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。 ...

新政后已有100只科创债公告发行 14家券商累计公告发行18只 智通财经5月19日电，新政出台后，短短9天时间，首批科创债项目就马不停蹄启动发行。据记者统计， 发行公告日在5月7日至5月16日期间的，共有100只科创债，计划发行总规模2458.55亿元。新政新增支 持商业银行、证券公司、金融资产投资公司等金融机构发行科技创新债券，在这期间，共有14家券商累 计公告发行18只科创债，计划发行规模256亿元，其中，中信证券（2只共20亿）、国泰海通（2只共20 亿）、招商证券（3只共50亿）发行了多只科创债。（智通财经记者 王晨） ...

Economic Performance - In Q1 2025, China's GDP reached 31.8758 trillion yuan, with a year-on-year growth of 5.4% and a quarter-on-quarter increase of 1.2%[3] - The industrial added value grew by 6.5% year-on-year, while the service sector's added value increased by 5.3%[4] - Fixed asset investment rose by 4.2% year-on-year, with infrastructure investment growing by 5.8%[16][20] Trade and Exports - Total goods trade in Q1 2025 was 10.3 trillion yuan, a year-on-year increase of 1.3%, with exports at 6.13 trillion yuan, up 6.9%[28] - The export of mechanical and electrical products reached 5.29 trillion yuan, growing by 7.7%[28] - The share of domestic brand exports increased to 22.8%, reflecting a 10.2% growth in this segment[28] Price Stability - The Consumer Price Index (CPI) decreased by 0.1% year-on-year, with food prices dropping by 1.5%[31] - The Producer Price Index (PPI) fell by 2.3% year-on-year, indicating a slowdown in the decline compared to previous quarters[33] Employment and Fiscal Policy - The urban survey unemployment rate averaged 5.3% in Q1 2025, showing stability in the job market[38] - National general public budget revenue was 6.0 trillion yuan, down 1.1% year-on-year, while expenditures increased by 4.2% to 7.3 trillion yuan[40]

Group 1: Financial Policies and Market Impact - The recent package of financial policies introduced by three major financial regulatory bodies is expected to positively impact the consumption market [1][4] - The People's Bank of China (PBOC) has launched a "Technology Board" in the bond market to address the financing difficulties faced by technology companies, which is seen as a significant step to enhance financing channels and reduce costs [2][3] - The PBOC's structural monetary policy tools, such as the service consumption and pension re-loan, aim to support the transformation and upgrading of consumption, particularly in service-oriented sectors [5] Group 2: Debt and Investment Strategies - The PBOC's recent report indicates that China's government debt expansion is sustainable due to substantial state-owned assets, which can support increased borrowing [6][7] - The government is encouraged to increase leverage to stimulate investment demand amid low enthusiasm for private investment [7] - The introduction of risk-sharing tools for technology innovation bonds is expected to lower financing costs for equity investment institutions and support longer-term bond issuance [3] Group 3: Trade and Economic Resilience - The ongoing US-China tariff negotiations have led to significant changes in bilateral tariff levels, which are anticipated to benefit both countries' producers and consumers [8] - There is cautious optimism regarding the potential for a favorable outcome in the trade talks, although a return to pre-existing free trade conditions is unlikely [9] - Domestic market resilience is emphasized, with a focus on enhancing technology innovation, expanding domestic demand, and improving social security [10]

Group 1 - The People's Bank of China and the China Securities Regulatory Commission jointly announced measures to support the issuance of technology innovation bonds, with Ping An Bank's Beijing branch leading the underwriting of BOE Technology Group's 1 billion yuan (approximately 0.15 billion USD) bond project [1] - The bond has a 10-year term and a coupon rate of 2.23%, with a strong market response resulting in 3.15 times oversubscription [1] - The funds raised will be specifically used for technological upgrades in the semiconductor display sector, reinforcing BOE's position as a global leader [1] Group 2 - BOE Technology Group, established in April 1993, is a leading IoT innovation enterprise with a business structure centered on semiconductor displays and a strong global market presence [2] - The company is expected to see a 108.97% year-on-year increase in net profit attributable to shareholders in 2024, indicating strong cash flow and risk resilience [2] - The raised funds will focus on "hard technology" to support high-generation production line construction and core technology breakthroughs, accelerating the domestic substitution process [2]

截至2025年5月16日 13:58，上证科创板综合指数(000680)上涨0.25%，成分股热景生物(688068)上涨11.16%，正弦电气(688395)上涨10.17%，迈威生物 (688062)上涨9.33%，中研股份(688716)上涨9.21%，纬德信息(688171)上涨7.98%。科创综指ETF华夏(589000)上涨0.21%，最新价报0.93元。流动性方面，科 创综指ETF华夏盘中换手3.44%，成交9476.71万元。拉长时间看，截至5月15日，科创综指ETF华夏近1月日均成交1.77亿元，排名可比基金第一。 近日，国新办举行新闻发布会介绍"一揽子金融政策支持稳市场预期"有关情况，其中提到债市"科创板"相关政策和准备工作基本完成。同日央行与证监会联 合发布《关于支持发行科技创新债券有关事宜的公告》（简称8号文），从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科 技创新债券发行提出13条举措，沪深北三大交易所、交易商协会同步细化配套措施。 中泰证券指出，政策层对民营经济支持力度或上升：春节以来各大民营科技突破或使得高层对于民营科技企业态度出现积极变化，近期会议等表 ...

2024年12月27日，沪、深、北交易所同步发行的《公司债券发行上市审核指引——专项品种公司债券（2024年修 订）》，对公司债券市场创新债券品种发行上市审核规则体系进行了更新。其中，科创债市场提升了科创企业类 发行人认定指标，也拓宽了科创投资类、科创孵化类发行人主体范围。（南木） 无论是从承销家数还是承销金额来看，排名前5名均依次为中信证券、中信建投、国泰海通、中金公司以及华泰联 合。值得一提的是，今年5月7日，2025年5月7日，央行、证监会发布《关于支持发行科技创新债券有关事宜的公 告》，其中提到支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科技创新债券。而后，银 行、券商等相继发行科创债，科创债在市场上获得较高的关注度。不过，早在2021年3月，科创债试点工作正式启 动。在发展初期，监管层将科创债纳入创新创业债框架，引导优质企业发行科创用途公司债券。 2022年5月，中国银行间市场交易商协会发布《关于升级推出科创票据相关事宜的通知》，上海证券交易所和深圳 证券交易所分别发布《上海证券交易所公司债券发行上市审核规则适用指引第4号——科技创新公司债券》和《公 司债券创新品种业务指引第6号—— ...

上海市委常委、常务副市长吴伟在致辞中强调，股权投资市场是金融支持实体经济发展、促进科技创新 不可或缺的重要力量，上海将聚焦建设"五个中心"重要使命，积极做好以科技金融为首的"五篇大文 章"，不断加大对科技创新的金融支持力度，进一步推动国际金融中心建设与国际科创中心建设相互赋 能、联动发展。 本次推介会旨在通过推动政策、资本与产业的深度融合，进一步提升上海股权投资行业影响力，助推上 海国际金融中心和国际科创中心建设。来自上海、北京、深圳等全国各地的知名股权投资机构、行业代 表性母基金管理人、大型金融机构及科创企业等共300余位嘉宾出席会议。(完) 中新网上海5月15日电 (高志苗)中国人民银行金融市场司副司长曹媛媛15日在上海表示，自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来，市场反应热烈，多家 机构积极参与。截至14日，科技创新债券已发布1500亿元人民币，发行人区域覆盖北京、上海、江苏等 13个省市自治区，行业汇集了人工智能、芯片制造、高端装备制造、生物医药等技术领域。 （文章来源：中国新闻网） 当天，以"智涌浦江·创领未来"为主题的上海市股权投资营商环境推介会举行 ...

Group 1 - In April, new RMB loans increased by 280 billion, a year-on-year decrease of 450 billion, with a credit growth rate of 7.2%, down 0.2 percentage points month-on-month [2][4] - The credit structure is undergoing long-term changes, with corporate loans remaining a stabilizing factor for credit expansion, while retail lending shows seasonal declines [5][10] - The government bond issuance and fiscal policies are providing strong support for social financing, with April's social financing growth rate at 8.7%, up 0.3 percentage points month-on-month [15][16] Group 2 - The total social financing in April was 1.16 trillion, a significant year-on-year increase of 1.22 trillion, driven by government bond issuance and other financing methods [15][20] - The issuance of government bonds in April reached a net financing of 976.2 billion, a year-on-year increase of 1.07 trillion, supporting social financing growth [16][20] - The corporate bond financing in April added 234 billion, a year-on-year increase of 633 billion, indicating a robust demand for credit [17][20] Group 3 - The M2 money supply grew by 8% year-on-year in April, a significant increase of 1 percentage point from the previous month, while M1 growth remained stable at 1.5% [21][22] - The low base effect from the previous year contributed to the significant increase in M2, as financial data showed a shift in deposits towards non-bank systems [22][24] - The overall financial support for the real economy remains strong, with expectations for reasonable growth in financial totals due to supportive policies and improved market confidence [24]