Zheng Quan Shi Bao·2025-07-03 01:56Core Viewpoint - The new regulations on technology innovation bonds (科创债) have prompted securities firms to actively engage in underwriting and intermediary roles, facilitating various enterprises in issuing these bonds, thereby enhancing market liquidity and investor participation [1][2][3]. Group 1: Underwriting and Market Engagement - Securities firms, such as CITIC Securities, have successfully issued technology innovation bonds for major enterprises like Sinopec Capital, achieving a subscription multiple of 3.81 times, indicating strong market demand [2]. - The People's Bank of China and the China Securities Regulatory Commission are enhancing the evaluation system for securities firms involved in underwriting technology innovation bonds, emphasizing the importance of underwriting and market-making in their assessment [1][3]. - Orient Securities has also made significant contributions by successfully assisting in the issuance of technology innovation bonds, with a total bid amount nearing 8 billion yuan, thereby supporting the financing needs of technology enterprises [4]. Group 2: Market Liquidity and Pricing Services - Securities firms are providing various market-making services for over 150 technology innovation bonds, which include bilateral quotes and basket quotes, effectively improving market liquidity [5]. - China Galaxy Securities has played a key role as a lead underwriter and market maker for the issuance of technology innovation bonds, leveraging its expertise to enhance market attractiveness and liquidity [5]. - The continuous efforts of firms like招商证券 (Zhaoshang Securities) in issuing technology innovation bonds aim to channel funds into the technology innovation sector, supporting the development of new productive forces [6]. Group 3: Industry Growth and Future Outlook - The total issuance scale of technology innovation bonds has reached 769.857 billion yuan, with firms like Guotai Junan Securities leading the market by assisting numerous enterprises across various sectors [3]. - The focus on technology innovation bonds aligns with national strategies, as firms commit to providing high-quality financial services to support the growth of the technology sector [2][4]. - The collaborative ecosystem involving government, financial institutions, and technology enterprises is expected to expand, enhancing the overall service capabilities in the technology innovation bond market [3].