"主要内容 二、一级市场 （1）上周非金融企业信用债发行规模环比下降15%，除了企业债，其他品种均为净融资，城投债发行环比下降 10%，由净融资转为净偿还，地产债发行环比上升35%，净融资环比上升1.7倍 （2）上周公募公司债发行利率、利差走扩，中票、私募债和短融涨跌互现 三、二级市场 四、评级调整与违约 一、债市要闻 1.第二批民营股权投资机构科创债发行 11月24日，第二批科创债风险分担工具支持的科创债在北京金融资产交易所开展专场路演。11月26日-28日，基石 资本、同创伟业、盛景嘉成和道禾长期4家民营股权投资机构在银行间市场陆续发行科创债，合计9.3亿元，标志着 更多民营股权投资机构在政策支持下通过银行间债券市场融资。此前，君联资本、中科创星、金雨茂物、东方富 海、毅达资本5家企业自6月18日完成科创债发行以来，截至目前已将近50%的募集资金实际投入使用，撬动资金规 模上百亿元，投向集成电路、人工智能、生物医药、新材料等关键领域，有效发挥了"以债促投"的杠杆效应，科技 创新债券风险分担工具对科技创新的支持成效持续显现。 上周（2025/11/24-2025/11/30)非金融企业信用债净融资1,181 ...

中国银行间市场交易商协会市场创新部负责人杜海均介绍，今年 6月，首批5家民营股权投资 机构在中国人民银行创设的科创债风险分担工具支持下，发行1 3 . 5亿元科创债。截至目前，将 近5 0%的募集资金已实际使用，撬动资金规模上百亿元，投向集成电路、人工智能、生物医 药、新材料等关键领域，有效发挥了"以债促投"的杠杆效应，风险分担工具对科技创新的支持 成效持续显现。 我们认为，民营创投发行科创债募资， 正在从 "试水"走向常态化 ，是中国股权投资行业的一 个里程碑，非常具有示范性意义，是在缓解募资难方面探索出的一条新路。 今年 3月，央行宣布将在债券市场推出"科技板"，随后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》（简称"新政"），明确指出，"具有丰 富投资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行科技创新债券，募集资金 用于私募股权投资基金的设立、扩募等"。 去年 6月国务院办公厅发布的《促进创业投资高质量发展的若干政策措施》也提出，鼓励符合 条件的创业投资机构发行公司债券和债务融资工具，增强创业投资机构筹集长期稳定资金的能 力。 继今年 6月首批5家民 ...

|2025年12月1日星期一| NO.1央行：持续打击虚拟货币相关非法金融活动 据央行消息，11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议强调，虚拟 货币不具有与法定货币等同的法律地位，不具有法偿性，不应且不能作为货币在市场上流通使用，虚拟 货币相关业务活动属于非法金融活动。稳定币是虚拟货币的一种形式，目前无法有效满足客户身份识 别、反洗钱等方面的要求，存在被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。会议要 求，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动。 点评：央行持续打击虚拟货币相关非法金融活动的举动，表明对于维护金融市场稳定和安全的坚定立 场。这一措施有助于降低虚拟货币市场中的潜在风险，尤其是在洗钱、诈骗和非法资金转移等方面。 据市场利率定价自律机制公众号，11月27日，市场利率定价自律机制（以下简称利率自律机制）工作会 议召开。中国人民银行党委委员、副行长邹澜出席会议并讲话，利率自律机制主任委员、中国工商银行 行长刘珺致辞。利率自律机制15家核心成员、其他全国性银行有关负责同志参加会议。会议表决通过了 关于增选利率自律机制副秘书长的决议，对当 ...

Core Viewpoint - The article discusses the promotion of "Science and Technology Innovation Bonds" (科创债) and the associated risk-sharing tools by the People's Bank of China and the China Interbank Market Dealers Association, highlighting their role in supporting private equity investment institutions in financing through the interbank bond market. Group 1: Overview of Science and Technology Innovation Bonds - The issuance of Science and Technology Innovation Bonds (科创债) has reached a total of 9.3 billion yuan, marking the second batch of projects supported by risk-sharing tools this year [1] - As of November 21, the Dealers Association has supported 276 enterprises in issuing over 530 billion yuan in 科创债, with the issuance scale exceeding 10% of the total debt financing tools in the interbank market for the first time [1][2] Group 2: Risk-Sharing Tools and Their Impact - The risk-sharing tools were created to support private equity institutions in issuing long-term bonds, significantly lowering their financing costs and allowing for longer maturities, such as 8 to 10 years [2] - The risk-sharing tools have improved the credit ratings and funding costs for the participating enterprises, enhancing the attractiveness of the bonds [3] - The first batch of projects utilizing these tools successfully issued 1.35 billion yuan in 科创债, with nearly 50% of the raised funds already utilized, leveraging over 10 billion yuan in total funding for key sectors like integrated circuits and artificial intelligence [3] Group 3: Regional and Sectoral Distribution - The issuance of 科创债 has expanded to cover 29 provinces, autonomous regions, and municipalities, with significant issuance from regions like Beijing, Guangdong, and Zhejiang [4] - The three major innovation clusters—Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei—account for over 60% of the total issuance, indicating a targeted approach to support innovation [4] Group 4: Future Directions and Enhancements - The Dealers Association plans to continuously improve the supporting mechanisms for 科创债, enhance registration efficiency, and increase promotional efforts to strengthen financial support for technological innovation [5]

Core Viewpoint - The second batch of technology innovation bonds (科创债) supported by risk-sharing tools is set to be issued in the interbank market from November 26 to 28, following a successful roadshow on November 24, aimed at providing financial support for technology innovation activities [1] Group 1: Issuance and Participants - Four private equity investment institutions are participating in the second batch of technology innovation bonds, aiming to raise a total of 930 million yuan [1] - The institutions involved include 基石资产管理股份有限公司 (基石资本), 深圳同创伟业资产管理股份有限公司, 盛景嘉成投资管理有限公司, and 上海道禾长期投资管理有限公司 [1] - 基石资本 plans to issue 400 million yuan of bonds as part of a larger 1.5 billion yuan issuance over two years, with most funds directed towards future investments in technology innovation [1] Group 2: Funding and Support Mechanisms - The technology innovation bonds have a term of up to 10 years, aligning with the investment horizon of the managed innovation funds [2] - The risk-sharing tools have significantly enhanced the issuance capacity of the bonds, providing a basic funding guarantee for the innovation funds established over the next two years [2] - Three of the four participating companies received credit enhancement from the risk-sharing tools, while one received market-based credit enhancement from 中债信用增进投资股份公司 [2] Group 3: Market Impact and Future Outlook - As of November 21, the interbank market has supported 276 companies in issuing technology innovation bonds totaling 534.6 billion yuan, with the issuance scale exceeding 10% of the total debt financing tools in the market for the first time [3] - The participation of private enterprises in the technology bond market has increased, with 55 private companies issuing 107.4 billion yuan, accounting for 20% of the total issuance [3] - The risk-sharing tools have effectively leveraged funds into key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials, demonstrating the ongoing support for technology innovation [3]

Core Insights - The issuance of technology innovation bonds by private equity investment institutions is increasing, with four firms planning to issue a total of 930 million yuan, indicating a growing trend of private equity firms utilizing the interbank bond market for financing under policy support [1] Group 1: Financing and Investment Support - The risk-sharing tool provides credit enhancement for three private equity firms, significantly improving the credit quality of their bonds, with collateral provided by equity stakes in invested companies or their own equity [1] - The risk-sharing tool will act as a "cornerstone investor" in the bond issuance of the four private equity firms, facilitating their financing efforts [1] - Since the previous issuance on June 18, five firms have utilized nearly 50% of the raised funds, leveraging over 10 billion yuan in total for investments in key sectors such as integrated circuits, artificial intelligence, biomedicine, and new materials [1] Group 2: Market Development and Policy Support - The trading association plans to continue utilizing risk-sharing tools to develop the bond market's "technology board," aiming to attract more financial resources for early-stage, small, long-term, and hard technology investments [2]

Core Viewpoint - The implementation of the "Nansha Plan" has led to significant progress in infrastructure and economic development in Nansha, with a focus on leveraging special bonds to stimulate investment and enhance collaboration with Hong Kong and Macau [1][2][3] Financial Support and Investment - A total of 535 billion yuan in special local government bonds has been issued to support 32 major projects in Nansha, reflecting strong government financial backing [1] - From 2022 to 2024, Nansha accounted for 40.19% of the 1,331 billion yuan in special bonds issued by Guangzhou, with a bond limit of 808.3 billion yuan for 2024, significantly higher than other districts [1][2] Infrastructure Development - Nansha has utilized special bonds to invest in critical infrastructure projects, including the completion of the Shenzhen-Jiangmen Railway and the Guangzhou Metro Line 18, enhancing connectivity within the Greater Bay Area [2][3] - The development of transportation infrastructure is crucial for Nansha, which has faced challenges in connecting with Guangzhou and other cities [3][4] Population Growth and Social Impact - The population in Nansha is projected to grow from 967,900 at the end of 2023 to nearly 1.3 million by April 2025, driven by improvements in transportation and healthcare facilities [5][6] - Special bonds have funded several healthcare projects, including hospitals and medical centers, contributing to the region's social development [5][6] Industrial Development and Economic Transformation - Over 350 billion yuan of the special bonds have been allocated to industrial park infrastructure, with significant investments in semiconductor and biotechnology parks [6][7] - Nansha is transitioning from reliance on land sales for revenue to developing sustainable "blood-making" projects that support long-term economic growth [6][7] Collaboration with Hong Kong and Macau - The special bonds have facilitated the development of collaborative projects with Hong Kong and Macau, such as the Qingsheng Hub, which serves as a key interface for resource flow in the Greater Bay Area [8][9] - The establishment of the Hong Kong University of Science and Technology in Nansha has enhanced the region's innovation ecosystem, attracting businesses and fostering collaboration [9][10] Future Outlook - The Guangdong provincial government plans to continue supporting Nansha's development through proactive fiscal policies, focusing on technology innovation, entrepreneurship, and urban development [10]