（数据来源：WIND资讯） 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 | 代码 | 同家 | 场内简称 | 托管人 | 規模(亿) | 近1周均贴 | 近1周济跌 | 今年以来 | 质押率 | 本轮调整 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 水率 | 国 | FID (8) | | 最大回覆 | Calmar D | | 511030.SH | 平安中债-中高等级公司债利差因子ETF | 公司债ETF | 十安银行股份有限公司 | 223.53 | -0.06% | -0.119% | 0.84 | 63.00 | -0.1925 | 3.6503 | | 511220.SH | 海富通上证城投债ETF | 城投债ETF | 中国银行股份有限公司 | 245.11 | -0.19% | -0.407% | 1.05 | 0.00 | -0.2907 | 2.1636 | | 511070.SH | 南方上证基准做市公司债ETF | 上证公司侦E ...

() 上海证券交易所 投资者教育基地 科 技 创 新 债 券 （简 称 " 科 创 债 "),是指由科技型企业发行,或者 募集资金主要用于支持科创领域发 展的信用债。截至目前，全市场共 356 家主体发行 1360 只科创债, 合计规模 1.95 万亿元。其中沪深两 所共发行 935 只,合计规模 1.23 万亿元，较 2022 年末分别增长近约 14.7 倍和 13 倍,投资容量与日俱 增。 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出" 一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读，直 击指数化投资关键要义。 发布背景 指数百科 第二十一期 IPAAATHCHJJJJJJJ 护用创债费资料工具 0 者 按 第三 中国基金报 CHINAFUND ■ 中证指数 国 指数化搜索 指数 定位 2023 年 8 月，上海证券交易所 和中证指数有限公司研究推出上证 AAA 科技创新公司债指数,选取剩 余期限、信用评级符合条件的债券作 为指数样本,以反映相应上交所科技 创新公司债的整体表现。 ► 指数投资容量充足 目 ...

Market Overview - The Shanghai Composite Index rose 0.62% to close at 3581.86 points, the Shenzhen Component Index rose 0.84% to close at 11099.83 points, and the ChiNext Index rose 0.61% to close at 2310.86 points. The trading volume of A-shares in the two markets was 1929 billion yuan. The top-performing sectors were coal (6.18%), building materials (4.49%), and building decoration (3.38%), while the bottom-performing sectors were banking (-0.98%), computer (-0.73%), and communication (-0.43%) [2][6] Stock ETF - The top trading volume stock ETFs today were Huatai-PineBridge CSI 300 ETF, which rose 1.06% with a discount rate of 1.02%; ChinaAMC SSE STAR 50 ETF, which rose 0.75% with a discount rate of 0.83%; and ChinaAMC CSI A500 ETF, which rose 1.09% with a discount rate of 1.06% [3][7] Bond ETF - The top trading volume bond ETFs today were Haifutong CSI Short-term Financing Bond ETF, which fell 0.00% with a discount rate of -0.01%; ChinaAMC CSI AAA Sci-tech Innovation Corporate Bond ETF, which fell 0.05% with a discount rate of -0.01%; and Penghua SSE AAA Sci-tech Innovation Bond ETF, which fell 0.03% with a discount rate of -0.03% [4][9] Gold ETF - Today, AU9999 gold rose 0.39% and Shanghai gold rose 0.41%. The top trading volume gold ETFs were HuaAn Gold ETF, which rose 0.38% with a discount rate of 0.34%; E Fund Gold ETF, which rose 0.34% with a discount rate of 0.31%; and Bosera Gold ETF, which rose 0.40% with a discount rate of 0.35% [12] Commodity Futures ETF - Today, ChinaAMC Feed Soybean Meal Futures ETF rose 0.45% with a discount rate of 0.62%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 1.39% with a discount rate of 1.85%; and Dacheng Non-ferrous Metals Futures ETF rose 0.23% with a discount rate of 0.57% [13] Cross-border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.04%, the Nasdaq Composite rose 0.38%, the S&P 500 rose 0.14%, and the German DAX rose 0.08%. Today, the Hang Seng Index rose 0.54% and the Hang Seng China Enterprises Index rose 0.39%. The top trading volume cross-border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF, which fell 0.73% with a discount rate of -0.14%; GF CSI Hong Kong Innovative Drug ETF, which fell 0.15% with a discount rate of -0.01%; and ChinaAMC Hang Seng Tech ETF, which fell 0.13% with a discount rate of 0.19% [15] Money Market ETF - The top trading volume money market ETFs today were Silver Hua Day Profit ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]

Report Summary 1. Market Overview - On July 17, 2025, the Shanghai Composite Index rose 0.37% to close at 3516.83, the Shenzhen Component Index rose 1.43% to close at 10873.62, and the ChiNext Index rose 1.75% to close at 2269.33. The total trading volume of A-shares in the two markets was 1560.5 billion yuan. The top-performing sectors were national defense and military industry (2.74%), communication (2.41%), and electronics (2.18%), while the bottom-performing sectors were banking (-0.42%), transportation (-0.39%), and environmental protection (-0.26%) [2][6] 2. Stock ETFs - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 1.32%, discount rate 1.18%), Huaxia SSE STAR 50 ETF (up 0.76%, discount rate 0.74%), and Southern CSI A500 ETF (up 1.07%, discount rate 0.97%) [3][7] 3. Bond ETFs - The top trading volume bond ETFs were Penghua SSE AAA Sci-Tech Bond ETF (up 0.07%, discount rate 0.10%), Haifutong CSI Short-term Financing ETF (up 0.01%, discount rate 0.01%), and Harvest CSI AAA Sci-Tech Innovation Corporate Bond ETF (up 0.10%, discount rate 0.10%) [4][9] 4. Gold ETFs - Gold AU9999 fell 0.19% and Shanghai Gold fell 0.06%. The top trading volume gold ETFs were Huaan Gold ETF (down 0.07%, discount rate -0.07%), Boshi Gold ETF (down 0.09%, discount rate -0.05%), and E Fund Gold ETF (down 0.10%, discount rate -0.08%) [12] 5. Commodity Futures ETFs - Huaxia Feed Soybean Meal Futures ETF rose 1.50% with a discount rate of 1.70%, Dacheng Non-ferrous Metals Futures ETF fell 0.12% with a discount rate of -0.15%, and CCB Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.30% with a discount rate of 0.10% [14] 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.53%, the Nasdaq rose 0.25%, the S&P 500 rose 0.32%, and the German DAX fell 0.21%. On July 17, the Hang Seng Index fell 0.08% and the Hang Seng China Enterprises Index fell 0.09%. The top trading volume cross-border ETFs were GF CSI Hong Kong Innovative Drugs ETF (up 5.28%, discount rate 5.71%), E Fund CSI Hong Kong Securities Investment Theme ETF (up 1.06%, discount rate 1.33%), and Huaxia Hang Seng Tech ETF (up 0.41%, discount rate 1.07%) [16] 7. Money ETFs - The top trading volume money ETFs were Huabao Tianyi ETF, Yin Hua Rili ETF, and CCB Tianyi Money ETF [18]

Group 1 - The core viewpoint is that the newly established Penghua AAA Sci-Tech Bond ETF is positioned as a stable investment option in a low interest rate environment, catering to the strong demand for sci-tech bonds among investors [1][2] - The rapid development of bond ETFs is highlighted, with the total scale exceeding 380 billion yuan, showing significant growth compared to the previous year [2] - The Penghua AAA Sci-Tech Bond ETF tracks the Shanghai Stock Exchange AAA Sci-Tech Company Bond Index, which is characterized by high credit quality, industry diversification, and good liquidity [2] Group 2 - The management of the Sci-Tech Bond ETF incorporates credit assessment and risk control, requiring experienced fund managers for effective index management and liquidity response [3] - The fund will employ a "dual fund manager" model to leverage the strengths of research and practical operations, ensuring effective management and risk control [3] - The goal of the Penghua fixed income team is to create a standardized credit bond tool that is not only suitable for allocation but also for trading, with long-term viability [3]

Core Viewpoint - The launch of Penghua CSI AAA Sci-Tech Bond ETF reflects strong market demand for high-quality credit bond instruments and investor confidence in the national technology innovation strategy, indicating a promising future development [1] Group 1: Product Overview - Penghua CSI AAA Sci-Tech Bond ETF tracks the CSI AAA Sci-Tech Corporate Bond Index and will be listed on the Shanghai Stock Exchange [1] - The ETF serves as a structural supplement in the bond ETF product line, filling gaps in product dimensions and integrating themes, credit products, and technological attributes [1] Group 2: Performance Metrics - The underlying assets primarily consist of high-grade state-owned enterprise bonds, resulting in relatively stable returns and lower volatility [2] - As of June 27, 2025, the CSI AAA Sci-Tech Corporate Bond Index had the highest annualized return of 3.96% among three types of Sci-Tech bond indices, with a cumulative return of 14.20% since the base date of June 30, 2022 [2] Group 3: Management Structure - The ETF will adopt a "dual fund manager" model to leverage complementary advantages in research and operations, as well as coordinated management and risk control [3] - Proposed fund managers Zhang Yangcheng and Wang Zhongxing bring extensive experience in managing bond ETFs and credit bonds, focusing on index replication, tracking error control, and credit assessment [3] Group 4: Strategic Significance - The launch of the Penghua CSI AAA Sci-Tech Bond ETF represents a strategic upgrade of Penghua's bond index product line, supported by a standardized, systematic, and professional passive management capability [3] - The ETF aims to provide a new investment choice with relatively controllable risks and stable return opportunities, enhancing the investment experience while managing credit risk [4]

Core Viewpoint - The launch of the first batch of 10 Science and Technology Innovation Bond ETFs marks a significant development in the public fund market, providing new investment opportunities and addressing long-standing issues in the credit bond sector [1][11]. Group 1: Market Overview - The Science and Technology Innovation Bond market has been rapidly expanding since its pilot in 2021, with a total of 1,273 bonds and a balance exceeding 1.3 trillion yuan [1][10]. - The market's growth is driven by increasing financing needs of technology innovation enterprises and supportive government policies aimed at enhancing the efficiency of bond issuance [10][11]. Group 2: ETF Characteristics - The Science and Technology Innovation Bond ETFs aim to track the performance of technology innovation company bond indices, providing investors with a convenient tool to participate in the market [3][6]. - The ETFs are designed to be precise like index funds, cautious like credit bond funds, and efficient like ETF products, requiring high collaboration across research, risk control, trading, and operations [2][28]. Group 3: Investment Opportunities - The ETFs address several long-standing pain points for investors, such as the difficulty in identifying risks associated with numerous bond issuers and the low accessibility of high-grade technology credit bonds [2][18]. - The ETFs serve as a new asset allocation option that combines stable returns with policy benefits, suitable for both credit base and yield enhancement in specific market conditions [2][11]. Group 4: Index Selection and Management - The first batch of ETFs tracks three main indices: the Shanghai Stock Exchange AAA Science and Technology Innovation Bond Index, the Shenzhen Stock Exchange AAA Index, and the China Securities AAA Index, each with different coverage and duration characteristics [6][7]. - The ETFs focus on high-credit-quality bonds, ensuring that the underlying assets are primarily AAA-rated, which helps in controlling credit risk while targeting technology innovation [4][6]. Group 5: Investor Guidance - Investors are advised to understand the risk-return characteristics of these ETFs, monitor the relationship between trading prices and net asset values, and maintain a medium to long-term perspective [2][47]. - The ETFs are suitable for various investors, including individuals and institutions, offering low entry barriers and the ability to efficiently allocate to high-grade technology bonds without the need for extensive credit research [43][44].