除了优质的底层之外，科创债ETF广发（511120.SH）采取T+0交易模式，资金灵活性较高。同时，作为 首批科创债ETF，科创债ETF广发（511120.SH）已获批成为质押券可开展通用质押式回购交易，资金 使用效率和投资策略丰富度进一步提升。Choice数据显示，截至1月7日，科创债ETF广发 （511120.SH）的最新规模为103.54亿元，贴水率为0.31%，相对较高的贴水率使得资金场内买入的性价 比更高。 财通证券固定收益团队认为，科创债一直得到政策支持，预计供给端力度不会下降，且债券ETF在公募 基金赎回新规费改范围之外，新规利多规模持续扩容，需求偏好驱动的利差压缩机会一直存在。因此其 认为科创债成分券的每次相较普信债的超跌调整，对交易盘都是比较好的买入机会。同时，高等级的科 创债兼具高流动性和需求偏好的特点，如果利差水平与同期限同评级的中票相当时，对配置盘来说也已 经具备一定参与价值。 （文章来源：每日经济新闻） 1月5日~1月6日，2026年中国人民银行工作会议召开。会议部署了一系列关键金融政策，其中明确提 出"高质量建设和发展债券市场'科技板'"。这一表态被市场普遍解读为科创债市场从"破题 ...

2026年1月7日，科创债ETF广发（511120.SH）收涨0.05%，主力资金（单笔成交额100万元以上）净流 入14.81亿元，居可比基金前2。（数据来源：Wind） 拉长时间看，该基金近2天主力资金加速流入，合计流入16.06亿元，居可比基金前2。（数据来源： Wind） 与此同时，该基金最新成交量为3890.25万份，最新成交额突破38.70亿元，居可比基金前3。 ...

2025年12月29日，科创债ETF广发（511120.SH）收跌0.04%，主力资金（单笔成交额100万元以上）净 流入4.64亿元，居可比基金前3。（数据来源：Wind） 拉长时间看，该基金近30个交易日有22天主力资金净流入，合计流入463.36亿元，居可比基金首位。 （数据来源：Wind） 与此同时，该基金最新成交量为1197.77万份，最新成交额达11.97亿元，居全市场第一梯队。 ...

经历上半月的债市震荡后，近期债券ETF市场出现积极变化。数据显示，截至12月24日，全市场35只信 用债ETF，本周三个交易日内共有资金流入377.06亿元，为上周流入额的两倍。资金流入带来信用债 ETF的流动性改善，其中"吸金"能力强的科创债ETF和做市信用债ETF贴水收敛，净值上涨明显。 Choice数据显示，12月24日，科创债ETF广发（511120.SH）和信用债ETF广发（159397.SZ）净值分别 增长0.18%和0.17%，在35只信用债ETF中位居前二。与此同时，贴水率分别从上一交易日的0.24%收 敛至0.10%，0.28%收敛至0.13%，本周资金净流入3.93亿元和2.93亿元。 在众多产品中，今年推出的基准做市信用债ETF和科创债ETF无疑是最为资金所关注的。作为首批基准 做市信用债ETF，信用债ETF广发（159397.SZ）跟踪的是深证基准做市信用债指数，该指数以深交所 基准做市债券清单范围内的信用债建立样本。 而同样是科创债ETF中首批的科创债ETF广发（511120.SH），跟踪上证AAA科技创新公司债指数，从 上交所上市的科技创新公司债中，选取主体评级AAA，隐含评级AA ...

Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index achieving an eight-day winning streak, reaching its highest level since December 2021, closing up 0.48% [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index rose by 3.62% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,509 billion [1] ETF Performance - The top-performing ETF was the ChiNext 50 ETF (159367), which surged by 6.89% [2] - Other notable ETFs included the Communication ETF (215880) and Communication Equipment ETF (159583), both rising by 6.45% [2][3] - Several AI-related ETFs also saw significant gains, with the ChiNext AI ETF (Dacheng) increasing by 6.25% [3] AI Industry Developments - Kimi K2's new model ranked first in daily downloads on Hugging Face, while Baidu AI Search led in monthly active users domestically [4] - OpenAI launched its new flagship AI model, GPT-5, which integrates capabilities from various models to enhance performance [5] Banking Sector Insights - Bank-related ETFs experienced collective declines, but there is potential for growth driven by increased insurance capital allocation to bank stocks [6] Trading Activity - The Hong Kong Securities ETF (513090) had the highest trading volume, reaching 24.636 billion [8] - The turnover rate for the Shenzhen 100 ETF (Rongtong) was the highest at 392% [9] Upcoming ETF Launch - A new product, the Hong Kong Stock Connect Dividend ETF (159277), is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index [10]

Core Insights - The first batch of 10 Sci-Tech Bond ETFs was fully subscribed on July 7 and will be listed on July 17, with institutional investors being the main subscribers, holding up to 99.61% of the shares [2][13]. Fund Details - The total issuance amounts for the ETFs range from 20.88 billion to 30 billion, with the highest subscription from the Sci-Tech Bond ETF by Fuguo, which had 6,011 effective subscription accounts [3][14]. - The institutional holding ratios for various ETFs are notably high, with the highest being 99.06% for the Sci-Tech Bond ETF by Factory Development [3][14]. Major Holders - Industrial Bank is the largest holder for multiple ETFs, including holding 8.9 billion shares (30.08%) in the Sci-Tech Bond ETF by Jiashi and 8.7 billion shares (30.83%) in the Sci-Tech Bond ETF by Yifangda [4][15]. - Other significant holders include Galaxy Securities and CITIC Trust, with holdings of 4 billion shares (13.52%) and 5 billion shares (16.85%) respectively in different ETFs [4][15]. Fund Share Adjustment - The ETFs underwent a share adjustment on July 10, where the total shares were reduced by a factor of 100, allowing for easier trading and clearer visibility of net asset values [9][19]. - For example, the total shares for the Sci-Tech Bond ETF by Huaxia were adjusted from 29.61 billion to 29.6082 million, with the net asset value changing from 1 yuan to 100 yuan [9][19]. Market Strategy - Several public funds are discussing market-making strategies to enhance liquidity for the Sci-Tech Bond ETFs post-listing, with upgrades to IT systems to support efficient trading and management [10][20]. - The ETFs are positioned as suitable for both individual and institutional investors, providing opportunities for stable returns and reducing operational costs for institutions [10][20]. Importance of Listing - The listing of Sci-Tech Bond ETFs is significant for multiple reasons, including supporting national strategies for technological innovation, filling gaps in the public fund market, and enhancing market vitality [11][21]. - The ETFs are expected to attract long-term capital, contributing to a more sustainable investment ecosystem [11][21].

Core Viewpoint - The issuance of the first batch of 10 Sci-Tech Bond ETFs marks a significant development in the public fund sector, providing new channels for both individual and institutional investors to efficiently invest in Sci-Tech bonds, thereby supporting China's technological innovation efforts [1][2]. Group 1: Issuance Details - The first batch of Sci-Tech Bond ETFs, including those from GF Fund Management, was issued on July 7, with the fundraising completed in one day, indicating strong market interest [1]. - The rapid approval and issuance of these products, from approval on July 2 to issuance on July 7, reflect the high regard market participants have for this innovative product [1]. Group 2: Investment Focus - The first batch of Sci-Tech Bond ETFs tracks indices such as the Shanghai AAA Sci-Tech Innovation Company Bond Index, which includes bonds rated AAA and above, ensuring high credit quality [2]. - As of June 30, the Shanghai AAA Sci-Tech Company Bond Index had a total scale exceeding 850 billion, with state-owned enterprises accounting for over 99% of the index [2]. - The index has shown strong performance, with a net value increase of 14.20% since its base date, outperforming the 9.93% increase of the Wind Medium to Long-term Pure Bond Index during the same period [2]. Group 3: Characteristics of Sci-Tech Bond ETFs - The ETFs have three main characteristics: low fees and thresholds, allowing small investments in the high-threshold Sci-Tech bond market, thus reducing trading costs [3]. - They provide risk diversification by tracking a basket of AAA-rated Sci-Tech bonds, mitigating the potential impact of any single bond's default on the fund's net value [3]. - The ETFs offer liquidity advantages, as they can be traded on the secondary market like stocks, with market makers providing two-way quotes to enhance trading efficiency [3].

Core Viewpoint - The launch of the Guangfa Fund's Sci-Tech Bond ETF (subscription code: 511123, on-market code: 511120) aims to provide a new channel for individual and institutional investors to efficiently allocate to sci-tech bonds, filling a gap in the market for on-market technology financial bond funds [1] Group 1: ETF Launch and Features - The ETF has an initial fundraising cap of 3 billion yuan, with an "end-of-day proportional confirmation" mechanism for oversubscription [1] - It tracks the Shanghai AAA Sci-Tech Innovation Company Bond Index, selecting bonds with AAA ratings and implied ratings of AA+ and above [1] - As of June 30, the index's constituent bonds exceeded 850 billion yuan, with over 99% issued by central and state-owned enterprises, indicating strong credit quality and significant capacity for expansion [1] Group 2: Performance and Market Context - Since its base date on June 30, 2022, the index has seen a net value growth of 14.39%, outperforming the Wind medium to long-term pure bond index, which grew by 10.02% during the same period [1] - The total stock of sci-tech bonds reached 1.13 trillion yuan by the end of May, a 24% increase from the end of 2024, with AAA-rated bonds making up 97% and central/state-owned enterprises accounting for 98% of issuers [1] Group 3: Market Sentiment and Future Outlook - Demand for sci-tech bonds has significantly increased since May, with 72.54% of new issuances being undervalued compared to non-sci-tech bonds with similar maturities [2] - The introduction of the ETF is expected to compress the liquidity premium of sci-tech bonds, benefiting their performance and creating investment opportunities [2] - The management and custody fees for the Guangfa Sci-Tech Bond ETF are only 0.2% per year, lower than similar actively managed bond funds, facilitating low-cost allocation for investors [2]