从中微观角度看科创债

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The state and local governments are actively promoting the construction of "science and technology innovation high - grounds" and accelerating the issuance of science and technology innovation bonds (Sci - tech bonds). It is expected that Sci - tech bonds will bring significant benefits to the cultivation of science and technology enterprises and the layout of emerging industries in various regions [10][34]. - In the bond market, different investment strategies are proposed for different types of bonds such as Sci - tech bonds, industrial bonds, and financial bonds, based on policy trends, market liquidity, and economic fundamentals [2][43][62]. 3. Summary by Related Catalogs 3.1 From a Micro - and Meso - perspective on Sci - tech Bonds 3.1.1 Local Governments Actively Build "Sci - tech High - grounds" and Accelerate the Issuance of Sci - tech Bonds - National ministries and local governments are promoting the layout and investment in the science and technology innovation industry, aiming to integrate science and technology innovation with industrial innovation. Multiple departments are jointly launching the "technology version" of the bond market to support the issuance of Sci - tech bonds [10]. - Since the beginning of this year, the issuance of Sci - tech bonds has advanced rapidly, with large - scale investors participating. The issued Sci - tech bonds have features such as low coupon rates and high subscription multiples [33]. 3.1.2 Investment Recommendations - Three types of Sci - tech bond issuers are recommended:城投 and产投 platforms in regions with strong economic and innovation potential; provincial, municipal, and some district - level equity - investment state - owned enterprises; local industrial state - owned enterprises and private enterprises with strong industrial operation capabilities and involvement in science and technology innovation fields [35]. - In general investment, focus on economic provinces with good development momentum and debt control, regions with favorable debt - resolution policies, and prefecture - level cities with strong industrial bases and financial support, and adjust the bond duration according to different regions [44]. 3.2 Weekly Views on Industrial Bonds and Financial Bonds 3.2.1 Industrial Bonds - Pay attention to 2 - 3 - year industrial bonds with good liquidity, such as those in the public utilities, transportation, state - owned real estate, and cultural tourism industries. Also, focus on relevant issuers of Sci - tech bonds in high - quality enterprises [62]. - In the coal industry, Inner Mongolia has 13 coal production capacity reserve projects approved, with a total reserve capacity of 23.6 million tons per year [62]. - Policies are being implemented to speed up the repayment of accounts receivable for enterprises in construction, real estate, and urban investment, especially those with more cooperation with central enterprises [65]. 3.2.2 Financial Bonds - This week, the yields of some financial bond varieties declined, and credit spreads narrowed passively. Brokerage bonds performed better, with larger credit spread narrowing [67]. - For Tier 2 and perpetual bonds (Two - tier and Perpetual Bonds, or "Two - Yong Bonds"), if the liquidity does not further loosen in the short term, the compression space of credit spreads is limited. It is recommended to manage liquidity well. 3 - 5 - year high - grade Two - Yong Bonds are suitable defensive varieties. Institutions with stable liability ends and high return requirements can appropriately pay attention to long - term high - grade Two - Yong Bonds [4][67]. 3.3 Primary Market Tracking - Relevant charts show the issuance, net financing, subscription, issuance cost, review and approval, and registration of credit bonds, financial bonds, urban investment bonds, and industrial bonds in the primary market [74][77][83]. 3.4 Secondary Market Observation 3.4.1 "Volume" of Secondary Transactions - Charts display the trading volume, number of transactions, trading volume by province, and trading volume by implicit rating of credit bonds, urban investment bonds, and industrial bonds in the secondary market [88][90][92]. 3.4.2 "Price" of Secondary Transactions - Charts show the weighted trading duration of urban investment bonds and the yield of various types of bonds in the secondary market [99].