作为扩容后的发行主体新军，商业银行纷纷抢筹。截至6月8日，已有16家银行发行了首批科 创债，发行规模达到2010亿元，占新政后所有主体发行总规模的50.09% 从春晚机器人到DeepSeek、从无人驾驶到脑机接口等，科技创新近年频频破圈。创新加速的同时，市 场对支持科技型企业发展的融资工具需求亦不断上升。 债市"科技板"应运而生。5月7日，相关政策密集出台；5月9日，债市"科技板"正式上线，当日的一场集 中路演活动更是拉开火热的发债大幕。一位在场的金融机构人士透露，"一直在复核单子，工作到很晚 才结束。" 目前，债市"科技板"已满月，发债的火热势头一直在延续。Wind（万得）数据显示，截至6月8日，全 市场已发行216只科创债，发行规模达4012.98亿元。其中，商业银行发行规模最高，达2010亿元，占比 过半。此外，有多家银行正在候场。 作为此次科创债融资主体扩容后的发行新军，《财经》据中国货币网公告统计，目前16家银行发行的科 创债中，大多数是三年期，票面利率多在1.65%-1.67%。"这个定价比银行同期发的普通金融债低一些， 主要是政策鼓励，多路资金进入。银行以相对低的成本募资后，再以贷款、债券投资等 ...

核心观点 转债供给再审视。早在年初市场对浦发、以及高平价杭银/南银转债退出的预期较为充分，然而年内银行板块累计涨 幅接近 10%、更多银行转债的转股预期得以提升，当前齐鲁/常银/重银/上银平价都已达到 115 以上，如果以上银行转 债年内也完成转股，则年内单银行转债的转股&到期、就会导致转债规模减少超 1200 亿，也意味着转债有效供给的等 量减少；除银行转债以外，其余转债年内到期规模 134 亿；年初至今强赎退市转债已经超过 600 亿，预计下半年仍然 有不少强赎退出规模；待发层面当前证监会核准+发审委通过+交易所受理三个环节总共 420 亿元、即使下半年全部发 行规模也有限，且银行标的仅有个别。综合到期&退出以及潜在发行规模，下半年转债规模将持续收缩趋势，预计到 年底转债规模将减少至 6000 亿上下。转债供给（尤其是银行类转债）的减少会对需求造成何种影响？首先是 ETF 类 产品的再平衡需求，会挤出增量资金至其他标的；其次其他公募基金/保险/年金等的溢出配置，这部分虽无法精确测 算、但也有部分转移配置。总体而言，在转债规模持续收缩的背景下、需求还是会有一定溢出效应，尤其是在当前低 利率水平的背景下、资产 ...

证券代码：601963 证券简称：重庆银行 公告编号：2025-042 可转债代码：113056 可转债简称：重银转债 本期债券发行的募集资金在扣除发行费用后，将依据适用法律和监管部门的 批准，全部用于支持科技创新领域业务。 特此公告。 重庆银行股份有限公司董事会 2025 年 6 月 9 日 1 重庆银行股份有限公司 关于科技创新债券发行完毕的公告 本行董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 经中国人民银行批准，重庆银行股份有限公司（以下简称"本行"）2025 年 科技创新债券（第一期）（以下简称"本期债券"）于 2025 年 6 月 5 日簿记建档， 2025 年 6 月 9 日发行完毕。本期债券为 5 年期固定利率债券，发行规模为人民 币 30 亿元，票面利率为 1.85%。 ...

被视为债市"科技板"的科创债新政落地后，市场主体发行科创债的热度持续攀升。 以发行起始日计，5月7日新规落地后的首月（截至6月7日），已有221只科创债正式发行，募集资金规模超 4000亿元，同比增长3倍还多。 新获发行资质的银行、券商等金融机构共发行科创债2303亿元； 其中，16家银行发债超2000亿元，凭借五成以上的份额成为科创债的绝对主力与最大增量。 科创债起源于双创债实践，后为以科创公司债（交易所）与票据（银行间）为主要品种。 5月7日，央行、证监会联合提出丰富科创债产品体系的13条具体举措，通过金融机构与股权投资机构的双 重扩容，构建覆盖科创企业全生命周期的融资链条； 同日，交易商协会、银行间市场、三大交易所宣布优化科创债发行、交易等环节。 5月14日，科技部、央行等7个部门发布《加快构建科技金融体制有力支撑高水平科技自立自强的若干政策 举措》，再提建立债市"科技板"。 密集的新规推动下，科创债发行量持续走向高峰。 超3倍增量入市 科创债新政落地首月，新发科创债已达221只、募资4027亿元，两项数据同比增幅分别为130.21%、 322.12%。 科创债基于科创企业类、升级类、投资类、孵化类等属 ...

2025 年 06 月 08 日 行业周报 看好/维持 银行 银行 银行周报（0602-0608）：央行买断式逆回购呵护流动性 ◼ 走势比较 (20%) (8%) 4% 16% 28% 40% 24/6/3 24/8/14 24/10/25 25/1/5 25/3/18 25/5/29 ◼ 子行业评级 | 国有银行 | 看好 | | --- | --- | | 股份制银行 | 看好 | | 区域性银行 | 看好 | | 推荐公司及评级 ◼ | | | 中信银行 | 增持 | | 招商银行 | 买入 | | 重庆银行 | 增持 | | 渝农商行 | 买入 | 相关研究报告 <<银行周报（0526-0601）：全国农信 社改革再下一城>>--2025-06-03 <<银行周报（0519-0525）：存款挂牌 利率调降呵护银行息差>>--2025- 05-26 证券分析师：夏芈卬 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S119012401 ...

Core Insights - The banking sector has experienced a significant valuation recovery since the end of 2023, with a cumulative increase of 55% in 2024, driven primarily by valuation recovery (approximately 43%) and profit growth (approximately 9%) [4][11][12] - The market has historically undervalued banks, leading to a mismatch between their stable performance and low valuations, which presents a systemic revaluation opportunity [4][11] - The report emphasizes the importance of long-term investment in banks, highlighting that stable returns are more critical than short-term growth during economic transitions [4][25] Investment Analysis - The report suggests focusing on banks with strong regional beta and stable profit growth expectations, such as Chongqing Bank, Suzhou Bank, and Chengdu Bank, as well as large state-owned banks like Agricultural Bank of China [4][45] - The influx of insurance funds into high-dividend banks is expected to drive approximately 200 billion yuan in incremental capital into the banking sector from 2025 to 2027 [4][20] - The average return on equity (ROE) for banks is around 10%, which is among the top five sectors in the market, while the price-to-earnings (PE) ratio is approximately 6 times, the lowest in the market, indicating a potential for systemic revaluation [4][12][48] Market Dynamics - The banking sector's valuation recovery began with the "special valuation" approach and was supported by high dividend yields, reflecting a shift in investor focus from growth to stable returns [4][11][12] - The report notes that the banking sector's average dividend yield is approximately 4.5%, significantly higher than the yield on ten-year government bonds, indicating a strong return advantage in a low-interest-rate environment [46][48] - The report highlights that the market has often overestimated risks associated with banks, leading to a premature reflection of pessimistic expectations in stock prices [4][25][48] Sector Performance - The report identifies that the banking sector has outperformed the broader market indices, with the banking index rising significantly compared to the CSI 300 index [11][12][35] - It emphasizes that the performance of banks is not solely dependent on economic recovery but also on the stability of their earnings and the ability to manage risks effectively [4][25][48] - The report indicates that the market's perception of banks has been overly cautious, with many investors underestimating the banks' capacity to maintain stable performance amid economic challenges [4][25][48]

Core Points - The upcoming Singapore forum on June 11 marks a new beginning for China-Singapore financial cooperation and showcases achievements over the past decade [2] - By 2025, the China-Singapore (Chongqing) Strategic Connectivity Demonstration Project will celebrate its 10th anniversary, with significant progress in financial innovation and cooperation [2][5] - Chongqing has emerged as a leader in financial policy innovation in the central and western regions of China, enhancing financial interactions with ASEAN countries [2][5] Financial Cooperation Mechanisms - Since the launch of the China-Singapore connectivity project in November 2015, a comprehensive cooperation mechanism has been established at multiple levels [3] - A memorandum was signed between the Monetary Authority of Singapore and Chongqing's financial regulatory authority to explore innovative regulatory cooperation models [3] - Various cooperation mechanisms have facilitated the implementation of financial innovation policies, enhancing the financial reform landscape in Chongqing [3][5] Key Projects and Achievements - As of May 2025, 74 financial innovation policies have been launched, covering cross-border investment, settlement, and insurance cooperation [5][11] - The recent signing of 23 cooperation projects, totaling approximately $2.4 billion, highlights ongoing collaboration in various sectors, including finance [5][6] - The establishment of the China-Singapore (Chongqing) Equity Investment Fund in 2016, with a total scale of 100 billion yuan, aims to support national strategic deployments [6] Financial Institutions and Market Expansion - Chongqing has successfully attracted over 20 financial institutions from Singapore, including private equity and leasing companies [9][10] - The city has also seen the establishment of 17 foreign bank branches, with a significant presence from ASEAN banks [10] - Chongqing's financial institutions have engaged in cross-border financing exceeding $23 billion, with notable achievements in bond issuance [11][12] Impact on Regional Connectivity - The China-Singapore financial cooperation has enhanced Chongqing's financial influence and connectivity with ASEAN countries [12] - The China-Singapore Financial Summit has become a key platform for financial exchanges between Western China and ASEAN nations, facilitating numerous project agreements [12]

Core Insights - Chongqing Bank successfully issued the first bank technology innovation bond in the western region, with a scale of 3 billion yuan and a subscription multiple of 3.39 times, marking the lowest coupon rate in the bank's history at 1.85% [2] - Since the launch of the "technology board" on May 7, over 200 technology innovation bonds have been issued, totaling more than 380 billion yuan, with banks being the main issuers [2][3] - The issuance of technology innovation bonds has expanded the range of financing entities, primarily supporting financial institutions, technology enterprises, and private equity investment institutions [3] Summary by Category Issuance Details - The technology innovation bond market has seen significant participation from major banks, with the top five state-owned banks issuing a total of 1.1 billion yuan in bonds [3] - Among national joint-stock banks, several banks have issued bonds ranging from 50 million to 150 million yuan, totaling 450 million yuan [4] - The average financing cost of technology innovation bonds is lower than that of similar bonds due to the high qualifications of the issuers [4] Investor Participation - Investors in technology innovation bonds primarily include commercial banks and wealth management companies, with significant investments directed towards sectors like integrated circuits and high-end manufacturing [6] - The current investor base is characterized by a low risk appetite, with a need for diversification in the future [6][7] Policy and Market Outlook - Regulatory bodies are working to improve the support mechanisms for technology innovation bonds, encouraging various financial institutions and long-term funds to participate [7] - Future developments may include an expansion of the market size, broadening of issuer categories, and the creation of technology innovation bond index funds [8]

Core Viewpoint - Chongqing Financial Regulatory Bureau is enhancing the integration of party building with financial reform and development, establishing a robust framework to drive modernization in Chongqing's financial sector [1] Group 1: Strengthening Party Leadership - The bureau has created a "1+1+N" organizational structure in collaboration with local banks and insurance institutions to promote party building activities [1] - A new evaluation system for party building has been established, allowing banks to consider corporate party building status in credit assessments, leading to preferential lending terms for well-rated enterprises [2] Group 2: Financial Services and Support - Over 12,000 financial grid members have been deployed across 38 districts and 11,000 villages/communities, facilitating loan disbursements exceeding 270 billion yuan to over 160,000 enterprises and individual businesses [2] - The bureau has initiated a new mechanism for dispute resolution, integrating various mediation resources and establishing financial grid stations to address financial conflicts effectively [3] Group 3: Digital Empowerment - The bureau has developed a leading digital financial infrastructure, connecting data from over 7,000 financial institutions and creating more than 400 digital application scenarios to enhance service efficiency [4] - Innovative digital applications have been launched, including property transfer services and small claims processing, benefiting millions and providing significant financial coverage [4] Group 4: Future Development Plans - A three-year action plan for the "Red Gold Yu" party building initiative will be formulated to promote high-quality development and deepen the integration of financial resources with grassroots governance [5] - The bureau aims to establish a grid-based financial service system and a financial advisory group focused on key industrial chains to enhance service effectiveness [6] Group 5: Dispute Resolution and Risk Prevention - The bureau plans to expand the financial grid stations to create a comprehensive network for financial education and rights protection, enhancing the multi-faceted dispute resolution mechanism [7] - A proactive approach to prevent illegal financial activities will be implemented, integrating financial grid members into local governance structures to strengthen grassroots defenses against financial crimes [7]

Group 1: Monetary Policy and Market Operations - The central bank conducted a 7-day reverse repurchase operation on June 5, with a fixed rate of 1.40%, totaling 126.5 billion yuan, matching the bidding amount [1] - On the same day, 266 billion yuan of reverse repos matured, resulting in a net withdrawal of 139.5 billion yuan [1] Group 2: Funding Conditions - The funding environment remains loose, with slight declines in overnight and 7-day pledged repo rates [3] - The latest overnight financing rate in the U.S. is reported at 4.32% [5] Group 3: Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is around 1.70%, showing a slight decrease from the previous day [8] Group 4: Bond Market - The closing prices for government bond futures indicate a decline in the 30-year contract by 0.16% and a slight increase in the 5-year and 2-year contracts by 0.02% and 0.04% respectively [12] Group 5: Economic Indicators - The Caixin Services PMI for May in China is reported at 51.1, an increase of 0.4 percentage points from April, indicating an acceleration in service sector expansion [13] - The meeting in Guangzhou emphasized the acceleration of major projects and the optimization of industrial layout to enhance economic growth [13] Group 6: Bond Issuance - The Shanghai Stock Exchange has initiated the first batch of securities company bond renewals, with quality central and state-owned enterprises preparing to follow suit [17] - Chongqing Bank plans to issue 3 billion yuan in technology innovation bonds [17] - Jiuan Medical intends to register and issue medium-term notes and short-term financing bonds totaling no more than 4 billion yuan [18]