Core Viewpoint - The launch of the first dual-innovation artificial intelligence ETF by Huatai-PB is expected to provide investors with a streamlined way to invest in cutting-edge technology and seize opportunities in the AI era [1][2]. Group 1: ETF Launch and Performance - The Huatai-PB dual-innovation artificial intelligence ETF (159139) was quickly launched on November 28, 2025, following its approval on November 21, 2025 [1]. - The index tracked by this ETF, the CSI Dual-Innovation Artificial Intelligence Index, has shown a year-to-date increase of 77.69% as of November 25, 2025, outperforming other AI indices during the same period [2]. - The CSI Dual-Innovation Artificial Intelligence Index includes 50 listed companies involved in AI foundational resources, technology, and applications, providing a comprehensive representation of the AI industry [2][3]. Group 2: Management and Industry Position - Huatai-PB Fund, a pioneer in the ETF market with over 19 years of experience, manages the largest ETF in the A-share market, the CSI 300 ETF (510300), with a total ETF management scale of 603.6 billion yuan as of October 2025 [3][4]. - The company has actively engaged in hard technology investments, enhancing its product offerings with various ETFs focused on different sectors, including the newly launched AI ETF [4]. Group 3: Market Context - The increasing global competitiveness and investment value of Chinese technology assets have prompted Huatai-PB to expand its hard technology investment tools, providing investors with diverse allocation options [4].

Core Insights - The second batch of Sci-Tech Innovation Bond ETFs, including Huatai-PineBridge's ETF (551510), was launched on September 24, 2025, with a strong initial inflow of 7.24 billion yuan, pushing its total scale to over 10 billion yuan, thus entering the "billion club" [1] Group 1 - Huatai-PineBridge's Sci-Tech Innovation Bond ETF (551510) is the first bond ETF under the company, featuring clear investment style, support for intra-day T+0 trading, and relatively low comprehensive fees, making it suitable for conservative investors [1] - The ETF is expected to attract more capital into the market and efficiently channel funds into key areas of technological innovation, thereby better serving new productive forces [1] - If approved for general pledged repurchase business, it is anticipated to further enhance secondary market liquidity, improve capital utilization efficiency for investors, and diversify investment strategies [1]

Core Insights - The launch of the Huatai-PineBridge Sci-Tech Bond ETF (551510) on September 24 marks a significant expansion in the bond ETF market, providing investors with a convenient, transparent, and low-cost investment tool to access both technology innovation and the bond market [1] - The total scale of bond ETFs reached 607.448 billion yuan as of September 22, 2025, reflecting an increase of over 400 billion yuan since the beginning of the year, representing a growth rate of more than 200% [1] - The first batch of Sci-Tech Bond ETFs saw rapid growth from 28.988 billion yuan on its listing day (July 17) to 126.7 billion yuan, with a total issuance scale of 40.7 billion yuan for the new batch on September 24 [1] Industry Overview - The investment value of high-grade Sci-Tech bonds and the inherent advantages of bond ETFs in asset allocation are key reasons for the positive market response [1] - Sci-Tech bonds have gained traction as a financing tool for technological innovation, supported by policy initiatives that have broadened the range of issuers and improved credit enhancement mechanisms [1] - The Huatai-PineBridge Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which covers over 69% of the exchange-listed Sci-Tech bonds, providing a broader representation of the market [1][2] Index Characteristics - The CSI AAA Sci-Tech Innovation Company Bond Index includes bonds with a strict selection criterion of AAA ratings and above, primarily composed of central and state-owned enterprises, ensuring low credit risk [2] - The index consists of 966 bonds with a total market value of 1.29 trillion yuan, featuring a well-diversified structure to mitigate risks [2] - The index has a duration profile primarily in the 1-3 year (39%) and 3-5 year (32%) ranges, with a modified duration of 3.76 years, aligning with low volatility investment needs [2] Historical Performance - From its base date (June 30, 2022) to August 31, 2025, the CSI AAA Sci-Tech Innovation Company Bond Index achieved a cumulative return of 14.07% and an annualized return of 4.37%, with a low annualized volatility of 1.05% [3] - The index has outperformed several other bond indices, demonstrating resilience in volatile market conditions and highlighting the investment value of Sci-Tech bonds in a low-interest-rate environment [3] Product Features - The Huatai-PineBridge Sci-Tech Bond ETF offers low entry barriers, high trading efficiency, and cost advantages, with a management fee of 0.15% per year and a custody fee of 0.05% per year [3] - The ETF supports T+0 trading and cross-market physical redemption, catering to diverse investor needs for both short-term trading and long-term allocation [3] - The fund is managed by a dual-manager system, combining expertise in macro research and index investment to ensure robust risk control and liquidity management [3][4]