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； ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced the acceleration of the launch of Sci-Tech Innovation Bond ETFs, with the first batch approved on July 2, 2025, marking a significant development in the domestic market for these financial instruments [1][5]. Group 1: Sci-Tech Innovation Bonds - Sci-Tech Innovation Bonds are designed to provide funding support specifically for technology innovation enterprises, distinguishing them from general credit bonds [1]. - As of June 20, 2025, the index for these bonds includes 792 samples with a total market value of 10,247 billion, a duration of 3.88 years, and over 70% of the components rated AAA, indicating strong credit quality [1][2]. - The funds raised through these bonds are primarily directed towards cutting-edge sectors such as semiconductors, artificial intelligence, new energy, and high-end manufacturing, aligning with national technology innovation strategies [4]. Group 2: Performance and Market Dynamics - The annualized return of the CSI AAA Sci-Tech Innovation Bond Index from its inception on June 30, 2022, to June 20, 2025, is 4.64%, outperforming other major credit bond indices during the same period [2]. - By the end of May 2025, the total outstanding amount of Sci-Tech Innovation Bonds reached 24.5 trillion, reflecting a 40% increase from the previous year, highlighting their role as a key driver in the expansion of the credit bond market [5]. - The first batch of Sci-Tech Innovation Bond ETFs raised nearly 30 billion in just one day, demonstrating strong investor interest and market enthusiasm [5]. Group 3: Future Outlook - Industry experts predict that the market for Sci-Tech Innovation Bonds will continue to expand under favorable policy conditions, with the first batch of ETFs potentially reaching a total scale of 300 billion to 500 billion [6]. - The majority of issuers for these bonds are state-owned enterprises, central enterprises, or high-quality private enterprises, which, along with local government guarantees, contribute to a relatively low default risk [6].

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].

Core Viewpoint - The launch of the first batch of 10 Sci-Tech Bond ETFs provides investors with a stable tool to participate in the sci-tech wave, with the first ETF raising a total of 2.991 billion yuan and achieving the highest number of effective subscriptions among its peers [1][4]. Group 1: ETF Features and Benefits - The Sci-Tech Bond ETF has applied for inclusion in the general pledge library for repurchase transactions, which is expected to enhance liquidity and allow investors to engage in pledge financing [4]. - Sci-Tech bonds are issued by technology innovation enterprises and financial institutions, primarily to support financing in the technology innovation sector, thus playing a crucial role in promoting the real economy [4]. - Compared to government bonds and money market funds, Sci-Tech bonds offer relatively higher annualized returns, especially in the context of a national push for technological innovation and declining deposit rates [4][6]. Group 2: Index and Performance - The ETF tracks the CSI AAA Technology Innovation Company Bond Index, which includes 818 constituent bonds with a total market value exceeding 1 trillion yuan, representing about 70% of the market for technology innovation company bonds [5]. - The AAA Technology Innovation Bond Index has shown strong performance, with a cumulative return of 14.05% since its inception, outperforming other bond indices during the same period [5]. Group 3: Investment Accessibility - The ETF offers high liquidity and trading efficiency, supporting T+0 trading, which significantly enhances capital utilization compared to traditional bonds [6]. - The investment threshold is low, with a comprehensive fee rate of only 0.2%, making it accessible for a wider range of investors [6]. - The ETF allows for physical redemption, reducing transaction costs and minimizing price uncertainty compared to cash redemption [6]. Group 4: Market Outlook - The launch of the Sci-Tech Bond ETF fills a gap in the financial market for bond fund products related to "technology finance," helping to direct market funds towards bonds issued by technology innovation enterprises [6]. - With ongoing policy support, the Sci-Tech bond market is expected to continue expanding, and the fund aims to enhance its product creation and investment management capabilities to better serve national strategic development [6].

Core Viewpoint - The emergence of technology innovation bonds (科创债) is seen as a key opportunity for investors to balance risk and reward in the current volatile market, providing a stable yet growth-oriented investment option [2][14]. Group 1: Technology Innovation Bonds Overview - Technology innovation bonds, or 科创债, are credit bonds issued by technology companies specifically for funding in the technology sector, with a trial initiated in 2021 and formal policies established in 2022 [6]. - As of June 2025, the total outstanding amount of 科创债 reached 2.45 trillion yuan, with credit bonds accounting for 87% of this total [15]. - The majority of issuers are large state-owned enterprises and their technology subsidiaries, which generally have high credit ratings [8]. Group 2: Investment Appeal - 科创债 has shown a significant increase in high-rated bonds, with AAA and AA+ rated bonds rising from 61% in 2022 to 71% by June 2025, indicating a strong credit defense [9]. - The yield on 科创债 is notably higher than that of traditional corporate bonds, reflecting the market's recognition of their technology innovation attributes [13]. - Investment in 科创债 not only offers relatively stable returns but also allows participation in the growth of China's strategic technology sectors, such as advanced manufacturing and renewable energy [14]. Group 3: ETF as an Investment Vehicle - The introduction of 科创债 ETFs provides a more accessible way for individual investors to participate in this market, as they bundle a diversified selection of bonds into a single, tradable product [17]. - Currently, there are 10 科创债 ETFs in the market, tracking various indices, with the 中证 AAA 科技创新公司债指数 being highlighted for its comprehensive coverage and balanced risk-return profile [18][20]. - The 中证 AAA 科技创新公司债指数 includes 810 bonds, significantly more than the 670 and 146 bonds in the other indices, providing better market representation and risk diversification [20]. Group 4: Advantages of Specific ETFs - The 中证 AAA 科技创新公司债指数 has a higher credit quality threshold, with 99% of its components rated AAA or AA+, ensuring a robust credit structure [21]. - The duration structure of the 中证 index is balanced, with a modified duration of 3.88 years, making it suitable for current interest rate environments [23]. - Historical performance shows that the 中证 index has outperformed others, indicating a more effective index construction leading to better returns [24][25]. Group 5: Key Considerations for Investors - Investors are encouraged to select a well-structured and professionally managed ETF to capitalize on the opportunities presented by 科创债, with 华夏基金's 科创债ETF being a recommended option due to its strong index tracking and management capabilities [29][33]. - The ETF offers good liquidity, low fees, and transparency, making it an attractive choice for long-term investors seeking to balance stability and growth in their portfolios [30][32].

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 - The launch of the first batch of Sci-Tech Bond ETFs marks a significant response from the capital market to the national strategy for technological innovation, with a tight issuance schedule and strong market enthusiasm [1][4]. Group 1: Issuance Details - The first batch of Sci-Tech Bond ETFs was launched on July 7, with most funds opting for a "one-day blitz" strategy, selling for only one day [2]. - The upper limit for the fundraising scale of the first batch of ETFs is generally set at 3 billion yuan [2]. - Ten products are competing in this issuance, with seven having a one-day sales window, indicating strong pre-launch marketing efforts by fund companies [2][4]. Group 2: Fund Management and Index Tracking - Fund companies have appointed experienced managers in credit bond investment and ETF management for the new products [3]. - The first batch of ten Sci-Tech Bond ETFs is categorized into three types, covering major Sci-Tech bond varieties on the Shanghai and Shenzhen exchanges [3]. - The main index tracked is the China Securities AAA Sci-Tech Innovation Corporate Bond Index, which has a market value exceeding 1 trillion yuan and features high liquidity and low credit risk [3]. Group 3: Market Expansion and Future Outlook - The introduction of Sci-Tech Bond ETFs is expected to lead to continuous expansion in the bond ETF market, supported by recent policies from the People's Bank of China and the China Securities Regulatory Commission [4][5]. - The current low-interest-rate environment enhances the investment value of high-grade credit bonds, suggesting a promising future for the expansion and upgrading of Sci-Tech bonds [4]. - The bond ETF market is anticipated to grow further as institutional long-term capital and individual investors increasingly recognize the value of bond ETFs [5][6].

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs has been approved, injecting new vitality into the bond ETF market and enriching investor choices [1][2] - The issuance of science and technology innovation bonds has accelerated since the pilot program began in 2021, with funds primarily directed towards cutting-edge fields such as semiconductors, artificial intelligence, new energy, and high-end manufacturing [1] - As of mid-June, there are 1,273 science and technology innovation bonds in the exchange market, with a total balance exceeding 1.3 trillion yuan [1] Group 2 - Ten fund companies have submitted products tracking three categories of science and technology innovation bond indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index [2] - The launch of these ETFs is seen as a significant tool for capital markets to support financing for technology innovation enterprises, providing stable investment options for investors [2] - The introduction of these ETFs is expected to attract social capital efficiently into key areas of technology innovation, supporting the high-quality development of technology innovation enterprises [2]

Core Viewpoint - The approval of the first batch of 10 Sci-Tech Bond ETFs marks a significant expansion of credit bond ETFs, providing efficient investment tools for investors to participate in technology growth [1][2][3] Group 1: Overview of Sci-Tech Bonds - Sci-Tech bonds are issued by companies in the technology innovation sector, with funds primarily raised for technological advancements [2] - The introduction of Sci-Tech Bond ETFs is a key initiative in capital markets to support national technology innovation strategies [2][3] - The rapid growth of the Sci-Tech bond market is evident, with 1,273 bonds issued and a total balance exceeding 1.3 trillion yuan as of mid-June [9][11] Group 2: Significance of Sci-Tech Bond ETFs - The launch of Sci-Tech Bond ETFs fulfills several important roles: supporting national strategies, filling gaps in public fund offerings, enhancing market vitality, and meeting investor demand [3][4] - These ETFs are expected to attract more funds into the technology innovation sector, supporting R&D, project construction, and mergers and acquisitions [3][4] - The ETFs provide a low-cost, efficient investment option with T+0 trading convenience, appealing to both institutional and individual investors [3][4][5] Group 3: Performance and Characteristics of Indices - The ETFs track three distinct indices, each with unique characteristics, including the "CSI AAA Technology Innovation Company Bond Index," which has shown a strong annualized return of 4.63% since its inception [6][7] - The "SSE AAA Technology Innovation Company Bond Index" has a total return of 13.91% since its base date, with an annualized yield of 4.67% [7] - The "SZSE AAA Technology Innovation Company Bond Index" has demonstrated a 3.51% annualized return over the past year, indicating a favorable risk-return profile [8] Group 4: Future Outlook - The market for Sci-Tech bonds is expected to continue expanding, driven by supportive policies and increasing institutional participation [11][12] - The overall bond market is anticipated to maintain a bullish trend, with credit bonds offering dual advantages of yield spread and coupon protection [12] - As the Sci-Tech bond market grows, it is projected to provide greater opportunities for yield extraction and investment value [12]