首批10只科创债ETF一日结募，后续持营成真正“赛场”

Core Viewpoint - The launch of the first batch of Sci-Tech Bond ETFs by ten public funds marks a significant innovation in the bond ETF market, reflecting strong market interest and institutional backing [1][5][6]. Group 1: Market Dynamics - Ten public funds, including major players like China Southern and E Fund, launched Sci-Tech Bond ETFs, with seven companies completing fundraising on the same day [1][5]. - The fundraising for these ETFs was primarily driven by institutional investors, with many companies opting for a one-day fundraising period to expedite listing [1][5]. - The rapid issuance of these ETFs is a response to policy support from the central bank and the China Securities Regulatory Commission (CSRC), which aims to accelerate the development of the Sci-Tech bond market [5][6]. Group 2: Product Characteristics - The Sci-Tech Bond ETFs are designed to fill a gap in the public fund market for technology-related bond products, providing essential funding support for innovative enterprises [6]. - The ETFs are expected to enhance the liquidity of Sci-Tech bonds and enrich investment tools for the Sci-Tech theme, thereby promoting the rapid development of China's technology innovation sector [6][9]. - The underlying assets for these bonds are expected to be of high quality, driven by the ongoing transformation and upgrading of the domestic economy [6][9]. Group 3: Industry Growth - The bond ETF market has seen significant growth, with the total scale surpassing 350 billion yuan by June 30, 2023, up from 200 billion yuan in February [7]. - The introduction of credit bond ETFs earlier in the year has revitalized the bond ETF market, with some products now exceeding 10 billion yuan in scale [7][8]. - Despite the rapid growth, the bond ETF market remains relatively underdeveloped compared to stock ETFs, presenting opportunities for expansion and increased market share [8]. Group 4: Future Outlook - The largest bond ETF, the China Universal 7-10 Year Policy Financial Bond ETF, has grown to over 50 billion yuan, indicating strong investor interest [8][9]. - The macroeconomic environment is expected to maintain low interest rates, which may support a continued bullish trend in the bond market [9]. - The successful commercialization of research outcomes from Sci-Tech bond issuers could enhance their profitability, positively impacting bond values and ETF net asset growth [9].