信用利差周报2025年第45期：交易商协会优化并购票据工作机制，民营创投科创债扩容-20260204

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The second batch of private venture - capital and tech - innovation bonds supported by risk - sharing tools was launched, with policy support for the expansion of such bonds. The optimization of the M&A note mechanism is conducive to strengthening the linkage between stocks and bonds, but the actual effects remain to be seen. The manufacturing PMI improved slightly in November, and the bond market showed different trends in the primary and secondary markets [4][11][16] 3. Summary by Relevant Catalogs Market Hotspots - Private Venture - capital and Tech - innovation Bonds Expansion - From November 26th to 28th, the second batch of private venture - capital and tech - innovation bonds supported by risk - sharing tools were launched, with 4 institutions planning to raise a total of 930 million yuan. The issuance scale and the number of enterprises decreased compared with the first batch. These bonds have features such as low cost, long - term, innovative credit - enhancement mechanisms, and "credit - enhancement + investment" dual - wheel drive, and the funds are invested in key technological fields [11][12] - Policy support is significant. The central bank proposed to use risk - sharing tools for tech - innovation bonds, and the first meeting of the Science and Technology Finance Coordination and Promotion Mechanism put forward to build a "tech board" in the bond market and smooth the "raising, investment, management, and exit" chain of private equity and venture capital [13][14] - Current problems include small scale, unbalanced issuer structure, and difficulty in matching funds. Suggestions are to introduce diversified investors and improve the risk - mitigation mechanism [15] - Optimization of M&A Note Working Mechanism by the NAFMII - On December 1st, the NAFMII optimized the M&A note mechanism, which is conducive to promoting the innovation and development of "bond + stock" products and strengthening the linkage between stocks and bonds. The definition of M&A activities was clarified, and regulations were made in terms of fundraising, innovative terms, and risk - sharing [16][17] - This optimization can help meet the needs of industrial restructuring and upgrading, expand corporate financing channels, and improve the efficiency of financial services to the real economy. However, the actual effects depend on the cooperation of market participants and require continuous regulatory monitoring [18] Macroeconomic Data - In November, the official manufacturing PMI rose slightly from 49% to 49.2%, with the production of the manufacturing industry generally stable. New order, employee, and supplier delivery indexes increased, but the RatingDog manufacturing PMI declined slightly [19] Money Market - Last week, the central bank conducted 5 periods of 7 - day reverse repurchase operations totaling 151.18 billion yuan, 800 million yuan of 21 - day and 1.2 billion yuan of 1 - month treasury cash fixed - deposits. A total of 167.6 billion yuan of reverse repurchase, 90 billion yuan of MLF, and 30 billion yuan of 6 - month repurchase expired, resulting in a net withdrawal of 16.42 billion yuan. Despite the withdrawal, the money market remained balanced, with most pledged - repo rates falling, except for DR007 and DR021, which rose by 1bp and 2bp respectively [6][23][24] Primary Market of Credit Bonds - The issuance scale of credit bonds increased by 7.007 billion yuan to 42.6731 billion yuan last week, with the average daily issuance scale increasing by 1.4014 billion yuan. Different bond types showed different trends, and the infrastructure investment and financing industry and industrial bonds both saw an increase in issuance scale. The infrastructure investment and financing industry had a net inflow of funds, and the net inflow of industrial bonds exceeded the net outflow. The average issuance cost of credit bonds mostly decreased, with a decline ranging from 1bp to 15bp [7][27][30] Secondary Market of Credit Bonds - The trading volume of bond secondary - market cash bonds was 809.199 billion yuan, a decrease of 13.2468 billion yuan compared with the previous period. The average daily trading volume decreased by 2.6494 billion yuan to 161.8398 billion yuan, indicating a decline in trading activity. Due to concerns such as the possible implementation of new regulations on public - fund redemptions and some real - estate enterprises' announcements of medium - term note extensions, most bond yields rose. Interest - rate bond yields (treasury bonds and policy - bank bonds) mostly increased by 2bp to 4bp, with long - term yields rising more than short - term ones. Credit - bond yields mostly increased, with a maximum increase of 7bp. Most credit spreads expanded, and rating spreads showed mixed trends [8][38][39]