Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - On May 15, the closing prices of treasury bond futures showed mixed trends, with the 30 - year main contract rising 0.24%, the 10 - year main contract rising 0.02%, the 5 - year main contract falling 0.03%, and the 2 - year main contract remaining flat. The treasury bond futures index was -0.22. The volume - price factor was bearish, while the fundamental factor was bullish. Without leverage, the cumulative returns of the strategy were 0.05% in the past 20 days, -0.45% in the past 60 days, 0.27% in the past 120 days, and 1.37% in the past 240 days. The A - share market showed a trend of opening high and closing low, with the three major indices showing different trends. There were more falling stocks than rising stocks in the market, and over 3200 stocks declined [1]. Group 3: Summary by Relevant Catalogs 1. Fundamentals Tracking - **Treasury Bond Futures Market**: On May 15, the closing prices of treasury bond futures were mixed. The 30 - year main contract (TL2506) rose 0.24% to 119.110, the 10 - year main contract (T2506) rose 0.02% to 108.555, the 5 - year main contract (TF2506) fell 0.03% to 105.790, and the 2 - year main contract (TS2506) remained flat at 102.294. The trading volumes were 67722, 58524, 52751, and 26528 respectively, and the open interests were 54427, 112500, 91935, and 51073 respectively [1][3]. - **Equity Market**: The A - share market opened high and closed low. The Shanghai Composite Index rose 0.17%, the Shenzhen Component Index fell 0.13%, and the ChiNext Index fell 0.12%. There were more falling stocks than rising stocks in the market, and over 3200 stocks declined [1]. - **Funding Rates**: Overnight shibor was 1.4040%, down 0.1bp from the previous trading day; 7 - day shibor was 1.4970%, down 0.4bp; 14 - day shibor was 1.5500%, up 1.4bp; 1 - month shibor was 1.6290%, down 1.0bp [2]. - **Currency Market**: The total trading volume in the inter - bank pledged repurchase market was 2.5 billion yuan, an increase of 2.17%. Overnight interest rate remained at 1.35%, 7 - day interest rate rose 10bp to 1.55%, 14 - day interest rate rose 3bp to 1.55%, and 1 - month interest rate fell 4bp to 1.56% [4]. - **Cash Bond Market**: The treasury bond yield curve shifted upward by 0.55 - 2.64BP (2Y yield rose 2.64BP to 1.46%, 5Y yield rose 1.51BP to 1.58%, 10Y yield rose 0.67BP to 1.68%, 30Y yield rose 0.55BP to 1.88%). The credit bond yield curve showed mixed trends (for AAA - rated medium - and short - term notes, the 6M yield fell 4.50BP to 1.64%, the 1Y yield remained at 1.70%, the 3Y yield fell 3.50BP to 1.72%, and the 5Y yield fell 8.00BP to 1.99%) [4]. - **Net Long Position Changes by Institution Type**: In daily changes, private funds decreased by 0.42%, foreign investors decreased by 0.37%, and wealth management subsidiaries decreased by 0.13%. In weekly changes, private funds decreased by 6.68%, foreign investors decreased by 15.8%, and wealth management subsidiaries decreased by 17.01% [5]. 2. Macro and Industry News - On May 15, the central bank conducted 6.45 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%, which was the same as before [9]. 3. Trend Intensity - The trend intensity of treasury bond futures was 0, indicating a neutral trend. The trend intensity ranges from -2 (most bearish) to 2 (most bullish) [10].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have introduced a risk-sharing tool for technology innovation bonds to support long-term financing for equity investment institutions in the "Technology Board" [1][8]. Group 1: Policy Announcements - The announcement includes 13 specific measures aimed at enriching the product system for technology innovation bonds and improving supporting mechanisms [1]. - The Shanghai and Shenzhen Stock Exchanges have issued notifications to further support the issuance of technology innovation bonds, supplementing the measures outlined in the announcement [1][2]. Group 2: Market Response and Scale - Nearly 100 market institutions have planned to issue over 300 billion yuan in technology innovation bonds, indicating strong market response [2]. - The total scale of China's bond market is 183 trillion yuan, ranking second globally, which can provide efficient and low-cost funding for technology innovation [2]. Group 3: Focus Areas and Support Mechanisms - The "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology [3]. - The new policies aim to reduce reliance on government funding and enhance investment efficiency by establishing a comprehensive support system for technology innovation bonds [3][4]. Group 4: Risk Management and Evaluation - The announcement includes measures to improve the risk-sharing mechanism for technology innovation bonds, allowing financial institutions to engage in credit protection tools and risk mitigation [6][8]. - A national evaluation mechanism for the effectiveness of financial institutions' technology financial services will be established to encourage investment in technology innovation bonds [3][6]. Group 5: Innovation in Bond Issuance - Issuers can innovate bond terms, including options for collateral and linking interest rates to project performance, enhancing the attractiveness of technology innovation bonds [7]. - The introduction of risk-sharing tools by the People's Bank of China aims to lower financing costs for equity investment institutions and support the issuance of longer-term bonds [8].

这些举措包括，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（下称"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。 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。 央行行长潘功胜在当日新闻发布会上透露，前期，人民银行会同证监会、金融监管总局、科技部等部 门，积极准备推出债券市场"科技板"，支持金融机构、科技型企业、股权投资机构等三类市场主体发行 科技创新债券，完善科技创新债券发行交易、信息披露、信用评级等制度安排，健全与科技创新融资特 点相适应的配套规则体系。相关政策及准备工作已基本就绪。目前看，市场各方响应非常积极，各类型 金融机构、科技型企业、股权投资机构积极与人民银行、证监会沟通，对接发行科技创新债券 ...

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》），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。 建立"股债联动"的综合支撑体系 《公告》内容主要包括：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。 每经记者 张寿林 每经编辑 廖丹 5月7日，人民银行披露债券市场"科技板"最新进展。 创设科技创新债券风险分担工具 权威专家指出，党中央高度重视科技创新工作，对构建同科技创新相适应的科技金融体制提出了明确要 求。当前，我国金融支持科技创新的多元化融资体系 ...