Core Insights - The rise of technology investment, particularly in AI, innovative pharmaceuticals, humanoid robots, and semiconductors, has made technology a significant investment direction this year [1] - The rapid growth of the Sci-Tech Bond ETF market is driven by strong policy support, with the total scale reaching 252.3 billion yuan by September 30 [2][4] Group 1: Sci-Tech Bond ETF Market Growth - The total scale of the Sci-Tech Bond ETF market reached 252.3 billion yuan as of September 30, driven by strong market demand and policy support [2][4] - The issuance of various Sci-Tech bonds has accelerated, with 979 new bonds issued since the launch of supportive policies on May 7, totaling 1,185.38 billion yuan [4] Group 2: Characteristics of Sci-Tech Bonds - Sci-Tech bonds are credit bonds issued by institutions in the technology innovation sector, focusing on funding for strategic emerging industries such as semiconductors and biomedicine [3] - The introduction of Sci-Tech bonds is crucial for building a technology finance system, guiding social funds towards technology innovation, and alleviating financing difficulties for innovative enterprises [3] Group 3: Investment Advantages of Sci-Tech Bond ETFs - Sci-Tech Bond ETFs allow investors to participate in the bond market without the need for individual bond selection, significantly lowering investment barriers [5] - Compared to equity products, Sci-Tech Bond ETFs offer lower risk-return characteristics, making them suitable for investors looking for stable exposure to technology opportunities [6] Group 4: Performance of the Sci-Tech Bond Index - The CSI AAA Sci-Tech Innovation Company Bond Index has shown a cumulative increase of 13.65% and an annualized return of 4.12% since its inception on June 30, 2022, outperforming other bond indices [10][11]

今天是著名"924"行情启动一周年，新的一轮牛市行情还在进行时。 今天有一只债券ETF——科创债ETF国泰（551800）上市了，这看似有点"逆行"，但其实是很有意义 的。 为什么在牛市上市 在股市波动风险逐步累积的阶段，科创债ETF兼具科创属性与债券稳健性，在牛市中期上市，可以有效 帮助投资者优化资产配置，对冲权益资产波动风险。 在牛市的市场阶段，科创债ETF的推出可填补低风险科创主题投资工具的空白，为偏好稳健的资金提供 参与科创领域的渠道，助力完善"股债互补"的资本市场产品体系。 短期上看，虽然随着市场走牛，在"股债跷跷板"效应下，债市可能还会接着承压一段时间，但稳定的票 息收益能在市场波动中对冲一些下行压力，后续对股市的走势会逐渐钝化，重新回到基本面的层面。 从中期维度来看，需求偏弱的背景下，货币政策易松难紧，债市调整后或依然是配置的机会。 科创债的特点是什么？ 可以说，科创债致力于实现科技金融+科创债券的1+1>2的产品。 相比普债来说，科创债久期更长，与保险等长期资金的久期需求更加匹配。 从久期分布上看，中证AAA科技创新公司债指数超过一半的券久期在2年-5年，目前指数久期3.6年；按 中债估值收益 ...