1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The convertible bond index led the market, while the sci - tech innovation bond index and the benchmark market - making credit bond index declined this period, with negative stage returns. Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [1]. - The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale [1]. - The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, and the coupon rates of bond index sample bonds were relatively low, with concentrated issuance terms [1]. - In the secondary market, convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp [1]. - In the past two weeks, the cancellation of bond issuance amounted to 1.745 billion yuan, and the Ministry of Finance and the State Taxation Administration issued an announcement on the VAT policy for the interest income of bonds such as treasury bonds [1]. - It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [1]. 3. Summaries According to Related Catalogs Market Conditions - **Bond Index Market Conditions**: The convertible bond index led the market. The Shanghai Investment - Grade Convertible Bond and Exchangeable Bond Index and the China Securities Convertible Bond and Exchangeable Bond Index had significant gains in the past two weeks, outperforming most pure - bond indexes. Affected by the bond market fluctuations and the stock - bond seesaw effect, the sci - tech innovation bond index and the benchmark market - making credit bond index declined. The China Securities Financial Bond Index and the Shanghai 10 - year Local Government Bond Index had the largest declines, while the Shanghai Urban Investment Bond Index, the China Securities Short - Term Financing Index, and the 0 - 4 - year Local Government Bond Index had positive stage returns due to their short durations [6]. - **Bond ETF Market Conditions**: Convertible bond - related ETFs led the gains, sci - tech innovation bond ETFs/benchmark market - making credit bond ETFs had negative current - period yields, and short - term financing ETFs had positive current - period returns [8]. - **Bond ETF Unit Net Value**: The unit net value performance of bond ETFs was differentiated. Convertible bond - related ETFs showed an upward - fluctuating trend in 2025, breaking through 13 yuan in the past two weeks. Sci - tech innovation bond - related ETFs had a downward - fluctuating net value after listing, with all net values falling below 100 yuan as of August 15, 2025. The short - term financing ETFs had a stable and rising unit net value, exceeding 112.2 yuan as of August 15, 2025 [12]. - **Bond ETF Fund Flows**: Convertible bond - related ETFs/short - term financing ETFs had continuous net inflows of funds, and local government bond - related ETFs were actively traded. The scale of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) increased by a total of 7.759 billion yuan in the past two weeks. The short - term financing ETF (511360.SH) had a subscription scale of 5.802 billion yuan in the past two weeks [25]. Credit Bond ETF Overview The scale of Convertible Bond ETF (511380.SH) exceeded 5 billion yuan, and the scale growth rate of sci - tech innovation bond - related ETFs slowed down. The benchmark market - making credit bond ETF still ranked first in terms of scale. The annualized yields of Convertible Bond ETF (511380.SH) and Shanghai Convertible Bond ETF (511180.SH) were 26.57% and 19.25% respectively. Among pure - bond ETFs, Credit Bond ETF Dacheng (159395.SZ) had the highest annualized yield of 2.25%. Nine sci - tech innovation bond - related ETF products had negative annualized yields after listing in July [30]. Primary Market - **Primary Issuance of Important Bond Index Sample Bonds**: The primary - market issuance of bond index sample bonds was differentiated. Short - term financing had the largest issuance volume and scale, convertible bond - related indexes had the smallest issuance scale, and the coupon rates of bond index sample bonds were relatively low. The issuance terms of bond index sample bonds were concentrated, with the weighted issuance term of China Securities Short - Term Financing sample bonds being 0.61 years and that of the Shanghai 10 - year Local Government Bond Index sample bonds being 9.18 years [33]. - **Primary Issuance of Important Bond Index Sample Bonds Since This Year**: The issuance of sci - tech innovation bond - related indexes and the Shanghai 10 - year Local Government Bond Index sample bonds accelerated in June and July. In early August, the issuance rates of most sample bonds increased, and the issuance terms of sci - tech innovation bond - related index sample bonds shortened [35]. Secondary Market - **Trading of Important Bond Index Component Bonds**: Convertible bond - related index component bonds had the largest trading volume, and the component bonds of the Shanghai Urban Investment Bond Index were traded at a discount. The trading volumes of the 0 - 4 - year Local Government Bond, Shanghai 5 - year Local Government Bond, and 5 - year Local Government Bond were less than 200 million yuan, with poor liquidity [40]. - **Spreads of Important Credit Bond Indexes**: The credit spreads of the Shanghai Urban Investment Bond Index and the China Securities Short - Term Financing Index were relatively high but less than 40bp. The yields of the Shanghai AAA Sci - tech Innovation Bond Index, Shenzhen AAA Sci - tech Innovation Bond Index, AAA Sci - tech Innovation Bond Index, Shanghai Urban Investment Bond Index, China Securities Short - Term Financing Index, and Shanghai Market - Making Corporate Bond Index all increased in the past two weeks [43]. Credit Events and Market News - **Deferred/Cancelled Bond Issuance**: The cancelled issuance amount in the past two weeks was 1.745 billion yuan. Due to large market interest - rate fluctuations in the past two weeks, 15 bonds were cancelled for issuance, with a planned issuance amount of 1.745 billion yuan [48]. - **Market News**: Since August 8, 2025, the VAT on the interest income of newly issued treasury bonds, local government bonds, and financial bonds (including those issued after August 8, 2025) has been restored. The interest income of treasury bonds, local government bonds, and financial bonds issued before this date (including the part issued after August 8, 2025) will continue to be exempt from VAT until the bonds mature [50]. Investment Recommendations The sentiment in the bond market was weak. Although the CPI increased by 0.4% month - on - month, the fundamentals still favored the bond market. The central bank's open - market operations maintained a net withdrawal in the past two weeks, the capital market was slightly tight, and bond valuation yields increased. It is recommended to pay attention to Convertible Bond ETF (511380.SH) and China Securities Short - Term Financing (511360.SH) [51].

债券指数加速扩容，产品矩阵持续丰富 本报记者 田鹏 8月12日，深圳证券交易所全资子公司深圳证券信息有限公司发布公告称，将于8月15日正式发布深证AAA国企信用债指数 和深证AAA民企信用债指数。两条指数分别聚焦国企和民企两类发行主体，多维度反映深市高等级信用债的整体表现，充分满 足市场对高等级信用债的投资需求。 而这一举措，恰是对今年1月份中国证监会印发的《促进资本市场指数化投资高质量发展行动方案》的积极响应。该方案 明确提出"持续丰富债券ETF产品供给，更好满足场内投资者低风险投资需求"的要求，此次两条信用债指数的发布，是推动资 本市场指数化投资向高质量发展迈进的重要实践。 接受《证券日报》记者采访的专家表示，此举不仅丰富了债券指数体系，为投资者提供了更具针对性的投资参考，助力其 更精准地把握不同主体高等级信用债的市场动态，促进市场资源合理配置；同时，还进一步完善了资本市场生态，吸引更多资 金流入高等级信用债领域，提升市场的活跃度与稳定性，推动资本市场指数化投资在产品创新、投资服务等方面持续优化升 级。 据Wind资讯数据统计，截至8月13日，年内发布的债券指数已累计达207条，相较去年同期增长39.86 ...

据Wind资讯数据统计，截至8月13日，年内发布的债券指数已累计达207条，相较去年同期增长 39.86%。其中，信用债相关指数占比超六成，涵盖了不同信用等级、行业类型及发行主体的细分领 域，如中证指数于2月份发布的中证中高等级民企信用债指数便属于其中的典型代表；此外，利率债指 数同样保持稳定增长，在国债、地方政府债等品类上持续细化，为投资者提供了更丰富的低风险投资标 的参考。 值得注意的是，债券指数"上新"提速的同时，债券ETF产品也呈现出快速扩容的态势。数据显示，截至 8月13日，市场上共有债券ETF产品39只，其中仅今年成立的产品就有18只，占比达46.15%。这一数据 直观展现了债券ETF产品扩容力度，与债券指数的"上新"形成了紧密的联动。 进一步来看，债券ETF数量显著增长的同时，在种类上也实现了多维度拓展——2月份，首批基准做市 信用债ETF上市；7月份，首批科创债ETF上市。这些新品类的推出，既是对债券指数细分趋势的积极 响应，也进一步拓宽了投资者的选择范围，让债券ETF在服务实体经济和满足投资需求方面发挥了更广 泛的作用。 正如富国基金固定收益投资部基金经理张洋对《证券日报》记者表示，科创债E ...

Group 1 - The first batch of Sci-Tech Bond ETFs has achieved significant growth, with a total scale exceeding 1119.35 billion yuan, representing an increase of 286.15% since its launch [1][2] - Eight out of the ten initial Sci-Tech Bond ETFs have surpassed the 10 billion yuan mark, with the largest being the Jiashi Sci-Tech Bond ETF at 16 billion yuan [1] - The market is preparing for a second batch of Sci-Tech Bond ETFs, with multiple fund companies actively working on their applications, indicating strong competition and demand [3] Group 2 - The launch of the first batch of Sci-Tech Bond ETFs has reshaped the bond ETF market landscape, expanding the total number of bond ETFs to 39, including various types such as credit bond ETFs and convertible bond ETFs [2] - There remains a gap in the market for comprehensive bond, green bond, and central enterprise theme ETFs, suggesting potential areas for future development [2] - The second batch of Sci-Tech Bond ETFs is expected to maintain similar tracking indices as the first batch, focusing on AAA-rated technology innovation company bonds [3]

Group 1 - The core viewpoint of the articles highlights the significant growth of the ETF market in China, with total assets reaching 4.66 trillion yuan as of July 30, 2023, marking a nearly 25% increase since the beginning of the year [1][2] - The top ten ETF providers account for nearly 80% of the total ETF market size, indicating a pronounced "Matthew Effect" where leading firms like Huaxia Fund and E Fund dominate the growth [2][3] - The bond ETF segment has seen remarkable growth, increasing from 1739.73 billion yuan to 5122.4 billion yuan, a growth rate of 194.44%, while stock ETFs grew by approximately 10% [2][3] Group 2 - The rapid expansion of the ETF market is attributed to favorable policies, regulatory support, and a shift in market demand, with institutional investors increasing their allocation to ETFs [5][6] - The year 2025 is anticipated to be a milestone for index-based investments, with innovations such as the first batch of science and technology innovation index ETFs emerging [6][7] - ETFs are increasingly viewed as essential investment tools due to their transparency, low fees, and risk diversification, making them a standard component in investment portfolios [6][7] Group 3 - The industry is witnessing a transformation where public funds need to evolve from "product designers" to "ecosystem builders," enhancing investor experience through low-cost and transparent services [4][5] - Some firms, despite slower growth, are focusing on thematic products to capture structural market opportunities, indicating a strategic shift in product offerings [4][5] - The expansion of ETFs reflects a maturation of investor sentiment, with passive investment tools becoming a significant indicator of market professionalism [7]

1. Report industry investment rating - This report does not provide an investment rating for the industry [1] 2. Core View of the Report - The secondary market discount may lead to a temporary increase in the cost - effectiveness of credit bond ETFs. If the trading sentiment recovers in the future and the ETF premium - discount rate reverts to the central level, it may drive the ETF price to recover. It is recommended to moderately focus on the temporary trading opportunities brought by credit bond ETFs entering the discount range [2] 3. Summary by Relevant Catalog 3.1 Credit bond ETF performance - From July 21 to July 25, affected by the strong performance of the equity and commodity markets, the benchmark - made credit bond ETFs and science - innovation bond ETFs were under pressure. The net worth and closing prices of 8 benchmark - made credit bond ETFs and 10 science - innovation bond ETFs declined for 4 consecutive days from July 21 to July 24 and showed differentiation on July 25. As of July 25, 2025, the closing prices of 10 science - innovation bond ETFs fell below 100 yuan, with cumulative declines ranging from 0.28% to 0.57% since listing; the closing prices of 8 benchmark - made credit bond ETFs also fell below 101 yuan, with declines ranging from 0.45% to 0.66% from July 17 to July 25. On July 28, the net worth of both types of ETFs recovered slightly [5] - Since the listing of science - innovation bond ETFs on July 17, the net capital inflow has rapidly declined. From July 23 to July 25, the benchmark - made credit bond ETFs saw a large - scale capital outflow. On July 24, the single - day net outflow of benchmark - made credit bond ETFs reached 2.52 billion yuan, the largest since the beginning of this year. More than half of the science - innovation bond ETFs had a small net capital outflow on July 24, just one week after listing [4][6] 3.2 How to view the discount trading opportunities of credit bond ETFs - Credit bond ETFs can be traded in the secondary market. Currently, 8 benchmark - made credit bond ETFs use physical subscription and redemption methods, and only 3 out of 10 science - innovation bond ETFs use cash subscription and redemption methods [12] - In the physical subscription and redemption model, investors are more likely to sell credit bond ETFs in the secondary market during market adjustments, which may lead to short - term discounts. After a short - term discount occurs, there are two possible directions: the market continues to adjust and the discount deepens, or the premium - discount rate reverts to the central level due to arbitrage activities [13] - Regarding the influencing factors, from July 17 to July 25, the valuation adjustments of the underlying component bonds of benchmark - made credit bond ETFs and science - innovation bond ETFs were not significantly different from those of non - component bonds, and no additional factors causing excessive valuation adjustments were observed [14] - From July 21 to July 25, the discount of benchmark - made credit bond ETFs deepened, and science - innovation bond ETFs gradually turned to a discount state. As of July 24, the discount of 8 credit bond ETFs ranged from 25 to 47 BP, significantly higher than the historical average; as of July 25, the discount of science - innovation bond ETFs ranged from 8 to 25 BP [17][18] - Although both types of ETFs are in the discount range, the trading sentiment may recover in the future, pulling the premium - discount rate back to the central level. The discount may bring a temporary increase in cost - effectiveness, and it is recommended to pay attention to the trading opportunities [19]

Summary of Bond ETF Conference Call Industry Overview - The conference call discusses the development of the bond ETF market in China, highlighting significant milestones and challenges faced by the industry [1][2][3][4][5]. Key Points and Arguments 1. **Market Growth and Milestones** - The launch of cross-market cash redemption bond ETFs in 2022 marked a pivotal moment for bond ETFs, leading to a significant increase in market size [1][3]. - By July 25, 2025, the total management scale of bond ETFs exceeded 510.4 billion yuan, with a notable increase in the number of products from 21 at the end of 2024 to 39 by mid-2025 [4][5]. 2. **Increased Market Share** - The share of bond ETFs within passive index funds rose from 15% at the beginning of the year to 25%, primarily due to the issuance of credit bond ETFs [1][6]. 3. **Performance of Sci-Tech Bond ETFs** - The first batch of Sci-Tech bond ETFs launched in July 2025 saw rapid growth, reaching approximately 100 billion yuan in total scale within the first week, indicating high market interest [1][7]. 4. **Differences Between Bond ETFs and Other Funds** - Bond ETFs exhibit a more diversified duration distribution compared to off-exchange passive index funds, which tend to have a concentrated duration [8][10]. 5. **Investor Composition** - Institutional investors show a high holding ratio in convertible bond ETFs and medium-short duration government bonds, while retail investors favor long-term government bond ETFs [12]. 6. **Challenges Facing the Market** - The bond ETF market faces several challenges, including underdeveloped infrastructure, insufficient product supply and innovation, and low investor recognition [2][15][16]. 7. **Comparison with International Markets** - The scale of bond ETFs in China remains significantly lower than that of off-exchange passive index funds, with a notable gap attributed to infrastructure and investor acceptance issues [16]. 8. **Future Development Directions** - Recommendations for future growth include enhancing product lines, improving management efficiency, and increasing investor education to boost recognition and participation [22][26]. Other Important but Overlooked Content - The call emphasizes the importance of liquidity and operational efficiency in the bond ETF market, particularly as the market evolves with new product offerings and regulatory changes [15][18]. - The competitive landscape among management institutions is highlighted, with leading firms focusing on different segments of the market, indicating a lack of a stable top-tier institution structure in the bond ETF space [13][14]. This summary encapsulates the key insights and developments discussed in the conference call regarding the bond ETF market in China, providing a comprehensive overview of its current state and future potential.

Report Industry Investment Rating No relevant content provided. Core Views of the Report - In Q2 2025, the scale and quantity of bond index funds (including ETFs) both increased, with the total scale exceeding 1.5 trillion yuan. Bond ETFs were the main force in the growth of bond index funds, and the expansion of credit bond ETFs, especially benchmark market - making credit bond ETFs, was particularly significant. Meanwhile, the underlying asset categories and duration structures of bond index funds became more balanced and diversified, and the细分 strategies of index funds such as credit bonds and financial bonds also became more abundant [1]. - With the expansion of index bond fund varieties, increased policy support, and the deepening of the entry process of pension funds into the market, domestic bond index funds (including ETFs) are expected to achieve accelerated development through policy guidance and product innovation [6]. Summary According to the Table of Contents Bond Index Funds are Entering the Fast - Lane of Development - In Q2 2025, the scale and quantity of bond index funds (including ETFs) both increased. The total scale reached 1.55 trillion yuan, with a quarter - on - quarter increase of over 300 billion yuan, a quarter - on - quarter growth rate of 25%, contributing 36% of the total bond fund's quarter - on - quarter increase. Year - on - year, it increased by more than 560 billion yuan, with a growth rate of 57%, contributing 180% of the bond fund's year - on - year increase. The number of bond index funds (excluding 10 Sci - tech innovation bond ETFs) reached 343, an increase of 13 from the previous quarter [11]. - Bond ETFs were the main force in the growth of bond index funds. By the end of Q2 2025, the total scale of bond ETFs reached 38.44 billion yuan, with a quarter - on - quarter growth of 76% and a year - on - year growth of 250%, contributing more than half of the bond index fund's increase. As of July 23, 2025, the total scale of bond ETFs exceeded 500 billion yuan. Among them, 10 Sci - tech innovation bond ETFs exceeded 10 billion yuan in just 5 trading days after their listing on July 17 [13]. - In terms of the structure, Southern Fund, GF Fund, and Fullgoal Fund ranked in the top three in terms of the total scale of pure - bond index fund products (excluding convertible bond products) under each institution. After including 2 convertible bond ETF products, Bosera Fund, Southern Fund, and GF Fund ranked in the top three, all with a scale of over 100 billion yuan. In terms of increments, the scale of Haifutong's pure - bond index products increased the most in Q2, mainly due to the rapid expansion of its short - term financing ETF products [16]. The Product Line of Bond Index Funds is Becoming More Abundant Underlying Asset Categories - For bond index funds (excluding ETFs), the main investment directions are policy - financial bonds and inter - bank certificates of deposit. However, since Q2, credit bond index funds have expanded significantly, with their scale exceeding that of inter - bank certificate of deposit - type products for the first time, ranking second. In addition, the proportions of financial bond and comprehensive bond index fund products have also increased slightly [5]. - For bond ETFs, the scale of benchmark market - making credit bond ETFs exceeded that of policy - financial bonds in Q2, becoming the largest sub - category. As of Q2 2025, the scale of benchmark market - making credit bond ETFs exceeded 220 billion yuan, accounting for over 30% [28]. Duration Structure - For bond index funds (excluding ETFs), the 1 - 3 - year and 3 - 5 - year maturity segments had a higher proportion, and the proportion of the scale of the over - 5 - year maturity segment increased significantly since Q2. By the end of Q2 2025, the proportions of the 1 - 3 - year and 3 - 5 - year maturity segments of index bond funds were 30% and 42% respectively, and the proportion of the over - 5 - year maturity segment increased by about 5 percentage points to 16% [32]. - For bond ETFs, previously, the 1 - 3 - year segment was the main one. Since Q2, the proportion of the 3 - 5 - year segment has increased significantly, mainly due to the expansion of benchmark market - making credit bond ETFs. The weighted average duration of benchmark market - making credit bond ETFs is between 3 - 4 years. The expansion of benchmark market - making credit ETFs has led to the proportion of 3 - 5 - year bond ETFs increasing from about 5% in Q1 to 40% [32]. Sub - Strategies - The sub - strategies and types of index funds such as credit bonds and financial bonds have become more diverse, covering multiple sub - themes such as investment - grade, green theme/ESG, and regional. Among the 13 newly - added bond index funds in Q2, 5 belong to credit bond index funds (including financial bonds) and cover multiple sub - themes [42]. Future Development Ideas for Bond Index Funds Future Development Space for Bond Index Funds - Referring to the experience of overseas mature markets such as the United States, the domestic bond index funds (including ETFs) are expected to achieve accelerated development through policy guidance and product innovation. The current scale of domestic bond index funds is at a relatively low level compared with that in the United States, and there is broad development space [47][48]. Development Ideas for Bond Index Funds - Layout comprehensive bond index funds. Currently, there is a gap in on - exchange comprehensive products in China, while in the United States, they were developed earliest and have the largest scale [6]. - Enrich the duration supply, such as increasing the supply of long - duration varieties such as local bonds over 10 years and credit bonds over 5 years [6]. - Refine the sub - strategies and types of credit products, such as focusing on ESG sub - fields, climate change themes, and Sci - tech innovation bonds to enrich the strategy levels [6]. - Link to overseas bond index funds, such as Southbound Connect bond index funds [6]. - Deepen the development of cross - market bond ETFs and active bond ETFs [6].

Group 1: ETF Market Overview - As of the end of June, the total number of ETFs in the Shanghai Stock Exchange reached 701 with a total market value exceeding 3.14 trillion yuan, while the Shenzhen Stock Exchange had 495 ETFs with a total market value over 1.15 trillion yuan, bringing the combined total to over 4.3 trillion yuan, showing a steady increase from the previous month [1] - The first batch of 10 science and technology innovation bond ETFs was launched on July 17, attracting significant market attention and reshaping the bond ETF market landscape, indicating a promising future for this segment [1] Group 2: Brokerage Business Insights - In June, the top five brokerages by trading volume for Shanghai ETFs were Huatai Securities, CITIC Securities, Guotai Junan, Dongfang Securities, and China Galaxy, with market shares of 11.75%, 11.04%, 6.55%, 5.30%, and 4.71% respectively [2] - The leading brokerages by ETF holdings in Shanghai as of the end of June were China Galaxy, Shenwan Hongyuan, CITIC Securities, Guotai Junan, and招商证券, with market shares of 24.03%, 17.61%, 6.26%, 4.78%, and 4.63% respectively [2] Group 3: Growth of Bond ETFs - The domestic ETF market expanded by nearly 580 billion yuan in the first half of the year, with bond ETFs and Hong Kong stock ETFs being the main contributors, highlighting a growing interest in these products [3] - The number of bond ETFs increased from 21 to 29, while the total market size of bond ETFs reached 218.1 billion yuan by the end of the first quarter of 2025, indicating a rising acceptance of index-based bond products among investors [4]

Core Viewpoint - The bond ETF market is experiencing significant growth, with total scale surpassing 500 billion yuan by July 20, 2025, nearly doubling from early 2024, driven by increasing interest from institutional investors and innovative product designs [1][2][4]. Group 1: Market Growth and Trends - The total scale of bond ETFs reached over 500 billion yuan by July 20, 2025, with an increase of nearly 120 billion yuan in just the first half of July [1]. - The first batch of 10 bond ETFs raised nearly 30 billion yuan on their first day, indicating strong market demand [1]. - The bond ETF market is seeing a shift towards specialized products, such as those focusing on technology innovation bonds, which are characterized by low risk and flexible trading [1][4]. Group 2: Institutional Investor Dynamics - Approximately 85% of bond ETFs are held by institutional investors, including insurance funds and bank wealth management, highlighting the significant role of institutional capital in this market [2]. - Institutional investors face challenges in timing their investments, leading to a need for unique product offerings to retain their interest [2]. - There is a need for bond ETFs to be designed to meet the operational requirements of bank proprietary funds, which currently face regulatory constraints [2]. Group 3: Product Innovation and Market Positioning - There are numerous opportunities for product innovation within the bond ETF space, including green bonds, rural revitalization themes, and leveraged or inverse ETFs [3][4]. - Different investor segments have varying preferences, with institutional investors favoring long-duration rate bonds, while retail investors prefer T+0 redemption and monthly dividends [3]. - Cross-border investment needs can be addressed through bond ETFs that track international bond indices, allowing for diversified exposure without complex foreign exchange operations [3]. Group 4: Future Outlook - The market for technology innovation bonds has exceeded 2 trillion yuan, with expectations for continued growth in related bond ETFs due to supportive policies and reduced issuance thresholds [4]. - Future bond ETFs are likely to focus on specific themes, such as green technology or semiconductor industry bonds, reflecting a trend towards differentiation in product offerings [4].