来了！首批10只，明日上市！

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) was collectively listed on July 17, attracting nearly 30 billion yuan in subscriptions, providing investors with an efficient investment tool for the science and technology bond market [2][5]. Group 1: Launch and Market Response - The launch of the first batch of Science and Technology Innovation Bond ETFs was completed in just one month, from product submission to listing [5]. - The rapid pace of the launch reflects strong support from the capital market for technology finance and highlights the high level of engagement from fund companies and other participants [5]. - Institutional investors were the main subscribers for the first batch, with over 90% of holdings in eight of the ETFs being held by institutions [6][7]. Group 2: Investor Composition and Strategy - The top ten holders of the ETFs are all institutional investors, including trusts, brokerages, banks, and pension products, with Industrial Bank being the largest holder of five ETFs [7]. - The ETFs primarily consist of AAA-rated credit bonds, allowing institutions to easily allocate funds without the need for extensive credit research, thus reducing operational costs [7]. - Despite being primarily subscribed by institutions, these ETFs are suitable for various types of investors, as they aim to assist in asset allocation strategies [8]. Group 3: Market Impact and Future Outlook - The listing of the Science and Technology Innovation Bond ETFs is expected to enhance liquidity and attract more investors, thereby increasing market activity [10]. - The ETFs will operate under a T+0 trading mechanism and a physical redemption model, which will efficiently meet investors' allocation and trading needs [10]. - There is an anticipated increase in demand for credit bonds following the launch, with expectations of continued subscription activity in the near term [11].