Huaan Securities(SH:600909) Shang Hai Zheng Quan Bao·2025-04-14 19:07Core Viewpoint - The introduction of the "Technology Board" in the bond market will enhance direct financing channels for technology companies, especially startups and growth-stage enterprises, reshaping the structure of the bond market and the competitive landscape for investment banks [1][3]. Group 1: Market Structure and Product Innovation - The "Technology Board" aims to address the financing gaps of technology enterprises by providing targeted support for financial institutions, technology companies, and private equity investors [1]. - This new segment will differ significantly from the mainstream bond market in terms of product structure, service targets, and funding purposes, necessitating a shift in investment banks' service logic towards a technology-oriented approach [1][2]. - Innovative products such as medium to long-term bonds with embedded rights and mechanisms for pledging intangible assets will be introduced to overcome structural barriers in financing for technology firms [1][2]. Group 2: Valuation and Risk Management - Investment banks need to develop a new pricing logic centered on technological capabilities to effectively address the challenges posed by the low ratings and high volatility of technology companies [2]. - Traditional valuation models based on financial metrics are inadequate for capturing the true value of technology firms; a technology-driven assessment framework should be established [2]. - The integration of big data and AI technologies is encouraged to enhance the evaluation of R&D capabilities, data assets, and the ability to convert technological achievements into value [2]. Group 3: Service Model Transformation - The "Technology Board" signifies a shift in investment banks' service paradigms, moving from traditional channel providers to deep service providers [3]. - Investment banks are encouraged to adopt a collaborative model that integrates investment banking, venture capital, and research to create a comprehensive service chain for technology enterprises [3]. - Strengthening partnerships with local governments, private equity, venture capital, and industry chains is essential to establish a new ecosystem that connects project sourcing, service chains, and funding pools [3].