Core Insights - The article discusses the competition and transition between bank deposits, wealth management products, and funds, particularly in the context of declining interest rates and changing investor preferences [1][2]. Group 1: Market Dynamics - With the backdrop of declining deposit interest rates, many depositors are seeking alternative investment products, leading to increased interest in short-term fixed-income wealth management products [1]. - Wealth management products have maintained a scale of approximately 31 trillion yuan, despite regulatory pressures and the need for companies to offer competitive returns [1][2]. - The shift towards low-volatility and stable investment strategies has become prominent among wealth management companies, contrasting with the initial ambition to offer higher-risk products [2]. Group 2: Product Comparison - Credit bond ETFs have seen a tenfold increase in scale, indicating a growing preference for these products due to their lower management fees compared to traditional wealth management products [3]. - Wealth management products may struggle to compete with ETFs if they solely rely on credit bonds for returns, as the advantages of wealth management products diminish in a fully net-value fluctuating environment [4]. - The importance of non-standard assets and strategies such as IPOs and private placements is highlighted as critical for wealth management products to differentiate themselves and maintain market share against funds [4].

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].