Core Viewpoint - The listing of the Invesco Great Wall Shenzhen AAA Technology Innovation Company Bond ETF (referred to as "Tech Innovation Bond ETF") on the Shenzhen Stock Exchange marks a significant development in the bond market, providing investors with a new tool to access high-rated technology innovation bonds [1][4]. Group 1: Fund Overview - The Tech Innovation Bond ETF raised a total of 2.3 billion yuan in its initial offering, with 4,621 effective subscriptions [3]. - The ETF closely tracks the Shenzhen AAA Technology Innovation Company Bond Index, which includes bonds rated AAA with a remaining maturity of one month or more, reflecting the overall performance of high-rated technology innovation company bonds in the Shenzhen market [3]. - As of May 30, 2025, the index comprises 146 bonds with a total balance of 142.6 billion yuan, predominantly from central state-owned enterprises, and has an average duration of 3.34 years [3]. Group 2: Market Context and Features - The bond market for technology innovation has received substantial policy support since 2025, with the launch of the "Technology Board" aimed at significantly increasing the scale of technology innovation bonds [4]. - The ETF offers a "T+0" trading feature, allowing same-day buying and selling, and has a low management and custody fee of 0.2%, providing a cost advantage over many actively managed bond funds [3]. - The listing of the Tech Innovation Bond ETF not only provides investors with a new investment vehicle but also facilitates financing for technology innovation enterprises, contributing to the high-quality development of the real economy [4].

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].