日前召开的2026年中国人民银行工作会议强调，高质量建设和发展债券市场"科技板"。 为加大对科技创新的金融支持力度，去年5月，中国人民银行、中国证监会创新推出债券市场"科技 板"，旨在支持科技型企业、股权投资机构、金融机构三类主体发行科技创新债券。 8个月过去了，债券市场"科技板"交出了怎样的成绩单？下一步又将如何发展？《金融时报》记者 采访了多位业内人士。 累计发行科创债1.8万亿元 "股权投资机构在支持科技创新特别是促进资本形成方面发挥着关键作用，据统计，股权投资机构 参与支持我国近九成科创板上市公司和六成创业板上市公司。但是股权投资机构并不是债券市场常规的 针对成长期、成熟期科技型企业，债券市场"科技板"支持其发行中长期债券融资。落地8个月以 来，银行间债券市场已有264家企业发行约6600亿元科技创新债券，覆盖全国28个省市区。科技型企业 平均发债利率为2.10%，较"科技板"实施前2025年1至4月下降17个基点；企业发债期限进一步延长， 60%的企业发债期限超3年，民营企业参与度较高，占比超20%。 曹媛媛表示，对于早期、初创期科技型企业，一般来说，更需要的是股权投资。为了匹配这部分企 业的融资需 ...

Market Performance - On November 24, 2025, A-shares saw collective gains with the Shanghai Composite Index up 0.05%, Shenzhen Component Index up 0.37%, and ChiNext Index up 0.31%. The total trading volume in the Shanghai and Shenzhen markets was approximately 1.73 trillion yuan, a decrease of about 237.88 billion yuan from the previous trading day [2] - Hong Kong's stock market indices also rose, with the Hang Seng Index increasing by 1.97% or 496.48 points, closing at 25,716.5 points, and a total trading volume of 302.64 billion HKD. The Hang Seng Tech Index rose by 2.78% [2] - In the U.S., major stock indices rebounded, with the Nasdaq Composite Index rising by 2.69% to 22,872.01 points, marking the largest single-day gain since May. The Dow Jones Industrial Average increased by 0.44% and the S&P 500 Index rose by 1.55% [2] New Stock Listings - A new stock, Hai'an Group, was listed today with a price of 48 yuan per share and a price-to-earnings ratio of 13.94. The company specializes in the research, production, and sales of giant all-steel engineering machinery radial tires and mining tire management services, possessing production technology for a full range of giant tires [2] Bond Market Developments - On November 24, 2025, four private equity investment institutions conducted a roadshow in Beijing to issue a total of 930 million yuan in science and technology innovation bonds, marking the second batch supported by the central bank's risk-sharing tool. This initiative aims to enhance financing for private equity investment institutions through the interbank bond market [3] - The People's Bank of China announced it will conduct a 10 billion yuan MLF operation on November 25, 2025, with a one-year term, to maintain ample liquidity in the banking system [4]

值得注意的是，此次路演的多家机构通过所投企业股权或自身股权作为反担保，助力"以债促投"。"对 于民营股权投资机构而言，以前更多是用固定资产或者所持上市公司股票来作为抵押担保，但这次风险 分担工具支持以我们投资的未上市公司股权作为抵押，这对于轻资产的创投机构来说是一个重大改 变。"北京盛景嘉成投资管理有限公司创始合伙人、总裁刘昊飞说。 参与路演的深圳同创伟业资产管理股份有限公司合伙人唐忠诚认为，在风险分担工具的支持下，民营股 权投资机构开辟了债券融资的新路径。"民营股权投资机构往往面临募资难题。科技创新债券期限普遍 较长，能更好和硬科技企业的研发周期匹配，是非常好的融资工具。" 新华财经北京11月25日电 （记者任军）11月24日下午，一场路演交流活动在北京金融资产交易所进 行，4家民营股权投资机构依次亮相，拟发行科技创新债券合计9.3亿元。这是第二批获得"科技创新债 券风险分担工具"支持的项目，标志着更多民营股权投资机构在政策支持下通过银行间债券市场融资。 记者了解到，风险分担工具已为首批中科创星、金雨茂物等5家民营股权投资机构引入担保增信，助力 其成功发行13.5亿元科技创新债券。目前，这批募集资金已有近5 ...

Core Viewpoint - The article highlights the increasing support for private equity investment institutions in China through the issuance of technology innovation bonds, facilitated by risk-sharing tools that enhance financing opportunities in the interbank bond market [1][2]. Group 1: Technology Innovation Bonds - Four private equity investment institutions are set to issue a total of 930 million yuan in technology innovation bonds, marking the second batch to receive support from the "Technology Innovation Bond Risk Sharing Tool" [1]. - Base Capital plans to issue 400 million yuan in technology innovation bonds with a 10-year maturity and an AAA rating, benefiting from a guarantee provided by China Bond Credit Enhancement Investment Co., Ltd. [1][2]. - The "Technology Innovation Bond Risk Sharing Tool" was introduced to facilitate the issuance of these bonds, with the People's Bank of China providing low-cost re-lending funds [1][2]. Group 2: Financing Mechanisms - The risk-sharing tool allows private equity investment institutions to use equity in their invested companies as collateral, a significant shift from traditional asset-based guarantees [2]. - The tool has opened new financing pathways for private equity firms, addressing their fundraising challenges and aligning bond maturities with the R&D cycles of hard technology enterprises [2][3]. - As of November 21, 55 private enterprises have issued a total of 107.4 billion yuan in technology innovation bonds, indicating a growing trend in the market [3]. Group 3: Impact on Investment - The issuance of technology innovation bonds has significantly enhanced the investment capacity of firms, with one fund successfully investing in 36 hard technology companies following its bond issuance [3]. - The funds raised through these bonds have already seen nearly 50% deployed, leveraging over 100 billion yuan into sectors such as integrated circuits, artificial intelligence, and biomedicine [2][3].

Core Viewpoint - The People's Bank of China emphasizes the development of a bond market "technology board" to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] Group 1: Financial Market Development - Accelerating the construction of financial market systems and promoting high-level openness [1] - Promoting the development of a multi-tiered bond market and expanding and regulating over-the-counter bond business [1] - Enhancing the legal framework for bond markets and advancing corporate bond legal system construction [1] Group 2: Support for Private Sector - Utilizing technology innovation bond risk-sharing tools to support more private technology enterprises and private equity investment institutions in bond financing [1] - Strengthening monitoring of risks in key sectors and industries [1] Group 3: Internationalization and Currency Cooperation - Promoting the high-quality development of the panda bond market and advancing the internationalization of the renminbi [1] - Expanding the use of renminbi in cross-border trade and investment, and deepening foreign currency cooperation [1] - Conducting high-level pilot projects for cross-border trade and investment openness [1]

Core Insights - The People's Bank of China emphasizes the acceleration of financial market system construction and high-level opening-up [1] Group 1: Financial Market Development - The report advocates for the development of a "Technology Board" in the bond market, utilizing risk-sharing tools for technology innovation bonds to support more private technology enterprises and private equity investment institutions in bond financing [1] - It highlights the need to improve the legal framework for the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Regulation - There is a focus on the continuous regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It proposes the initiation of high-level opening-up pilot projects for cross-border trade and investment, further expanding the use of Renminbi in cross-border transactions and deepening foreign currency cooperation [1] - The development of the offshore Renminbi market is also emphasized [1]

Core Viewpoint - The People's Bank of China announced the establishment of a risk-sharing tool for technology innovation bonds, aimed at supporting technological advancements and innovation in the country [1] Group 1 - The announcement was made by the Governor of the People's Bank of China, Pan Gongsheng, during a press conference held on May 7 [1] - The new risk-sharing tool is designed to mitigate risks associated with technology innovation bonds, encouraging investment in the technology sector [1]

Core Viewpoint - The first projects utilizing the technology innovation bond risk-sharing tool have officially launched, aimed at supporting private equity investment institutions in issuing long-term bonds for technology innovation financing [1][2]. Group 1: Implementation of Risk-Sharing Tools - The China Interbank Market Dealers Association has organized the first projects using the risk-sharing tool under the guidance of the People's Bank of China, with a total issuance scale of 1.35 billion yuan [1]. - Five private equity investment institutions, including Yida Capital and Junlian Capital, have received credit enhancement and investment support through the risk-sharing tool [1][2]. - The newly created technology innovation bond risk-sharing tool is designed primarily for private equity investment institutions, while the previous "second arrow" policy tool was aimed at private technology enterprises [1][2]. Group 2: Bond Issuance Details - The bonds issued by the five private equity investment institutions have maturities of either 5 or 10 years, with coupon rates ranging from 1.85% to 2.69% [3]. - The risk-sharing tool collaborates with financial institutions to create credit risk mitigation certificates, enhancing the bonds' creditworthiness [3]. - Local guarantee companies from Beijing, Shaanxi, and Shenzhen are involved in providing counter-guarantees, reinforcing the "central-local cooperation" model for risk control [3]. Group 3: Broader Implications for the Industry - The introduction of diversified credit enhancement tools is seen as a means to effectively control risks, while private equity investment institutions must strengthen internal controls to ensure proper use of raised funds [4]. - The launch of the "technology board" opens new avenues for low-cost, long-term financing for private equity investment institutions [4]. - The overall effectiveness of the bond market in supporting technology innovation is expected to improve, enhancing the financing accessibility for weaker credit-rated enterprises and private equity investment institutions [4][5].

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was listed on July 17, 2025, indicating strong market interest in this product [2] - The latest price of the Sci-Tech Bond ETF Bosera is reported at 100.1 yuan, with a trading volume of 1.189 billion yuan and a turnover rate of 39.58% [2] - The current scale of the Sci-Tech Bond ETF Bosera reached a new high of 3 billion yuan, ranking in the top third among comparable funds [2] Group 2 - The management has encouraged the issuance of long-term bonds, with the People's Bank of China and the China Securities Regulatory Commission creating a risk-sharing tool for long-term bond issuance [2] - The daily profit percentage of the Sci-Tech Bond ETF Bosera since its inception is 60.00% as of July 16, 2025 [2] - The management fee for the Sci-Tech Bond ETF Bosera is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2]

Group 1 - The People's Bank of China reported that as of June 30, there are 27 equity investment institutions in the interbank market that have issued technology innovation bonds totaling 15.35 billion yuan [1] - Among these, 5 private equity investment institutions have benefited from risk-sharing tools for technology innovation bonds, resulting in lower issuance interest rates ranging from 1.85% to 2.69% [1] - The strong market subscription indicates high demand for the bonds, and the use of risk-sharing tools significantly reduces the financing costs for private equity investment institutions [1]