Core Viewpoint - The revised implementation plan for the evaluation of main underwriters of non-financial corporate debt financing tools aims to enhance the support for technology finance and inclusive finance, thereby empowering technological innovation and the private economy [2][4]. Group 1: Evaluation Mechanism - The evaluation mechanism for main underwriters has been optimized to align with the central government's directives on promoting high-quality development of technology and private enterprises, increasing support for technology innovation bonds and private enterprise bonds [4]. - The evaluation framework includes a comprehensive service capability model that integrates issuance pricing, market-oriented sales, ongoing management, underwriting market-making, risk sharing, and research innovation [4]. - The evaluation results will categorize underwriters into qualified and unqualified groups, with qualified underwriters further divided into four tiers: A, B, C, and D, based on their performance [7]. Group 2: Classification and Standards - National banks (including foreign banks) will have their top 30% classified as A tier, while the bottom 10% will be C tier; local banks will have their top 20% as A tier and bottom 20% as C tier; securities companies will follow a similar classification [7]. - Unqualified classifications include failure to submit required evaluation materials, significant self-regulatory penalties for violations, and other serious negative impacts as determined by the association [7][8]. Group 3: Future Directions - The association plans to continue enhancing the market-oriented evaluation mechanism for underwriting institutions, promoting high-quality development in the interbank bond market [8]. - There will be a focus on showcasing six types of specialized underwriters in areas such as inclusive finance, technology innovation, green bonds, structured products, panda bonds, and derivatives [8].

Core Viewpoint - The company, Jian Ke Yuan, has approved a proposal to issue technology innovation bonds with a maximum scale of 250 million yuan, aimed at funding various technology-related projects and operational needs [1] Summary by Categories Bond Issuance - The company plans to issue technology innovation bonds not exceeding 250 million yuan [1] - The approval was made during the tenth temporary meeting of the fourth board of directors [1] Fund Utilization - The raised funds will be used for technology innovation project investments, acquisitions, establishment of technology innovation enterprises, and construction of R&D platforms [1] - Funds may also be allocated for daily operational liquidity needs, in compliance with legal and regulatory requirements [1] - The company retains the right to adjust the usage of funds as necessary, but the funds will not be used for new stock placements, stock trading, or other non-productive expenditures [1]

Group 1 - The company, Zhaojin Mining (01818), has announced the issuance of its fifth phase of technology innovation bonds for the year 2025, which has been registered with the China Interbank Market Dealers Association [1] - The total registered amount for the bonds is RMB 10 billion, with an issuance amount of RMB 1 billion, and the debt financing tool has a maturity period of 182 days [1] - Industrial Bank Co., Ltd. serves as the lead underwriter and book manager for this bond issuance, while China CITIC Bank Corporation Limited acts as the co-lead underwriter [1]

Core Insights - The successful issuance of the 2025 Science and Technology Innovation Corporate Bond by the company marks a significant achievement, with a scale of 900 million yuan and a record low interest rate of 2.18% [1] - This issuance sets a new low for AA+ rated corporate bonds in the chemical industry nationwide, reflecting the company's enhanced credibility and financing capabilities in the capital market [1] Financial Impact - The issuance is part of the company's strategy to optimize its debt structure and reduce financing costs, allowing for an annual interest expense saving of 11.88 million yuan by replacing high-cost existing debt [1] - The company aims to ensure seamless funding transitions and achieve the lowest possible financing costs through this bond issuance [1] Strategic Initiatives - The success of the bond issuance is attributed to the company's effective utilization of its achievements in the "three years up, five years strong" initiative in the field of technological innovation [1] - The company has adeptly seized opportunities presented by the science and technology innovation bond policy, quickly adjusting its issuance plan to meet its goals of minimal cost, stable issuance, and optimal results [1] Future Plans - The company plans to continue leveraging its professional advantages to enhance its capital operation platform and deepen connectivity with financial markets [1] - The focus will be on providing more efficient and economical financing services to support the high-quality development of the group [1]

Group 1 - China reduced its holdings of US Treasury bonds by $25.7 billion in July, marking the lowest level since 2009 [1] - Bridgewater's founder warns that the US debt crisis poses a threat to the monetary system [1] - Analysts note that the Bank of England's reduction in long-term government bond sales indirectly acknowledges that previous actions harmed public finances [1] Group 2 - BlackRock states that foreign capital inflow will drive a rebound in Indian bonds [1] - The Ministry of Science and Technology reports that 288 entities have issued over 600 billion yuan in technology innovation bonds [1] - Xiamen plans to issue 9.224 billion yuan in local bonds, including 1.461 billion yuan in "special" new special bonds [1] Group 3 - China Pacific Insurance completed the issuance of 15.556 billion Hong Kong dollars in zero-coupon convertible bonds [1] - China Railway Construction Real Estate successfully issued 1 billion yuan in corporate bonds with a coupon rate of 2.52% [1] - Guangzhou Port Group's second phase of corporate bond issuance for 2025 has a determined interest rate of 1.96% [1] - Greentown plans to pay interest on 1 billion yuan medium-term notes, with the current interest rate for this period set at 3.95% [1] - Huaxia Happiness's "20 Happiness 01" corporate bond is due on September 21, and a repayment plan is being formulated [1]

本报讯(记者郭冀川)9月18日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会， 科技部部长阴和俊在介绍"十四五"时期科技创新发展成就时表示，这五年，科技创新能力稳步提升，科 技强国根基不断夯实。 阴和俊列举了多项数据，如科技投入持续增加，2024年全社会研发投入超3.6万亿元，较2020年增长 48%；研发投入强度达到2.68%，超过欧盟国家平均水平；研发人员总量世界第一。基础研究水平进一 步提升，基础研究经费达2497亿元，较2020年增长超过70%，在量子科技、生命科学、物质科学、空间 科学等领域取得一批重大原创性成果，高水平国际期刊论文数量和国际专利申请量连续五年世界第一。 阴和俊表示，这五年，科技体制改革持续深化，创新创造活力充分释放。科技金融体制进一步健全，推 出科技金融政策"组合拳"，各部门各地方积极行动、加快落实，2021年以来，科创板首发上市376家企 业，首发募资超6000亿元，2025年科技创新和技术改造再贷款达到8000亿元。 三是提升资本市场服务科技创新的能力。健全资本市场"绿色通道"机制，为突破关键核心技术的科技领 军企业上市融资、并购重组、债券发行等提供便利； ...

Group 1 - The core point of the news is that Tianjin Jiuan Medical Electronics Co., Ltd. successfully registered a technology innovation bond of 4 billion yuan, marking the first such project for private technology enterprises in Tianjin [1] - Jiuan Medical, established in August 1995 and listed on the Shenzhen Stock Exchange in June 2010, focuses on the research and production of health-related electronic products and smart hardware [2] - The company became the first in China to obtain EUA certification from the US FDA for its COVID-19 antigen self-test kit in 2021, with products distributed globally through platforms like Amazon [2] Group 2 - The law firm Zhongyin provided specialized legal advisory services for Jiuan Medical's bond registration, receiving high recognition from the client for its professional capabilities and project experience [1][4] - Jiuan Medical was included in the Fortune China 500 list in 2023 and has established subsidiaries in countries like the United States and France to expand its international business [2]

Group 1 - Tianhong Zhongzheng AAA Sci-tech Bond ETF (159111) was launched on September 12 and completed fundraising on the same day, offering transparent holdings and efficient T+0 trading [1] - The ETF closely tracks the Zhongzheng AAA Sci-tech Company Bond Index, which has shown an annualized return of over 4% and a low annualized volatility of 1.07% over the past three years [1] - The index covers 986 sci-tech bonds from the Shanghai and Shenzhen stock exchanges, indicating a diversified sample [1] Group 2 - The Central Financial Work Conference in October 2023 emphasized the importance of "five major articles," with sci-tech finance being the top priority, aligning with the government's push for high-level technological self-reliance [1] - Sci-tech bonds, as a new financing tool in the bond market, are crucial for enhancing direct financing efficiency for tech enterprises and promoting a positive cycle among technology, industry, and finance [2] - The growth of bond ETFs in China positions sci-tech bond ETFs as a significant component in the bond ETF landscape [2] Group 3 - Tianhong Fund's other bond ETF, Tianhong Credit Bond ETF (159398), showed a slight increase of 0.02% during trading [3]

Group 1 - The company has approved the issuance of super short-term financing bonds with a total registered amount of up to 6 billion RMB [1] - The company successfully issued the 2025 eighth phase of technology innovation bonds, raising a total of 500 million RMB [2] - The funds from the bond issuance were fully received on September 11, 2025 [2] Group 2 - The registration for the super short-term financing bonds is valid for two years from the date of the acceptance notice [1] - The relevant documents for the bond issuance have been published on the China Money website and the Shanghai Clearing House website [2]

Group 1 - The board of Tongkun Co., Ltd. approved the issuance of ultra-short-term financing bonds, which received a registration quota of 6 billion yuan from the trading association on August 30, 2024 [1] - On September 10, 2025, the company issued the eighth phase of technology innovation bonds in the national interbank market, with a total issuance amount of 500 million yuan, and the funds were fully received on September 11 [1] - The bond, referred to as "25 Tongkun SCP008 (Tech Innovation Bond)," has a term of 260 days and an issuance interest rate of 1.84% [1] Group 2 - There were 8 compliant subscription applications for the bond, amounting to 920 million yuan, while 6 effective subscription applications totaled 570 million yuan [1]