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].

Core Viewpoint - The ETF market is transitioning from a focus on individual product sales to a comprehensive ecosystem approach, emphasizing brand recognition and service capabilities to meet evolving investor demands [1][9]. Group 1: ETF Ecosystem Development - Fund companies are increasingly investing in building ETF ecosystems, marking a fundamental shift in competition logic within the ETF industry [2][4]. - Major fund companies like Jiashi Fund, China Merchants Fund, and Southern Fund are actively enhancing their ETF ecosystems through product family development, brand IP creation, and service system upgrades [4][5]. Group 2: Trends in ETF Ecosystem Construction - The ETF ecosystem is evolving in four distinct trends: product differentiation, service enhancement, educational engagement, and operational synergy [10][11]. - Product ecosystems are shifting towards combination and differentiation, with leading public funds focusing on creating diverse product matrices rather than just popular single products [11][12]. - Service ecosystems are extending towards "refined, full-process" offerings, with public institutions increasing service investments to provide comprehensive support for investors [13]. Group 3: Brand Recognition and Competitive Advantage - The branding of ETFs is becoming crucial, as the industry moves towards a unified naming convention that emphasizes the fund manager's brand, thereby increasing its influence on investor decisions [6][5]. - The transition to an ecosystem approach is not merely a marketing tactic but a long-term strategy aimed at fostering investor loyalty through integrated product, service, and educational offerings [15].

Core Viewpoint - The ETF industry is transitioning from a focus on individual product sales to a comprehensive ecosystem approach, emphasizing brand recognition and service capabilities to meet evolving investor demands [1][2][7]. Group 1: ETF Ecosystem Development - Fund companies are increasingly investing in building ETF ecosystems, with notable actions from firms like Jiashi Fund, CMB Fund, Southern Fund, and Ping An Fund, focusing on product family enhancement, brand IP creation, and service system upgrades [3][4]. - Jiashi Fund has created an immersive investment education ecosystem, exemplified by the successful "Jiashi Super Index Festival," which integrates product promotion and investor education [3]. - Ping An Fund has launched a brand renewal initiative, aiming to create a one-stop ETF investment ecosystem in collaboration with Ping An Securities, highlighting the importance of brand recognition in investment decisions [4]. Group 2: Shift in Competitive Logic - The ETF market is moving from a competition based on "first-mover advantage" to one focused on building a comprehensive ecosystem that includes products, services, and investor education [5][7]. - The traditional model of competing through individual products is becoming less sustainable as the market expands and product homogenization increases, leading to a need for a more integrated approach [6][7]. Group 3: Trends in ETF Ecosystem Construction - The construction of the ETF ecosystem is showing four distinct trends: product differentiation, service enhancement, operational synergy, and educational innovation [8]. - Leading public funds are shifting towards creating diversified product matrices rather than focusing solely on popular single products, which allows for more effective competition [8][9]. - The service ecosystem is evolving to provide comprehensive, fine-tuned support for investors, with many firms launching dedicated service applications to enhance user experience [10][11]. Group 4: Educational Innovations - The educational approach within the ETF ecosystem is becoming more engaging and scenario-based, moving away from traditional methods to include interactive and immersive experiences [10][11]. - The emphasis on brand building is not merely about renaming products but involves a deep integration of product features, service capabilities, and educational efforts to foster investor loyalty [11].

Group 1 - The report emphasizes a defensive strategy in a volatile market, with a preference for short-duration products, as evidenced by the net inflows into various bond ETFs [2][5][6] - Last week, the net inflows for interest rate bond ETFs, credit bond ETFs, and convertible bond ETFs were -1.457 billion, 5.023 billion, and -2.241 billion respectively, leading to a total net inflow of 1.325 billion for bond ETFs [5][6] - The total scale of bond ETFs reached 725.34 billion as of March 20, 2026, reflecting a decrease of 0.10% from the previous week and a 12.53% decline since the beginning of the year [5][6] Group 2 - Short-term products, such as short-term financing and urban investment bond ETFs, have seen significant net inflows of 5.230 billion and 1.537 billion respectively, indicating a strong market preference for these assets [6][7] - The report forecasts a gradual increase in government bond supply due to a positive fiscal policy stance for 2026, while the pace of interest rate cuts may be delayed due to inflation concerns and strong economic data from early 2026 [7] - Caution is advised regarding the accumulation of long-duration products, with a focus on defensive products that offer stable coupon yields and liquidity advantages [7] Group 3 - The report notes that the net inflow of short-duration products is driven by a "deposit substitution" effect due to stricter self-discipline in interbank interest rates [6][7] - The net outflows from convertible bond ETFs were significant, totaling -2.241 billion, as the equity market showed no clear signs of reversal [6][7] - The report highlights that the recent adjustments in the PCF list for credit bond ETFs indicate a focus on bonds with shorter durations, with average modified durations of 3.03 years and 3.84 years for newly added bonds [6][7][46]

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints of the Report - The intensity of selling long - term and ultra - long - term bonds by trading desks did not increase this week, which limited the rapid rise of ultra - long - term bond yields to some extent. The willingness of allocation desks to buy long - term and ultra - long - term bonds is still relatively limited, and the 10Y Treasury bond yield may remain volatile at a high level in the short term. It is recommended to moderately participate in long - term bonds during adjustments, and pay attention to the opportunities of spread compression [1][2][10][16]. - This week, affected by the economic start - up, inflation recovery expectations, and external market fluctuations, the bond market was in a tug - of - war between bulls and bears, with intensified fluctuations. The yields of 10Y and 30Y Treasury bonds both rose by 2bp [9]. - The economic data from January to February generally improved, with obvious upward industrial growth and moderate consumption recovery. Since March, automobile consumption has been sluggish, while port throughput has been strong [62][63]. - The Federal Reserve maintained the interest rate range of 3.5% to 3.75%, and the dot - plot implied a hawkish tendency. Overseas bond markets, including US and European bonds, declined, and most emerging market bond markets also fell [71][72]. - The prices of live pigs and Shanghai gold fell this week. The performance of major asset classes was: crude oil > Chinese - funded US dollar bonds > Chinese bonds > rebar > US dollar > CSI 300 > convertible bonds > Shanghai copper > CSI 1000 > Shanghai gold > live pigs [77]. 3. Summary by Relevant Catalogs 3.1 Review and Outlook of the Bond Market - This week, the bond market fluctuated sharply due to the economic start - up, inflation recovery expectations, and external market fluctuations. The yields of 10Y and 30Y Treasury bonds rose by 2bp. The market showed different trends on different days, affected by various factors such as economic data, oil prices, and equity market performance [9]. - From the perspective of trading desks, the selling intensity of long - term and ultra - long - term bonds did not increase. From the perspective of allocation desks, large - scale banks increased their allocation of short - term bonds, and insurance institutions began to increase their allocation of ultra - long - term Treasury bonds in the past two weeks. The 10Y Treasury bond yield may remain volatile at a high level in the short term. It is recommended to moderately participate in long - term bonds during adjustments and pay attention to spread compression opportunities [1][10][14][16]. 3.2 Bond Market Review 3.2.1 Funding Situation - The central bank made a net injection of funds this week, and the funding sentiment was balanced. From March 16th to March 20th, the central bank's open - market net injection was 2458 billion yuan. The R001 and DR001 rates changed by +0.4bp and - 0.09bp respectively compared with March 13th, reaching 1.40% and 1.32%. The 3M certificate of deposit issuance rate first decreased, then increased, and then decreased again. The FR007 - 1Y swap rate first increased, then decreased, and then rebounded. As of March 20th, the 3M national - share bank acceptance bill transfer discount price was 1.43%, down 5bp from March 13th [20][23]. 3.2.2 Secondary Market Trends - This week, bond yields fluctuated sharply, and short - term bonds performed better. The yields of 3m, 1y, 3y, and 20y Treasury bonds declined, while those of 5y, 10y, and 30y Treasury bonds rose. Except for the 7Y - 5Y and 3Y - 1Y, the term spreads of other key - term Treasury bonds widened. As of March 20th, the yields of 10Y and 30Y Treasury bonds rose by 2bp compared with March 13th, reaching 1.83% and 2.39% respectively, and the term spread between them rose by 1bp to 56bp [25]. 3.2.3 Bond Market Sentiment - As of March 20th, the weekly turnover rate of 30Y Treasury bonds fell to 31%. The spread between 50Y - 30Y Treasury bonds widened by 2bp compared with March 13th, and the spread between 30Y - 10Y Treasury bonds widened significantly by 0.6bp to 56bp. The inter - bank leverage ratio dropped to 107.4%, and the exchange leverage ratio dropped to 121.7%. The median duration of medium - and long - term pure - bond funds increased by 0.02 years to 2.57 years compared with March 13th, while the median duration of interest - rate bond funds decreased by 0.03 years this week. The implied tax rate of 10 - year China Development Bank bonds narrowed [38]. 3.2.4 Bond Supply - This week, the net financing of interest - rate bonds increased significantly. From March 16th to March 20th, the net financing of interest - rate bonds was 818 billion yuan, a significant increase of 562.8 billion yuan compared with last week. The net financing of Treasury bonds and local government bonds increased, while that of policy - financial bonds decreased. The net financing of Treasury bonds was 525 billion yuan, an increase of 521.9 billion yuan; the net financing of local government bonds was 255.4 billion yuan, an increase of 147.3 billion yuan; the net financing of policy - financial bonds was 3.77 billion yuan, a decrease of 10.63 billion yuan. The net repayment of inter - bank certificates of deposit increased, and the average issuance rate continued to decline, dropping 1.7bp to 1.53%. Next week, a 7Y coupon - bearing Treasury bond 260007.IB will be newly issued [52][55][59]. 3.3 Economic Data - The economic data from January to February generally improved, with the year - on - year increase of industrial added value of above - scale industries at +6.3%, the year - on - year increase of social consumer goods retail at +2.8% (forecast +2.6%), and the year - on - year increase of fixed - asset investment (excluding rural households) at +1.8% (expected - 5.0%). The LPR quotation has remained unchanged for 10 consecutive months. Since March, automobile consumption has been relatively sluggish, while port throughput has been stronger than the Spring Festival seasonality. Industrial production has continued to improve marginally [62][63]. 3.4 Overseas Bond Market - The Federal Reserve maintained the federal funds rate target range at 3.5% to 3.75%. The dot - plot implied a hawkish tendency. Overseas bond markets, including US and European bonds, declined, and most emerging market bond markets also fell. The 2Y US Treasury bond rate rose 15bp to 3.88%, the 10Y US Treasury bond rate rose 11bp to 4.39%, and the 10Y - 2Y US Treasury bond spread narrowed 4bp to 51bp [71][72]. 3.5 Major Asset Classes - The CSI 300 index adjusted this week, closing at 4567.0 points as of March 20, 2026, a decrease of 2.19% compared with March 13th. This week, the Nanhua Crude Oil Index continued to rise, while the Nanhua Live Pig Index, Shanghai Gold, and Shanghai Copper all declined. The performance of major asset classes was: crude oil > Chinese - funded US dollar bonds > Chinese bonds > rebar > US dollar > CSI 300 > convertible bonds > Shanghai copper > CSI 1000 > Shanghai gold > live pigs [77]. 3.6 Bond Market Calendar - From March 23rd to March 27th, there will be liquidity injections and expirations, government bond supplies, and the release of fundamental data. There are also important domestic and international events, such as the Boao Forum for Asia Annual Conference 2026 and the 14th WTO Ministerial Conference [82].

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 Industry Investment Rating No information provided in the report about the industry investment rating. 2. Core Viewpoints of the Report - The scale of the Science and Technology Innovation Bond ETF has been declining for eight consecutive weeks, with most product scales basically stabilizing. Only 5 out of 24 Science and Technology Innovation Bond ETFs had a decline in scale last week, while the rest had a slight increase or remained stable [1]. - The scale of the Benchmark Market - Making Credit Bond ETF stopped falling and rebounded slightly, with an increase of 2 billion yuan to 104.1 billion yuan on March 6 [1]. - Among other credit bond ETFs, the Urban Investment Bond ETF and Short - Term Financing ETF of Haifutong Fund had relatively large increases, contributing the main increment to the credit bond ETF this week. The total scale of credit bond ETFs reached 524.4 billion yuan, with a weekly increase of 17 billion yuan [1]. - The weighted duration of most credit bond ETFs on March 6 was basically the same as that on February 27, with the median durations of the Science and Technology Innovation Bond ETF and the Benchmark Market - Making Credit Bond ETF being 3.2 years and 3.1 years respectively [2]. - The median static yield of the credit bond ETF portfolio reached 1.85%, about 2bp lower than the previous week [2]. - The Science and Technology Innovation Bond ETF mainly increased its holdings of new bonds issued in 2026, with a preference for bonds with maturities of 2 - 3 years and 4 - 5 years. The Benchmark Market - Making Credit Bond ETF had relatively shorter - term increases and decreases in holdings, mainly within 2 years [2]. - The median "non - component bond - component bond" spread of the Science and Technology Innovation Bond ETF dropped to 2.6bp, narrowing by 0.9 percentage points compared to the previous week, reaching a new low since listing. The trading enthusiasm of the Science and Technology Innovation Bond ETF is still low, and there is room for improvement in trading activity [3]. 3. Summary by Relevant Catalogs 3.1 Scale of ETFs - As of March 6, the scale of the Science and Technology Innovation Bond ETF was 271.4 billion yuan, a decrease of 3 billion yuan compared to February 27. The scale of the Benchmark Market - Making Credit Bond ETF was 104.1 billion yuan, an increase of 2 billion yuan. The total scale of credit bond ETFs was 524.4 billion yuan, an increase of 17 billion yuan [1]. 3.2 Duration and Yield of ETFs - The weighted duration of most credit bond ETFs on March 6 was basically the same as that on February 27, with the median durations of the Science and Technology Innovation Bond ETF and the Benchmark Market - Making Credit Bond ETF being 3.2 years and 3.1 years respectively. The median static yield of the credit bond ETF portfolio was 1.85%, about 2bp lower than the previous week [2]. 3.3 Bond Holdings of ETFs - The Science and Technology Innovation Bond ETF mainly increased its holdings of new bonds issued in 2026, with a preference for bonds with maturities of 2 - 3 years and 4 - 5 years. The industries involved include military, environmental protection, and urban investment. The bonds with reduced holdings also mainly had maturities of 2 - 3 years and 4 - 5 years, with a preference for central enterprise bonds in the construction, building materials, and machinery industries [2]. - The Benchmark Market - Making Credit Bond ETF had relatively shorter - term increases and decreases in holdings, mainly within 2 years. It mainly increased its holdings of local state - owned enterprise bonds with maturities of 1 - 2 years, involving industries such as transportation, environmental protection, and leasing. It mainly reduced its holdings of short - term bonds within 1 year, involving industries such as comprehensive investment and machinery [2]. 3.4 Spread and Trading Activity - The median "non - component bond - component bond" spread of the Science and Technology Innovation Bond ETF dropped to 2.6bp, narrowing by 0.9 percentage points compared to the previous week, reaching a new low since listing. From March 2 - 6, the number of transactions of the Science and Technology Innovation Bond ETF component bonds accounted for 6.3% of the credit bonds, still in a low - level shock. There is room for improvement in trading activity [3].

Core Insights - The article presents various ETF asset allocation strategies based on risk parity, targeting different risk preferences of investors, with annualized returns of 6.74% and 8.04% for low-risk strategies, and 11.66% for a high-risk strategy [1][2]. Group 1: Low-Risk Asset Allocation Strategies - For low-risk investors, a "momentum risk budgeting" based absolute return strategy is designed, achieving historical annualized returns of 6.74% with a target volatility of 3% and a maximum drawdown of 3.72% [2]. - A second strategy targets a volatility of 5%, yielding an annualized return of 8.04% and a maximum drawdown of 4.41%, both strategies have generated positive returns annually since 2016 [2]. Group 2: High-Risk Asset Allocation Strategies - For high-risk investors, a multi-asset diversification strategy is enhanced with equity exposure, focusing on high-volatility assets and incorporating macroeconomic factors like U.S. Treasury rates and economic conditions [3]. - This strategy combines a monthly rotation model of "CSI 300 Dividend Low Volatility ETF" and "CSI 300 Growth ETF," achieving an annualized return of 11.66% and a Sharpe ratio of 1.56, with positive returns recorded annually since 2016 [3].

Core Viewpoint - The article discusses a personal investment strategy aimed at managing mortgage repayments while maintaining a decent quality of life, particularly through the establishment of a dedicated investment portfolio to generate funds for monthly mortgage payments [1][3][12]. Group 1: Mortgage and Financial Situation - The individual took a loan of 450,000 yuan to purchase a two-bedroom apartment, with a total price of 752,000 yuan, and has seen a nearly 20% decline in property value over two years [1]. - The mortgage is structured as an equal principal repayment over 22 years, with a remaining principal of approximately 406,261.42 yuan as of March 2026 [1][6]. - The individual expresses a desire to improve living standards and travel, rather than living frugally to pay off the mortgage [2]. Group 2: Investment Strategy - Inspired by a pension withdrawal strategy, the individual plans to create a dedicated investment account to generate monthly funds for mortgage repayments, thus freeing up salary for living expenses [3]. - The investment strategy involves a modified permanent portfolio consisting of 40% stocks, 40% bonds, and 20% gold, aiming for an annualized return of around 12% [5][12]. - The selected assets include long-term government bonds, gold ETFs, and various stock ETFs, with a focus on cash flow and dividend quality [4][6]. Group 3: Portfolio Management - The individual has established a specific asset allocation and will adjust the portfolio based on market conditions, particularly focusing on maintaining a balance to meet mortgage repayment needs [9][10]. - A dynamic allocation strategy is proposed, adjusting the proportion of convertible bonds and cash based on market valuation, with strict adherence to a defined discipline for asset allocation [10][11]. - The goal is to achieve an annualized return of at least 8% to cover the mortgage repayment requirements while preserving and potentially growing the principal [12][13].