截至2025年6月30日，中债-投资级公司科技创新债券精选指数的成分券数量为268只，指数总市值约 3046.22亿元，平均久期为2.90，平均到期收益率为1.86%，平均待偿期为3.14年，平均派息率为2.22%。 本报讯(记者韩昱)据中央结算公司网站7月30日消息，为多角度反映人民币债券市场的走势，顺应科技 创新债券市场发展，为投资者提供多元化的业绩比较基准和投资标的，中债金融估值中心有限公司于 2025年7月30日发布中债-投资级公司科技创新债券精选指数(ChinaBond Investment Grade Corporate Science and Technology Innovation Bond Select Index)。 指数成分券由境内公开发行且上市流通、主体或债项评级AA+及以上、中债市场隐含评级AA及以上且 发行主体满足《商业银行资本管理办法》信用风险加权资产投资级公司分类标准的科技创新债券组成。 ...

募集资金按照相关法律法规及监管部门的要求使用，包括但不限于偿还有息债务、补充流动资金及项目 建设投资等符合国家法律法规及政策要求的企业经营活动。 格隆汇7月30日丨华光环能(600475.SH)公布，公司拟向中国银行间市场交易商协会（以下简称"交易商 协会"）申请注册发行总额度不超过30亿元人民币的科技创新债券。公司拟接续向交易商协会申请注册 发行总额度不超过40亿元人民币的中期票据和总额度不超过20亿元人民币的超短期融资券。 ...

Report Industry Investment Rating - No relevant information provided Core Viewpoints of the Report - In H1 2025, the issuance scale of asset - backed notes increased rapidly year - on - year, and the issuance cost decreased. Personal consumer finance and micro - loans were active among the underlying assets. Secondary market transactions also showed growth [3]. Summary by Related Catalogs Issuance Situation - In H1 2025, 280 asset - backed note products were issued, with a total issuance scale of 258.275 billion yuan, a year - on - year increase of 74 in quantity and 48.44% in scale. April had the highest issuance volume and scale [3][4]. - The top five issuing institutions in terms of issuance scale were SDIC Taikang Trust Co., Ltd., Beijing Jingdong Century Trading Co., Ltd., China National Foreign Trade Trust Co., Ltd., Huaxin International Trust Co., Ltd., and Huaneng Guicheng Trust Co., Ltd. The top five and top ten issuing institutions accounted for 42.97% and 62.85% of the total issuance scale respectively [6]. - In terms of underlying asset categories, debt - based ABNs dominated, with a scale of 231.007 billion yuan, a year - on - year increase of 52.45% and a scale share of 89.44%. The average issuance scale of other - type assets was the highest at 175.1 million yuan per unit [9]. - The underlying asset sub - types included personal consumer finance, micro - loans, accounts receivable, specific non - financial claims, and supply chains. Personal consumer finance had the largest scale share at 44.48% [11]. - The highest single - product issuance scale was 6.043 billion yuan, and the lowest was 90 million yuan. Products with a single - issuance scale in the (5, 10] billion yuan range had the largest number of issuances and the highest scale share [15]. - The shortest product term was 0.17 years, and the longest was 23.41 years. Products with a term in the (0, 1] year range had the largest number of issuances and the highest scale share [18]. - By rating level, AAAsf - rated notes accounted for 90.64% of the issuance scale [19]. - For one - year AAAsf - rated notes, the interest rate center was around 1.97%, and the median decreased by 34BP year - on - year [21]. - In H1 2025, 88 ABCP products were issued, with a total scale of 89.119 billion yuan, accounting for 34.51% of the ABN issuance scale [23]. Issuance Spread - Compared with the same - term treasury bonds, the issuance spread of 1 - year asset - backed notes narrowed, while that of 3 - year notes widened slightly. Compared with the same - term AAA - rated corporate bonds, the issuance spreads of both 1 - year and 3 - year asset - backed notes narrowed [27][29][32]. - For personal consumer finance, micro - loans, and accounts receivable, the issuance spreads showed different trends. The issuance costs of these three types of products decreased significantly compared with the previous year [32][34][36]. Secondary Market Transaction - In H1 2025, the total trading volume of asset - backed notes in the secondary market was 258.04 billion yuan, and the number of transactions was 2,840, with year - on - year increases of 23.34% and 21.89% respectively [39]. - The products with active secondary - market transactions were mainly personal consumer finance, class REITs, accounts receivable, micro - loans, and partnership shares [40]. Industry Dynamic Review - On March 14, 2025, the National Association of Financial Market Institutional Investors (NAFMII) issued the Action Plan for Further Supporting the High - quality Development of Private Enterprises in the Inter - bank Bond Market, which was conducive to optimizing the bond financing environment for private enterprises [42]. - On May 7, 2025, NAFMII issued the Notice on Launching Science and Technology Innovation Bonds and Building a "Science and Technology Board" in the Bond Market. On May 26, the first science and technology innovation asset - backed security was successfully issued, which was helpful for the bond market to serve the science and technology innovation field [43].

Group 1: Artificial Intelligence Developments - Chinese Premier Li Qiang emphasized the importance of making artificial intelligence (AI) a public good and proposed three suggestions for its development and governance during the opening ceremony of the 2025 World Artificial Intelligence Conference [2] - The Chinese government has initiated the establishment of a World Artificial Intelligence Cooperation Organization, with plans for its headquarters in Shanghai [2] - The 2025 World Artificial Intelligence Conference released the "Global Governance Action Plan for Artificial Intelligence," encouraging international cooperation and innovation-friendly policies [2] Group 2: Economic and Market Updates - The third batch of funds for the consumption upgrade program has been allocated, amounting to 69 billion yuan [3] - The film box office for the summer season has exceeded 4.9 billion yuan, with a single-day box office surpassing 100 million yuan [3] - The steel market has shown unexpected strength, with rebar prices rising to 3,356 yuan per ton, a 15.2% increase from the annual low [5] Group 3: Corporate Movements - China National Petroleum Corporation's Daqing Gas Field has achieved an annual production capacity of over 2.5 billion cubic meters, becoming a key resource for natural gas production growth in China [7] - Tesla plans to further implement its smart driving assistance system in China and Europe by 2025, pending regulatory approval [7] - Alibaba's AI glasses have completed development and are expected to be officially launched within the year [7] - Bilibili reported that over 140 million users engaged with AI-related content in Q1 2025, leading to a 100% increase in daily viewing time for such content [8] Group 4: Investment Trends - Over 330 listed companies in A-shares have announced mid-term profit distribution plans, doubling the number from the previous year [5] - The issuance of technology innovation bonds has continued to grow, with a total underwriting amount of 381.39 billion yuan in the first half of 2025, a year-on-year increase of 56.48% [5] - Global asset management giant Schroders has launched a private real estate equity investment fund of approximately 3 billion yuan, focusing on investment opportunities in core cities of the Yangtze River Delta [5]

Core Insights - The number of securities firms participating in the underwriting of technology innovation bonds (科创债) has increased to 68 in the first half of 2025, up by 23 firms year-on-year, with a total underwriting amount of 381.39 billion yuan, representing a growth of over 50% compared to the previous year [1][4]. Group 1: Underwriting Statistics - In the first half of 2025, 68 securities firms acted as lead underwriters for 380 technology innovation bonds, totaling 381.39 billion yuan [3]. - The top five firms in terms of underwriting amount for technology innovation bonds were CITIC Securities (71.10 billion yuan), CITIC Jianzhong (63.17 billion yuan), Guotai Junan (48.43 billion yuan), CICC (29.92 billion yuan), and Huatai United (22.08 billion yuan) [4]. - The underwriting amount for technology innovation bonds has increased by 56.48% compared to the same period last year, where 45 firms underwrote 208 bonds totaling 243.73 billion yuan [4]. Group 2: Types of Bonds and Market Participation - The statistics from the China Securities Association cover various types of bonds, including green bonds, low-carbon transition bonds, and rural revitalization bonds, among others [2]. - In the first half of 2025, 40 firms underwrote 71 green bonds totaling 59.44 billion yuan, while 17 firms underwrote 14 low-carbon transition bonds totaling 8.35 billion yuan [3]. - The participation of 68 firms in local government bond issuance resulted in a total winning bid amount of 140.46 billion yuan across 28 regions [3]. Group 3: Policy Impact - The surge in participation and underwriting amounts for technology innovation bonds is attributed to new policies introduced in May 2025 by the central bank and the securities regulatory commission, which established a special underwriting evaluation system and market-making mechanism for these bonds [4]. - The new regulations have increased the weight of underwriting and market-making in the evaluation system for underwriters and market makers [4].

Core Insights - Shenzhen has emerged as a leading hub for venture capital in China, alongside Beijing and Shanghai, due to its early exploration and establishment of local venture capital practices and significant government-led funds [1][3] Group 1: Current Trends in Shenzhen's Venture Capital Industry - The number and scale of funds in Shenzhen have seen six consecutive increases, with 3,429 private equity venture capital funds registered by the end of 2024, managing a total of 410.34 billion yuan, which is a 2.25 times increase since 2018, reflecting an annual growth rate exceeding 20% [1] - The fundraising structure has improved, with long-term capital increasing its share; by 2024, government guidance funds, social security, and insurance capital contributed 238.11 billion yuan, a year-on-year increase of 16.74%, accounting for 59.01% of total investments [1] - The top 10% of institutions manage 74% of the fund size, with six funds exceeding 5 billion yuan in total size reaching 68.65 billion yuan, marking an 11.02% year-on-year growth [1] Group 2: Key Investment Areas - Prominent sectors attracting investment include semiconductors and hard technology (30%), new energy and energy storage (18%), and biomedicine and medical devices (20%), with artificial intelligence and robotics comprising 14% [2] - Emerging markets such as low-altitude economy and digital economy are also witnessing some trading activity [2] Group 3: Ecosystem and Strategic Initiatives - Shenzhen Venture Capital Association has developed a comprehensive venture capital ecosystem over 25 years, managing over 70% of the city's fund size and connecting over 100 high-growth tech companies, LP institutions, and professional service providers [2] - The association addresses fundraising challenges by hosting annual LP conferences to connect with 100 active market-oriented mother funds and government guidance funds, and organizes seminars on mergers and acquisitions to explore exit strategies [2] - The association has established a cross-border private equity investment fund committee to promote international development and orderly cross-border capital flow, facilitating connections with global resources [2] Group 4: Government Support and Policy Environment - The venture capital industry is receiving unprecedented attention and support from national and local governments, with a series of policies being introduced to foster development [3] - The successful issuance of the first batch of technology innovation bonds for venture capital institutions in June is seen as a significant institutional innovation, indicating a shift from debt capital to equity investment [3]

Core Insights - The People's Bank of Shanghai reported that as of the end of June, over 130 stock repurchase and loan projects have been approved by financial institutions in the region, with nearly 80% of these projects involving private listed companies [1] Group 1 - The People's Bank of Shanghai, in collaboration with the Shanghai Securities Regulatory Bureau, held events to promote stock repurchase and loan policies for private listed companies [1] - The initiatives aim to support private enterprises in managing their market value effectively [1] - The introduction of technology innovation bonds has facilitated private companies in financing to develop new productive capacities, with the first technology innovation bond from a private enterprise successfully issued recently [1]

1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In 2025, driven by policy focus, the "science - technology board" of the bond market has accelerated its progress. On July 17, the first batch of Science - Innovation Bond ETFs were listed collectively. These ETFs have investment value due to factors such as high - quality index components, better performance in bull and bear markets, potential for spread compression, and suitability for certain types of investors [1][8][9]. - Science - Innovation Bond ETFs have differences from other mainstream ETFs in terms of sample scope, sample rating, and sample remaining maturity. The tracking index of Science - Innovation Bond ETFs has the characteristics of high return, low volatility, and low drawdown [4][30]. - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF has features such as low credit risk, stable coupon income, and suitability for both conservative allocation investors and stock - bond rotation strategies [5][55]. 3. Summary According to the Directory 3.1 How to Evaluate the Investment Value of Science - Innovation Bond ETFs? 3.1.1 Index Component Structure - Among the 10 Science - Innovation Bond ETF products, 6 track the CSI AAA Science - Innovation Bond Index, 3 track the Shanghai AAA Science - Innovation Bond Index, and 1 tracks the Shenzhen AAA Science - Innovation Bond Index. The Shanghai AAA Science - Innovation Bond Index has advantages such as better sample subject quality, relatively larger sample size, and physical redemption [11]. - The industry distributions of the CSI AAA, Shanghai AAA, and Shenzhen AAA Science - Innovation Bond Indexes are similar with high concentration. The top four industries of the first two are industry, public utilities, energy, and materials, accounting for 90% of the total scale; for the Shenzhen AAA index, they are industry, materials, public utilities, and information technology, accounting for 85% of the total scale [13]. 3.1.2 Policy Attributes: Better Returns in Bull Markets and More Resilience in Bear Markets - Since 2025, Science - Innovation Bonds have shown more resilience in bear markets (yield up 3BP less than medium - term notes and short - term commercial paper) and better return elasticity in bull markets (yield down 6BP more than medium - term notes and short - term commercial paper). Their policy attributes support their performance in bull - bear cycles [2][18]. 3.1.3 Allocation Demand: Room for Spread Compression - Currently, the 10 - year Treasury yield has been fluctuating in the range of 1.63% - 1.73% for over two months. The 3 - year and 5 - year AAA - rated Science - Innovation Bonds still have an excess spread of 29BP and 5BP respectively compared with medium - term notes of the same term and rating, indicating attractive yield levels [2][22]. 3.1.4 High Correlation between Science - Innovation Bond Index and Dividend Index, Suitable for Conservative Allocation Investors - The Shanghai AAA Science - Innovation Bond Index has a strong positive correlation (correlation coefficient of 0.56) with the Shanghai Dividend Index, and a low correlation (correlation coefficient of 0.16) with the Shanghai Composite Index. Science - Innovation Bond ETFs are suitable for conservative allocation investors and those who prefer stable high - coupon income [25][28]. 3.2 Comparison between Science - Innovation Bond ETFs and Other ETFs 3.2.1 Comparison of Indexes Tracked by Mainstream ETFs - Science - Innovation Bond ETFs, as a new category, differ from other mainstream bond ETFs (such as Policy - Financial Bond ETFs, Treasury Bond ETFs, and Credit Bond ETFs) in sample scope, sample rating, and sample remaining maturity. For example, the Shanghai AAA Science - Innovation Bond Index requires high - credit - rated bonds and has no restriction on the remaining maturity [30][31]. 3.2.2 The Index Tracked by Science - Innovation Bond ETFs has High Return, Low Volatility, and Low Drawdown - From 2023 to July 2025, the Shanghai AAA Science - Innovation Bond Index had the highest annualized return (5.41%) among the four compared indexes, relatively low annualized volatility (1.02%), and relatively low maximum drawdown (- 1.42%) [38][39]. 3.3 Introduction to Science - Innovation Bond ETF Products 3.3.1 Product Information of Guangfa Science - Innovation Bond ETF - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF (fund code: 511120.SH) is a contract - type open - ended index fund tracking the Shanghai AAA Science - Innovation Bond Index. As of July 17, 2025, its floating scale was 5.172 billion yuan [5][43]. 3.3.2 Trading Mechanism: On - exchange Trading with "T + 0" Real - time Trading for Convenient Operation - The ETF supports on - exchange continuous trading without subscription and redemption limits and "T + 0" real - time trading, which improves capital turnover efficiency and provides flexible trading space. The cash - dividend mechanism provides investors with a predictable cash source [47]. 3.3.3 The Index Tracked by the ETF has Medium - to - Short Duration, High Credit Rating, High Industry Concentration, and Many Leading Enterprises - The Shanghai AAA Science - Innovation Bond Index has a medium - to - short duration (bonds with a maturity of less than 5 years account for 80% of the total scale, and the weighted average duration is 4.40 years), high - credit - rated components (bonds with an implied rating above AAA - account for nearly 70% of the total scale), and high industry concentration with leading enterprises in the top four industries accounting for over 90% of the total scale [48][50][51]. 3.3.4 Good Liquidity and Low Correlation with Stocks Make it Suitable for Stock - Bond Rotation Strategies - The Guangfa Shanghai Stock Exchange AAA Science - Innovation Corporate Bond ETF is suitable for conservative allocation investors. Its low correlation with the Shanghai Composite Index and good secondary - market liquidity support stock - bond rotation strategies, enabling risk control during stock market downturns and efficient asset switching [55].

Group 1 - The core viewpoint of the article highlights the successful launch of the Jiashi CSI AAA Technology Innovation Corporate Bond ETF, which reflects strong market demand and government support for technology innovation bonds [1] - The ETF tracks the CSI AAA Technology Innovation Corporate Bond Index, which selects high-quality bonds rated AAA and above from technology innovation companies listed on the Shanghai and Shenzhen stock exchanges, providing a broader capacity advantage compared to single-market indices [1] - The ETF's issuance is supported by favorable national technology finance policies, which enhance the financing channels for technology innovation enterprises and attract more capital into the sector [1] Group 2 - Fund manager Wang Zhe stated that the ETF employs sampling replication and dynamic optimization methods to select highly liquid bonds while managing risks through various strategies, including duration deviation and yield curve strategies [2] - The product has a low management fee of 0.15% and a custody fee of 0.05%, which significantly reduces investment costs for investors in a low-interest-rate environment [2] - The ETF provides daily PCF lists, supports T+0 trading, and uses cash subscription and redemption methods to enhance investment convenience for clients [2] Group 3 - Jiashi Fund emphasizes that strategic technology innovation enterprises are accelerating growth due to policy support during the current economic transformation phase, with expectations of a continued bull market in the bond market [2] - The credit bonds exhibit a dual characteristic of "spread advantage + coupon protection," and the space for technology innovation bonds is considered broad due to national strategic support [2] - The issuer of technology innovation bonds is often in a phase of technological breakthroughs, and successful commercialization of R&D results could enhance corporate profitability, thereby increasing bond value and ETF net asset growth [2][3]

Core Viewpoint - Zhejiang Haikong Nanke Huatie Smart Technology Co., Ltd. is preparing to issue corporate bonds to enhance its financing structure and meet business development needs, with a proposed issuance amount of up to RMB 2 billion [2][6]. Group 1: Bond Issuance Proposal - The company plans to issue corporate bonds with a total fundraising amount not exceeding RMB 2 billion, which will be determined based on the company's funding needs and market conditions [2][4]. - The bonds will have a face value of RMB 100 and will be issued at par [2][4]. - The issuance will target professional investors and will not prioritize existing shareholders for allocation [2][4]. Group 2: Bond Characteristics - The proposed bond term will not exceed 10 years, with flexibility for single or multiple maturities based on market conditions [3][4]. - The bonds will be fixed-rate, with interest calculated annually using simple interest [4]. - The specific interest rate will be determined based on market conditions and discussions with the lead underwriter [4]. Group 3: Fund Utilization and Security - Proceeds from the bond issuance will be used to repay existing debt and supplement working capital, with specific allocations to be determined by the board [4][5]. - The bonds will be issued without collateral, and the company will implement measures to ensure timely repayment [5][6]. Group 4: Authorization and Governance - The company seeks authorization from the shareholders' meeting for the board to manage all aspects of the bond issuance, including adjustments to terms and conditions as necessary [7][8]. - The authorization will be valid for 24 months from the date of approval by the shareholders' meeting [8].