国泰海通 · 深度｜固收：科创债ETF如何投：投资价值和优选策略

Core Viewpoint - The rapid expansion of the Sci-Tech bond market is expected to continue, driven by policy incentives and the introduction of new financial products like the Sci-Tech bond ETFs, which will enhance the market's ability to support technological innovation [4][7][28]. Group 1: Development Stages of Sci-Tech Bonds - The development of the Sci-Tech bond market has gone through three main stages: 1) The Double Innovation Bond stage (2015-2021), 2) The Sci-Tech Bond stage (2022-2025), and 3) The Debt Market Sci-Tech Board stage (from May 2025) [4][9][18]. - The cumulative issuance of new Sci-Tech bonds has exceeded 585 billion yuan as of June 2025, accounting for nearly 50% of the expected total issuance for 2024 [4][19]. - The current Sci-Tech bond stage (3.0) is characterized by a policy shift that enhances market access and credit quality, with a significant increase in the issuance of bonds from private enterprises [4][21]. Group 2: Introduction of Sci-Tech Bond ETFs - The first batch of 10 Sci-Tech bond ETFs was successfully raised, with a total initial funding of approximately 29 billion yuan, indicating strong market interest [5][28]. - These ETFs track high-rated public Sci-Tech bonds and are expected to enhance the liquidity and attractiveness of the bond market [5][29]. - The average duration of the indices tracked by these ETFs is around 3.75 to 3.81 years, with a total sample bond balance exceeding 1 trillion yuan [5][30]. Group 3: Market Dynamics and Future Outlook - The short-term market dynamics, including a "抢券" (coupon-snatching) phenomenon, are favorable for the issuance and expansion of these products, while long-term growth will depend on sustained policy support [7][51]. - The proportion of private enterprises in the newly issued Sci-Tech bonds has increased to 9.2%, up from 3.7% in previous issuances, reflecting a positive trend towards diversification in the bond market [21][26]. - The average remaining maturity of newly issued Sci-Tech bonds is concentrated in the short to medium term, with about 60% having a remaining term of 1-3 years [26][35].