固定收益深度报告：一文读懂债市“科技板”

1. Report Industry Investment Rating No information provided in the content 2. Core Viewpoints - The policy dividend drives the rapid expansion of the science - innovation bond market. The new policy has three major focuses, which will promote the diversification of bond - issuing entities and the optimization of the bond structure [2]. - The science - innovation bond market has investment value. Most science - innovation bonds have a small premium compared to ordinary credit bonds, and high - rating science - innovation bonds are highly recognized by the market. In the future, the market liquidity of science - innovation bonds is expected to improve, and the variety premium may be compressed [4]. 3. Summary by Directory 3.1 Science - innovation Bond Regulatory Policy History - From "Double - innovation Bonds" to Science - innovation Bonds: The prototype of science - innovation bonds can be traced back to the "double - innovation bonds" in 2015. After multiple stages of development, in 2022, a dual - market pattern of "exchange science - innovation bonds + inter - bank science - innovation notes" was formed, and in 2025, the policy support was further strengthened [8][9][10]. - Three Key Points of the New Science - innovation Bond Policy: The new policy broadens the issuing entities and the scope of use of raised funds, encourages the creation of science - innovation bond index products to guide investment institutions to increase their allocation, and improves the risk - sharing mechanism. There are also supporting policies such as fee reduction and a "green channel" for review [12][13][14]. 3.2 Science - innovation Bond Issuance Characteristics and Future Outlook - Market Expansion: Since 2021, the cumulative issuance of science - innovation corporate bonds and science - innovation notes has reached 2.7 trillion yuan. After the new policy, the issuance of science - innovation bonds has increased significantly. Nearly 500 market institutions plan to issue science - innovation bonds with a cumulative scale of over 300 billion yuan [16]. - Diversification of Issuing Entities: The issuing entities of science - innovation bonds are mainly central and local state - owned enterprises, and the new policy may increase the proportion of financial institutions [18]. - Policy Support for Low - cost and Long - term Bonds: The weighted average issuance term of science - innovation bonds has increased in recent years. Although currently, most issued science - innovation bonds are still 3 - year bonds, policy guidance may encourage the issuance of long - term and ultra - long - term bonds [26]. - Improvement of Risk - sharing Mechanisms: The new policy aims to reduce the default loss risk of science - innovation bonds through diversified credit enhancement measures. Currently, most issued science - innovation bonds are unsecured, but in the future, diversified credit enhancement measures may be continuously implemented [29]. 3.3 Secondary Market Performance and Investment Analysis of Science - innovation Bonds - Yield Performance: Most science - innovation bonds have a small premium compared to ordinary credit bonds. High - rating science - innovation bonds are more recognized by the market, with a smaller spread compared to general credit bonds. The yield of science - innovation bonds issued by the National Development Bank is lower than that of the same - term national development bonds [33]. - Liquidity Performance: After the new policy, the turnover rate of newly issued science - innovation bonds is higher than that of science - innovation notes and science - innovation corporate bonds. The main buyers in the first week of issuance are joint - stock banks, public funds, and other institutions. In the future, the market liquidity of science - innovation bonds is expected to improve [39][44]. - Investment Suggestions: It is recommended to actively pay attention to the investment opportunities of medium - and short - duration science - innovation bonds with an implicit rating of AA + or above. For medium - and low - rating science - innovation bonds with credit enhancement measures, appropriate exploration can also be carried out [44].