科创债ETF推出在即，如何看待

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The launch of Science and Technology Innovation Bond ETFs is imminent, which will enrich the credit bond ETF product line and institutional investment tools. Their approval, listing, and scale expansion will help compress the liquidity premium of science and technology innovation bonds, benefiting the performance of this bond type. Investment opportunities are worth attention, but there are also disturbing factors such as valuation distortion, redemption pressure, and changes in risk preference [1][50] - Last week, the stock market's consecutive gains pushed up market risk appetite, leading to an upward trend in most credit bond yields. The issuance of corporate credit bonds increased, with urban investment bonds turning to net financing. In the secondary market, medium - and short - duration bonds were actively traded, and long - duration bond trading increased slightly [2][3][4] Summary by Directory Credit Hotspots: How to View the Imminent Launch of Science and Technology Innovation Bond ETFs - Policy support encourages the launch of science and technology innovation bond ETFs. On June 18, the first batch of 10 science and technology innovation bond ETFs were collectively submitted, and they are expected to be approved and issued soon [10] - The science and technology board in the bond market has promoted the rapid expansion of science and technology innovation bonds. As of June 27, the balance of the science and technology innovation bond market reached 2.45 trillion yuan, with exchange - listed science and technology innovation corporate bonds accounting for 57.39% [11] - The first batch of science and technology innovation bond ETFs tracks three types of indexes. The underlying assets are mainly high - grade state - owned enterprise bonds, with a medium - to short - term maturity structure. The index performance shows stable returns and low volatility [13][16][32] - Due to institutional pre - arrangement for ETF construction, the valuation of science and technology innovation bond index component bonds and non - component bonds has diverged. Component bond yields have declined faster than those of general credit bonds, exchange - traded science and technology innovation bonds have declined faster than inter - bank ones, and component bond yields of the same issuer have declined faster than non - component bonds [37][38][44] Market Review: The Consecutive Gains in the Stock Market Pushed Up Market Risk Appetite, and Most Credit Bond Yields Rose - From June 20 to June 27, 2025, the central bank maintained a stable end - of - quarter capital market. The stock market's breakthrough of the previous high increased market risk appetite, causing a slight adjustment in the bond market. Interest - rate bond yields at the short end declined, while those at the long end rose. Most credit bond yields also increased, with the yields of AAA - rated bonds rising by about 2BP, and medium - and short - term notes performing better than urban investment bonds. The yields of secondary perpetual bonds generally rose by about 2BP, with a relatively larger adjustment in the 7 - 10Y segment [2] - Most median industry spreads of public bonds and urban investment bonds in each province increased, with the spread in Yunnan rising by more than 4BP [2] Primary Issuance: The Issuance of Corporate Credit Bonds Increased, and Urban Investment Bonds Turned to Net Financing - From June 23 to June 27, 2025, the total issuance of corporate credit bonds was 413.9 billion yuan, a 24% increase from the previous period. The total issuance of financial credit bonds was 67.5 billion yuan, a 61% decrease. Corporate credit bonds had a total net financing of 103.9 billion yuan, with urban investment bonds having a net financing of 16.9 billion yuan, turning from continuous net repayment to net financing [3][75] - In terms of issuance interest rates, the average issuance interest rates of medium - and short - term notes increased slightly except for AA +, and the average issuance interest rates of corporate bonds decreased except for AAA [3] Secondary Trading: Medium - and Short - Duration Bonds Were Actively Traded, and Long - Duration Bond Trading Increased Slightly - Active trading entities are mainly medium - to high - grade, medium - and short - term, central and state - owned enterprises. Urban investment bond trading entities are divided into two types: mainstream high - grade platforms in economically strong provinces and core platforms in regions with relatively high spreads in large economic provinces. Real estate bond trading entities are mainly AAA - rated, with a trading term of 1 - 3 years. Private enterprise bond trading entities are also mainly AAA - rated, with medium - to short - term trading terms [4][85] - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 2% to 4% compared to the previous week [4]