Core Viewpoint - The article emphasizes the rapid development and approval of the Sci-Tech Bond ETF by Bosera Fund, aligning with national policies to enhance financing channels for technology innovation companies [1][3]. Group 1: Policy and Market Response - On June 18, the Lujiazui Forum signaled a strong policy direction to develop Sci-Tech bonds, prompting Bosera Fund to quickly respond by submitting the Sci-Tech Bond ETF application [1]. - The approval of the Sci-Tech Bond ETF within two weeks highlights the government's targeted guidance for technology finance and fills a gap in the bond ETF market focused on "hard technology" [3]. Group 2: Product and Index Overview - The Bosera CSI AAA Technology Innovation Company Bond ETF tracks the CSI AAA Technology Innovation Company Bond Index, which includes 646 constituent bonds with a total market value of 903.1 billion yuan, primarily from central and state-owned enterprises [3]. - The index focuses on financing in technology sectors such as semiconductors and new energy, linking bond investments with the development of new productive forces [3]. Group 3: Fund Performance and Strategy - Bosera Fund has established a comprehensive bond ETF product system, including five bond ETFs, with a total of 11 bond index products, providing a panoramic investment tool for investors [4]. - The fund's credit bond ETFs have collectively generated over 4.5 billion yuan in profits last year, reflecting the company's commitment to professional investment management and quality product service [4]. Group 4: Contribution to Technology Finance - The article outlines Bosera Fund's ongoing efforts in the Sci-Tech sector since 2021, launching multiple ETFs focused on various technology themes, including AI and semiconductors, to enhance the financing ecosystem for hard technology companies [7]. - Bosera Fund's extensive portfolio includes over 60 technology-themed active and passive index funds, with a total scale exceeding 50 billion yuan, positioning the company as a key player in supporting China's technological rise [7].

Core Viewpoint - The convertible bond market is experiencing significant growth, with the index reaching a three-year high and outperforming other indices in the bond market [2][4][6]. Group 1: Market Performance - The convertible bond index has achieved a year-to-date increase of 5.38%, significantly surpassing the performance of the Shanghai Composite Index and the CSI 300 Index [1][3]. - The average price of convertible bonds has risen above 130 yuan, nearing the 90th percentile position since 2023 [4]. - The CSI Convertible Bond Index has shown a strong upward trend, with a cumulative increase of 19.97% since September 24, 2024, and an increase of 8.56% over the last three months [3][4]. Group 2: Sector Highlights - The robotics sector has gained notable attention, with an average increase of 27.12% in stock prices since February, and several stocks seeing gains exceeding 50% [3]. - Specific convertible bonds related to technology, such as the Jingxing Convertible Bond, have seen substantial increases, with a rise of 18.51% since February [3]. Group 3: Future Outlook - The convertible bond market is entering a new phase, with expectations of continued inflows into the artificial intelligence industry, particularly in humanoid robotics [5][6]. - The supply-demand dynamics for convertible bonds are expected to tighten in 2025, with a projected decrease in the issuance of AAA-rated convertible bonds by approximately 22% [7]. - The market sentiment remains optimistic for the medium to long term, driven by strong institutional demand and a favorable economic outlook [6].