国泰海通｜固收：科创债ETF如何投：投资价值和优选策略

Group 1 - The core viewpoint of the article emphasizes the rapid expansion and future potential of the Sci-Tech bond market, driven by policy support and market dynamics [1][4]. - The development of the Sci-Tech bond market has gone through three phases: 1) the Double Innovation Bond phase (2015-2021), 2) the Sci-Tech Bond phase (2022-2025), and 3) the Sci-Tech Board phase starting from May 2025 [1]. - As of June 2025, the cumulative issuance of new Sci-Tech bonds under the new guidelines has exceeded 585 billion, accounting for nearly 50% of the expected total issuance for 2024 [1]. Group 2 - The first batch of Sci-Tech bond ETFs has completed fundraising, with 10 ETFs launched by July 7, 2025, tracking high-rated public technology innovation company bonds [2]. - The average market duration of the tracked indices for AAA-rated technology innovation company bonds is approximately 3.75, 3.81, and 3.27 for different exchanges, with a total sample bond balance exceeding 1 trillion [2]. Group 3 - The introduction of Sci-Tech bond ETFs is expected to enhance the risk-return profile of investment portfolios, particularly in the context of the growing trend of passive investment in the domestic bond market [3]. - The rapid growth of credit bond ETFs since May 2025 has led to a significant increase in the overall market size, driven by positive feedback trading and expectations of policy benefits [4]. - The combination of risk-sharing, expansion of issuers, and innovative tools in the current Sci-Tech bond phase aims to better meet the real needs of technological innovation [1][4].