Core Viewpoint - The issuance of technology innovation bonds (referred to as "Sci-Tech Bonds") has accelerated since July, with a total issuance exceeding 760 billion yuan since the policy was implemented on May 7, indicating a growing market and demand for financing in the technology sector [1][2]. Group 1: Market Growth and Issuance - As of July 20, the total issuance of Sci-Tech Bonds reached 768.4 billion yuan, with a significant increase in issuance in July amounting to 184.8 billion yuan [2]. - The issuance rhythm has shown fluctuations, with a peak of over 127.9 billion yuan in one week during the third week post-policy implementation [2]. - The majority of the bonds issued are from high-quality central and state-owned enterprises, accounting for over 80% of the total issuance, with AAA-rated entities making up more than 75% [2][3]. Group 2: Buyer Participation - Institutional buyers, including public funds and bank wealth management products, have increased their participation in the Sci-Tech Bond market, with the first batch of 10 Sci-Tech Bond ETFs raising 29 billion yuan [4]. - The total scale of these ETFs has rapidly grown to over 88.3 billion yuan, indicating strong market interest and activity [4]. Group 3: Product Innovation and Future Directions - There is a need for more product innovation in the Sci-Tech Bond market to better serve the financing needs of technology enterprises at different development stages [6]. - Suggestions include developing private placement bonds and high-yield bonds to enhance accessibility for companies with weaker credit ratings [7]. - The current structure of Sci-Tech Bonds is predominantly short to medium-term, with 90% having maturities within five years, highlighting a mismatch with the long-term funding needs of the technology sector [6][7].