Group 1 - The first batch of Sci-Tech Innovation Bond ETFs, specifically the Harvest CSI AAA Sci-Tech Innovation Corporate Bond ETF, is set to begin its initial fundraising on July 7 [1] - The ETF tracks the CSI AAA Sci-Tech Corporate Bond Index, which includes bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen stock exchanges [1] - The index aims to reflect the overall performance of AAA-rated technology innovation corporate bonds, primarily issued by state-owned enterprises, central enterprises, and high-quality private technology companies [1] Group 2 - As of June 29, the index has shown historical returns of 5.5% for 2023, 6.0% for 2024, and 3.81% for the past year, indicating relatively strong performance [1] - The proposed fund manager, Wang Zhe, has 11 years of financial industry experience, including 8 years in fixed income investment, and has managed various investment products [2] - Wang Zhe emphasizes that the current domestic economic transformation provides a rich and high-quality asset base for Sci-Tech bond investments, with the CSI AAA index having a stronger capacity for future development compared to similar indices [2]

分行业看，今日换手率超5%的个股中，所属医药生物行业个股最多，有21只个股上榜；电子、机械设 备等紧随其后，分别有15只、9只个股上榜。 资金流向方面，高换手率个股中，有32股今日获主力资金净流入，净流入金额较多的有汇宇制药、热景 生物、大全能源，净流入金额分别为1.19亿元、7962.57万元、5574.89万元，净流出金额较多的有源杰 科技、炬芯科技、容百科技，净流出金额分别为8245.35万元、8241.45万元、7090.39万元。 从杠杆资金动向看，高换手个股中，共50股近期获杠杆资金净买入，统计显示，截至7月3日，近5日融 资余额增加较多的有科兴制药、微芯生物、瑞可达等，分别增加9752.37万元、9261.48万元、7635.42万 元；融资余额减少金额较多的有荣昌生物、海博思创、广大特材等，分别减少6023.81万元、5671.12万 元、3749.73万元。 科创50指数今日下跌0.01%，报收984.80点，科创板全日成交量29.73亿股，成交额1024.15亿元，加权平 均换手率为1.67%。 证券时报·数据宝统计显示，今日可交易科创板股中，126只股收盘上涨，涨幅超过10%的有5只，涨 ...

Core Insights - The launch of the Science and Technology Innovation Bonds (科创债) has attracted various participants, with a total issuance of 419 bonds amounting to over 620 billion yuan as of July 3, 2025 [2] - Large banks are leading the issuance, while small and medium-sized banks are also entering the market, increasing the number of issuers to 11 [2] - The credit ratings of the issuers are predominantly high, with most rated AAA, and the interest rates for small and medium-sized banks are higher compared to large banks [2][4] Issuance Overview - As of June 30, 2025, policy banks and state-owned banks are the main issuers, with the China Development Bank issuing 3 bonds totaling 20 billion yuan, and major state-owned banks collectively issuing 1.1 billion yuan [4] - The issuance scale of various banks includes 550 billion yuan from joint-stock banks and 391 billion yuan from city and rural commercial banks [4][5] - The issuance of floating-rate bonds has also been noted, with Sichuan Bank issuing the first floating-rate 科创债 [5] Interest Rates - The overall interest rates for 科创债 are relatively low, with the weighted average interest rate for commercial banks decreasing by 5 basis points [6] - The lowest rates are observed in the China Development Bank's bonds, with rates as low as 1.17% for short-term bonds [6] - Small and medium-sized banks face higher issuance rates, with some reaching up to 1.95% [6] Fund Utilization - The funds raised through 科创债 are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises [7] - Major banks have a consistent focus on issuing 科创债 for technology loan disbursement, while some joint-stock and city commercial banks also invest in technology innovation bonds [7] Future Trends - There is potential for innovation in bond products and expansion of issuers in the 科创债 market, with banks likely to introduce more flexible bond terms [8] - Small and medium-sized banks are expected to design issuance plans that align with local industry characteristics and technology enterprise funding needs [8]

策略配置 2025 年 7 月 4 日 多元资产月报（2025 年 7 月） 全球市场风险偏好逐步回升 证券分析师 | 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 刘璐 | 投资咨询资格编号 | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 郑子辰 | 投资咨询资格编号 | | | S1060521090001 | | | ZHENGZICHEN160@pingan.com.cn | | 陈潇榕 | 投资咨询资格编号 | | | S1060523110001 | 研究助理 平安观点： 策 略 报 告 策 略 月 报 证 券 研 究 报 告 CHENXI ...

Group 1 - The average stock price of the Sci-Tech Innovation Board is 30.66 yuan, with 38 stocks priced over 100 yuan, and the highest priced stock is Cambricon at 547.47 yuan [1][2] - Among the stocks priced over 100 yuan, 126 stocks increased in price today, while 456 stocks decreased, with an average increase of 0.47% for the hundred-yuan stocks [1][2] - The average premium of the hundred-yuan stocks relative to their issue price is 342.63%, with the highest premiums from Baili Tianheng, Anji Technology, and Hotgen Biotech at 1143.52%, 1134.82%, and 938.74% respectively [1][2] Group 2 - The net outflow of main funds from the hundred-yuan stocks today totaled 3.56 billion yuan, with the highest net inflows from Hotgen Biotech, Zhongwei Company, and Chip Source at 7962.57 million yuan, 6166.17 million yuan, and 4054.76 million yuan respectively [2] - The total margin balance for the hundred-yuan stocks is 262.17 billion yuan, with the highest margin balances held by Cambricon, Haiguang Information, and Zhongwei Company at 43.37 billion yuan, 36.53 billion yuan, and 27.35 billion yuan respectively [2] - The hundred-yuan stocks are concentrated in the electronics, pharmaceutical biology, and computer industries, with 20, 8, and 5 stocks respectively [1][2]

据了解，上证科创板综合价格指数由上海证券交易所符合条件的科创板上市公司证券组成指数样本，反 映上海证券交易所科创板上市公司证券的整体表现。该指数以2019年12月31日为基日，以1000.0点为基 点。 金融界7月4日消息，A股三大指数收盘涨跌不一，上证科创板综合价格指数 (科创价格，000681)下跌 0.33%，报1175.06点，成交额1024.15亿元。 数据统计显示，上证科创板综合价格指数近一个月上涨3.76%，近三个月上涨2.20%，年至今上涨 8.60%。 从指数持仓来看，上证科创板综合价格指数十大权重分别为：海光信息（4.65%）、寒武纪 （3.38%）、中芯国际（2.53%）、金山办公（1.86%）、百利天恒（1.77%）、中微公司（1.64%）、联 影医疗（1.54%）、澜起科技（1.39%）、传音控股（1.29%）、华润微（0.93%）。 从上证科创板综合价格指数持仓的市场板块来看，上海证券交易所占比100.00%。 从上证科创板综合价格指数持仓样本的行业来看，信息技术占比49.35%、工业占比24.48%、医药卫生 占比17.77%、原材料占比3.33%、可选消费占比2.34%、通信服 ...

Market Performance Summary - The Shanghai Composite Index closed at 3472.32 points, up by 0.32% [1] - The Shenzhen Component Index closed at 10508.76 points, down by 0.25% [1] - The ChiNext Index closed at 2156.23 points, down by 0.36% [1] - The CSI 300 Index closed at 3982.20 points, up by 0.36% [1] - The STAR 50 Index closed at 984.80 points, down by 0.01% [1] - The CSI 500 Index closed at 5911.44 points, down by 0.19% [1] - The CSI 1000 Index closed at 6312.20 points, down by 0.48% [1]

中国上证综指7月4日（周五）收盘上涨11.17点，涨幅：0.32%，报3472.32点； 中国深证成指7月4日（周五）收盘下跌25.82点，跌幅：0.25%，报10508.76点； 中国沪深300指数7月4日（周五）收盘上涨14.14点，涨幅：0.36%，报3982.2点； 中国创业板指数7月4日（周五）收盘下跌7.85点，跌幅：0.36%，报2156.23点； 中国科创50指数7月4日（周五）收盘下跌0.15点，跌幅：0.02%，报984.80点。 ...

Market Performance - The Shanghai Composite Index closed at 3475.24 points, up 0.41% [1] - The Shenzhen Component Index closed at 10540.00 points, up 0.05% [1] - The ChiNext Index closed at 2168.03 points, up 0.18% [1] - The CSI 300 Index closed at 3984.53 points, up 0.41% [1] - The STAR 50 Index closed at 984.02 points, down 0.09% [1] - The CSI 500 Index closed at 5926.84 points, up 0.07% [1] - The CSI 1000 Index closed at 6339.29 points, down 0.05% [1] Year-to-Date Performance - The Shanghai Composite Index has increased by 3.68% year-to-date [2] - The Shenzhen Component Index has increased by 1.20% year-to-date [2] - The ChiNext Index has increased by 1.23% year-to-date [2] - The CSI 300 Index has increased by 1.26% year-to-date [2] - The CSI 500 Index has increased by 3.51% year-to-date [2] - The CSI 1000 Index has increased by 6.40% year-to-date [2] - The STAR 50 Index has decreased by 0.50% year-to-date [2] - The CSI 2000 Index has increased by 14.81% year-to-date [2]

Group 1 - The Shanghai Composite Index showed positive performance on July 4, with power and banking sectors leading the gains, while the STAR Market experienced a decline with the STAR 100 and STAR Composite Index dropping over 0.5% [1] - The Shanghai Stock Exchange, in collaboration with relevant departments, has initiated a series of promotional activities for the STAR Market reform "1+6" policy in major cities and technology hubs, with over 420 participants from government departments, key technology enterprises, and securities firms [1] - The government representatives indicated that China's technological innovation is transitioning from quantitative accumulation to qualitative leaps, and the STAR Market reform is moving from a "testing ground" to a "demonstration field" for high-quality development [1] Group 2 - The outlook for the STAR Market is positive, with an increasing variety of investment tools available, including the STAR Composite Index ETF, which has gained significant market traction [2] - The STAR Composite Index ETF from Huaxia has seen active trading, with an average daily turnover of 165 million yuan over the past week as of July 3, leading its peers [2] - The previously launched STAR 50 ETF and STAR 100 ETF from Huaxia have also received market recognition, with the STAR 100 ETF being highlighted for its potential to capture rebounds in a bullish equity market due to its focus on core strengths of the STAR Market [2]