Core Insights - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7 and will be listed on July 17, with institutional investors being the main subscribers, holding up to 99.61% of the shares [2][13]. Fund Details - The total issuance amounts for the ETFs range from 20.88 billion to 30 billion, with the highest subscription from the Sci-Tech Bond ETF by Fuguo, which had 6,011 effective subscription accounts [3][14]. - The institutional holding ratios for various ETFs are notably high, with the highest being 99.06% for the Sci-Tech Bond ETF by Factory Development [3][14]. Major Holders - Industrial Bank is the largest holder for multiple ETFs, including holding 8.9 billion shares (30.08%) in the Sci-Tech Bond ETF by Jiashi and 8.7 billion shares (30.83%) in the Sci-Tech Bond ETF by Yifangda [4][15]. - Other significant holders include Galaxy Securities and CITIC Trust, with holdings of 4 billion shares (13.52%) and 5 billion shares (16.85%) respectively in different ETFs [4][15]. Fund Share Adjustment - The ETFs underwent a share adjustment on July 10, where the total shares were reduced by a factor of 100, allowing for easier trading and clearer visibility of net asset values [9][19]. - For example, the total shares for the Sci-Tech Bond ETF by Huaxia were adjusted from 29.61 billion to 29.6082 million, with the net asset value changing from 1 yuan to 100 yuan [9][19]. Market Strategy - Several public funds are discussing market-making strategies to enhance liquidity for the Sci-Tech Bond ETFs post-listing, with upgrades to IT systems to support efficient trading and management [10][20]. - The ETFs are positioned as suitable for both individual and institutional investors, providing opportunities for stable returns and reducing operational costs for institutions [10][20]. Importance of Listing - The listing of Sci-Tech Bond ETFs is significant for multiple reasons, including supporting national strategies for technological innovation, filling gaps in the public fund market, and enhancing market vitality [11][21]. - The ETFs are expected to attract long-term capital, contributing to a more sustainable investment ecosystem [11][21].

Group 1 - The introduction of the Sci-Tech Innovation Bond ETF has significantly enhanced the liquidity of Sci-Tech bonds, utilizing a T+0 trading mechanism and innovative redemption models to address traditional liquidity issues in credit bond trading [1][2] - The influx of capital into the Sci-Tech bond market is expected to increase trading frequency and market activity, creating a vibrant trading atmosphere that allows investors to adjust their portfolios more effectively [2] - The Sci-Tech Innovation Bond ETF has broadened financing channels for Sci-Tech enterprises by creating a "debt-equity linkage" mechanism, facilitating low-cost financing and enabling efficient capital flow within the technology innovation chain [2][3] Group 2 - The launch of the Sci-Tech Innovation Bond ETF fills a gap in the public fund market for "Sci-Tech" on-site bond funds, enriching the existing investment tools in the bond market and catering to diverse investor risk preferences [2] - The successful introduction of the Sci-Tech Innovation Bond ETF demonstrates the agility and creativity of China's financial system in supporting new productive forces, providing replicable experiences for building a resilient and dynamic modern financial market [3] - The positive cycle of "policy guidance - market response - industry benefit" is expected to continuously inject capital momentum into China's technological self-reliance and high-quality economic development [3]

Primary Market - A total of 49 offshore bonds were issued in the past two weeks (from June 30 to July 11, 2025), including 8 offshore RMB bonds, 25 USD bonds, 6 HKD bonds, and 10 EUR bonds, with issuance scales of 6.687 billion RMB, 3.5652 billion USD, 3.25 billion HKD, and 2.124 billion EUR respectively [1] - The largest single issuance in the offshore RMB bond market was 3.5 billion RMB by Xiamen Xiangyu Group Co., Ltd. The highest coupon rate for RMB bonds was 7.5%, issued by Yichuan Caiyuan Industrial Investment Co., Ltd. [1] - In the USD bond market, the largest single issuance was 600 million USD by CITIC Securities International Co., Ltd., with the highest coupon rate of 6.9% issued by Tai'an High-tech Construction Group Co., Ltd. [1] Secondary Market Overview - The yield on most Chinese USD bonds increased this week, with the Markit iBoxx Chinese USD Bond Composite Index rising by 0.12% to 244.3 [2] - The investment-grade USD bond index increased by 0.14% to 236.96, while the high-yield USD bond index decreased by 0.03% to 239.29 [2] - The real estate USD bond index fell by 0.1% to 180.51, while the city investment USD bond index rose by 0.12% to 149.75, and the financial USD bond index increased by 0.07% to 284.41 [2] Benchmark Spread - As of July 11, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 268.43 basis points, an increase of 8.32 basis points compared to the previous two weeks [3] Rating Changes - On July 10, the credit rating of Guangdong Shenshan Investment Holding Group Co., Ltd. was downgraded to AA+ by China Chengxin International Credit Rating Co., Ltd. [5] - On July 11, the rating of Zhengzhou Coal Industry (Group) Co., Ltd. was downgraded to BB by Dagong Global Credit Rating Co., Ltd. [5] Market News - The first batch of 10 Sci-Tech Innovation Bond ETFs raised a total of 29.988 billion RMB in just one day [6][7] - The "Southbound Bond Connect" pilot program will be expanded to include non-bank institutions, allowing more domestic investors to invest in the offshore bond market [8] - The Ministry of Finance will issue 6 billion RMB in government bonds in Macau on July 16, 2025, marking the fourth consecutive year of such issuances [9] Offshore Bond Alerts - Chow Tai Fook Enterprises announced plans to issue 850 million HKD in 2.8% convertible bonds while repurchasing 780 million HKD in 4.0% convertible bonds due in 2025 [11] - Sunac China plans to issue 754 million shares to raise funds for repaying approximately 5.6 billion RMB in domestic bonds [12] - Longfor Group's restructuring plan for 21 domestic bonds has been approved by bondholders [13] - Vanke applied for a loan of up to 6.249 billion RMB from Shenzhen Metro Group to repay bond principal and interest [14]

Group 1 - The first batch of 10 Sci-Tech Bond ETFs raised a total of 29.988 billion yuan within just one day of issuance [1] - Fund companies such as Fortune and Bosera reached their fundraising limits, initiating a proportional allocation process with effective subscription confirmation rates of 96.575974% and 99.272% respectively [1] - All 10 Sci-Tech Bond ETFs have been established and are scheduled to be listed on July 17 [1] Group 2 - Multiple fund companies are preparing to submit applications for a second batch of Sci-Tech Bond ETFs, indicating active participation in the development of bond ETFs [1]

Group 1 - The first batch of Sci-Tech Innovation Bond ETFs has been announced, with the first fund, Sci-Tech Bond ETF (551900), raising a total of 2.991 billion yuan and having 4,721 effective subscription accounts, ranking first among six listed on the Shanghai Stock Exchange [1] - The Sci-Tech Bond ETF (551900) tracks the AAA Sci-Tech Bond Index, which selects bonds rated AAA or above, providing a broader coverage of high-quality bonds in the market with a total market value exceeding 1 trillion yuan [1] - The ETF supports T+0 trading and has a low comprehensive fee rate of only 0.2% per year, utilizing a physical redemption model to reduce trading friction costs and price uncertainty, making it an ideal tool for investors in the Sci-Tech bond market [1] Group 2 - The Sci-Tech bond market is expected to continue expanding under policy incentives, with over 620 billion yuan in issuance since the new policy was announced, and a total outstanding scale of 2.5 trillion yuan, providing ample underlying asset support for the ETFs [2] - Institutions and funds are likely to increase their focus on and participation in Sci-Tech bonds, with the ETFs offering low fees, transparency in holdings, and efficient trading mechanisms [2] - Social security funds, pension funds, and insurance capital can use Sci-Tech Bond ETFs as tools to implement national strategies and optimize asset allocation, while individual investors can participate in Sci-Tech bond investments at low cost and high efficiency through ETFs [2]

Group 1 - The core viewpoint is that the newly established Penghua AAA Sci-Tech Bond ETF is positioned as a stable investment option in a low interest rate environment, catering to the strong demand for sci-tech bonds among investors [1][2] - The rapid development of bond ETFs is highlighted, with the total scale exceeding 380 billion yuan, showing significant growth compared to the previous year [2] - The Penghua AAA Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA Sci-Tech Company Bond Index, which is characterized by high credit quality, industry diversification, and good liquidity [2] Group 2 - The management of the Sci-Tech Bond ETF incorporates credit assessment and risk control, requiring experienced fund managers for effective index management and liquidity response [3] - The fund will employ a "dual fund manager" model to leverage the strengths of research and practical operations, ensuring effective management and risk control [3] - The goal of the Penghua fixed income team is to create a standardized credit bond tool that is not only suitable for allocation but also for trading, with long-term viability [3]

Core Viewpoint - The issuance of the first batch of 10 Sci-Tech Bond ETFs marks a significant development in the public fund sector, providing new channels for both individual and institutional investors to efficiently invest in Sci-Tech bonds, thereby supporting China's technological innovation efforts [1][2]. Group 1: Issuance Details - The first batch of Sci-Tech Bond ETFs, including those from GF Fund Management, was issued on July 7, with the fundraising completed in one day, indicating strong market interest [1]. - The rapid approval and issuance of these products, from approval on July 2 to issuance on July 7, reflect the high regard market participants have for this innovative product [1]. Group 2: Investment Focus - The first batch of Sci-Tech Bond ETFs tracks indices such as the Shanghai AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, ensuring high credit quality [2]. - As of June 30, the Shanghai AAA Sci-Tech Company Bond Index had a total scale exceeding 850 billion, with state-owned enterprises accounting for over 99% of the index [2]. - The index has shown strong performance, with a net value increase of 14.20% since its base date, outperforming the 9.93% increase of the Wind Medium to Long-term Pure Bond Index during the same period [2]. Group 3: Characteristics of Sci-Tech Bond ETFs - The ETFs have three main characteristics: low fees and thresholds, allowing small investments in the high-threshold Sci-Tech bond market, thus reducing trading costs [3]. - They provide risk diversification by tracking a basket of AAA-rated Sci-Tech bonds, mitigating the potential impact of any single bond's default on the fund's net value [3]. - The ETFs offer liquidity advantages, as they can be traded on the secondary market like stocks, with market makers providing two-way quotes to enhance trading efficiency [3].

多只科创债ETF仅半日售罄 机构资金提前锁定 智通财经7月7日电，首批10只科创债ETF今日发行，智通财经记者获悉，截至今日下午2点，多只科创 债ETF已售罄。根据公告，10只产品募集上限均为30亿元，富国、招商、易方达、广发、博时、鹏华、 华夏旗下7只募集期仅为今日一天，其余3只产品募集安排相对宽松，景顺长城、嘉实旗下科创债ETF计 划募集截止日是7月11日，南方科创债ETF稍晚，计划至7月18日截止。业内指出，科创债ETF主要投资 者来自机构，不少产品资金早已锁定，不排除剩余3只产品也将提前结募。（智通财经记者 闫军） ...

Core Viewpoint - The launch of the first batch of 10 Science and Technology Innovation Bond ETFs marks a significant development in the public fund market, providing new investment opportunities and addressing long-standing issues in the credit bond sector [1][11]. Group 1: Market Overview - The Science and Technology Innovation Bond market has been rapidly expanding since its pilot in 2021, with a total of 1,273 bonds and a balance exceeding 1.3 trillion yuan [1][10]. - The market's growth is driven by increasing financing needs of technology innovation enterprises and supportive government policies aimed at enhancing the efficiency of bond issuance [10][11]. Group 2: ETF Characteristics - The Science and Technology Innovation Bond ETFs aim to track the performance of technology innovation company bond indices, providing investors with a convenient tool to participate in the market [3][6]. - The ETFs are designed to be precise like index funds, cautious like credit bond funds, and efficient like ETF products, requiring high collaboration across research, risk control, trading, and operations [2][28]. Group 3: Investment Opportunities - The ETFs address several long-standing pain points for investors, such as the difficulty in identifying risks associated with numerous bond issuers and the low accessibility of high-grade technology credit bonds [2][18]. - The ETFs serve as a new asset allocation option that combines stable returns with policy benefits, suitable for both credit base and yield enhancement in specific market conditions [2][11]. Group 4: Index Selection and Management - The first batch of ETFs tracks three main indices: the Shanghai Stock Exchange AAA Science and Technology Innovation Bond Index, the Shenzhen Stock Exchange AAA Index, and the China Securities AAA Index, each with different coverage and duration characteristics [6][7]. - The ETFs focus on high-credit-quality bonds, ensuring that the underlying assets are primarily AAA-rated, which helps in controlling credit risk while targeting technology innovation [4][6]. Group 5: Investor Guidance - Investors are advised to understand the risk-return characteristics of these ETFs, monitor the relationship between trading prices and net asset values, and maintain a medium to long-term perspective [2][47]. - The ETFs are suitable for various investors, including individuals and institutions, offering low entry barriers and the ability to efficiently allocate to high-grade technology bonds without the need for extensive credit research [43][44].

（文章来源：新华财经） 深交所3日公告称，为保证上网发售顺利进行，南方、富国、嘉实、景顺长城科创债ETF将于7月7日开 始认购申报。 7月2日，南方、富国、嘉实、景顺长城科创债ETF正式获批。 据深交所公告，景顺、嘉实、南方和富国中证AAA等4只科创债ETF的挂牌价均为每基金份额1.000元 （下表）。每一账户可以重复认购，不可撤单，每一笔认购份额下限为1,000份，超过1,000份的须为 1,000 份的整数倍。 业内认为，科创债ETF的推出，一方面将有效发挥公募基金在服务国家战略和市场资金引导方面的积极 作用，填补公募基金在"科技金融"债券基金领域的空白，助力科技强国建设；另一方面，科创债ETF将 通过其高度聚焦的投资主题设计，吸引各类资金精准投向科创重点领域，为科创企业拓宽融资来源、降 低融资成本并提高融资效率。此外，科创债ETF符合中长期资金的配置需求，将有效落实引导中长期资 金入市相关政策部署。 | 基金名称 代码 | | 认购日期 裁止日期 认购价 认购下限 | | 认购上限 | | --- | --- | --- | --- | --- | | 南方中证 159700 | 7月7日 7月18日 ...