科创债机制再升级，精准赋能“硬科技”

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report The "Notice" is a systematic upgrade of the "Document No. 86", which effectively guides funds to flow into the "real - tech" and "hard - tech" fields. It better matches the investment and R & D needs of issuers of science and technology innovation bonds, continuously optimizes the investment and financing ecosystem of the science and technology innovation bond market, and promotes the further improvement of quality and expansion of the market. In the future, with the coordinated efforts of various science and technology innovation support policies, China's science and technology innovation bond market is expected to develop healthily, and its market functions will be continuously deepened, becoming an important financial force for serving science and technology innovation and industrial upgrading [16]. 3. Summary According to the Directory 3.1 Main Content In 2025, China's science and technology innovation bond market developed rapidly, with an issuance scale of nearly 2.3 trillion yuan, almost doubling year - on - year. On March 2, 2026, the Dealer Association issued the "Notice", which comprehensively optimized and upgraded the "Document No. 86". The "Notice" contains ten core contents, focusing on refining the identification standards of science and technology - based enterprises, implementing hierarchical and classified management of the use of raised funds, guiding enterprises to issue medium - and long - term science and technology innovation bonds, etc., to optimize the market ecosystem of science and technology innovation bonds [4]. 3.2 Policy Impact 3.2.1 Expand the Identification Scope of Science and Technology - Based Enterprises and Strengthen the "Hard - Tech" Orientation The "Notice" adds six types of titles on the basis of the seven types in the "Document No. 86", expanding the identification scope of science and technology - based enterprises. It also supports the development of "hard - tech" enterprises, encourages underwriters to serve key fields, and includes the situation of underwriters introducing first - time issuers into the market evaluation of underwriters' practice, strengthening the policy orientation of serving "hard - tech" [5][6][7]. 3.2.2 More Precise Use of Funds to Eliminate "Pseudo - Science and Technology Innovation" The "Notice" upgrades the standard for issuing science and technology innovation bonds relying on patents from "only looking at the number of patents" to "the number of patents + the proportion of science and technology income". It also implements hierarchical and classified management of the use of raised funds, ensuring that funds flow to the science and technology innovation field and eliminating "pseudo - science and technology innovation" enterprises [8][9]. 3.2.3 Optimize the Issuance Mechanism to Match the R & D Cycle The "Notice" guides enterprises to issue medium - and long - term science and technology innovation bonds, extending the lower limit of the bond term for science and technology - based enterprises to more than 270 days. It also improves the convenience of equity investment institutions issuing science and technology innovation bonds through the "Regular Issuance Plan" and the "Additional Issuance" mechanism, matching the business rhythm of PE/VC [10][12]. 3.2.4 Improve the Rating Method System to Enhance the Rating Quality of Science and Technology Innovation Bonds The "Notice" encourages rating agencies to improve the rating method, focusing on the "soft power" of science and technology innovation enterprises. It also requires strict compliance with the rating consistency principle and includes the rating agencies' performance in the science and technology innovation bond field in the market - based evaluation, promoting the improvement of rating quality [13]. 3.2.5 Optimize Information Disclosure Requirements and Emphasize the Spirit of Contract The "Notice" explores the introduction of information disclosure and liability agreement clauses based on agreements for privately - issued science and technology innovation bonds, taking into account the confidentiality needs of science and technology enterprises. It also clarifies the rights and responsibilities of issuers, underwriters, and investors, reducing potential disputes and risks [14]. 3.2.6 Improve the Investment Ecosystem to Promote the Coordinated Development of Investment and Financing The "Notice" promotes the improvement of the investment - end mechanism, guiding investment institutions to increase investment in science and technology innovation bonds and optimize the assessment system. It also promotes the development of science and technology innovation bond indexes and index - based products, improving secondary - market liquidity and enriching the investment product system [15]. 3.3 Summary The "Notice" effectively guides funds to flow into the "real - tech" and "hard - tech" fields, optimizes the investment and financing ecosystem of the science and technology innovation bond market, and promotes the further improvement of quality and expansion of the market. The science and technology innovation bond market is expected to develop healthily in the future [16].