Group 1 - The core viewpoint is that the Kexin Bond ETF by Jiashi (159600) has shown strong performance, leading the Shenzhen market in terms of net inflow and total circulation scale, indicating a positive trend in the bond market [1][2] - As of November 7, 2025, the Kexin Bond ETF has seen a net inflow of 237 million yuan over three consecutive trading days, with a total circulation scale reaching 20.248 billion yuan, making it the only Kexin Bond ETF exceeding 20 billion yuan in the current market [1] - The bond market typically experiences a "year-end profit" seasonal effect, and with increasing basic pressure in the fourth quarter, there is an expectation for a favorable bond market performance despite some constraints [1] Group 2 - The Kexin Bond ETF offers advantages such as low investment thresholds, T+0 trading mechanism, flexible subscription and redemption, diversified holdings, and high transparency, which enhance its investment value in the context of strong policy support and the continuous expansion of the bond market [2] - The issuance of Kexin bonds is expected to expand further, with a current focus on central state-owned enterprises, but there is potential for increased issuance from private enterprises due to policy support [1]

Core Viewpoint - The announcement by Jiashi Fund regarding the inclusion of Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (code: 159600) in the pledge repo trading system is aimed at enhancing liquidity and meeting investor needs [1][2]. Group 1: Product Overview - Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) is the first and only corporate bond ETF in the market with a scale exceeding 20 billion, currently standing at 20.115 billion [1]. - As of August 21, 2025, Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) ranks first among the first batch of listed corporate bond ETFs in terms of scale [1]. Group 2: Regulatory Context - In March, the China Securities Depository and Clearing Corporation issued a notice allowing eligible credit bond ETF products to pilot general pledge repo business [1]. - The regulatory framework aims to promote the development of corporate bonds, optimize issuance and trading systems, and enhance supporting mechanisms such as interest subsidies and guarantees [2]. Group 3: Benefits for Investors - The inclusion in the repo pledge library provides multiple benefits for both the product and investors, enhancing liquidity, product scale, and trading activity [1]. - Investors can utilize the pledge attribute of Jiashi Zhongzheng AAA Technology Innovation Corporate Bond ETF (159600) to achieve flexible leverage and improve capital efficiency [1][2]. Group 4: Trading Features - The product design incorporates T+0 intra-day trading, physical redemption modes supporting the exchange of physical bonds and ETF shares, and a market maker quoting system, significantly enhancing trading flexibility [2].

Core Insights - The first batch of Sci-Tech Innovation Bond ETFs has been launched, showing strong market demand and active trading [1] - The first product, Jia Shi Sci-Tech Bond ETF (159600), achieved a trading volume of 15.73 billion yuan on its first day, leading in the Shenzhen market [1] - The total trading volume for all ten Sci-Tech Bond ETFs exceeded 60 billion yuan on the first trading day, attracting significant market attention [1] Trading Activity - The Jia Shi Sci-Tech Bond ETF reached a scale exceeding 10 billion yuan, making it the first Sci-Tech Bond ETF in the Shenzhen Stock Exchange to surpass this threshold [1] - The ETFs are characterized by high turnover rates, consistently setting new records in trading activity [1] - The T+0 trading mechanism, physical subscription and redemption model, and market maker pricing system enhance the efficiency of investor transactions [1] Index Performance - The Jia Shi Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Company Bond Index, which selects high-quality bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen exchanges [2] - The index has shown growth rates of 5.5%, 6.0%, and 3.87% for the years 2023, 2024, and the past year, respectively [2] - The introduction of the Sci-Tech Bond ETFs provides investors with a new asset allocation option that combines stable returns with policy benefits [2]