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]