Group 1 - The core viewpoint of the article highlights the emergence of new opportunities for technology innovation bonds in 2023, driven by supportive policies from the People's Bank of China and the China Securities Regulatory Commission [1] - The recent policy changes include support for financial institutions and private equity firms to issue technology innovation bonds, with a focus on enhancing credit enhancement measures to mitigate risks [1] - The establishment of the first batch of 10 technology innovation bond ETFs has raised nearly 30 billion yuan, indicating strong investor interest due to their low transaction costs and high liquidity [2] Group 2 - The bond ETF market is expected to grow significantly, with an increase of 210 billion yuan in bond ETFs by June 30, 2025, compared to the end of 2024 [2] - The article suggests that there are investment opportunities in technology innovation bonds, particularly those with durations similar to the technology innovation bond index, as demand for these assets is expected to rise [2][3] - The rapid expansion of technology innovation bond ETFs may lead to a decline in yields, and there is a risk of yield compression if credit spreads reach historical lows [3]