms [1]. - In the secondary market, convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp [1]. - In the past two weeks, the cancellation of bond issuance amounted to 1.745 billion yuan, and the Ministry of Finance and the State Taxation Administration issued an announcement on the VAT policy for the interest income of bonds such as treasury bonds [1]. - It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [1]. 3. Summaries According to Related Catalogs Market Conditions - **Bond Index Market Conditions**: The convertible bond index led the market. The Shanghai Investment - Grade Convertible Bond and Exchangeable Bond Index and the China Securities Convertible Bond and Exchangeable Bond Index had significant gains in the past two weeks, outperforming most pure - bond indexes. Affected by the bond market fluctuations and the stock - bond seesaw effect, the sci - tech innovation bond index and the benchmark market - making credit bond index declined. The China Securities Financial Bond Index and the Shanghai 10 - year Local Government Bond Index had the largest declines, while the Shanghai Urban Investment Bond Index, the China Securities Short - Term Financing Index, and the 0 - 4 - year Local Government Bond Index had positive stage returns due to their short durations [6]. - **Bond ETF Market Conditions**: Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [8]. - **Bond ETF Unit Net Value**: The unit net value performance of bond ETFs was differentiated. Convertible bond - related ETFs showed an upward - fluctuating trend in 2025, breaking through 13 yuan in the past two weeks. Sci - tech innovation bond - related ETFs had a downward - fluctuating net value after listing, with all net values falling below 100 yuan as of August 15, 2025. The short - term financing ETFs had a stable and rising unit net value, exceeding 112.2 yuan as of August 15, 2025 [12]. - **Bond ETF Fund Flows**: Convertible bond - related ETFs/short - term financing ETFs had continuous net inflows of funds, and local government bond - related ETFs were actively traded. The scale of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) increased by a total of 7.759 billion yuan in the past two weeks. The short - term financing ETF (511360.SH) had a subscription scale of 5.802 billion yuan in the past two weeks [25]. Credit Bond ETF Overview The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale. The annualized yields of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) were 26.57% and 19.25% respectively. Among pure - bond ETFs, Credit Bond ETF Dacheng (159395.SZ) had the highest annualized yield of 2.25%. Nine sci - tech innovation bond - related ETF products had negative annualized yields after listing in July [30]. Primary Market - **Primary Issuance of Important Bond Index Sample Bonds**: The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, convertible bond - related indexes had the smallest issuance scale, and the coupon rates of bond index sample bonds were relatively low. The issuance terms of bond index sample bonds were concentrated, with the weighted issuance term of China Securities Short - Term Financing sample bonds being 0.61 years and that of the Shanghai 10 - year Local Government Bond Index sample bonds being 9.18 years [33]. - **Primary Issuance of Important Bond Index Sample Bonds Since This Year**: The issuance of sci - tech innovation bond - related indexes and the Shanghai 10 - year Local Government Bond Index sample bonds accelerated in June and July. In early August, the issuance rates of most sample bonds increased, and the issuance terms of sci - tech innovation bond - related index sample bonds shortened [35]. Secondary Market - **Trading of Important Bond Index Component Bonds**: Convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The trading volumes of the 0 - 4 - year Local Government Bond, Shanghai 5 - year Local Government Bond, and 5 - year Local Government Bond were less than 200 million yuan, with poor liquidity [40]. - **Spreads of Important Credit Bond Indexes**: The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp. The yields of the Shanghai AAA Sci - tech Innovation Bond Index, Shenzhen AAA Sci - tech Innovation Bond Index, AAA Sci - tech Innovation Bond Index, Shanghai Urban Investment Bond Index, China Securities Short - Term Financing Index, and Shanghai Market - Making Corporate Bond Index all increased in the past two weeks [43]. Credit Events and Market News - **Deferred/Cancelled Bond Issuance**: The cancelled issuance amount in the past two weeks was 1.745 billion yuan. Due to large market interest - rate fluctuations in the past two weeks, 15 bonds were cancelled for issuance, with a planned issuance amount of 1.745 billion yuan [48]. - **Market News**: Since August 8, 2025, the VAT on the interest income of newly issued treasury bonds, local government bonds, and financial bonds (including those issued after August 8, 2025) has been restored. The interest income of treasury bonds, local government bonds, and financial bonds issued before this date (including the part issued after August 8, 2025) will continue to be exempt from VAT until the bonds mature [50]. Investment Recommendations The sentiment in the bond market was weak. Although the CPI increased by 0.4% month - on - month, the fundamentals still favored the bond market. The central bank's open - market operations maintained a net withdrawal in the past two weeks, the capital market was slightly tight, and bond valuation yields increased. It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [51].