Core Viewpoint - The first batch of 10 Sci-Tech Bond ETFs was launched and sold out in one day, indicating strong institutional interest and market demand for these innovative financial products [1][2][4]. Group 1: Launch and Sales Performance - The first batch of Sci-Tech Bond ETFs, including products from major fund companies like GF, Southern, and Penghua, experienced explosive sales, with all products completing fundraising in just one day [2][3]. - Initially, seven of the ten products were set to sell for only one day, while three were planned for longer sales periods. However, due to high institutional participation, all products ended fundraising early [3][4]. Group 2: Market Context and Policy Support - The issuance of the first batch of Sci-Tech Bond ETFs represents a rapid response from fund companies under supportive policies, with the central bank and the CSRC promoting the issuance of such bonds [4][8]. - The CSRC's emphasis on accelerating the launch of Sci-Tech Bond ETFs and the subsequent approval of these products reflect the market's strong interest and the strategic importance of these financial instruments [4][8]. Group 3: Investment Characteristics and Advantages - The scarcity of Sci-Tech Bond ETFs and their role in filling gaps in bond investment tools are key factors driving their popularity. These ETFs track indices composed of AAA-rated technology innovation company bonds [5][6]. - The underlying indices of these ETFs, such as the Shanghai AAA Sci-Tech Company Bond Index, have a total scale exceeding 850 billion yuan, with a strong performance record, showcasing their growth potential and credit quality [6][7]. - The ETFs offer low fees, reduced investment thresholds, and enhanced liquidity, making them accessible and attractive to a broader range of investors [7][8]. Group 4: Future Outlook - The launch of Sci-Tech Bond ETFs is seen as a significant step in filling the "technology finance" bond fund gap, promoting high-quality development in the technology finance sector [7][8]. - The ongoing policy support from various government departments is expected to create a favorable environment for the long-term development of Sci-Tech Bond ETFs, aligning with national strategies to support technological innovation [8].

公募发行再现"爆款"！ 7月7日，首批10只科创债ETF集体启动发行。中国证券报记者从渠道人士处获悉，首批科创债ETF销售 火爆，全部在首日结束募集，甚至有产品"半日售罄"。 债基首发通常不愁销路，但多只基金一日内集体售罄难得一见。科创债ETF一日售罄，体现了以机构为 代表的各类投资者，对科创债ETF创新产品的高度重视。 一日售罄 7月7日下午，记者从渠道人士处获悉，多只科创债ETF均顺利完成发行目标，达到或接近募集规模上 限，圆满结束募集。不仅鹏华、华夏、广发、易方达、招商等旗下科创债ETF一日售罄，原本定于7月 11日、7月18日结束募集的景顺长城、嘉实及南方旗下科创债ETF也顺利达成募集目标，提前结束募 集。其中，甚至有产品半日售罄。 根据此前发布的发售公告，其中7只产品设置了一日发行期，包括易方达、华夏、富国、招商、广发、 鹏华、博时旗下科创债ETF。此外，景顺长城、嘉实旗下科创债ETF设置5天认购期，南方科创债ETF设 置12天认购期。数据显示，科创债ETF普遍设置30亿元募集规模上限。 目前，景顺长城、嘉实、南方均发布提前结束募集公告，募集截止日提前至7月7日。 2025年5月，央行与证监会联合发 ...

Group 1: ETF Industry News - The three major indices showed mixed results, with the Shanghai Composite Index rising by 0.02%, while the Shenzhen Component Index and the ChiNext Index fell by 0.7% and 1.21% respectively. Notably, multiple utility sector ETFs, particularly power ETFs, experienced gains, with the power ETF (159611.SZ) increasing by 2.02% [1][3] - According to Xinda Securities, after several rounds of tension in power supply and demand, the power sector is expected to see profit improvement and value reassessment, with significant performance improvements anticipated for power operators in the future [1] - The first batch of Sci-Tech Innovation Bond ETFs has started issuance, following their approval less than a week prior. As of mid-June, there were 1,273 Sci-Tech Innovation Bonds in the market, with a total balance exceeding 1.3 trillion yuan, laying a solid foundation for the launch of these ETFs [2] - A second batch of new model floating rate fund products has been submitted for approval, including 11 products, with 2 being stock-type and 9 being mixed equity products, maintaining a similar fee structure to the first batch [2] Group 2: Market Performance Overview - The overall performance of ETFs was mixed, with strategy index ETFs showing the best average performance at 0.01%, while commodity ETFs had the worst average performance at -0.67% [8] - The top-performing ETFs today included several power ETFs, with the power ETF (159611.SZ) leading with a gain of 2.02%, followed closely by other power ETFs [10] - In terms of trading volume, the top three stock-type ETFs by transaction amount were the A500 ETF (159351.SZ) with 2.606 billion yuan, the A500 ETF Fund (512050.SH) with 2.489 billion yuan, and the A500 ETF Huatai-PB (563360.SH) with 2.101 billion yuan [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In 2025, the continuous policy support has driven the expansion of the science - innovation bond market, and the science - innovation bond ETF has been quickly launched. The first batch of 10 science - innovation bond ETFs are scheduled to be issued on July 7, 2025 [1][2][11][13]. - The first - batch science - innovation bond ETFs track three major indices: the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index. These indices have different characteristics in terms of return - risk, remaining maturity, weighted duration, bond rating, issuer industry, remaining face value, and collateral ratio [3]. - The expansion of science - innovation bond ETFs brings investment opportunities. Institutions have started to increase their allocation of science - innovation bond index constituent bonds. Three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining excess spread protection, and targets with a remaining maturity of 3 - 4 years [5]. 3. Summary According to the Directory 3.1 Science - Innovation Bond ETF Launch Background - In 2025, policies on science - innovation bonds were continuously strengthened. In March, the central bank governor proposed to build a "science and technology board" in the bond market. In May, relevant policies were introduced to support the issuance of science - innovation bonds, including expanding the issuer scope, encouraging the creation of science - innovation bond ETFs, and improving the risk - sharing mechanism [12][13]. - Since the new policy was issued, the issuance scale of science - innovation bonds has exceeded 620 billion yuan, and the outstanding scale has reached 2.5 trillion yuan, providing sufficient underlying assets for science - innovation bond ETFs [2]. - The issuers of new science - innovation bonds are mainly central and local state - owned enterprises, with a relatively high proportion of financial enterprises. In terms of industry, they are mainly concentrated in the banking and building decoration industries [17]. 3.2 Science - Innovation Bond ETF Issuance Overview and Index Comparison 3.2.1 First - Batch Science - Innovation Bond ETFs and Index Products - As of July 6, 2025, 10 fund companies plan to issue science - innovation bond ETFs on July 7, 2025. Six companies' ETFs track the AAA Science - Innovation Bond Index, three track the Shanghai AAA Science - Innovation Bond Index, and only Invesco Great Wall's ETF tracks the Shenzhen AAA Science - Innovation Bond Index [22]. - Thirteen fund companies have reported science - innovation bond index funds (non - ETFs), all of which are benchmarked against the Shanghai AAA Science - Innovation Bond Index [24]. 3.2.2 Science - Innovation Bond Index System - Currently, the China Securities Index Company and the Shenzhen Stock Exchange have issued science - innovation bond indices. The China Securities Index Company has issued two series: the CSI Science - Innovation Bond Index series and the Shanghai Science - Innovation Bond Index series. The Shenzhen Stock Exchange has issued the Shenzhen Science - Innovation Bond Index [26]. 3.2.3 Main Index Comparison - In terms of index compilation methods, there are differences in the base period, sample space, sampling method, and weighting method among the three indices [30]. - In terms of cumulative returns from December 30, 2022, to July 3, 2025, the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index had relatively high and similar returns, while the Shenzhen AAA Science - Innovation Bond Index had relatively lower returns [31]. - In different stages, the Shanghai AAA Science - Innovation Bond Index had better return performance, and the Shenzhen AAA Science - Innovation Bond Index had the lowest annualized volatility, the lowest maximum drawdown, and the highest return - risk ratio in the whole period [34]. - The remaining maturity distributions of the three indices are concentrated in 1 - 5 years, with a small amount of weight in 0 - 1 year and 7 - 10 years. The Shenzhen AAA Science - Innovation Bond Index has a relatively shorter remaining maturity [35]. - The Shanghai AAA Science - Innovation Bond Index has the highest weighted duration, and the Shenzhen AAA Science - Innovation Bond Index has the lowest, which may be part of the reason for the return differences among the indices [36]. - The AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index have a higher proportion of high - rated constituent bonds than the Shenzhen AAA Science - Innovation Bond Index [39]. - The constituents of the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index are mainly distributed in the construction industry, while those of the Shenzhen AAA Science - Innovation Bond Index are mainly in the comprehensive and manufacturing industries [43]. - The issuers of the three indices' constituent bonds are mainly central and local state - owned enterprises. The Shenzhen AAA Science - Innovation Bond Index allocates nearly 5% of public enterprise bonds [46]. - The remaining face values of the three indices' constituent bonds are concentrated between 500 million yuan and 2 billion yuan, and the distribution of the Shenzhen AAA Science - Innovation Bond Index is more dispersed [48]. - The collateral ratios of the three indices' constituent bonds are generally distributed between 80% and 100%, and the Shenzhen AAA Science - Innovation Bond Index has a more concentrated weight in the 70% - 90% range [48]. 3.3 Investment Opportunities in Bonds Brought by Science - Innovation Bond ETFs - Since mid - June, the excess spread of science - innovation bond index constituent bonds has significantly compressed, and there has been a valuation deviation between constituent bonds and non - constituent bonds of the same issuer. The turnover rate of science - innovation bond index constituent bonds has significantly increased, indicating that institutions have started to increase their allocation [5][51][56][57]. - Considering the future expansion of science - innovation bond ETFs, three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining positive excess spread, and targets with a remaining maturity of 3 - 4 years [5][61][62].

Group 1 - The core viewpoint of the news is the early termination of the fundraising for the Southern CSI AAA Technology Innovation Corporate Bond ETF, which aims to provide an efficient, transparent, and low-cost investment tool for technology financial assets [1] - The CSI AAA Technology Innovation Corporate Bond Index has a market capitalization exceeding 1 trillion yuan and includes over 800 constituent bonds, covering central enterprises, state-owned enterprises, and high-quality technology private enterprises [1] - The ETF offers a management fee of only 0.15% per year, making it a cost-effective option for long-term investors [1] Group 2 - Compared to traditional credit bond index funds, the Technology Innovation Corporate Bond ETF has significant advantages in liquidity, trading convenience, and fee structure, lowering the investment threshold for individual investors [2] - The launch of the ETF will expand the channels for individual investors to allocate assets in the technology bond market and provide stable funding support for technology enterprises [2]

Group 1 - The core theme of the recent Lujiazui Forum is "Tech Finance," highlighting its significance in shaping national competitiveness amid escalating global tech competition [1][2] - The introduction of the Sci-Tech Bond ETF fills a gap in the tech finance bond fund sector, providing investors with a low-threshold, high-efficiency tool to access the core of national tech innovation [2][3] Group 2 - Sci-Tech Bonds are issued by companies in the tech innovation sector, aimed at supporting development in key areas like chip manufacturing, renewable energy, and biomedicine [3][4] - The majority of issuers for Sci-Tech Bonds are state-owned enterprises, with 91.1% of issuers being central or local state-owned enterprises as of May 20, 2025 [5][7] Group 3 - The government has significantly supported the Sci-Tech Bond market through policies such as tax incentives and streamlined pledge financing mechanisms, leading to a notable increase in issuance [9][12] - The first batch of Sci-Tech Bond ETFs tracks three major indices, with the Shanghai AAA Technology Innovation Corporate Bond Index being a popular choice among institutions due to its strong representation and low credit risk [9][11] Group 4 - The launch of the Sci-Tech Bond ETF is a timely response to the increasing funding demands for tech innovation, especially as traditional investment tools face squeezed yields due to declining interest rates [12][13] - The ETF serves as a crucial link in financing the national strategy for a tech-driven economy, directing funds to core strategic industries and breaking down barriers for retail investors [13][17] Group 5 - The Sci-Tech Bond ETF enhances liquidity and completes the ecosystem of bond ETFs, addressing challenges like low turnover rates and weak liquidity in individual Sci-Tech Bonds [15][16] - The introduction of the ETF by Bosera Fund enriches the bond index toolbox, contributing to the ongoing expansion of the bond ETF market [16][18]

Core Insights - The first batch of 10 Science and Technology Innovation Bond ETFs has been approved, filling a gap in the "technology finance" themed bond ETF market [1] - The Science and Technology Innovation Bonds (科创债) are issued by technology innovation enterprises and are crucial for directing funds into the technology innovation sector [1] - The market for Science and Technology Innovation Bonds has expanded significantly, surpassing 2.2 trillion yuan [1] Policy Support - Since the pilot program began in 2021, Science and Technology Innovation Bonds have been a focus of national policy, with multiple favorable policies introduced this year [2] - In March, the establishment of a "Technology Board" in the bond market was proposed to support various financial entities in issuing Science and Technology Innovation Bonds [2] - By July 3, 2023, 419 Science and Technology Innovation Bonds had been issued, totaling over 620 billion yuan, with banks being significant issuers [2] ETF Characteristics - The Science and Technology Innovation Bond ETF from Fuguo tracks the China Securities AAA Science and Technology Innovation Bond Index, which includes bonds with high credit ratings [3] - As of June 30, the index comprised 810 bonds with a total market value of 1,091.6 billion yuan, indicating strong liquidity [3] - The index has a weighted average maturity of 4.3 years, primarily consisting of medium to short-term bonds [3] Historical Performance - Since its inception on June 30, 2022, the AAA Science and Technology Innovation Bond Index has achieved a cumulative return of 13.9%, outperforming both long-term pure bond fund indices and technology stock indices [4] - The index demonstrated resilience with positive returns of 5.41% and 6.02% in 2023 and 2024, respectively [4] Management Expertise - The fund manager for the Fuguo Science and Technology Innovation Bond ETF, Zhang Yang, has 14 years of experience in the bond market and has successfully navigated various market cycles [5] - Fuguo Fund has a strong track record in bond index investment, exemplified by its management of the largest bond ETF in the market, the Government Financial Bond ETF [6] - The Fuguo Science and Technology Innovation Bond ETF is positioned as an efficient tool for fixed-income investment, catering to investors looking to participate in technology growth [6]

Core Viewpoint - The launch of the first batch of Sci-Tech Innovation Bond ETFs is a significant development, providing investors with a new tool to invest in the technology innovation sector and capture bond market benefits [1][10]. Group 1: Market Overview - The Sci-Tech Innovation Bonds are issued by technology innovation enterprises, primarily to support financing in the technology innovation sector, playing a crucial role in promoting real economic development [2]. - The current balance of the Sci-Tech Innovation Bond market in China has reached 2.45 trillion yuan, with expectations for continued issuance and growth in the index under supportive policies [2]. Group 2: Index Characteristics - The AAA Sci-Tech Innovation Bond Index covers both Shanghai and Shenzhen markets, consisting of 810 bonds with a maximum single bond weight of 1%, effectively diversifying the risk of individual bond defaults [3]. - All bonds in the AAA Sci-Tech Innovation Bond Index are from issuers with an AAA rating, with over 99% of the bonds issued by central state-owned enterprises, highlighting their high credit quality [4]. Group 3: Historical Performance - The AAA Sci-Tech Innovation Bond Index has shown a cumulative return of 14.05% since inception, with an annualized return of 4.63%, outperforming other bond indices [7]. - In the past year, the index achieved a return of 3.76% with a volatility of only 0.23%, indicating stable performance amid declining market interest rates [7]. Group 4: ETF Features - The Sci-Tech Innovation Bond ETF offers high liquidity, tracking an index with over 800 component bonds and a market value exceeding one trillion yuan, with a significant portion being market-making bonds [10]. - The ETF is designed to minimize trading costs through a physical redemption model, which reduces price uncertainty and transaction friction [12]. - The ETF allows T+0 trading with a comprehensive fee rate of 0.2%, facilitating flexible trading for investors [13]. - The management team of the ETF has extensive experience, managing over 690 billion yuan in public offerings, with a strong historical performance in fixed income investments [14].

Core Viewpoint - The launch of the Guangfa Fund's Sci-Tech Bond ETF (subscription code: 511123, on-market code: 511120) aims to provide a new channel for individual and institutional investors to efficiently allocate to sci-tech bonds, filling a gap in the market for on-market technology financial bond funds [1] Group 1: ETF Launch and Features - The ETF has an initial fundraising cap of 3 billion yuan, with an "end-of-day proportional confirmation" mechanism for oversubscription [1] - It tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, selecting bonds with AAA ratings and implied ratings of AA+ and above [1] - As of June 30, the index's constituent bonds exceeded 850 billion yuan, with over 99% issued by central and state-owned enterprises, indicating strong credit quality and significant capacity for expansion [1] Group 2: Performance and Market Context - Since its base date on June 30, 2022, the index has seen a net value growth of 14.39%, outperforming the Wind medium to long-term pure bond index, which grew by 10.02% during the same period [1] - The total stock of sci-tech bonds reached 1.13 trillion yuan by the end of May, a 24% increase from the end of 2024, with AAA-rated bonds making up 97% and central/state-owned enterprises accounting for 98% of issuers [1] Group 3: Market Sentiment and Future Outlook - Demand for sci-tech bonds has significantly increased since May, with 72.54% of new issuances being undervalued compared to non-sci-tech bonds with similar maturities [2] - The introduction of the ETF is expected to compress the liquidity premium of sci-tech bonds, benefiting their performance and creating investment opportunities [2] - The management and custody fees for the Guangfa Sci-Tech Bond ETF are only 0.2% per year, lower than similar actively managed bond funds, facilitating low-cost allocation for investors [2]

证券研究报告 固收点评报告 hyzqdatemark 2025 年 07 月 06 日 信用债 ETF 性价比几何？ ——信用债热点事件系列 投资要点： 目前，首批 10 只科创债 ETF 集中获批待上市，科创债 ETF 自身的稀缺性以及市场 对科创债自今年 5 月份主体扩容以来的高度关注，年初以来的信用债 ETF 快速扩容 的行情或有可能在科创债 ETF 上再度演绎，相关成分券的利差压缩空间或可期待。 结构性的机会上，我们建议投资者结合负债端属性以及交易风格，通过适度下沉和 拉长久期等方式提前布局成分券中的科创债，并抢配同为 8 只信用债 ETF 成分券的 非可续期科创债。 风险提示：1）数据来源和数据处理偏误风险：本文数据主要来自于同花顺 ifind 等， 证券分析师 廖志明 SAC：S1350524100002 liaozhiming@huayuanstock.com 1.基准做市信用债 ETF 快速扩容 今年年初以来持续的低利率环境下，信用债相比之下具有较高的板块贝塔，中等期限信 用债具有明显的静态票息优势，市场对信用债 ETF 的关注度明显提升。2025 年初以前，市 场上仅有 3 只信用债 ETF ...