近日，由成都龙泉驿区财政局、龙泉驿区新经济和科技局、东方金诚国际信用评估有限公司、成都中小企业融资担保有限责任公司联合举办的"信用赋能 科技企业走向资本市场"沙龙活动在四川省成都市成功举办。本次活动邀请龙泉驿区科技型上市公司、专精特新企业共同探讨科技企业资本市场融资新思 路，为成都龙泉驿区产业发展和升级注入新活力。 未来，东方金诚将继续秉持服务国家战略的初心，积极践行金融"五篇大文章"，凭借评级专业技术积淀和全国范围内的丰富实践经验，持续通过信用赋能 助力科创企业走向资本市场，为科创企业高质量发展注入专业动能。 活动现场，东方金诚立足龙泉驿区区域及产业特点，结合东方金诚赋能成都市科创企业走向资本市场的实践案例，深度解析了科技创新型企业信用评级方 法与模型，并为受邀企业积极探索债券市场直接融资进行了针对性的分析。另外，成都中小企业融资担保有限责任公司也介绍了其担保的科创债落地案例 和助力科创企业的各项举措。 近年来，东方金诚立足国有信用评级机构专业优势，积极响应国家关于支持科技创新企业各项政策和制度安排，发布了科技创新型企业信用评级方法和模 型，并积极在全国多地开展科创债专题活动，持续为推动科创企业高质量发展贡 ...

上海市政府举行新闻发布会，上海证监局副局长赵国富表示，一年来，科创板新受理9家企业IPO申 请，14家企业完成首发上市，覆盖半导体、新材料、高端装备等行业领域。"轻资产、高研发投入"的认 定标准落地实施。科创债发行"绿色通道"的成效初显。二是发行承销制度改革试点的积极效果逐步显 现。科创板新股发行适用3%高价剔除比例，报价定价总体审慎合理。增加网下投资者持有科创板股票 市值要求，进一步引导树立价值投资、长期投资理念。我们还修订发布了首发网下投资者管理规则和分 类评价管理指引，加强对异常报价申购、频繁高报价等行为的监管。(东方网) ...

Group 1 - The North Exchange 50 Index has seen a strong upward trend, with a year-to-date increase of 34.67% as of May 28, 2025, leading the market [1] - Several funds linked to the North Exchange 50 Index have announced limits on large subscriptions to control inflow and maintain market stability [1] - Public funds have been actively purchasing their newly launched products, signaling confidence in the market and their investment capabilities [1] Group 2 - The medical investment sector, particularly in innovative drugs, is experiencing a resurgence, with many public funds promoting medical-themed funds [2] - The issuance of science and technology bonds has exceeded 300 billion yuan in just 20 days, driven by policy support and market enthusiasm [2] - The secondary market for science and technology bonds is improving with innovations in trading and credit derivatives [2] Group 3 - The third batch of insurance capital long-term investment pilot institutions includes several small and medium-sized insurance companies, marking a new breakthrough in the types of participating institutions [3] - The fastest quantum random number generator has been developed, promising significant advancements in data security across various sectors [3] Group 4 - Shein is preparing to shift its IPO plans from London to Hong Kong after facing obstacles in the former, with a potential valuation drop from 66 billion to 50 billion dollars [6] - BYD has responded to the financial troubles of a regional dealer, attributing the issues to reckless expansion and leveraging, and is providing support for resolution [6] - Youa Co. plans to enter the semiconductor power device sector by acquiring Shenzhen Shangyangtong Technology Co. for 1.58 billion yuan, significantly below its last valuation [7] Group 5 - Nvidia reported a first-quarter net profit of 18.78 billion dollars, a 26% year-on-year increase, with revenues of 44.1 billion dollars, surpassing market expectations [5] - The U.S. stock market experienced a collective decline, with major indices falling due to negative news in the chip sector, despite some individual stocks like Apple and Meta rising [8]

Core Viewpoints - The article discusses the current concerns of investors regarding macro interest rates, credit, and convertible bonds, and provides insights on these topics [2][12]. Group 1: Bond Market Dynamics - Bond interest rates are positively correlated with domestic demand and negatively correlated with external demand, indicating that despite unexpected tariff changes, the core contradiction in the bond market remains focused on domestic demand [3][14]. - The liquidity environment is improving gradually, with funding rates decreasing from around 1.8% to a range of 1.4%-1.6%, suggesting that negative carry is becoming a thing of the past [4][19]. - The long-end interest rates, particularly the 10-year government bond, require a decline in deposit rates to facilitate further downward movement [20][21]. Group 2: Macro-Prudential Support - The People's Bank of China is focusing on macro-prudential measures to support the healthy development of the bond market, which includes monitoring risks and enhancing regulatory coordination [5][24]. - The current credit environment shows weak growth in broad credit, with local government bonds expanding, indicating that investors may face more interest rate risks [25]. Group 3: Credit Bond Market - The credit bond market is expected to see a shift towards stronger credit performance and weaker interest rates, driven by a decrease in deposit rates and increased allocation towards credit bonds by wealth management products [7][28]. - The performance of credit strategies is likely to favor short to medium-term bonds, particularly those with a maturity of 2-3 years, with a ranking of value from city investment bonds to industry bonds [8][30]. Group 4: Investment Opportunities - The recent surge in sci-tech bonds presents unique investment opportunities, especially with new issuers and private sector participation, although investors should remain cautious of potential credit risks [10][32]. - The recommendation for a near-term convertible bond strategy is based on the increasing market focus on bonds with shorter maturities, particularly those with a strong repayment capability [11][34].

Core Insights - Moody's upgraded the international rating of Henan Airport Investment Group from Baa1 negative to Baa1 stable, reflecting recognition of the group's high-quality development and positive growth prospects [1] Macro Dynamics - In the first four months of 2025, the Ministry of Finance reported that a total of 14,927 billion yuan in new local government bonds were issued, including 3,023 billion yuan in general bonds and 11,904 billion yuan in special bonds [3] - As of the end of April 2025, the total local government debt balance reached 506,931 billion yuan, with general debt at 170,692 billion yuan and special debt at 336,239 billion yuan [3] Regional Highlights - Shaanxi Province is conducting special audits on financing platforms to reveal issues in hidden debt prevention and financing platform transformation [4] - Hainan Province is supporting eligible urban renewal projects to apply for new local government special bonds, with financial assistance for cities that increase land transfer revenue by over 10% compared to 2024 [6] Issuance Dynamics - Gongyi City plans to issue 1 billion yuan in medium-term notes for new urban construction [7] - Nanyang City Investment Holdings has received approval to issue 1 billion yuan in corporate bonds [7] - Zhengzhou Economic Development Investment completed the issuance of 700 million yuan in corporate bonds at a rate of 2.27% [7] - The Ministry of Finance plans to issue 68 billion yuan in government bonds in Hong Kong throughout 2025 [7] - The first knowledge property ABS in China was successfully issued with a rate of 2.15% [7] Debt Market Entities - Yichuan Caiyuan Industrial Investment announced the transfer of equity in five companies to Yichuan Ecological Technology City Investment to optimize resource allocation [8] - Lhasa City Investment completed its first non-standard debt replacement business with China Minsheng Bank [9] - Kaifeng Xiangfu District Development Investment has exited the government financing platform to operate as a market-oriented entity [10] Debt Market Sentiment - The Shenzhen Stock Exchange terminated the review of Jiangsu Hushuguan Investment Holding Group's 516 million yuan private bond project [11] - The Shanghai Stock Exchange terminated the review of Zoucheng Hengtai Holding Group's 800 million yuan private bond project [12] Market Perspectives - Dongwu Securities identified three characteristics of city investment companies issuing technology innovation bonds, including higher platform qualification thresholds, specific business requirements, and lower reliance on local government [14] - City investment companies meeting these criteria can leverage technology innovation bonds to invest in high-tech industries by June 2027 [15]

Core Viewpoint - The issuance of the first private venture capital "Sci-Tech Bond" by Dongfang Fuhai marks a significant milestone in China's equity investment industry, providing a new fundraising avenue and enhancing the market's LP strength [2][8][10]. Group 1: Project Overview - Dongfang Fuhai has received approval to issue a total of 1.5 billion yuan in Sci-Tech Bonds with a term of 15 years, aimed at funding venture capital investments in strategic emerging industries such as artificial intelligence, new energy, semiconductors, and biomedicine [1]. - The project sets new records in terms of total issuance scale and term length compared to similar projects [1]. Group 2: Impact on Fundraising - The funds raised from the Sci-Tech Bonds can be directly used for contributions to sub-funds, enhancing the fundraising capabilities of venture capital institutions [2]. - The issuance of Sci-Tech Bonds is expected to alleviate the current fundraising difficulties faced by private venture capital institutions, which often struggle to attract market-based funds [2][8]. Group 3: Policy and Market Context - The establishment of the "Sci-Tech Board" in the bond market aims to support experienced private equity and venture capital institutions in issuing long-term Sci-Tech Bonds, thereby driving more funds into early-stage and hard technology investments [3][9]. - Recent government policies encourage venture capital institutions to issue bonds, enhancing their ability to raise stable long-term funds [5]. Group 4: Historical Context and Development - The concept of bond issuance for venture capital has been explored since 2017, with the introduction of the "Double Innovation Bond" policy, which opened up new fundraising channels for private equity funds [6]. - The cumulative issuance of Sci-Tech Bonds has reached nearly 1.2 trillion yuan, with over 820 billion yuan issued this year alone, reflecting a year-on-year growth of over 50% [7]. Group 5: Challenges and Future Outlook - Historically, private venture capital institutions have been less active in bond issuance due to challenges such as low credit ratings and high issuance costs [8]. - The successful issuance of Sci-Tech Bonds serves as a demonstration effect, indicating a potential shift in the fundraising landscape for equity investment institutions [12].

2025.05. 22 本文字数：2155，阅读时长大约4分钟 作者 | 第一财经 杜川 作为实现科技和金融"双向奔赴"的基础性、引领性制度安排，近日，科技部会同中国人民银行、国家 金融监管总局、证监会等七部门联合印发《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》（下称《政策举措》）。 《政策举措》聚焦创业投资、货币信贷、资本市场、科技保险、债券市场等七个方面，提出了15项 政策举措，既有存量政策的迭代升级，也有增量政策的创新供给。5月22日，在国务院新闻发布会 上，相关部门负责人对科技金融政策进行了详细解读。 创新金融工具 《政策举措》聚焦科技型企业融资痛点，从货币信贷、债券市场等维度创新金融工具，为科技企业打 造便捷、低成本的融资渠道。 科技部副部长邱勇表示，《政策举措》提出，将对科技创新与技术改造再贷款，进一步优化结构、扩 大规模、降低利率，目的就是为科技型企业特别是民营中小企业打造融资贷款的"专属渠道"。 比如，金融资产投资公司股权投资试点范围扩大至全国18个城市及所在省份，签约意向金额突破 3800亿元；保险资金长期投资改革试点稳步推进，前两批试点金额分别为500亿元、1120亿 ...

Core Viewpoint - The recent announcement by multiple government departments regarding the "Accelerating the Construction of a Technology Finance System" aims to strengthen the integration of technology and finance, supporting high-level technological self-reliance and innovation. Group 1: Policy Measures - The Ministry of Science and Technology has taken the lead in refining the division of responsibilities among seven departments, emphasizing the importance of the "Innovation Points System" to facilitate technology innovation loans and guarantee plans, with over 7,000 enterprises signing contracts worth 88 billion yuan [2]. - The "Innovation Points System" will be further optimized and upgraded to enhance its effectiveness in identifying the technological innovation attributes of enterprises [2]. Group 2: Regional Focus - Key regions such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area will pilot technology finance innovation policies, with local governments and financial institutions encouraged to actively participate in these initiatives [3]. Group 3: Financial System Development - The People's Bank of China reported that the loan balance for technology-based SMEs exceeded 3.3 trillion yuan, growing by 24% year-on-year, while loans for "specialized, refined, and innovative" enterprises reached over 6.3 trillion yuan, up 15.1% [4]. - The central bank plans to increase the scale of technology innovation loans from 500 billion yuan to 800 billion yuan and reduce the interest rate from 1.75% to 1.5% [5]. Group 4: Financial Ecosystem - Efforts will be made to cultivate a comprehensive technology finance ecosystem, enhancing collaboration among various financial institutions and promoting cross-border financial services for technology enterprises [6]. Group 5: Regulatory Framework - The Financial Regulatory Bureau indicated that the loan balance for high-tech enterprises reached 17.7 trillion yuan, with a year-on-year growth of 20%, and will guide financial institutions to incorporate technology finance into their strategic planning [7]. - The China Securities Regulatory Commission has streamlined listing conditions for technology companies, with nearly 2,700 companies in strategic emerging industries listed, representing over 40% of market capitalization [8]. Group 6: Support for Technology Enterprises - The regulatory body will continue to support technology enterprises in utilizing both domestic and international capital markets, with 242 domestic companies completing overseas listing filings, including 83 technology firms [8][9].

证监会首席风险官、发行监管司司长严伯进：科创债累计发行了1.2万亿，其中，2024年共发行539亿， 发行规模0.61万元，总体增长了10%，募集资金主要投向了半导体、人工智、新能源、高端制造等产 业。 ...

证监会：目前交易所债券市场科创债累计发行了1.2万亿 募集资金主要投向半导体、人工智等产业 智通财经5月22日电，证监会首席风险官严伯进22日在国新办新闻发布会上表示，目前交易所债券市场 已经成为科技企业直接融资的一个重要渠道。科创债累计发行了1.2万亿，其中，2024年共发行539亿， 发行规模0.61万元，总体增长了10%，募集资金主要投向了半导体、人工智、新能源、高端制造等产 业。（智通财经记者 李婷） ...