债市“科技板”新政背景下科技创新债券市场观察与思考

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - In May 2025, under the strategic guidance of the April Politburo meeting and the support of relevant policies, China's bond market "Science and Technology Board" was officially launched. The issuance management system of the bond market "Science and Technology Board" shows new changes compared with previous innovation - related bonds. - In the first month of operation, the bond market "Science and Technology Board" boomed, with a sharp increase in issuance scale, enhanced diversity of issuers, contributions to technological innovation from different perspectives, relatively low financing costs, and active participation of rating services. - Looking forward, the bond market "Science and Technology Board" has broad development prospects. It is necessary to improve the bond market system management, diversify the market subject structure, and enhance the capabilities of the intermediary support system [3][4][5]. Summary by Directory 1. Institutional Environment Clarity - Previous Situation: From May 2022 to April 2025, relevant institutions successively launched innovation - related bond varieties, promoting the rapid rise and development of the innovation - related bond market. In 2024, the issuance amount of innovation - related bonds reached 122.4124 billion yuan, a year - on - year increase of 58.28%. From January to April 2025, the cumulative issuance of innovation - related bonds was 40.1264 billion yuan, a year - on - year increase of 8.62%. However, there is still room for significant improvement in terms of scale growth, structural optimization, and support for technological innovation [8]. - New Policies: On May 7, 2025, relevant institutions issued a series of rules and documents, providing strong institutional support for the launch of the bond market "Science and Technology Board". - Bank - Inter - market: Compared with "Science and Technology Notes", "Science and Technology Bonds" have changes in bond identification, issuer subject classification, and use of raised funds. For example, the bond name is more prominently labeled, the issuer includes technology - based enterprises and equity investment institutions, and the use of raised funds is broadened [9][10][11]. - Exchange - Market: Compared with previous systems, the new regulations have changes in the type of issuers, information disclosure, and clause design. For example, financial institutions and equity investment institutions are newly supported to issue bonds, information disclosure is simplified, and innovative bond clauses are encouraged [15][16][18]. 2. Rapid Market Upturn - Surge in Issuance Market Scale: In the first month of the bond market "Science and Technology Board" (from May 8 to June 7, 2025), 209 bonds were issued, with a total issuance face value of 389.777 billion yuan, an increase of 308.63% compared with the same period last year. The issuance scale of the inter - bank market and the exchange market both increased significantly year - on - year, with the inter - bank market being the main force [21][23][24]. - Enhanced Diversity of Issuers: - Financial Institutions: They became an important highlight. During the inspection period, financial - type science and technology bonds issued a total of 227.4 billion yuan, accounting for 58.34% of the total issuance of science and technology bonds. Banks, securities companies, and policy banks actively participated [28]. - Equity Investment Institutions: A number of venture capital institutions and state - owned asset operation companies issued science and technology bonds, injecting capital into technology - based enterprises [29]. - Industrial Enterprises: They are distributed in multiple fields such as non - ferrous metals, electronics, and automobiles. Some large - scale issuing enterprises include Sinopec and Syngenta Group [29]. - Support for Technological Innovation from Different Perspectives: By supporting different types of issuers, science and technology bonds can directly or indirectly support technological innovation, such as helping technology - based enterprises repay debts, supporting equity investment institutions to increase capital for technology - based enterprises, and enabling financial institutions to provide funds for technology - based SMEs [32][33]. - Relatively Low Financing Costs: The average issuance interest rate of science and technology bonds during the inspection period was 1.95%, lower than the 2.25% of the same - period credit bonds (excluding science and technology bonds), which is related to the relatively high credit ratings of science and technology bond issuers [34]. - Active Role of Rating Services: Since 2024, domestic credit rating agencies have developed and launched rating methods and models for technology - based enterprises. In actual rating operations, different types of issuers use different rating models, such as commercial bank rating models for commercial bank science and technology bonds [36][37][38]. 3. Broad Market Prospects - Improvement of Bond Market System Management: - Reasonable Market Access Threshold: It is necessary to set reasonable access thresholds for different types of issuers, balance the pros and cons of different access policies, and ensure that the use of funds is in line with the purpose of promoting technological innovation [44][45]. - Effective Information Disclosure: Information disclosure should be diversified and unified, involving multiple parties such as issuers, bond intermediaries, and public sectors. The quality of information disclosure should be emphasized [46]. - Market Feedback and Adjustment Mechanism: Strengthen the whole - process management of science and technology bonds, and establish a feedback and adjustment mechanism for the use of funds to ensure that funds are used for technological innovation [47]. - Connection with Regional Policies: The management system of science and technology bonds should be integrated with regional technological innovation policies, and resources should be allocated reasonably according to regional characteristics [48]. - Diversification of Subject Structure: - Extension from Market Institutions to Public Institutions: Local governments have the possibility and necessity to become issuers of science and technology bonds to support semi - public scientific research projects and diversify financing channels [50]. - Extension from Large - scale to Small - and Medium - sized Technology Enterprises: More support should be given to high - growth potential small - and medium - sized technology enterprises, and the high - yield bond market should be developed [52]. - Enhancement of Intermediary Support System: - Credit Rating Services: Strengthen the construction and application of credit rating technology for science and technology enterprises and their bonds, and get rid of the traditional rating concept centered on assets and revenue scale [53]. - Technology Evaluation and Certification Services: Develop evaluation and certification services in the science and technology field, improve resource utilization efficiency, and complement other intermediary services [54]. - Technology Credit Enhancement Services: Prudently develop credit enhancement services for science and technology enterprises, including science and technology insurance and science and technology guarantee markets [55].