填补“科技金融”债券ETF的空白 景顺长城上报首批科创债ETF

Core Viewpoint - The launch of the first batch of Sci-Tech Bond ETFs by multiple fund companies marks a significant step in enhancing the bond market's support for technological innovation in China, aligning with the regulatory push for stronger bond-stock linkage to facilitate financing for tech enterprises [1][2][4]. Group 1: Policy and Market Development - The People's Bank of China and the China Securities Regulatory Commission introduced a comprehensive policy package on May 7, 2025, to support the issuance of Sci-Tech bonds, including flexible bond terms and simplified disclosure processes [2]. - The scale of Sci-Tech bonds has expanded rapidly, with their proportion of total corporate bonds increasing from 1% to 10% since 2023, reflecting a tenfold growth in issuance [2]. Group 2: Fund and Investment Dynamics - As of early June 2025, the total scale of bond ETFs in China exceeded 300 billion, with significant growth in the number of bond ETFs launched this year [3]. - The upcoming Sci-Tech Bond ETFs are expected to enhance liquidity and recognition in the market, potentially lowering financing costs for companies issuing these bonds [2][3]. Group 3: Future Outlook - The current monetary policy environment is conducive to bond investment, with expectations of continued support for credit bonds due to a shift towards a moderately loose monetary policy [4]. - The introduction of Sci-Tech Bond ETFs by firms like Invesco Great Wall is seen as a strategic move to strengthen their product offerings and enhance their competitive edge in the fixed income market [4].