“科创债”新政了解一下

1. Report Industry Investment Rating - Recommend: It is expected that the industry index will rise more than 5% above the benchmark index in the next 3 - 6 months [50] 2. Core View of the Report - Policy - led construction of the bond market's "tech board" will accelerate, and the issuance scale of science and technology innovation bonds may significantly increase. Relevant investment opportunities can be actively considered [4][31] 3. Summary According to the Directory 3.1 New Policy Interpretation: Expand the Scope of Issuers of Science and Technology Innovation Bonds and Improve Issuance, Information Disclosure, and Credit Enhancement Systems - Policy Introduction: On May 6, 2025, the central bank and the CSRC issued an announcement on supporting the issuance of science and technology innovation bonds. On May 7, the central bank launched ten measures to increase macro - control intensity, including creating a risk - sharing tool for science and technology innovation bonds. The exchange and the dealer association also issued relevant notices to improve supporting rules [2][7] - New Policy Points: - Expand the scope of issuers and the use of raised funds, adding financial institutions and equity investment institutions [8] - Optimize the issuance terms of science and technology innovation bonds to match the capital use needs [11] - Optimize the issuance review arrangements, simplify information disclosure requirements, and improve financing efficiency [11] - Encourage and guide increased investment in science and technology innovation bonds to enhance secondary - market liquidity [14] - Improve the risk - sharing mechanism of science and technology innovation bonds to enhance market recognition [15] 3.2 Policy Review: Market Regulatory Policies are Continuously Improved, Laying the Foundation for Building the "Tech Board" of the Bond Market - From 2022 - 2024, the CSRC successively introduced policies such as the Notice on Supporting Central Enterprises to Issue Science and Technology Innovation Corporate Bonds, which improved the system construction of the science and technology innovation bond market from aspects such as issuance, trading, and supervision [4][18] 3.3 Market Dynamics: The Outstanding Balance of Science and Technology Innovation Bonds is Nearly Two Trillion, Dominated by Central and State - owned Enterprises with Medium - to - High Ratings - Overall Situation: As of May 9, 2025, 2,795 science and technology innovation bonds have been issued, with a total issuance scale of about 2.73 trillion yuan, and 1,982 bonds are still outstanding, with a balance of 1.98 trillion yuan [4][20] - Enterprise Nature: Central and state - owned enterprise bonds account for over 90% [20] - Remaining Maturity: Bonds with a remaining maturity of less than 3 years account for over 60% [20][21] - Industry Distribution: Traditional industries such as building decoration, urban investment, and public utilities have a scale of over 100 billion yuan, while the scale of industries such as computer and communication is relatively small [23] - Regional Distribution: Concentrated in Beijing, Guangdong, Shandong, Shanghai, Shaanxi, Hubei, Zhejiang, etc., with a scale of over 100 billion yuan in each region [26] - Rating: Issuers are mainly of medium - to - high grades, with overall good quality [28]