Core Viewpoint - The article emphasizes the rapid development and increasing acceptance of index investment in China, particularly focusing on the growth of technology innovation bonds (科创债) and the introduction of related indices to facilitate investment opportunities [7][11]. Group 1: Index Investment Trends - The index system has been rapidly improved, leading to a growing recognition in the market and accelerating the trend of index-based investment [7]. - The Shanghai Stock Exchange, together with China Fund News and China Securities Index Company, launched an educational series titled "Understanding Index Investment at a Glance" to provide comprehensive insights into index investment [7]. Group 2: Technology Innovation Bonds (科创债) - As of now, there are 356 issuers of technology innovation bonds in the market, with a total issuance of 1,360 bonds amounting to 1.95 trillion yuan. The Shanghai and Shenzhen stock exchanges have issued 935 bonds, totaling 1.23 trillion yuan, representing a growth of approximately 14.7 times and 13 times compared to the end of 2022, respectively [8][10]. - Since 2025, policies supporting the issuance of technology innovation bonds have been frequently introduced, enhancing long-term capital investment in hard technology [11]. Group 3: Index Development and Performance - In August 2023, the Shanghai Stock Exchange and China Securities Index Company launched the Shanghai AAA Technology Innovation Company Bond Index, which reflects the overall performance of technology innovation company bonds on the exchange [13]. - The current outstanding technology innovation bonds on the Shanghai Stock Exchange total 795, with a combined scale of 1,100.4 billion yuan, and the AAA technology innovation bond index includes 785 bonds, accounting for 88% of the total market scale [14][15]. Group 4: Investment Opportunities - The bonds included in the index are all rated AAA, ensuring high credit quality, and the index covers a wide range of issuers, including central and local enterprises as well as technology innovation private enterprises [17][18]. - In the current low-interest-rate environment, technology innovation bonds offer higher annualized returns compared to government bonds and money market funds, providing investors with a new asset allocation option that combines stable returns and policy benefits [19][20]. - Since the base date of June 30, 2022, the Shanghai AAA Technology Innovation Bond Index has outperformed the benchmark corporate bond index and the 5-year government bond index, with a cumulative increase of 14.4% and an annualized return of 4.3% as of July 31, 2025 [20]. Group 5: ETF Products - As of July 31, 2025, there are three domestic ETFs tracking the Shanghai AAA Technology Innovation Bond Index, which have quickly reached their fundraising limits since their public offering on July 7, with a total scale of 28.6 billion yuan [23].