今日视点：债市“科技板”要加力看未来看技术

Group 1 - The core viewpoint of the article emphasizes the importance of high-quality construction and development of the bond market's "Technology Board" to support innovation-driven enterprises, particularly startups facing financing challenges [1][2] - Since its launch in May 2025, the "Technology Board" has seen significant market response, with 1,690 entities issuing over 1.9 trillion yuan in technology innovation bonds by January 7, 2026, indicating a growing participation from private enterprises alongside state-owned enterprises [1][2] - The article highlights the need for further exploration and improvement in areas such as the coverage of issuing entities, normalization of bond issuance mechanisms, secondary market liquidity, and synergy with other financial instruments [1][2] Group 2 - To enhance the quality of the "Technology Board," the article suggests three key areas of focus: improving specialized and market-oriented technology risk assessment and pricing capabilities, which are essential due to the rapid technological iterations in innovation enterprises [1][2] - Strengthening risk-sharing and credit enhancement mechanisms is crucial, with the central bank proposing tools to mitigate investor default risks through low-cost relending and guarantees, aiming to create a multi-layered risk dispersion structure [2] - The article calls for the deepening of supporting mechanisms and ecosystem development, including simplifying information disclosure requirements and promoting innovative products like convertible bonds and ETFs to enhance secondary market liquidity [2][3] Group 3 - The high-quality development of the "Technology Board" requires a shift in focus from historical asset evaluation to future technology potential, aligning financial services with the needs of the real economy [3] - As relevant systems mature, the bond market is expected to integrate more deeply into the technology innovation ecosystem, fostering the emergence of internationally competitive innovation enterprises [3]