每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 科创债ETF可以实现"当日申赎"和"T+0"交易，有望解决信用债流动性不足的痛点；降低了债券投 资门槛，有利于吸引小微机构和个人投资者更多参与科创债市场；便捷提供一篮子高等级科创债，降低 研究成本、解决分散投资困难等问题。 科创债凸显独特投资价值。科创债ETF（551880）既能凭借高等级信用债底色抵御债市短期波动， 又能依托政策持续加码的红利，为投资者分享科技创新领域长期发展机遇，成为平衡风险与收益的优质 配置选择。 注：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参考， 不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成投资 建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品要 素、风险等级及收益分配原则，选择与自 ...

科创债凸显独特投资价值。科创债ETF（551880）既能凭借高等级信用债底色抵御债市短期波动， 又能依托政策持续加码的红利，为投资者分享科技创新领域长期发展机遇，成为平衡风险与收益的优质 配置选择。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 资金面看，科创债ETF国泰（551880）近10日净流入超47亿元，关注科创债ETF投资机遇 兴业证券表示，对于投资者来说，科创债ETF的出现提供了能分享科创政策红利和保持相对稳健收 益的新工具。今年以来信用债ETF飞速发展，作为重要分支板块，科创债ETF频频受到监管直接支持。 科创债ETF可以实现"当日申赎"和"T+0"交易，有望解决信用债流动性不足的痛点；降低了债券投 资门槛，有利于吸引小微机构和个人投资者更多参与科创债市场；便捷提供一篮子高等级科创债，降低 研究成本、解决分散投资困难等问题。 每日经 ...

Group 1 - The core viewpoint is that the supply side of the market is expected to see continued expansion of the Sci-Tech Bond ETF, driven by demand from pension funds and wealth management institutions [1] - The Sci-Tech Bond ETF (551880) is highlighted for its unique investment value, combining high-grade credit bonds to mitigate short-term market volatility with policy-driven benefits, offering long-term growth opportunities in the technology innovation sector [1] - The advantages of the Sci-Tech Bond ETF include T+0 trading, pledgeability, and low fees, which are expected to sustain market demand for these financial products [1]

Group 1 - The core viewpoint of the article emphasizes the unique investment value of Sci-tech bonds, highlighting their structured issuance requirements and diverse credit enhancement methods [1] - Sci-tech bonds require issuers to meet R&D investment or patent criteria for exchange-listed companies, while interbank entities must hold a Sci-tech title [1] - Credit enhancement methods include traditional collateral, central-local cooperation models, and Credit Risk Mitigation Warrants (CRMW), which help reduce financing costs for private Sci-tech enterprises [1] Group 2 - The Sci-tech bond ETF (551880) is positioned as a quality investment choice, balancing risk and return by leveraging high-grade credit bonds and benefiting from ongoing policy support in the technology innovation sector [1] - The article suggests that the ETF can withstand short-term fluctuations in the bond market while providing investors with long-term growth opportunities in the technology innovation field [1]

Core Viewpoint - The macroeconomic data for October validates the economic recovery path of "diminishing total volume and optimizing structure," despite challenges from real estate downturns and infrastructure investment declines [1] Group 1: Economic Conditions - The decline in real estate and the retreat in infrastructure investment are significant drags on the economy [1] - External risks remain a concern, but the resilience of manufacturing upgrades and service consumption provides notable support [1] Group 2: Bond Market Outlook - The bond market is expected to maintain volatility amid weak fundamentals, loose liquidity, and policy expectation dynamics [1] - Investors should pay attention to the impact of new fund regulations on the bond market following their implementation [1] Group 3: Long-term Implications of New Regulations - The new regulations are anticipated to stabilize the liability side of bond funds by filtering out truly long-term holding funds, reducing frequent fluctuations that disrupt bond funds [1] - This will promote a shift towards active management in bond funds, with institutions possessing strong research capabilities likely to attract institutional funds through "fixed income" products [1] Group 4: Investment Opportunities in Specific Bond Types - The Sci-Tech Bond ETF (551880) showcases unique investment value, capable of withstanding short-term bond market fluctuations due to its high-grade credit bond foundation [1] - It also benefits from ongoing policy support, allowing investors to share in the long-term development opportunities within the technology innovation sector, making it a quality allocation choice that balances risk and return [1]

Group 1 - The core viewpoint of the article emphasizes the accelerating development of the sci-tech bond market, supported by policies that enhance the bond market's ability to meet the needs of technological innovation [1] - Policies are encouraging long-term funds to increase their allocation to sci-tech bonds, which have longer durations compared to general bonds, aligning better with the duration needs of insurance and other long-term funds [1] - The valuation of sci-tech bonds is inherently higher than that of general bonds due to policy support, indicating potential for credit spread compression [1] Group 2 - The sci-tech bond ETF (551880) is highlighted as a quality allocation choice that balances risk and return, benefiting from high-grade credit bonds to withstand short-term market fluctuations [1] - The ETF also allows investors to share in the long-term development opportunities within the technology innovation sector, supported by ongoing policy incentives [1]