() 上海证券交易所 投资者教育基地 科 技 创 新 债 券 （简 称 " 科 创 债 "),是指由科技型企业发行,或者 募集资金主要用于支持科创领域发 展的信用债。截至目前，全市场共 356 家主体发行 1360 只科创债, 合计规模 1.95 万亿元。其中沪深两 所共发行 935 只,合计规模 1.23 万亿元，较 2022 年末分别增长近约 14.7 倍和 13 倍,投资容量与日俱 增。 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出" 一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读，直 击指数化投资关键要义。 发布背景 指数百科 第二十一期 IPAAATHCHJJJJJJJ 护用创债费资料工具 0 者 按 第三 中国基金报 CHINAFUND ■ 中证指数 国 指数化搜索 指数 定位 2023 年 8 月，上海证券交易所 和中证指数有限公司研究推出上证 AAA 科技创新公司债指数,选取剩 余期限、信用评级符合条件的债券作 为指数样本,以反映相应上交所科技 创新公司债的整体表现。 ► 指数投资容量充足 目 ...

【 上海证券交易所 【 】 投资者教育基地 中国基金报 CHINAFUND 中证指数 第二十一期 指数百科 IPAAATHCHAR 护用创债投资新工具 : : 首 技 日 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出" 一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读,直 击指数化投资关键要义。 反 何 育 景 科 技 创 新 债 券 （简 称 " 科 创 债 "),是指由科技型企业发行,或者 募集资金主要用于支持科创领域发 展的信用债。截至目前，全市场共 356 家主体发行 1360 只科创债, 合计规模 1.95 万亿元。其中沪深两 所共发行 935 只,合计规模 1.23 万亿元，较 2022 年末分别增长近约 14.7 倍和 13 倍,投资容量与日俱 增。 1360g 95方亿元 l. 全市场 科 创 信 合计规模 935g 23万亿元 沪深两所 科 创 债 2025 年以来，支持科创债发行 的政策频发,不断完善长期资本投 早、投小、投长期、投硬科技的支持 政策。央行、证监会联合发布的关于 支持发行科技 ...

Macro - The likelihood of achieving a 5% economic growth target for the year is high, with a decreasing necessity and intensity for incremental policies in the second half of the year [1] - Continuous price pressure has negatively impacted the normal circulation of the national economy, leading to a focus on addressing price issues through unconventional macroeconomic policies [1][2] - The phenomenon of "involution" in both supply and demand sides has intensified downward price pressures, with low capacity utilization and excessive capital expenditure on the supply side, and long working hours suppressing consumer demand on the demand side [2][3] Strategy - The IPO process in Hong Kong involves both public offerings and international placements, with the former primarily targeting retail investors, leading to a liquidity "drain" effect due to the need for investors to freeze funds for subscriptions [6][8] - The introduction of the FINI system in 2023 has significantly reduced the liquidity pressure associated with IPOs by allowing for a pre-set funding compression mechanism, which can save approximately 71% of the funds that would have been frozen historically [8] - The launch of the first batch of Sci-Tech Bond ETFs on July 7, 2025, raised 29 billion yuan, marking a significant expansion in the Sci-Tech bond market, which has seen rapid growth due to supportive policies [9][10] - The current Sci-Tech bonds are predominantly issued by state-owned enterprises, with a significant portion allocated to the banking sector, indicating a strong focus on financing technology innovation [10][11] Non-Bank Financials - The securities industry is expected to benefit from a stable equity market and a recovering bond market, with significant growth in financing activities driven by state-owned banks [22][23] - The competitive landscape is shifting towards a focus on functionality and profitability, with a notable increase in the concentration of leading firms in the industry [24][25] - The capital market is stabilizing, with various funding sources supporting a potential upward breakout in equity markets, positioning brokerages as key players in this trend [26][27] Real Estate - The valuation of major real estate companies is believed to have entered an investment range, with a focus on the "demand bottom" and the dynamics of supply and demand relationships [28] - A potential decline in new housing prices is anticipated, with second-hand housing listings expected to decrease in the coming years, indicating a stabilization in the market [28] Fund Evaluation - The report highlights the regulatory framework surrounding performance benchmarks for mutual funds in the U.S., emphasizing the importance of appropriate benchmark selection for fund performance evaluation [29][30] - U.S. actively managed funds predominantly use single benchmarks, with a high correlation between fund performance and benchmark indices, contrasting with the more complex benchmark structures often seen in China [30][31]

证券研究报告 | 债券专题报告 2025 年 7 月 7 日 科创债 ETF 启航 固定收益&基金评价联合深度报告 2025 年 6 月 18 日证监会主席吴清在 2025 陆家嘴论坛上明确将加快推出科创 债 ETF，当日 10 家公募基金同步上报首批科创债 ETF，首批科创债 ETF 已于 7 月 2 日下午正式获批。科创债 ETF 推出背景如何，有哪些产品特征，推出后 对债券市场有哪些影响，本文将对这些问题进行分析。 一、政策红利驱动科创债市场扩容，科创债 ETF 迅速落地 2025 年 5 月央行证监会联合公告拓宽科创债发行主体范围，并明确鼓励创设科 创债 ETF。新政发布以来科创债发行规模已超 6200 亿元，科创债存量规模达 2.5 万亿元，为科创债 ETF 提供充足底层资产。科创债 ETF 政策落地迅速，首 批 10 只科创债 ETF 拟 7 月 7 日发行。 二、首批 ETF 跟踪三大指数，特征对比鲜明 首批科创债 ETF 跟踪指数包括：AAA 科创债指数、沪 AAA 科创债指数、深 AAA 科创债指数。 1、收益风险方面：累计收益角度，AAA 科创债指数与沪 AAA 科创债指数累计 收益较高且 ...