2025年5月9日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司 2025年科技创新债券（第一期）（债券通）"成功发行，本期债券发行规模200亿元， 期限3年，票面利率1.65%，为市场首批金融类科技创新债券，创商业银行金融债最低 票面利率，同类产品单期规模之最。 2025年5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债 券有关事宜的公告》。工商银行高效响应，于5月9日率先落地首批科技创新债券，助力 债券市场"科技板"和多层次债券市场建设，拓宽科技创新企业融资渠道，激发科技创新 动力和市场活力。 本期债券发行结果获得了发行人高度认可，进一步夯实了申万宏源证券与发行人的 良好合作关系，提升了公司在科技创新债券领域的影响力。未来，公司将继续完善全链 条金融赋能体系，加大对国家重大发展战略的贯彻落实，为打造新质生产力、实现高水 平科技自立自强提供澎湃的金融势能，扎实做好"五篇大文章"，践行金融央企使命担 当。 免责 声 明 本内容最终解释权归申万宏源证券有限公司所有。 近年来，工商银行作为全球资产规模最大的商业银行，始终走在金融支持科技创新 的前沿，在服务高水平科技自立自强上发挥国有大 ...

Core Insights - The article highlights the increasing trend of mother funds and angel funds in various regions of China, focusing on sectors such as advanced manufacturing, new materials, artificial intelligence, digital economy, and green low-carbon initiatives [1][25] - Sichuan province has introduced significant new policies aiming for a fund management scale of 400 billion yuan by 2030, with innovative mechanisms to encourage investment [1][25] Group 1: Mother Fund Initiatives - Chengdu High-tech Zone plans to establish a 10 billion yuan angel mother fund over five years, targeting early-stage investments in hard technology [3][4] - The Chongqing Beibei mother fund has a total scale of 2 billion yuan, focusing on advanced manufacturing and emerging industries [7][8] - The Hubei Xiaoting Fund aims to support strategic emerging industries with a total scale of 203 million yuan, utilizing a combination of sub-funds and direct investments [9][11] Group 2: New Fund Launches - Kaide Investment has launched its first onshore mother fund in China with a total commitment of 5 billion yuan, focusing on quality assets in major cities [5][6] - The Lhasa Industrial Strong City Mother Fund has been established with a total scale of 1.5 billion yuan, aimed at promoting industrial upgrades and regional development [13][14] - The Xi'an New Materials Industry Fund has a total scale of 10 billion yuan, focusing on enhancing the new materials industry cluster [18][19] Group 3: Policy Developments - Sichuan's new policies include allowing fund contributions not tied to the fund's registered location and increasing the loss tolerance for government-guided funds [25][26] - The State Council has released new measures to support venture capital and industry investment, emphasizing the importance of equity investment institutions in early-stage technology [26][27] Group 4: Debt Issuance for Innovation - China Petroleum Capital issued 900 million yuan in technology innovation bonds, marking a significant interest from investors [29] - Lushin Investment successfully issued 500 million yuan in technology innovation bonds, focusing on strategic emerging industries [30][32]

摘要 2025年5月7日，中国人民银行、中国证监会联合发布《关于支持发行科技创新债券有关事宜的公告》 （以下简称《公告》），交易所与交易商协会配套细则随即出台，推动科创债发行主体扩容、流程优化 与机制创新。回溯科创类债券的发展历程，科创类债券自推出以来扩容迅速，已发行存量科创债中，经 济大省与国有企业率先发力，银行间市场与交易所市场融资周期相辅相成，科创类债券支持产业结构优 化升级初见成效。新细则落地之后，金融机构和股权投资机构更是成为科创债市场进一步扩容的发行主 力；后续，随着风险分担机制的不断完善，民营企业科创债也将迎来新的发行高峰。 正文 一、新旧科创债发行细则变化 科创债作为我国资本市场支持科技创新的重要融资工具，自2022年试点以来，制度框架逐步完善。《公 告》及交易所、交易商协会配套细则的出台，推动科创债进一部"扩容提质"。本节从发行主体、资金用 途、审核机制、信息披露、增信机制等维度系统梳理并对比新旧科创债发行规则变化。 一是拓宽发行主体范围。交易所支持四类发行人（科创企业类、科创升级类、科创投资类和科创孵化 类）发行科技创新公司债，其中科创投资类发行人是指符合《私募投资基金监督管理暂行办法》《 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The tax reform proposal passed by the US House of Representatives to gradually cancel tax incentives in the clean energy sector has put pressure on the entire photovoltaic industry chain, and the three major US stock indexes show a differentiated pattern. China continues to improve the science - technology financial support system and strengthens the financing guarantee for technology - based enterprises through multi - dimensional policy tools. The market is in a shrinking adjustment with structural characteristics, and the trend of the Shanghai Stock Exchange 50 Index is more certain [3] Summary by Directory 1. Market Analysis - **Domestic Policy**: The Financial Regulatory Administration is formulating policies for the high - quality development of science - technology insurance and promoting insurance funds to participate in major national science - technology tasks. The CSRC will support science - technology enterprises that break through key core technologies to use the "green channel". Nearly 100 institutions have issued over 250 billion yuan of science - technology innovation bonds. The CSRC will optimize the domestic listing environment for science - technology enterprises, implement a more flexible and precise new - share issuance counter - cyclical adjustment mechanism, and support high - quality red - chip science - technology enterprises to return to the domestic market [1][2] - **Overseas Policy**: Trump's tax - cut bill passed the House of Representatives and will be submitted to the Senate for review. The bill plans to cut taxes by over 4 trillion US dollars in the next decade, cut at least 1.5 trillion US dollars in spending, and raise the US debt ceiling by 4 trillion US dollars, which is lower than the Senate's expectation of 5 trillion US dollars [1] - **Stock Index Performance**: In the spot market, the three major A - share indexes closed down. The Shanghai Composite Index fell 0.22% to 3380.19 points, and the ChiNext Index fell 0.96%. Only the banking, media, and household appliance sectors closed up, while the beauty care, social services, basic chemicals, and environmental protection sectors led the decline. The trading volume of the Shanghai and Shenzhen stock markets decreased slightly to 1.1 trillion yuan. Overseas, the three major US stock indexes closed mixed, with the Dow Jones Industrial Average remaining flat at 41859.09 points, the S&P 500 Index falling 0.04% to 5842.01 points, and the Nasdaq Composite Index rising 0.28% to 18925.73 points [2] - **Futures Market**: In the futures market, the basis of IF, IC, and IM rebounded. The trading volume and open interest of IH, IC, and IM increased simultaneously [2] 2. Macro - economic Charts - The content mainly includes charts showing the relationship between the US dollar index and A - share trends, US Treasury yields and A - share trends, RMB exchange rates and A - share trends, and US Treasury yields and A - share style trends [6][9][10] 3. Spot Market Tracking Charts - **Stock Index Performance**: The daily performance of major domestic stock indexes on May 22, 2025, shows that the Shanghai Composite Index fell 0.22%, the Shenzhen Component Index fell 0.72%, the ChiNext Index fell 0.96%, the CSI 300 Index fell 0.06%, the Shanghai Stock Exchange 50 Index rose 0.87%, the CSI 500 Index fell 0.95%, and the CSI 1000 Index fell 1.08% [12] - **Other Charts**: Charts of the trading volume of the Shanghai and Shenzhen stock markets and the margin trading balance are also included [12] 4. Stock Index Futures Tracking Charts - **Trading Volume and Open Interest**: The trading volume and open interest data of IF, IH, IC, and IM are presented. For example, the trading volume of IF is 72125 (a decrease of 5644), and the open interest is 233159 (a decrease of 1805) [15][17] - **Basis**: The basis data of different contracts (current month, next month, current quarter, and next quarter) of IF, IH, IC, and IM are provided, along with their changes [37] - **Inter - period Spread**: The inter - period spread data and their changes between different contract months (next month - current month, next quarter - current month, etc.) of stock index futures are given [42][43]

Report Industry Investment Ratings - Iron ore: Short-term long allocation, medium and long-term short allocation [2] - Coking coal and coke: Oscillating weakly [2] - Rolled steel and rebar: Oscillating [2] - Glass: Oscillating [2] - SSE 50 Index Futures/Options: Rebounding [2] - CSI 300 Index Futures/Options: Oscillating [2] - CSI 500 Index Futures/Options: Upward [4] - CSI 1000 Index Futures/Options: Upward [4] - 2-year Treasury Bond: Oscillating [4] - 5-year Treasury Bond: Oscillating [4] - 10-year Treasury Bond: Declining [4] - Gold: High-level oscillation [4] - Silver: Strong oscillation [4] - Pulp: Oscillating [5] - Logs: Bottom oscillation [5] - Soybean oil: Oscillating [5] - Palm oil: Oscillating [5] - Rapeseed oil: Oscillating [5] - Soybean meal: Rebounding [5] - Rapeseed meal: Rebounding [5] - Soybean No. 2: Rebounding [5] - Soybean No. 1: Rebounding [5] - Live pigs: Oscillating [8] - Rubber: Strong oscillation [8] - PX: On the sidelines [8] - PTA: On the sidelines [9] - MEG: On the sidelines [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Viewpoints - The previous upward momentum driven by policies and sentiment in the iron ore, rolled steel, and rebar markets is gradually weakening, and they will return to fundamentals in the short term. The coal and coke market follows the trend of finished products, and the glass market lacks upward momentum in the off-season [2]. - The stock index market shows different trends, and the bond market is in a narrow oscillation. The gold market is affected by factors such as interest rate and tariff policies, and the silver market is expected to oscillate strongly [2][4]. - The pulp and log markets are in a pattern of weak supply and demand, and the oil and fat market is expected to oscillate. The meal market may rebound, and the agricultural product market shows different trends [5][8]. Summary by Relevant Catalogs Black Industry - **Iron ore**: The short-term upward momentum weakens, and it returns to fundamentals. It has a relatively high valuation in the black sector and is mainly allocated long. The daily pig iron output decreases, the port inventory is relatively high, and it should be treated with a short bias in the medium and long term [2]. - **Coking coal and coke**: The supply and demand of coking coal are loose, the profit of coking enterprises improves, the pig iron output of steel mills decreases slightly, and the supply of coke increases. The overall market follows the trend of finished products [2]. - **Rolled steel and rebar**: The short-term demand decline is slow, the supply increases and the demand decreases, the inventory is still in the process of destocking, but the Meiyu season may affect the terminal demand. The steel price faces phased pressure [2]. - **Glass**: The daily melting volume fluctuates slightly, the spot price drops slightly, the profit is squeezed, the inventory increases significantly, and the demand is difficult to recover significantly in the long term [2]. Financial Industry - **Stock index futures/options**: The performance of different stock index futures is different. The capital inflows into the banking and land transportation sectors, and the capital outflows from the fine chemical and chemical fiber sectors. The stock index long positions can be held [2][4]. - **Treasury bonds**: The yield of the 10-year Treasury bond rises, the market interest rate consolidates, and the Treasury bond trend is in a narrow oscillation. The Treasury bond long positions can be held lightly [4]. - **Gold and silver**: The gold pricing mechanism is changing, and the current upward logic has not completely reversed. The silver market is expected to oscillate strongly [4]. Light Industry - **Pulp**: The spot market price drops slightly, the cost support weakens, the papermaking industry profit is low, the demand is in the off-season, and the pulp price is expected to oscillate [5]. - **Logs**: The downstream demand is in the off-season, the supply pressure is relatively weak, the inventory is decreasing, and the log price is expected to oscillate at the bottom [5]. Oil and Fat Industry - **Oil and fat**: The supply of the three major oils is abundant, the current is the traditional consumption off-season, but the spot consumption improves before the Dragon Boat Festival. The oil and fat market is expected to oscillate [5]. - **Meal**: The inventory of US soybeans may be further tightened, the planting progress in some areas of the US Midwest is slow, and the meal market may rebound [5]. Agricultural Products Industry - **Live pigs**: The overall supply is tight, the demand is in the off-season, the secondary fattening demand supports the price, and the pig price is expected to oscillate [8]. - **Rubber**: The supply is relatively stable, the cost support is significant, the demand is gradually recovering, the inventory accumulation speed slows down, and the rubber price is expected to oscillate strongly [8]. Polyester Industry - **PX**: The domestic PX load oscillates and declines, the demand side PTA load rebounds, and the PX price is expected to fluctuate with the oil price [8]. - **PTA**: The PXN spread is around $260/ton, the spot TA processing margin is around 392 yuan/ton, the TA load drops to around 77%, and the PTA supply and demand are in a state of destocking [9]. - **MEG**: The domestic MEG load drops to around 58.25%, the port inventory decreases, the raw material end is weak, and the MEG market fluctuates widely [9]. - **PR**: The cost support is weak, the market sentiment is pessimistic, and the polyester bottle chip price may be adjusted weakly [9]. - **PF**: The downstream orders are insufficient, the cost increase may not continue, and the polyester staple fiber market is expected to be sorted weakly [9].

Group 1 - The core viewpoint of the news is the introduction of a set of policies aimed at enhancing financial support for high-level technological self-reliance and innovation in China, involving multiple government departments [1][2] - The policies focus on seven areas including venture capital, monetary credit, and capital markets, proposing 15 specific measures to support technology-driven enterprises [1] - A key initiative is the establishment of a "National Venture Capital Guidance Fund" to encourage early, small, long-term investments in hard technology [1][2] Group 2 - The introduction of a "Technology Board" in the bond market aims to increase support for technology innovation bonds issued by tech enterprises and venture capital institutions, with nearly 100 institutions already issuing bonds exceeding 250 billion yuan [2] - The People's Bank of China plans to promote an "innovation points system" to optimize the evaluation of tech SMEs, facilitating targeted financial support [2] - The China Securities Regulatory Commission has introduced several policies since 2024 to address the financing difficulties faced by tech enterprises in capital markets, enhancing the policy framework for supporting technological innovation [2][3] Group 3 - Financial institutions are encouraged to provide tailored services for tech enterprises, including "loans + external direct investment" and patent insurance, with a significant increase in loans to high-tech enterprises reaching 17.7 trillion yuan, a 20% year-on-year growth [3] - The insurance sector has provided approximately 9 trillion yuan in technology insurance coverage and invested over 600 billion yuan in tech enterprises, highlighting its role as a stabilizer for innovation [3]

Group 1 - The core idea of the event is to explore the policy opportunities of the "Technology Board" for bonds, aimed at helping technology companies expand financing channels and empower innovation development [1] - The People's Bank of China and the China Securities Regulatory Commission jointly announced measures to support the issuance of technology innovation bonds, promoting early, small, long-term, and hard technology investments [1] - The event highlighted the successful issuance of the first "Technology Board" innovation bond by Muyuan Foods Co., Ltd., setting a benchmark for technology enterprises in Henan Province [1] Group 2 - Since 2021, the bond market in Henan Province has shown steady progress, with financing amounts exceeding 100 billion yuan for four consecutive years, and the total scale increasing to 485.8 billion yuan, doubling from 213.4 billion yuan at the end of 2020 [2] - The average issuance cost has decreased to 2.97%, down 181 basis points from the peak of 4.78%, and is expected to continue to decline [2] - Technology innovation bonds are characterized by long terms, low costs, and strong market appeal, providing a direct path to the capital market for asset-light, high-growth technology companies [2] Group 3 - The event included a closed-door exchange meeting where experts provided one-on-one guidance on financing application materials, review processes, bond pricing, and underwriting, tailored to current regulatory policies and the specific conditions of enterprises [2] - Participating companies found the event's content to be of significant practical value, offering important references for future financing planning [3]

Core Viewpoint - The Chinese government is actively promoting the "Technology Board" in the bond market to support technology-driven companies and venture capital institutions, addressing their unique financing challenges [1][2]. Group 1: Technology Board Initiatives - The "Technology Board" allows issuers to flexibly issue bonds in installments, simplifies information disclosure requirements, and reduces certain issuance and transaction fees [1]. - The initiative primarily supports venture capital institutions, which are crucial for early-stage, small, and hard technology investments, facing challenges such as light assets and long investment cycles [1]. - A risk-sharing tool for technology innovation bonds has been created, with the central bank providing low-cost re-lending funds [1]. Group 2: Market Response and Future Plans - Currently, around 100 institutions are either registered or have issued technology innovation bonds, totaling over 250 billion yuan [2]. - The government aims to closely monitor and continue advancing the "Technology Board," while also improving the supporting mechanisms to enhance its effectiveness [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - In Q1 2025, the number of domestic bond index fund products increased while the scale slightly declined, and ChinaBond Index maintained its leading market share [4][5]. - ChinaBond Index has a high - usage rate in both investment tracking and performance benchmarking of bond funds [4][20]. - The science - and - technology innovation bond (Sci - tech Bond) market has witnessed rapid growth, and ChinaBond's science - and - technology innovation series products are helping investors participate in this market, while suggestions are put forward to further promote the development of the Sci - tech Bond market [28][32][42]. 3. Summary by Relevant Catalogs 3.1 Bond Index Investment Application Dynamics 3.1.1 Q1 2025 Market Overview - By the end of Q1 2025, there were 231 domestic bond index fund products with a scale of 1106.817 billion yuan. Among them, 179 products tracked ChinaBond Index, accounting for about 77.49% in quantity and 77.32% in scale [4][5]. - Policy - financial bond index funds had the largest share in quantity and scale among all types of bond index funds, with over 90% of them tracking ChinaBond Index [4][7]. 3.1.2 Q1 2025 Passive Bond Index Fund Type Distribution - By the end of the quarter, there were 173 policy - financial bond index funds with a scale of about 837.1 billion yuan, accounting for 74.89% in quantity and 75.63% in scale. Credit bond index funds ranked second [7]. 3.1.3 Q1 2025 Policy - Financial Bond Index Fund Overview - In the policy - financial bond index fund market, medium - and short - term (no more than 5 years) products dominated, accounting for nearly 80% in scale. Funds tracking the comprehensive bond index of policy banks had the largest scale, accounting for about 46% [11]. 3.1.4 Q1 2025 Application of ChinaBond Index in Passive Index Funds - By the end of Q1 2025, 35 ChinaBond Indexes were used as investment tracking targets, with a total asset scale of 857.435 billion yuan [13]. 3.1.5 Q1 2025 Newly - issued Passive Bond Index Funds - In Q1 2025, 10 new bond index fund products were issued in the domestic market, with a total scale of 36.748 billion yuan. Two of them tracked ChinaBond policy - financial bond indexes [16]. 3.1.6 Q1 2025 Acceptance and Approval of Passive Bond Index Funds - In Q1 2025, the CSRC accepted 12 credit bond index funds and 3 policy - financial bond index funds, and approved 2 policy - financial bond index funds and 2 credit bond index funds [18]. 3.1.7 Q1 2025 Fund Performance Benchmark Statistics - By the end of Q1 2025, there were 3403 bond - type funds using bond indexes as performance comparison benchmarks, with a scale of about 8.43 trillion yuan. More than 80% of them used ChinaBond Index as the benchmark [20]. 3.2 Newly - issued ChinaBond Indexes in Q1 2025 - In Q1 2025, ChinaBond Financial Valuation Center Co., Ltd. issued 3 new indexes, including 1 multi - asset index and 2 representative bond indexes [23]. 3.3 Column: ChinaBond Index Boosts the Development of New - Quality Productivity 3.3.1 Development History and Characteristics of the Sci - tech Bond Market - From 2016 to 2024, policies continuously supported the development of the Sci - tech Bond market. From 2021 to November 2024, 2239 Sci - tech Bonds were issued, with a total scale of 2195.2 billion yuan. The issuance scale from January to November 2024 increased by 49% compared with the whole year of 2023 [26][28]. 3.3.2 ChinaBond's Science - and - Technology Innovation Series Products Facilitate Sci - tech Bond Investment - ChinaBond established a science - and - technology innovation theme bond information database, which displayed over 1200 bonds with a scale of over 1.3 trillion yuan by November 2024 [35]. - As of November 2024, there were 13 indexes in the ChinaBond science - and - technology innovation theme series, which covered various types of science - and - technology innovation theme bonds and had higher average returns than the credit bond market [36][39]. - ChinaBond and Puyin Wealth Management jointly launched the first new - quality productivity theme wealth management product, which had stable returns and controllable fluctuations [40][41]. 3.3.3 Suggestions for Further Promoting the Development of the Sci - tech Bond Market - Expand the scope of Sci - tech Bond issuers, encourage policy banks and commercial banks to issue financial bonds for science - and - technology innovation [42]. - Enhance the willingness of small and medium - sized science - and - technology enterprises to issue bonds, and explore differentiated financial support paths [42]. - Increase the issuance scale of Sci - tech Bond theme products, and optimize the assessment and evaluation mechanism [43].

央行副行长朱鹤新22日在国新办新闻发布会上表示，多家机构已经注册或者已经发行的科技创新债券， 我们也统计了一下，现在已经将近有100家左右的机构在发行科技创新债券，已经超过了2500亿。下一 步，我们还是要密切关注，继续推进，共同建设好债券市场的"科技板"，同时在这个过程中，我们还希 望持续完善配套的支持机制，让"科技板"能够发挥更大的作用。 ...