科创债承销榜单发布！中信证券居首，新增23家券商

Core Viewpoint - The report highlights a significant increase in the number of securities firms participating in the underwriting of technology innovation bonds (科创债) and a substantial rise in the total underwriting amount in the first half of 2025 compared to the previous year [1][7][8]. Group 1: Underwriting Statistics - A total of 68 securities firms participated in the underwriting of technology innovation bonds, an increase of 23 firms year-on-year [1][8]. - The total amount of technology innovation bonds underwritten reached 3813.91 billion yuan, reflecting a year-on-year growth of over 50% [1][8]. - In comparison, the previous year saw 45 firms underwriting 208 bonds for a total of 2437.31 billion yuan [8]. Group 2: Comparison with Other Bond Types - The underwriting scale of technology innovation bonds was significantly higher than other bond types, with 40 firms underwriting green bonds totaling 594.44 billion yuan and 17 firms underwriting low-carbon transition bonds totaling 83.5 billion yuan [4][5]. - The total amount for rural revitalization bonds was 266.24 billion yuan, while the "Belt and Road" bonds totaled 79 billion yuan [5]. Group 3: Leading Firms in Underwriting - The top five firms in terms of the number of technology innovation bonds underwritten were CITIC Securities, CITIC Jinshi, Guotai Junan, CICC, and Huatai United [9]. - In terms of underwriting amount, the leading firms were also CITIC Securities, CITIC Jinshi, Guotai Junan, CICC, and Huatai United, with CITIC Securities leading at 711.01 billion yuan [9]. Group 4: Policy Impact - The increase in participation and underwriting amounts is attributed to new policies introduced on May 7, 2025, by the People's Bank of China and the China Securities Regulatory Commission, which established a special underwriting evaluation system for technology innovation bonds [10]. - The new regulations aim to enhance the underwriting and market-making mechanisms for technology innovation bonds, thereby increasing their attractiveness to securities firms [10].