1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report analyzes Shandong provincial state - owned capital investment and operation companies from four dimensions: establishment background and process, positioning and consolidated business directions, assets and profitability, and outstanding bonds and bond valuations [2]. - Shandong provincial state - owned capital investment and operation companies' construction process can be divided into three stages: transferring state - owned capital to the provincial social security fund (2014 - 2017), introducing Shandong Guohui and transferring 20% of social security funds to it (2018 - 2020), and restructuring the social security fund council into Caixin Company and reorganizing the provincial investment and operation platforms (2020 - present) [2][8][9]. - These companies can be classified into five types according to their functions and business directions: state - owned capital operation companies, diversified industrial investment companies, focused industrial investment companies, financial investment companies, and policy - oriented investment companies [3][15]. - The asset scale of 12 provincial state - owned capital investment and operation companies in Shandong is significantly differentiated, and the asset structure varies greatly due to different functional positioning and business segments. Their profitability is good but has been under pressure in recent years [4][31][43]. - The outstanding bonds are mainly public bonds, and the scale is also significantly differentiated. Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields [5][52]. 3. Summary According to the Directory 3.1 Emergence: Establishment of Shandong Provincial Investment and Operation Companies - In 2013, the Third Plenary Session of the 18th Central Committee proposed to reform the state - owned capital authorization and operation system. Shandong Province launched a new round of state - owned enterprise reform [6]. - In 2014, Shandong issued the "26 Articles on Shandong State - owned Enterprise Reform", and in 2015, it passed the "1 + 5" documents, which jointly formed the top - level design for the construction of Shandong's state - owned investment and operation platforms [7]. - The construction process of Shandong provincial state - owned capital investment and operation companies has three stages: transferring state - owned capital to the social security fund, introducing Shandong Guohui, and restructuring and integrating platforms [2][8][9]. 3.2 Anchoring Direction: Company Positioning and Consolidated Business Directions - Companies are divided into five types: state - owned capital operation companies (e.g., Shandong Guotou), diversified industrial investment companies (e.g., Hualu Group, Lushang Group, Shandong Guohui), focused industrial investment companies (e.g., Shandong Energy, Shandong Gold, Shandong High - speed, Shandong Steel Group), financial investment companies (e.g., Luxin Group), and policy - oriented investment companies (e.g., Shandong Land, Shandong Development, Shandong Finance) [3][15]. - Each type of company has its own core business and development strategy. For example, Shandong Guotou focuses on IT business, Hualu Group on high - end chemical industry, and Luxin Group on financial services [19][20][23]. 3.3 Financial Perspective: Company Assets and Profitability 3.3.1 Asset Dimension - Asset scale is significantly differentiated, divided into four echelons. Shandong High - speed and Shandong Energy have over - trillion - yuan asset scales, while Shandong Development has the smallest scale [31]. - Asset composition varies. There are four types based on the consolidated statements: assets mainly formed by industrial subsidiaries' businesses, financial assets and long - term equity investments in financial subsidiaries, assets mainly formed by equity investments, and assets mainly formed by government - function infrastructure and its investment and financing services [32][34][35]. 3.3.2 Profitability Dimension - The overall profitability of 12 companies is good but has been under pressure in recent years. Since 2022, the overall revenue growth has slowed down, and the net profit has declined [43]. - In terms of revenue structure, 7 companies have more retained operating profits, 4 companies' profits mainly come from investment income, and Shandong Steel's investment income is an important source of profit due to industry downturn [44]. 3.4 Bond Market: Outstanding Bonds and Bond Valuation Overview - Outstanding bonds are mainly public bonds, and the scale is significantly differentiated. Shandong High - speed has the highest outstanding bond scale, while Shandong Development and Hualu Group have the smallest [52]. - Shandong Development, Shandong Guotou, Shandong Land, Shandong Steel Group, and Shandong High - speed have relatively low weighted ChinaBond valuation yields, less than 2% [52].

鲁信创业投资集团股份有限公司 2024 年年度股东大会 会议资料 二〇二五年五月二十八日 会议议程 会议时间：2025 年 5 月 28 日（星期三）下午 14:30 会议地点：山东省济南市奥体西路2788号A塔2720会议室 一、由主持人宣布股东大会开始及到会代表资格审查结果； 二、由主持人作"关于推选投票清点人的提议" ； 三、会议审议的议案： 议案 1：《公司 2024 年度董事会工作报告》； 议案 2：《公司 2024 年度监事会工作报告》； 议案 3：《公司 2024 年年度报告及其摘要》； 议案 4：《公司 2024 年度财务决算报告》； 议案 5：《公司 2024 年度利润分配预案》； 议案 6：《关于使用暂时闲置资金进行委托理财的议案》； 议案 7：《关于使用自有资金开展证券类投资的议案》； 议案 8：《关于确认公司董事 2024 年度薪酬及 2025 年度薪 酬方案的议案》； 议案 9：《关于续聘会计师事务所的议案》； 议案 10：《关于为上海隆奕投资管理有限公司提供股东借款 暨关联交易的议案》； 议案 11：《关于修订<公司章程>的议案》; 议案 12：《关于修订<公司股东会议事规则>的议 ...

| 证券代码：600783 | 股票简称：鲁信创投 | | | 编号：临 2025-14 | | --- | --- | --- | --- | --- | | 债券代码：155271 | 债券简称：19 | 鲁创 | 01 | | | 债券代码：163115 | 债券简称：20 | 鲁创 | 01 | | | 债券代码：137784 | 债券简称：22 | 鲁创 | K1 | | | 债券代码：240884 | 债券简称：24 | 鲁创 | K1 | | 鲁信创业投资集团股份有限公司 关于参加 2025 年山东辖区上市公司投资者 1 鲁信创业投资集团股份有限公司董事会 2025 年 5 月 13 日 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 为进一步加强与投资者的互动交流，鲁信创业投资集团股份有限公司（以下 简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网络有限 公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"，现将 相关事项公告如下： 本次活动将采用网络 ...

作为鲁信集团旗下专业从事创业投资业务的核心板块，鲁信创投持续聚焦国家战略性新兴产业，坚持投 早、投小、投长期、投硬科技，重点关注颠覆性创新、"卡脖子"技术攻关、国产化替代项目，加快构建 科技、产业、金融良性循环体系，着力打造科技金融生态圈。"截至目前，鲁信创投及旗下基金90%以 上的资金投资在'硬科技'领域，过半项目为初创期和成长期企业，'专精特新'企业近120家。下一步，公 司将紧密围绕创新链和产业链布局资金链，'长周期'扶持创新型科技企业做强做大，'全流程'赋能实体 产业高端高质高效发展，为我国加快推进新型工业化、发展新质生产力、构建新发展格局、建设现代化 经济体系贡献力量。"王旭冬表示。(齐和宁) 基于此，债市"科创板"从丰富科技创新债券产品体系、完善科技创新债券配套支持机制等方面进行了诸 多创新布局，其中包括支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科技创新债 券，发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求， 为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新信用评级体系，完善风险分散 分担机制等。 "债市'科技板'的推出，是贯 ...

Group 1 - The sugar substitute concept declined by 0.82%, ranking among the top declines in the concept sector, with companies like Baolingbao, Bailong Chuangyuan, and Chenguang Biotech experiencing significant drops [1][2] - Among the sugar substitute stocks, 8 saw price increases, with Zhonghua International, Luxin Investment, and Xinghu Technology rising by 1.37%, 1.34%, and 1.09% respectively [1][2] - The sugar substitute sector experienced a net outflow of 118 million yuan, with 17 stocks seeing net outflows, and 5 stocks with outflows exceeding 10 million yuan, led by Jinhai Biological with a net outflow of 44.98 million yuan [2][3] Group 2 - The top net inflow stocks in the sugar substitute sector included Jinhai Industrial, Rhine Biological, and Shengquan Group, with net inflows of 16.36 million yuan, 12.29 million yuan, and 5.05 million yuan respectively [2][3] - The outflow leaderboard for the sugar substitute sector featured Jinhai Biological, Yasheng Group, and Baolingbao, with respective outflows of 44.98 million yuan, 25.20 million yuan, and 22.92 million yuan [2][3] - The trading activity in the sugar substitute sector showed varied turnover rates, with Baolingbao at 14.36% and Jinhai Biological at 6.48% [2][3]

Core Viewpoint - The launch of the Technology Innovation Bonds in China's interbank market has received a positive response, with significant participation from various technology companies and investment institutions, indicating a strong demand for innovative financing solutions in the tech sector [1][3]. Group 1: Market Response and Participation - The Technology Innovation Bonds were officially launched on May 9, with 36 companies announcing a total issuance of 21 billion yuan, and 14 companies registering for an additional 18 billion yuan [1][3]. - The event featured a centralized roadshow with participation from multiple technology firms and investment institutions, highlighting the collaborative effort to promote these bonds [1][3]. - The initial response from institutional investors has been enthusiastic, suggesting a robust market appetite for these bonds [1]. Group 2: Issuer Details - Among the first 50 issuers, 26 technology companies are expected to issue bonds totaling 23.5 billion yuan, while 24 investment institutions plan to issue bonds worth 15.5 billion yuan [3][4]. - Notable issuers include both private enterprises like Luxshare Precision and public companies such as BOE Technology Group, covering a wide range of sectors including artificial intelligence and biomedicine [4][5]. - The geographical distribution of issuers spans 13 provinces, indicating a nationwide interest in the bonds [4]. Group 3: Fund Utilization - The funds raised through these bonds are primarily aimed at enhancing liquidity, supporting R&D, and facilitating comprehensive operational development for the issuing companies [3][7]. - Investment institutions are expected to use the funds for equity investments in technology sectors, ensuring that at least 50% of the raised capital is directed towards technology-focused enterprises [7][8]. - The flexibility in fund usage is a key feature of the Technology Innovation Bonds, allowing issuers to address specific financial needs [6][7]. Group 4: Risk Mitigation and Support Mechanisms - The issuance of Technology Innovation Bonds is supported by various risk-sharing mechanisms, including credit enhancement tools provided by financial institutions [10][12]. - The central bank has introduced a risk-sharing tool to support long-term financing for equity investment institutions, enhancing the credibility and market acceptance of these bonds [13][14]. - The involvement of diverse underwriting teams and the introduction of innovative credit risk mitigation measures are expected to improve the attractiveness of these bonds to investors [10][12].

5月9日下午2:30分，北京金融资产交易所人头攒动，科技创新债券上线暨集中路演活动(以下简称"活动")正在此举行，新希望、西科控股等8家发行人面向 现场几十家投资机构开展了一场集中路演。随着"科创未来金融护航"的蓝色横幅缓缓拉开，至此，银行间债券市场"科技板"正式上线。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。近日，中国人民银行、中国证监会联合发布关于支 持发行科技创新债券有关事宜的公告(中国人民银行中国证监会公告〔2025〕8号)。 银行间债券市场随即响应。5月7日，中国银行间市场交易商协会(以下简称"交易商协会")发布《关于推出科技创新债券构建债市"科技板"的通知》(以下简 称《通知》)，推出科技创新债券，市场反响热烈，多家机构积极参与注册发行。 以科技创新债券为桥梁 推动更多金融活水涌向创新高地 当前我国债券市场规模已经超过了180万亿元，稳居全球第二大债券市场。"科技创新债券的推出不仅是市场的一次重要创新，也是加快我国多层次债券市 场建设的一次关键机遇。"在活动上，中国人民银行金融市场司副司长曹媛媛关于各市场主体参与科技创新债券提出了四点倡议。 她表示 ...

中国母基金行业资讯（ 4 . 2 6 - 5 . 0 9） 【资讯解读】 2 2、贵州： 贵阳市生态城市发展基金招 GP 2 3、 天津 ： 武清区出台科创母基金管理办法 2 4、江苏： 江苏省海洋经济股权投资基金登记成立 01 全国： 这24家GP正在发行科创债 5月7日，在国新办新闻发布会上，中国人民银行、国家金融监管总局、证监会推出推出一揽子 金融政策。随后，中国人民银行、证监会联合公告，支持发行科技创新债券，金融机构、科技 型企业、私募股权投资机构和创业投资机构等三类机构可发行科技创新债券。 本周资讯涉及的母基金管理规模达 1 4 5 7 亿元，主要分布在 上海、广东、浙江、江苏、天津、 云南、黑龙江、新疆、河南、贵州 等地区，投资 高端装备制造、生物医药、未来产业、新材 料等 。以下是内容提要和具体资讯。 【内容提要】 1、全国：这2 4家GP正在发行科创债 2、上海： 上海科创三期母基金 正式设立 3、全国： 国家中小基金第七批首支子基金落地 4、广东： 广州天使母基金 拟投 1 2家GP 5、浙江： 将设百亿元未来产业基金和百亿元并购母基金 6、浙江：千亿 杭州科创基金 招 GP 7、天津： 拟 ...

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have jointly announced support for the issuance of technology innovation bonds by financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1] Group 1: Issuance Response - Following the policy announcement, 36 companies have announced the issuance of technology innovation bonds with a total issuance scale of 21 billion yuan [3] - 14 companies have initiated registration with a total registered scale of 18 billion yuan [3] - 24 private equity investment institutions are expected to issue technology innovation bonds with an overall scale of nearly 10 billion yuan [3] Group 2: Financial Institutions' Plans - The China Development Bank plans to issue no more than 20 billion yuan in technology innovation bonds, divided into three varieties: 6 billion yuan for a 2-year term, 10 billion yuan for a 3-year term, and 4 billion yuan for a 182-day term [3] - Industrial and Commercial Bank of China plans to issue a base amount of 10 billion yuan, with an oversubscription of no more than 10 billion yuan [3] - Industrial Bank intends to issue 10 billion yuan [3] Group 3: Use of Proceeds - The funds raised from the issuance of technology innovation bonds by banks and other institutions will be used to support the development of technology innovation businesses [3] - The China Development Bank has stated that the raised funds will primarily be allocated to national technology innovation demonstration enterprises and manufacturing industry champions [3] Group 4: Private Equity Institutions - 14 private equity investment institutions, including Yuanhe Holdings and Luxin Venture Capital, have announced an expected issuance scale of 6 billion yuan [4] - 10 private equity investment institutions, such as Junlian Capital and Qiming Venture Partners, have entered the registration process [4]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced support for the issuance of technology innovation bonds, expanding the range of issuers to include financial institutions, technology companies, private equity investment institutions, and venture capital institutions [1][2] Group 1: Issuance Plans - Major financial institutions such as the China Development Bank plan to issue up to 200 billion yuan in technology innovation bonds, while Industrial and Commercial Bank of China aims for a base issuance of 100 billion yuan, with a potential excess of 100 billion yuan [2] - Securities firms have also announced plans, with a total proposed issuance of up to 177 billion yuan, including firms like CITIC Securities and Huatai Securities [2] - A total of 36 companies have announced plans to issue technology innovation bonds, with a combined issuance scale of 21 billion yuan as of May 8 [1] Group 2: Funding Utilization - The funds raised from technology innovation bonds will primarily support the development of technology innovation businesses, including investments in national technology innovation demonstration enterprises and manufacturing champions [4] - Some securities firms plan to allocate a portion of the raised funds for market-making and underwriting services related to technology innovation [4] Group 3: Market Impact - The inclusion of financial institutions as issuers of technology innovation bonds is expected to expand the market and enhance the synergy between debt, equity, and loan funding for technology innovation [3][6] - The issuance of technology innovation bonds is projected to exceed 1.2 trillion yuan in 2024, reflecting a year-on-year growth of 59% [5] - The average issuance rate for 5-year AAA-rated technology innovation bonds is expected to remain lower than that of ordinary corporate bonds, indicating a favorable financing environment for technology companies [5]