科创债ETF异军突起，6000亿资金追逐的背后

Core Viewpoint - The bond ETF market, particularly the Sci-Tech bond ETFs, has experienced rapid growth, reaching a scale of nearly 350 billion yuan within just six months, indicating a significant shift in investor interest towards bond ETFs as compared to stock ETFs [1][6]. Group 1: Market Growth - As of December 30, 2025, the total scale of bond ETFs reached 813.26 billion yuan, representing a growth of over 360% since the beginning of the year [4]. - The rapid influx of funds into Sci-Tech bond ETFs has driven the overall credit bond ETF scale close to 600 billion yuan [5][6]. - The first batch of 10 Sci-Tech bond ETFs launched in July 2025 sold out on the first day, showcasing high market demand [7]. Group 2: Factors Driving Popularity - The growth of Sci-Tech bond ETFs is attributed to several factors, including supportive policies, product advantages, and the attractiveness of underlying assets [9]. - The introduction of the "Technology Board" policy in May 2025 laid the groundwork for the launch of Sci-Tech bond ETFs [10]. - The product features such as T+0 trading, pledge repurchase capability, low fees, and high transparency align well with institutional investors' needs [11]. Group 3: Underlying Assets - Sci-Tech bond ETFs primarily invest in credit bonds issued by technology innovation institutions or those focused on technology innovation, with a majority being AAA-rated bonds from state-owned enterprises [13]. - The AAA Sci-Tech bond index tracked by the Jia Shi Sci-Tech bond ETF has shown an annualized return of 4.11% since its base date, with a low annualized volatility of 1.02%, outperforming many short and medium-term bond funds [13]. Group 4: Target Investors - Sci-Tech bond ETFs are suitable for specific types of investors, particularly institutional investors looking to optimize asset allocation [15][16]. - Long-term funds such as pensions, insurance, and bank wealth management products are using these ETFs as core underlying assets for asset-liability matching and liquidity management [17]. - For individual investors seeking stability, Sci-Tech bond ETFs offer a less volatile investment option compared to direct stock market investments, along with regular coupon income [18].