Group 1 - The core viewpoint of the article highlights the launch of the first batch of Sci-Tech Bond ETFs, specifically the Penghua Sci-Tech Bond ETF (code: 551030), which aims to fill the gap in the public fund market for "technology finance" bond funds and provide a new tool for investors to efficiently allocate in the bond ETF market [1][2][3] - The Penghua Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA Sci-Tech Innovation Company Bond Index, focusing on AAA-rated credit bonds, which are expected to offer investors considerable returns while balancing risk and growth potential [2][3] - The bond ETF market is experiencing significant growth, with nearly 40 bond ETFs and a total scale exceeding 420 billion yuan as of July 14, 2025, indicating a strong demand for such investment vehicles in the current economic environment [1][2] Group 2 - The launch of the Penghua Sci-Tech Bond ETF is expected to enhance the liquidity of technology innovation company bonds and promote the healthy development of the bond market, especially in a context of policy support and declining interest rates [3][4] - The ETF's trading mechanism allows investors to participate more conveniently in the Sci-Tech bond market, increasing market activity and improving pricing efficiency through the market maker mechanism [3][4] - Penghua Fund has established a comprehensive product matrix in the fixed income sector, and the launch of the Sci-Tech Bond ETF further enriches its bond index investment toolbox, providing new asset allocation options that combine stable returns and policy benefits [3][4]

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs (科创债ETF) has seen rapid issuance and strong demand, with a total fundraising scale of nearly 290 billion yuan within a single day of issuance [3][5]. Group 1: Issuance and Approval Process - The entire process from application, approval, issuance, to listing of the first batch of 10 Science and Technology Innovation Bond ETFs took approximately one month [3]. - The China Securities Regulatory Commission (CSRC) approved the first batch of 10 Science and Technology Innovation Bond ETFs on July 2, 2023, with each fund having a fundraising cap of 30 billion yuan [3]. - On July 7, 2023, all 10 ETFs completed fundraising in one day, with a total issuance scale reaching 289.88 billion yuan [3]. Group 2: Institutional Investors - Institutional investors have emerged as significant buyers of the first batch of Science and Technology Innovation Bond ETFs, with over 90% of holdings in eight ETFs attributed to institutional investors as of July 10, 2023 [5]. - The top ten fund holders of the first batch of ETFs are all institutional investors, including trusts, brokerages, and banks [5]. - Notable purchases include over 1.3 billion yuan held by Guotou Securities and Jianxin Trust in the 富国科创债ETF [5]. Group 3: Growth of Bond ETFs - The establishment of the first batch of Science and Technology Innovation Bond ETFs has propelled the total scale of bond ETFs to over 400 billion yuan, reaching 427.42 billion yuan as of July 11, 2023 [8]. - The bond ETF market has seen rapid growth, with the total scale surpassing 1 trillion yuan for the first time in May 2024, and further growth to 2 trillion yuan in February 2023, and 3 trillion yuan in June 2023 [8]. - The number of bond ETFs with scales exceeding 100 billion yuan has significantly increased, with several ETFs now exceeding 500 billion yuan in scale [8]. Group 4: Market Trends - The explosive growth of bond ETFs is attributed to the decreasing interest rates, making alpha returns from bonds harder to achieve, leading institutions to shift towards beta management and low-cost passive investment products [9]. - Public funds are motivated to develop bond ETFs due to competitive pressures, indicating a trend towards bond index investment in the future [9].

低利率环境下，固收投资需从单一持有转向多元策略协同。近期，证监会印发《推动公募基金高质量发 展行动方案》，明确提出将重点支持含权中低波动型产品及资产配置型产品的发展，并大幅优化其注册 审批流程。固收、"固收+"等中低波动策略产品有望迎来发展机遇。 富国基金基于26年固收投研积淀，构建了涵盖现金管理、利率债、信用债、"固收+"及指数工具的全产 品线，长期业绩稳居行业前列。银河证券数据显示，截至2025年3月31日，富国基金近12年债券投资收 益率达71.87%。 随着资本新规以及各类相关政策的出台，越来越多的机构、个人投资者关注到债券指数在资产配置中的 作用，相信未来几年会继续延续高速增长的状态。 从配置的角度出发，王仁增重点提到了政金债。 政金债指数产品兼具低波动与分散风险的价值，对普通投资者而言，适当配置政金债指数产品可以有效 分散风险，提升投资组合的收益风险比。王仁增表示，低利率时代，需要利用工具"多向交易要收益"， 并从交易、配置、套利等角度分享多个债券指数投资策略。未来随着债券市场互联互通进一步落地，债 券ETF的工具属性将进一步凸显，长期看，债券ETF在很多细分债券领域布局空间巨大。 专题：第十二届 ...