固收深度报告20250520：债券“科技板”见微知著：从案例盘点看何种城投主体正在发行科创债？

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The participation of industrial entities in the science - innovation bond market is significantly higher than that of urban investment entities. The issuance quantity and scale of industrial entities are much higher, mainly due to the low correlation between the main business of urban investment entities and scientific - innovation attributes and the restrictions on new bond issuance during the debt - resolution policy implementation [3][9]. - The fundraising purpose of science - innovation bonds issued by urban investment entities is mainly to repay interest - bearing debts. Since the implementation of the debt - resolution policy, the fundraising purposes include replacing self - raised funds for bond repayment, equity investment, or fund pre - investment, replacing investment in the scientific - innovation field, and repaying interest - bearing debts, with the latter being the most common [3][23]. - Creditworthiness, high marketization, and high compliance with the "335 indicators" may be the core characteristics for urban investment entities to issue science - innovation bonds. Urban investment platforms with high - quality qualifications, appropriate business areas, and relatively low dependence on local governments in key financial data are more likely to issue such bonds [1][33]. 3. Summary by Relevant Catalogs 3.1 Industrial Entities' Dominance in the Science - Innovation Bond Market - As of April 30, 2025, industrial entities dominate the science - innovation bond issuance in China. From October 2023 to April 2025, among 1,805 science - innovation bonds with a total issuance scale of 1.8 trillion yuan, urban investment entities issued only 40 bonds, accounting for 2.22% of the total quantity and 2.61% of the total scale [9]. - Urban investment entities have lower participation. Their business is mainly public - welfare, with limited projects meeting the issuance criteria, and new bond issuance is restricted by policies [10]. - When distinguishing between science - innovation notes and science - innovation corporate bonds, urban investment entities prefer science - innovation corporate bonds. Among 931 science - innovation notes issued during the observation period, only 4 were issued by urban investment entities (less than 1%), while among 874 science - innovation corporate bonds, 36 were issued by them (3.87%) [11]. 3.2 Fundraising Purposes of Science - Innovation Bonds Issued by Urban Investment Entities - From October 2023 to April 2025, among 40 science - innovation bonds issued by urban investment entities, 11 bonds (total scale of 150 billion yuan) were for replacing self - raised funds for bond repayment, equity investment, or fund pre - investment; 5 bonds (total scale of 42 billion yuan) were for replacing investment in the scientific - innovation field; 24 bonds (total scale of 277.02 billion yuan) were for repaying interest - bearing debts [23][24]. - The second type of fundraising purpose has a stronger scientific - innovation attribute, while the third type has a weaker one [24]. 3.3 Common Characteristics of Urban Investment Platforms Issuing Science - Innovation Bonds - Platform Qualifications: The 14 urban investment platforms that have issued science - innovation bonds since October 2023 generally have high external ratings, mostly AAA. Provincial and municipal - level platforms are in the majority, and district - county - level platforms come from strong areas, showing good creditworthiness [1][77]. - Business Areas: Their main businesses revolve around industrial investment, public utilities, and transportation construction and operation, with both policy - orientation and marketization, and are related to regional development strategies or scientific - innovation needs [1][77]. - Key Financial Data: None of the 14 platforms fully meet the "335 indicators", but most meet at least one. Platforms with lower dependence on local government回款 or more independent profitability are more likely to issue science - innovation bonds [1][77].