鹏华"科创中国·灯塔基金"系列 料创债ETF鹏华 #551033 #551030 *** 张羊城、王中兴 7月7日 正式发行 什么是酒创债? 债市"科技板"启航,科创债投资正当时 & 鹏华基金 01 我国科创债起步于2016年双创债试点，2022年起科创公 司债、科创票据加速扩容，已经形成万亿级别市场。 2025年政策进一步发力,3月6日央行首提债券市场"科 技板"概念,4月25日政治局会议再提债市"科技板"。 5月7日,债市"科技板"正式推出,我国科创债市场进 入新的发展阶段。监管部门不断出台优化支持举措,提 高发行效率,为科技创新企业通过债市融资提供便利。 ■早■ 债劳拾数与家 "债"攀科创高地 服务科技创新 鹏华科创债ETF:"债"写科技,金融强国 鹏华上证AAA科技创新公司债 交易型开放式指数证券投资基金 此外,在加快发展新质生产力的背景下,我国科创企业 的融资需求也更加旺盛,科创债精准支持产业升级,备 受市场欢迎。带动了我国科创债市场的快速扩容。在科 创债市场扩容的背景下,鹏华基金相应国家政策,积极 开发科创债ETF产品,服务实体经济。 科创债ETF契合国家科技创新战 略,引导资金流向前沿科技领 域 ...

Core Viewpoint - The Tiankai Innovation Demonstration Industrial Park in Nankai District, Tianjin, is rapidly being constructed, featuring a modular design that allows production units to be freely combined based on enterprise needs, representing a significant exploration of maximizing space efficiency in urban industrial development [1]. Group 1 - The Tiankai Innovation Demonstration Industrial Park covers an area of 200,000 square meters and is the largest "industrial building" project in Tianjin's central urban area [1]. - Nankai District has constructed 16 science and technology innovation projects, releasing 944,000 square meters of space and driving fixed asset investment of 8.36 billion yuan [1]. - The district aims to create a "class Haidian" innovation and entrepreneurship ecosystem by benchmarking against Zhongguancun, focusing on expanding university space resources and revitalizing research institute resources [1]. Group 2 - Nankai District has identified 58 plots of idle land resources totaling 1.347 million square meters and established an information platform for precise policy implementation [2]. - The district emphasizes the need to "expand" industrial land while "protecting" industrial land, implementing tailored strategies for each case and enhancing targeted investment attraction [2].

2025-07-02 焦点关注 上半年债市报告出炉：2家主体首次违约 7月2日，大公国际发布2025年1-6月债券市场分析报告。 上半年，信用债发行数量、发行规模分别为11,077只、10.16万亿元，分别同比增长6.75%、4.39%；石 油石化、机械设备、电子、公用事业、商贸零售、汽车等行业发债规模增长明显。 违约与评级调整方面，1-6月共有2家企业主体首次违约，3家企业主体首次展期。1-6月，级别上调方 面，36家企业主体级别被国内评级机构上调，城投企业近半数，20家企业主体级别被国际评级机构上 调；展望上调方面，2家企业评级展望被国内评级机构上调，63家企业评级展望被国际评级机构上调。 4只超长期特别国债提前发行 第 407 期 7月1日，财政部公开了2025年第三季度国债发行有关安排，三季度将共计发行11只超长期特别国债。对 比今年4月份财政部披露的发债计划发现，有4只超长期特别国债发行时间有所提前。 具体来看，原本定于7月24日招标的20年期超长期特别国债，此次提前至7月14日发行，较原计划提前了 10天。原本定于9月24日招标的50年期超长期特别国债，此次提前至9月10日，较原计划提前了14天。 ...

Market Overview - The Sci-Tech Innovation Board (STAR Market) index fell by 1.22%, closing at 982.64 points, with a total trading volume of 2.847 billion shares and a turnover of 93.68 billion yuan, resulting in a weighted average turnover rate of 1.60% [1] - Among the tradable stocks on the STAR Market, 105 stocks closed higher, with 3 stocks rising over 10% and 5 stocks rising between 5% and 10%. Conversely, 476 stocks closed lower [1] Trading Activity - The turnover rate distribution shows that 2 stocks had a turnover rate exceeding 20%, 7 stocks had a turnover rate between 10% and 20%, 51 stocks had a turnover rate between 5% and 10%, 84 stocks had a turnover rate between 3% and 5%, 305 stocks had a turnover rate between 1% and 3%, and 139 stocks had a turnover rate below 1% [1] - The stock with the highest turnover rate was Shengke Nano, which closed down 7.26% with a turnover rate of 27.87% and a transaction amount of 245 million yuan. The second highest was Kaiweite, which closed down 9.11% with a turnover rate of 23.34% and a transaction amount of 327 million yuan [1] Sector Performance - In terms of industry, the electronics and pharmaceutical sectors had the most stocks with a turnover rate exceeding 5%, each with 13 stocks [2] - Among high turnover stocks, 18 stocks experienced net inflows of main funds, with the highest net inflows seen in Daqian Energy (129 million yuan), Kexing Pharmaceutical (84.31 million yuan), and Rongbai Technology (82.93 million yuan) [2] Leverage Fund Movements - A total of 43 stocks received net purchases from leveraged funds, with notable increases in financing balances for Tailin Micro (200 million yuan), Ruikeda (8.35 million yuan), and Shengnuo Biological (7.50 million yuan). Conversely, significant decreases were observed in Rongchang Biological, Juhua Materials, and Guangda Special Materials [2] Notable Stocks - The following stocks had significant trading activity: - Shengke Nano: Latest closing price 26.56 yuan, daily change -7.26%, turnover rate 27.87%, net outflow -33.20 million yuan [3] - Kaiweite: Latest closing price 36.00 yuan, daily change -9.11%, turnover rate 23.34%, net outflow -19.64 million yuan [3] - Daqian Energy: Latest closing price 23.75 yuan, daily change +15.68%, turnover rate 7.23%, net inflow 129.11 million yuan [4]

Group 1 - The Beijing Economic Development Zone's Science and Technology Financial Service Center has processed 71 technology loan applications totaling 19.8 billion yuan and completed 62 credit approvals amounting to 19.5 billion yuan as of the end of June [1] - The center was officially established on April 1 this year and aims to create a comprehensive financial service system for technological innovation by incorporating various financial institutions such as securities, insurance, and leasing [1][3] - The center has recently upgraded to version 2.0, expanding the number of pilot banks from 7 to 14, which allows for more innovative financial products to support tech enterprises [2] Group 2 - New financial products introduced in version 2.0 include "Technology R&D Loans" and "No Repayment Renewal Loans," in addition to existing products like "Acquisition Loans" and "Talent Loans" [2] - The first "Technology R&D Loan" was successfully issued to Beijing National New Energy Vehicle Technology Innovation Center Co., Ltd., providing 10 million yuan in credit support, significantly alleviating the company's funding pressure for R&D [2] - The loan approval process has been streamlined, reducing the time from application to disbursement to just one month, which is more than a 50% reduction compared to previous timelines, enhancing loan efficiency and reducing costs for enterprises [2]

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs has been approved, indicating a growing interest and expansion in the market for these financial instruments [1] Group 1: Approval of ETFs - A total of 10 Science and Technology Innovation Bond ETFs have received approval [1] - The ETFs are managed by various fund companies including Fuguo Fund, Southern Fund, and others, tracking different indices related to AAA-rated technology innovation corporate bonds [1] Group 2: Market Trends - The variety of Science and Technology Innovation Bonds has increased, with a significant expansion in issuance scale [1] - The quality of issuers has improved, and the structure of issuances is becoming more optimized, leading to heightened investor interest in these bonds [1]

今年飞速发展的债券ETF市场，又将迎来重磅创新品类。7月2日，首批10只科创债ETF正式获批， 债券工具型产品市场再添生力军。据悉，鹏华上证AAA科技创新公司债ETF位列其中，后续将在上 交所上市交易。 据了解，此次获批的鹏华上证AAA科技创新公司债ETF主要跟踪上证AAA科技创新公司债指 数。从指数看，上证AAA科技创新公司债指数信用资质高、行业分散、流动性佳，是优质的 跟踪标的。根据中证公布的指数编制方案，该指数筛选所有在上交所上市的科技创新公司债， 要求债券为公募发行、主体评级AAA、隐含评级AA+及以上，不限制债券剩余期限、发行人 企业属性，每月定期调整一次样本，能够较准确地反映上交所AAA科技创新公司债的整体表 现。 近年来，科创债的品种日益丰富、发行规模明显扩容、发行人资质较优、发行结构趋于优化，债券 投资者对科创债的关注度日益提升。展望未来，金融支持科创领域的导向不变，受益于政策支持 +低利率环境+城投寻求融资破局+产业主体融资需求修复，科创债市场的广度和深度有望继续增 加，投资空间广阔。 作为中国公募基金行业的领军者，鹏华基金深度践行金融支持实体经济的使命，积极参与科创市 场的建设，持续加强对 ...

Group 1 - The core viewpoint of the article is that the newly approved 华夏中证AAA科技创新公司债交易型开放式指数证券投资基金 aligns with national policies supporting technological innovation through the issuance of 科创债 [1] - 科创债 is a new financing tool in the bond market that supports technological innovation and is receiving strong backing from the government, with multiple related policies introduced this year [1] - The index tracked by the 科创债 ETF is the 中证AAA科技创新公司债指数, which selects bonds with AAA ratings and above from technology innovation companies to reflect the overall performance of these bonds [1] Group 2 - As of May 2025, the total scale of 科创债 is projected to reach 1.13 trillion yuan, an increase of 22 billion yuan compared to the end of 2024, with central state-owned enterprise bonds accounting for 98% of this total [1] - The current market environment, characterized by low interest rates, enhances the investment value of high-grade credit bonds like 科创债, suggesting potential for greater returns as the market expands [1] - 华夏基金 has already launched two bond ETFs, with the credit bond ETF experiencing significant growth from 3 billion yuan at launch in February to 21.6 billion yuan by June 30, indicating strong investor interest [1]

Group 1 - The core viewpoint of the articles highlights the recent initiatives to support technology innovation through the issuance of technology innovation bonds (科创债), aimed at broadening financing channels for tech companies and enhancing new productivity [1][3] - The China Securities Regulatory Commission (CSRC) has accelerated the launch of technology innovation bond ETFs, with ten leading public funds, including Bosera Fund, submitting applications for the first batch of these ETFs [1][3] - The Bosera CSI AAA Technology Innovation Company Bond ETF has been approved, filling a gap in the bond fund sector focused on technology finance, providing investors with convenient investment tools for the tech bond market [1][3] Group 2 - The origin of technology innovation bonds dates back to May 2022, when the Shanghai and Shenzhen Stock Exchanges released guidelines for the issuance of bonds for technology innovation companies, marking the beginning of the trading of these bonds [3] - As of June 15, 2025, the Bosera CSI AAA Technology Innovation Company Bond Index comprises 646 constituent bonds from 145 issuers, all rated AAA, with a total market value of 903.1 billion yuan and an average yield of 1.95% [4] - The index is primarily composed of industrial, energy, and public utility sectors, with a significant concentration of bonds having a remaining maturity of less than five years [4] Group 3 - The bond index funds offer advantages such as low management fees, strong tool attributes, transparency of underlying assets, and convenient trading configurations, making them increasingly attractive in a declining interest rate environment [5] - Bosera Fund has launched four bond ETFs, including convertible bond ETFs and credit bond ETFs, which cater to different investment strategies and provide liquidity management tools for investors [5] - As of March 31, 2025, Bosera Fund's bond ETF and index fund management scale reached 97.7 billion yuan, positioning the company as a leader in the industry with a diverse range of bond investment tools [6]

Group 1 - The stock of Optoelectronics (688686) has a comprehensive score of 60.30, indicating a strong performance [1] - The main cost analysis shows that the current main cost is 94.34 yuan, with a 5-day main cost of 94.93 yuan, a 20-day main cost of 91.43 yuan, and a 60-day main cost of 86.36 yuan [1] - In the past year, the stock has not experienced any limit-up or limit-down events [1] Group 2 - The technical analysis indicates a short-term resistance level at 97.28 yuan and a short-term support level at 94.62 yuan [2] - The stock price has broken below the short-term support level, suggesting a cautious approach in the short term, while the mid-term trend remains unclear [2] - The K-line pattern shows a bullish signal at the bottom, indicating potential upward movement [2] Group 3 - On July 2, 2025, the net outflow of main funds was 607,000 yuan, accounting for -1% of the total transaction amount [2] - The data shows a net outflow of 1,019,300 yuan from super large orders, while large orders saw a net inflow of 412,300 yuan, and retail investors had a net inflow of 487,900 yuan [2] - Related industry sectors such as instrumentation, machine vision, and Apple concept stocks experienced declines of -0.45%, -1.11%, and -1.52% respectively [2]