在成立初期，头部理财公司对于发行含权理财产品，拓展风险收益曲线上端雄心勃勃，固收+理财产品一度大行其道，但是在市场的无情教育之后，理财公 司重走低波稳健之路，要么配置低波的存款、非标等资产，要么借力信托走估值手段之路，宣告理财公司的能力圈与公募基金完全不同，至少中短期是这 样。 理财想拓展中高风险等级多元产品替代基金，基金则反之想向下兼容替代理财，其中以同业存单指数基金和低波固收+基金最为典型，纷纷上线互联网代销 平台吸引散户，部分基金公司今年因固收+产品覆盖广泛且业绩出众而"出圈"。 到了第二季度，信用债ETF基金规模增长10倍，科创债ETF基金纷纷发售首日售罄，这些基金高度分散化投资、T+0，底层资产全部为信用债，与理财公司 资产配置结构重合度较高，但管理费率要明显低于主流理财产品。试想一下，加入理财公司用产品户的钱去认购了公募的ETF债基，那为什么理财投资者不 自己直接去购买这些债基，反正如果不考虑估值瑕疵的话，都是要承担净值波动风险的，但是费率成本大幅下降。理财产品的优势可能在于非标资产的配 置，如果理财想避免这种分流的加速，必须侧重于通过资产配置的方式降低组合的波动，提高对于市场的预判精度和反应速度 ...

Core Viewpoint - The issuance of technology innovation bonds (科创债) by small and medium-sized banks has significantly increased, with a total scale exceeding 230 billion yuan, reflecting a strong response to national policies aimed at supporting technological innovation and capital market integration [1][2][3]. Group 1: Market Dynamics - Since July, nine city commercial banks have actively participated in the issuance of technology innovation bonds, contributing to a total issuance scale of 168 billion yuan [1][2]. - As of July 28, 30 banks have issued or plan to issue technology innovation bonds, with a total scale reaching 235.8 billion yuan [3]. - The launch of the "technology board" in May has encouraged banks and wealth management companies to engage in the underwriting and investment of technology innovation bonds [1][3]. Group 2: Bank Strategies - Small and medium-sized banks are leveraging technology innovation bonds to access long-term, low-cost funding from capital markets, which can be directed towards technology-oriented enterprises [4][5]. - The issuance of technology innovation bonds allows banks to enhance their financial support capabilities for strategic emerging industries and technology enterprises [4][5]. - Compared to larger banks, small and medium-sized banks focus more on regional and customized services for early-stage financing needs of local technology enterprises [4][5]. Group 3: Investment Trends - Wealth management companies are increasingly investing in technology innovation bonds, viewing them as innovative investment targets that offer stable returns and policy benefits [8][9]. - The first batch of technology innovation bond ETFs has been launched, with banks like Bohai Bank and Tianjin Bank actively participating in these investments to channel more funds into the technology sector [9]. - The investment enthusiasm for technology innovation bonds is attributed to their favorable risk-return profile compared to other financial instruments, making them attractive to conservative investors [8][9].