Group 1 - Tianhong Zhongzheng AAA Sci-tech Bond ETF (159111) was launched on September 12 and completed fundraising on the same day, offering transparent holdings and efficient T+0 trading [1] - The ETF closely tracks the Zhongzheng AAA Sci-tech Company Bond Index, which has shown an annualized return of over 4% and a low annualized volatility of 1.07% over the past three years [1] - The index covers 986 sci-tech bonds from the Shanghai and Shenzhen stock exchanges, indicating a diversified sample [1] Group 2 - The Central Financial Work Conference in October 2023 emphasized the importance of "five major articles," with sci-tech finance being the top priority, aligning with the government's push for high-level technological self-reliance [1] - Sci-tech bonds, as a new financing tool in the bond market, are crucial for enhancing direct financing efficiency for tech enterprises and promoting a positive cycle among technology, industry, and finance [2] - The growth of bond ETFs in China positions sci-tech bond ETFs as a significant component in the bond ETF landscape [2] Group 3 - Tianhong Fund's other bond ETF, Tianhong Credit Bond ETF (159398), showed a slight increase of 0.02% during trading [3]

记者从渠道处获悉，科创债ETF天弘（159111）已于今日结募，认购资金超29亿元，募集期为1天。资 金的踊跃认购，再次凸显了机构对债券ETF产品的青睐。 机构人士指出，科创债ETF的稀缺性以及填补债券投资工具上的空白领域，成为该类产品火爆销售背后 的核心因素。尤其是未来若公募赎回费率出现变动增加债基短期持有成本，则债券ETF类产品优势将更 加突出。 据了解，科创债ETF天弘（159111）具备T+0交易、0.2%最低档费率、高信用资质投资标的、高投资性 价比等多重特点。其跟踪指数为中证AAA科创债，该指数成分券主体评级AAA，隐含评级AA+及以 上；成分券中99%为央国企发行，央企占比超50%，单只个券权重不足1%，信用风险与集中度风险双重 可控。 收益表现上，Wind数据显示，截至2025年8月29日，该指数自2022年6月底以来年化收益率为4.37%，年 化波动率仅1.05%，最大回撤仅-1.41%，夏普比率达2.42。 市场有风险，投资需谨慎，观点仅供参考，不构成投资意见。指数基金存在跟踪误差。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 ...

Core Viewpoint - Tianhong Fund has launched the Sci-Tech Bond ETF Tianhong (159111), marking its second bond ETF following the Credit Bond ETF Tianhong (159398) [1] Group 1: ETF Overview - The Sci-Tech Bond ETF Tianhong (159111) closely tracks the CSI AAA Sci-Tech Innovation Company Bond Index, which selects bonds based on remaining maturity and credit ratings from the Shanghai and Shenzhen stock exchanges [1] - As of September 11, the CSI AAA Sci-Tech Innovation Company Bond Index covers 983 sci-tech bonds with a total bond balance of 1.29 billion [1] - The index has achieved an annualized return of over 4% in the past three years, with an annualized volatility of only 1.07% [1] Group 2: Investment Characteristics - The Tianhong Sci-Tech Bond ETF adopts a cash subscription and redemption model, making it more convenient for large fund subscriptions and redemptions compared to physical redemption bond ETFs [1] - The index constituents are primarily AAA-rated, with over 98% being central and local state-owned enterprises [2] - The ETF features low investment thresholds, T+0 trading mechanisms, flexible subscription and redemption, and market maker pricing, enhancing trading flexibility and arbitrage opportunities for investors [2] Group 3: Market Dynamics - The Credit Bond ETF Tianhong (159398) has seen significant growth, with an increase of 73.4 million shares year-to-date, representing a growth rate of over 244% [3] - Short-term risks of significant declines in the index constituents of the Sci-Tech Bond ETF are considered low due to continuous growth in ETF scale and new capital inflows from the issuance of additional ETFs [4] - The issuance of new Sci-Tech Bond ETFs is expected to improve the liquidity of underlying index constituents, potentially stabilizing excess yield spreads [4]

债市配置、交易再迎利器！天弘基金近期发布公告称，科创债ETF天弘（159111）从9月12日起发行。 该产品具备"T+0"买卖交易、0.2%低费率、持仓透明、高信用资质、分散化投资和政策红利属等特点， 兼具交易与配置价值。 Wind数据显示，截至2025年8月29日，科创债ETF天弘（159111）跟踪的中证AAA科技创新公司债指数 （932160.CSI）自2022年6月底以来年化收益率为4.37%，年化波动率仅1.05%，最大回撤仅-1.41%，夏 普比率达2.42。同时，2025年以来科创债在熊市中收益率较中票短融少上行3bp， 在牛市中收益率较中 票短融多下行6bp，显示出牛市收益弹性更好，熊市更抗跌的特点。 债市调整逐步企稳，机构借道科创债ETF布局 6月下旬以来，股债跷跷板效应明显，伴随着A股持续上行，债券市场表现平淡。机构人士指出，从8月 出台的经济数据来看，经济并未修复至合意区间，这轮债市调整并不是对当前基本面和流动性边际变化 的定价，更多的是对未来预期变化以及风险偏好提升的转变。 站在当下，预计债券已经不具备大幅调整的基础，首先是配置力量依然持续买入，与交易盘单边做空形 成制约。其次是银行理 ...