国泰海通｜固收：第二批科创债ETF如何筛选：三个维度与一个变量——被动指数债基系列专题七

Core Viewpoint - The second batch of Sci-Tech Innovation Bond ETFs is set to be issued, with rapid expansion in scale enhancing liquidity and pricing efficiency in the market [1][2]. Group 1: Market Expansion and Product Details - As of September 8, 2025, the total scale of the first batch of 10 Sci-Tech Innovation Bond ETFs has exceeded 120 billion yuan, representing a growth of over 300% from the initial fundraising amount [1]. - The second batch consists of 14 Sci-Tech Innovation Bond ETFs, which received approval on September 8, 2025, and will be launched on September 12, 2025 [1]. - The introduction of new products is expected to further enrich investor choices and enhance market liquidity and pricing efficiency, thereby increasing the activity level of the Sci-Tech Innovation Bond ETF market [1]. Group 2: Competitive Landscape and Management Strength - The second batch of Sci-Tech Innovation Bond ETFs will face heightened competition, necessitating stronger capabilities in fixed income management, company empowerment, and ETF operation from the issuers [2]. - Huatai-PineBridge Fund stands out among the issuers, leading in the aforementioned areas. As of the end of Q2 2025, Huatai-PineBridge's assets under management exceeded 1 trillion yuan, with bond fund assets surpassing 260 billion yuan [2]. - The firm has also achieved an ETF management scale exceeding 100 billion yuan, ranking it among the top issuers in this category [2]. Group 3: Fund Management and Performance - The performance of actively managed pure bond funds in 2025 has shown that short-term bonds outperform medium to long-term bonds, and credit bonds outperform interest rate bonds [12]. - During the recent market adjustment, the decline in the value of Sci-Tech Innovation Bond ETFs was less severe compared to other interest rate bond ETFs, indicating better market resilience [12]. - The liquidity of bond ETFs is expected to continue improving as the current market environment stabilizes [12]. Group 4: Regulatory Changes and Future Opportunities - New sales fee regulations issued by the China Securities Regulatory Commission on September 5, 2025, are anticipated to create greater development opportunities for bond ETFs [17]. - The proposed changes in redemption fees may lead to a shift in institutional investment from interest rate bond funds to bond ETFs, enhancing the latter's growth prospects [17].