Macro - The likelihood of achieving a 5% economic growth target for the year is high, with a decreasing necessity and intensity for incremental policies in the second half of the year [1] - Continuous price pressure has negatively impacted the normal circulation of the national economy, leading to a focus on addressing price issues through unconventional macroeconomic policies [1][2] - The phenomenon of "involution" in both supply and demand sides has intensified downward price pressures, with low capacity utilization and excessive capital expenditure on the supply side, and long working hours suppressing consumer demand on the demand side [2][3] Strategy - The IPO process in Hong Kong involves both public offerings and international placements, with the former primarily targeting retail investors, leading to a liquidity "drain" effect due to the need for investors to freeze funds for subscriptions [6][8] - The introduction of the FINI system in 2023 has significantly reduced the liquidity pressure associated with IPOs by allowing for a pre-set funding compression mechanism, which can save approximately 71% of the funds that would have been frozen historically [8] - The launch of the first batch of Sci-Tech Bond ETFs on July 7, 2025, raised 29 billion yuan, marking a significant expansion in the Sci-Tech bond market, which has seen rapid growth due to supportive policies [9][10] - The current Sci-Tech bonds are predominantly issued by state-owned enterprises, with a significant portion allocated to the banking sector, indicating a strong focus on financing technology innovation [10][11] Non-Bank Financials - The securities industry is expected to benefit from a stable equity market and a recovering bond market, with significant growth in financing activities driven by state-owned banks [22][23] - The competitive landscape is shifting towards a focus on functionality and profitability, with a notable increase in the concentration of leading firms in the industry [24][25] - The capital market is stabilizing, with various funding sources supporting a potential upward breakout in equity markets, positioning brokerages as key players in this trend [26][27] Real Estate - The valuation of major real estate companies is believed to have entered an investment range, with a focus on the "demand bottom" and the dynamics of supply and demand relationships [28] - A potential decline in new housing prices is anticipated, with second-hand housing listings expected to decrease in the coming years, indicating a stabilization in the market [28] Fund Evaluation - The report highlights the regulatory framework surrounding performance benchmarks for mutual funds in the U.S., emphasizing the importance of appropriate benchmark selection for fund performance evaluation [29][30] - U.S. actively managed funds predominantly use single benchmarks, with a high correlation between fund performance and benchmark indices, contrasting with the more complex benchmark structures often seen in China [30][31]

继发行期"一日售罄"之后，7月17日业内首批10只科创债ETF集体上市。从上报到获批，再到发行和上 市，整个过程不到一个月。科创债ETF的"火箭式"速度，标志着我国债市"科技板"建设迈出了更坚实的 步伐。上市之后，这批创新产品可以在二级市场进行交易，科创债市场流动性有望持续提升，为科技领 域注入更多金融活水。 作为债券ETF大厂的新品，今日科创债ETF富国(159200)也正式登陆深交所挂牌交易，为投资者提供更 稳健的科创领域布局工具。据悉，科创债ETF富国(159200)跟踪中证AAA科创债指数(下称"AAA科创债 指数")，汇聚了沪深交易所的优质科创债。为了尽可能将"科创"属性的风险降至最低，指数对成分券资 质要求极高，需满足主体评级AAA、隐含评级AA+及以上标准，央企、国企发行人占比达到了99%， 信用风险较低。 此外，科创债ETF在流动性方面也有较好的保障。一方面，当前政策对科创债的支持力度空间，在央行 提出构建债券市场"科技板"后，一揽子科创债配套政策推出，助力提升科创债流动性。更值得一提的 是，上市后科创债ETF富国的流动性有望更上一层楼。传统的信用债投资动辄需要百万级资金，以及严 格的信用资质 ...

Group 1 - The first batch of Sci-Tech Innovation Bond ETFs has been announced, with the first fund, Sci-Tech Bond ETF (551900), raising a total of 2.991 billion yuan and having 4,721 effective subscription accounts, ranking first among six listed on the Shanghai Stock Exchange [1] - The Sci-Tech Bond ETF (551900) tracks the AAA Sci-Tech Bond Index, which selects bonds rated AAA or above, providing a broader coverage of high-quality bonds in the market with a total market value exceeding 1 trillion yuan [1] - The ETF supports T+0 trading and has a low comprehensive fee rate of only 0.2% per year, utilizing a physical redemption model to reduce trading friction costs and price uncertainty, making it an ideal tool for investors in the Sci-Tech bond market [1] Group 2 - The Sci-Tech bond market is expected to continue expanding under policy incentives, with over 620 billion yuan in issuance since the new policy was announced, and a total outstanding scale of 2.5 trillion yuan, providing ample underlying asset support for the ETFs [2] - Institutions and funds are likely to increase their focus on and participation in Sci-Tech bonds, with the ETFs offering low fees, transparency in holdings, and efficient trading mechanisms [2] - Social security funds, pension funds, and insurance capital can use Sci-Tech Bond ETFs as tools to implement national strategies and optimize asset allocation, while individual investors can participate in Sci-Tech bond investments at low cost and high efficiency through ETFs [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In 2025, the continuous policy support has driven the expansion of the science - innovation bond market, and the science - innovation bond ETF has been quickly launched. The first batch of 10 science - innovation bond ETFs are scheduled to be issued on July 7, 2025 [1][2][11][13]. - The first - batch science - innovation bond ETFs track three major indices: the AAA Science - Innovation Bond Index, the Shanghai AAA Science - Innovation Bond Index, and the Shenzhen AAA Science - Innovation Bond Index. These indices have different characteristics in terms of return - risk, remaining maturity, weighted duration, bond rating, issuer industry, remaining face value, and collateral ratio [3]. - The expansion of science - innovation bond ETFs brings investment opportunities. Institutions have started to increase their allocation of science - innovation bond index constituent bonds. Three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining excess spread protection, and targets with a remaining maturity of 3 - 4 years [5]. 3. Summary According to the Directory 3.1 Science - Innovation Bond ETF Launch Background - In 2025, policies on science - innovation bonds were continuously strengthened. In March, the central bank governor proposed to build a "science and technology board" in the bond market. In May, relevant policies were introduced to support the issuance of science - innovation bonds, including expanding the issuer scope, encouraging the creation of science - innovation bond ETFs, and improving the risk - sharing mechanism [12][13]. - Since the new policy was issued, the issuance scale of science - innovation bonds has exceeded 620 billion yuan, and the outstanding scale has reached 2.5 trillion yuan, providing sufficient underlying assets for science - innovation bond ETFs [2]. - The issuers of new science - innovation bonds are mainly central and local state - owned enterprises, with a relatively high proportion of financial enterprises. In terms of industry, they are mainly concentrated in the banking and building decoration industries [17]. 3.2 Science - Innovation Bond ETF Issuance Overview and Index Comparison 3.2.1 First - Batch Science - Innovation Bond ETFs and Index Products - As of July 6, 2025, 10 fund companies plan to issue science - innovation bond ETFs on July 7, 2025. Six companies' ETFs track the AAA Science - Innovation Bond Index, three track the Shanghai AAA Science - Innovation Bond Index, and only Invesco Great Wall's ETF tracks the Shenzhen AAA Science - Innovation Bond Index [22]. - Thirteen fund companies have reported science - innovation bond index funds (non - ETFs), all of which are benchmarked against the Shanghai AAA Science - Innovation Bond Index [24]. 3.2.2 Science - Innovation Bond Index System - Currently, the China Securities Index Company and the Shenzhen Stock Exchange have issued science - innovation bond indices. The China Securities Index Company has issued two series: the CSI Science - Innovation Bond Index series and the Shanghai Science - Innovation Bond Index series. The Shenzhen Stock Exchange has issued the Shenzhen Science - Innovation Bond Index [26]. 3.2.3 Main Index Comparison - In terms of index compilation methods, there are differences in the base period, sample space, sampling method, and weighting method among the three indices [30]. - In terms of cumulative returns from December 30, 2022, to July 3, 2025, the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index had relatively high and similar returns, while the Shenzhen AAA Science - Innovation Bond Index had relatively lower returns [31]. - In different stages, the Shanghai AAA Science - Innovation Bond Index had better return performance, and the Shenzhen AAA Science - Innovation Bond Index had the lowest annualized volatility, the lowest maximum drawdown, and the highest return - risk ratio in the whole period [34]. - The remaining maturity distributions of the three indices are concentrated in 1 - 5 years, with a small amount of weight in 0 - 1 year and 7 - 10 years. The Shenzhen AAA Science - Innovation Bond Index has a relatively shorter remaining maturity [35]. - The Shanghai AAA Science - Innovation Bond Index has the highest weighted duration, and the Shenzhen AAA Science - Innovation Bond Index has the lowest, which may be part of the reason for the return differences among the indices [36]. - The AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index have a higher proportion of high - rated constituent bonds than the Shenzhen AAA Science - Innovation Bond Index [39]. - The constituents of the AAA Science - Innovation Bond Index and the Shanghai AAA Science - Innovation Bond Index are mainly distributed in the construction industry, while those of the Shenzhen AAA Science - Innovation Bond Index are mainly in the comprehensive and manufacturing industries [43]. - The issuers of the three indices' constituent bonds are mainly central and local state - owned enterprises. The Shenzhen AAA Science - Innovation Bond Index allocates nearly 5% of public enterprise bonds [46]. - The remaining face values of the three indices' constituent bonds are concentrated between 500 million yuan and 2 billion yuan, and the distribution of the Shenzhen AAA Science - Innovation Bond Index is more dispersed [48]. - The collateral ratios of the three indices' constituent bonds are generally distributed between 80% and 100%, and the Shenzhen AAA Science - Innovation Bond Index has a more concentrated weight in the 70% - 90% range [48]. 3.3 Investment Opportunities in Bonds Brought by Science - Innovation Bond ETFs - Since mid - June, the excess spread of science - innovation bond index constituent bonds has significantly compressed, and there has been a valuation deviation between constituent bonds and non - constituent bonds of the same issuer. The turnover rate of science - innovation bond index constituent bonds has significantly increased, indicating that institutions have started to increase their allocation [5][51][56][57]. - Considering the future expansion of science - innovation bond ETFs, three types of potentially beneficial targets can be pre - arranged: targets that are both science - innovation bond index constituent bonds and exchange benchmark market - making varieties, science - innovation bond targets with remaining positive excess spread, and targets with a remaining maturity of 3 - 4 years [5][61][62].

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].