与此同时，该基金最新成交量为7851.95万份，最新成交额达77.89亿元，当日主力资金净流出成交额占 比达6.66%。 2025年9月26日，科创债ETF招商（551900.SH）收涨0.11%，主力资金（单笔成交额100万元以上）净流 出5.19亿元，居全市场第一梯队。 ...

与此同时，该基金最新成交量为8140.55万份，最新成交额达81.04亿元，居可比基金尾部。 2025年9月22日，科创债ETF招商（551900.SH）收跌0.02%，主力资金（单笔成交额100万元以上）净流 出1.14亿元，居可比基金前2。 ...

2025年9月4日，科创债ETF招商（551900.SH）收涨0.07%，主力资金（单笔成交额100万元以上）净流 出14.05亿元，居全市场首位。 与此同时，该基金最新成交量为6343.07万份，最新成交额达63.26亿元，当日主力资金净流出成交额占 比达22.21%。 ...

科创债ETF招商（551900）今日上市！ 7月17日，首批10只科创债ETF上市，科创债ETF招商（551900）登陆上交所，为投资者提供较为稳健参与科创投资的新工具。此前，科创债ETF招商已于 7月11日成立，募集总规模29.91亿元，首发有效认购户数4721户，在6只上交所科创债ETF中居第一。 对于投资者而言，科创债ETF招商还具有以下亮点：一是资金交易效率高。科创债ETF招商支持T+0交易，资金使用效率显著高于传统债券。二是参与门 槛低，费率低廉。科创债ETF招商可进行场内交易，产品综合费率为0.2%（管理费0.15%+托管费0.05%）。三是实物申赎，减少交易成本。相较于现金申 赎，实物申赎避免代买卖交易，可大幅降低产品交易的摩擦成本，以及减少证券价格的不确定性。四是有跨市场优势。跨市场模式容量更大，同时覆盖上 海（约8600亿元）和深圳（约1400亿元）两地市场。 科创债ETF的发行上市，填补了金融"五篇大文章"中"科技金融"债券基金产品的空白，有助于发挥资本市场功能作用，引导市场资金投向科技创新企业。 展望未来，在政策红利驱动下，科创债市场有望持续扩容，招商基金将持续以优秀的产品创设能力和投资 ...

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 launch of the first batch of Sci-Tech Innovation Bond ETFs is a significant development, providing investors with a new tool to invest in the technology innovation sector and capture bond market benefits [1][10]. Group 1: Market Overview - The Sci-Tech Innovation Bonds are issued by technology innovation enterprises, primarily to support financing in the technology innovation sector, playing a crucial role in promoting real economic development [2]. - The current balance of the Sci-Tech Innovation Bond market in China has reached 2.45 trillion yuan, with expectations for continued issuance and growth in the index under supportive policies [2]. Group 2: Index Characteristics - The AAA Sci-Tech Innovation Bond Index covers both Shanghai and Shenzhen markets, consisting of 810 bonds with a maximum single bond weight of 1%, effectively diversifying the risk of individual bond defaults [3]. - All bonds in the AAA Sci-Tech Innovation Bond Index are from issuers with an AAA rating, with over 99% of the bonds issued by central state-owned enterprises, highlighting their high credit quality [4]. Group 3: Historical Performance - The AAA Sci-Tech Innovation Bond Index has shown a cumulative return of 14.05% since inception, with an annualized return of 4.63%, outperforming other bond indices [7]. - In the past year, the index achieved a return of 3.76% with a volatility of only 0.23%, indicating stable performance amid declining market interest rates [7]. Group 4: ETF Features - The Sci-Tech Innovation Bond ETF offers high liquidity, tracking an index with over 800 component bonds and a market value exceeding one trillion yuan, with a significant portion being market-making bonds [10]. - The ETF is designed to minimize trading costs through a physical redemption model, which reduces price uncertainty and transaction friction [12]. - The ETF allows T+0 trading with a comprehensive fee rate of 0.2%, facilitating flexible trading for investors [13]. - The management team of the ETF has extensive experience, managing over 690 billion yuan in public offerings, with a strong historical performance in fixed income investments [14].