1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The performance of the first batch of Sci - tech Bond ETFs has been on the market for nearly 4 months, and the second batch for nearly 2 months. There is a differentiation in the yields of different products within the same batch, with some Sci - tech Bond ETFs leading in performance [1]. - Products tracking the "Shenzhen AAA Sci - tech Bonds" have outperformed. The best - performing Sci - tech Bond ETFs in both batches are the only ones tracking the "Shenzhen AAA Sci - tech Bonds" in their respective batches [2]. - Most Sci - tech Bond ETFs continue to increase their duration, while the duration of benchmark - making credit bond ETFs is relatively stable [3]. - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs, especially when the spread between "non - constituent bonds - constituent bonds" is high [3]. 3. Summary by Related Catalogs 3.1 Performance Differentiation of Sci - tech Bond ETFs - In the first batch, the best - performing is Invesco Great Wall Sci - tech Bond ETF with a since - listing yield of 0.35%, followed by E Fund Sci - tech Bond ETF with a yield of 0.29%, and the yields of other ETFs are below 0.2% [1]. - In the second batch, the best - performing is Wanjia Sci - tech Bond ETF with a since - listing yield of 0.48%, and the yields of Huatai - Peregrine, Dacheng, and Tianhong Sci - tech Bond ETFs are between 0.41% - 0.46% [1]. 3.2 Reasons for Performance Differentiation - The "Shenzhen AAA Sci - tech Bonds" have performed relatively well. The index yield of the "Shenzhen AAA Sci - tech Bonds" in the past 3 months is 0.32%, while those of the "CSI AAA Sci - tech Bonds" and "Shanghai AAA Sci - tech Bonds" are 0.21% and 0.20% respectively [2]. - There are only 2 ETFs tracking the "Shenzhen AAA Sci - tech Bonds", so the trading is less crowded. Also, the "Shenzhen AAA Sci - tech Bonds" do not have requirements for the implied ratings of constituent bonds, leaving a certain spread [2]. 3.3 Scale and Component Bond Changes - On November 14, the scale of credit bond ETFs reached 493.7 billion yuan, basically unchanged from November 7. The weekly scale changes of each ETF are generally within (- 2%, 2%) [2]. - The newly issued central and state - owned enterprise bonds with a term of over 5 years are still the types of bonds being increased by Sci - tech Bond ETFs. The 2 - 3 - year term is also a major term for bond - increasing, mainly in the finance and power industries. The bonds being reduced are concentrated in the 2 - 3 - year term, mainly in the building materials industry [2]. 3.4 Duration Changes - 18 Sci - tech Bond ETFs, accounting for 75%, continue to increase their duration. Among them, China Merchants Sci - tech Bond ETF's duration increased by 0.2 years to 4.05 years last week, becoming the Sci - tech Bond ETF with the longest duration [3]. - The duration of benchmark - making credit bond ETFs is relatively stable, basically unchanged from November 7 [3]. 3.5 Individual Bond Strategy - The trading volume ratio of Sci - tech Bond ETFs and benchmark - making ETFs to credit bonds remains low. Attention should be paid to the investment opportunities in the constituent bonds of Sci - tech Bond ETFs. When the spread between "non - constituent bonds - constituent bonds" is high, there is room for compression [3]. - Last week, the spreads between the "non - constituent bonds - constituent bonds" of Sichuan Expressway Investment Group, Dongfeng Motor Group, and China Railway Co., Ltd. have narrowed from over 20bp to within 20bp. This week, attention should continue to be paid to the non - constituent bonds of Shaanxi Yanchang Petroleum, China National Energy Conservation and Environmental Protection Group, and China Merchants Highway Network Technology [3].

Core Viewpoint - The article highlights the strong demand for the newly launched Sci-Tech Bond ETFs, indicating a growing interest from institutional investors in bond ETF products due to their unique characteristics and the current market environment [2][3][4]. Group 1: Launch and Demand - On September 12, 14 new Sci-Tech Bond ETFs were launched, with each product having a subscription limit of 3 billion yuan [1]. - The Tianhong Sci-Tech Bond ETF completed its fundraising in just one day, attracting over 2.9 billion yuan, showcasing institutional investors' preference for bond ETFs [2][3]. - The scarcity of Sci-Tech Bond ETFs and their ability to fill gaps in bond investment tools are key factors driving their popularity [2][4]. Group 2: Product Features and Performance - The Tianhong Sci-Tech Bond ETF offers T+0 trading, a minimum fee rate of 0.2%, and high credit quality investment targets, making it an attractive option for investors [3]. - The index tracked by the Tianhong ETF, the CSI AAA Sci-Tech Bond Index, consists of bonds primarily issued by central state-owned enterprises, with 99% of the components rated AAA or higher [3]. - As of August 29, 2025, the index has an annualized return of 4.37%, with a low annualized volatility of 1.05% and a maximum drawdown of -1.41%, indicating strong performance metrics [3]. Group 3: Market Context and Future Outlook - The issuance of Sci-Tech Bonds is seen as a crucial part of the financial system supporting technological innovation, aligning with national development strategies [4]. - The first batch of Sci-Tech Bond ETFs raised a total of 28.99 billion yuan in one day, and their total scale exceeded 123 billion yuan by September 12, indicating robust market interest [5]. - The current market environment, characterized by low macro interest rates and supportive policies, is expected to favor the continued growth of the bond market, particularly for Sci-Tech Bonds [5][6].