节前科创债供给缩量。本周（2026.2.9-2026.2.13，下同）科创债新增供给达 292.8 亿元，因假期因素主动减量，规 模较前一周明显收缩。发行结构以银行间 1 年内品种为主，亦有宁德时代等优质龙头 5 年期品种发行。新债认购方面， 科创债品种较普通信用债认购相对清淡，市场优先抢配高等级短久期品种，ETF 成分券标的更受机构青睐。 存量科创债评级呈现高度集中特征，AA+及以上隐含评级债券数量占比为 73.7%，AA 级中等资质个券占比也达到 22.1%， 反映部分中小科创主体融资需求；行业分布则以传统行业为主导，建筑装饰、公用事业、综合行业债券数量占比 38.8%， 纺织服饰、通信、非银金融行业较该行业全部信用债估值存在 16bp 以上的超额利差。 科创债品种内部比价方面，最新一周科创债指数成分券与非成分券的利差走阔至 27.1bp，银行间品种与成分券利差读 数也走阔至 8.5bp。拆分到 1-3 年，银行间品种与指数成分券存在近 20bp 的压缩空间。总的来看，节后科创债市场短 期将延续震荡格局，短久期高等级及 ETF 成分券表现占优，投资策略上可聚焦 1-3 年期 AAA 品种，较强的流动性便于 ...

Group 1: Overview of Overseas Innovation Bond Market - The structure of institutional holders for US innovation bonds is primarily composed of funds and insurance companies, providing liquidity and stability for the market [6][17][19] - In Japan, insurance companies and funds are the main holders of innovation bonds, with banks and brokerages having a significantly lower participation rate [8][31][32] - European innovation bonds are also mainly held by funds and insurance companies, with a notable difference in the activity level of funds compared to Japan and the US [7][44][50] Group 2: US Innovation Bond Market Analysis - As of June 5, 2025, US institutional investors held innovation bonds worth approximately $526.09 billion, accounting for 20.45% of the total market [17] - The credit rating distribution of US-held innovation bonds is broad, with a significant portion in the BBB range, indicating a neutral risk preference among investors [21][25] - The remaining maturity of US-held innovation bonds is primarily concentrated in the medium to long term, aligning with the lifecycle of innovation enterprises [22][24] Group 3: Japan Innovation Bond Market Analysis - As of June 5, 2025, Japan's institutional investors held innovation bonds worth approximately $10.79 billion, representing 7.80% of the total market [31] - The credit ratings of Japanese-held innovation bonds are highly concentrated in the BBB+ to BBB range, reflecting a cautious risk preference [32][36] - The remaining maturity of Japanese-held innovation bonds is also skewed towards the medium to long term, despite a larger proportion of short-term bonds in the overall market [35] Group 4: European Innovation Bond Market Analysis - As of June 5, 2025, European institutional investors held innovation bonds worth approximately $226.61 billion, accounting for 21.38% of the total market [44] - The credit rating distribution of European-held innovation bonds is similar to that of the US, with a focus on BBB+ to BB- ratings, indicating a balanced risk-return strategy [45][50] - The remaining maturity of European-held innovation bonds is evenly distributed, with significant holdings in both long-term and short-term bonds [49][50] Group 5: Comparison of Domestic and Overseas Innovation Bond Strategies - Domestic institutional investors prioritize liquidity in their selection of innovation bonds, showing caution towards yield and duration strategies [9][8] - In contrast, overseas investors exhibit more aggressive strategies, with a focus on duration and yield, reflecting the maturity of their respective markets [9][8] - The development stage of the innovation bond market influences the strategies adopted by institutional investors, with domestic investors facing limitations due to the current market structure [9][8]