Core Insights - The technology innovation bond market has reached a new milestone with 356 issuers successfully issuing 1,360 technology innovation bonds, totaling 1.95 trillion yuan as of August 28, 2025 [1] - A series of supportive policies for the issuance of technology innovation bonds have been introduced since 2025, marking the official launch of the technology sector in the bond market and creating unprecedented development opportunities for the market [1] - The Shanghai Stock Exchange AAA Technology Innovation Company Bond Index was launched on August 24, 2023, to accurately reflect the performance of high-rated technology innovation company bonds listed on the exchange [1] Market Overview - The Shanghai and Shenzhen stock exchanges have issued 935 technology innovation bonds, amounting to 1.23 trillion yuan, making them the main players in the market [1] - As of August 29, 2025, AAA-rated bonds dominate the sample, accounting for 71.01%, while unrated bonds make up only 28.99% [3] - The index has shown stable yield characteristics across different time frames, with a year-to-date return of 1.55% and an annualized return of 3.18% as of July 31, 2025 [3] Index Characteristics - The average remaining maturity of the index is 4.21 years, with a modified duration of 3.79 years, indicating a balanced approach to capturing yield spreads and controlling interest rate risks [4] - The index's total market value is 1,115.38 billion yuan, with a total face value of 1,089.34 billion yuan, allowing for significant capital inflows and outflows [3] - The average coupon rate of the index is 2.44%, and the yield to maturity is 1.96%, providing stable interest cash flow for investors [5] Investment Products - Several index-based investment products, such as the GF SSE AAA Technology Innovation Company Bond ETF and the Bosera SSE AAA Technology Innovation Bond ETF, have emerged to seek returns similar to the SSE AAA Technology Innovation Bond Index [5]

（数据来源：WIND资讯） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，近一周场内成交贴水最少，净值相对稳健且回撤可控，可参考 下表（本轮债市调整自2025年8月8日起算）： | 代码 | 同移 | 场内简称 | 托管/ | 規模(亿) | 近1周成交量 | 近1周後 | 近1周均贴 | 近1周涨跌 | 质押率 | 本就讀整 | 近年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | (47) | 手率 | 水率 | 1981 | | 最大回簽 | Calmark | | 511030.SH | 平安中债-中高等级公司债利差因子ETF | 公司價IF | 千安装行最份有限公司 | 224.05 | 123.66 | 58.65% | -0.02% | 0.044% | 63.00 | -0.1925 | 3.9284 | | 511220SH | 海富通上证城投债ETF | 城投债 ...

Core Insights - The article highlights the arrival of a bull market driven by economic recovery and market liquidity, suggesting three main investment directions: 1) Technological AI+ breakthroughs led by open-source initiatives, 2) Valuation recovery in consumer stocks and gradual recovery in consumer segmentation, 3) Continued rise of undervalued dividends [1] Investment Themes - The low valuation of the consumer sector, declining interest rates, and policy catalysts are expected to support a recovery cycle, even if the slope is weak, indicating that being overly pessimistic about consumption based on macro narratives poses a risk [1] - The performance of the Ping An Company Bond ETF (511030) has been notable, ranking first in terms of drawdown control during the recent bond market adjustment, with minimal trading discounts and stable net value [1] Bond Market Analysis - The table provided lists various bond ETFs, highlighting their scale, recent trading discounts, and performance metrics since the bond market adjustment began on August 8, 2025. For instance, the Ping An Company Bond ETF has a scale of 22.353 billion, with a recent average discount of -0.06% and a year-to-date performance of 0.84% [1]

Core Viewpoint - The article emphasizes the rapid development and increasing acceptance of index investment in China, particularly focusing on the growth of technology innovation bonds (科创债) and the introduction of related indices to facilitate investment opportunities [7][12]. Group 1: Background and Market Overview - As of now, there are 356 issuers of technology innovation bonds in the market, with a total of 1,360 bonds issued, amounting to a scale of 1.95 trillion yuan. The Shanghai and Shenzhen stock exchanges have issued 935 bonds, totaling 1.23 trillion yuan, representing a growth of approximately 14.7 times and 13 times compared to the end of 2022, respectively [9][10]. - Since 2025, policies supporting the issuance of technology innovation bonds have been frequently introduced, enhancing the long-term capital investment environment for hard technology [12]. Group 2: Index Development - In August 2023, the Shanghai Stock Exchange and China Securities Index Company launched the Shanghai AAA Technology Innovation Company Bond Index, which selects bonds that meet specific criteria to reflect the overall performance of technology innovation company bonds on the exchange [14]. - The current outstanding technology innovation bonds on the Shanghai Stock Exchange total 795, with a combined scale of 1.1 trillion yuan. The AAA technology innovation bond index includes 785 bonds, with a total scale of 1.0943 trillion yuan, accounting for 88% of the total market scale of technology innovation bonds [15]. Group 3: Investment Characteristics - The bonds included in the index are all rated AAA, ensuring high credit quality, with implied ratings of AA+ and above [16]. - The index covers a wide range of issuers, including central and local enterprises as well as technology innovation private enterprises, addressing the challenges investors face in identifying and investing in individual technology innovation bonds [17]. - In the current low-interest-rate environment, technology innovation bonds offer higher annualized returns compared to government bonds and money market funds, providing a stable investment option [18]. Group 4: Performance Metrics - Since the base date of June 30, 2022, the Shanghai AAA Technology Innovation Bond Index has outperformed the Shanghai market benchmark corporate bonds and the 5-year government bond index, with a cumulative increase of 14.4% and an annualized return of 4.3% as of July 31, 2025 [19][21]. Group 5: ETF Products - As of July 31, 2025, there are three domestic ETFs tracking the Shanghai AAA Technology Innovation Bond Index, which have quickly reached their fundraising limits of 3 billion yuan since their public offering on July 7. The total scale of these products has now reached 28.6 billion yuan, indicating growing market recognition of the investment value of technology innovation bonds [24].

Core Viewpoint - The rapid development of the index system in China has led to an increasing acceptance of index-based investment, with a significant rise in the issuance of technology innovation bonds (科创债) and the establishment of related indices to facilitate investment opportunities in this sector [5][8][11]. Group 1: Technology Innovation Bonds - As of now, a total of 356 entities have issued 1,360 technology innovation bonds, with a total scale of CNY 1.95 trillion. The Shanghai and Shenzhen stock exchanges have issued 935 bonds, amounting to CNY 1.23 trillion, representing an increase of approximately 14.7 times and 13 times compared to the end of 2022, respectively [8]. - The supportive policies for technology innovation bond issuance have been frequent since 2025, enhancing long-term capital investment in hard technology sectors [10][11]. - The Shanghai Stock Exchange and China Securities Index Co. launched the Shanghai AAA Technology Innovation Company Bond Index in August 2023, which reflects the overall performance of technology innovation company bonds listed on the exchange [13]. Group 2: Investment Capacity and Quality - Currently, there are 795 technology innovation bonds with a total scale of CNY 1.1 trillion on the Shanghai Stock Exchange. The AAA technology innovation bond index includes 785 bonds, with a total scale of CNY 1.0943 trillion, accounting for 88% of the total market scale of technology innovation bonds [14]. - The issuers of the bonds in the index are all rated AAA, ensuring high credit quality, with implied ratings of AA+ and above [16]. - The index covers a wide range of issuers, including central and local enterprises as well as technology innovation private enterprises, addressing the challenges investors face in identifying risks and meeting investment thresholds [17]. Group 3: Investment Performance - In the current low-interest-rate environment, technology innovation bonds offer higher annualized returns compared to government bonds and money market funds, providing investors with a new asset allocation option that combines stable returns and policy benefits [18]. - Since the base date of June 30, 2022, the Shanghai AAA technology innovation bond index has outperformed the Shanghai market benchmark corporate bonds and the 5-year government bond index, with a cumulative increase of 14.4% and an annualized return of 4.3% as of July 31, 2025 [19][21]. Group 4: Market Recognition - There are currently three domestic ETFs tracking the Shanghai AAA technology innovation bond index, which have quickly reached their fundraising limits of CNY 3 billion since their public offering on July 7. The total scale of these products has now reached CNY 28.6 billion, indicating growing market recognition of the investment value of technology innovation bonds [24].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The new - listed sci - tech bond ETF is expected to take over the outstanding performance of credit bond ETFs. In the short term, sentiment support may drive the sci - tech bond ETF to outperform credit bond ETFs; in the long term, it has the characteristics of controllable risks and stable returns [7]. - In the current interest - rate environment, bond - type assets still play a "ballast" role in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation. Sci - tech bonds are the "new hot spot" among credit bond assets [30]. - The sci - tech bond ETF has a certain industry linkage with the equity market and is suitable for long - term investors expecting small asset fluctuations and stable returns [36]. 3. Summary According to Relevant Catalogs 3.1 Sci - tech Bond ETF Value Analysis - The tracking index of the GF Sci - tech Bond ETF includes high - quality sci - tech bonds listed on the Shanghai Stock Exchange, covering industries of high importance and strong stability. The index calculation method is the total market - value weighted method, with a monthly sample - adjustment cycle [4][18]. - The Shanghai AAA Sci - tech Corporate Bond Index has good offensive performance in a bond bull market. Since 2023, its cumulative return is 14.78%, and the annualized return rate is 4.68%, similar to the yields of mainstream credit indexes in the market [20]. - In the current low - inflation environment, the real yield of fixed - income assets has increased since 2024. Bond - type assets are the main part of fixed - income assets in the investment portfolio, and credit bonds are the preferred choice for bond - type asset allocation [30]. - Sci - tech bonds are the "new hot spot" among credit bond assets. The central bank's creation of the "sci - tech innovation bond risk - sharing tool" has created a good investment environment for sci - tech bonds [31]. 3.2 Information Introduction of GF Sci - tech Bond ETF (511120) 3.2.1 Product Basic Situation Introduction - The GF Sci - tech Bond ETF was established on July 10, 2025, and officially listed for trading on July 17, 2025. The product's issuance and fundraising scale reached 2.968 billion yuan, and after listing, the scale increased to 5.662 billion yuan, with an increase rate of 90.73%. The average daily trading volume is about 2.738 billion yuan, and the turnover rate is 48.35% [37]. - The product has a management fee of 0.15% and a custody fee of 0.05%, which has an advantage over traditional active bond funds [37]. - It uses a physical subscription and redemption mechanism. The income distribution adopts the cash - dividend method, with no mandatory dividend commitment [37][41]. 3.2.2 Characteristics Introduction of Shanghai AAA Sci - tech Bond Index - It is expected to be included in the pledge library, with a potentially higher pledge discount coefficient than the Shanghai Market - Making Corporate Bond Index [42]. - It belongs to the medium - duration index, more offensive in a bull market compared to short - term financing ETFs and urban investment bond ETFs [42]. - The underlying bonds are for supporting the development of the sci - tech innovation field, with clear capital uses [42]. - It has a relatively high credit level, and its sample bond stock scale exceeds 970 billion yuan, with a larger strategic capacity [42][43]. 3.2.3 Applicable Scenarios of GF Sci - tech Bond ETF - From a long - term investment perspective, it is suitable for credit - bond allocation enhancement strategies in a low - interest - rate environment and can replace corporate bonds and active bond funds [44]. - From a short - term investment perspective, it can be applied to investment strategies such as spread trading, arbitrage trading, and credit short - selling [44]. 3.3 Comparison with Mainstream Bond ETF Products - The GF Sci - tech Bond ETF has a more neutral duration. It is more suitable for obtaining richer returns in a declining interest - rate environment compared to short - duration products and can better control the retracement range compared to long - duration products [45]. - The tracking index of the GF Sci - tech Bond ETF has advantages such as a large number of issuers, a large market capacity, and high single - bond balances, which are conducive to risk dispersion, strategy reserve, and bond - replenishment operations [7][48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The Kechuang Bond ETF is expected to succeed the outstanding performance of the Credit Bond ETF. In the short - term, it may become a new market hot - spot, and in the long - term, it has the characteristics of controllable risks and stable returns [3][14]. - In the current interest rate environment, bond - type assets still play a "ballast stone" role in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation, among which Kechuang bonds are the "new hot - spot" in credit bond assets [18][19]. - Kechuang Bond ETF Guangfa has advantages such as a more neutral duration, and its tracking index has features like a large number of subjects, a large market capacity, and high single - bond balances [3][31]. 3. Summary by Directory 3.1 1 Kechuang Bond ETF Value Analysis - The tracking index of Kechuang Bond ETF Guangfa contains high - quality Kechuang bonds listed on the Shanghai Stock Exchange, covering industries with high importance and strong stability. The index is calculated by the total market - value weighted method with a monthly sample - adjustment cycle [3][10]. - The Shanghai AAA Kechuang Bond Index shows good offensive ability in a bond bull market, with a cumulative return of 14.78% since 2023 and an annualized return of 4.68%. Its drawdown amplitude is relatively small [13]. - In the current low - inflation environment, bond - type assets are the "ballast stone" in the asset portfolio, and credit bonds are the preferred choice for bond - type asset allocation. Kechuang bonds, as a new hot - spot in credit bond assets, are in a "golden period" for investment [18][19]. 3.2 2 Kechuang Bond ETF Guangfa (511120) Information Introduction 3.2.1 Product Basic Situation Introduction - Kechuang Bond ETF Guangfa was established on July 10, 2025, and officially listed for trading on July 17, 2025. Its issuance and fundraising scale reached 2.968 billion yuan, and after listing, its scale increased to 5.662 billion yuan, with an increase of 90.73%. The average daily trading volume was about 2.738 billion yuan, and the turnover rate was 48.35%. It has a certain fee - rate advantage [24]. - It uses a physical subscription and redemption mechanism. Investors can subscribe with a basket of component bonds or cash. The trading mechanism is for on - exchange funds with continuous auction trading, and it provides T + 0 trading between the primary and secondary markets. The income distribution adopts the cash - dividend method without a mandatory dividend commitment [25][27]. 3.2.2 Shanghai AAA Kechuang Bond Index Features Introduction - It is expected to be included in the pledge library, with a potentially higher pledge discount coefficient. It belongs to the medium - duration index, has a clear fund use, a relatively high credit level, and a larger strategy capacity [28][29]. 3.2.3 Kechuang Bond ETF Guangfa Applicable Scenarios Introduction - In the long - term investment logic, it is suitable for the credit - bond allocation enhancement strategy in a low - interest - rate environment. In the short - term investment logic, it can be applied to investment strategies such as spread trading, arbitrage trading, and credit short - selling [30]. 3.3 3 Comparison with Mainstream Bond ETF Products - Kechuang Bond ETF Guangfa has a more neutral duration. Compared with mainstream bond ETFs, it is more suitable for obtaining higher returns in a falling - interest - rate environment and can better control the drawdown amplitude [31]. - The tracking index of Kechuang Bond ETF Guangfa has advantages such as a large number of subjects, a large market capacity, and high single - bond balances, which are beneficial for risk dispersion, strategy reserve, and investment transactions [32].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In 2025, with policy focus, the "technology board" of the bond market has accelerated its progress. On July 17, the first batch of Sci - tech Bond ETFs were collectively listed. The Sci - tech Bond ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, spread compression potential, and suitability for certain types of investors [1][8][9]. - The Sci - tech Bond ETFs have differences from other mainstream ETFs in terms of sample range, sample rating, and sample remaining term, and the Shanghai AAA Sci - tech Bond Index has the characteristics of high return, low volatility, and low drawdown [4]. - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both stable - allocation investors and stock - bond portfolio rotation strategies [5]. 3. Summary According to the Catalog 3.1 How to Evaluate the Investment Value of Sci - tech Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Sci - tech Bond ETF products, 6 track the China Securities AAA Sci - tech Bond Index, 3 track the Shanghai AAA Sci - tech Bond Index, and 1 tracks the Shenzhen AAA Sci - tech Bond Index. The Shanghai AAA Sci - tech Bond Index has better sample subject qualifications, a relatively larger sample size, and uses physical redemption [11]. - The industry distributions of the China Securities AAA Sci - tech Bond Index, Shanghai AAA Sci - tech Bond Index, and Shenzhen AAA Sci - tech Bond Index are similar and highly concentrated. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, in bear markets, the yield of sci - tech bonds has increased 3BP less than that of medium - term notes and short - term financing bills; in bull markets, it has decreased 6BP more. The policy attributes of sci - tech bonds provide strong support for their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating narrowly in the range of 1.63% - 1.73% for over 2 months. The 3 - year and 5 - year AAA - rated sci - tech bonds still have an excess spread of 29BP and 5BP compared to medium - term notes of the same term and rating, and their yield levels are still attractive [2][22]. 3.1.4 High Correlation between Sci - tech Bond Index and Dividend Index: Suitable for Conservative Allocation - Oriented Investors - The Shanghai AAA Sci - tech Bond Index has a strong positive correlation with the Shanghai Dividend Index, with a correlation coefficient of 0.56. Sci - tech Bond ETFs are more suitable for conservative allocation - oriented investors and those who prefer stable high - coupon income [3][25]. 3.2 Comparison between Sci - tech Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Sci - tech Bond ETFs, as a new listing category, differ from other mainstream ETFs in sample range, sample rating, and sample remaining term. For example, the ChinaBond 7 - 10 - year Policy Financial Bond Index and the Shanghai 10 - year Treasury Bond (Net) Index have no restrictions on sample ratings, while the Shanghai Market - Making Corporate Bond Index and the Shanghai AAA Sci - tech Bond Index require high - credit - rated bonds [30][31]. 3.2.2 The Index Tracked by Sci - tech Bond ETFs Has High Return, Low Volatility, and Low Drawdown - The Shanghai AAA Sci - tech Bond Index has the highest annualized return (5.41%), relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) among the four indexes [38][39]. 3.3 Introduction to Sci - tech Bond ETF Products 3.3.1 Product Information of GF Sci - tech Bond ETF - The GF Shanghai AAA Sci - tech Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Sci - tech Bond Index. As of July 17, 2025, its liquid scale is 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading, has no subscription and redemption limits, and allows "T + 0" real - time trading. It also has a cash dividend mechanism, providing flexibility and predictable cash flow for investors [46][47]. 3.3.3 The Index Tracked by the ETF Has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Sci - tech Bond Index has a medium - to - short duration, with bonds with a maturity of less than 5 years accounting for 80% of the total scale and a weighted average duration of 4.40 years. The component bonds are mainly of high - credit rating, and the top four industries account for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make It Suitable for Stock - Bond Rotation Strategies - The ETF is suitable for stable - allocation investors and stock - bond portfolio rotation strategies due to its low credit risk, stable coupon income, anti - drawdown ability, low correlation with the Shanghai Composite Index, and good secondary - market liquidity [5][55].

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, driven by policy focus, the "science - technology board" of the bond market has accelerated its progress. On July 17, the first batch of Science - Innovation Bond ETFs were listed collectively. These ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, potential for spread compression, and suitability for certain types of investors [1][8][9]. - Science - Innovation Bond ETFs have differences from other mainstream ETFs in terms of sample scope, sample rating, and sample remaining maturity. The tracking index of Science - Innovation Bond ETFs has the characteristics of high return, low volatility, and low drawdown [4][30]. - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both conservative allocation investors and stock - bond rotation strategies [5][55]. 3. Summary According to the Directory 3.1 How to Evaluate the Investment Value of Science - Innovation Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Science - Innovation Bond ETF products, 6 track the CSI AAA Science - Innovation Bond Index, 3 track the Shanghai AAA Science - Innovation Bond Index, and 1 tracks the Shenzhen AAA Science - Innovation Bond Index. The Shanghai AAA Science - Innovation Bond Index has advantages such as better sample subject quality, relatively larger sample size, and physical redemption [11]. - The industry distributions of the CSI AAA, Shanghai AAA, and Shenzhen AAA Science - Innovation Bond Indexes are similar with high concentration. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale; for the Shenzhen AAA index, they are industry, materials, public utilities, and information technology, accounting for 85% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, Science - Innovation Bonds have shown more resilience in bear markets (yield up 3BP less than medium - term notes and short - term commercial paper) and better return elasticity in bull markets (yield down 6BP more than medium - term notes and short - term commercial paper). Their policy attributes support their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating in the range of 1.63% - 1.73% for over two months. The 3 - year and 5 - year AAA - rated Science - Innovation Bonds still have an excess spread of 29BP and 5BP respectively compared with medium - term notes of the same term and rating, indicating attractive yield levels [2][22]. 3.1.4 High Correlation between Science - Innovation Bond Index and Dividend Index, Suitable for Conservative Allocation Investors - The Shanghai AAA Science - Innovation Bond Index has a strong positive correlation (correlation coefficient of 0.56) with the Shanghai Dividend Index, and a low correlation (correlation coefficient of 0.16) with the Shanghai Composite Index. Science - Innovation Bond ETFs are suitable for conservative allocation investors and those who prefer stable high - coupon income [25][28]. 3.2 Comparison between Science - Innovation Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Science - Innovation Bond ETFs, as a new category, differ from other mainstream bond ETFs (such as Policy - Financial Bond ETFs, Treasury Bond ETFs, and Credit Bond ETFs) in sample scope, sample rating, and sample remaining maturity. For example, the Shanghai AAA Science - Innovation Bond Index requires high - credit - rated bonds and has no restriction on the remaining maturity [30][31]. 3.2.2 The Index Tracked by Science - Innovation Bond ETFs has High Return, Low Volatility, and Low Drawdown - From 2023 to July 2025, the Shanghai AAA Science - Innovation Bond Index had the highest annualized return (5.41%) among the four compared indexes, relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) [38][39]. 3.3 Introduction to Science - Innovation Bond ETF Products 3.3.1 Product Information of Guangfa Science - Innovation Bond ETF - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Science - Innovation Bond Index. As of July 17, 2025, its floating scale was 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading without subscription and redemption limits and "T + 0" real - time trading, which improves capital turnover efficiency and provides flexible trading space. The cash - dividend mechanism provides investors with a predictable cash source [47]. 3.3.3 The Index Tracked by the ETF has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Science - Innovation Bond Index has a medium - to - short duration (bonds with a maturity of less than 5 years account for 80% of the total scale, and the weighted average duration is 4.40 years), high - credit - rated components (bonds with an implied rating above AAA - account for nearly 70% of the total scale), and high industry concentration with leading enterprises in the top four industries accounting for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make it Suitable for Stock - Bond Rotation Strategies - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF is suitable for conservative allocation investors. Its low correlation with the Shanghai Composite Index and good secondary - market liquidity support stock - bond rotation strategies, enabling risk control during stock market downturns and efficient asset switching [55].