交投旺盛，科创债 ETF 迎来发展机遇

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, with policy focus, the "technology board" of the bond market has accelerated its progress. On July 17, the first batch of Sci - tech Bond ETFs were collectively listed. The Sci - tech Bond ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, spread compression potential, and suitability for certain types of investors [1][8][9]. - The Sci - tech Bond ETFs have differences from other mainstream ETFs in terms of sample range, sample rating, and sample remaining term, and the Shanghai AAA Sci - tech Bond Index has the characteristics of high return, low volatility, and low drawdown [4]. - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both stable - allocation investors and stock - bond portfolio rotation strategies [5]. 3. Summary According to the Catalog 3.1 How to Evaluate the Investment Value of Sci - tech Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Sci - tech Bond ETF products, 6 track the China Securities AAA Sci - tech Bond Index, 3 track the Shanghai AAA Sci - tech Bond Index, and 1 tracks the Shenzhen AAA Sci - tech Bond Index. The Shanghai AAA Sci - tech Bond Index has better sample subject qualifications, a relatively larger sample size, and uses physical redemption [11]. - The industry distributions of the China Securities AAA Sci - tech Bond Index, Shanghai AAA Sci - tech Bond Index, and Shenzhen AAA Sci - tech Bond Index are similar and highly concentrated. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, in bear markets, the yield of sci - tech bonds has increased 3BP less than that of medium - term notes and short - term financing bills; in bull markets, it has decreased 6BP more. The policy attributes of sci - tech bonds provide strong support for their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating narrowly in the range of 1.63% - 1.73% for over 2 months. The 3 - year and 5 - year AAA - rated sci - tech bonds still have an excess spread of 29BP and 5BP compared to medium - term notes of the same term and rating, and their yield levels are still attractive [2][22]. 3.1.4 High Correlation between Sci - tech Bond Index and Dividend Index: Suitable for Conservative Allocation - Oriented Investors - The Shanghai AAA Sci - tech Bond Index has a strong positive correlation with the Shanghai Dividend Index, with a correlation coefficient of 0.56. Sci - tech Bond ETFs are more suitable for conservative allocation - oriented investors and those who prefer stable high - coupon income [3][25]. 3.2 Comparison between Sci - tech Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Sci - tech Bond ETFs, as a new listing category, differ from other mainstream ETFs in sample range, sample rating, and sample remaining term. For example, the ChinaBond 7 - 10 - year Policy Financial Bond Index and the Shanghai 10 - year Treasury Bond (Net) Index have no restrictions on sample ratings, while the Shanghai Market - Making Corporate Bond Index and the Shanghai AAA Sci - tech Bond Index require high - credit - rated bonds [30][31]. 3.2.2 The Index Tracked by Sci - tech Bond ETFs Has High Return, Low Volatility, and Low Drawdown - The Shanghai AAA Sci - tech Bond Index has the highest annualized return (5.41%), relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) among the four indexes [38][39]. 3.3 Introduction to Sci - tech Bond ETF Products 3.3.1 Product Information of GF Sci - tech Bond ETF - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Sci - tech Bond Index. As of July 17, 2025, its liquid scale is 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading, has no subscription and redemption limits, and allows "T + 0" real - time trading. It also has a cash dividend mechanism, providing flexibility and predictable cash flow for investors [46][47]. 3.3.3 The Index Tracked by the ETF Has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Sci - tech Bond Index has a medium - to - short duration, with bonds with a maturity of less than 5 years accounting for 80% of the total scale and a weighted average duration of 4.40 years. The component bonds are mainly of high - credit rating, and the top four industries account for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make It Suitable for Stock - Bond Rotation Strategies - The ETF is suitable for stable - allocation investors and stock - bond portfolio rotation strategies due to its low credit risk, stable coupon income, anti - drawdown ability, low correlation with the Shanghai Composite Index, and good secondary - market liquidity [5][55].