Core Viewpoint - The stock ETF market has shown significant resilience amid recent market volatility, with a net inflow of nearly 90 billion yuan on February 5, indicating strong investor interest despite broader market declines [1][2]. Group 1: Market Performance - On February 5, the A-share market opened lower due to declines in overseas technology stocks and precious metals, but the stock ETF market experienced a net inflow of 88.99 billion yuan [2]. - The total scale of all stock ETFs (including cross-border ETFs) reached 3.9 trillion yuan as of February 5 [2]. - The net inflow for A-share stock ETFs specifically was 34.95 billion yuan [1]. Group 2: ETF Inflows and Outflows - The leading inflows were observed in Hong Kong stock ETFs and thematic industry ETFs, with net inflows of 53.2 billion yuan and 19.47 billion yuan, respectively [2]. - Conversely, bond ETFs experienced a net outflow of 1.87 billion yuan [2]. - Notably, ETFs tracking the Hang Seng Technology Index saw a net inflow of 29.72 billion yuan, while those tracking the CSI 500 Index had a net outflow of 31.39 billion yuan [2]. Group 3: Fund Company Performance - Major fund companies such as Huaxia, Huatai-PB, and E Fund saw net inflows of 31.8 billion yuan, 28.5 billion yuan, and 28.2 billion yuan, respectively [2]. - In contrast, Southern and Jiashi funds experienced net outflows of 28.5 billion yuan and 3.8 billion yuan [2]. Group 4: Specific ETF Performance - E Fund's ETFs reached a total scale of 651.95 billion yuan, with significant inflows in various ETFs, including 9.2 billion yuan for the China Internet ETF and 3.6 billion yuan for the Hang Seng Technology ETF [3]. - Huaxia Fund's A500 ETF and Hang Seng Technology Index ETF also saw substantial inflows of 11.99 billion yuan and 6.5 billion yuan, respectively [3]. Group 5: Market Outlook - The market is expected to continue its oscillating pattern, with risks that have been accelerating in the short term, particularly in cyclical sectors like metals [5]. - Despite recent adjustments in the technology sector, the overall fundamental outlook remains robust, suggesting limited downside potential [5]. - Consumer sectors may present opportunities for recovery, especially with upcoming events like the Spring Festival and the National People's Congress [5].

1. Report Industry Investment Rating - The report does not mention the industry investment rating [1][2][3] 2. Core View of the Report - The net value of bond ETFs has recovered, but there has been a capital outflow. The net inflow and outflow of different types of bond ETFs vary, and the net value of various bond ETF products has generally increased [1][5][6] 3. Summary by Relevant Catalogs 3.1 Funds Flow - As of January 23, 2026, bond - type ETFs had a total net outflow of 13.381 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.763 billion yuan, 11.944 billion yuan, and a net inflow of 4.326 billion yuan respectively. Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.327 billion yuan, 0.048 billion yuan, and 0.048 billion yuan respectively, while market - making credit bonds and science - innovation bonds had net outflows of 5.011 billion yuan and 7.356 billion yuan respectively. Since 2025, interest - rate, credit, and convertible - bond ETFs have had cumulative net inflows of 54.852 billion yuan, 475.079 billion yuan, and 30.291 billion yuan respectively, totaling 560.222 billion yuan [5] 3.2 Net Value Performance - Throughout the week, the net values of various types of bond ETF products generally rose. As of January 23, 2026, the 30 - year Treasury Bond ETF Boshi performed well, rising 1.26% for the week, the Treasury Bond ETF Huaxia rose 0.45%, and the Ten - year Treasury Bond ETF rose 0.16%. The Convertible Bond ETF and the Shanghai Stock Exchange Convertible Bond ETF rose 2.88% and 2.40% respectively last week [6] 3.3 Performance of Credit Bond ETFs and Science - Innovation Bond ETFs - As of January 23, 2026, the median unit net values of credit bond ETFs and science - innovation bond ETFs were 1.0141 and 1.0020 respectively, rising 0.13% and 0.10% for the week. Among credit bond ETFs, the Credit Bond ETF Haifutong performed relatively well, rising 0.14% for the week. Among science - innovation bond ETFs, the Science - Innovation Bond ETF Huatai Bairui and the Science - Innovation Bond ETF Invesco performed relatively well. As of January 23, 2026, the median discount rate of credit bond ETFs was 25BP, and that of science - innovation bond ETFs was 24BP [7] 3.4 Credit - Type ETF Duration Tracking - As of January 23, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.35 years, 1.93 years, and 2.10 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond and Shenzhen Market - Making Corporate Bond indexes were 3.61 years and 2.78 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond, Shanghai AAA Science - Innovation Bond, and Shenzhen AAA Science - Innovation Bond indexes were 3.32 years, 3.21 years, and 3.18 years respectively [10] 3.5 Report Summary - Last week, the ChinaBond New Composite Index rose 0.26% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.04% and 0.08% respectively; the CSI AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.16% and 0.17% respectively [9]

Group 1: Report Summary - The ChinaBond New Composite Index rose 0.18% last week; short - term and medium - long - term pure bond funds rose 0.02% and 0.05% respectively; the CSI AAA Sci - tech Innovation Bond Index and the SSE Benchmark Market - making Corporate Bond Index rose 0.11% each [2] Group 2: Capital Flows - As of January 16, 2026, bond - type ETFs had a net outflow of 16.512 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net outflows of 5.307 billion yuan, 14.018 billion yuan, and a net inflow of 2.814 billion yuan respectively [4] - Among credit - type ETFs, short - term financing, corporate bonds, and urban investment bonds had net inflows of 0.274 billion yuan, 0.113 billion yuan, and 0.05 billion yuan respectively. Market - making credit bonds had a net outflow of 5.776 billion yuan, and sci - tech innovation bonds had a net outflow of 8.679 billion yuan [4] - As of January 16, 2026, interest - rate, credit, and convertible - bond ETFs had cumulative net inflows of 60.615 billion yuan, 487.023 billion yuan, and 25.964 billion yuan respectively since 2025, totaling 573.603 billion yuan [4] Group 3: Net Value Performance - Overall, the net values of various types of bond ETF products generally rose last week. As of January 16, 2026, Boshi 30 - year Treasury Bond ETF performed well, rising 0.37% for the week. Huaxia Treasury Bond ETF rose 0.31%, and the 10 - year Treasury Bond ETF rose 0.36%. Convertible Bond ETF and SSE Convertible Bond ETF rose 1.05% and 0.68% respectively last week [5] Group 4: Credit Bond ETF and Sci - tech Innovation Bond ETF Performance - As of January 16, 2026, the median unit net values of credit bond ETFs and sci - tech innovation bond ETFs were 1.0128 and 1.0010 respectively, rising 0.09% and 0.07% for the week. Among credit bond ETFs, Dacheng Credit Bond ETF performed relatively well, rising 0.10% for the week. Among sci - tech innovation bond ETFs, Invesco and Wanjia Sci - tech Innovation Bond ETFs performed relatively well [6] - As of January 16, 2026, the median discount rate of credit bond ETFs was 21BP, and that of sci - tech innovation bond ETFs was 24BP [6] Group 5: Credit - type ETF Duration Tracking - As of January 16, 2026, the holding durations of short - term financing ETFs, corporate bond ETFs, and urban investment bond ETFs were 0.34 years, 1.56 years, and 2.13 years respectively. Among market - making credit bond ETFs, the median holding durations of products tracking the Shanghai Market - making Corporate Bond and Shenzhen Market - making Corporate Bond indexes were 3.58 years and 2.80 years respectively [7] - Among sci - tech innovation bond ETFs, the median holding durations of products tracking the AAA Sci - tech Innovation Bond, Shanghai AAA Sci - tech Innovation Bond, and Shenzhen AAA Sci - tech Innovation Bond indexes were 3.31 years, 3.24 years, and 3.16 years respectively [7]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report Core View - In the week ending December 26, 2025, the net inflow of bond - type ETFs totaled 61.982 billion yuan, and the cumulative net inflow for the year reached 630.534 billion yuan. The performance of various bond ETF products' net worth has recovered, and different types of bond ETFs have different performance in terms of net inflow and net worth changes [4][5]. 3. Summary by Related Catalogs 3.1 Funds Flow - As of December 26, 2025, bond - type ETFs had a total net inflow of 61.982 billion yuan in the past week. Interest - rate, credit, and convertible - bond ETFs had net inflows of 1.586 billion yuan, 63.164 billion yuan, and a net outflow of 2.768 billion yuan respectively. Among credit - type ETFs, short - term financing had a net outflow of 5.219 billion yuan, corporate bonds had a net inflow of 4.419 billion yuan, urban investment bonds had a net inflow of 0.008 billion yuan, market - making credit bonds had a net inflow of 7.262 billion yuan, and science - innovation bonds had a net inflow of 56.694 billion yuan. The cumulative net inflows of interest - rate, credit, and convertible - bond ETFs for the year were 76.305 billion yuan, 536.450 billion yuan, and 17.780 billion yuan respectively [4]. 3.2 Net Worth Performance - As of December 26, 2025, the 30 - year Treasury Bond ETF Boshi performed well, rising 0.17% for the week, and the 10 - year local government bond ETF rose 0.16%. Convertible - bond ETF and Shanghai Stock Exchange Convertible Bond ETF rose 1.56% and 1.23% respectively last week [5]. 3.3 Performance of Credit - Bond ETFs and Science - Innovation Bond ETFs - As of December 26, 2025, the median net asset values per unit of credit - bond ETFs and science - innovation bond ETFs were 1.0119 and 1.0002 respectively, rising 0.12% and 0.13% for the week. Among credit - bond ETFs, E Fund Corporate Bond ETF and Credit - Bond ETF performed relatively well, rising 0.16% and 0.14% respectively for the week. Among science - innovation bond ETFs, Taikang Science - Innovation Bond ETF performed relatively well. The median discount rate of credit - bond ETFs was 20BP, and the median premium rate of science - innovation bond ETFs was 2BP [6]. 3.4 Credit - Type ETF Duration Tracking - As of December 26, 2025, the holding durations of short - term financing ETF, corporate bond ETF, and urban investment bond ETF were 0.38 years, 1.79 years, and 2.17 years respectively. Among market - making credit - bond ETFs, the median holding durations of products tracking the Shanghai Market - Making Corporate Bond and Shenzhen Market - Making Corporate Bond indexes were 3.77 years and 2.84 years respectively. Among science - innovation bond ETFs, the median holding durations of products tracking the AAA Science - Innovation Bond, Shanghai AAA Science - Innovation Bond, and Shenzhen AAA Science - Innovation Bond indexes were 3.42 years, 3.31 years, and 3.22 years respectively [9]. 3.5 Report Abstract - Last week, the ChinaBond New Composite Index rose 0.14% for the week; short - term pure - bond and medium - and long - term pure - bond funds rose 0.03% and 0.04% respectively; the ChinaBond AAA Science - Innovation Bond Index and the Shanghai Stock Exchange Benchmark Market - Making Corporate Bond Index rose 0.13% and 0.13% respectively [8].

Market Overview - The A-share market opened high but closed lower, with the Shanghai Composite Index down 0.7%, the Shenzhen Component down 1.27%, and the ChiNext Index down 1.41% while the North Stock 50 rose by 3.84% [1] - The total market turnover was 1.88 trillion yuan, an increase of 936 billion yuan compared to the previous day [1] Sector Performance - Wind power equipment and controllable nuclear fusion sectors were active, while the AI hardware sector saw an expanded decline in the afternoon [1] - The CPO sector experienced a broad decline, with communication ETFs, communication equipment ETFs, and the AI ETF on the ChiNext down by 3.92%, 3.71%, and 3.63% respectively [1] - The real estate sector retracted its previous gains, with real estate ETFs falling by 3.55% [1] Notable Stocks and ETFs - Moore Threads surged over 28%, with its stock price reaching 941 yuan [1] - In the ETF market, the satellite internet sector led gains, with the E Fund Satellite ETF, Guangfa Satellite ETF, and Fortune Fund Satellite ETF rising by 1.48%, 1.38%, and 1.38% respectively [1] - Long-term government bond ETFs rebounded, with the Pengyang Fund 30-Year Government Bond ETF and the 30-Year Government Bond ETF from Bosera rising by 0.82% and 0.68% respectively [1] - Some US stock ETFs also saw increases, with the Huatai-PB Nasdaq Biotechnology ETF and the Invesco S&P Consumer ETF rising by 0.8% and 0.6% respectively [1]

Market Performance - The three major A-share indices showed mixed results, with the Shanghai Composite Index down 0.06%, the Shenzhen Component Index up 0.4%, and the ChiNext Index up 1.01% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 15,617 billion yuan, a decrease of 1,219 billion yuan compared to the previous day [1] - Over 3,800 stocks in the market experienced declines [1] Sector Performance - The consumer sector weakened, with retail, catering, liquor, and e-commerce sectors showing significant declines [1] - The aluminum, gold, rare earth, and real estate industries also performed poorly [1] - In contrast, sectors such as Moore Threads, commercial aerospace, robotics, and semiconductors showed strong performance [1] ETF Performance - The Jiashi Fund's S&P Biotechnology ETF rose by 3.85%, while the semiconductor equipment sector saw expanded gains in the afternoon [1] - The following ETFs in the semiconductor equipment sector also reported gains: the China Merchants Fund Semiconductor Equipment ETF (up 3.63%), Huatai-PB Fund's Sci-Tech Semiconductor Equipment ETF (up 3.14%), and the Sci-Tech Semiconductor ETF Penghua (up 3.09%) [1] - The humanoid robot sector experienced a surge, with the Invesco Great Wall Fund's Robot 50 ETF and the E-Fund Robot ETF both rising by 3% [1] Consumer Sector Decline - The consumer sector faced widespread declines, particularly in food and beverage, with the liquor ETF and food and beverage ETF falling by 1.58% and 1.33%, respectively [1] - The tourism sector also showed negative performance, with the tourism ETF down by 1.54% [1] - Long-term government bond ETFs also declined, with the 30-year government bond ETF from Bosera and another 30-year government bond ETF both down by 1.34% and 1.32%, respectively [1]

Core Viewpoint - The A-share market showed mixed performance with the Shanghai Composite Index slightly declining by 0.06%, while the Shenzhen Component Index and ChiNext Index increased by 0.4% and 1.01% respectively, indicating sector-specific movements in the market [1] Market Performance - The Shanghai Composite Index closed at 3875.79, down by 2.21 points or 0.06% [2] - The Shenzhen Component Index closed at 13006.72, up by 51.46 points or 0.40% [2] - The ChiNext Index closed at 3067.48, increasing by 30.70 points or 1.01% [2] - Overall market turnover was 156.17 billion, a decrease of 12.19 billion from the previous day [1] Sector Performance - The consumer sector weakened, with retail, catering, liquor, and e-commerce showing significant declines [1] - The aluminum, gold, and rare earth industries also performed poorly [1] - Strong performance was noted in sectors such as Moore Threads, commercial aerospace, robotics, and semiconductor concepts [1] ETF Performance - The technology ETF from Harvest Fund rose by 3.85%, with semiconductor equipment ETFs also showing strong gains [4] - The human-robot sector saw a broad rally, with ETFs like the Invesco Robotics 50 ETF increasing by 3% [4] - The consumer sector ETFs, particularly food and beverage, experienced declines, with the liquor ETF down by 1.58% and the food and beverage ETF down by 1.33% [4]

Market Overview - The three major A-share indices collectively rose in the morning session, with the Shanghai Composite Index up 0.04%, the Shenzhen Component Index up 0.35%, and the ChiNext Index up 0.76% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 10,402 billion yuan, a decrease of 354 billion yuan compared to the previous day [1] - Nearly 3,500 stocks in the market experienced declines [1] Sector Performance - The robotics industry chain was active, with embodied intelligence and Yushu Robotics leading the gains [1] - Commercial aerospace and low-altitude economy concept stocks also performed well [1] - Superhard materials, consumer goods, and AI wearable concept stocks weakened [1] ETF Performance - The humanoid robot sector saw a significant surge, with robot ETFs from E Fund, Invesco Great Wall, and Fuguo all rising by 3% [1] - The semiconductor equipment sector strengthened, with the Science and Technology Innovation Semiconductor ETF from Penghua, Huatai-PineBridge, and Huaxia rising by 2.82%, 2.71%, and 2.65% respectively [1] - The consumer goods sector experienced widespread declines, with food and beverage leading the drop, as the food and beverage ETFs fell by 1.58% and 1.33% respectively [1] - The tourism sector also saw declines, with the tourism ETF down by 1.15% [1] - Long-term government bond ETFs showed a downward trend, with the 30-year government bond ETFs from Bosera and others falling by 1.31% and 1.24% respectively [1]

Group 1 - The 30-year government bond ETF from Bosera (511130) has seen a slight increase of 0.04%, with the latest price at 106.34 yuan as of November 27, 2025. Over the past year, it has accumulated a rise of 1.87% [2] - The trading volume for the 30-year government bond ETF was active, with a turnover of 10.54% and a transaction value of 1.993 billion yuan. The average daily trading volume over the past week was 3.518 billion yuan [2] - The People's Bank of China (PBOC) conducted a 1 trillion yuan medium-term lending facility (MLF) operation with a one-year term on November 25, 2025. This marks the ninth consecutive month of increased MLF operations, with a net injection of 100 billion yuan for November [2] Group 2 - The latest scale of the 30-year government bond ETF from Bosera reached 18.934 billion yuan. However, there was a net outflow of 259 million yuan recently, with a total inflow of 725 million yuan over the past ten trading days [3] - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of government bonds with a 30-year maturity listed on the exchange [3]

Group 1 - The 30-year government bond ETF from Bosera has seen a slight increase of 0.08%, with the latest price at 107.53 yuan, and a cumulative increase of 4.18% over the past year as of November 20, 2025 [2] - The trading volume for the 30-year government bond ETF was 1.35%, with a total transaction value of 2.59 billion yuan, and an average daily transaction of 33.69 billion yuan over the past month [2] - On November 21, government bond futures opened mostly higher, with the 30-year main contract rising by 0.03% to 115.960 yuan, the 10-year contract up by 0.07% to 108.550 yuan, and the 5-year contract increasing by 0.02% to 105.935 yuan [2] Group 2 - The latest LPR (Loan Prime Rate) for 1 year is 3.0% and for 5 years and above is 3.5%, both remaining unchanged for six consecutive months, aligning with market expectations [2] - Despite a slight decline in major medium to long-term market interest rates, banks lack the incentive to lower LPR quotes due to historically low net interest margins [3] - The current scale of the 30-year government bond ETF from Bosera is 19.087 billion yuan, with a recent net outflow of 53.8008 million yuan, although there has been a net inflow of 757 million yuan over the last five trading days [3]