Group 1 - The core viewpoint is that the newly launched Sci-Tech Bond ETFs are gaining traction, with significant fundraising and market activity indicating strong investor interest [3][4] - As of September 16, 2023, the latest price of the Sci-Tech Bond ETF from Bosera is 99.46 yuan, with a trading volume of 20.79 million yuan and a turnover rate of 0.2% [3] - The total fundraising amount for the second batch of 14 Sci-Tech Bond ETFs reached approximately 400 billion yuan, with several funds nearing their 3 billion yuan fundraising cap [3] Group 2 - The Bosera Sci-Tech Bond ETF has reached a new high in scale at 10.471 billion yuan and a new high in shares at 10.5 million [4] - The net inflow of funds into the Bosera Sci-Tech Bond ETF was 199,000 yuan, with a total of 458 million yuan raised over the past five trading days [4] - The Bosera Sci-Tech Bond ETF closely tracks the Shanghai AAA Technology Innovation Company Bond Index, reflecting the overall performance of technology innovation company bonds listed on the Shanghai Stock Exchange [4]

Core Insights - The first batch of 10 Sci-Tech Bond ETFs raised a total of 30 billion CNY each in a single day, totaling 300 billion CNY, indicating strong market interest [1] - The second batch of Sci-Tech Bond ETFs also sold out in one day, raising approximately 400 billion CNY, continuing the trend of high demand [1] - The overall scale of Sci-Tech Bond ETFs has surpassed 1600 billion CNY, with the first batch alone exceeding 1230 billion CNY [3] Fund Details - The second batch includes 14 public funds, with 10 tracking the China Securities AAA Sci-Tech Innovation Company Bond Index, 3 tracking the Shanghai Securities AAA Sci-Tech Innovation Company Bond Index, and 1 tracking the Shenzhen Securities AAA Sci-Tech Innovation Company Bond Index [6][7] - The first batch of ETFs has shown significant growth, with individual fund sizes exceeding 100 billion CNY, and the Jia Shi Sci-Tech Bond ETF nearing 200 billion CNY, reflecting a growth of over 650% [3][4] Market Performance - The concentrated inflow of passive funds has led to a significant narrowing of excess yields by approximately 9 basis points within 1-2 months after the first batch's issuance [5] - The three indices have shown strong performance, with the China Securities AAA Sci-Tech Innovation Company Bond Index yielding 3.99% over the past three years, outperforming the overall bond index [8][10] Investment Outlook - The Sci-Tech Bond market is expected to continue expanding due to favorable policies, with the current stock of Sci-Tech Bonds accounting for 7% of the total credit bond market [10] - The flexibility and dual attributes of yield and liquidity of Sci-Tech Bond ETFs make them appealing to investors seeking stable returns [10]

Core Viewpoint - The article highlights the growing popularity and demand for the newly launched Science and Technology Innovation Bond ETFs (科创债ETF) in the market, indicating a strong institutional interest in these products due to their unique characteristics and the current economic environment [3][4][5]. Group 1: Market Demand and Performance - The second batch of 14 Science and Technology Innovation Bond ETFs was launched, with each product having a subscription limit of 30 billion yuan, reflecting strong market interest [3][4]. - The Tianhong Science and Technology Innovation Bond ETF raised over 29 billion yuan in just one day, showcasing the high demand for bond ETFs among institutional investors [4]. - The index tracked by the Tianhong ETF has shown an annualized return of 4.37% since June 2022, with a low annualized volatility of 1.05% and a maximum drawdown of only -1.41%, indicating strong performance metrics [4][6]. Group 2: Characteristics and Advantages - Science and Technology Innovation Bonds are issued by entities in the technology innovation sector, aligning with national policies to support technological development [5]. - The Tianhong ETF features T+0 trading, a minimum fee rate of 0.2%, and high credit quality investment targets, making it an attractive option for investors [4]. - Bond index funds, including ETFs, offer low management fees, strong tool attributes, and transparency in underlying assets, which are increasingly appealing in a low-interest-rate environment [7]. Group 3: Future Outlook - The issuance of Science and Technology Innovation Bonds is expected to continue growing, with a record issuance of over 360 billion yuan in May 2023, the highest level since 2021 [6]. - The macroeconomic environment suggests that interest rates may remain low, which could support a continued bullish trend in the bond market, particularly for Science and Technology Innovation Bonds [6].

Core Viewpoint - The article highlights the strong demand for the newly launched Sci-Tech Bond ETFs, indicating a growing interest from institutional investors in bond ETF products due to their unique characteristics and the current market environment [2][3][4]. Group 1: Launch and Demand - On September 12, 14 new Sci-Tech Bond ETFs were launched, with each product having a subscription limit of 3 billion yuan [1]. - The Tianhong Sci-Tech Bond ETF completed its fundraising in just one day, attracting over 2.9 billion yuan, showcasing institutional investors' preference for bond ETFs [2][3]. - The scarcity of Sci-Tech Bond ETFs and their ability to fill gaps in bond investment tools are key factors driving their popularity [2][4]. Group 2: Product Features and Performance - The Tianhong Sci-Tech Bond ETF offers T+0 trading, a minimum fee rate of 0.2%, and high credit quality investment targets, making it an attractive option for investors [3]. - The index tracked by the Tianhong ETF, the CSI AAA Sci-Tech Bond Index, consists of bonds primarily issued by central state-owned enterprises, with 99% of the components rated AAA or higher [3]. - As of August 29, 2025, the index has an annualized return of 4.37%, with a low annualized volatility of 1.05% and a maximum drawdown of -1.41%, indicating strong performance metrics [3]. Group 3: Market Context and Future Outlook - The issuance of Sci-Tech Bonds is seen as a crucial part of the financial system supporting technological innovation, aligning with national development strategies [4]. - The first batch of Sci-Tech Bond ETFs raised a total of 28.99 billion yuan in one day, and their total scale exceeded 123 billion yuan by September 12, indicating robust market interest [5]. - The current market environment, characterized by low macro interest rates and supportive policies, is expected to favor the continued growth of the bond market, particularly for Sci-Tech Bonds [5][6].

Group 1 - The second batch of 14 Sci-Tech Bond ETFs was launched on September 12, with several products completing fundraising ahead of schedule, similar to the first batch which raised over 28 billion yuan in one day [1][2] - The first batch of Sci-Tech Bond ETFs has a total scale exceeding 120 billion yuan as of September 11, indicating strong market interest [1][4] - The early closure of multiple products highlights institutional investors' preference for bond ETF products, driven by the unique value of Sci-Tech Bond ETFs in filling investment tool gaps [2] Group 2 - The second batch of Sci-Tech Bond ETFs covers three types of Sci-Tech bond indices, enhancing the variety of asset allocation options for institutional investors and lowering the entry barrier for individual investors [3] - The issuance of the second batch is expected to improve the liquidity of index constituent bonds and position Sci-Tech bonds as a key driver for expansion in the credit bond market [3] - Sci-Tech Bond ETFs are characterized as trading assets with higher elasticity, making them suitable for investors with a higher risk appetite, offering a new choice for stable and growth-oriented investment [3]

当前，国资LP和政府投资基金已经成为创投市场的出资主力军。但大量国资LP和政府投资基金是从国家战略发展、地方产业升级等角度考虑，通常都带有 一定的返投要求。 "我们呼吁有更多市场化运作国资LP出现，这将利于创投行业生态的长期健康发展。"近日，建发新兴投资董事长王文怀在接受21世纪经济报道记者采访时 说。 据了解，建发新兴投资成立于2014年12月，是厦门建发集团旗下的新兴产业投资平台。同时，它也是一家建立在服务国家高质量发展和厦门市经济社会发展 基础上，充分发挥市场化运作优势的国有资本机构。 经过十多年发展，建发新兴投资的管理资金规模超过290亿元。其参与投资基金超120只，合作的GP包括启明创投、礼来亚洲基金、龙磐投资、君联资本、 钟鼎资本、黑蚁资本等。同时，其参与企业投资超220家，项目覆盖医疗健康、先进制造、TMT/消费领域，包括康龙化成（300759）、华熙生物、澜起科 技、惠泰医疗、中伟股份（300919）等。 值得注意的是，建发新兴投资虽然是地方政府支持下、地方国有企业培育出来的LP机构，但主要通过市场化方式在一级市场进行多样化资产配置。 "我们非常关注国家高质量发展带来的产业发展机遇，然后通过市 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - As the issuance of the second batch of Sci - tech Bond ETFs progresses, Sci - tech Bonds have certain investment value at the current stage. The inflow of incremental funds is expected to compress the spreads of Sci - tech Bond ETF component bonds, and investors can look for opportunities in the potential spread compression of component bonds [3][27]. 3. Summary by Directory 3.1 Second Batch of Sci - tech Bond ETFs Issued, Incremental Funds to Enter the Market - On September 12, 2025, 14 Sci - tech Bond ETFs of the second batch were issued. Among them, 10 track the CSI AAA Sci - tech Corporate Bond Index, 3 track the SSE AAA Sci - tech Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Corporate Bond Index. They were declared on August 20, approved on September 8, and officially issued on September 12 [1][7]. - Referring to the first batch, the second - batch Sci - tech Bond ETFs are expected to be listed from late September to early October. The first batch took about a month from application to listing, and the second - batch issuance is from September 12 - 18 [8]. - It is estimated that the second - batch Sci - tech Bond ETFs will raise 37 - 42 billion yuan, bringing incremental funds to the Sci - tech Bond market. The first batch of 10 ETFs had a cap of 3 billion yuan each and raised 28.99 billion yuan in total, reaching 96.6% of the cap [1][12]. 3.2 Characteristics of Underlying Assets and Market Effects of the First Batch of Sci - tech Bond ETFs - As of September 11, the first - batch Sci - tech Bond ETFs held 633 Sci - tech Bonds, with remaining maturities mostly 2 - 3 years and 4 - 5 years, implied ratings mostly AAA and AA +, and industries mostly in the industrial sector [2][14]. - The passive allocation effect of the first - batch Sci - tech Bond ETFs significantly affected the valuation of component bonds. The excess spreads of component bonds (calculated as the spread of Sci - tech Bond ETF component bonds minus the spread of medium - and short - term notes of the same maturity and rating) narrowed significantly during the issuance and construction periods. The process can be divided into three stages: from issuance to listing, the excess spread compressed by 5.1BP to - 7.9BP; after listing, it continued to decline by nearly 5BP to - 12.7BP; although there was a slight correction in credit bonds, the expected new issuance of Sci - tech Bond ETFs drove the excess spread to repair to - 12.6BP [2][21]. 3.3 Seize Opportunities in Spread Compression with Incremental Funds - The second - batch Sci - tech Bond ETFs are expected to bring 37 - 42 billion yuan of incremental funds. Similar to the first batch, the excess spreads of their component bonds are expected to compress again during the concentrated construction and allocation period after September 12 [3][27]. - The yields of existing ETF component bonds are generally 4 - 20BP lower than non - component bonds in the index, showing an obvious premium. Attention should be paid to the degree of gambling [3][28]. - There are still over 363 index component bonds not fully covered by the first - batch ETFs. Investors can select high - quality individual bonds that meet the requirements of new ETF construction to capture spread compression opportunities [4][28].

Group 1 - The core viewpoint of the article emphasizes the launch of the Sci-Tech Bond ETF by Yinhua, which aims to support the integration of technological innovation and industrial development through a comprehensive set of policies from the capital market [1] - The Sci-Tech Bond ETF primarily invests in the CSI AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, reflecting the overall performance of the relevant bonds [1] - The index has five notable characteristics: large market capitalization, high-quality issuers, diversified concentration, medium to short duration, and strong historical performance with a cumulative return of 13.33% since 2023 [1] Group 2 - The fund has a low management and custody fee of 0.20% per year, making it more cost-effective compared to other bond funds [1] - The ETF allows for T+0 trading, enhancing investment efficiency by enabling same-day buying and selling of fund shares [1] - Future policy support is expected to strengthen the development of the Sci-Tech bond market, presenting new investment opportunities for investors [1]

新一批科创债ETF来了！根据国泰基金公告显示，国泰中证 AAA 科技创新公司债交易型开放式指数证 券投资基金今日开始发行，募集期为9月12日-16日。场内扩位简称为"科创债ETF国泰"，认购代码为 551803，基金募集规模上限为30亿元人民币。 科创债是由科技创新领域相关机构发行，或者募集资金主要用于支持科技创新领域发展的信用债。是金 融"五篇大文章"在科技金融的具体体现。作为债券市场支持科技创新发展的新兴融资工具，科创债高度 契合新质生产力发展需求，是推动加快构建科技金融体制的关键一环。随着我国债券ETF的不断壮大， 科创债ETF有望发展成为债券ETF拼图中的重要一块。 据悉，正在发行的科创债ETF国泰（认购代码551803）跟踪中证AAA科技创新公司债指数 （932160.CSI），标的指数横跨沪深交易所，覆盖超66%的交易所科创债，相较单市场科创债指数样本 空间更广、指数容量更大。截至9月1日，成分券数量达969只，债券容量达1.26万亿元，有望更好地表 征科创债整体走势。 从久期分布上看，截至9月1日，跟踪指数超过一半的券久期在2年-5年，目前指数久期3.6年。按中债估 值收益率计算，目前指数组合静 ...

Report Summary 1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Viewpoints - This year, credit bond ETFs have attracted significant market attention, with active institutional trading and a structural rush to buy related index constituent bonds. Thirteen fund companies have collectively submitted applications for the second batch of Sci - tech Bond ETFs, which are expected to be listed in September. It is worth paying attention to the risks and opportunities of the related index constituent bonds [1][10]. - The short - term risk of significant over - decline of the Sci - tech Bond ETF index constituent bonds is relatively small. The new batch of Sci - tech Bond ETFs will bring new allocation funds, and the supply growth momentum has slowed down. After the second - batch listing, the excess spread of constituent bonds is unlikely to return to the high level in the first half of the year. The excess spread of constituent bonds is expected to further compress, but the space is limited. Some individual bonds' structural opportunities can be focused on [5][44][45]. 3. Summary by Directory 3.1 Sci - tech Bond ETF and Related Constituent Bonds' Recent Market Performance - **Discount status**: Since mid - to late July, Sci - tech Bond ETFs have been in a discount state, with the discount rate mainly between 0.05% - 0.4%. Although there was some repair in early August and late August when the bond market sentiment improved marginally, they have not turned into a premium state. Similar ETFs also experienced discounts during previous bond market adjustments and then recovered [2][11]. - **Differentiated performance of short - term and long - term constituent bonds**: The excess spreads of 3 - year - within and 3 - 5 - year constituent bonds fluctuate with the bond market, with a larger amplitude than the same - term and same - grade medium - term notes. Currently, they are about 2 - 3BP higher than the previous low on average. The excess spread of over - 5 - year constituent bonds continued to narrow in August, but there was a catch - up decline at the end of the month. There is a need to pay attention to the possibility of further catch - up decline [3][14][16]. - **Adjustment amplitude comparison**: The recent adjustment amplitude of the underlying constituent bonds of the benchmark - making credit bond ETF index is slightly larger than that of the Sci - tech Bond ETF index constituent bonds. This may be due to the better liquidity of benchmark - making credit bond varieties and the fact that the listing of Sci - tech Bond ETFs has squeezed the allocation demand for benchmark - making credit bond ETFs to some extent [3][30]. 3.2 Recent Supply - Demand Structure of Index Constituent Bonds - **Supply side**: Since the introduction of the new Sci - tech Bond policy in May, the issuance of Sci - tech Bonds has been booming, and the scale has increased significantly. Although the recent issuance scale has declined, it remains at a relatively high level. As of the end of August, the balance of the constituent bonds of the CSI AAA Sci - tech Bond index was close to 1.25 trillion yuan, an increase of nearly 277.8 billion yuan compared to the end of April [32]. - **Demand side**: After the listing of Sci - tech Bond ETFs, the scale expanded rapidly, but the recent growth rate has been relatively flat. This may be because the yield of index constituent bonds has declined rapidly, reducing their cost - effectiveness, and the secondary - market credit ETFs are in a discount state during the recent bond market adjustment, weakening the primary - market subscription sentiment [4][35]. 3.3 Opportunities and Risks of Related Index Constituent Bonds after the Application for the Second Batch of Sci - tech Bond ETFs - **Tracking index types**: The second - batch Sci - tech Bond ETFs mainly track the CSI AAA, Shanghai Stock Exchange AAA, and Shenzhen Stock Exchange AAA Sci - tech Bond indexes, with 9, 3, and 1 fund respectively [39]. - **Expected listing time**: If referring to the application - approval process of the first batch, the second batch of Sci - tech Bond ETFs is expected to be issued and listed in September [41][43]. - **Opportunities and risks**: The short - term risk of significant over - decline of the index constituent bonds is small. The excess spread of constituent bonds is expected to further compress, but the space is limited. Attention can be paid to individual bonds with relatively high excess spread levels and large recent declines to seek potential excess returns [5][44][45].