21世纪经济报道特约记者庞华玮备受关注的科创债ETF迎来首次扩容。 近日，华泰柏瑞、永赢、国泰、大成、汇添富、泰康、兴业、摩根、中银、天弘、银华、工银瑞信、华 安、万家等14家基金公司集体上报第二批科创债ETF。 首批10只科创债ETF在发行时均是"一日售罄"，目前整体规模已经突破1100亿元大关，较上市前增长逾 3倍。在首批科创债上市后首月，交易所科创债换手率从月换手率10%以内提升到18%。 业内普遍看好科创债ETF的投资价值。 第二批科创债ETF正式上报 证监会网站显示，8月20日，14家基金公司集体上报第二批科创债ETF，其中，8只将在上交所上市，6 只将在深交所上市。 其中，10只科创债ETF将跟踪中证AAA科技创新公司债指数，分别为华泰柏瑞、汇添富、国泰、泰康、 兴业、天弘、华安、工银瑞信、大成等基金公司上报的产品。3只跟踪上证AAA科技创新公司债指数， 分别由摩根、永赢、中银等基金公司上报的产品。1只跟踪深证AAA科技创新公司债指数，为万家基金 上报的产品。 加上首批10只科创债ETF，目前已有24家基金公司布局科创债ETF产品。未来仍有机构有意布局。 这意味着，各家机构都看好这一领域，希望抢占 ...

【导读】第二批科创债ETF正式上报，"花落"十四家基金公司 从托管机构看，头部银行及券商均有参与。据悉，银行方面，兴业银行托管3只，位居第一，招商银行、浦发银行、中信银行各托管2只，建设银行、浙商 银行（601916）各托管1只；券商方面，中信证券、国泰海通、中信建投（601066）证券各托管1只。 证监会网站显示，8月20日，14家基金公司集体上报第二批科创债ETF，其中，10只科创债ETF跟踪中证AAA科技创新公司债指数，华泰柏瑞、汇添富、 国泰、泰康、兴业基金上报的6只产品将在上交所上市，天弘、华安、工银瑞信、大成基金上报的4只产品将在深交所上市。 此外，还有3只在上交所上市的科创债ETF跟踪上证AAA科技创新公司债指数，分别由摩根、永赢、中银基金上报；1只在深交所上市的科创债ETF跟踪深 证AAA科技创新公司债指数，由万家基金上报。 | > 关于工银瑞信基金管理有限公司的《公开募集基金募集申请注册-工银瑞信中证AAA科技 ... | 2025-08-20 | 进度追踪 | | --- | --- | --- | | > 关于摩根基金管理(中国)有限公司的《公开募集基金募集申请注册-摩根上证AAA科技 ...

【导读】第二批科创债 ETF 正式上报， " 花落 " 十四家基金公司 中国基金报记者 方丽 陆慧婧 今年最火爆的 ETF 品种 —— 科创债 ETF 迎来首次扩容。 8 月 20 日，华泰柏瑞、汇添富、国泰、永赢、泰康、兴业、摩根、中银、天弘、银华、工银 瑞信、大成、华安、万家等 14 家基金公司集体上报第二批科创债 ETF ，其中， 8 只将在上 交所上市， 6 只将在深交所上市。 从具体跟踪指数看， 10 只科创债 ETF 将跟踪中证 AAA 科技创新公司债指数， 3 只跟踪上 证 AAA 科技创新公司债指数， 1 只跟踪深证 AAA 科技创新公司债指数。 第二批科创债 ETF 正式上报 证监会网站显示， 8 月 20 日， 14 家基金公司集体上报第二批科创债 ETF ，其中， 10 只 科创债 ETF 跟踪中证 AAA 科技创新公司债指数，华泰柏瑞、汇添富、国泰、泰康、兴业基 金上报的 6 只产品将在上交所上市，天弘、华安、工银瑞信、大成基金上报的 4 只产品将在 深交所上市。 此外，还有 3 只在上交所上市的科创债 ETF 跟踪上证 AAA 科技创新公司债指数，分别由摩 根、永赢、中银基金上报； ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The issuance of the first batch of Sci - tech Innovation Bond ETFs has landed, empowering the continuous expansion of the Sci - tech Innovation Bond market. As of July 15, 2025, 10 Sci - tech Innovation Bond ETFs have raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. - Through the analysis of the underlying component bonds of the tracking indices of Sci - tech Innovation Bond ETFs, it is found that there are differences in the term structure, issuer structure, coupon rate, and yield distribution among the three major indices, and the excess spread of Sci - tech Innovation Bonds varies due to the issuer's qualifications [1]. - The issuance of Sci - tech Innovation Bond ETFs will increase the allocation demand for Sci - tech Innovation Bonds, improve market liquidity, and attract medium - and long - term funds into the Sci - tech Innovation Bond market [1][8]. 3. Summary by Relevant Catalogs 3.1 First Batch of Sci - tech Innovation Bond ETFs Issued, Empowering the Continuous Expansion of the Sci - tech Innovation Bond Market - On June 18, 2025, the first batch of 10 Sci - tech Innovation Bond ETFs were submitted collectively, approved on July 2, and scheduled for issuance on July 7. Among them, 6 products track the CSI AAA Sci - tech Innovation Corporate Bond Index, 3 track the SSE AAA Sci - tech Innovation Corporate Bond Index, and 1 tracks the SZSE AAA Sci - tech Innovation Corporate Bond Index [1][13]. - As of July 15, 2025, these 10 ETFs raised a total of 28.988 billion yuan, accounting for about 96.63% of the planned fundraising scale cap [1][13]. 3.2 Analysis of the Component Bond Structure of the Tracking Indices of Sci - tech Innovation Bond ETFs - **Component Bond Quantity and Scale**: As of July 4, 2025, the number of component bonds of the CSI, SSE, and SZSE AAA Sci - tech Innovation Corporate Bond Indices was 825, 678, and 146 respectively, with outstanding scales of 107.4735 billion yuan, 93.0605 billion yuan, and 14.183 billion yuan respectively [1][16]. - **Remaining Term Structure**: The remaining term structures of the three indices are basically the same, mainly short - and medium - term within 5 years. The Shenzhen index has a relatively lower component bond term center, and the term distribution of the index component bonds is consistent with that of the existing Sci - tech Innovation Corporate Bonds [1][17]. - **Issuer Structure**: The issuers of the component bonds of the three indices are all AAA - rated with high credit quality, mainly central and local state - owned enterprises. The Shenzhen index has a more diverse issuer structure in terms of enterprise nature and industry distribution [1][22]. - **Coupon Rate Distribution**: The coupon rates of the component bonds of the three indices are mainly concentrated in the 2 - 2.5% range. The coupon rate center of the Shenzhen index has shifted upward [1][26]. - **Yield Distribution**: The yield distribution of the CSI and SSE indices is more balanced, while the yield of the Shenzhen index shows significant polarization [1][28]. - **Excess Spread**: The excess spread of perpetual and non - perpetual Sci - tech Innovation Bonds of the top ten issuers by market value in the index component bonds is between - 2.45 and 23.94BP and between - 7.78 and 32.97BP respectively. The compression space of the excess spread of the Shenzhen index is relatively large [1][29]. 3.3 Impact of the Issuance of Sci - tech Innovation Bond ETFs on the Sci - tech Innovation Bond Market - **Increase Allocation Demand for Sci - tech Innovation Bonds**: Sci - tech Innovation Bond ETFs have advantages such as low fees, high position transparency, and efficient trading mechanisms. With the issuance of the first batch of ETFs, the scale is expected to continue growing, bringing about allocation demand for component bonds. The market of Sci - tech Innovation Corporate Bonds may have started [1][34][35]. - **Improve Market Liquidity of Sci - tech Innovation Bonds**: The launch of ETFs will strengthen the market liquidity of Sci - tech Innovation Corporate Bonds, facilitate investors' participation, compress liquidity premiums, and improve pricing efficiency [1][8][38]. - **Attract Medium - and Long - Term Funds into the Sci - tech Innovation Bond Market**: The launch of Sci - tech Innovation Bond ETFs can match the allocation needs of institutional investors such as social security funds, pensions, and insurance funds, attracting medium - and long - term funds into the market [8][43].

Core Viewpoint - The listing of the Invesco Great Wall Shenzhen AAA Technology Innovation Company Bond ETF (referred to as "Tech Innovation Bond ETF") on the Shenzhen Stock Exchange marks a significant development in the bond market, providing investors with a new tool to access high-rated technology innovation bonds [1][4]. Group 1: Fund Overview - The Tech Innovation Bond ETF raised a total of 2.3 billion yuan in its initial offering, with 4,621 effective subscriptions [3]. - The ETF closely tracks the Shenzhen AAA Technology Innovation Company Bond Index, which includes bonds rated AAA with a remaining maturity of one month or more, reflecting the overall performance of high-rated technology innovation company bonds in the Shenzhen market [3]. - As of May 30, 2025, the index comprises 146 bonds with a total balance of 142.6 billion yuan, predominantly from central state-owned enterprises, and has an average duration of 3.34 years [3]. Group 2: Market Context and Features - The bond market for technology innovation has received substantial policy support since 2025, with the launch of the "Technology Board" aimed at significantly increasing the scale of technology innovation bonds [4]. - The ETF offers a "T+0" trading feature, allowing same-day buying and selling, and has a low management and custody fee of 0.2%, providing a cost advantage over many actively managed bond funds [3]. - The listing of the Tech Innovation Bond ETF not only provides investors with a new investment vehicle but also facilitates financing for technology innovation enterprises, contributing to the high-quality development of the real economy [4].

Core Points - The first batch of 10 Sci-Tech Bond ETFs will collectively list on July 17, raising a total of 28.988 billion yuan [1] - The top two ETFs, Bosera and Fuguo, reached the fundraising cap of 3 billion yuan each, with effective subscription ratios of 96.58% and 99.27% respectively [1][3] - The total effective subscription for the 10 ETFs indicates a strong interest from institutional investors, with the average number of effective subscriptions per ETF being around 3,800 [3][4] Fundraising Details - The fundraising amounts for the 10 Sci-Tech Bond ETFs are as follows: - Fuguo: 30.00 billion yuan - Bosera: 30.00 billion yuan - Zhaoshang: 29.91 billion yuan - Penghua: 29.94 billion yuan - Nanfang: 29.93 billion yuan - Huaxia: 29.61 billion yuan - Jiashi: 29.59 billion yuan - Guangfa: 29.68 billion yuan - Yifangda: 28.22 billion yuan - Jingshun: 23.00 billion yuan - The total amount raised from these ETFs is 289.88 billion yuan [1][3] Investor Participation - The highest number of effective subscriptions was for Fuguo Sci-Tech Bond ETF, with 6,041 subscriptions, while Zhaoshang, Jingshun, and Bosera also had over 4,000 subscriptions each [4] - The majority of effective subscriptions were from institutional investors, as bond ETFs are more suited to their investment preferences [3][4] Custodian and Major Holders - Industrial Bank is the custodian for several of the ETFs and is the largest holder in five of them, with a total investment of 4.14 billion yuan [4][5] - Other significant holders include Galaxy Securities, which is the largest holder in Huaxia Sci-Tech Bond ETF and the second-largest in several others [4][5] Index Tracking and Composition - The 10 ETFs track three different indices, with six tracking the China Securities AAA Sci-Tech Innovation Company Bond Index, three tracking the Shanghai Securities AAA Sci-Tech Innovation Company Bond Index, and one tracking the Shenzhen Securities AAA Sci-Tech Innovation Company Bond Index [5] - The underlying bonds are primarily high-rated and state-owned enterprises, with an overall good credit quality [6] Market Context - The total scale of bond ETFs has surpassed 400 billion yuan, with the addition of these 10 Sci-Tech Bond ETFs bringing the total to approximately 429.596 billion yuan [6][11] - The bond ETF market has seen significant inflows, with net inflows of 194.669 billion yuan recorded for nine ETFs [11]

Core Viewpoint - The launch of the first batch of Sci-Tech Bond ETFs marks a significant response from the capital market to the national strategy for technological innovation, with a tight issuance schedule and strong market enthusiasm [1][4]. Group 1: Issuance Details - The first batch of Sci-Tech Bond ETFs was launched on July 7, with most funds opting for a "one-day blitz" strategy, selling for only one day [2]. - The upper limit for the fundraising scale of the first batch of ETFs is generally set at 3 billion yuan [2]. - Ten products are competing in this issuance, with seven having a one-day sales window, indicating strong pre-launch marketing efforts by fund companies [2][4]. Group 2: Fund Management and Index Tracking - Fund companies have appointed experienced managers in credit bond investment and ETF management for the new products [3]. - The first batch of ten Sci-Tech Bond ETFs is categorized into three types, covering major Sci-Tech bond varieties on the Shanghai and Shenzhen exchanges [3]. - The main index tracked is the China Securities AAA Sci-Tech Innovation Corporate Bond Index, which has a market value exceeding 1 trillion yuan and features high liquidity and low credit risk [3]. Group 3: Market Expansion and Future Outlook - The introduction of Sci-Tech Bond ETFs is expected to lead to continuous expansion in the bond ETF market, supported by recent policies from the People's Bank of China and the China Securities Regulatory Commission [4][5]. - The current low-interest-rate environment enhances the investment value of high-grade credit bonds, suggesting a promising future for the expansion and upgrading of Sci-Tech bonds [4]. - The bond ETF market is anticipated to grow further as institutional long-term capital and individual investors increasingly recognize the value of bond ETFs [5][6].

Group 1 - The first batch of 10 Science and Technology Innovation Bond ETFs has been approved, injecting new vitality into the bond ETF market and enriching investor choices [1][2] - The issuance of science and technology innovation bonds has accelerated since the pilot program began in 2021, with funds primarily directed towards cutting-edge fields such as semiconductors, artificial intelligence, new energy, and high-end manufacturing [1] - As of mid-June, there are 1,273 science and technology innovation bonds in the exchange market, with a total balance exceeding 1.3 trillion yuan [1] Group 2 - Ten fund companies have submitted products tracking three categories of science and technology innovation bond indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Stock Exchange AAA Technology Innovation Company Bond Index [2] - The launch of these ETFs is seen as a significant tool for capital markets to support financing for technology innovation enterprises, providing stable investment options for investors [2] - The introduction of these ETFs is expected to attract social capital efficiently into key areas of technology innovation, supporting the high-quality development of technology innovation enterprises [2]

Core Viewpoint - The approval of the first batch of 10 Sci-Tech Bond ETFs marks a significant expansion of credit bond ETFs, providing efficient investment tools for investors to participate in technology growth [1][2][3] Group 1: Overview of Sci-Tech Bonds - Sci-Tech bonds are issued by companies in the technology innovation sector, with funds primarily raised for technological advancements [2] - The introduction of Sci-Tech Bond ETFs is a key initiative in capital markets to support national technology innovation strategies [2][3] - The rapid growth of the Sci-Tech bond market is evident, with 1,273 bonds issued and a total balance exceeding 1.3 trillion yuan as of mid-June [9][11] Group 2: Significance of Sci-Tech Bond ETFs - The launch of Sci-Tech Bond ETFs fulfills several important roles: supporting national strategies, filling gaps in public fund offerings, enhancing market vitality, and meeting investor demand [3][4] - These ETFs are expected to attract more funds into the technology innovation sector, supporting R&D, project construction, and mergers and acquisitions [3][4] - The ETFs provide a low-cost, efficient investment option with T+0 trading convenience, appealing to both institutional and individual investors [3][4][5] Group 3: Performance and Characteristics of Indices - The ETFs track three distinct indices, each with unique characteristics, including the "CSI AAA Technology Innovation Company Bond Index," which has shown a strong annualized return of 4.63% since its inception [6][7] - The "SSE AAA Technology Innovation Company Bond Index" has a total return of 13.91% since its base date, with an annualized yield of 4.67% [7] - The "SZSE AAA Technology Innovation Company Bond Index" has demonstrated a 3.51% annualized return over the past year, indicating a favorable risk-return profile [8] Group 4: Future Outlook - The market for Sci-Tech bonds is expected to continue expanding, driven by supportive policies and increasing institutional participation [11][12] - The overall bond market is anticipated to maintain a bullish trend, with credit bonds offering dual advantages of yield spread and coupon protection [12] - As the Sci-Tech bond market grows, it is projected to provide greater opportunities for yield extraction and investment value [12]

Core Viewpoint - The first batch of 10 Science and Technology Innovation Bond ETFs has received approval and will soon be available for sale, indicating strong market interest in these new financial products [1][3][4]. Group 1: Product Overview - The first batch of Science and Technology Innovation Bond ETFs includes products from major public fund companies such as Huaxia, Fuguo, and E Fund, among others [1][3]. - These ETFs were approved in less than half a month after being submitted, highlighting the regulatory support for innovative financial products [1][3]. - The ETFs track different indices, including the China Securities AAA Technology Innovation Company Bond Index and the Shanghai Securities AAA Technology Innovation Company Bond Index, which will affect the range of underlying securities [3]. Group 2: Market Context - There is a high level of interest from institutional investors in Science and Technology Innovation Bond ETFs, reflecting a demand for investment in this sector [4]. - Since May, there has been a series of supportive measures for technology innovation, which has positively impacted the bond market, with a total issuance of approximately 756.5 billion yuan in Science and Technology Innovation Bonds in the first five months of the year, a 76.4% increase year-on-year [6]. Group 3: Future Outlook - The introduction of Science and Technology Innovation Bond ETFs is expected to channel more funds into technology innovation, supporting R&D, project construction, and mergers and acquisitions [6]. - The liquidity and trading activity of Science and Technology Innovation Bonds are expected to improve, with ongoing policy support likely leading to continued issuance and expansion of indices [7]. - The bond market is anticipated to experience a downward trend in interest rates, creating favorable conditions for mid-to-high-grade credit bonds [7].