Core Viewpoint - The launch of the Guangfa Fund's Sci-Tech Bond ETF (subscription code: 511123, on-market code: 511120) aims to provide a new channel for individual and institutional investors to efficiently allocate to sci-tech bonds, filling a gap in the market for on-market technology financial bond funds [1] Group 1: ETF Launch and Features - The ETF has an initial fundraising cap of 3 billion yuan, with an "end-of-day proportional confirmation" mechanism for oversubscription [1] - It tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, selecting bonds with AAA ratings and implied ratings of AA+ and above [1] - As of June 30, the index's constituent bonds exceeded 850 billion yuan, with over 99% issued by central and state-owned enterprises, indicating strong credit quality and significant capacity for expansion [1] Group 2: Performance and Market Context - Since its base date on June 30, 2022, the index has seen a net value growth of 14.39%, outperforming the Wind medium to long-term pure bond index, which grew by 10.02% during the same period [1] - The total stock of sci-tech bonds reached 1.13 trillion yuan by the end of May, a 24% increase from the end of 2024, with AAA-rated bonds making up 97% and central/state-owned enterprises accounting for 98% of issuers [1] Group 3: Market Sentiment and Future Outlook - Demand for sci-tech bonds has significantly increased since May, with 72.54% of new issuances being undervalued compared to non-sci-tech bonds with similar maturities [2] - The introduction of the ETF is expected to compress the liquidity premium of sci-tech bonds, benefiting their performance and creating investment opportunities [2] - The management and custody fees for the Guangfa Sci-Tech Bond ETF are only 0.2% per year, lower than similar actively managed bond funds, facilitating low-cost allocation for investors [2]
科创债ETF广发(认购代码：511123)今日开售！首募规模上限30亿元，低门槛布局“硬科技债券”
Sou Hu Cai Jing·2025-07-07 00:44