专题 | 发挥多层次债券市场功能，服务民营经济高质量发展

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) emphasizes the importance of private enterprises in China's socialist market economy and aims to enhance support for these enterprises through innovative financing channels and products, thereby promoting their growth and development [1]. Group 1: Financing Support for Private Enterprises - As of March 2025, SZSE has supported private enterprises in issuing bonds totaling 3.67 trillion yuan, accounting for 36% of the total bond issuance on the exchange [1]. - The bond issuance includes 2.29 trillion yuan in corporate bonds, 1.37 trillion yuan in asset-backed securities (ABS), and 81 billion yuan in REITs [1]. - The majority of private enterprise bonds have maturities of 3 to 5 years, with ratings primarily at AA+ and AAA, covering various industries such as finance, leasing, and manufacturing [1]. Group 2: Product Innovation and Diversification - SZSE has launched a series of targeted bond products to serve private enterprises, including technology innovation bonds, green bonds, and low-carbon transition bonds, with a total issuance of 1.31 trillion yuan in these areas by March 2025 [2]. - The technology innovation bonds support companies involved in new materials, semiconductors, and digital economy sectors, aligning with national strategic goals [2]. Group 3: Debt Instruments for High-Quality Development - The introduction of relief bonds and convertible bonds has helped private listed companies raise funds, with the issuance of relief bonds reaching 234 billion yuan [3]. - The issuance of hybrid products combining equity and debt has approached 560 billion yuan, enhancing financing options for private enterprises [3]. Group 4: Intellectual Property and Supply Chain Financing - SZSE pioneered a model for intellectual property securitization, issuing 32.3 billion yuan in related products, benefiting around 2,100 tech innovation companies [4]. - The supply chain financing model has mobilized nearly 800 billion yuan, aiding small and medium-sized enterprises in various sectors [4]. Group 5: REITs Market Development - Over five years, SZSE has listed 22 REITs, raising 57.8 billion yuan, covering asset types such as industrial parks and clean energy [5][6]. - The REITs market supports private enterprises in asset listing and investment expansion, fostering a positive investment cycle [5]. Group 6: Enhancing Credit Support Mechanisms - By March 2025, SZSE has issued 640 billion yuan in bonds with credit enhancement measures, promoting a collaborative credit support model [7]. - The introduction of credit protection tools has facilitated 177 contract transactions, leveraging 234 billion yuan in financing for private enterprises [7]. Group 7: Secondary Market Development - SZSE has improved the liquidity of private enterprise bonds by revising market-making guidelines and encouraging market makers to provide quotes [9]. - As of March 2025, 15 securities firms have applied to become bond market makers, enhancing the trading environment for private enterprise bonds [9]. Group 8: Challenges and Future Directions - The financing landscape for private enterprises faces challenges, including weaker qualifications and higher default risks, necessitating a multi-faceted approach to support [10][11]. - SZSE aims to continue developing a multi-tiered bond market and enhancing the financing support mechanisms for private enterprises to foster high-quality economic growth [11].