中国人民银行、中国证监会公告。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。近日，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（中国人民银行 中国证监会公告〔2025〕8号，以下简称《公告》）。《公告》是落实党的二十届三中全会精神的重要举 措，有利于拓宽科技创新企业融资渠道，引导债券市场资金投早、投小、投长期、投硬科技，激发科技创新动力和市场活力，助力培育新质生产力。 《公告》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若干举措。主要包括：一是支持金融机构、 科技型企业、私募股权投资机构和创业投资机构（以下简称股权投资机构）发行科技创新债券。科技创新债券含公司债券、企业债券、非金融企业债务融资 工具等。二是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。三是为科技创新债券融资提供便利，优化债 券发行管理，简化信息披露，创新信用评级体系，完善风险分散分担机制等。四是将科技创新债券纳入金融机构科技金融服务质效评估。五是鼓励有条件的 地方提供贴息、担保等支持措 ...

Core Viewpoint - The Chinese government is implementing a comprehensive financial policy package aimed at stabilizing the market and managing expectations, which includes interest rate cuts and support for various sectors, particularly small and micro enterprises [1]. Group 1: Monetary Policy Adjustments - The People's Bank of China has reduced the reserve requirement ratio by 0.5 percentage points [6]. - The personal housing provident fund loan interest rate has been lowered by 0.25 percentage points, expected to save over 20 billion yuan in interest annually [6]. - The policy interest rate has been decreased by 0.1 percentage points [6]. Group 2: Support for Capital Markets - Preparations for the "Technology Board" in the bond market are nearly complete, with nearly 100 market institutions planning to issue over 300 billion yuan in technology innovation bonds [6]. - The combined quota for two capital market support tools has been set at 800 billion yuan, with potential for expansion or new policy tools in the future [6]. - The risk factors for stock investments have been reduced by 10%, encouraging insurance companies to increase their market participation [7]. Group 3: Support for Enterprises - A package of policies has been introduced to support financing for small and private enterprises [7]. - The approval of a whitelist for loans by commercial banks has increased to 6.7 trillion yuan, indicating a significant rise in lending activity [7]. - The government is accelerating capital replenishment efforts for large commercial banks [7]. Group 4: Regulatory Measures and Market Development - Recent policies have been introduced to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market [9]. - The China Securities Regulatory Commission is optimizing the classification and evaluation mechanisms for fund companies and sales institutions to enhance the issuance and sales of equity funds [9]. - There is a focus on supporting high-quality development of public funds, with a new action plan to be released soon [9]. Group 5: Foreign Investment and Market Stability - The government is supporting the return of quality Chinese concept stocks to domestic and Hong Kong markets [11]. - Measures are being taken to assist listed companies affected by tariffs, including support for equity pledges and refinancing [11]. - Confidence in the stability and healthy development of the Chinese stock market is being emphasized, with foreign investment in A-shares remaining stable at around 3 trillion yuan [9][11].

深交所：健全科技创新债券融资审核"绿色通道"机制 优化做市等交易机制安排 智通财经5月7日电，深交所发布关于进一步支持发行科技创新债券 服务新质生产力的通知，健全科技 创新债券融资审核"绿色通道"机制。发行人申报和发行科技创新债券适用"即报即审"的"绿色通道"机 制。突破关键核心技术的科技型企业可以参照适用知名成熟发行人优化审核安排，提升科技创新债券审 核注册效率，对不存在需重点关注的负面情形的，本所审核时限原则上不超过10个工作日。优化科技创 新债券做市等交易机制安排。支持科技创新债券质押融资，质押折扣系数可以在债券各档位对应折扣系 数取值基础上适当上浮，并适度降低科技创新债券纳入基准做市券门槛。鼓励证券公司为科技创新债券 提供承销与做市报价联动服务，本所将证券公司开展科技创新债券承销、做市业务情况纳入证券公司年 度评价、参与创新业务或产品试点的考虑因素。 ...

具有丰富投资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行科技创新债券，募集资金用 于私募股权投资基金的设立、扩募等。 此外，在完善科技创新债券配套支持机制，为科技创新债券融资提供便利方面，央行及中国证监会提 及，优化科技创新债券发行管理流程，提升融资效率，支持发行人根据资金使用特点，灵活分期发行。 简化科技创新债券信息披露规则，发行人可与投资人约定豁免相关披露信息。金融机构发行科技创新债 券可采用余额管理方式。 北京商报讯（记者 郝彦）5月7日，中国人民银行、中国证监会发布公告表示，为贯彻落实党的二十届 三中全会精神，加快多层次债券市场发展，构建同科技创新相适应的科技金融体制，加强对国家重大科 技任务和科技型中小企业的金融支持，完善长期资本投早、投小、投长期、投硬科技的支持政策，就支 持发行科技创新债券有关事宜公告。 在丰富科技创新债券产品体系，加快构建多层次债券市场方面，提到金融机构、科技型企业、私募股权 投资机构和创业投资机构（以下简称"股权投资机构"）等三类机构可发行科技创新债券，募集资金用于 支持科技创新领域投融资。 商业银行、证券公司、金融资产投资公司等金融机构可发行科技创新债券，聚焦主责 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is set to introduce multiple policies aimed at enhancing the quality of public funds and supporting technological innovation in the financial market [1][3]. Policy Initiatives - **Policy One**: The CSRC will release an "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes aligning the interests of public funds with investors. This includes optimizing the fee structure for actively managed equity funds, where underperforming funds will charge lower management fees. Performance metrics such as benchmark comparisons and investor profit/loss will be integrated into the assessment of fund companies and managers, shifting focus from "scale" to "returns" [3]. - **Policy Two**: The CSRC will expedite the release of a revised "Management Measures for Major Asset Restructuring of Listed Companies" and related regulatory guidelines [3]. - **Policy Three**: New measures to deepen reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market will be introduced, enhancing the inclusivity and adaptability of the regulatory framework, particularly in market structure, review mechanisms, and investor protection [3]. - **Policy Four**: There will be a strong push to develop technology innovation bonds, optimizing the issuance registration process and improving credit enhancement support to provide comprehensive financial services for tech enterprises [3]. Support for Technology Innovation Bonds - The People's Bank of China and the CSRC jointly announced measures to support the issuance of technology innovation bonds, aligning with the goals set forth in the 20th National Congress. This initiative aims to broaden financing channels for tech innovation companies and stimulate market vitality [4][5]. - The announcement includes several measures to enrich the product system for technology innovation bonds and improve supporting mechanisms. Key points include: - Encouraging financial institutions and tech companies to issue various types of technology innovation bonds, including corporate bonds and debt financing instruments [5]. - Allowing issuers to flexibly set bond terms, promoting the issuance of long-term bonds to better match the funding needs of the tech sector [5]. - Streamlining bond issuance management and innovating credit rating systems to facilitate financing for technology innovation bonds [5]. - Including technology innovation bonds in the evaluation of financial institutions' performance in technology finance services [5]. - Encouraging local governments to provide interest subsidies and guarantees for these bonds [5].

金十数据5月7日讯，上交所发布关于进一步支持发行科技创新债券服务新质生产力的通知。通知提出， 健全科技创新债券融资审核"绿色通道"机制。发行人申报和发行科技创新债券适用"即报即审"的"绿色 通道"机制。突破关键核心技术的科技型企业可以参照适用知名成熟发行人优化审核安排，提升科技创 新债券审核注册效率，对不存在需重点关注的负面情形的，本所审核时限原则上不超过10个工作日。 相关链接 上交所：发行人申报和发行科技创新债券适用"即报即审"的"绿色通道"机制 ...

全国银行间同业拆借中心决定从即日起全额减免银行间债券市场境内成员以科技创新债券为标的的现券 买卖交易手续费，减免期为2025年至2027年。 ...

中国人民银行、证监会：各类金融机构、资管机构和社会保障基金、企业年金、保险资金、养老金等可 投资科技创新债券。鼓励创设科技创新债券指数以及与相关指数挂钩的产品。 ...

党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相 适应的科技金融体制。近日，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（中国人民银行 中国证监会公告 〔2025〕 8号，以下简称 《公告》）。《公告》是落实党的二十届三中全会精神的重要举措，有利于拓宽科技 创新企业融资渠道，引导债券市场资金投早、投小、投长期、投硬科技，激发科技创 新动力和市场活力，助力培育新质生产力。 《公告》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若干举措。主要包括：一是支持金融机构、科技型 企业、私募股权投资机构和创业投资机构（以下简称股权投资机构）发行科技创新债 券。科技创新债券含公司债券、企业债券、非金融企业债务融资工具等。二是发行人 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。三是为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新 信用评级体系,完善风险分散分担机制等。四是将科技创新债券纳入金融机构科技金融 服务质效评估。五是鼓励有条件的地方提供贴息、担保等支持措施。下一步，中国 ...

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have announced that local governments may establish risk compensation funds or implement other preferential policies to support technology innovation bonds through interest subsidies and government financing guarantees [1] Group 1 - Local governments are encouraged to leverage their financial resources to support technology innovation bonds [1] - The measures include providing interest subsidies and government financing guarantees [1]