科创债进攻性如何？

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The primary market for science and technology innovation bonds continues to grow at a high - speed. The secondary market's performance is closely tied to the capital flow of science and technology innovation bond ETFs, with short - term bonds expected to remain volatile. High - grade medium - and short - term bonds in hard - tech fields such as communications and pharmaceuticals will continue to receive liquidity premiums [2][4] Summary by Directory I. How Aggressive are Science and Technology Innovation Bonds? 1. Primary Issuance Scale and Structure - The primary market for science and technology innovation bonds maintains a high - speed growth trend. From January 12 to January 16, 2026, the new supply scale of science and technology innovation bonds reached 58.92 billion yuan, with bonds with a term of less than 1 year accounting for about 60%. The overall market demand for new science and technology innovation bonds has recovered, but the subscription enthusiasm is still lower than that of non - science and technology credit bonds [2][12] 2. Secondary Trading Activity and Pricing - Rating and Industry Distribution: The ratings of outstanding science and technology innovation bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 73.3%, and AA - rated medium - quality individual bonds account for 22.4%. The industry distribution is dominated by traditional industries, and bonds in construction decoration, public utilities, and comprehensive industries account for 38.7%. Textile and apparel, pharmaceutical biology, communications, power equipment, and non - banking finance industries have an excess spread of over 9bp compared to all credit bonds in the industry [3][19] - Liquidity: In late December 2025, the science and technology innovation bond ETF had a volume - boosting market, which strongly pushed up the turnover rate of component bonds. However, at the beginning of 2026, continuous capital outflows caused the turnover rate of science and technology innovation bonds to drop to 1.65% [3][26] - Yield: Due to the partial alleviation of negative factors affecting the bond market such as the "seesaw effect" of the stock market and the disappointment of monetary easing expectations, the average yield of high - grade science and technology innovation bonds on the exchange with a term of 1 - 3 years has dropped to 1.94%. The price of 3 - 5 - year bonds fluctuated in a narrow range, which is related to the ETF capital outflows during the week [3][29] - Internal Pricing of Bond Types: In the latest week, the spread between the component bonds and non - component bonds of the science and technology innovation bond index has marginally increased to 20.2bp, and the spread between inter - bank bonds and component bonds has also widened to 5.1bp. For 1 - 3 - year bonds, there is still a compression space of 17bp between inter - bank bonds and index component bonds [4][33]