1. Report Industry Investment Rating No specific industry investment rating is mentioned in the report. 2. Core Viewpoints of the Report - The second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted on August 20, 2025. With policy support, the second batch is expected to be launched soon. The Science - and - Technology Innovation Bond ETFs have shown rapid scale growth and good liquidity since their listing, and are expected to thrive in the future [1][10]. - The second batch of Science - and - Technology Innovation Bond ETFs will introduce incremental funds to the market, enhancing the liquidity of the underlying bonds and potentially lowering their yields. However, the short - term decline may be limited due to various disturbances. It is recommended to focus on the post - adjustment allocation opportunities of 1 - 3 - year medium - to - high - grade Science - and - Technology Innovation Bond index underlying bonds [1][29]. - The stock market was strong last week, suppressing the bond market. Credit bond yields increased across the board, and the net issuance of corporate - type credit bonds decreased, while that of financial - type credit bonds increased significantly [2][3]. - In the secondary market, trading of medium - and - short - duration bonds was active, and the proportion of long - duration bond trading increased slightly [4]. 3. Summary by Relevant Catalogs Credit Hotspots - On August 20, 2025, the second batch of 14 Science - and - Technology Innovation Bond ETFs were submitted, with 10 tracking the CSI AAA Science - and - Technology Innovation Corporate Bond Index, 3 tracking the Shanghai Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index, and 1 tracking the Shenzhen Stock Exchange AAA Science - and - Technology Innovation Corporate Bond Index. Referring to the approval process of the first batch, the second batch is likely to be launched soon [10]. - Since the first batch of Science - and - Technology Innovation Bond ETFs were listed, they have become the second - largest type of credit bond ETFs. As of August 22, 2025, the scale of credit bond ETFs was 348.3 billion yuan, and the Science - and - Technology Innovation Bond ETFs accounted for 34.6% with a scale of 120.4 billion yuan [11]. - The Science - and - Technology Innovation Bond ETFs have shown good liquidity since their listing. From July 17 to August 22, the average daily trading volume fluctuated between 18 - 106 billion yuan, and the average daily turnover rate was 46.48% [15]. - The net value of Science - and - Technology Innovation Bond ETFs has experienced two rounds of adjustments. As of August 22, compared with the listing date on July 17, the average decline of the net value of 10 Science - and - Technology Innovation Bond ETFs was 0.43% [19]. - With policy support, increased supply of Science - and - Technology Innovation Bonds, and the launch of the repurchase business, the Science - and - Technology Innovation Bond ETFs are expected to develop well. The second batch of ETFs will enhance the liquidity of the underlying bonds and lower their yields, but the short - term decline may be limited [27][29]. Market Review - From August 15 to August 22, 2025, the stock market was strong, suppressing the bond market. Credit bond yields increased across the board, with most medium - and long - term yields rising by more than 6BP, and medium - and short - term credit bonds being relatively resilient. The yields of Tier 2 and perpetual bonds also increased by 4 - 8BP [2][34]. - Last week, bond funds were redeemed, with net sales of 13.3 billion yuan, while wealth management products had net purchases of 19.3 billion yuan. The scale of credit bond ETFs was 348.3 billion yuan, up 1.7% from the previous week [2]. - The median spreads of public bonds of AAA - rated entities in various industries generally increased by 2 - 6BP, and the median spreads of urban investment bonds in each province increased across the board, with Inner Mongolia, Chongqing, and Liaoning seeing increases of more than 6BP [2][34]. Primary Issuance - From August 18 to August 22, 2025, the total issuance of corporate - type credit bonds was 235 billion yuan, a 21% decrease from the previous period, with a net repayment of 64.1 billion yuan. The total issuance of financial - type credit bonds was 120.4 billion yuan, a 142% increase from the previous period, with a net financing of 61.9 billion yuan [3][60]. - Among corporate - type credit bonds, urban investment bonds issued 101.8 billion yuan with a net repayment of 21.6 billion yuan, and industrial bonds issued 126.6 billion yuan with a net repayment of 37 billion yuan [3][60]. - The average issuance rates of medium - and short - term notes and corporate bonds mostly showed an upward trend [3][60]. Secondary Trading - Active trading entities are mainly medium - to - high - grade, medium - and short - term, and central and state - owned enterprises [4][71]. - For urban investment bonds, active trading entities are from strong economic and financial provinces like Jiangsu and Guangdong, and high - spread areas in large economic provinces. For real - estate bonds and private - enterprise bonds, active trading entities are mostly AAA - rated, with trading terms mostly in the medium - and short - term [4][71]. - Among actively traded urban investment bonds, the proportion of bonds with a maturity of more than 5 years increased slightly from 0% to 4% compared with the previous week [4][71].