Core Viewpoint - The successful issuance of the "Yunnan Tin Industry Group (Holding) Co., Ltd. 2025 First Phase Technology Innovation Medium-Term Notes" marks a significant milestone for Yunnan Province's bond market, establishing a new benchmark for technology board bonds [1][2]. Group 1 - The bond issuance was for a scale of 500 million yuan, with a term of 3 years and a coupon rate of 2.28%, making it the first successful technology board bond in Yunnan Province [1]. - The issuance was in response to the Yunnan Provincial State-owned Assets Supervision and Administration Commission's policy to encourage state-owned enterprises to issue technology innovation bonds to promote industrial upgrades [1]. - Yunnan Tin, as a state-owned enterprise with a 141-year history, leads in technological innovation within the non-ferrous metal industry and has the most complete tin industry chain globally, consistently ranking first in tin metal production and sales [1]. Group 2 - The successful bond issuance demonstrates Shenwan Hongyuan Securities' expertise in developing and pricing industrial bonds, achieving an oversubscription of over 3 times, which reflects strong market recognition [2]. - The partnership between Shenwan Hongyuan Securities and Yunnan Tin has been further solidified through this issuance, with plans for continued innovation in technology financial services to support the development of new productive forces and breakthroughs in key material technologies [2].

中信证券：中国人民银行同意公司发行不超过150亿元科技创新债券，核准额度自该决定书发出之日起 两年内有效，有效期内公司可自主选择分期发行时间。 ...

Core Viewpoint - The company, Hesheng Silicon Industry Co., Ltd., has received approval from the Shanghai Stock Exchange to issue corporate bonds worth up to RMB 4 billion, aimed at optimizing its financing structure and supporting business growth [2][3][5]. Group 1: Bond Issuance Details - The company plans to issue corporate bonds with a maximum amount of RMB 40 billion, with a maturity of no more than 5 years [3]. - The bond issuance is part of a broader initiative to support the healthy development of private enterprises in China, with over RMB 220 billion raised by more than 100 private companies in 2024 [3]. - The bonds will be used to supplement working capital and support the development of various business segments [5][9]. Group 2: Financial Health and Projections - The company reported a net cash flow from operating activities of RMB 4.517 billion in 2024, the highest level in its history, with a net cash flow ratio of 2.60 [4]. - The company’s total bank credit amounted to RMB 35.931 billion, with RMB 3.497 billion remaining unused as of the end of 2024 [4]. - The company expects its revenue to continue growing over the next 3-5 years, necessitating increased working capital to maintain its market leadership [6]. Group 3: Credit Rating and Financial Strategy - The company has received an AA+ credit rating from China Chengxin International Credit Rating Co., indicating strong debt repayment capability and low default risk [7]. - The company’s debt-to-asset ratio was reported at 62.56% as of March 2025, showing a decrease of 1.27 percentage points from the end of 2024, indicating reduced financial risk [8]. - The company plans to optimize its funding structure through various financing channels, including leasing and short-term financing, to support stable operations [8].

Core Viewpoint - The article discusses the completion of the seventh batch of sub-funds established by the National SME Development Fund, highlighting the focus on investing in small and medium-sized enterprises in various high-tech sectors, and the overall growth of the fund's scale and impact on the venture capital landscape in China [4][7][8]. Group 1: Fund Establishment and Scale - The seventh batch of sub-funds has been fully established, with a total scale of 82.87 billion yuan [7]. - The newly established sub-funds include: - Shanghai Zhongke Chuangxing Fund with a scale of 26.17 billion yuan, focusing on advanced manufacturing, information technology, and new energy materials [6]. - Dongfang Jiafu Fund with a scale of 16 billion yuan, targeting advanced manufacturing, information technology, and life health sectors [6]. - Shanghai Lanchih Fund with a scale of 20.7 billion yuan, investing in advanced manufacturing, artificial intelligence, and biomedicine [6]. - The first sub-fund, Shen Chuang Investment Fund, has a scale of 20 billion yuan, focusing on new generation information technology and high-end equipment manufacturing [7]. Group 2: Investment Focus and Strategy - The investment direction remains consistent, supporting early-stage and innovative small and medium-sized enterprises, with an emphasis on nurturing new industries and production capabilities [8]. - Each sub-fund has a minimum subscription size of 1 billion yuan, with the National SME Development Fund contributing no more than 30% [8]. - The total number of sub-funds established by the National SME Development Fund has reached 46, with a total scale exceeding 120 billion yuan and over 1,800 investment projects [8]. Group 3: Market Context and Challenges - The article notes the increasing importance of government funds as major LPs in the venture capital space, while private LPs have become more cautious due to market pressures [10]. - The overall DPI (Distributions to Paid-In) in the venture capital industry has not met expectations, contributing to a decline in market-based funding [10]. - Some institutions are proactively reducing their fundraising scales in response to market changes, indicating a cautious approach to the current investment climate [11].

股票策略占据主导 前5个月私募证券基金备案量增逾45% 私募发行市场显著回暖。数据显示，截至5月底，今年以来新备案私募证券投资基金数量较去年同期增 长超45%。值得注意的是，不仅增量资金进场脚步加快，存量资金也积极谋攻。据统计，截至5月底， 股票主观多头策略型私募基金的平均仓位环比4月底小幅提升，其中高仓位私募占比明显增加。在业内 人士看来，伴随着政策效果逐步显现，增量资金加速进场，A股和港股的结构性机会将持续演绎，尤其 是中国优质科技企业的价值重估有望延续。 (上海证券报) 科技创新债券"满月" 全市场累计发行超3748亿元 中国银行间市场交易商协会6月9日消息，自5月7日人民银行和证监会联合发布关于支持发行科技创新债 券有关事宜的公告后，市场各方反应热烈。截至6月7日，科技创新债券推出首月，全市场147家机构累 计发行科技创新债券超3748亿元，包括39家金融机构发行2239亿元，108家非金融企业发行1509.98亿 元，其中，交易商协会支持73家非金融企业发行977.2亿元。（中国证券报） 科创板重大资产重组持续活跃 年内44家发布新方案 近期多家科创板上市公司披露重大资产重组相关公告，引发市场关注。 ...

交易商协会：科技创新债券发行超3700亿元 金十数据6月9日讯，交易商协会9日消息称，自5月7日人民银行和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后，市场各方反应热烈。截至6月7日，科技创新债券推出首月，全市场147家机 构累计发行科技创新债券超3748亿元，包括39家金融机构发行2239亿元，108家非金融企业发行1509.98 亿元，其中，交易商协会支持73家非金融企业发行977.2亿元。 ...

智通财经记者 | 邹文榕 自5月7日科创债配套政策出台以来，金融机构参与科创债发行及交易热情持续高涨。 5月7日，央行、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》，从产品体系丰富到配 套机制完善，为科技创新债券发行筑牢政策基石。同日，上交所、深交所、北交所同步配发《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》，细化支持举措。 从发行的债券类型来看，金融债是主要的债券类型，其次为短期融资券和公司债；就发行主体而言，银 行主体的发行规模最大，但产业主体的发行数量最多。 从募集资金用途看，华福证券研报分析，银行主体发行的科创债募集资金多用于发放科技创新领域贷 款，股权投资机构的募集资金多用于置换自有资金出资和私募股权投资基金等。 仅就金融机构层面而言，科创债新政首月，政策性银行、国有银行以及股份行等合计发行科技创新债券 20只，但发行规模即将突破2000亿元，达到1980亿元，占月内发行比重已超50%。 券商合计发行科技创新债券29只，合计发行规模249亿元。发行规模虽难与银行科创债相抗衡，但相比 于市场其他发行主体，券商发行的科创债融资成本相对更低，且市场认购热情更高。 在披露数据的债券中 ...

《关于支持发行科技创新债券有关事宜的公告》的发布旨在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。 武汉光谷金融控股集团有限公司(以下简称"光谷金控集团")2025年面向专业投资者非公开发行科技创新 中小微企业支持债券(第一期)于5月26日成功发行，由天风证券（601162）担任牵头主承销商，发行规 模10亿元，发行期限5(3+2)年，票面利率2.10%，全场认购倍数2.38倍。 光谷金控集团表示，未来，光谷金控集团将持续发挥金融资源优势，"投早、投小、投硬科技"，助力产 业升级转型，为光谷的高质量发展注入新动能。 自成立以来，光谷金控集团围绕光谷主导产业方向积极开展项目投资布局，围绕创新链布局产业链，围 绕产业链布局创新链。此次债券的成功发行，得到了投资机构的高度关注和踊跃认购。 值得注意的是，本期债券是今年关于支持发行科技创新债券相关新政推出后湖北地区国有企业发行的首 批科技创新公司债券。 今年5月初，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》，从 丰富科 ...

2025年5月9日，由申万宏源证券担任主承销商的"中国工商银行股份有限公司2025年科 技创新债券（第一期）（债券通）"成功发行，本期债券发行规模200亿元，期限3年，票面 利率1.65%，为市场首批金融类科技创新债券，创商业银行金融债最低票面利率，同类产品 单期规模之最*。 5月7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》。申万宏源证券积极响应，助力中国工商银行于5月9日率先落地首批科技创新债券。近年来， 工商银行作为全球资产规模最大的商业银行，始终走在金融支持科技创新的前沿。本期债券的发行 将助力债券市场"科技板"和多层次债券市场建设，拓宽科技创新企业融资渠道，激发科技创新动力 和市场活力。 来源：申万宏源证券固收融资 申万宏源证券凭借专业高效的投行服务进一步夯实了与发行人的战略合作关系。 未来，申万 宏源将继续完善全链条金融赋能体系，加大对国家重大发展战略的贯彻落实，为打造新质生产力、 实现高水平科技自立自强提供澎湃的金融势能，扎实做好"五篇大文章"，践行金融央企使命担当。 *注：排名统计时间截至5月9日 ...

Core Viewpoint - The launch of the "Technology Board" in the bond market has facilitated the issuance of the first private venture capital "Technology Innovation Bond" by Shenzhen Oriental Fortune Capital, marking a significant step in supporting technology innovation financing [1][2]. Group 1: Bond Issuance Details - Shenzhen Oriental Fortune plans to issue a total of 1.5 billion yuan (approximately 0.21 billion USD) in technology innovation bonds with a maturity of 15 years [1]. - The funds raised will be specifically allocated to venture capital investments and replacements in technology innovation sectors, focusing on strategic emerging industries such as artificial intelligence, digital economy, new energy, new materials, semiconductors, and biomedicine [1]. Group 2: Market Context and Challenges - The venture capital industry faces a common challenge of "difficulty in fundraising," particularly for private venture capital institutions due to their smaller scale, weaker risk resistance, and limited brand influence [1]. - Historically, private venture capital institutions have shown limited enthusiasm for issuing bonds to supplement capital due to high issuance rates stemming from low ratings, mismatched bond and fund durations, and low guarantee limits with high costs [1]. Group 3: Supportive Measures and Collaboration - The successful launch of the project involved collaboration among various stakeholders, including the Shenzhen Municipal Financial Office, the People's Bank of China Shenzhen Branch, and other market participants [2]. - The introduction of risk-sharing tools for technology innovation bonds aims to provide low-cost, long-term financing support for technology innovation enterprises and equity investment institutions [2]. - The Central Bank's policy to provide low-cost re-lending funds for purchasing technology innovation bonds is expected to channel more long-term, efficient, and low-cost bond funds into the technology innovation sector [2].