第一创业证券王芳：科创债与债市国际化将成长期趋势

Group 1 - The core viewpoint presented by Wang Fang emphasizes that the development of science and technology bonds (科创债) and the internationalization of the bond market will be new long-term trends [1][2] - In 2025, the bond market is expected to expand significantly, with a total scale exceeding 196 trillion yuan, an increase of 20 trillion yuan from the beginning of the year [1] - The total issuance of government bonds is projected to reach 16.01 trillion yuan, marking a year-on-year growth of 28.37%, setting a historical record [1] Group 2 - The issuance scale of science and technology bonds is anticipated to reach 1.87 trillion yuan in 2025, with over 1,600 bonds issued, providing new opportunities for the bond market [1] - The bond market is expected to maintain overall liquidity, with proactive fiscal policies likely to increase supply and volatility [2] - The bond market is positioned at a critical juncture for consolidating achievements, deepening reforms, and achieving innovative breakthroughs [2]