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]

57.3%的顶格涨幅已成为今年可转债新券上市首日的标配。 值得注意的是，这一趋势在2025年末已现端倪，彼时可转债ETF总规模达610亿元，首次超越581亿元的 主动管理型可转债基金，标志着指数化投资已成为可转债二级市场的主流配置方式，机构配置需求从主 动择券转向工具化配置。 东方金诚研究发展部分析师翟恬甜对《证券日报》记者表示，预计短期内转债仍将跟随正股震荡盘整， 维持轮动较快的结构性行情，高拥挤方向脆弱性加剧，而大盘、红利转债在防御性配置需求上升的背景 下预计继续占优。但宽幅震荡期内转债仍存在不对称优势，业绩预告披露完毕后，小微盘避险情绪将逐 渐缓解，结合当前流动性环境仍较充裕，预计春节前仍有望开启新一轮行情，市场风格有望再度切换至 小盘股占优，对转债市场形成带动作用。 一级市场 据资讯数据统计（全文数据来源），2026年年初至今，可转债新券上市首日均以顶格涨幅报收，部分标 的后续持续走高，可转债已成为开年以来资本市场最具热度的领域之一。 接受《证券日报》记者采访的专家表示，开年以来，宏观流动性保持充裕，叠加"固收+"产品及转债主 题基金持续扩容，大量资金亟须寻找兼具安全性与收益弹性的配置标的，可转债凭借 ...

Market Overview - The domestic equity indices showed mixed performance last week, with the Shanghai 50 and CSI 300 rising by 1.13% and 0.08% respectively, while the ChiNext Index, CSI 500, and STAR 50 fell by 0.09%, 2.56%, and 2.85% respectively [1] - Bond indices also exhibited mixed results, with the China Bond Total Wealth (3-5 years) Index and the China Bond Medium and Short-term Bond Net Price Index increasing by 0.06% and 0.03%, while the China Bond Government Bond Total Net Price Index and the China Bond Long-term Bond Net Price Index decreased by 0.01% and 0.23% respectively [1] - International equity indices also had varied results, with the Hang Seng Index, Hang Seng China Enterprises Index, and S&P 500 rising by 2.38%, 1.71%, and 0.34% respectively, while the Nasdaq Index, Dow Jones Industrial Average, Nikkei 225, Hang Seng Tech, and German DAX fell by 0.17%, 0.42%, 0.97%, 1.38%, and 1.45% respectively [1] Fund Flows - Following a net outflow of 300 billion in the previous week, the ETF market experienced a continued net outflow of 299.7 billion last week, with stock ETFs seeing a net outflow of 317.87 billion, marking two consecutive weeks of over 300 billion outflows [3] - The bond ETFs had a net outflow of 74.25 billion, while money market fund ETFs saw a slight net inflow of 2.16 billion, and cross-border stock ETFs had a net inflow of 10.69 billion [3] - Commodity ETFs recorded a net inflow of 242.97 billion, with specific sectors such as SGE Gold 9999, segmented chemicals, SSH Gold stocks, and non-ferrous metals seeing significant inflows [3][5] ETF Performance - The median weekly return for stock ETFs was -1.20%, with the Shanghai 50 ETF showing the highest median return of 1.13% among broad-based ETFs [10] - The top-performing ETFs included the Brazil ETF, which rose by 22.50%, and the Korea-China Semiconductor ETF, which increased by 17.14% [11][13] - Conversely, several satellite ETFs experienced significant declines, with the Satellite ETF dropping by 12.23% [15][17] New Listings and Regulations - A total of 7 new ETFs were listed for trading last week, and 18 new ETFs were established, all of which are passive index funds [19] - Several commodity LOFs announced significant purchase limits, with some products having a daily purchase limit as low as 2 yuan, indicating tighter regulations in the market [20]

风险提示：市场大幅波动风险、样本数据遗漏风险、统计出现偏差风险等。 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 联系人：李茂怡 电话：15528164673 邮箱：limaoyi@swsc.com.cn [Table_ReportInfo] 2026 年 02 月 02 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（1.26-1.30） 科创债 ETF：久期为何集体回撤 请务必阅读正文后的重要声明部分 S 各类债券 ETF 资金净流入情况：净流出幅度进一步收窄，资金面有望回归常 态。上周利率债类 ETF、信用债类 ETF、可转债类 ETF净流入资金分别-27.54 亿元、-68.90亿元、+43.95亿元，债券 ETF市场合计净流入金额-52.49亿元。 整体来看，上周债券 ETF资金流入结构延续前周，利率、信用债类 ETF净流 出压 ...

Core Insights - The overall market for convertible bond funds is experiencing a decline in scale despite the expansion of "fixed income +" funds, with convertible bond funds seeing a reduction in assets [1] - The performance of convertible bond funds remains strong, with 70% of products showing positive net value growth in the last quarter of the previous year [1] - The scale of convertible bond ETFs has surpassed that of actively managed convertible bond funds, indicating a shift towards index-based investment strategies [1] Group 1 - As of the end of 2025, the total scale of 38 actively managed convertible bond funds is 58.101 billion yuan, down by 2.5 billion yuan in the fourth quarter, while the scale of 2 convertible bond ETFs is 61 billion yuan, down by 9.1 billion yuan, resulting in a total reduction of 11.638 billion yuan [1] - The shift towards index-based investment in convertible bonds is driven by demand from long-term funds such as insurance and pension funds, which prefer stable asset allocation and risk control [2] - The scarcity of investable convertible bonds in the market has compressed the space for actively managed funds to generate excess returns, leading to a trend where some actively managed funds are transitioning to an "index-enhanced" style [2] Group 2 - Convertible bond ETFs are favored for their unique advantages, including lower fees compared to actively managed products, superior liquidity allowing for T+0 trading, and high tracking efficiency with controlled tracking errors [3] - The market trend indicates a clear shift towards index-based convertible bond products, with non-index products experiencing a noticeable contraction [2] - The current environment suggests that the demand for index-based strategies will continue to grow as the industry enters a phase of index-based development [2]

Core Insights - The bond ETF market is expected to experience significant growth in both scale and trading volume by the end of 2025, with total market size reaching 829 billion yuan, an increase of over 655 billion yuan from 2024, representing a 377% year-on-year growth [1] - The average weekly trading volume of bond ETFs is projected to exceed 150 billion yuan, marking a 311% increase compared to the previous year [1] Group 1: Market Performance - By the end of 2025, the sizes of credit bond ETFs, interest rate bond ETFs, and convertible bond ETFs are expected to be 615.2 billion yuan, 152.8 billion yuan, and 61 billion yuan respectively [1] - The pricing dynamics of various bond ETFs show that government bond ETFs are mostly at a premium, while local government bond ETFs are generally at a discount, and credit bond ETFs have shifted from premium to discount [1] - The introduction of benchmark market-making credit bond ETFs has led to increased demand, pushing secondary market prices higher, but a bearish bond market and the launch of sci-tech bond ETFs have caused a shift to discount territory [1] Group 2: Redemption Trends - The redemption patterns of interest rate bond ETFs exhibit a "government bond vs. policy financial bond seesaw" effect, with government bond ETFs and policy financial bond ETFs showing negative correlation in monthly net subscriptions [2] - The launch of sci-tech bond ETFs has rapidly diverted funds from benchmark market-making ETFs, leading to a significant reduction in subscription activity for the latter [2] - Convertible bond ETFs experienced net outflows for most months in 2025, with a shift to net subscriptions during periods of heightened equity sentiment in July and August [2] Group 3: Performance Outlook - The overall performance of interest rate bond ETFs in 2025 is expected to be poor, with maximum drawdowns larger than in 2024, and short-duration products outperforming long-duration ones [2] - The annualized returns of three existing credit bond ETF products are expected to decline, but the drop is smaller compared to interest rate bond ETFs [2] - The first batch of sci-tech bond ETFs is expected to have an optimal annualized return of 0.75% and a Calmar ratio of 1.24, while the second batch is projected to achieve an annualized return of 1.82% and a Calmar ratio of 8.02 [2] Group 4: Future Strategies - In 2026, the introduction of multi-asset ETFs is anticipated, with a focus on maintaining a constant stock-bond ratio, primarily with over 70% in bonds [3] - The performance of bond ETFs is likely to align with the overall bond market, with increasing congestion in sci-tech bonds and a preference for short-duration products [3] - A shift towards more diversified trading strategies is expected, including internal rotation within bond ETFs and arbitrage opportunities between credit ETFs and individual bonds [3]

Group 1 - The bond ETF market experienced significant growth in 2025, with total market size reaching 829 billion yuan, an increase of over 655 billion yuan from the end of 2024, representing a year-on-year growth of 377% [7][10] - The average weekly trading volume of bond ETFs exceeded 150 billion yuan, marking a year-on-year increase of 311% [7] - By the end of 2025, the sizes of credit bond ETFs, interest rate bond ETFs, and convertible bond ETFs were 615.2 billion yuan, 152.8 billion yuan, and 61 billion yuan, respectively [10][14] Group 2 - In 2025, the majority of bond ETFs were trading at premiums, with local government bond ETFs generally trading at discounts, indicating varying demand dynamics [18][21] - The credit bond ETF market saw a transition from premium to discount, particularly after the introduction of the first batch of sci-tech innovation bond ETFs, which diverted funds from the market [21][28] Group 3 - The performance of interest rate bond ETFs was under pressure in 2025, with overall returns declining compared to 2024, and the maximum drawdown for various products increased [30][32] - Short-duration products outperformed long-duration ones, with the best annualized return for short-duration government bond ETFs reaching 0.86% and a maximum drawdown of only 0.91% [30][31] - The annualized returns of three existing credit bond ETF products decreased, but the decline was less severe compared to interest rate bond ETFs [33]

Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints of the Report - Since the beginning of the year, the scale of convertible bond ETFs has rebounded, but its correlation with the index has weakened. Market fluctuations are mainly dominated by the equity side. The trading volume shows a divergence, which may reflect that investors' attitude towards valuation is marginally tightening [2][5]. - During the week, the A - share market was volatile and differentiated. The small - and medium - cap style was dominant. Cyclical manufacturing sectors such as building materials and chemicals led the rise, and trading was concentrated in the electronics and power equipment sectors [2][5]. - The convertible bond market strengthened as a whole. The small - cap index outperformed the large - cap index. The implied volatility and the median market price broke through historical highs, and the sentiment was warm. Some high - price and high - conversion premium rate targets led the gains [2][5]. - The primary market issuance was relatively stable with sufficient reserves. Clause games remained the focus. The willingness to lower the conversion price was still weak, while the call option game intensified, and the market's attention to call - counting varieties increased [2][5]. Summary According to Relevant Catalogs 1. Market Theme Weekly Review - During the week (January 18 - 24, 2026), the equity market strengthened as a whole. Themes in the photovoltaic and semiconductor directions performed strongly. Among them, the advanced packaging index, magnetoelectric storage index, photovoltaic selected index, and TOPcon battery index in the photovoltaic and semiconductor directions performed well, while the industrial Internet index, Chinese corpus index, and Sora index in the AI application direction were under pressure [28][29]. 2. Market Weekly Tracking 2.1 Main Indexes Differentiated, Science and Technology Innovation and Mid - cap Performed Strongly - During the week, the main A - share indexes were volatile and differentiated. The Shanghai Composite Index and the Shenzhen Component Index strengthened, while the ChiNext Index declined and then rebounded but still closed down. In terms of style, the small - and medium - cap indexes were relatively dominant, and the CSI 500 Index and the CSI 2000 Index outperformed the Science and Technology Innovation 50 Index and the CSI 300 Index [32]. - In terms of capital, the net outflow of the market's main funds converged. The average daily trading volume of the market declined, and the net outflow of the main funds slightly converged. Among them, the main funds were net inflow on Wednesday [33]. - The cyclical manufacturing sectors in the A - share market were relatively strong. Building materials, basic chemicals, steel, petroleum and petrochemicals, and non - ferrous metals led the rise, while non - bank finance, communication, media, and banking performed weakly [35]. - In terms of trading volume, the electronics and power equipment sectors were the focus of trading. The trading volume was mainly concentrated in these two sectors, and the trading volume of the electronics sector accounted for 19% [36]. - The market sector congestion was still significantly differentiated. The congestion in cyclical manufacturing directions such as machinery, national defense and military industry, basic chemicals, and petroleum and petrochemicals increased, while the congestion in sectors such as commercial retail, media, and social services decreased [39]. 2.2 Convertible Bond Market Strengthened as a Whole, Small - cap Index Performed Strongly - During the week (January 18 - 24, 2026), the convertible bond market strengthened as a whole. The CSI Convertible Bond Index strengthened, with the small - cap convertible bond index performing relatively strongly, and the large - cap convertible bond index performing weaker than the CSI Convertible Bond Index. The trading volume slightly converged, and the average daily trading volume was still around 100 billion [42]. - Valuation: By parity range, the convertible bond market valuation stretched as a whole. The conversion premium rate of convertible bonds in the 110 - 120 yuan parity range stretched significantly, while that in the 130 - 140 yuan parity range compressed significantly. By market price range, the convertible bond market valuation compressed as a whole, and only the conversion premium rate in the 120 - 140 yuan market price range stretched, while that in the 110 - 120 yuan market price range compressed significantly [46]. - The balance - weighted implied volatility of the convertible bond market strengthened. The balance - weighted implied volatility of the whole - market convertible bonds on Friday was stronger than that on the previous Friday, breaking through the historical high [49]. - The median market price of convertible bonds strengthened. The median of convertible bonds strengthened compared with the previous Friday, breaking through the previous historical high again [50]. - Convertible bonds in cyclical manufacturing sectors were more elastic. Machinery, basic chemicals, and national defense and military industry sectors led the rise. In terms of trading volume, trading was mainly concentrated in the electronics, basic chemicals, and power equipment sectors, and the total trading volume of these three sectors accounted for more than 35% [54]. - Individual bonds generally recovered. The number of convertible bonds with an interval increase of 0 or more was 335, accounting for 86.6% of the total number of outstanding convertible bonds in the market. The top five convertible bonds in the conversion period in terms of weekly increase were Fuxin Convertible Bond, Jiamei Convertible Bond, Tianchuang Convertible Bond, Zhekuang Convertible Bond, and Huayi Convertible Bond. The top five in terms of decline were Rundar Convertible Bond, Xinzhi Convertible Bond, Xinfu Convertible Bond, Tianjian Convertible Bond, and Dongshi Convertible Bond. The top five rising bonds generally had the characteristics of high market price and high conversion premium rate [56]. 3. Convertible Bond Issuance and Clause Tracking 3.1 Primary Market Pre - issuance Situation - During the week (January 18 - 24, 2026), there was no convertible bond listed, and 2 convertible bonds were available for subscription, namely Longjian Convertible Bond and Aiwei Convertible Bond. Longjian Convertible Bond is issued by Longjian Co., Ltd., with a latest debt rating of AA and an issuance scale of 1 billion. Aiwei Convertible Bond is issued by Aiwei Electronics Co., Ltd., with a latest debt rating of AA+ and an issuance scale of 1.9 billion [60]. - A total of 9 listed companies updated their convertible bond issuance plans. One was in the approved - for - registration stage, 4 were in the exchange - acceptance stage, and 4 were in the stage of passing the general meeting of shareholders. The total scale of projects in the exchange - acceptance stage and later stages was more than 80 billion [61]. 3.2 Lower - price - adjustment - related Announcement Summary - Three convertible bonds issued announcements of expected triggering of lower - price adjustment, with a market - value - weighted average PB of the underlying stocks of 2.7. Seven convertible bonds issued announcements of not adjusting the price down, with a market - value - weighted average PB of the underlying stocks of 3.0. One convertible bond issued an announcement of proposing to adjust the price down, with a PB of the underlying stock of 2.2 [66][67][68]. 3.3 Redemption - related Announcement Summary - Five convertible bonds announced expected triggering of redemption. Two convertible bonds announced not to redeem in advance. Six convertible bonds announced early redemption [69][70][72].

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 ...