1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - Last week (3/23 - 3/27), bond - type ETFs had a net inflow of 21.5 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net inflows of 19.7 billion yuan, 3.1 billion yuan, and a net outflow of 1.3 billion yuan respectively. Their cumulative unit net value weekly changes were +0.06%, +0.12%, and +1.02% [2][14]. - Thanks to the scarcity support of short - and medium - term coupon assets due to supply contraction and the demand support from "asset relocation" of wealth management products and continuous acceptance by public funds, credit bonds maintained strong resilience in the recent volatile market [31]. 3. Summary by Directory 3.1 Issuance Progress Tracking - There were no newly issued bond ETFs last week [3][18]. 3.2 Stock Product Tracking - As of March 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 130.4 billion yuan, 401.1 billion yuan, and 72.8 billion yuan respectively, with credit - bond ETFs accounting for 66% of the total. Haifutong CSI Short - term Financing ETF and Boshi Convertible - bond ETF had the top two circulating market values, at 91.4 billion yuan and 60.7 billion yuan respectively [4][20]. - Compared with last week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs increased by 3.3 billion yuan, 18.3 billion yuan, and decreased by 0.5 billion yuan respectively. Products with significant scale increases last week included Harvest CSI AAA Science and Technology Innovation Corporate Bond ETF, Haifutong CSI Short - term Financing ETF, and Southern CSI AAA Science and Technology Innovation Corporate Bond ETF, with increases of 6.2 billion yuan, 4.3 billion yuan, and 3.3 billion yuan respectively [4][20]. - Among credit - bond ETFs, the circulating market values of benchmark - making credit - bond ETFs and science - and - technology innovation bond ETFs were 100.9 billion yuan and 277.5 billion yuan respectively, increasing by 0.5 billion yuan and 12.3 billion yuan compared with last week. The scale of science - and - technology innovation bond ETFs ended a ten - week decline [4][22]. 3.3 ETF Performance Tracking - The cumulative unit net values of interest - rate bond ETFs and credit - bond ETFs closed at 1.19 and 1.03 respectively. The benchmark - making credit - bond ETF's return since its establishment has marginally climbed to 1.89%, and the science - and - technology innovation bond ETF's return since its establishment has risen to 0.85% [5][23][31]. 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 - 0.03%, - 0.01%, and - 0.10% 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 - making credit - bond ETFs and science - and - technology innovation bond ETFs were - 0.07% and - 0.03% respectively, and the discount rates continued to converge [6][35]. 3.5 Turnover Rate Tracking - Last week, the turnover rate ranked as convertible - bond ETFs > interest - rate bond ETFs > credit - bond ETFs. The weekly turnover rate of convertible - bond ETFs improved to 155%, while those of interest - rate and credit - bond ETFs slightly declined to 144% and 96% respectively. Products with high turnover rates included Huaxia Shanghai Stock Exchange Benchmark - making Treasury Bond ETF, Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, and Haifutong Shanghai Stock Exchange 5 - year Local Government Bond ETF [7][40].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The scale of bond ETFs has significantly increased, with credit - bond ETFs contributing the main increment. Last week, the net inflow of funds into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was 3.145 billion yuan, 19.669 billion yuan, and - 1.336 billion yuan respectively, with a total net inflow of 21.479 billion yuan in the bond ETF market [1][4]. - The scale trend of convertible - bond ETFs is differentiated, and science - innovation bond ETFs have received a large inflow of funds. Last week, the convertible - bond ETFs had a net redemption of 1.336 billion yuan, while the science - innovation bond ETFs had a net inflow of 12.058 billion yuan [1][5]. - After the end of the quarter, attention should be focused on the change of the liquidity center in April. Due to the upcoming tax period in April, combined with the rhythm of fiscal expenditure and the supply pressure of the bond market, there is a need to be vigilant about the disturbance of the short - and medium - duration products caused by the structural tightness of funds. The bond ETF market may maintain the current duration strategy, and the scale may tilt towards defensive varieties [1][6]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The scale of bond ETFs has grown significantly, and credit - bond ETFs contribute the main increment. As of March 27, 2026, the bond ETF fund scale was 748.058 billion yuan, up 3.13% from the previous week's closing, down 9.79% from the beginning of the year, and accounting for 14.84% of the total market ETF scale, with a 62bp increase from the previous weekend [1][4]. - The convertible - bond ETFs had a net redemption of 1.336 billion yuan last week, with the inflows of Convertible Bond ETF Haifutong and Convertible Bond ETF Boshi being + 528 million yuan and - 1.864 billion yuan respectively. The science - innovation bond ETFs had a net inflow of 12.058 billion yuan, followed by short - term financing ETFs and urban investment bond ETFs, with net inflows of 4.33 billion yuan and 2.786 billion yuan respectively last week [1][5]. 3.2 各类债券 ETF 份额走势 - As of the close on March 27, 2026, the shares of various types of bond ETFs such as treasury bond, policy - financial bond, local bond, benchmark market - making credit bond, science - innovation bond, corporate bond, short - term financing, urban investment bond, and convertible - bond ETFs were 601.05 million shares, 358.51 million shares, 163.16 million shares, 986.20 million shares, 2716.21 million shares, 339.96 million shares, 797.53 million shares, 3614.38 million shares, and 5417.95 million shares respectively, with changes of 1.0%, 2.0%, 0.9%, - 0.1%, 3.1%, 0.1%, 3.7%, 4.9%, - 0.3% compared with March 20, 2026, and the total share of bond - type ETFs changed by + 1.9%. Compared with the end of last month, the total share of bond - type ETFs changed by 3.5% [11]. 3.3 各基准做市信用债 ETF 份额及净值走势 - Among the existing 8 credit - bond ETFs, the share of Corporate Bond ETF Southern led the increase. As of the close on March 27, 2026, the shares of these 8 ETFs were 99.46 million shares, 80.41 million shares, 97.44 million shares, 96.47 million shares, 184.72 million shares, 203.30 million shares, 89.00 million shares, and 141.32 million shares respectively, with changes of no change, - 2.43%, - 2.01%, no change, 5.66%, - 0.10%, - 1.11%, no change compared with March 20, 2026 [17]. - The net value of these 8 credit - bond ETFs continued to rise. As of the close on March 27, 2026, the net values were 1.0217, 1.0210, 1.0195, 1.0198, 1.0148, 1.0179, 1.0187, and 1.0178 respectively, with changes of 0.05%, 0.06%, 0.07%, 0.06%, 0.07%, 0.07%, 0.07%, 0.07% compared with March 20, 2026, and changes of 0.24%, 0.25%, 0.25%, 0.25%, 0.25%, 0.26%, 0.24%, 0.25% compared with the end of last month [20]. 3.4 各科创债 ETF 份额及净值走势 - The net subscription shares of science - innovation bond ETFs turned positive significantly, and funds were concentrated in AAA - rated science - innovation bond products. Among the 24 existing science - innovation bond ETFs, the share had a net inflow of 119.91 million shares last week, up 4.55% from the previous week. The top three products in terms of share as of March 27, 2026, were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Huaxia, and Science - Innovation Bond ETF Penghua, with 278.00 million shares, 210.14 million shares, and 189.81 million shares respectively. The top three in terms of net inflow of shares were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Southern, and Science - Innovation Bond ETF Huaxia, all of which are products tracking the AAA science - innovation bond index [23]. - The net value increase of science - innovation bond ETFs widened. As of the close on March 27, 2026, the top - ranked products in terms of net value among the 24 science - innovation bond ETFs were Science - Innovation Bond ETF Wanjia, Science - Innovation Bond ETF Invesco Great Wall, and Science - Innovation Bond ETF Huatai - Peregrine, with net values of 1.0114, 1.0112, and 1.0112 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs last week were 1.0066 and 1.0096 respectively, up 0.06% from the previous week's closing. The median net values of products tracking the AAA science - innovation bond, Shanghai AAA science - innovation bond, and Shenzhen AAA science - innovation bond were 1.0089, 1.0074, and 1.0113 respectively, up 0.06% from the previous week's closing [31]. 3.5 上周单只债券 ETF 市场表现情况 - The net values of all bond ETF products rose last week. Convertible Bond ETF Boshi and Convertible Bond ETF Haifutong led the increase, up 1.22% and 0.81% respectively from the previous week, followed by 30 - year Treasury Bond ETF Penghua and 30 - year Treasury Bond ETF Boshi, up 0.54% and 0.51% respectively [38]. - In terms of the premium - discount rate, Science - Innovation Bond ETF Harvest, Urban Investment Bond ETF Haifutong, and Convertible Bond ETF Haifutong led with premium rates of + 0.036%, + 0.039%, and + 0.035% respectively. In terms of scale change, Science - Innovation Bond ETF Harvest (+ 6.171 billion yuan), Short - Term Financing ETF Haifutong (+ 4.33 billion yuan), and Science - Innovation Bond ETF Southern (+ 3.245 billion yuan) had the largest net inflows, while Convertible Bond ETF Boshi had a relatively large net outflow of - 1.864 billion yuan last week [38]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For the PCF list of benchmark market - making credit - bond ETFs last week, among the products tracking the Shanghai market - making credit - bond index, Corporate Bond ETF Southern and Credit - Bond ETF Haifutong added 14 and 11 bonds to their PCF lists respectively, with the average modified durations of the newly added bonds being 3.65 years and 3.42 years respectively. Bond 21 Yuegao 01 was repeatedly removed from the PCF list of benchmark market - making credit - bond ETFs because it was about to mature, and Bond 25 Guolian K1 was included in the PCF lists of multiple products, with a modified duration of 3.9360 years [40]. - For the PCF list of science - innovation bond ETFs last week, the average duration of the newly added bonds of Science - Innovation Bond ETF Tianhong was relatively large, at 7.74 years. Science - Innovation Bond ETF Southern added a total of 144 bonds to its PCF list throughout the week due to a large inflow of funds (+ 3.245 billion yuan) [41]. - Bond 23 Gan Jiao K1 and other 2 bonds were repeatedly removed from the PCF lists of science - innovation bond ETFs, and 19 bonds such as 26 Yue Huan GK1 were included in the PCF lists of multiple science - innovation bond ETFs [44]. 3.7 债券 ETF 基金运营管理规则变更汇总 - In terms of the cash - substitution flag, Science - Innovation Bond ETF Huaxia changed all the cash - substitution flags of its PCF list to "must" on March 24 and March 25, 2026, and the net outflow amount of the product was 30 million yuan on both days [45].

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - Affected by geopolitical conflicts, convertible bond ETFs are facing pullbacks, but bottoming signals may be seen from the correction of convertible bond ETFs, which can assist in judging the bottom area of the market [2][5]. - The A - share market was weakly differentiated during the week, with large - cap blue - chips relatively stable, defensive and dividend - paying sectors outperforming, and trading volume converging [2][5]. - The convertible bond market overall weakened, with small and medium - cap adjustments more significant, trading volume converging, valuation compressing overall, and implied volatility and median market price oscillating downwards [2][5]. - Structurally, defensive sectors such as banks were relatively dominant, and some of the top - performing targets had negative conversion premium rates [2][5]. - The primary issuance was stable with sufficient reserves; the willingness to lower the conversion price remained weak, the probability of not redeeming early increased marginally, and the willingness to redeem early declined relatively. It is recommended to continuously track the valuation disturbances caused by clause games [2][5]. Summaries According to Relevant Catalogs Market Theme Weekly Review - During the week from March 15th to March 21st, 2026, the equity market weakened overall, and defensive directions performed better. The decline in large - cap, storage, and innovative drug - related directions was relatively small, while sectors such as non - ferrous metals and chemicals were relatively weaker [20]. Market Weekly Tracking Main Stock Indices Differentiated, with Mid - cap and Small - cap Performing Weakly - The main A - share stock indices were weakly differentiated. The Shanghai Composite Index significantly declined and fell below the 4000 - point mark, the Shenzhen Component Index weakened synchronously, while the ChiNext Index showed strong resilience and closed up against the trend. In terms of style, large - cap blue - chips were relatively more stable, while the BeiZheng 50, science - innovation, and some small - cap themes were under more pressure [23]. - In terms of funds, the net outflow of the market's main funds converged, and the average daily trading volume also decreased [23]. - Defensive and dividend - paying sectors in the A - share market were relatively dominant. Telecommunications, banking, and food and beverage sectors performed well, while chemicals, national defense and military industry, and metal materials and mining sectors were weaker. Trading volume was mainly concentrated in electronics, power and new energy equipment, and metal materials and mining sectors, and the trading volume of most sectors decreased compared with the previous week. The congestion of most sectors declined, and the differentiation intensified, with only the communication sector's congestion increasing [28][30]. Convertible Bond Market Oscillated and Weakened, with Small - cap Index Performing Weakly - From March 15th to March 21st, 2026, the convertible bond market weakened overall. The CSI Convertible Bond Index and large, medium, and small - cap indices all declined, with the medium and small - cap indices adjusting more significantly, and the trading volume also converging [34]. - In terms of valuation, when divided by the par value range, the valuation of the convertible bond market compressed overall, with the conversion premium rate in most ranges compressing, especially in the 90 - 120 yuan range, while the conversion premium rate in the 120 - 130 yuan range expanded. When divided by the market price range, the valuation also compressed overall, with the 120 - 130 yuan market price range compressing most significantly, and the 100 - 110 yuan and 140 - 150 yuan ranges stretching [36]. - The weighted implied volatility of the convertible bond market balance continued to weaken, still at a relatively high historical level but approaching the 75% historical quantile. The median market price of convertible bonds oscillated and declined, approaching the high point in August 2025 [40]. - The convertible bond sectors were under pressure overall, and defensive sectors performed relatively better. Banking, non - bank finance, and beauty care sectors led. In terms of trading volume, trading was mainly concentrated in basic chemicals, power equipment, and electronics sectors, with the combined trading volume of these three sectors accounting for about 46% [43]. - Most individual convertible bonds weakened. Only 25 convertible bonds had a range increase of 0% or more, accounting for 6.5% of the total number of outstanding convertible bonds in the market. Among the top five convertible bonds in terms of cross - week increase during the conversion period, some had negative premiums, with 3 out of the top 5 having a conversion premium rate of less than 0% [49]. Convertible Bond Issuance and Clause Tracking Primary Market Pre - issuance Situation from March 15th to March 21st, 2026 - Two convertible bonds, Shang 26 Convertible Bond and Boshi Convertible Bond, were open for subscription. Shang 26 Convertible Bond was issued by Shang Sheng Electronics, with a bond rating of A+ and an issuance scale of 325 million yuan. Boshi Convertible Bond was issued by Boshi Glasses, with a bond rating of AA and an issuance scale of 375 million yuan [54]. - Ten listed companies updated their convertible bond issuance plans. One was in the stage of consent for registration, four were in the stage of passing the listing committee, one was in the stage of being accepted by the exchange, two were in the stage of passing the general meeting of shareholders, and two were in the stage of the board of directors' plan [54]. - The current situation of convertible bond issuance at each stage is as follows: 4 companies have been approved for registration by the CSRC, with a planned issuance scale of 643 million yuan; 9 companies have passed the listing committee meeting, with a planned issuance scale of 747 million yuan; 43 companies are in the stage of being accepted by the exchange, with a planned issuance scale of 6.999 billion yuan. The total scale of projects in the stage of being accepted by the exchange and later has reached 8.632 billion yuan [56][57]. Summary of Lower - price - adjustment - related Announcements from March 15th to March 21st, 2026 - Two convertible bonds issued announcements of expected trigger of lower - price adjustment, with a market - value - weighted average PB of the underlying stocks of 2.4; eight convertible bonds issued announcements of not adjusting the price downwards, with a market - value - weighted average PB of 2.6; one convertible bond issued an announcement of proposing to adjust the price downwards, with a market - value - weighted average PB of 5.4 [61]. Summary of Redemption - related Announcements from March 15th to March 21st, 2026 - Three convertible bonds announced expected trigger of redemption; five convertible bonds announced not to redeem early; two convertible bonds announced early redemption [67].

Report Summary 1. Report Investment Rating No information provided regarding the industry investment rating. 2. Core View Last week, the ChinaBond New Composite Index rose 0.02% throughout the week. Short - term and medium - to - long - term pure bond funds increased by 0.05% and 0.07% respectively. The ChinaBond AAA Sci - tech Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - making Corporate Bond Index rose 0.06% and 0.07% respectively. Bond - type ETFs had a net outflow of 804 million yuan in the past week, with different trends among different types of ETFs [3]. 3. Summary by Related Catalogs 3.1. Fund Flows - As of March 20, 2026, bond - type ETFs had a net outflow of 804 million yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 1.577 billion yuan, a net inflow of 5.35 billion yuan, and a net outflow of 4.577 billion yuan respectively. In credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 5.262 billion yuan, 158 million yuan, and 1.574 billion yuan respectively, while market - making credit bonds and sci - tech innovation bonds had net outflows of 535 million yuan and 1.11 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 50.908 billion yuan, 470.265 billion yuan, and 30.175 billion yuan respectively, totaling 551.349 billion yuan [5]. 3.2. Net Value Performance - As of March 20, 2026, the net value trends of various types of bond ETF products were divergent. The 30 - year Treasury Bond ETF performed weakly, falling 0.28% throughout the week, while the China Development Bank Bond ETF and the Treasury Bond ETF Orient Fortune rose 0.08% and 0.07% respectively. The convertible - bond ETF and the Shanghai Stock Exchange Convertible - Bond ETF fell 3.06% and 2.96% respectively last week [6]. 3.3. Credit - Bond ETF and Sci - Tech Innovation Bond ETF Performance - As of March 20, 2026, the median net asset values per unit of credit - bond ETFs and sci - tech innovation bond ETFs were 1.0184 and 1.0060 respectively, both rising 0.06% throughout the week. Among credit - bond ETFs, the E Fund Corporate Bond ETF performed relatively well, rising 0.08% throughout the week. Among sci - tech innovation bond ETFs, the ICBC Sci - Tech Innovation Bond ETF and the Yongying Sci - Tech Innovation Bond ETF performed relatively well. As of March 20, 2026, the median discount rate of credit - bond ETFs was 7 basis points, and that of sci - tech innovation bond ETFs was 9 basis points [7]. 3.4. Credit - Type ETF Duration Tracking - As of March 20, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.29 years, 2.02 years, and 2.06 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 3.45 years and 2.81 years respectively. Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - Tech Innovation Bond Index, the Shanghai AAA Sci - Tech Innovation Bond Index, and the Shenzhen AAA Sci - Tech Innovation Bond Index were 3.26 years, 3.21 years, and 3.10 years respectively [8].

Core Viewpoint - The article discusses the significant impact of overseas uncertainties on the A-share technology sector, highlighting the correlation between institutional fund redemption trends and geopolitical risks [1][9]. Group 1: Market Reactions and Fund Flows - The fixed income + funds, which are sensitive to market fluctuations, experienced substantial net redemptions, marking the second-largest single-day sell-off since the onset of the current conflict [1]. - In January, fixed income + funds saw record inflows, driven by a bullish equity market, leading to increased participation from both retail and institutional investors [1]. - As market uncertainties arise, risk-averse funds, particularly those with lower stability in liabilities, are the first to withdraw, leading to a chain reaction of selling pressure on public funds [2][3]. Group 2: Performance of Convertible Bonds and ETFs - The convertible bond market has shown extreme volatility, with the high-priced convertible bond index experiencing a maximum drawdown of 15.54%, significantly higher than the drawdowns of small-cap stocks [3][4]. - The largest convertible bond ETF saw a net outflow of 1.26 billion, indicating a strong trend of institutional selling, which reflects broader market sentiment [4][6]. - The chemical ETF, which grew from under 2 billion to over 37 billion, also faced significant net outflows recently, suggesting that institutional selling is impacting market performance [6]. Group 3: Geopolitical and Economic Implications - The ongoing geopolitical tensions, particularly in the Middle East, are creating a complex environment that affects global oil supply and economic growth, with a significant oil shortfall projected [12][18]. - High oil prices are expected to influence inflation and interest rate expectations, potentially limiting the room for central banks to lower rates, which could suppress stock market valuations [26][27]. - The article emphasizes the need for caution in investment strategies, particularly in light of the current geopolitical landscape and its potential economic repercussions [32][35].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Last week (3/9 - 3/13), bond - type ETFs had a net capital outflow of 9.8 billion yuan. The net outflows of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were 4.8 billion yuan, 3.3 billion yuan, and 1.7 billion yuan respectively. The cumulative unit net value of credit - bond ETFs was basically the same as that of the previous Friday, while the weekly changes in the cumulative unit net values of interest - rate bond ETFs and convertible - bond ETFs were - 0.23% and - 1.11% respectively. The bond market adjusted significantly due to factors such as overseas geopolitical conflicts, a significant increase in international crude oil prices, increased domestic imported inflation pressure, and better - than - expected import and export data from January to February as well as a marginal recovery in social financing and credit. The long - end interest rate rose sharply, but the credit sector showed strong resilience [2][13]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][17] 3.2 Stock Product Tracking - As of March 13, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 128.7 billion yuan, 377.5 billion yuan, and 77.9 billion yuan respectively, with the credit - bond ETFs accounting for 65% of the total. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 3.7 billion yuan, 4.5 billion yuan, and 2.8 billion yuan respectively. The market values of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 100.8 billion yuan and 266.3 billion yuan respectively, decreasing by 3.2 billion yuan and 5.1 billion yuan from the previous week [4][19][22] 3.3 ETF Performance Tracking - The average cumulative unit net values of 16 interest - rate bond ETFs and 35 credit - bond ETFs were 1.19 and 1.03 respectively. The returns since the establishment of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs increased to 1.76% and 0.73% respectively [5][26][27] 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 - 0.065%, - 0.002%, and - 0.104% respectively. The average trading price of credit - bond ETFs was lower than the fund's unit net value, indicating low allocation sentiment. The weekly average premium/discount rates of the benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were - 0.09% and - 0.07% respectively [6][33] 3.5 Turnover Rate Tracking - Last week, the turnover rate 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, reaching 161% and 137% respectively, while the weekly turnover rate of convertible - bond ETFs slightly decreased to 94%. Products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Southern China Securities AAA Science - Innovation Corporate Bond ETF, and Guotai China Securities AAA Science - Innovation Corporate Bond ETF had relatively high turnover rates [7][38]

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]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week, the bond market showed weak oscillations, and the scale of the bond ETF market shrank. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan in the bond ETF market. The release of February CPI and foreign trade data, along with geopolitical conflicts, led to inflation concerns and a weak bond market [2][5]. - In the short term, short - term assets are expected to remain dominant due to strengthened inter - bank deposit self - regulation and quarter - end disturbances. If the inter - bank demand deposit rate is reduced, non - bank institutions may accelerate "deposit substitution", boosting the short - term allocation value of short - duration products like short - term financing ETFs. For long - term products, the macro - economic fundamentals are in a "weak recovery" state, and the long - term interest - rate bond ETFs may face difficulties in yield decline. At the quarter - end, there is a marginal tightening of funds, and some bond ETFs may face redemption tests [2][7]. - It is recommended to be cautious about extending the duration and pay attention to credit - bond ETFs with stable coupons and liquidity advantages. There may be arbitrage opportunities in some benchmark - making and science - innovation bond ETFs with significant secondary - market discounts. For convertible - bond ETFs, although the share decreased slightly last week, there is still expansion potential after the "Two Sessions" policies are implemented [2][7]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The bond ETF market scale shrank last week. The net inflows of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were -3.276 billion yuan, -4.829 billion yuan, and -1.699 billion yuan respectively, with a total net inflow of -9.804 billion yuan. As of March 13, 2026, the bond ETF fund scale was 726.096 billion yuan, down 1.54% from the previous week and 12.44% from the beginning of the year, accounting for 13.82% of the total ETF scale, a decrease of 9 basis points from the previous weekend [5]. - Short - term financing ETFs had a large net inflow of 2.183 billion yuan last week, followed by urban investment bond ETFs and corporate bond ETFs with net inflows of 727 million yuan and 192 million yuan respectively. Science - innovation bond ETFs and benchmark - making credit - bond ETFs had large net outflows, mainly due to deep discounts in the secondary market. Treasury - bond ETFs also had a large net outflow [6]. 3.2 各类债券 ETF 份额走势 - As of March 13, 2026, the shares of treasury - bond, policy - financial - bond, local - bond, benchmark - making credit - bond, science - innovation bond, corporate - bond, short - term financing, urban - investment - bond, and convertible - bond ETFs were 608.04 million shares, 353.12 million shares, 160.66 million shares, 993.44 million shares, 2646.27 million shares, 338.41 million shares, 723.05 million shares, 3294.68 million shares, and 5598.95 million shares respectively, with changes of -3.8%, -1.1%, 0.4%, -3.1%, -1.9%, 0.5%, 2.7%, 2.2%, and -2.1% compared to March 6, 2026, and the total change of bond - type ETF shares was -0.9% [18]. 3.3 各基准做市信用债 ETF 份额及净值走势 - The shares of existing credit - bond ETFs generally declined. As of March 13, 2026, the shares of 8 credit - bond ETFs were 99.46 million shares, 85.41 million shares, 103.54 million shares, 96.47 million shares, 174.83 million shares, 203.50 million shares, 93.00 million shares, and 141.32 million shares respectively, with changes of -3.87%, -3.39%, no change, no change, no change, -7.58%, -0.96%, and -2.08% compared to March 6, 2026 [19]. - The net - value growth of credit - bond ETFs slowed down. As of March 13, 2026, the net values of 8 credit - bond ETFs were 1.0207, 1.0198, 1.0182, 1.0185, 1.0134, 1.0164, 1.0174, and 1.0164 respectively, with changes of 0.02%, 0.01%, 0.01%, 0.01%, no change, no change, -0.01%, and -0.01% compared to March 6, 2026, and changes of 0.14%, 0.13%, 0.12%, 0.12%, 0.11%, 0.11%, 0.11%, and 0.11% compared to the end of last month [21]. 3.4 各科创债 ETF 份额及净值走势 - The science - innovation bond ETFs experienced net redemptions. The total net inflow of shares last week was -46.01 million shares, a decrease of 1.71% from the previous week. The top three products in terms of share size were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yinhua, and Science - innovation Bond ETF Penghua, with 214.54 million shares, 198.49 million shares, and 191.81 million shares respectively. The top three products with net outflows were Science - innovation Bond ETF Jiashi, Science - innovation Bond ETF Yifangda, and Science - innovation Bond ETF Penghua, with net outflows of 12.18 million shares, 12.00 million shares, and 5.00 million shares respectively [26]. - The net - value growth of science - innovation bond ETFs significantly narrowed. As of March 13, 2026, the top - ranked products in terms of net value were Science - innovation Bond ETF Wanjia, Science - innovation ETF Huatai Bairui, and Science - innovation Bond ETF Yongying, with net values of 1.0103, 1.0100, and 1.0099 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs were 1.0058 and 1.0084 respectively, with no change compared to the previous week. The median net values of products tracking the CSI AAA Science - innovation Bond Index, Shanghai AAA Science - innovation Bond Index, and Shenzhen AAA Science - innovation Bond Index were 1.0079, 1.0063, and 1.0101 respectively, with changes of -0.01%, 0.00%, and +0.01% compared to the previous week [31]. 3.5 上周单只债券 ETF 市场表现情况 - Most bond ETF products had a decline in net value. The 30 - year Treasury Bond ETF, 30 - year ETF Boshi, and Convertible Bond ETF Haifutong led the decline, with decreases of 1.49%, 1.44%, and 1.14% respectively compared to the previous week. In terms of premium/discount rates, the Corporate Bond ETF, Treasury Bond ETF Huaxia, and Urban Investment Bond ETF Haifutong had the highest premium rates, at +0.02%, +0.02%, and +0.02% respectively. In terms of scale changes, the Short - term Financing ETF Haifutong had the largest net inflow of 2.183 billion yuan, while the 30 - year Treasury Bond ETF, Corporate Bond ETF Yifangda, and Convertible Bond ETF Boshi had the largest net outflows, at -1.762 billion yuan, -1.696 billion yuan, and -1.384 billion yuan respectively [32]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For benchmark - making credit - bond ETFs, the PCF lists of Corporate Bond ETF Nanfang and Credit - Bond ETF Haifutong added 12 and 15 bonds respectively, with average modified durations of 3.33 years and 3.94 years. The bond "25 Jingtou K2" was repeatedly included in the PCF lists of benchmark - making credit - bond ETFs, with a modified duration of 4.0323 years [35]. - For science - innovation bond ETFs, the newly included bonds of Science - innovation Bond ETF Morgan, Science - innovation Bond ETF Tianhong, and Science - innovation Bond ETF Nanfang had relatively large average durations of 8.85 years, 8.85 years, and 8.50 years respectively. The average modified duration of the bonds removed from the PCF list of Science - innovation Bond ETF Tianhong, which tracks the CSI AAA Science - innovation Bond Index, was significantly longer at 7.30 years. Ten bonds such as "23 Sichuan Investment K1" were repeatedly removed from the PCF lists of science - innovation bond ETFs, and seven bonds such as "24 Sichuan Investment K1" were included in multiple science - innovation bond ETFs [36][39]. 3.7 债券 ETF 基金运营管理规则变更汇总 - On March 12, 2026, Credit - Bond ETF Dacheng changed the cash - substitution flag of the PCF list to "must". On March 13, 2026, Credit - Bond ETF Guangfa and Corporate Bond ETF Yifangda also made the same change. On March 11 and March 13, 2026, Science - innovation Bond ETF China Merchants and Science - innovation Bond ETF Yifangda changed the cash - substitution flag of the PCF list to "must" respectively [41].

1. Report's Investment Rating for the Industry - No information provided regarding the report's investment rating for the industry. 2. Core Viewpoints of the Report - In 2025, the scale of domestic ETF products exceeded 6 trillion yuan, making China the largest ETF market in Asia. As of the end of February 2026, the proportion of convertible bond ETFs in the convertible bond market reached 14.61%, up 8.07 pcts from February 2025. The indexation degree and development speed of the convertible bond market are significantly faster than those of the equity market and other bond markets. In 2026, the indexation of the convertible bond market is expected to deepen further [3]. - Since 2025, the expansion and contraction of convertible bond ETFs have shown obvious right - hand characteristics, mainly influenced by investors' judgments on the future of convertible bond assets. The expansion of convertible bond ETFs has a structural impact on the convertible bond market, benefiting medium - to high - rated, medium - to large - cap convertible bonds more, and also providing liquidity support to more individual bonds [3]. 3. Summary by Relevant Catalogs 3.1 Current Situation of Convertible Bond ETFs and the Indexation of the Convertible Bond Market - In 2025, the China Securities Regulatory Commission issued an action plan, triggering a wave of index - based investment in the capital market. The scale of domestic ETF products increased by 62.16% from the beginning of the year, surpassing 6 trillion yuan [4]. - As of the end of February 2026, there were only two convertible bond ETF products, while there were 1127 equity - based ETFs and 51 other bond ETFs. However, the proportion of convertible bond ETFs in the convertible bond market was 14.61%, much higher than that of equity - based ETFs in the equity market (3.06%) and other bond ETFs in the bond market (0.33%) [5]. - The core reason for the increasing indexation of the convertible bond market is that as the difficulty of bond selection rises, convertible bond ETFs are favored by institutional investors due to their highly diversified holdings, high transparency, low fees, and convenient trading. In the semi - annual report of 2025, the proportion of institutional investors in convertible bond ETFs was 98.65% [6]. - In 2026, with the "bull market" expectation in the equity market remaining unchanged and the bond market fluctuating at a low level, convertible bonds are still an important way for bond market funds to increase returns. The indexation of the convertible bond market is expected to deepen further. Since 2026, the scale of convertible bond ETFs has been growing steadily, and the proportion of their trading volume has also increased significantly [9]. 3.2 Characteristics of the Scale Changes of Convertible Bond ETFs - Since 2025, the scale changes of convertible bond ETFs have been highly correlated with the performance of the convertible bond market. The expansion mainly occurs after the upward trend of the convertible bond market price is clear and often drives up the convertible bond valuation. When the convertible bond valuation peaks and starts to decline, the scale of convertible bond ETFs begins to shrink [13][15]. - The scale change of convertible bond ETFs is mainly dominated by the Bosera ETF, whose scale accounts for 84.61% of the total convertible bond ETF scale. The Haitongtong ETF has more volatile scale changes due to its smaller size and fewer investors. Its annualized volatility from 2025 to February 2026 was 37.20%, significantly higher than the Bosera ETF's 17.34% [15]. 3.3 Structural Impact of the Expansion of Convertible Bond ETFs 3.3.1 Impact on Different Types of Convertible Bonds - Due to the low - risk preference of the two convertible bond ETFs, the expansion of convertible bond ETFs is more beneficial to medium - to high - rated, medium - to large - cap convertible bonds, as well as higher - priced convertible bonds and new bonds with unlisted shares. The correlation coefficient between the scale of convertible bond ETFs and the price of medium - to high - rated convertible bonds is over 90%, while that of low - rated convertible bonds is only 75.54%. Higher - priced convertible bonds are more likely to be increased in allocation, but the highest - priced convertible bonds are often reduced or excluded [23][24][26]. - In terms of the market value of the underlying stocks, convertible bond ETFs are more beneficial to medium - to large - cap convertible bonds whose underlying stocks belong to the CSI 300 and CSI 500. The correlation coefficients are 93.29% and 93.54% respectively. The correlation coefficient of small - cap convertible bonds whose underlying stocks belong to the CSI 1000 is the lowest at 79.30% [27]. - Convertible bond ETFs have a structural positive impact on new bonds with unlisted shares. The correlation coefficient between the price of such bonds and the scale of convertible bond ETFs is 91.54%, 3.15 pcts higher than that of bonds without unlisted shares [28]. 3.3.2 Impact on the Liquidity of Convertible Bonds - Since the second half of 2024, as the scale of convertible bond ETFs has increased rapidly, the proportion of their trading volume in the total convertible bond market trading volume has also risen. The trading volume of convertible bond ETFs is negatively correlated with the concentration of the convertible bond market trading volume, providing liquidity support to more individual bonds [30]. - Medium - to high - rated, medium - to large - cap convertible bonds, and non - weighted bonds have received more liquidity support. The correlation coefficient between the trading volume of medium - to high - rated convertible bonds and convertible bond ETFs is over 70%, while that of low - rated convertible bonds is only 13.37%. The correlation coefficient between non - weighted bonds and convertible bond ETFs is 75.81%, significantly higher than that of weighted bonds (16.95%) [33][34]. - The expansion and increased activity of convertible bond ETFs have the most obvious impact on improving the liquidity of medium - sized convertible bonds with a remaining scale of 10 - 50 billion yuan. During the active trading period of convertible bond ETFs, the trading volume of convertible bonds in this scale range has increased significantly, and the correlation between their trading volume and that of convertible bond ETFs is also at a high level [38][39][45].

1. Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. 2. Core Viewpoints of the Report - Last week (2/24 - 2/27), bond - type ETFs had a net capital outflow of 8.6 billion yuan. Credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs had net outflows of 6.2 billion yuan, 3.3 billion yuan, and a net inflow of 0.9 billion yuan respectively. In terms of performance, compared with the previous week, the cumulative unit net value weekly change rates of credit - bond ETFs, interest - rate bond ETFs, and convertible - bond ETFs were +0.03%, - 0.10%, and - 0.35% respectively [2][14]. - The trading prices of credit - bond ETFs were lower than the fund unit net value, indicating low allocation sentiment [6][33]. - The weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, with the order of interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs [7][38]. 3. Summary According to Relevant Catalogs 3.1 Issuance Progress Tracking - No new bond ETFs were issued last week [3][18]. 3.2 Stock Product Tracking - As of February 27, 2026, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs were 132.8 billion yuan, 378.3 billion yuan, and 79.3 billion yuan respectively, with the credit - bond ETFs accounting for 64% of the total scale. Compared with the previous week, the circulating market values of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs decreased by 3.8 billion yuan, 5.6 billion yuan, and increased by 0.8 billion yuan respectively. Among credit - bond ETFs, the circulating market values of benchmark - market - making credit - bond ETFs and science - innovation bond ETFs were 103.8 billion yuan and 274.1 billion yuan respectively, decreasing by 0.4 billion yuan and 3.2 billion yuan compared with the previous week [4][20][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 1.19 and 1.03 respectively. In terms of cumulative returns, the return rate of benchmark - market - making credit - bond ETFs since its establishment has marginally declined to 1.64%, and the return rate of science - innovation bond ETFs since its establishment has dropped to 0.62% [5][24][27]. 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 - 0.10%, - 0.02%, and +0.11% respectively. The average trading price of credit - bond ETFs was lower than the fund 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][33]. 3.5 Turnover Rate Tracking - The weekly turnover rate was calculated by dividing the weekly trading volume of ETFs by the fund shares. Last week, the turnover rate order was interest - rate bond ETFs > credit - bond ETFs > convertible - bond ETFs, and the weekly turnover rates of interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs all declined, dropping to 106%, 91%, and 65% respectively. Specifically, products such as Huaxia Shanghai Stock Exchange Benchmark - Market - Making Treasury Bond ETF, Haifutong CSI Short - Term Financing Bond ETF, and Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF had relatively high turnover rates [7][38].