Group 1 - The core viewpoint of the article highlights the emergence of new opportunities for technology innovation bonds in 2023, driven by supportive policies from the People's Bank of China and the China Securities Regulatory Commission [1] - The recent policy changes include support for financial institutions and private equity firms to issue technology innovation bonds, with a focus on enhancing credit enhancement measures to mitigate risks [1] - The establishment of the first batch of 10 technology innovation bond ETFs has raised nearly 30 billion yuan, indicating strong investor interest due to their low transaction costs and high liquidity [2] Group 2 - The bond ETF market is expected to grow significantly, with an increase of 210 billion yuan in bond ETFs by June 30, 2025, compared to the end of 2024 [2] - The article suggests that there are investment opportunities in technology innovation bonds, particularly those with durations similar to the technology innovation bond index, as demand for these assets is expected to rise [2][3] - The rapid expansion of technology innovation bond ETFs may lead to a decline in yields, and there is a risk of yield compression if credit spreads reach historical lows [3]

Core Viewpoint - The Tianhong Credit Bond ETF (159398) has been experiencing a positive trend, with significant trading volume and liquidity improvements following its inclusion in the general pledge repo system, which enhances its investment appeal and operational efficiency [2][4]. Group 1: Market Performance - The Tianhong Credit Bond ETF has seen a slight decline of 0.02% after three consecutive days of gains, with a trading volume exceeding 2.6 billion yuan and a turnover rate over 40% [1]. - The latest circulating scale of the Tianhong Credit Bond ETF has reached 6.413 billion yuan, marking a historical high [3]. Group 2: Investment Opportunities - The inclusion of the Tianhong Credit Bond ETF in the general pledge repo system is expected to improve liquidity and broaden financing channels, allowing investors to enhance capital efficiency and investment strategies [2]. - Recent data indicates that the Tianhong Credit Bond ETF has attracted over 710 million yuan in net inflows over the past five days, with a single-day inflow of 537 million yuan [2]. Group 3: Industry Insights - The rapid growth of the Shanghai and Shenzhen benchmark market-making credit bond ETF, which has surpassed 70 billion yuan since mid-May, has led to a significant decline in the valuation yield of medium to long-term credit bonds [4]. - Analysts suggest focusing on coupon opportunities and increasing allocations to medium to long-term credit bonds after the seasonal disturbances end [4].