中国基金报·2025-07-24 06:51Core Viewpoint - The China Securities Association released the bond underwriting statistics for the first half of 2025, highlighting significant growth in green bonds and technology innovation bonds, with various securities firms showing differentiated strengths in different categories [1][3]. Green Bonds - In the first half of 2025, 40 securities firms acted as main underwriters for green bonds, managing a total of 71 bonds/products with a combined amount of 594.44 billion yuan. Among these, 19 were asset-backed securities totaling 255.94 billion yuan [3][4]. - CITIC Construction Investment led the green bond underwriting with an amount of 129.92 billion yuan, making it the only firm to exceed 100 billion yuan. CITIC Securities and Guotai Junan followed with 67.40 billion yuan and 62.72 billion yuan, respectively [3][5]. Technology Innovation Bonds - A total of 68 securities firms underwrote 380 technology innovation bonds in the first half of 2025, with a total amount of 3813.91 billion yuan, representing a year-on-year growth of 56.48% [7]. - The top three firms in terms of the number of underwritten bonds were CITIC Securities (46.73), CITIC Construction Investment (38.63), and Guotai Haitong (34.67) [7][9]. Low-Carbon Transition Bonds - In the low-carbon transition bond category, 17 firms underwrote 14 bonds with a total amount of 83.5 billion yuan in the first half of 2025. Financial Securities led in the number of underwritten bonds [11]. - Guotai Haitong and Guoxin Securities both had underwriting amounts of 10 billion yuan, ranking first in this category [11]. Rural Revitalization Bonds - For rural revitalization bonds, 30 firms underwrote 37 bonds/products with a total amount of 266.24 billion yuan. CITIC Securities ranked first in both the number of underwritten bonds (3.25) and the amount (35.98 billion yuan) [15][16]. Support for Small and Micro Enterprises - In the small and micro enterprise support bond category, 32 firms underwrote 30 bonds with a total amount of 118.2 billion yuan. Wukuang Securities led with an underwriting amount of 11 billion yuan [18].