周四上市！养老金已大手笔买入

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) has seen rapid issuance and strong demand, with a total fundraising scale of nearly 290 billion yuan within a single day of issuance [3][5]. Group 1: Issuance and Approval Process - The entire process from application, approval, issuance, to listing of the first batch of 10 Science and Technology Innovation Bond ETFs took approximately one month [3]. - The China Securities Regulatory Commission (CSRC) approved the first batch of 10 Science and Technology Innovation Bond ETFs on July 2, 2023, with each fund having a fundraising cap of 30 billion yuan [3]. - On July 7, 2023, all 10 ETFs completed fundraising in one day, with a total issuance scale reaching 289.88 billion yuan [3]. Group 2: Institutional Investors - Institutional investors have emerged as significant buyers of the first batch of Science and Technology Innovation Bond ETFs, with over 90% of holdings in eight ETFs attributed to institutional investors as of July 10, 2023 [5]. - The top ten fund holders of the first batch of ETFs are all institutional investors, including trusts, brokerages, and banks [5]. - Notable purchases include over 1.3 billion yuan held by Guotou Securities and Jianxin Trust in the 富国科创债ETF [5]. Group 3: Growth of Bond ETFs - The establishment of the first batch of Science and Technology Innovation Bond ETFs has propelled the total scale of bond ETFs to over 400 billion yuan, reaching 427.42 billion yuan as of July 11, 2023 [8]. - The bond ETF market has seen rapid growth, with the total scale surpassing 1 trillion yuan for the first time in May 2024, and further growth to 2 trillion yuan in February 2023, and 3 trillion yuan in June 2023 [8]. - The number of bond ETFs with scales exceeding 100 billion yuan has significantly increased, with several ETFs now exceeding 500 billion yuan in scale [8]. Group 4: Market Trends - The explosive growth of bond ETFs is attributed to the decreasing interest rates, making alpha returns from bonds harder to achieve, leading institutions to shift towards beta management and low-cost passive investment products [9]. - Public funds are motivated to develop bond ETFs due to competitive pressures, indicating a trend towards bond index investment in the future [9].