● 本报记者 连润 今年5月，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。公告发布 后，科技创新债市场快速扩容，发行只数、发行规模较去年同期激增，政策落地效果显著。 民企发债规模有所增加 在推进债券市场"科技板"建设过程中，科技创新债从发行主体结构、发行期限、发行利率等方面，呈现 出新的特点。 从发行主体结构看，科技创新债的发行主体虽仍以国有企业为主，但民营企业发行科技创新债的数量与 规模正在逐渐增多。数据显示，在684只科技创新债中，中央企业发行197只、地方国企发行360只、民 营企业发行94只、外资企业发行1只，其他的科技创新债均为公众企业、集体企业等发行。其中，民营 企业科技创新债发行规模为842.40亿元；（下转A02版） （上接A01版）在去年同期，民营企业发行41只科创债（包含科创票据），规模为306.88亿元。 公告发布以来，科技创新债发行量同比激增，政策效应在数据上得以体现。Wind数据显示，截至8月11 日，全市场自5月7日公告发布以来已累计成功发行科技创新债684只，发行规模高达8806亿元。去年同 期，新发科创债（包含科创票据）数量为326只、发行规模为32 ...

Group 1 - The company Tongda Group (00698) announced that on June 6, 2025, and August 11, 2025, its indirect non-wholly owned subsidiaries, Tongda Chuangzhi (Xiamen) and Tongda Chuangzhi (Shishi), will utilize idle funds to subscribe to several financial products [1] - The subscription amounts for the financial products include RMB 18 million for the first Industrial Bank financial product, RMB 20 million for the second Industrial Bank financial product, and RMB 36 million for the third Industrial Bank financial product [1]

通达集团(00698)发布公告，于2025年6月6日及2025年8月11日，公司间接非全资附属公司通达创智 （001368）(厦门)及通达创智(石狮)利用其闲置资金认购若干理财产品，包括认购(i)第一项兴业银行理 财产品、第二项兴业银行理财产品及第三项兴业银行理财产品，认购金额分别为人民币1800万元、人民 币2000万元及人民币3600万元。 ...

截至8月8日，A500ETF嘉实近6月净值上涨6.95%。从收益能力看，截至2025年8月8日，A500ETF嘉实自成立以来，最高单月回报为4.48%，最长连涨月数为 3个月，最长连涨涨幅为10.04%。截至2025年8月8日，A500ETF嘉实近3个月超越基准年化收益为7.62%。 数据显示，截至2025年7月31日，中证A500指数前十大权重股分别为贵州茅台、宁德时代、中国平安、招商银行、兴业银行、美的集团、长江电力、紫金矿 业、东方财富、比亚迪，前十大权重股合计占比19.83%。 兴业策略表示，年初，当部分投资者将国内权益基金的发展与美国被动化趋势作对比、对国内主动投资的未来感到担忧时，我们在中国主动投资的光明未来 中坚定地提出"与美国被动化趋势的对比不可刻舟求剑，对中国主动投资的未来应当更有信心"。当前，主动公募指数已较"924"新高上涨近10%，跑赢沪深 300的主动偏股基金占比升至历史高位，时隔三年再现"翻倍基金"，中国主动投资的优势正在回归。 截至2025年8月11日 10:32，中证A500指数上涨0.43%，成分股江特电机、大族激光、天齐锂业、视源股份纷纷10cm涨停，新宙邦上涨8.75%。 ...

Core Insights - The new policy for technology innovation bonds has led to a significant issuance of 883.16 billion yuan in just three months, with financial institutions accounting for nearly 36% of this total [1][2] - The issuance of technology innovation bonds has expanded to include more small and private enterprises, alongside the traditional dominance of central and state-owned enterprises [1][2] - The average coupon rate for newly issued technology innovation bonds is 1.9282%, with some bonds having rates as low as 0.01% [1][3] Issuance Details - From May 7 to August 10, a total of 700 technology innovation bonds were issued, amounting to 883.16 billion yuan, compared to 197 bonds totaling 208.11 billion yuan in the same period last year, indicating a significant policy impact [1][2] - Financial institutions have issued 314.27 billion yuan of the total, with banks leading at 230.3 billion yuan across 32 banks, including major players like Agricultural Bank of China and Industrial and Commercial Bank of China [2] - Securities companies have collectively issued 54.1 billion yuan, with the largest issuers being China Merchants Securities and CITIC Securities [2] Characteristics of New Bonds - The newly issued technology innovation bonds predominantly have longer maturities, with 76.23% of the total issuance being bonds with maturities of three years or more [3] - The majority of the bonds were issued by central and local state-owned enterprises, with 203 bonds from central SOEs and 369 from local SOEs, while private enterprises issued 94 bonds [3]

Core Viewpoint - The new policy for technology innovation bonds (科创债) has led to a significant increase in issuance, with a total of 883.16 billion yuan in new bonds over the past three months, indicating a strong market response to regulatory support [1][2]. Group 1: Issuance Scale and Participants - The total issuance scale of technology innovation bonds reached 883.16 billion yuan, with financial institutions accounting for nearly 36% of this amount [1][2]. - Among the financial institutions, banks led the issuance with 230.3 billion yuan, followed by 38 securities companies that collectively issued 54.1 billion yuan [2]. - The participation of small and medium-sized institutions and private enterprises has increased, with various smaller banks and private equity firms also issuing technology innovation bonds [2]. Group 2: Characteristics of New Bonds - The average coupon rate for newly issued technology innovation bonds was 1.9282%, which is notably low compared to other credit bonds of similar ratings [3]. - A significant portion of the new bonds has a maturity of over three years, with 76.23% of the total issuance (673.22 billion yuan) falling into this category [3]. - The majority of the issuers are central and local state-owned enterprises, with 203 bonds issued by central state-owned enterprises and 369 by local state-owned enterprises [3].

Investment Rating - The report maintains a positive outlook on the banking sector, indicating that insurance funds are expected to continue allocating to high-dividend, high ROE bank stocks, establishing a solid and sustainable funding base for a long-term bullish trend in the banking sector [3][4]. Core Insights - The report emphasizes the necessity for insurance companies to invest in high-dividend assets due to the low interest rate environment and asset scarcity, making bank stocks an attractive option [4]. - It highlights that the banking sector has shown stable performance with an average ROE of approximately 12% from Q1 2015 to Q1 2025, which is significantly higher than the average of non-financial listed companies [4][8]. - The report suggests that insurance funds are currently under-allocated in bank stocks, with a potential increase in allocation that could lead to an influx of over 330 billion yuan into the banking sector [4][16]. Summary by Sections Why Invest - The low interest rate environment and asset scarcity compel insurance companies to seek stable, high-dividend investments, with bank stocks meeting these criteria [4][6]. Current Allocation - As of Q1 2025, insurance funds have over 7 trillion yuan allocated to equities, with approximately 570 billion yuan in bank stocks, indicating a low allocation compared to other indices [4][10]. Future Potential - The report estimates that insurance funds could potentially allocate an additional 330 billion yuan to bank stocks, based on the upper limits of equity allocation [16]. Investment Recommendations - The report recommends focusing on high-quality city commercial banks and undervalued joint-stock banks, suggesting specific banks such as Chongqing Bank and Industrial Bank for investment [4][17].

Core Viewpoint - The introduction of VAT on interest income from newly issued government bonds, local government bonds, and financial bonds starting August 8 has led to a rise in the value of existing bonds compared to new ones, causing a shift in investment focus towards high-dividend stocks in the A-share market, particularly bank stocks [1][2][3]. Group 1: Bond Market Impact - New tax policy on interest income from bonds has resulted in a decline in the investment attractiveness of government bonds, leading to a short-term increase in bond market values [1]. - The long-term downtrend in interest rates has made traditional bond investments less appealing, prompting investors to seek alternative high-yield assets [2]. Group 2: A-share Market Dynamics - A-share market saw a significant rise, with the index increasing by 200 points in July, driven by insurance funds favoring high-dividend assets [1][2]. - Insurance funds have increasingly turned to bank stocks, with at least eight instances of shareholding increases in banks from January to May 2025, particularly by the Ping An group [2][3]. Group 3: Bank Stock Performance - Bank stocks have shown substantial growth, with Agricultural Bank surpassing Industrial and Commercial Bank in market capitalization as of August 6, 2025 [3]. - Year-to-date performance of major banks indicates significant gains, with Shanghai Pudong Development Bank up over 38% and Agricultural Bank close to 30%, outperforming the broader market indices [3][4]. Group 4: Future Considerations - The recent surge in bank stock prices may lead to a reevaluation of their investment value, potentially triggering a renewed interest in government bonds if bank stock prices exceed their investment attractiveness [5].

Core Viewpoint - The establishment of bank fintech subsidiaries has not led to the expected growth and profitability, with many returning to their parent banks due to operational challenges and market competition [9][15][37]. Group 1: Industry Overview - The fintech subsidiary of SPDB, PuYin JinKe, opened in Shanghai on August 5, 2024, but this does not indicate a revival of bank tech subsidiaries, as the industry has seen a decline in new establishments since 2022 [4][6]. - Over the past decade, more than 20 banks have established fintech subsidiaries, driven by the need for improved cybersecurity and competition from internet financial companies [7][8]. - Despite initial hopes, these subsidiaries have struggled to generate independent revenue and often rely on their parent banks for survival [9][15]. Group 2: Financial Performance - Financial reports indicate that many fintech subsidiaries have failed to achieve profitability. For instance, ZhongYin JinKe reported a net profit of only 0.11 million yuan in the first half of 2024, while Financial One Account has accumulated losses of 7.33 billion yuan from 2017 to 2023 [18][19]. - The business model of these subsidiaries often leads to losses, as seen with XingYe ShuJin, which reported a net loss of 1.67 million yuan in the first half of 2019 [19]. Group 3: Market Dynamics - The fintech market has become increasingly competitive, with major players like Alibaba and Tencent dominating the financial cloud market, leaving bank subsidiaries struggling to gain market share [29]. - Regulatory changes have also impacted the ability of these subsidiaries to operate independently, as new guidelines restrict the outsourcing of core IT functions [26][27]. Group 4: Future Outlook - The trend of fintech subsidiaries returning to their parent banks is expected to continue, as their primary revenue source remains servicing the parent bank, which diminishes their independent operational significance [37][39]. - The lack of competitive advantage and the challenges in providing innovative solutions further complicate the sustainability of these subsidiaries [39][40].

Core Viewpoint - The article highlights the importance of financial services tailored for "specialized, refined, unique, and innovative" enterprises in China's economic transformation, exemplified by the successful financing of Xiamen Oulitong Electronic Technology Development Co., Ltd. through the "Xing Su Dai" product by Industrial Bank's Xiamen branch [1][3]. Group 1: Financial Innovation - The "Xing Su Dai" product provides efficient financing services specifically designed for high-growth, asset-light technology companies, addressing their unique financing needs [2][3]. - The Xiamen branch of Industrial Bank has embraced digital transformation, utilizing advanced digital technologies to create comprehensive enterprise customer profiles, enabling precise identification of promising tech enterprises [2]. Group 2: Policy Implementation and Collaboration - The successful implementation of the "Xing Su Dai" product is a direct result of the bank's commitment to national policies supporting small and micro enterprises, showcasing effective collaboration between financial institutions and businesses [3]. - The bank has actively engaged in initiatives like the "Thousand Enterprises, Ten Thousand Households" outreach program to understand the actual financing needs of enterprises, thereby providing tailored financial solutions [3]. Group 3: Future Outlook - The emergence of more online financing products like "Xing Su Dai" signifies a closer integration of traditional finance with technological innovation, contributing to high-quality economic development in China [4]. - The Xiamen branch plans to continue offering comprehensive financial services to technology enterprises, supporting their growth and contributing to the broader innovation landscape in Xiamen and nationwide [4].