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]