华福固收：科创债系列：把握科创债投资价值

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Since the implementation of the new policies on May 6, 2025, the issuance of science - innovation bonds has accelerated significantly, with financial bonds being the dominant type in terms of both quantity and scale. High - grade central and local state - owned enterprises still account for a large proportion of issuance, and credit - weak private enterprises may still face financing difficulties in the short term [2][12]. - The issuance term of science - innovation bonds is mainly concentrated within 3 years, but with the deepening of policies, the participation of private science - innovation enterprises is expected to increase, and the issuance term may be extended [3][18]. - The financing cost of newly - issued science - innovation bonds by financial entities is relatively low, and the market subscription enthusiasm is high. There are investment opportunities in subsequent newly - issued science - innovation bonds, especially those issued by high - quality state - owned enterprises [3][5]. - The valuation yield of science - innovation bonds is generally lower than that of non - science - innovation bonds, indicating higher market recognition. The science - innovation bond market is expected to continue to expand, and investors can focus on some medium - and short - term science - innovation bonds to explore coupon value [43][47]. 3. Summary According to the Table of Contents 3.1 New Changes in the Issuance of Science - Innovation Bonds Since the Implementation of the New Policies - Bond Type: Financial bonds have the largest issuance quantity and scale. After the new policies were implemented on May 6, 2025, 148 science - innovation bonds were issued, with a total scale of 324.242 billion yuan. Financial bonds accounted for 65.04% of the total scale, followed by short - term financing bills and corporate bonds [2][12]. - Issuing Entity: Bank entities have the largest issuance scale, mainly due to the large - scale issuance of national joint - stock banks and policy banks. Industrial entities have the largest number of issuances, with 97 bonds issued and a scale of 108.342 billion yuan [12]. - Enterprise Type: Central and local state - owned enterprises dominate in terms of issuance quantity and scale, accounting for 81.76% and 84.21% respectively. No new science - innovation bonds have been issued by private enterprises with a rating of AA or below. The bond quantity of AAA and AA + ratings accounts for 93.92% [2][13]. - Term Structure: The issuance term is mainly concentrated within 3 years, and private enterprises' newly - issued bonds have a term of no more than 3 years. Bonds with a term of over 5 years are issued by central and local state - owned enterprises. As policies deepen, the participation of private science - innovation enterprises is expected to increase, and the issuance term may be extended [3][18]. - Use of Raised Funds: Bank - issued bonds are mainly used for issuing loans in the field of scientific and technological innovation, while funds raised by equity investment institutions are used for replacing self - owned capital contributions and private equity investment funds [3][24]. - Financing Cost and Subscription Enthusiasm: The financing cost of financial bonds is the lowest, followed by short - term financing bills, corporate bonds, medium - term notes, and private placement notes. In terms of subscription enthusiasm, financial bonds rank first, followed by short - term financing bills, private placement notes, corporate bonds, and medium - term notes [3][28]. - Future Outlook for Equity Investment Institutions: Although only 10 science - innovation bonds have been issued by equity investment institutions since the new policies, many are in the application or registration process. It is expected that the issuance quantity and scale will increase significantly, and the qualification of application entities has shown a downward trend [4][35]. 3.2 Grasping the Investment Value of Science - Innovation Bonds - Investment Opportunities: Most science - innovation bonds have a lower issuance rate than their secondary valuation, especially those issued by state - owned and central enterprises. There are 62 bonds with a lower valuation yield than the issuance coupon rate, and 25 Xugong Group MTN004 (science - innovation bond) and 25 Discounted CDB Science - Innovation 01 have a primary - secondary spread of over 20BP, offering higher investment cost - effectiveness [36]. - Market Recognition: The valuation yield of science - innovation bonds is generally lower than that of non - science - innovation bonds, except for 1 - 2Y science - innovation notes. This is due to the high - grade credit of issuers, policy - driven reduction in primary financing costs, and high market recognition [43]. - Market Expansion and Investment Suggestions: The science - innovation bond market is expected to expand. Given the "asset shortage" in the bond market, investors can focus on some medium - and short - term science - innovation bonds. There are 21 bonds with a valuation yield of over 2.20% as of May 22, 2025, and some bonds such as 25 Shenghong Technology CP003 (science - innovation bond) and 25 Shaanxi Electronics MTN001 (science - innovation note) can be appropriately considered for secondary trading opportunities [47].