Core Viewpoint - The Shanghai Stock Exchange (SSE) is enhancing its role as a market organizer to improve financing mechanisms for industrial enterprises, focusing on alleviating the challenges of "difficult and expensive financing" [1][2][4]. Group 1: Financing Mechanisms - The issuance scale of industrial bonds in the SSE reached 196.9 billion yuan in the first two months of 2025, a 40% increase year-on-year [1]. - The SSE has revised its guidelines for special corporate bonds in 2024, expanding the eligibility for issuers to include technology innovation and rural revitalization bonds [2]. - In 2024, the total issuance of industrial bonds exceeded 1.5 trillion yuan, marking a 33% year-on-year growth, with the SSE accounting for over 80% of the market [3]. Group 2: Investor Engagement - The SSE is actively encouraging industrial enterprises to enhance information disclosure and investor protection measures to improve investor confidence and understanding of industrial bonds [2][5]. - A new bond issued by the Eastern Airport Group in June 2024, which combined carbon neutrality and rural revitalization themes, set a record low interest rate of 2.23% [2]. Group 3: Market Collaboration - The SSE has established a comprehensive service team to facilitate connections between issuers and investors, aiming to create a more favorable financing environment for industrial enterprises [5]. - The SSE promotes a "one primary, one secondary" linkage model to enhance liquidity in the secondary market, encouraging securities firms to provide simultaneous primary issuance and market-making services [6].