Core Viewpoint - The revised implementation plan for the evaluation of main underwriters of non-financial corporate debt financing tools aims to enhance the support for technology finance and inclusive finance, thereby empowering technological innovation and the private economy [2][4]. Group 1: Evaluation Mechanism - The evaluation mechanism for main underwriters has been optimized to align with the central government's directives on promoting high-quality development of technology and private enterprises, increasing support for technology innovation bonds and private enterprise bonds [4]. - The evaluation framework includes a comprehensive service capability model that integrates issuance pricing, market-oriented sales, ongoing management, underwriting market-making, risk sharing, and research innovation [4]. - The evaluation results will categorize underwriters into qualified and unqualified groups, with qualified underwriters further divided into four tiers: A, B, C, and D, based on their performance [7]. Group 2: Classification and Standards - National banks (including foreign banks) will have their top 30% classified as A tier, while the bottom 10% will be C tier; local banks will have their top 20% as A tier and bottom 20% as C tier; securities companies will follow a similar classification [7]. - Unqualified classifications include failure to submit required evaluation materials, significant self-regulatory penalties for violations, and other serious negative impacts as determined by the association [7][8]. Group 3: Future Directions - The association plans to continue enhancing the market-oriented evaluation mechanism for underwriting institutions, promoting high-quality development in the interbank bond market [8]. - There will be a focus on showcasing six types of specialized underwriters in areas such as inclusive finance, technology innovation, green bonds, structured products, panda bonds, and derivatives [8].

格隆汇9月26日丨建科院(300675.SZ)公布，第四届董事会第十次临时会议于2025年9月26日审议通过公 司关于拟发行科技创新债券的议案，申报规模不超过2.50亿元（含）；募集资金用途：包括但不限于科 技创新项目投入或建设及运营、投资收购或设立科技创新企业、研发平台建设或日常生产经营所需流动 资金等符合法律法规最新要求和监管机构政策的用途，并可根据公司需要调整使用用途，且不用于新股 配售、申购，或用于股票及其衍生品种、可转换公司债券等的交易及其他非生产性支出。 ...

Group 1 - The company, Zhaojin Mining (01818), has announced the issuance of its fifth phase of technology innovation bonds for the year 2025, which has been registered with the China Interbank Market Dealers Association [1] - The total registered amount for the bonds is RMB 10 billion, with an issuance amount of RMB 1 billion, and the debt financing tool has a maturity period of 182 days [1] - Industrial Bank Co., Ltd. serves as the lead underwriter and book manager for this bond issuance, while China CITIC Bank Corporation Limited acts as the co-lead underwriter [1]

9月18日，三友化工2025年科技创新公司债券（第一期）成功发行，发行规模9亿元，期限3年，票面利率2.18%。创下集团公司债券发行史最低利率，同 时刷新全国AA+化工行业主体公司债券利率新低，标志着集团资本市场信誉和融资能力迈上新台阶。 此次超低利率科创债的成功发行，是公司深化"两员三基"管理、优化债务结构、降低融资成本的重要举措。公司通过提前布局、精准发力，有效置换存量 高成本债务，每年可节约利息费用1188万元，为新阶段集团发展注入更加充沛、低成本的金融活水，实现了资金接续"无缝切换"与融资成本"应降尽降"。 此次超低利率科创债的成功发行，充分利用了公司在研发投入"三年上、五年强"专项行动中科技创新领域取得的丰硕成果，得益于公司敏锐把握了科技创 新债券政策机遇，快速调整了发行方案，实现了"成本最低、发行最稳、效果最优"的预定目标。 下一步，公司将继续发挥专业优势，做优资本运作平台，深化与金融市场的互联互通，以更高效、更经济的融资服务为集团高质量发展保驾护航。 ◆供稿：证券部 ◆编辑：郝慧芳 ...

Group 1 - China reduced its holdings of US Treasury bonds by $25.7 billion in July, marking the lowest level since 2009 [1] - Bridgewater's founder warns that the US debt crisis poses a threat to the monetary system [1] - Analysts note that the Bank of England's reduction in long-term government bond sales indirectly acknowledges that previous actions harmed public finances [1] Group 2 - BlackRock states that foreign capital inflow will drive a rebound in Indian bonds [1] - The Ministry of Science and Technology reports that 288 entities have issued over 600 billion yuan in technology innovation bonds [1] - Xiamen plans to issue 9.224 billion yuan in local bonds, including 1.461 billion yuan in "special" new special bonds [1] Group 3 - China Pacific Insurance completed the issuance of 15.556 billion Hong Kong dollars in zero-coupon convertible bonds [1] - China Railway Construction Real Estate successfully issued 1 billion yuan in corporate bonds with a coupon rate of 2.52% [1] - Guangzhou Port Group's second phase of corporate bond issuance for 2025 has a determined interest rate of 1.96% [1] - Greentown plans to pay interest on 1 billion yuan medium-term notes, with the current interest rate for this period set at 3.95% [1] - Huaxia Happiness's "20 Happiness 01" corporate bond is due on September 21, and a repayment plan is being formulated [1]

本报讯(记者郭冀川)9月18日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 科技部部长阴和俊在介绍"十四五"时期科技创新发展成就时表示，这五年，科技创新能力稳步提升，科 技强国根基不断夯实。 阴和俊列举了多项数据，如科技投入持续增加，2024年全社会研发投入超3.6万亿元，较2020年增长 48%；研发投入强度达到2.68%，超过欧盟国家平均水平；研发人员总量世界第一。基础研究水平进一 步提升，基础研究经费达2497亿元，较2020年增长超过70%，在量子科技、生命科学、物质科学、空间 科学等领域取得一批重大原创性成果，高水平国际期刊论文数量和国际专利申请量连续五年世界第一。 阴和俊表示，这五年，科技体制改革持续深化，创新创造活力充分释放。科技金融体制进一步健全，推 出科技金融政策"组合拳"，各部门各地方积极行动、加快落实，2021年以来，科创板首发上市376家企 业，首发募资超6000亿元，2025年科技创新和技术改造再贷款达到8000亿元。 三是提升资本市场服务科技创新的能力。健全资本市场"绿色通道"机制，为突破关键核心技术的科技领 军企业上市融资、并购重组、债券发行等提供便利； ...

Group 1 - The core point of the news is that Tianjin Jiuan Medical Electronics Co., Ltd. successfully registered a technology innovation bond of 4 billion yuan, marking the first such project for private technology enterprises in Tianjin [1] - Jiuan Medical, established in August 1995 and listed on the Shenzhen Stock Exchange in June 2010, focuses on the research and production of health-related electronic products and smart hardware [2] - The company became the first in China to obtain EUA certification from the US FDA for its COVID-19 antigen self-test kit in 2021, with products distributed globally through platforms like Amazon [2] Group 2 - The law firm Zhongyin provided specialized legal advisory services for Jiuan Medical's bond registration, receiving high recognition from the client for its professional capabilities and project experience [1][4] - Jiuan Medical was included in the Fortune China 500 list in 2023 and has established subsidiaries in countries like the United States and France to expand its international business [2]

Group 1 - Tianhong Zhongzheng AAA Sci-tech Bond ETF (159111) was launched on September 12 and completed fundraising on the same day, offering transparent holdings and efficient T+0 trading [1] - The ETF closely tracks the Zhongzheng AAA Sci-tech Company Bond Index, which has shown an annualized return of over 4% and a low annualized volatility of 1.07% over the past three years [1] - The index covers 986 sci-tech bonds from the Shanghai and Shenzhen stock exchanges, indicating a diversified sample [1] Group 2 - The Central Financial Work Conference in October 2023 emphasized the importance of "five major articles," with sci-tech finance being the top priority, aligning with the government's push for high-level technological self-reliance [1] - Sci-tech bonds, as a new financing tool in the bond market, are crucial for enhancing direct financing efficiency for tech enterprises and promoting a positive cycle among technology, industry, and finance [2] - The growth of bond ETFs in China positions sci-tech bond ETFs as a significant component in the bond ETF landscape [2] Group 3 - Tianhong Fund's other bond ETF, Tianhong Credit Bond ETF (159398), showed a slight increase of 0.02% during trading [3]

股票代码：601233 股票简称：桐昆股份 公告编号：2025-055 桐昆集团股份有限公司关于 2025年度第八期科技创新债券发行结果的公告 本公司董事会及董事会全体成员保证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、准确和完整承担法律责任。 2024年4月25日，桐昆集团股份有限公司（以下简称"桐昆股份"或"公司"）第九届董事会第八次会议审 议通过了《关于发行超短期融资券的议案》，上述议案经2024年5月21日召开的公司2023年年度股东大 会审议批准。股东大会同意公司向中国银行间市场交易商协会（以下简称"交易商协会"）申请注册发行 不超过60亿元（人民币，下同）的超短期融资券，并授权董事会办理发行的具体事项。 2024年8月30日，经交易商协会《接受注册通知书》（中市协注［2024］SCP273号）核准，交易商协会 决定接受公司超短期融资券注册，注册金额为人民币60亿元。注册额度自通知书发出之日起2年内有 效，公司在注册有效期内可分期发行超短期融资券。 2025年9月10日，公司在全国银行间市场发行了2025年度第八期科技创新债券，发行总额为5亿元。募集 资金已于2025年9 ...

Group 1 - The board of Tongkun Co., Ltd. approved the issuance of ultra-short-term financing bonds, which received a registration quota of 6 billion yuan from the trading association on August 30, 2024 [1] - On September 10, 2025, the company issued the eighth phase of technology innovation bonds in the national interbank market, with a total issuance amount of 500 million yuan, and the funds were fully received on September 11 [1] - The bond, referred to as "25 Tongkun SCP008 (Tech Innovation Bond)," has a term of 260 days and an issuance interest rate of 1.84% [1] Group 2 - There were 8 compliant subscription applications for the bond, amounting to 920 million yuan, while 6 effective subscription applications totaled 570 million yuan [1]