上半年债市政策复盘：“科技板”落地生花，优化债市生态

Report Industry Investment Rating No information provided. Core Viewpoints of the Report In the first half of 2025, China's bond market continued to strengthen its direct financing function, focusing on "improving quality and efficiency, serving the real economy." It launched the "Technology Board" of the bond market, increased targeted support for key areas such as technological innovation and private enterprises, strengthened requirements for issuance, trading, and valuation, promoted market standardization, and further advanced opening - up to promote the interconnection of domestic and foreign bond markets [5]. Summary by Relevant Catalogs 1. Key Areas: The "Technology Board" of the Bond Market Sets Sail, and Policy "Combinations" Inject New Development Momentum - Policy for Technological Innovation: Policies in the technological innovation field were intensively introduced. The "Technology Board" of the bond market was officially launched, supporting three types of entities to issue technological innovation bonds. The issuance scale of technological innovation bonds reached about 1 trillion yuan, a year - on - year increase of 86%. The risk - sharing tools and ETFs for technological innovation bonds made positive progress [4][6][11]. - Support for Consumption and Sports Industries: The bond market increased support for the consumption and sports industries. In the sports industry, relevant departments issued a guiding opinion to support sports enterprises in issuing bonds. In the consumption field, policies were introduced to support enterprises in service consumption areas to issue bonds [12][14]. 2. Weak Links: Policies Intensify to Release Positive Signals, and the Financing Situation of Private Enterprises Remains to Be Continuously Observed - Policy Attention: The central government deployed efforts to solve the financing problems of private enterprises. The "Private Economy Promotion Law" was officially implemented, emphasizing support for private enterprises to obtain direct financing through bonds [15][16][18]. - Financing Situation: Although the bond financing of private enterprises improved marginally, overall, it still faced constraints such as insufficient demand and high costs. The improvement of private enterprise bond financing requires time [21][22]. 3. Basic Systems: Adhere to the Main Line of Standardized System Construction and Promote the High - Quality Development of the Bond Market - System Rule Optimization: The bond market optimized rules for issuance, trading, and valuation. For example, it reduced bond trading and settlement fees, revised company bond review guidelines, and optimized bond valuation guidelines [25][26][27]. - Risk Management: It standardized debt - restructuring bond replacement business and improved the institutional framework of credit risk mitigation tools to enhance the flexibility of product creation [28][29]. 4. Opening - up: The Bond Connect Has Made Positive Progress, and Upgraded Measures May Accelerate the Opening - up Process - Free - Trade Offshore Bonds: There are expectations for the restart of free - trade offshore bonds, emphasizing the "two - ends - abroad" principle to support domestic enterprises' overseas financing and attract foreign investment [33]. - Bond Connect Optimization: The Bond Connect reached its eighth anniversary. The scope of "South - bound Connect" investors was expanded to non - banking institutions, and relevant mechanisms were optimized to promote the interconnection of domestic and foreign markets [34][37]. - Bond Allocation Value: China's bonds have good allocation value. Against the backdrop of Sino - US tariff frictions, they may attract more long - term allocation funds, and the bond market's opening - up level is expected to continue to deepen [38][39].