Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The bond market's "Tech Board" has been launched, with policies encouraging, improving issuance mechanisms, and providing financing support, which is expected to gradually expand the science and technology innovation bond (Sci - tech Bond) market [1][5][9][10][50]. - The proportion of long - term Sci - tech Bonds may increase as issuers are encouraged to issue long - term bonds and risk - sharing tools are created [5][10][50]. - The issuers of Sci - tech Bonds will become more diverse, including financial institutions, technology - based enterprises, and equity investment institutions [9][10][50]. - The participation of institutional investors in Sci - tech Bonds is expected to increase, and the overall market valuation may be compressed [5][50][51]. Summary According to the Table of Contents 1. Bond Market "Tech Board" Launched - On May 7, 2025, the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) announced support for three types of market entities (financial institutions, technology - based enterprises, and equity investment institutions) to issue Sci - tech Bonds. Nearly 100 market institutions plan to issue over 300 billion yuan of Sci - tech Bonds [9]. - On May 8, the PBOC and CSRC jointly issued an announcement with measures to support the issuance of Sci - tech Bonds, including enriching product systems, improving support mechanisms, and creating risk - sharing tools [10][11]. 2. Development History of Sci - tech Thematic Bonds - In 2016, the CSRC promoted the pilot issuance of dual - innovation bonds (Dual - innovation Bonds). In 2017, Dual - innovation Bonds entered the regular issuance stage [2][12]. - In 2021, the exchange piloted the issuance of Sci - tech Bonds, which became regular after 2022. In 2022, the Shanghai and Shenzhen Stock Exchanges issued guidelines for the issuance and listing review of Sci - tech Bonds [2][13]. - In 2021, the National Association of Financial Market Institutional Investors (NAFMII) launched high - growth enterprise debt financing instruments, which were upgraded to Sci - tech Notes in 2022 [2][14]. 3. Overview of Sci - tech Bond Issuance and Outstanding Amounts 3.1 Sci - tech Bond Issuance - As of May 5, 2025, the cumulative issuance of Sci - tech Corporate Bonds and Sci - tech Notes reached 2.67 trillion yuan, with 1.29 trillion yuan for Sci - tech Corporate Bonds and 1.38 trillion yuan for Sci - tech Notes [3][18]. - From 2021 - 2024, the issuance of Sci - tech Corporate Bonds increased annually. As of May 5, 2025, the issuance in 2025 was 193.293 billion yuan. The issuance terms were mainly 3 - 10 years, and the proportion of long - term bonds increased in 2024 [19]. - The issuers of Sci - tech Corporate Bonds are mainly AAA - rated central and local state - owned enterprises. The industries with large issuance scales are construction decoration, comprehensive, and public utilities [23][25]. - From 2022 - 2024, the supply of Sci - tech Notes increased annually. As of May 5, 2025, the issuance in 2025 was 207.971 billion yuan. Sci - tech Notes include various bond types, mainly medium - term notes and short - term financing bills, with relatively short issuance terms [27][29]. - The issuers of Sci - tech Notes are also mainly AAA - rated central and local state - owned enterprises, and the proportion of private enterprises is higher than that of Sci - tech Corporate Bonds. The industries with large issuance scales are construction decoration, non - ferrous metals, and coal [31][33]. 3.2 Sci - tech Bond Outstanding Market - As of May 5, 2025, the outstanding amounts of Sci - tech Corporate Bonds and Sci - tech Notes were 1.2086 trillion yuan and 688.5 billion yuan respectively. The outstanding bonds have the following characteristics: strong issuer qualifications (87% of external ratings are AAA), remaining terms concentrated within 5 years, mainly issued by central and local state - owned enterprises, and issuer industries concentrated in traditional industries [3][37]. - There is room to explore the yield of outstanding Sci - tech Bonds. The proportion of outstanding bonds with a valuation of over 2.1% is 49% for both Sci - tech Corporate Bonds and Sci - tech Notes. It is recommended to focus on AA - rated Sci - tech Corporate Bonds and Sci - tech Notes within 1 year [4][45][47]. 4. Impact of the Bond Market's "Tech Board" Launch - The Sci - tech Bond market is expected to expand gradually due to policy encouragement, improved issuance mechanisms, and financing support [5][50]. - The proportion of long - term Sci - tech Bonds may increase as issuers are encouraged to set flexible bond terms and risk - sharing tools are created [5][10][50]. - The issuers of Sci - tech Bonds will become more diverse, including financial institutions, technology - based enterprises, and equity investment institutions [9][10][50]. - The participation of institutional investors in Sci - tech Bonds is expected to increase, and the overall financing cost of Sci - tech Bonds may improve, leading to a potential compression of the overall market valuation [5][50][51].

Core Viewpoint - The recent financial policies introduced by the Chinese government are expected to significantly boost the medical industry, providing much-needed capital and support for innovation and development [2][10][16]. Group 1: Impact on Primary Market - The new financial policies are set to revitalize the primary market, facilitating funding for innovative medical projects and addressing the capital shortage that has plagued the industry [4][10]. - Data indicates that the total financing in the domestic healthcare sector has shrunk by nearly 70% from its peak in 2021, leading to a rapid decline in innovative medical enterprises [5][10]. - The peak financing years of 2020 and 2021 saw 997 cases totaling 135 billion and 2,520 cases totaling 223 billion respectively, while in 2023, these figures dropped to 705 cases and 68 billion [5][10]. Group 2: Impact on Secondary Market - The secondary market for medical enterprises has also faced challenges, with the number of newly listed medical companies on the A-share market dropping from 63 in 2021 to just 5 in 2024 [12][14]. - The total market capitalization of the healthcare sector fell by nearly 900 billion, marking a 12.64% decline, with many companies facing significant financial difficulties [12][13]. - The recent financial policies aim to restore confidence in the secondary market, providing mechanisms to support capital market activities and enhance the growth of listed medical companies [14][15]. Group 3: Industry Ecosystem - The introduction of a 500 billion yuan "service consumption and elderly care re-loan" is designed to promote the development of the medical and elderly care sectors [16][17]. - This policy is expected to stimulate service consumption and support the elderly care industry, thereby enhancing the overall medical ecosystem [18][19]. - Continuous positive signals from the government, including reforms in drug and medical device regulation, are aimed at fostering high-quality development in the medical industry [20][22]. Group 4: Future Outlook - Despite the current challenges, the medical industry is viewed as a long-term investment opportunity due to its persistent market demand [22]. - Recent measures in various regions, such as Beijing's 32 new initiatives to support the innovative pharmaceutical industry, indicate ongoing governmental support for the sector [24]. - The industry is anticipated to require time to recover fully from the impacts of previous challenges, necessitating strategic financial management from both companies and investors [24].

Core Viewpoint - The issuance of technology innovation bonds (科创债) has surged, with 85 bonds totaling approximately 135.8 billion yuan issued between May 6 and May 15, indicating strong market demand and investor confidence in technology enterprises [1][2]. Group 1: Issuance Characteristics - The issued technology innovation bonds involve various sectors, including new materials, information technology, finance, biomedicine, and electrical equipment, with a mix of bond types such as medium-term notes, corporate bonds, and commercial bank bonds [2]. - A significant number of these bonds have medium to long-term maturities, with over 60 bonds having terms of 3 years or more, reflecting the stable funding support for high-credit-quality technology enterprises [2]. Group 2: Market Response - The bonds exhibit low coupon rates and high subscription multiples, indicating strong investor recognition of the credit quality of the issuers [3][5]. - Specific examples include: - Changjiang Industrial Investment Group's bond with a 2% coupon rate and a subscription multiple of 3.7 times [6]. - Shanghai Xinwei Technology Group's bond with a 2.37% coupon rate, down over 151 basis points from the previous year [6]. - Dongfang Securities' bond with a subscription multiple exceeding 8 times [6]. - Hangzhou Bank's bond with a 1.67% coupon rate and a subscription multiple of 4.47 times [6]. Group 3: Support from Financial Institutions - Banks are innovating their support for technology enterprises through various dimensions, including assessing technology loan balances and focusing on "unicorn" companies [7]. - Securities firms are also engaging in the technology sector, with some using raised funds for market-making and underwriting services related to technology innovation bonds [7]. Group 4: Future Trends - There is an expectation of more private enterprises participating in the issuance of technology innovation bonds, along with innovative bond terms that better match funding needs [8]. - Recent regulatory notifications support the introduction of innovative terms such as yield pledges, intellectual property collateral, and performance-linked coupon rates, enhancing the attractiveness of these bonds to investors [8].

宏观经济 | 证券研究报告 — 总量点评 2025 年 5 月 11 日 2025 年一季度货币政策执 行报告 适度宽松的货币政策助力高质量发展 2025年一季度货币政策执行报告内容改动较大的部分主要是对国际经济形势 的判断和货币政策执行；在'专栏 5 从政府部门资产负债表视角对比中美日 政府债务情况'的部分，通过横向对比强调了我国政府债务扩张的可持续性。 相关研究报告 《通胀预期对美联储更重要》20250510 《1-4 月进出口数据点评》20250510 《A 股 2024 年年报及 2025 年一季报分析》 20250508 中银国际证券股份有限公司 具备证券投资咨询业务资格 宏观经济 证券分析师：张晓娇 xiaojiao.zhang@bocichina.com 证券投资咨询业务证书编号：S1300514010002 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 2025 年一季度货币政策坚持'稳'的基调。一季度降准降息缺席，但金 融体系整体流动性保持稳定，3 月末金融机构超额准备金率为 1.0 ...

拓宽私募基金的融资来源 为创投机构提供更强信用支撑 【导读】多家私募股权创投机构申请科创债发行，培养长期资本、耐心资本投资科技创新产业（300832） 政策明确，支持具有丰富投资经验、出色管理业绩、优秀管理团队的私募股权和创业投资机构发行科技创新债券，募集资金用于私募股权投资基金的设 立、扩募等。发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求。 近期，央行、证监会联合发布了关于支持发行科技创新债券有关事宜的公告，支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科创 债，引发关注。 松禾资本表示，政策为股权创投机构开辟了新的募资渠道，有利于培养耐心资本，推动资本市场与创新体系的深度融合，提升资本的长期价值发现和科技 赋能作用。同时，有助于缓解初创企业融资难、融资贵的问题，为科技型企业提供更加多元、稳定的资本支持。 多家受访私募股权创投机构表示，科创债的引入，拓宽了私募基金的融资来源，缓解了募资难问题，有利于培养耐心资本投向硬科技企业。创设科技创新 债券风险分担工具，引入地方政府和市场化增信机构，为创投机构在科技板发行长期债券提供更强的信用支撑。受访机构看好科创债 ...

Primary Market - In the past two weeks (April 28, 2025 - May 9, 2025), a total of 23 offshore bonds were issued by Chinese entities, including 4 RMB bonds, 8 USD bonds, 9 HKD bonds, and 2 EUR bonds, with issuance scales of 1.716 billion RMB, 582.57 million USD, 145.156 billion HKD, and 16 million EUR respectively [2] - The largest single issuance in the RMB bond market was 1 billion RMB by Hong Kong and China Gas Company Limited, while the highest coupon rate was 6.5% issued by Neijiang Investment Holding Group Co., Ltd [2] - In the USD bond market, the largest single issuance was 100 million USD, with three bonds reaching this scale, issued by Industrial and Commercial Bank of China London Branch, China Construction Bank, and Zhongyuan Asset Management Co., Ltd. The highest coupon rate was 7.6% issued by Xianning Urban Development Group Co., Ltd [2] Secondary Market Overview - In the past two weeks, the yield on Chinese USD bonds mostly declined. As of May 9, 2025, the Markit iBoxx Chinese USD Bond Composite Index fell by 0.17% to 241.03, while the investment-grade USD bond index decreased by 0.24% to 233.84, and the high-yield USD bond index dropped by 0.31% to 235.76 [3] - The real estate USD bond index increased by 0.53% to 179.64, while the city investment USD bond index rose by 0.11% to 148.21, and the financial USD bond index slightly increased by 0.03% to 281.54 [3] Price Movements - The largest weekly price increase among Chinese offshore bonds was for the bond issued by Zhengrong Real Estate Group Co., Ltd., which rose by 164.85% to 1.03 [4] - The largest weekly price decrease was for the bond issued by Peng Bo Telecom Media Group Co., Ltd., which fell by 74.43% to 1.95 [5] Benchmark Spread - As of May 9, 2025, the spread between the 10-year benchmark government bonds of China and the US widened to 275.98 basis points, an increase of 22.46 basis points since April 30, 2025 [6] Rating Changes - On April 30, 2025, China Chengxin International Credit Rating Co. withdrew the long-term credit rating of "BBBg-" for Longyou County State-owned Assets Management Co., Ltd. due to commercial reasons [9] - Moody's maintained the "A2" issuer rating for China State Construction Engineering Corporation, changing the outlook from "stable" to "negative" [9] - On May 6, 2025, United Ratings terminated the credit rating for Suining Xingye Investment Group Co., Ltd. [9] Default and Extension - Zhongjun Group announced it would likely be unable to repay the principal and interest of the CHINSC 7 05/02/25 bond on time, leading to its delisting on May 2, 2025 [10] Domestic News - The interbank bond market officially launched technology innovation bonds, with 36 companies announcing a total issuance of 21 billion RMB as of May 8, 2025 [12] - The total scale of bonds issued and listed by financial institutions in Macau exceeded 900 billion MOP, with a year-on-year growth of 25.7% [13] - Starting May 6, 2025, the London Clearing House began accepting offshore Chinese government bonds as eligible non-cash collateral [14] Overseas News - The Federal Reserve decided to maintain the benchmark interest rate at 4.25%-4.50%, leading to a recovery in US Treasury trading sentiment [15] - The Bank of England announced a 25 basis point reduction in the benchmark interest rate to 4.25% on May 8, 2025 [17] Offshore Debt Alerts - Country Garden extended the deadline for its restructuring support agreement fee to June 6, 2025, with over 50% of public noteholders participating [18] - Aoyuan Group plans to hold a bondholder meeting to adjust the repayment scheme for "H20 Aoyuan 2" [19] - CIFI Group announced the sale of part of its assets to prioritize repayment of "H21 CIFI 3" bondholders [20] - Vanke decided to fully redeem its domestic bonds "20 Vanke 06" and "22 Vanke 03," totaling 1.55 billion RMB [21] - Poly Real Estate reported a contract sales amount of 564 million RMB for April 2025 [22]

Group 1 - The recent updates on technology innovation bonds indicate a growing interest from various issuers, including the Fuzhou High-tech Zone Financial Investment Group, which has received feedback for its non-public issuance of technology innovation bonds aimed at professional investors [1][2] - The People's Bank of China and the China Securities Regulatory Commission have announced measures to support the issuance of technology innovation bonds, including allowing equity investment institutions to raise funds for private equity investment funds [2][4] - Several securities companies have also announced plans to issue technology innovation bonds, with a total proposed issuance scale exceeding 16 billion yuan [2][3] Group 2 - The issuance of technology innovation bonds by private equity investment institutions remains primarily focused on private placements, with examples including a 300 million yuan bond from Yuyao Yangming Equity Investment Fund [4] - Policies released by various provinces and cities this year have encouraged government-guided funds to invest with a loss tolerance of up to 100%, which has significantly boosted the investment enthusiasm of fund managers [5] - The overall aim is to enhance long-term capital participation in the real economy, guiding bond market funds towards early, small, long-term investments in hard technology, thereby stimulating innovation and market vitality [6]

Group 1 - The core viewpoint is the expansion of insurance funds' long-term investment pilot program, with an additional 600 billion yuan approved, increasing the total to 2,220 billion yuan [1] - The financial regulatory authority plans to lower the risk factor for insurance companies' stock investments by 10%, encouraging greater market participation [2] - Short-term export credit insurance coverage increased by 15.3% year-on-year in the first four months, supporting foreign trade stability [3] Group 2 - Insurance funds are encouraged to participate in venture capital investments according to market principles, focusing on significant equity investments in unlisted technology companies [4] - Over 10 trillion yuan has been accumulated in long-term pension and health insurance reserves by insurance companies [5] - A notification was issued to enhance financial services for small and micro enterprises, promoting tailored insurance products for this sector [6] Group 3 - Insurance funds are now allowed to invest in technology innovation bonds, broadening investment opportunities [7] - The first quarter saw a modest 1.4% increase in net profits for five major listed insurance companies, with a mixed performance among them [8] - In 2024, 34 insurance asset management companies reported a total revenue of 41.6 billion yuan, a 14.41% increase, and a net profit of 18.5 billion yuan, up 17.4% [9] Group 4 - Insurance capital has made 13 equity stakes this year, with new policies expected to enhance market participation [10] - Zhongyou Insurance announced a stake acquisition in Donghang Logistics, marking a significant investment move [11] - Shenzhen Yihui Special transferred its shares in Xingfu Life Insurance to the deposit insurance fund due to debt issues, resulting in a change in major shareholders [12] Group 5 - Wang Hua has been approved as the chairman of PetroChina's exclusive insurance company [13] - Ling Chen Kai has been appointed as the chairman of Mingya Insurance Brokerage, marking a significant leadership change [14]

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Group 1: Monetary Policy and Economic Measures - The People's Bank of China announced a 0.5 percentage point reduction in the reserve requirement ratio, providing approximately 1 trillion yuan in long-term liquidity to the market [2] - A policy interest rate cut of 0.1 percentage points was also announced to support market stability and expectations [2] Group 2: Consumer and Family Support Initiatives - Guangdong Province is increasing support for childbirth and child-rearing, including simplifying the process for issuing childcare subsidies and encouraging local governments to enhance support for families with two or three children [3] - The province aims for 90% of grassroots medical institutions to provide pediatric services by 2025 [3] Group 3: Semiconductor Industry Performance - The semiconductor sector in A-shares showed a mild recovery, with total revenue reaching approximately 602.2 billion yuan, marking a record high [3] - North Huachuang has replaced SMIC as the "profit king" in the A-share semiconductor industry, with improved operational efficiency and inventory issues being effectively resolved [3] Group 4: Automotive Industry Developments - Geely Auto proposed to privatize Zeekr at a price of $2.57 per share, indicating strategic moves within the electric vehicle sector [6] - NIO Energy reported over 634,000 battery swap services during the May Day holiday, reflecting strong user engagement and operational capacity [7] Group 5: Investment and Strategic Partnerships - Uber is set to invest an additional $100 million in WeRide, marking its largest investment in the autonomous driving sector to date [9] - Taobao Tmall and Xiaohongshu have signed a strategic cooperation agreement to enhance the integration of their platforms, aiming to boost merchant sales through improved advertising and consumer interaction [10] Group 6: Technology and AI Advancements - Google DeepMind released the upgraded Gemini 2.5 Pro "I/O" model, which has achieved top rankings in various metrics on the AI leaderboard [11] - Amazon has purchased approximately $84.4 million worth of AMD stock, coinciding with AMD's strong performance in the data center and AI chip markets [12] Group 7: Manufacturing and Supply Chain Adjustments - Seagate plans to develop a 100TB hard drive by 2030 to meet the increasing demand from data centers driven by the AI boom [13] - YS Pharmaceuticals announced a phased closure of its Copenhagen facility, transferring production to locations outside Denmark to address pricing pressures and operational costs [14]