1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The "Opinions on Continuously Promoting Urban Renewal Actions" was released, defining the "roadmap" and "timetable" for urban renewal, and multiple - dimensional financing support will be strengthened [6][7]. - Xinjiang plans to clear all financing platforms by the end of 2025, and Jilin aims to exit the list of key provinces with high - risk debts [6][12]. - This week, 10 urban investment enterprises prepaid bond principal and interest, with a total scale of 1524 million yuan [6][14]. 3. Summary by Directory 3.1. News Review 3.1.1. "Opinions on Continuously Promoting Urban Renewal Actions" - Since 2019, the central and local governments have actively promoted urban renewal. By the end of 2024, China's urbanization rate reached 67%. From 2019 - 2024, 280,000 old communities were renovated, benefiting over 120 million people. Various infrastructure improvement projects have also achieved remarkable results [8]. - Future urban renewal focuses on eight tasks, aiming to make important progress by 2030 [9]. - Financing support includes central finance (continuing to increase investment and special treasury bond support), local finance (expanding special bond investment areas), financial institutions (formulating special loan management methods), and diversifying financing methods (such as PPP and REITs) [10][11]. 3.1.2. Xinjiang and Jilin's Debt - related Goals - Xinjiang plans to complete the clearance of all financing platforms by the end of 2025, and prohibits the establishment of new ones [12]. - Jilin aims to exit the list of high - risk debt provinces by innovating investment and financing models,盘活 "three capitals" of finance, and reducing the number of financing platforms [12]. 3.1.3. Pre - payment of Bonds by Urban Investment Enterprises - This week, 10 urban investment enterprises prepaid 10 bonds, with a total scale of 1524 million yuan, a decrease of 14.409 billion yuan compared to the previous value. Most of these enterprises are from the east and west regions, and the majority of their credit ratings are AA [14]. 3.2. Issuance of Local Government Bonds and Urban Investment Bonds 3.2.1. Local Government Bonds - This week, 51 local government bonds were issued, with a total scale of 197.25 billion yuan, a decrease of 0.66% from the previous value, and a net financing increase of 7.02% to 171.114 billion yuan. As of May 18, the replacement progress of local bonds this year reached 80%, and more than half of the provinces completed their annual tasks [6][16]. - The weighted average issuance interest rate decreased by 1.49BP to 1.88%, and the weighted average issuance spread narrowed by 2.04BP to 12.79BP [16]. - Anhui had the largest issuance scale of 56.452 billion yuan, and Guangxi had the highest issuance interest rate and spread [16]. 3.2.2. Urban Investment Bonds - This week, 35 urban investment bonds were issued, with a total scale of 32.227 billion yuan, a significant decrease of 80.01% from the previous value, mainly due to seasonal factors. The net financing increased by 4.51 billion yuan to - 21.62 billion yuan [6][20]. - The overall issuance interest rate was 2.17%, a decrease of 28.78BP from the previous value, and the issuance spread was 67.58BP, a narrowing of 26.77BP [20]. - Private placement bonds were the main issuance type, accounting for 45.71%. The 3 - year term was the most common, accounting for 37.14%. The issuer's main credit rating was AAA, accounting for 40.00% [20][21]. - Three overseas urban investment bonds were issued, with a total scale of 862 million yuan, and the weighted average issuance interest rate was 5.90% [21]. 3.3. Trading of Local Government Bonds and Urban Investment Bonds - The central bank conducted 486 billion yuan of reverse repurchases this week, with a net withdrawal of 475.1 billion yuan. Short - term capital interest rates mostly increased [26]. - This week, the trading volume of local government bond spot was 452.947 billion yuan, a decrease of 17.66% from the previous value, and most of the maturity yields increased, with an average increase of 3.33BP [26]. - The trading volume of urban investment bonds was 290.14 billion yuan, a decrease of 31.50% from the previous value, and most of the maturity yields increased, with an average increase of 1.41BP. The credit spreads of 1 - year, 3 - year, and 5 - year AA + urban investment bonds narrowed by 7.96BP, 3.71BP, and 6.10BP respectively [26]. - In a broad sense, 25 bonds of 22 urban investment entities had 30 abnormal trades, with an increase in the number of entities, bonds, and abnormal trades [27]. 3.4. Important Announcements of Urban Investment Enterprises - This week, 63 urban investment enterprises announced changes in senior management, legal representatives, directors, supervisors, etc., as well as changes in controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [32].

Group 1: Product Expiration Overview - In 2024, a total of 260 credit ABS products will expire, with NPL and RMBS products accounting for 89 and 78 products respectively, together representing nearly two-thirds of all expiring products[4] - The top five initiating institutions for expiring products include China Construction Bank, Bank of China, Ping An Bank, China Merchants Bank, and Minsheng Bank, with a focus on RMBS and NPL products[5] Group 2: Product Duration Analysis - Among the 260 expiring products, 237 have had their subordinate securities redeemed, while 23 products, all NPLs, have not been redeemed[9] - RMBS products have an average duration of 5.47 years, with the longest at 9.10 years, while other products like Auto ABS and consumer loan ABS have durations mainly concentrated between 1-2 years[11] Group 3: Product Liquidation Methods - Out of the 260 products, 226 have been liquidated, leaving 34 products unliquidated, which includes 12 normal loan ABS and 22 NPL products[12] - The predominant liquidation methods are warehouse repurchase and original distribution, accounting for over 98% of liquidated products[12] Group 4: Subordinate Securities Placement and Yield Analysis - Of the 260 products, 127 had subordinate securities placed externally, representing nearly 50% of the total[14] - The average yield for subordinate securities in normal loan ABS is significantly lower, typically in the 6-7% range, while NPL products have an average yield of 24.65%[17]

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The debt investment plans accounted for 72.94% of the total registrations, but this figure represents a year-on-year decrease of 13.33% [8][11] - The report emphasizes the increasing focus on urban renewal projects and the supportive policies from the government, which may present investment opportunities for insurance asset management firms [7][37] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity investment plans. The number of registrations decreased by 17 to 85 [8] - Debt investment plans saw a significant decline, with a registration scale of 99.775 billion yuan and a year-on-year decrease of 27.19% [11] - The report indicates that the focus of debt investment plans is shifting towards the East China region, with Anhui province leading in investment allocation [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset Management led in the registration scale of debt investment plans, while Minsheng Tonghui Asset Management ranked first in the number of asset-backed plan registrations [31][33] - The report notes that the insurance asset management industry is experiencing a head effect, with some institutions demonstrating strong product operation capabilities [44] Industry Policy Review - The report discusses the government's emphasis on urban renewal and the introduction of policies to attract social capital for infrastructure projects, which may benefit insurance asset management firms [37][38] - It highlights the ongoing support for green finance initiatives, encouraging the issuance of green bonds and asset-backed securities [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face challenges in 2025, but it remains a crucial financing tool. The focus will likely shift towards structured product issuance [44][45] - The report suggests that insurance asset management firms should pay attention to urban renewal projects and green finance opportunities as potential areas for investment [44][45]

Investment Rating - The report does not explicitly state an investment rating for the insurance asset management industry Core Insights - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, while the number of registrations continued to decline. The registration scale grew by 9.32% year-on-year to 185.596 billion yuan, primarily due to the growth in asset-backed plans and equity investment plans [7][8] - The report highlights a significant decline in debt investment plans, with both the number and scale dropping sharply. The focus of investment has shifted towards the East China region, with the transportation sector remaining the largest investment target [9][11] - The report emphasizes the importance of urban renewal and city investment policies, which are expected to create investment opportunities for insurance asset management in urban renewal projects and industry transformation [7][37] - Green finance policies continue to support qualified green industry enterprises in issuing green bonds and asset-backed securities, indicating a growing space for green asset securitization projects [7][43] Summary by Sections Product Operation Analysis - In Q1 2025, the registration scale of innovative products in the insurance asset management industry increased, driven by growth in asset-backed plans and equity plans. The number of registrations decreased, with debt investment plans still accounting for over 70% of the total but on a downward trend [8][29] - The report notes that the debt investment plan registration scale and number have significantly decreased, with a year-on-year decline of 27.19% and 29.55% respectively in Q1 2025 [11][12] - The focus of debt investment plans has shifted towards the East China region, with Anhui province leading in investment share [13][16] Institutional Operation Analysis - In Q1 2025, Huatai Asset maintained a leading position in the registration scale of debt investment plans, while Minsheng Tonghui Asset led in project registration numbers for asset-backed plans [31][33] - The report indicates that the insurance asset management industry is experiencing a head effect, with some institutions showing strong product operation capabilities and capturing a significant market share [44] Industry Policy Review - The report discusses the recent urban renewal and city investment policies aimed at attracting social capital and promoting collaboration between government and private investments [37][38] - It highlights the regulatory support for green finance, encouraging the issuance of green bonds and asset-backed securities, which aligns with the growing focus on sustainable investments [43][44] Observations and Outlook - The report anticipates that the innovative product business in the insurance asset management industry will face pressure in 2025, but it remains a crucial financing tool. The focus will likely be on structured product issuance and green finance opportunities [44][45] - The report suggests that while the supply of innovative products may decrease, they will continue to be an important investment category for insurance funds, particularly in the context of low interest rates and ongoing debt resolution policies [44][45]

Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints The asset - backed note issuance scale has continuously increased, with asset - backed commercial paper accounting for about half, and personal consumer finance - related assets are active [3]. 3. Summary by Relevant Catalogs 3.1 Issuance Situation - In April 2025, 58 asset - backed note products were issued, with a total issuance scale of 59.188 billion yuan. Compared with the previous month, the number of issuances increased by 9, and the issuance scale grew by 33.71%. Compared with the same period last year, the number of issuances increased by 11, and the issuance scale grew by 55.01%. Only 4 were publicly issued, and the rest were privately placed [4][5]. - The top five initiators in terms of issuance scale were China Orient Asset Management Co., Ltd. (8.945 billion yuan, 15.11%), Beijing Jingdong Century Trading Co., Ltd. (8.725 billion yuan, 14.74%), China Cinda Asset Management Co., Ltd. (6.043 billion yuan, 10.21%), SDIC Taikang Trust Co., Ltd. (5.964 billion yuan, 10.08%), and Huaneng Guicheng Trust Co., Ltd. (4.4 billion yuan, 7.43%). The total issuance scale of the top ten initiators was 48.094 billion yuan, accounting for 81.26% [5]. - The underlying asset types included personal consumer finance, specific non - financial claims, accounts receivable, micro - loans, and financial leasing. Personal consumer finance products accounted for 47.96% of the scale [7]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 1.0 billion yuan. The number and scale of products with a single - issuance scale between (0, 10] billion yuan were the largest, with 52 products issued, accounting for 66.13% of the scale [9]. - The shortest product term was 0.25 years, and the longest was 5.02 years. Products with a term between (0, 1] years had the largest issuance scale, accounting for 49.24%. Products with a term between (1, 2] years had the largest number of issuances, with 26 products issued [10]. - According to the issuance scale of notes at each level, AAAsf - rated notes accounted for 91.44% [11]. - The lowest issuance interest rate of one - year - around AAAsf - rated notes was 1.94%, the highest was 3.60%, and the interest rate center was around 2.02% [13]. - In April 2025, 24 ABCP products were issued, with a total issuance scale of 29.368 billion yuan, accounting for 49.62% of the ABN issuance scale. Specific non - financial claim ABCP accounted for 51.03% of the ABCP issuance scale, personal consumer finance ABCP accounted for 27.54%, and accounts receivable ABCP accounted for 11.60% [17]. 3.2 Secondary Market Transaction Situation - In April 2025, there were 563 secondary - market transactions of asset - backed notes, with a transaction amount of 54.198 billion yuan. The transaction amount decreased by 10.76% month - on - month, and the number of transactions decreased by 20.59% month - on - month. The transaction amount increased by 46.82% year - on - year, and the number of transactions increased by 35.66% year - on - year [4][18]. - The more active underlying asset types in the secondary - market transactions were personal consumer finance, specific non - financial claims, class REITs, accounts receivable, and supply chains, with transaction - amount proportions of 26.43%, 18.42%, 16.75%, 13.13%, and 5.23% respectively [18].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Policy support for science - innovation bonds (Sci - tech bonds) is increasing, and Sci - tech bonds issued by urban construction investment companies (Urban Construction Investment Bonds) are expected to continue to expand. In 2025, the issuance of Sci - tech bonds reached 568.097 billion yuan, a 1.3 - fold increase year - on - year, with urban construction investment enterprises issuing 31.955 billion yuan, a 17.6% increase year - on - year, accounting for 5.6% of the total Sci - tech bond issuance. This can help some urban construction investment enterprises transform and enhance their self - financing ability [6][8]. - The People's Congress of Taizhou, Jiangsu Province, reviewed the government debt management report, pointed out existing problems, and put forward suggestions such as strengthening debt management constraints, promoting platform transformation, and reducing non - standard financing to achieve zero balance of existing targeted financing [6][10]. 3. Summary by Directory 3.1 News Review 3.1.1 Continuous Increase in Support for Sci - tech Bonds, Expected Expansion of Urban Construction Investment Sci - tech Bonds - Since April, multiple policies have been introduced to support the issuance of Sci - tech bonds. As of May 14, the outstanding scale of Sci - tech bonds was about 2.09 trillion yuan, with urban construction investment Sci - tech bonds at 218.39 billion yuan, accounting for 10.45%. The issuance of urban construction investment Sci - tech bonds has significantly increased, and it is expected to further accelerate in the future. Some urban construction investment enterprises can use this to promote transformation [6][8][9]. 3.1.2 Taizhou, Jiangsu Reviews Government Debt Management, Aims to Reduce Non - standard Financing and Eliminate Existing Targeted Financing - Taizhou pointed out problems in debt management such as non - standard use, rising debt ratio, insufficient special bond issuance, and difficulty in controlling platform costs. Suggestions include strengthening constraints, promoting platform transformation, improving special bond management, and optimizing debt structure [6][10][11]. 3.1.3 77 Urban Construction Investment Enterprises Pre - paid Bond Principal and Interest - In this statistical period, 77 urban construction investment enterprises pre - paid bond principal and interest, involving 85 bonds with a total scale of 15.933 billion yuan, an increase of 4.143 billion yuan from the previous value. Most of the enterprises are from the eastern region, and the main credit rating is AA [13]. 3.1.4 4 Urban Construction Investment Bonds Postponed or Cancelled Issuance - In this statistical period, 4 urban construction investment bonds were postponed or cancelled, with a planned issuance scale of 1.7 billion yuan. As of May 11, 55 urban construction investment bonds had been postponed or cancelled this year, with a total scale of 33.898 billion yuan [14]. 3.2 Issuance of Local Government Bonds and Urban Construction Investment Enterprise Bonds 3.2.1 Local Government Bonds - In this statistical period, the issuance scale of local government bonds increased by 3.89% to 198.551 billion yuan, the net financing decreased by 1.61% to 159.889 billion yuan. The issuance interest rate increased, and the spread widened. As of now, the local debt replacement progress this year has reached 80%, with more than half of the provinces completing their annual tasks [6][15]. 3.2.2 Urban Construction Investment Bonds - The issuance scale of urban construction investment bonds increased by 1.55% to 161.213 billion yuan, and the net financing decreased by 45.612 billion yuan to - 66.72 billion yuan. The issuance interest rate and spread increased. The issuance was mainly private placement bonds, with a 5 - year term, and the issuer's main credit rating was AA +. 8 overseas urban construction investment bonds were issued, with a total scale of 5.315 billion yuan [20]. 3.3 Trading of Local Government Bonds and Urban Construction Investment Enterprise Bonds - In this statistical period, the central bank had a net withdrawal of 13.59 billion yuan in the open market. Short - term capital interest rates declined. There were no credit rating adjustments for urban construction investment enterprises and no credit risk events. The trading scale of local government bonds and urban construction investment bonds increased, and the maturity yields decreased. There were 28 abnormal trades of 22 bonds from 22 urban construction investment entities [26][27]. 3.4 Important Announcements of Urban Construction Investment Enterprises - In this statistical period, 64 urban construction investment enterprises announced changes in senior management, legal representatives, directors, supervisors, controlling shareholders, actual controllers, equity/asset transfers, cumulative new borrowings, and external guarantees [30].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The main policy tone is still "controlling new debts and resolving existing ones." The issuance and net financing of urban investment bonds have decreased, while the issuance of innovative varieties such as science and technology innovation bonds has increased [4][54][56]. - In the short - term, although the Sino - US tariff game has eased, the bond market will continue to fluctuate. It is recommended to allocate high - quality platform targets in strong regions, moderately extend the duration, and also pay attention to strong urban investment in key debt - resolving regions and new entities formed during the industrial transformation and integration of urban investment [6][9][49]. Group 3: Summary by Directory 1. April 2025 Urban Investment Bond Market Operation Characteristics - **Issuance scale and net financing**: The issuance scale of urban investment bonds decreased by 10.34% month - on - month to 554.27 billion yuan, with a net outflow of 75.279 billion yuan for two consecutive months. The approval rates of the exchange and the inter - bank market both decreased month - on - month. 21 provinces had net outflows, and the net outflow scale of economic powerhouses increased significantly [7][10][13]. - **Innovative varieties**: 22 innovative urban investment bonds were issued, with a total scale of 16.78 billion yuan. The issuance of science and technology innovation bonds increased significantly, with 12 bonds issued, totaling 9.02 billion yuan [20]. - **Issuance term**: The weighted average issuance term was 2.76 years, a decrease of 0.87 years month - on - month. The proportion of borrowing new to repay old remained above 90%, and 14 provinces reached 100%. Among the 10 key provinces, 9 had a 100% borrowing - new - to - repay - old ratio [23]. - **Issuance interest rate and spread**: The weighted average issuance interest rate was 2.43%, a decrease of 0.17 percentage points month - on - month; the weighted average issuance spread was 91.93BP, a narrowing of 5.43BP month - on - month [26]. - **Overseas bonds**: The issuance scale of overseas urban investment bonds increased by 25.44% month - on - month to 41.177 billion yuan, and the weighted average issuance interest rate rose to 5.57% [31]. - **Yield and credit spread**: The yield of urban investment bonds decreased overall. The credit spreads of key provinces mostly narrowed, while those of non - key provinces mostly widened [35]. 2. Credit Analysis - One urban investment enterprise had its credit rating upgraded. In April 2025, Orient Golden Credit upgraded the rating of Shanghai Northern Enterprise (Group) Co., Ltd. from AA+ to AAA [43]. - The number, scale, and frequency of abnormal transactions of urban investment bonds decreased. Guizhou had the largest abnormal transaction scale, and "20 Boshui 01" had the largest deviation [43][44]. 3. Maturity and Early Redemption - The maturity and put - option scale of urban investment bonds this year exceeded 3 trillion yuan. 129 urban investment enterprises redeemed bond principal and interest in advance, with a scale of 24.963 billion yuan, a decrease of 12.55% month - on - month [46]. 4. Strategy - Allocate high - quality platform targets in strong regions and moderately extend the duration. For medium - and short - term durations, focus on strong urban investment in regions with significant debt - resolution progress. Also, pay attention to new entities formed during industrial transformation and integration, but set an appropriate duration [6][9][49]. 5. Recent Policy and Hot Event Review - The policy emphasizes resolving existing debts and preventing new ones. The issuance of special refinancing bonds for debt replacement has exceeded 60%. The supervision of new hidden debts remains strict, and the support for science and technology innovation bonds has increased [6][50]. - At the local level, many places are accelerating the integration and transformation of state - owned enterprises and standardizing financing management [51].

Group 1: Report Title and General Information - The report is titled "Illustrated Guide to Local Government Bonds - April 2025" [1] Group 2: Core Views - In April, the issuance and net financing scale of local government bonds decreased month - on - month but increased significantly year - on - year. The issuance of new bonds and new special bonds had substantial year - on - year growth. The issuance and use of new special bonds are expected to accelerate to play a role in stabilizing infrastructure, investment, and expanding domestic demand [2] Group 3: Primary Market - In April, local government bond issuance was 69.3291 billion yuan, a year - on - year increase of 101.59%, and net financing was 52.8089 billion yuan, an 8.6 - fold year - on - year increase. From January to April, cumulative issuance was 3.53 trillion yuan, a year - on - year increase of 84.35%, and cumulative net financing was 3.16 trillion yuan, a 2.1 - fold year - on - year increase [3] - In April, the issuance of local government bonds was mainly refinancing special bonds, reaching 32.2487 billion yuan, accounting for 46.52%. 24 provinces issued local government bonds in April, with Hunan having the largest issuance scale of 12.2267 billion yuan [3] - The local government bonds issued in April were mainly 10 - year bonds, and the issuance interest rate decreased month - on - month to 1.92% [4] Group 4: Secondary Market - In April, the trading volume of local government bond spot was 199.8295 billion yuan, a year - on - year increase of 34.02%. The yields of local government bonds of all maturities declined across the board [4] Group 5: Repayment Situation - The maturity scale from June to September is relatively large, with August being the peak within the year. Provinces such as Henan and Hubei have relatively high local government bond maturity scales within the year [4] - According to Zhongchengxin International's estimate, the interest payment scale of local government bonds in April may exceed 10 billion yuan, a year - on - year increase of nearly 8%, and the annual interest payment scale may exceed 1.5 trillion yuan, a year - on - year increase of about 12% [4] Group 6: Bond Issuance Progress - From January to April, the cumulative issuance of new general bonds was 302.345 billion yuan, completing 37.8% of the annual quota. The cumulative issuance of new special bonds was 1.19 trillion yuan, completing 27.1% of the quota, faster than the same period last year but still lower than the average level of the past three years [4] - From January to April, the issuance of special new special bonds exceeded 143.728 billion yuan, with 26.479 billion yuan issued in April. The issuance of special refinancing special bonds for replacing existing implicit debts was 1.598944 trillion yuan, with 261.669 billion yuan issued in April [4]

Group 1: Trade Data Overview - In April 2025, China's total import and export value reached $535.2 billion, a year-on-year increase of 4.6%[3] - Exports amounted to $315.69 billion, growing by 8.1% year-on-year, while imports were $219.51 billion, showing a slight decline of 0.2%[3] - The trade surplus for April was $368.76 billion, marking a significant increase of 33.61% compared to the previous year[3] Group 2: Export Performance - The export growth was significantly supported by tariff exemptions and transshipment trade, with a notable increase in demand for electronic products[5] - Exports to the U.S. saw a dramatic decline of 21%, with the share of U.S. exports in total exports dropping by 2.3 percentage points to 10.5%[5] - Exports to ASEAN, India, and Africa showed strong growth, with India’s exports increasing by 21.7% and Africa's by 25.3%[6] Group 3: Import Trends - April's import value decreased by 0.2%, with a notable decline in agricultural imports by 17.2%, particularly soybeans which fell by 38.4%[11] - Imports from the U.S. dropped by 13.8%, reflecting the impact of tariff measures[11] - High-tech and electromechanical products provided some support to imports, contributing positively to the overall import figures[11] Group 4: Economic Implications - The report emphasizes the need for China to leverage policy opportunities to boost domestic demand while seeking new export growth points[12] - The ongoing trade tensions and tariff policies from the U.S. are significantly influencing China's export dynamics, necessitating a strategic response[12]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Recent intensive implementation of a package of support measures for scientific and technological innovation and supporting arrangements for the "technology board" reflects enhanced policy consistency, improved operability, and expanded scope of benefits, with a clear support orientation. The more detailed mechanism arrangements for each link of science - and - technology innovation bonds (STIBs) are conducive to driving more financial resources into the scientific and technological innovation field, stimulating innovation power and market vitality, and helping to cultivate new productive forces and build a modern industrial system [2] Summary by Directory I. Enrich the product system of STIBs, optimize the issuance process, and accelerate the construction of a multi - tiered bond market - The new round of incremental policies around the issuance end takes multiple measures in aspects such as the scope of issuers, issuance terms, information disclosure, and use of raised funds, promoting the improvement of the adaptability of bond services and the further play of the financing function of the bond market [3] - The "Announcement" focuses on supporting three types of institutions, including financial institutions, technology - based enterprises, and equity investment institutions, to issue STIBs. The trading association further clarifies the specific requirements for technology - based enterprises and equity investment institutions, and the exchanges also newly support eligible financial institutions and equity investment institutions to issue STIBs, expanding the scope of issuers [3][4] - The policies give issuers certain options in terms of issuance methods, financing terms, and bond terms, and optimize the issuance management process and registration and issuance mechanism. Both the inter - bank and exchange markets apply the "green channel" for STIB financing review, simplifying the requirements for application materials and improving the review speed [4] - The information disclosure rules for STIBs are simplified. The "Announcement" allows issuers to agree with investors to exempt relevant disclosure information, and the trading association further clarifies the specific arrangements. Both markets also allow eligible issuers to apply for an extension of the validity period of financial reports [4] - The policies balance flexibility and standardization in the use of raised funds. For technology - based enterprises, the use of funds is flexibly arranged, and at the same time, a supervision account for raised funds is required to ensure the compliance and effectiveness of fund use [4] - The STIBs have achieved rapid development since their launch, with a current stock scale of about 1.85 trillion yuan. Nearly 500 market institutions plan to issue over 300 billion yuan of STIBs. After the implementation of incremental measures, more entities may enter the STIB market, and the market structure is expected to be more diversified [5] II. Improve the investment mechanism in multiple ways, strengthen the coordination between investment and financing, and optimize the ecological environment of the STIB market - Improving the investment mechanism of STIBs helps enhance the trading activity and price discovery function of STIBs, improve the pricing efficiency and investment confidence of the market, and reduce the issuance and financing costs of enterprises [6] - The policies encourage intermediary institutions to participate in market - making of STIBs and establish an evaluation system. The exchanges have introduced optimization measures to support the pledge financing of STIBs, enhancing the liquidity support for STIBs [6][7] - Long - term funds are included in the scope of investment subjects for STIBs, which helps meet the demand of science - and - technology innovation enterprises for long - term capital, promotes the formation of a diversified investor pattern, and enhances the stability and risk - resistance ability of the STIB market [7] - The creation of STIB indices and related index - linked products is encouraged, which provides convenient risk - dispersion and long - term holding tools for institutional investors, promotes the development of passive investment strategies, and improves the issuance attractiveness and fund - raising ability of STIBs [7] III. Improve the diversified risk - dispersion and sharing mechanism, strengthen the role of credit enhancement, and boost market confidence - The "Announcement" emphasizes improving the risk - dispersion and sharing mechanism for STIBs. On one hand, it increases the support of policy - based tools and encourages market - based credit enhancement. Financial institutions and professional credit enhancement institutions are supported to carry out relevant businesses to support the issuance and trading of STIBs [9] - On the other hand, it promotes the role of regional credit enhancement mechanisms. Local governments are guided to set up risk compensation funds or introduce other preferential policies to provide support such as interest subsidies and government - backed financing guarantees for STIBs [9] - The exchanges encourage issuers to innovate credit enhancement methods, such as setting up pledge guarantees for expected returns and intellectual property rights in the bond issuance stage, exploring the use of intangible assets as collateral for bonds [9] IV. Innovate the credit rating system and construct a rating method suitable for technology - based enterprises and science - and - technology innovation businesses - Traditional rating ideas centered on assets and scale are difficult to meet the development needs of science - and - technology innovation enterprises. The "Announcement" proposes that credit rating agencies should design specialized rating methods and symbols according to the characteristics of relevant institutions and businesses, improving the forward - looking and differentiation of ratings [11][12] - Since 2024, rating agencies have served more than 1,500 STIBs and covered more than 460 STIB issuers. Multiple rating agencies have disclosed rating methods and models for science - and - technology innovation enterprises, but there are few practical cases of using specialized rating methods [12] - Under the policy guidance, credit rating agencies can focus on the characteristics of science - and - technology innovation enterprises, construct targeted rating frameworks, optimize the distribution of individual independent credit levels, and use new technologies such as big data and artificial intelligence to provide "rating +" services [12] V. Improve regulatory services, strengthen the whole - process management of STIBs, and reduce fees to strengthen policy support - The "Announcement" deploys the whole - process management and policy support for STIBs from the perspective of regulatory services, aiming to ensure the use of raised funds as intended and promote financial institutions to strengthen continuous support for innovative entities [13] - The bond market self - regulatory organizations are required to improve the supporting rules for STIBs, provide full - process services for issuance and trading, and reduce relevant fees. Specific measures have been introduced, such as the Shanghai Stock Exchange waiving the issuance subscription fees and trading fees for STIBs, and other exchanges and institutions also following suit [13][14] - The trading association has introduced measures to strengthen information disclosure requirements during the duration of bonds and improve post - issuance tracking and monitoring, enhancing the effectiveness of regulatory services and risk - prevention levels for STIBs [14]