Table_First|Table_Summary 固收定期研究 2025 年 5 月 11 日 【华福固收】 AIC 扩容的影响和机会 ➢ AIC扩容的影响和机会 ➢ 金融债 二永债方面，目前短端品种表现更优，且短期内仍有一定的下行空间，国股行二永债流 动性更好，有"类利率"的交易属性，可以在当前行情中博弈相关投资机会，5Y及以内 的国股行二永债可以直接找凸点交易；对于想提前关注长端二永的机构来说，部分流动 性较强的如9-10Y高等级二永可按照每调买机进行适度参与。配置角度来看，票息策略 仍占优，对于负债端稳定的机构来说，可以在头部城农商行二永债中适当下沉，目前隐 含评级AA+的4-5Y二永债的信用利差分别为38.35BP和42.90BP，较同期限AAA-二永债的 利差分别高出5.27BP和5.07BP，有一定的配置优势。 2025年5月7日，兴业银行获国家金融监督管理总局批准筹建兴银金融资产投资有限公 司，注册资本100亿元，为兴业银行的全资子公司。兴银金融资产投资有限公司顺利开 业后，将成为首家由股份行持牌的金融资产投资公司（AIC），也将打破当前"五大AIC" 的行业格局成为我国第六家金融AIC。次日 ...

Core Viewpoint - The introduction of the Science and Technology Innovation Bonds (科创债) is seen as a positive development, primarily benefiting state-owned enterprises and leading companies, with limited immediate impact on the primary market [1][3]. Group 1: Historical Context and Comparison - The concept of innovation bonds was previously tested during the "mass entrepreneurship and innovation" period in 2016, but the issuance was limited, with only 1,117.3 billion yuan issued from 2017 to 2024, and little market activity since 2023 [1][3]. - Science and Technology Innovation Bonds, launched in 2021, have seen a significant increase in issuance, totaling 1.19 trillion yuan, which is over ten times that of the previous innovation bonds [2][3]. Group 2: Issuance and Beneficiaries - The eligible issuers of Science and Technology Innovation Bonds include major commercial banks, securities firms, large private equity investment institutions (including state-owned and leading private firms), and mature technology companies [2][3]. - The majority of the bonds issued are unsecured, with a high reliance on the credit quality of the issuing entities, predominantly benefiting state-owned enterprises [4][6]. Group 3: Market Dynamics and Trends - The issuance of long-term bonds has increased significantly in 2024, with bonds of 10 years or more now accounting for 20% of the total issuance [2][3]. - The financial sector remains the primary issuer, with banks and securities firms expected to issue nearly 700 billion yuan, significantly outpacing the expected issuance from venture capital institutions [9]. Group 4: Interest Rates and Cost of Capital - The interest rates for Science and Technology Innovation Bonds are generally lower than those for ordinary corporate bonds, with rates around 2% for high-quality issuers [13][14]. - The cost of capital for non-guaranteed loans to entrepreneurial companies has decreased significantly, now around 3%, compared to 8% in 2021, making equity financing less attractive for stable, mature companies [18]. Group 5: Recommendations for Startups and Investment Institutions - Startups without innovation attributes are advised to focus on profitability and self-sustainability, as access to funding may be limited [18]. - Investment institutions closely collaborating with local governments are encouraged to explore this new funding channel to enhance their capital-raising capabilities [18].

招商银行称，本次设立的金融资产投资公司由公司作为投资主体根据《金融资产投资公司管理办法（试 行）》，使用自有资金直接投资设立。成功设立后，本次设立的金融资产投资公司将成为全资一级子公 司，具体业务范围以金融监督管理机构批复为准。 本次投资不构成关联交易或重大资产重组事项，无需提交股东大会批准。本次投资尚需取得有关监管机 构的审核和批准。 同日晚间，中信银行公告称，拟出资100亿元设立全资子公司信银金融资产投资有限公司。本次投资是 积极响应国家号召，大力支持"科技金融"发展的关键举措。本行将立足服务国家战略，做好金融"五篇 大文章"。本次投资的资金来源为本行自有资金，公司资本可支撑设立信银金投，对公司各项流动性指 标影响较小。 转自：新华财经 5月7日，兴业银行称，收到《国家金融监督管理总局关于筹建兴银金融资产投资有限公司的批复》。 新华财经北京5月8日电 （王媛媛）金融资产投资公司正加速扩容中，8日晚间，招商银行和中信银行宣 布，拟设立金融资产投资公司。 招商银行表示，拟出资150亿元，全资发起设立金融资产投资公司。 兴业证券分析称，当前AIC牌照迎来扩容窗口期。早在2018-2020年，兴业银行、浦发银行和 ...

5月7日，国家金融监督管理总局官网发布批复，同意兴业银行筹建兴银金融资产投资有限公司（名称暂定）。这标志着我国第六家持牌金融资产投资公司即 将落地，也是首家由全国性股份制银行发起设立的金融资产投资公司（Asset-investment Company，下称"AIC"），正式打破此前五大国有行垄断银行系AIC 的市场格局。 百亿级AIC落地，股份行首获"入场券" 股份行加速入场，综合化服务成新方向 作为首家获批的全国性股份行，兴业银行的布局被视为行业转折点。中金公司银行业分析师林英奇指出，头部股份制银行资本实力雄厚，且有强烈的综合化 经营需求，通过设立AIC可整合集团资源，提供"投贷联动"等综合金融服务，更好满足企业多元化融资需求。 招联金融首席研究员董希淼表示，允许符合条件的全国性商业银行设立AIC，体现了监管层支持金融服务科技创新的明确导向。他建议未来可探索允许管理 规范、科技客户资源丰富的中小银行设立投资子公司，构建"债权+股权"的立体融资服务体系。 挑战犹存，需平衡风险与创新 尽管政策利好不断，银行系AIC的发展仍面临多重考验。中国银行研究院报告指出，股权投资的高风险属性与商业银行审慎经营原则存在内在冲 ...