债券“科技板”他山之石：从海外经验看我国科创债市场建设（市场现状篇）

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The Chinese science - innovation bond market is in the early stage of development, with characteristics such as small market size, short issuance terms, high ratings, and issuers concentrated in traditional industries. In contrast, the US represents a mature science - innovation bond market [1][5]. - The overall static yield of European and American science - innovation bonds is significantly higher than that of China by about 300BP. The relative return space of European and American science - innovation bonds is more attractive, and the potential capital gains from narrowing spreads are more substantial [4]. - In the future, the Chinese science - innovation bond market may experience rapid growth in market size and move towards the structure of mature overseas markets, such as longer issuance terms, more diversified issuer credit qualifications, and an increase in high - tech and high - tech industry issuers [5]. 3. Summary by Relevant Catalogues 3.1 US Science - Innovation Bond Market Status - Market Size: As of May 4, 2025, the outstanding balance of US science - innovation bonds was $257.3116 billion, with 4,462 bonds [11]. - Bond Maturity: Medium - and long - term bonds dominated, with bonds over 3 years accounting for 75.97% and a weighted average remaining maturity of about 9.97 years [1][13]. - Coupon Rate: The average coupon rate was about 4.48%, mainly in the high - rate range, due to high risks of science - innovation enterprises and long bond terms [1][15]. - Credit Rating: The rating distribution was wide, mainly medium - to high - rated, with investment - grade bonds accounting for about 76.90%. The market had a certain tolerance for low - rated bonds [1][16]. - Issuer Industry: Issuers were mainly from high - tech industries, and the market supported the financing of high - tech industries [1][18]. - Comparison with China: The US market was about 10 times larger than China's. US bonds had longer terms, higher financing costs, more medium - quality bonds, and higher "science and technology content" [1][22]. 3.2 Japanese Science - Innovation Bond Market Status - Market Size: As of May 4, 2025, the outstanding balance of Japanese science - innovation bonds was $138.341 billion, with 686 bonds [23]. - Bond Maturity: Medium - and short - term bonds were the main types, with bonds within 5 years accounting for 58.14% and a weighted average remaining maturity of about 4.67 years [24]. - Coupon Rate: The average coupon rate was about 0.86%, mainly in the low - rate range, due to the low - interest - rate environment in Japan [25]. - Credit Rating: Ratings were mainly medium - to high - rated, with no low - rated bonds, indicating high credit requirements for issuers [29]. - Issuer Industry: Issuers showed a combination of traditional manufacturing and high - tech industries, with more bonds issued in industries with strong technological and industrial bases [30]. - Comparison with China: The Japanese market was about 2/3 the size of China's. Japanese bonds had slightly longer terms, lower financing costs, more medium - quality bonds, and a better balance between traditional and emerging industries in terms of "science and technology content" [32]. 3.3 European Science - Innovation Bond Market Status - Market Size: As of May 4, 2025, the outstanding balance of European science - innovation bonds was $105.9911 billion, with 2,192 bonds [35]. - Bond Maturity: Maturity distribution was relatively balanced, with a weighted average remaining maturity of about 5.45 years. Medium - and short - term bonds were slightly more common [36]. - Coupon Rate: The average coupon rate was about 4.08%, with a wide distribution range, mainly in the medium - to high - rate range [37]. - Credit Rating: Ratings were widely distributed, mainly medium - rated, with medium - quality bonds being relatively common [41]. - Issuer Industry: Issuers were mainly from European advantageous industries, and bond - issuing purposes included both technological innovation and upgrading [42]. - Comparison with China: The European market was about 4.5 times larger than China's. European bonds had more evenly distributed terms, higher financing costs, more low - rated bonds, and higher "science and technology content" [3][46]. 3.4 Comparison of Yield Spaces between Overseas and Domestic Science - Innovation Bonds - Overall Valuation Yield: As of April 30, 2025, the valuation yields of US and European science - innovation bonds were 5.43% and 4.62% respectively, while those of China and Japan were 2.07% and 1.25% respectively. The high yields in Europe and the US were due to the overlap with high - yield bond markets and higher benchmark interest rates [4][48]. - Credit Spread: The credit spreads of European and American science - innovation bonds were 263BP and 126BP respectively, while that of China was 59BP, indicating more attractive relative returns in Europe and the US [4][48]. - High - Rating Bonds: After excluding the impact of credit quality, the yield gap between China's high - rating science - innovation bonds and those in Europe and the US significantly narrowed, indicating that diversified credit qualifications and benchmark interest rates had a significant impact on the secondary - market attractiveness of science - innovation bonds [4]. - Short - and Medium - Term Bonds: The yield gaps between China's short - and medium - term science - innovation bonds and those in Europe and the US widened as the duration increased, suggesting that the yield space of China's medium - and long - term science - innovation bonds was affected by economic fundamentals and market supply [4]. 3.5 Development Potential of the Chinese Science - Innovation Bond Market - Compared with overseas markets, the Chinese science - innovation bond market is in the early stage of development. In the future, it may experience rapid growth in market size and move towards a structure similar to that of mature overseas markets, such as longer issuance terms, more diversified issuer credit qualifications, and an increase in high - tech and high - tech industry issuers [5].