新华社记者任军、吴雨 自今年5月7日债券市场"科技板"正式落地后，科技创新债券融资增量扩面，资金加快流向科创领域。 新华社北京10月25日电 题：增量扩面！债券市场"科技板"加速支持科技创新 科技创新债券发行规模快速增长的背后，是信披要求、评级体系、风险分担、发行机制等多维度的机制 创新与生态重塑。 科创企业存在高成长、高风险特征，股权投资机构投资这些企业也面临一定信用风险。为此，中国人民 银行会同证监会创设了科技创新债券风险分担工具，由中国人民银行提供低成本再贷款资金购买科技创 新债券，并与地方政府、市场化增信机构等合作，构建增信"百宝箱"。截至目前，该工具已为君联资 本、中科创星、东方富海等股权投资机构引入担保增信，同时发挥"基石投资人"作用，带动市场化资金 积极参与。 区别于传统产业债对总资产、净资产等硬性定量指标的倚重，科技创新债券评级需要一套与其信用特点 相适应的评级方法。为此，银行间债券市场推动评级机构探索建立新的量化模型，使专利质量、研发投 入、技术成熟度、赛道景气度与政策红利等关键变量被系统纳入评级函数，将科创属性与信用等级显性 挂钩。 应该看到，科技创新债券支持科技型企业已取得积极成效，但下 ...

Core Insights - The People's Bank of China has reported significant growth in the bond market for technology innovation, with 670 billion yuan in technology innovation bonds issued by approximately 280 entities in the interbank bond market over the past five months [1] - Key characteristics of this market include a diverse structure of technology enterprises, flexible issuance methods for longer-term financing, and relatively low financing costs [1] - A total of 191 technology enterprises have issued 377 billion yuan in technology innovation bonds, covering 26 provinces and cities, with a focus on emerging sectors such as integrated circuits, intelligent computing centers, high-quality manufacturing, and biomedicine [1] Summary by Categories Market Development - The technology innovation bond market has seen rapid growth, with 670 billion yuan issued in five months [1] - The average coupon rate for bonds issued by technology enterprises and equity investment institutions is approximately 2% [1] Issuer Characteristics - Nearly half of the technology enterprises have bond maturities of three years or more, with equity investment institutions averaging a maturity of 5.8 years [1] - Some private equity investment institutions have successfully issued bonds with ten-year maturities [1] Geographic and Sectoral Coverage - The bond issuance spans across 26 provinces and cities, indicating a broad geographical distribution [1] - The sectors involved include cutting-edge fields such as integrated circuits, intelligent computing, high-quality manufacturing, and biomedicine [1]

Core Viewpoint - The Chinese capital market has undergone significant transformation during the "14th Five-Year Plan" period, focusing on legal construction, market system improvement, and risk prevention to enhance its role in supporting the real economy and national strategy [1] Institutional Reconstruction and Market System Improvement - Breakthroughs in legal construction have been achieved, with the implementation of the new Securities Law and the introduction of over 60 supporting rules following the release of the new "National Nine Articles" [4] - The market system has become more multi-layered and comprehensive, with the establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and Growth Enterprise Market [4] - As of August this year, the total market capitalization of A-shares has surpassed 100 trillion yuan, marking a significant increase compared to the end of the "13th Five-Year Plan" [4] Market Function Optimization - Over the past five years, the financing scale of the exchange market reached 57.5 trillion yuan, with the proportion of direct financing rising to 31.6%, an increase of 2.8 percentage points compared to the end of the "13th Five-Year Plan" [5] - The ability of the capital market to support technological innovation has significantly improved, with over 90% of newly listed companies being technology firms [5] Risk Prevention and Regulatory Enforcement - The annualized volatility of the Shanghai Composite Index has decreased to 15.9%, down 2.8 percentage points from the "13th Five-Year Plan" period, indicating enhanced market resilience [6][7] - The bond default rate has remained low at around 1%, and significant progress has been made in cleaning up the private equity fund sector [7] - Regulatory enforcement has intensified, with 2,214 administrative penalties issued over five years, resulting in a total fine of 41.4 billion yuan, reflecting a 58% increase in the number of penalties [7] Investor Protection System Improvement - The China Securities Regulatory Commission has improved rules related to share reduction, quantitative trading, and margin trading, enhancing investor protection mechanisms [8] - Notable cases have resulted in over 3.8 billion yuan in compensation to investors, significantly improving the quality of investor rights protection [8] Balancing Reform and Opening - Achievements during the "14th Five-Year Plan" are characterized by profound institutional and structural changes, transitioning from scale expansion to quality enhancement in the capital market [9] - Future challenges include enhancing institutional inclusiveness, attracting long-term capital, and improving the quality of listed companies [9] - The path for market development in the "15th Five-Year Plan" includes comprehensive reforms in investment and financing, increasing the entry of long-term capital, and enhancing regulatory precision [9]

Core Viewpoint - Jiangsu Lianhuan Pharmaceutical Co., Ltd. (hereinafter referred to as "the Company" or "Lianhuan Pharmaceutical") is set to issue technology innovation bonds with a guarantee from its controlling shareholder, Jiangsu Lianhuan Pharmaceutical Group Co., Ltd. (hereinafter referred to as "Lianhuan Group"), amounting to a maximum of RMB 500 million, without any guarantee fees or counter-guarantees required from the Company [1][2][4]. Transaction Overview - The Company plans to register and issue RMB 500 million in technology innovation bonds, with a maturity of no more than 3 years, supported by a joint liability guarantee from Lianhuan Group [1][4]. - The transaction is classified as a related party transaction but does not constitute a major asset restructuring as defined by the relevant regulations [2][4]. Related Party Information - Lianhuan Group holds a 39.90% stake in the Company and is its controlling shareholder, with its actual controller being the State-owned Assets Supervision and Administration Commission of the People's Government of Yangzhou [2]. Financial Data - As of March 31, 2025, the Company reported total assets of RMB 894,081.58 million and total liabilities of RMB 469,162.50 million, indicating a significant increase from the previous year [3]. - The Company’s revenue for the year was RMB 560,339.27 million, with a net profit of RMB 34,552.69 million [4]. Guarantee Details - The expected guarantee amount from Lianhuan Group for the financing is RMB 500 million, with cumulative guarantees provided to the Company amounting to RMB 140 million, all of which are current and without overdue situations [4][5]. Impact of the Transaction - The guarantee from Lianhuan Group is intended to facilitate the smooth issuance of the technology innovation bonds, supporting the Company's operational activities without harming the interests of the Company or its minority shareholders [4][5]. Approval Process - The transaction has been approved by the Company’s board and supervisory committee, with related directors and supervisors abstaining from voting to ensure compliance with legal regulations [5].

Group 1 - The company, Zhongxing Junye (002772.SZ), announced its plan to apply for the issuance of technology innovation bonds not exceeding RMB 5 billion to enhance its investment in technological innovation [1] - This initiative aligns with the national policy direction to promote technological innovation and aims to broaden financing channels, reduce financing costs, and optimize the debt structure [1]

Core Viewpoint - The company, Kexing Pharmaceutical (688136.SH), is responding to national policies on technological innovation by increasing its investment in R&D and optimizing its debt structure through the issuance of technology innovation bonds worth up to 800 million RMB [1] Group 1 - The company plans to apply for registration to issue technology innovation bonds in the interbank market [1] - The maximum amount of the bond issuance is set at 800 million RMB, including the principal amount [1] - This initiative aims to broaden financing channels and enhance the company's financial structure [1]

Group 1 - The company Postal Savings Bank of China plans to issue 50 billion RMB in technology innovation bonds, divided into two types [1] - The bonds will be issued on August 19, with a credit rating of AAA for the issuer and AAAsti for the bonds, indicating high credit quality [1] - The issuance aims to support financing needs in the technology innovation sector [1] Group 2 - Type one of the bonds will have a scale of 30 billion RMB and a fixed interest rate for a term of 5 years [2] - Type two of the bonds will have a scale of 20 billion RMB and a floating interest rate for a term of 3 years [2]

Core Viewpoint - The establishment of the "Technology Board" in the bond market has achieved significant milestones within its first hundred days, with a total issuance of 739 technology innovation bonds amounting to 926.13 billion yuan, reflecting a collaborative innovation effort among financial regulatory bodies, infrastructure, and market participants [1][2]. Group 1: Market Performance - The interbank market has dominated the issuance of technology innovation bonds, accounting for 62.14% of the total issuance, with 5,755.77 billion yuan issued [2]. - Commercial banks have been particularly active, with 32 commercial banks and 2 policy banks issuing a total of 2,413 billion yuan in technology innovation bonds [2]. - The Shanghai and Shenzhen stock exchanges have also contributed, with a total issuance of 3,467.01 billion yuan in technology innovation corporate bonds, primarily directed towards sectors like chip design, biomedicine, and artificial intelligence [2]. Group 2: Bond Issuance Characteristics - The issuance structure of technology innovation bonds has shown a significant lengthening of maturity, with over 75% of bonds having a maturity of more than 3 years, and over 30% exceeding 5 years [4][5]. - This maturity design addresses the long-cycle characteristics of technology research and development, providing stable funding for hard technology projects [5]. Group 3: Financial Innovation Tools - Over 300 of the issued bonds have special clauses, and nearly 60 have introduced innovative credit enhancement measures, such as credit risk mitigation certificates (CRMW) [6]. - These tools have been instrumental in reducing investor concerns by sharing 30%-50% of default risks, especially for technology companies with insufficient credit ratings [6]. - The use of blockchain technology has also been highlighted, with the issuance of the first blockchain-based technology board bond, ensuring traceability of funds [6][7]. Group 4: Evolving Investor Landscape - The investor structure for technology board bonds is changing, with insurance fund allocations increasing from 22% at the beginning of the year to 35% [8]. - The rapid growth of technology board bond ETFs indicates a strong interest from long-term funds, with the first ETF surpassing 100 billion yuan in just five trading days [8]. Group 5: Future Directions - The People's Bank of China has emphasized the need for optimizing the technology board mechanism and innovating risk-sharing tools [8][9]. - There are ongoing discussions about establishing a dual-track system for technology and credit ratings to better assess the value of technology companies [9]. - The development of innovative financing tools is expected to enhance the financing ecosystem for technology enterprises, addressing the historical imbalance between equity and debt financing [9].

Core Insights - The implementation of the announcement regarding the support for the issuance of technology innovation bonds has led to significant growth in the market, with 698 new public technology innovation bonds issued from May 7 to August 7, totaling a planned issuance scale of 880.659 billion yuan, marking a notable increase compared to the same period last year [1][3] Issuance Structure and Participant Expansion - Financial institutions contributed approximately 35.55% of the total issuance scale of 880.659 billion yuan, amounting to 31.3045 billion yuan, with 34 banks collectively issuing 230.3 billion yuan [3] - The participation of small and medium-sized banks, private enterprises, and equity investment institutions is increasing, indicating a trend towards market diversification [3] - The expansion of issuance participants includes not only national banks but also several city commercial banks and rural commercial banks, enhancing the financing channels for various types of technology innovation enterprises [3] Term Structure and Market Characteristics - The recent issuance of technology innovation bonds has a preference for medium to long-term maturities, with over 75.8% of the issuance scale, or 667.723 billion yuan, being for maturities of more than three years [4] - The majority of newly issued technology innovation bonds have a credit rating of at least AA, with AAA-rated bonds accounting for nearly three-quarters of the total [4] - The differentiation in coupon rates is significant, with the highest reaching 4.68% and the lowest at 0.01%, reflecting pricing variations based on credit ratings and funding needs [4] - The continuous implementation of policies and improvement of market mechanisms are facilitating rapid expansion in the scale of technology innovation bonds, optimizing issuance levels and term structures, and enabling more types of technology innovation entities to access long-term, low-cost financing [4]

Group 1 - The China Securities Regulatory Commission (CSRC) has outlined seven key work priorities for the second half of the year, focusing on stabilizing the market, deepening reforms, enhancing regulatory effectiveness, and improving research on major capital market issues to better serve national strategies [1] - Current market stability is attributed to controlling long-term stock price fluctuations and maintaining predictable market responses to external shocks, with A-share indices remaining above 3500 points, indicating market resilience [1][2] - The regulatory body is working on mechanisms to consolidate market stability and expects a continuation of positive trends with the implementation of favorable policies [1] Group 2 - The core direction for the next reforms of the Sci-Tech Innovation Board and the Growth Enterprise Market is to support technological innovation, allowing unprofitable companies with growth potential to access capital markets [2] - There is a need to bridge the gap between academic research and practical realities in capital market studies, promoting dialogue between academia and regulatory bodies to enhance policy-making effectiveness [2] - This approach aims to provide theoretical support for long-term market stability and better serve the needs of the national strategy, facilitating the transformation and upgrading of the real economy and technological innovation [2]