1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In Q1 2025, the number of domestic bond index fund products increased while the scale slightly declined, and ChinaBond Index maintained its leading market share [4][5]. - ChinaBond Index has a high - usage rate in both investment tracking and performance benchmarking of bond funds [4][20]. - The science - and - technology innovation bond (Sci - tech Bond) market has witnessed rapid growth, and ChinaBond's science - and - technology innovation series products are helping investors participate in this market, while suggestions are put forward to further promote the development of the Sci - tech Bond market [28][32][42]. 3. Summary by Relevant Catalogs 3.1 Bond Index Investment Application Dynamics 3.1.1 Q1 2025 Market Overview - By the end of Q1 2025, there were 231 domestic bond index fund products with a scale of 1106.817 billion yuan. Among them, 179 products tracked ChinaBond Index, accounting for about 77.49% in quantity and 77.32% in scale [4][5]. - Policy - financial bond index funds had the largest share in quantity and scale among all types of bond index funds, with over 90% of them tracking ChinaBond Index [4][7]. 3.1.2 Q1 2025 Passive Bond Index Fund Type Distribution - By the end of the quarter, there were 173 policy - financial bond index funds with a scale of about 837.1 billion yuan, accounting for 74.89% in quantity and 75.63% in scale. Credit bond index funds ranked second [7]. 3.1.3 Q1 2025 Policy - Financial Bond Index Fund Overview - In the policy - financial bond index fund market, medium - and short - term (no more than 5 years) products dominated, accounting for nearly 80% in scale. Funds tracking the comprehensive bond index of policy banks had the largest scale, accounting for about 46% [11]. 3.1.4 Q1 2025 Application of ChinaBond Index in Passive Index Funds - By the end of Q1 2025, 35 ChinaBond Indexes were used as investment tracking targets, with a total asset scale of 857.435 billion yuan [13]. 3.1.5 Q1 2025 Newly - issued Passive Bond Index Funds - In Q1 2025, 10 new bond index fund products were issued in the domestic market, with a total scale of 36.748 billion yuan. Two of them tracked ChinaBond policy - financial bond indexes [16]. 3.1.6 Q1 2025 Acceptance and Approval of Passive Bond Index Funds - In Q1 2025, the CSRC accepted 12 credit bond index funds and 3 policy - financial bond index funds, and approved 2 policy - financial bond index funds and 2 credit bond index funds [18]. 3.1.7 Q1 2025 Fund Performance Benchmark Statistics - By the end of Q1 2025, there were 3403 bond - type funds using bond indexes as performance comparison benchmarks, with a scale of about 8.43 trillion yuan. More than 80% of them used ChinaBond Index as the benchmark [20]. 3.2 Newly - issued ChinaBond Indexes in Q1 2025 - In Q1 2025, ChinaBond Financial Valuation Center Co., Ltd. issued 3 new indexes, including 1 multi - asset index and 2 representative bond indexes [23]. 3.3 Column: ChinaBond Index Boosts the Development of New - Quality Productivity 3.3.1 Development History and Characteristics of the Sci - tech Bond Market - From 2016 to 2024, policies continuously supported the development of the Sci - tech Bond market. From 2021 to November 2024, 2239 Sci - tech Bonds were issued, with a total scale of 2195.2 billion yuan. The issuance scale from January to November 2024 increased by 49% compared with the whole year of 2023 [26][28]. 3.3.2 ChinaBond's Science - and - Technology Innovation Series Products Facilitate Sci - tech Bond Investment - ChinaBond established a science - and - technology innovation theme bond information database, which displayed over 1200 bonds with a scale of over 1.3 trillion yuan by November 2024 [35]. - As of November 2024, there were 13 indexes in the ChinaBond science - and - technology innovation theme series, which covered various types of science - and - technology innovation theme bonds and had higher average returns than the credit bond market [36][39]. - ChinaBond and Puyin Wealth Management jointly launched the first new - quality productivity theme wealth management product, which had stable returns and controllable fluctuations [40][41]. 3.3.3 Suggestions for Further Promoting the Development of the Sci - tech Bond Market - Expand the scope of Sci - tech Bond issuers, encourage policy banks and commercial banks to issue financial bonds for science - and - technology innovation [42]. - Enhance the willingness of small and medium - sized science - and - technology enterprises to issue bonds, and explore differentiated financial support paths [42]. - Increase the issuance scale of Sci - tech Bond theme products, and optimize the assessment and evaluation mechanism [43].