Zheng Quan Ri Bao Zhi Sheng·2025-09-21 15:39Core Insights - The issuance of bonds by securities firms has been active this year, with a total issuance scale reaching 1.23 trillion yuan as of September 21 [1] - Technology innovation bonds (referred to as "Sci-Tech Bonds") have played a crucial role in supporting the development of technology innovation enterprises due to their precise funding allocation and flexible financing models [1] - The issuance of Sci-Tech Bonds by securities firms has exceeded 57 billion yuan this year, driven by both policy guidance and market demand [1] Group 1: Issuance and Market Dynamics - As of September 21, 40 securities firms have issued Sci-Tech Bonds totaling 57.17 billion yuan since May 7, with both leading and mid-sized firms participating [1][2] - Leading securities firms dominate the issuance scale, with China Merchants Securities at the forefront, having issued 10 billion yuan, followed by CITIC Securities and Guotai Junan with 9.7 billion yuan and 5.9 billion yuan respectively [2] - The bonds exhibit flexible terms and lower interest rates, with rates ranging from 1.64% to 2.29%, significantly lower than ordinary corporate bonds [2] Group 2: Underwriting and Strategic Focus - In the first half of the year, 68 securities firms acted as lead underwriters for Sci-Tech Bonds, underwriting a total of 380 bonds, which represents a year-on-year increase of 82.69% [3] - The total underwriting amount reached 381.39 billion yuan, marking a 56.48% increase year-on-year [3] - Securities firms are focusing on providing comprehensive financial services throughout the lifecycle of technology enterprises, with firms like CITIC Securities and Zhongyin Securities emphasizing the integration of technology innovation and industrial innovation [3] Group 3: Future Outlook - The market for Sci-Tech Bonds is expected to see increased supply in the second half of the year, presenting further opportunities for investors [4]