Core Insights - The launch of the Huatai-PineBridge Sci-Tech Bond ETF (551510) on September 24 marks a significant expansion in the bond ETF market, providing investors with a convenient, transparent, and low-cost investment tool to access both technology innovation and the bond market [1] - The total scale of bond ETFs reached 607.448 billion yuan as of September 22, 2025, reflecting an increase of over 400 billion yuan since the beginning of the year, representing a growth rate of more than 200% [1] - The first batch of Sci-Tech Bond ETFs saw rapid growth from 28.988 billion yuan on its listing day (July 17) to 126.7 billion yuan, with a total issuance scale of 40.7 billion yuan for the new batch on September 24 [1] Industry Overview - The investment value of high-grade Sci-Tech bonds and the inherent advantages of bond ETFs in asset allocation are key reasons for the positive market response [1] - Sci-Tech bonds have gained traction as a financing tool for technological innovation, supported by policy initiatives that have broadened the range of issuers and improved credit enhancement mechanisms [1] - The Huatai-PineBridge Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which covers over 69% of the exchange-listed Sci-Tech bonds, providing a broader representation of the market [1][2] Index Characteristics - The CSI AAA Sci-Tech Innovation Company Bond Index includes bonds with a strict selection criterion of AAA ratings and above, primarily composed of central and state-owned enterprises, ensuring low credit risk [2] - The index consists of 966 bonds with a total market value of 1.29 trillion yuan, featuring a well-diversified structure to mitigate risks [2] - The index has a duration profile primarily in the 1-3 year (39%) and 3-5 year (32%) ranges, with a modified duration of 3.76 years, aligning with low volatility investment needs [2] Historical Performance - From its base date (June 30, 2022) to August 31, 2025, the CSI AAA Sci-Tech Innovation Company Bond Index achieved a cumulative return of 14.07% and an annualized return of 4.37%, with a low annualized volatility of 1.05% [3] - The index has outperformed several other bond indices, demonstrating resilience in volatile market conditions and highlighting the investment value of Sci-Tech bonds in a low-interest-rate environment [3] Product Features - The Huatai-PineBridge Sci-Tech Bond ETF offers low entry barriers, high trading efficiency, and cost advantages, with a management fee of 0.15% per year and a custody fee of 0.05% per year [3] - The ETF supports T+0 trading and cross-market physical redemption, catering to diverse investor needs for both short-term trading and long-term allocation [3] - The fund is managed by a dual-manager system, combining expertise in macro research and index investment to ensure robust risk control and liquidity management [3][4]

Group 1 - Tianhong Zhongzheng AAA Sci-tech Bond ETF (159111) was launched on September 12 and completed fundraising on the same day, offering transparent holdings and efficient T+0 trading [1] - The ETF closely tracks the Zhongzheng AAA Sci-tech Company Bond Index, which has shown an annualized return of over 4% and a low annualized volatility of 1.07% over the past three years [1] - The index covers 986 sci-tech bonds from the Shanghai and Shenzhen stock exchanges, indicating a diversified sample [1] Group 2 - The Central Financial Work Conference in October 2023 emphasized the importance of "five major articles," with sci-tech finance being the top priority, aligning with the government's push for high-level technological self-reliance [1] - Sci-tech bonds, as a new financing tool in the bond market, are crucial for enhancing direct financing efficiency for tech enterprises and promoting a positive cycle among technology, industry, and finance [2] - The growth of bond ETFs in China positions sci-tech bond ETFs as a significant component in the bond ETF landscape [2] Group 3 - Tianhong Fund's other bond ETF, Tianhong Credit Bond ETF (159398), showed a slight increase of 0.02% during trading [3]

Core Insights - Tianhong Fund has launched the Sci-Tech Bond ETF (159111) on September 12, 2023, which features T+0 trading, low fee rate of 0.2%, transparency in holdings, high credit quality, diversified investment, and policy benefits, making it valuable for both trading and allocation [1][2][3] Group 1: Product Features - The Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which has an annualized return of 4.37% since June 2022, with a low annualized volatility of 1.05% and a maximum drawdown of -1.41% [1] - The ETF has a low comprehensive fee rate of 0.2% per year, significantly lower than traditional bond funds, which helps reduce long-term holding costs for investors [7] - The ETF allows for efficient trading with T+0 features, enabling investors to buy and sell on the same day, thus improving capital utilization [7] Group 2: Market Context - Since late June, the bond market has shown signs of stabilization, with institutions starting to position themselves in the Sci-Tech Bond ETF amid a favorable interest rate environment [2][9] - The total market size of Sci-Tech bonds has exceeded 1.6 trillion yuan, with the ETF's scale surpassing 120 billion yuan, making it the second-largest credit bond ETF [2][3] - The ETF is seen as a suitable vehicle for institutions to engage in left-side positioning due to its better yield elasticity in bull markets and stronger resilience in bear markets [2][9] Group 3: Investment Performance - The CSI AAA Sci-Tech Bond Index has shown a high annualized return of 5.04% since the beginning of 2023, outperforming other indices in the same category [6] - The index consists of 886 bonds, covering 64% of all Sci-Tech bonds in the market, which enhances liquidity and provides a stable trading environment [6] - The ETF's underlying assets are primarily high-rated bonds, with over 99% of issuers being state-owned enterprises, ensuring controlled credit and concentration risks [3][6]