21世纪经济报道特约记者庞华玮备受关注的科创债ETF迎来首次扩容。 近日，华泰柏瑞、永赢、国泰、大成、汇添富、泰康、兴业、摩根、中银、天弘、银华、工银瑞信、华 安、万家等14家基金公司集体上报第二批科创债ETF。 首批10只科创债ETF在发行时均是"一日售罄"，目前整体规模已经突破1100亿元大关，较上市前增长逾 3倍。在首批科创债上市后首月，交易所科创债换手率从月换手率10%以内提升到18%。 业内普遍看好科创债ETF的投资价值。 第二批科创债ETF正式上报 证监会网站显示，8月20日，14家基金公司集体上报第二批科创债ETF，其中，8只将在上交所上市，6 只将在深交所上市。 其中，10只科创债ETF将跟踪中证AAA科技创新公司债指数，分别为华泰柏瑞、汇添富、国泰、泰康、 兴业、天弘、华安、工银瑞信、大成等基金公司上报的产品。3只跟踪上证AAA科技创新公司债指数， 分别由摩根、永赢、中银等基金公司上报的产品。1只跟踪深证AAA科技创新公司债指数，为万家基金 上报的产品。 加上首批10只科创债ETF，目前已有24家基金公司布局科创债ETF产品。未来仍有机构有意布局。 这意味着，各家机构都看好这一领域，希望抢占 ...

【导读】第二批科创债 ETF 正式上报， " 花落 " 十四家基金公司 中国基金报记者 方丽 陆慧婧 今年最火爆的 ETF 品种 —— 科创债 ETF 迎来首次扩容。 8 月 20 日，华泰柏瑞、汇添富、国泰、永赢、泰康、兴业、摩根、中银、天弘、银华、工银 瑞信、大成、华安、万家等 14 家基金公司集体上报第二批科创债 ETF ，其中， 8 只将在上 交所上市， 6 只将在深交所上市。 从具体跟踪指数看， 10 只科创债 ETF 将跟踪中证 AAA 科技创新公司债指数， 3 只跟踪上 证 AAA 科技创新公司债指数， 1 只跟踪深证 AAA 科技创新公司债指数。 第二批科创债 ETF 正式上报 证监会网站显示， 8 月 20 日， 14 家基金公司集体上报第二批科创债 ETF ，其中， 10 只 科创债 ETF 跟踪中证 AAA 科技创新公司债指数，华泰柏瑞、汇添富、国泰、泰康、兴业基 金上报的 6 只产品将在上交所上市，天弘、华安、工银瑞信、大成基金上报的 4 只产品将在 深交所上市。 此外，还有 3 只在上交所上市的科创债 ETF 跟踪上证 AAA 科技创新公司债指数，分别由摩 根、永赢、中银基金上报； ...

- The quantitative model discussed is the "Shanghai AAA Technology Innovation Corporate Bond Index" (950167.CSI), which is tracked by the "Guangfa AAA Technology Innovation Corporate Bond ETF (511120)"[11][40][44] - The model construction is based on selecting high-credit-quality corporate bonds from technology innovation companies listed on the Shanghai Stock Exchange, with a focus on "AAA-rated entities and AA+ implicit ratings"[11][40][44] - The model uses a market capitalization-weighted approach for index calculation. Monthly sample adjustments ensure dynamic optimization of the maturity structure, balancing interest rate fluctuation space and portfolio stability. The index includes 686 bonds as of July 15, 2025, with a dispersed weight distribution where the top 10 bonds account for only 5.5% of the total market value[11][40][44] - Evaluation of the model highlights its strict selection criteria, ensuring high credit quality and low default risk. It also demonstrates strong performance in terms of yield and stability, making it suitable for defensive and growth-oriented investment strategies[11][40][44] - Testing results show the index achieved a cumulative growth of 14.75% and an annualized return of 4.76% from its base date on June 30, 2022, to July 18, 2025. This significantly outperformed the Wind Medium-Long-Term Pure Bond Index, which had a cumulative growth of 10.04% and an annualized return of 3.29% during the same period[5][44][49] - The ETF tracking the index, Guangfa AAA Technology Innovation Corporate Bond ETF (511120), offers advantages such as T+0 trading, low fees (0.20% annual management and custody fees), and real-time price transparency, providing a "stock-like" bond investment experience[34][39][40] - The ETF's yield analysis shows a 100% positive return rate for both 6-month and 1-year holding periods, with average returns of 2.3% and 5.02%, respectively, and maximum returns of 4.22% and 6.74%[45][47][49] - The ETF's annualized yield of 4.69% surpasses benchmarks like the Wind Pure Bond Index (3.17%) and the ChinaBond Total Wealth 1-3 Year Index (2.87%), with an information ratio of 2.11 and 2.19 against these indices, respectively, indicating superior risk-adjusted performance[49][50][51]

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs has significantly attracted capital since their listing on July 17, with a total net inflow exceeding 60 billion yuan, increasing the total scale from less than 29 billion yuan to over 95 billion yuan, a growth of over 200% [1] - As of July 18, the total scale of bond ETFs has surpassed 500 billion yuan for the first time, doubling compared to the end of 2024, which was 185.65 billion yuan [1] - The first batch of Science and Technology Innovation Bond ETFs primarily tracks the Shanghai AAA Technology Innovation Company Bond Index, Shenzhen AAA Technology Innovation Company Bond Index, and the CSI AAA Technology Innovation Company Bond Index, focusing on high credit-rated bonds with a technology innovation label [1] Group 2 - As of June 30, the total scale of the index component bonds exceeded 850 billion yuan, with central and state-owned enterprises accounting for over 99%, significantly outperforming the mid-to-long-term pure bond index's growth of 9.93% during the same period [2] - The Shanghai AAA Technology Innovation Company Bond Index has seen a net value growth of 14.20% since its base date (June 30, 2022), indicating a strong performance compared to the mid-to-long-term pure bond index [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance of the first batch of Sci - tech Innovation Bond ETFs has landed, empowering the continuous expansion of the Sci - tech Innovation Bond market. As of July 15, 2025, 10 Sci - tech Innovation Bond ETFs have raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. - Through the analysis of the underlying component bonds of the tracking indices of Sci - tech Innovation Bond ETFs, it is found that there are differences in the term structure, issuer structure, coupon rate, and yield distribution among the three major indices, and the excess spread of Sci - tech Innovation Bonds varies due to the issuer's qualifications [1]. - The issuance of Sci - tech Innovation Bond ETFs will increase the allocation demand for Sci - tech Innovation Bonds, improve market liquidity, and attract medium - and long - term funds into the Sci - tech Innovation Bond market [1][8]. 3. Summary by Relevant Catalogs 3.1 First Batch of Sci - tech Innovation Bond ETFs Issued, Empowering the Continuous Expansion of the Sci - tech Innovation Bond Market - On June 18, 2025, the first batch of 10 Sci - tech Innovation Bond ETFs were submitted collectively, approved on July 2, and scheduled for issuance on July 7. Among them, 6 products track the CSI AAA Sci - tech Innovation Corporate Bond Index, 3 track the SSE AAA Sci - tech Innovation Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Innovation Corporate Bond Index [1][13]. - As of July 15, 2025, these 10 ETFs raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. 3.2 Analysis of the Component Bond Structure of the Tracking Indices of Sci - tech Innovation Bond ETFs - **Component Bond Quantity and Scale**: As of July 4, 2025, the number of component bonds of the CSI, SSE, and SZSE AAA Sci - tech Innovation Corporate Bond Indices was 825, 678, and 146 respectively, with outstanding scales of 107.4735 billion yuan, 93.0605 billion yuan, and 14.183 billion yuan respectively [1][16]. - **Remaining Term Structure**: The remaining term structures of the three indices are basically the same, mainly short - and medium - term within 5 years. The Shenzhen index has a relatively lower component bond term center, and the term distribution of the index component bonds is consistent with that of the existing Sci - tech Innovation Corporate Bonds [1][17]. - **Issuer Structure**: The issuers of the component bonds of the three indices are all AAA - rated with high credit quality, mainly central and local state - owned enterprises. The Shenzhen index has a more diverse issuer structure in terms of enterprise nature and industry distribution [1][22]. - **Coupon Rate Distribution**: The coupon rates of the component bonds of the three indices are mainly concentrated in the 2 - 2.5% range. The coupon rate center of the Shenzhen index has shifted upward [1][26]. - **Yield Distribution**: The yield distribution of the CSI and SSE indices is more balanced, while the yield of the Shenzhen index shows significant polarization [1][28]. - **Excess Spread**: The excess spread of perpetual and non - perpetual Sci - tech Innovation Bonds of the top ten issuers by market value in the index component bonds is between - 2.45 and 23.94BP and between - 7.78 and 32.97BP respectively. The compression space of the excess spread of the Shenzhen index is relatively large [1][29]. 3.3 Impact of the Issuance of Sci - tech Innovation Bond ETFs on the Sci - tech Innovation Bond Market - **Increase Allocation Demand for Sci - tech Innovation Bonds**: Sci - tech Innovation Bond ETFs have advantages such as low fees, high position transparency, and efficient trading mechanisms. With the issuance of the first batch of ETFs, the scale is expected to continue growing, bringing about allocation demand for component bonds. The market of Sci - tech Innovation Corporate Bonds may have started [1][34][35]. - **Improve Market Liquidity of Sci - tech Innovation Bonds**: The launch of ETFs will strengthen the market liquidity of Sci - tech Innovation Corporate Bonds, facilitate investors' participation, compress liquidity premiums, and improve pricing efficiency [1][8][38]. - **Attract Medium - and Long - Term Funds into the Sci - tech Innovation Bond Market**: The launch of Sci - tech Innovation Bond ETFs can match the allocation needs of institutional investors such as social security funds, pensions, and insurance funds, attracting medium - and long - term funds into the market [8][43].

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was listed on July 17, 2025, indicating strong market interest in this product [2] - The latest price of the Sci-Tech Bond ETF Bosera is reported at 100.1 yuan, with a trading volume of 1.189 billion yuan and a turnover rate of 39.58% [2] - The current scale of the Sci-Tech Bond ETF Bosera reached a new high of 3 billion yuan, ranking in the top third among comparable funds [2] Group 2 - The management has encouraged the issuance of long-term bonds, with the People's Bank of China and the China Securities Regulatory Commission creating a risk-sharing tool for long-term bond issuance [2] - The daily profit percentage of the Sci-Tech Bond ETF Bosera since its inception is 60.00% as of July 16, 2025 [2] - The management fee for the Sci-Tech Bond ETF Bosera is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2]

Group 1 - The first batch of Sci-Tech Bond ETFs, specifically the Bosera Sci-Tech Bond ETF (trading code: 551000), was officially listed on July 17, providing investors with a convenient tool for investing in bonds of technology innovation companies [1][3] - The Sci-Tech Bond ETF is designed to fill a market gap in the technology financial bond fund sector, attracting significant attention from investors [1][4] - The underlying index for the Bosera Sci-Tech Bond ETF tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, with a total market value of 903.1 billion yuan [4][5] Group 2 - The index consists of 646 constituent bonds from 145 issuers, primarily state-owned enterprises, with an average yield of 1.95% and a weighted duration of 3.93 years [4] - The index has shown a total return of 13.91% since its base date, with an annualized return of 4.67%, indicating strong market performance [4] - The manager of the ETF, Zhang Lei, noted that the trading activity and liquidity of Sci-Tech company bonds have significantly improved, with expectations for continued issuance and expansion of the index [5] Group 3 - The company has previously launched four other bond ETFs, including convertible bond ETFs and credit bond ETFs, which cater to various investment strategies and liquidity management needs [6] - As of March 31, 2025, the total management scale of Bosera's bond ETFs and index funds reached 97.7 billion yuan, positioning the company as a leader in the industry [6] - The diverse product line offers investors a range of bond investment tools, enhancing the appeal of Bosera's offerings in the market [6]

Core Points - The first batch of 10 Sci-Tech Bond ETFs will collectively list on July 17, raising a total of 28.988 billion yuan [1] - The top two ETFs, Bosera and Fuguo, reached the fundraising cap of 3 billion yuan each, with effective subscription ratios of 96.58% and 99.27% respectively [1][3] - The total effective subscription for the 10 ETFs indicates a strong interest from institutional investors, with the average number of effective subscriptions per ETF being around 3,800 [3][4] Fundraising Details - The fundraising amounts for the 10 Sci-Tech Bond ETFs are as follows: - Fuguo: 30.00 billion yuan - Bosera: 30.00 billion yuan - Zhaoshang: 29.91 billion yuan - Penghua: 29.94 billion yuan - Nanfang: 29.93 billion yuan - Huaxia: 29.61 billion yuan - Jiashi: 29.59 billion yuan - Guangfa: 29.68 billion yuan - Yifangda: 28.22 billion yuan - Jingshun: 23.00 billion yuan - The total amount raised from these ETFs is 289.88 billion yuan [1][3] Investor Participation - The highest number of effective subscriptions was for Fuguo Sci-Tech Bond ETF, with 6,041 subscriptions, while Zhaoshang, Jingshun, and Bosera also had over 4,000 subscriptions each [4] - The majority of effective subscriptions were from institutional investors, as bond ETFs are more suited to their investment preferences [3][4] Custodian and Major Holders - Industrial Bank is the custodian for several of the ETFs and is the largest holder in five of them, with a total investment of 4.14 billion yuan [4][5] - Other significant holders include Galaxy Securities, which is the largest holder in Huaxia Sci-Tech Bond ETF and the second-largest in several others [4][5] Index Tracking and Composition - The 10 ETFs track three different indices, with six tracking the China Securities AAA Sci-Tech Innovation Company Bond Index, three tracking the Shanghai Securities AAA Sci-Tech Innovation Company Bond Index, and one tracking the Shenzhen Securities AAA Sci-Tech Innovation Company Bond Index [5] - The underlying bonds are primarily high-rated and state-owned enterprises, with an overall good credit quality [6] Market Context - The total scale of bond ETFs has surpassed 400 billion yuan, with the addition of these 10 Sci-Tech Bond ETFs bringing the total to approximately 429.596 billion yuan [6][11] - The bond ETF market has seen significant inflows, with net inflows of 194.669 billion yuan recorded for nine ETFs [11]

Core Viewpoint - Penghua Fund announced the launch of its Sci-Tech Bond ETF, which will officially start trading on July 17, 2023, closely tracking the Shanghai AAA Sci-Tech Innovation Company Bond Index, offering features such as "T+0" trading, high transparency, risk diversification, and low costs [1] Group 1: Product Features - The Sci-Tech Bond ETF is designed to cater to medium to low-risk investors seeking stable returns, especially in the current bond market characterized by "asset scarcity" and declining interest rates [1] - The ETF allows for "T+0" real-time trading, enhancing capital efficiency and making it suitable as an effective trading tool in the market [1] Group 2: Index Structure - As of June 19, the Shanghai AAA Sci-Tech Innovation Company Bond Index comprises 651 constituent bonds, with a total outstanding scale of 885.755 billion, representing 78% of the balance of Sci-Tech company bonds on the Shanghai Stock Exchange and 65% of the total balance of Sci-Tech company bonds [2] - 99% of the issuers of the index constituent bonds are central state-owned enterprises, with the highest proportion of implied ratings being AAA-, which helps in controlling credit risk within the ETF investment portfolio [2] Group 3: Investment Management Strategy - The Penghua fixed income team will implement a multi-layered, full-process error control strategy to closely track index performance while ensuring liquidity [3] - The team will prioritize selecting actively traded, liquid, and reasonably valued constituent bonds during the portfolio construction phase to minimize deviations caused by market liquidity issues [3] - Penghua's fixed income team has established a robust monitoring and alert mechanism for tracking errors, enabling immediate internal checks and dynamic adjustments to the portfolio structure if deviations exceed preset tolerances [3] Group 4: Company Background - Penghua Fixed Income is recognized as a leading player in the industry, having built a comprehensive product matrix covering cash management, interest rate bond allocation, credit bond investment, and local government bond asset allocation since 2018 [4] - The launch of the Sci-Tech Bond ETF represents a strategic upgrade of Penghua's bond index product line, supported by a standardized, systematic, and professional passive management capability developed over years [4]

Core Viewpoint - The first batch of 10 Sci-Tech Bond ETFs was launched and sold out in one day, indicating strong institutional interest and market demand for these innovative financial products [1][2][4]. Group 1: Launch and Sales Performance - The first batch of Sci-Tech Bond ETFs, including products from major fund companies like GF, Southern, and Penghua, experienced explosive sales, with all products completing fundraising in just one day [2][3]. - Initially, seven of the ten products were set to sell for only one day, while three were planned for longer sales periods. However, due to high institutional participation, all products ended fundraising early [3][4]. Group 2: Market Context and Policy Support - The issuance of the first batch of Sci-Tech Bond ETFs represents a rapid response from fund companies under supportive policies, with the central bank and the CSRC promoting the issuance of such bonds [4][8]. - The CSRC's emphasis on accelerating the launch of Sci-Tech Bond ETFs and the subsequent approval of these products reflect the market's strong interest and the strategic importance of these financial instruments [4][8]. Group 3: Investment Characteristics and Advantages - The scarcity of Sci-Tech Bond ETFs and their role in filling gaps in bond investment tools are key factors driving their popularity. These ETFs track indices composed of AAA-rated technology innovation company bonds [5][6]. - The underlying indices of these ETFs, such as the Shanghai AAA Sci-Tech Company Bond Index, have a total scale exceeding 850 billion yuan, with a strong performance record, showcasing their growth potential and credit quality [6][7]. - The ETFs offer low fees, reduced investment thresholds, and enhanced liquidity, making them accessible and attractive to a broader range of investors [7][8]. Group 4: Future Outlook - The launch of Sci-Tech Bond ETFs is seen as a significant step in filling the "technology finance" bond fund gap, promoting high-quality development in the technology finance sector [7][8]. - The ongoing policy support from various government departments is expected to create a favorable environment for the long-term development of Sci-Tech Bond ETFs, aligning with national strategies to support technological innovation [8].