Zhong Guo Ji Jin Bao·2025-06-22 15:01Core Viewpoint - The issuance of Sci-tech bonds by securities firms has seen explosive growth this year, driven by policy support and the need for strategic business breakthroughs in the face of traditional investment banking competition [1][2]. Group 1: Market Dynamics - Since May 7, 30 securities firms have completed or received approval for the issuance of Sci-tech bonds, with a total scale exceeding 100 billion yuan [1]. - Major securities firms like CITIC Securities, Guotai Junan, and Huatai Securities have received approval for issuance scales exceeding 10 billion yuan each [2]. - The subscription rates for these bonds have been notably high, with Oriental Securities' first Sci-tech bond seeing a subscription multiple of 8.17 times and Galaxy Securities at 7.02 times [2]. Group 2: Funding Utilization - Securities firms are utilizing the funds from Sci-tech bonds to directly invest in specific Sci-tech enterprises, addressing their funding needs during critical R&D phases [3]. - The flexible use of funds allows for various forms of investment, including equity, bonds, and funds, providing comprehensive financial support throughout different stages of enterprise growth [4]. Group 3: Competitive Advantages - Securities firms possess a full-license business system that enables them to offer a "full-chain" service ecosystem, significantly reducing the comprehensive financing costs and time for Sci-tech enterprises [4]. - Successful investment banks in this sector typically have a strong professional reputation, innovative capabilities, extensive client resources, and efficient collaboration abilities [5]. Group 4: Investor Participation - The main investors in Sci-tech bonds include banks, funds, and wealth management subsidiaries, with banks being the primary force due to their large business scale and low funding costs [6]. - The introduction of Sci-tech bond ETFs has provided individual investors with opportunities to participate in this market, enhancing transparency and efficiency [6].