Core Viewpoint - The recent surge in applications for technology innovation bond index funds indicates a growing interest in high-quality, AAA-rated bonds, driven by their stability and low default risk [2][3]. Group 1: Fund Applications and Market Trends - Recently, the application materials for the CCB CSI AAA Technology Innovation Corporate Bond Index Fund were accepted by regulators, following similar approvals for products from other fund companies [1][2]. - A total of 12 fund companies have submitted applications for technology innovation bond index funds to the CSRC this year [1][2]. - The AAA-rated bonds have attracted significant attention due to their high credit ratings and stable annualized returns, with the CSI AAA Technology Innovation Corporate Bond Index showing a 13.65% increase since July 29, 2022, reaching a historical high of 113.69 points on May 28 [2][3]. Group 2: Market Expansion and Policy Support - The technology innovation bond market has expanded rapidly, with a total scale exceeding 2.8 trillion yuan, supported by various policy measures since the pilot program began in 2021 [3]. - Recent policy updates have broadened the range of issuers for technology innovation bonds, including private equity and venture capital firms, enhancing market liquidity and supporting corporate financing [2][3]. Group 3: Bond ETF Performance - Bond ETFs have seen significant net inflows, with the top five ETFs by net inflow in May being primarily bond-focused, indicating strong market interest in this asset class [9][12]. - The introduction of market makers has improved the average turnover rate of benchmark corporate bonds, enhancing liquidity and reducing transaction costs for investors [9][10]. Group 4: Investment Outlook - The current environment, characterized by declining deposit rates, is expected to boost demand for credit assets, making short-term rate bonds particularly attractive for investment [10].

【导读】12家公募"跑马圈地"，布局科创债指数基金助力科技创新 科创债指数基金正成为公募重点布局的产品赛道。 最新数据显示，年内已有12家基金公司上报上证AAA科技创新公司债指数基金（以下简称科创债指数 基金）。 在受访公募看来，科创债指数基金有助于进一步加快我国科技实力的发展，同时科创债将为投资者分享 我国科技发展带来的红利提供良好的配置工具，促进整个社会资源配置效率提升。 公募基金市场中，又一个新的品类热度正在攀升。 12家公募申报科创债指数基金 数据显示，截至5月27日，今年以来已有12家基金公司向证监会递交了科创债指数基金的申请材料。 最新行动的是建信基金。5月26日，建信上证AAA科技创新公司债指数发起式基金的申报材料获监管接 收。而在5月6日，中银基金和上银基金旗下同类产品的申报材料获接收。 注册制改革下审核效率提升、引入专项做市商制度、对科技债交易给予税收减免等一系列政策陆续落 地，未来科创债市场有望进一步扩容，科创债的换手率和流动性将明显改善，发行主体结构逐步优化。 基于此，中银基金判断，科创债有望成为信用债市场增长最快的板块之一，助力科技创新产业 （300832）升级和金融工具创新。随着科创 ...

Group 1 - The core viewpoint of the article highlights the significant role of the Sci-Tech Innovation Bond (科创债) market in supporting "hard technology" enterprises since its launch on May 20, 2022, and the recent acceleration of public funds in this sector [1][2] - The overall scale of the Sci-Tech Innovation Bond market has rapidly increased, with a total of 1,190 bonds issued amounting to 1.30 trillion yuan and 1,579 notes issued totaling 1.38 trillion yuan, benefiting 625 technology innovation enterprises [2] - The People's Bank of China and the China Securities Regulatory Commission have announced further optimization of the issuance mechanism for Sci-Tech Innovation Bonds, encouraging public funds to create ETF products [2][3] Group 2 - Public funds are intensifying their layout in Sci-Tech Innovation Bond index products, with 11 institutions, including Bank of China Fund and Bosera Fund, having reported their index funds [3] - The characteristics of Sci-Tech Innovation Bond index funds, such as "high yield and low volatility," are expected to become a stabilizing asset for institutional investors [3] - The development of Sci-Tech Innovation Bonds and ETFs is creating a synergistic effect, with the current scale of Sci-Tech Board ETFs exceeding 250 billion yuan, indicating a growing interest in technology-focused investments [4] Group 3 - The linkage between Sci-Tech Innovation Bonds and the Sci-Tech Board ETFs is seen as a key pillar in constructing a technology financial ecosystem, providing low-cost financing for enterprises while guiding market funds towards technology innovation [4] - The proportion of actively managed equity funds allocated to Sci-Tech Board stocks reached a historical high of 15.17% by the end of Q1 2025, an increase of 2.11 percentage points from the end of 2024 [4] - The launch of Sci-Tech Innovation Bond ETFs is anticipated to enhance market liquidity and investor participation, further promoting high-quality development in China's technology industry [4]