Group 1: Report Industry Investment Rating - Not provided in the given content Group 2: Core View of the Report - The science and innovation bond market recently shows characteristics of "stable primary supply, declining secondary income center, and dominated by ETF allocation power". Investment directions can focus on short - to medium - duration varieties of high - rating entities and the science and innovation field (such as communications, medicine, high - end manufacturing), and seize the allocation opportunities of industry science and innovation bonds with excess spreads [4] Group 3: Summary by Relevant Catalog 1. Primary Issuance Scale and Structure - The supply rhythm of new science and innovation bonds is stable. From November 3 to November 7, 2025, the primary market supply scale of science and innovation bonds reached 6.146 billion yuan, and the issuance rhythm tended to be stable. Due to news disturbances and stock market rebounds, the subscription sentiment of new science and innovation bonds declined marginally, but the subscription enthusiasm remained at a relatively high level because of the relatively loose capital situation [2][12] 2. Secondary Trading Activity and Pricing - **Rating and Industry Distribution**: The ratings of outstanding science and innovation bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 72.5%, and AA - rated medium - quality individual bonds account for 23%, reflecting the financing needs of some small and medium - sized science and innovation entities. The industry distribution is dominated by traditional industries, with bonds in industries such as building decoration, public utilities, and comprehensive accounting for nearly 40%. Textile and apparel, pharmaceutical biology, power equipment, and communication industries have an excess spread of over 13bp compared with the overall credit bond valuation of the industry [3][18] - **Liquidity**: Due to the reversal of bond market trading sentiment during the week, the turnover rate of each bond variety declined slightly. The weekly turnover rate of science and innovation bonds was fixed at 1.63%, and the number of transactions also decreased to 685. Among them, the 1 - 3 - year varieties were the most actively traded [3][26] - **Yield**: Investors' expectations for exchange - traded science and innovation bonds tend to be consistent, and the deviation between the yield and valuation of the variety is generally controlled within 1.5bp. Supported by the expectation of loose liquidity, policy support, and ETF fund inflows, the average yield of 1 - to 3 - year exchange - traded science and innovation bonds declined to 1.89%, and the average yield of medium - and long - term varieties from 3 to 10 years also decreased by more than 4bp compared with last week [3][31] - **Internal Price Comparison**: In the past week, the spread between the constituent bonds and non - constituent bonds of the science and innovation bond index has narrowed. As of November 7, the spread has been compressed to 11bp, indicating that the market's recognition of non - constituent bonds of the science and innovation bond index has increased [4][35]