科创债发行规模突破1.7万亿元，科创债ETF招商（551900）最新规模突破224亿元新高

Group 1 - The core viewpoint of the articles highlights the growing interest in the Sci-Tech Bond ETFs, with total market size reaching 322.3 billion yuan as of December 24, and AAA-rated Sci-Tech Bond ETFs accounting for over 253.6 billion yuan, making it the largest bond index in the market [1] - The top Sci-Tech Bond ETFs are attracting significant capital, with the Sci-Tech Bond ETF from China Merchants (551900) seeing a net subscription of nearly 500 million yuan on December 24, and a cumulative net inflow of 3.461 billion yuan over the past five days [1] - The characteristics of the Sci-Tech Bond ETF from China Merchants include T+0 trading support, low annual management and custody fees of only 0.2%, inclusion in the pledge library and margin trading, and advantages of cross-market trading and physical redemption, which enhance investment efficiency and reduce transaction friction [1] Group 2 - Looking ahead to year-end, Western Securities believes that bond ETFs are likely to resonate with the recovery of underlying bond assets, benefiting from their dual attributes of trading flexibility and convenient allocation in a potentially volatile market [2] - According to Zhongzheng Pengyuan, while the excess returns for current Sci-Tech Bond investors are not significant, the overall quality of issuers is favorable, and the liquidity of high-rated issuers and ETF component bonds provides a safety margin for asset allocation [2] - As the Sci-Tech Bond market expands, the differentiation in issuer quality may open up spread opportunities [2]