CICC(SH:601995) Zheng Quan Shi Bao Wang·2025-10-20 23:07Core Viewpoint - Recently, China International Capital Corporation (CICC) announced the approval of its application to publicly issue technology innovation corporate bonds with a total face value of no more than 10 billion yuan [1] Group 1: Company Actions - CICC's bond issuance is part of a broader trend where securities firms are becoming active players in issuing technology innovation bonds since the new policy was introduced in May [1] - On the same day, Financial Street Securities successfully issued the first technology innovation subordinated bond with a term of 3 years and a coupon rate of 2.39% [1] Group 2: Market Trends - As of October 20, 43 securities firms have issued technology innovation bonds, with a total scale of nearly 60 billion yuan [1] - Additionally, 6 listed securities firms have announced the approval to issue technology innovation bonds, with a total quota of 114.8 billion yuan [1] - The issuance of technology innovation bonds is characterized by large-scale offerings from leading securities firms, a predominance of short to medium-term products, and relatively low coupon rates [1] Group 3: Expert Analysis - According to Tian Lihui, Director of the Financial Development Research Institute at Nankai University, the observed phenomena reflect a precise resonance between policy dividends and market rules [1] - There is an expectation that the maturity of technology innovation bonds may extend to 5-10 years in the future to better align with the research and development cycles of hard technology [1]