Core Viewpoint - The high-growth industry bonds, launched in 2024, are becoming a significant bond type supporting the development of the real economy, improving market perception of private enterprises, and signaling clear policy support [2][3]. Group 1: High-Growth Industry Bonds Overview - High-growth industry bonds are a new bond type introduced by the Shanghai Stock Exchange (SSE) to facilitate financing for industrial enterprises, addressing the market imbalance of focusing on local government and large state-owned enterprise bonds [2][5]. - The first issuance of high-growth industry bonds occurred in March 2024 by Nanshan Group, marking the practical implementation of this bond type in the domestic market [3]. - As of August 29, 2025, the SSE has issued a total of 73 high-growth industry bonds, with a cumulative issuance scale of 46.4 billion yuan, covering various industries such as semiconductors, communications, pharmaceuticals, and new energy [5]. Group 2: Market Dynamics and Investor Appeal - The high-growth industry bonds have attracted significant interest from quality companies, enhancing their value perception and reflecting the SSE's commitment to supporting the real economy and private enterprise financing [4][5]. - The introduction of high-growth industry bonds coincides with a decline in bond interest rates, providing a timely alternative for investors who previously focused on local government bonds [6][7]. - The bonds are designed to offer attractive returns and are recognized by institutions, making them appealing to investors [7]. Group 3: Credit and Disclosure Mechanisms - The high-growth industry bonds emphasize the "credit equals return" concept, encouraging issuers to enhance information disclosure to build investor confidence [9][10]. - Issuers are required to commit to key financial indicators, such as revenue growth rates and debt ratios, ensuring accountability and protecting investor interests [10]. - The bonds also include provisions for timely and comprehensive disclosure of operational and financial data, reducing information asymmetry and enhancing trust [9][12]. Group 4: Challenges and Future Outlook - The main challenges for high-growth industry bonds include conservative perceptions of industry risks and the need for improved risk management mechanisms among investors [11]. - There is a need for increased training and awareness to help market participants better understand high-growth industry bonds and establish reasonable tolerance for default events [11][12]. - Enhancing the quality and frequency of information disclosure, clarifying the responsibilities of intermediaries, and fostering a diverse investor base are essential for the successful development of the high-growth industry bond market [12][13].

Group 1 - The core viewpoint is that the Shanghai Stock Exchange (SSE) has successfully issued 63 high-growth industrial bonds amounting to 41.905 billion yuan by July 31, 2025, involving 43 issuers [1] - As of the end of June, 53 high-growth industrial bonds had been issued with a total scale of 37.3 billion yuan, attracting over 80 non-bank institutions to participate in investment [1] - The SSE aims to reach a target of 100 high-growth industrial bonds issued by the end of the year to address long-standing structural issues in financing for small and medium-sized enterprises and private companies [1] Group 2 - High-growth industrial bonds are designed to alleviate the "financing difficulties and high costs" faced by industrial enterprises, with a focus on richer and more reliable information disclosure and clearer investor protection agreements [2] - The SSE is building a mechanism to enhance transparency and credibility among issuers, ensuring that both issuers and investors benefit from the high-growth industrial bond market [2] - The underlying principle of the high-growth industrial bonds is the concept of "credit equals return," aiming to strengthen the bond market's support for the real economy by excluding overly speculative junk bonds [2]

新华财经上海8月11日电（记者杨溢仁）"加深投融交流"是高成长产业债的重要组成部分。作为同时服 务于产业债发展，以及债券市场信用分层建设的重要尝试，高成长产业债机制以引导经营主体践行"信 用即收益"的理念为特征。 在路演发言过程中，多位发行人提及，自高成长产业债发行以来，其与众多投资机构进行沟通交流，进 一步展示了公司的战略规划、业务优势和发展前景，增强了投资者信心。 需指出，高成长产业债是围绕更丰富和可靠的信息披露、更明确的投资者保护约定、更畅通的投融交 流、交易一二级联动多项要点联合开展的工作机制，服务于希望缓解"融资难、融资贵"压力的产业企 业。 据悉，上交所目前是搭建该机制的平台，希望引导发行人通过落实以上要点，建立更透明、诚信的发行 人形象，使发行人、投资者均从中获益。 上交所债券业务中心有关负责人向记者表示："集中路演活动作为重要的投融对接方式，覆盖面广、相 对更加高效，可以较快地拉近发行人、投资者之间的距离，所以我们有意愿去组织这样的活动，发挥桥 梁作用。更畅通的投融交流也能督促发行人更好地运作来接受市场的关注。" 无论是加强投融交流，亦或是高成长产业债工作机制当中的其他要点，上交所债券业务中心 ...

Core Viewpoint - The Shanghai Stock Exchange (SSE) has established a platform to facilitate communication between issuers and investors in the high-growth industrial bond market, emphasizing the concept of "credit equals yield" [1][3]. Group 1: High-Growth Industrial Bonds - The SSE has seen 63 high-growth industrial bonds issued, totaling 41.905 billion yuan, involving 43 issuers as of July 31, 2025, with a target of reaching 100 bonds by the end of the year [1]. - The introduction of high-growth industrial bonds aims to address the challenges of "difficult and expensive financing" faced by some industrial enterprises, and to improve transparency and liquidity in the bond market [2][3]. Group 2: Investor Engagement - A recent roadshow included 15 issuers and 30 investment institutions, allowing for direct interaction and communication about strategic planning, business advantages, and development prospects [2]. - Investors expressed a desire for more comprehensive disclosures from issuers regarding industry developments and operational conditions, highlighting the importance of transparency in enhancing investor confidence [2]. Group 3: Credit and Yield Concept - The SSE aims to promote a transparent and trustworthy image for issuers, linking the "credit equals yield" philosophy to the overall mechanism of high-growth industrial bonds [3]. - Timely and targeted information disclosure by issuers can enhance investor confidence, while addressing negative issues transparently can help stabilize market expectations and demonstrate accountability [3].

本报讯(记者毛艺融)"加深投融交流"是高成长产业债的重要组成部分。作为同时服务于产业债发展及债 券市场信用分层建设的重要尝试，高成长产业债机制以引导市场主体践行"信用即收益"理念为特征。 上交所鼓励发行人通过加强信息披露、促进投融交流来增强被市场主体认知的程度，减小投资者获取信 息的成本。近期，上交所以搭建平台组织集中路演形式，助力高成长产业债投融双方畅通交流。 增强投融双方开放性 近日，上交所邀请高成长产业债发行人开展现场集中路演。15家发行人、30家投资机构以及多家证券公 司、评级机构参加活动。 此次活动主题为"促进投融交流加深投融互信"。现场包括广西物流、济南产发、宁夏电力、山东宏河、 山东宏桥、海南华铁（603300）在内的6家发行人作路演发言，投资者代表介绍投资机构对高成长产业 债的获得感与意见建议，所有与会发行人与投资机构积极交流互动。 路演发言过程中，有发行人提及："非常感谢高成长产业债机制，自发行高成长产业债以来，其与众多 投资机构进行沟通交流，进一步展示了公司的战略规划、业务优势和发展前景，增强了投资者信心"。 上交所作为搭建该机制的平台，希望引导发行人通过落实以上要点，建立更透明、诚信的发 ...

上交所债券业务中心有关负责人向记者表示，"集中路演活动作为重要的投融对接方式，覆盖面广、相 对更加高效，可以较快地拉近发行人、投资者之间的距离，所以我们有意愿去组织这样的活动，发挥桥 梁作用。更畅通的投融交流也能督促发行人更好地运作来接受市场的关注"。 无论是加强投融交流，抑或是高成长产业债工作机制当中的其他要点，上交所债券业务中心有关负责人 强调，均与高成长产业债底层的"信用即收益"理念有着密不可分的关系。如何理解"信用即收益"，其认 为，"对于正面的内容，发行人可以通过及时、针对性的信息披露增强投资者对公司生产经营的信心； 对于负面的事项，发行人通过公开信披明确应对举措，有助于稳定市场预期，体现责任担当，减少损 失。投融对接交流可以帮助发行人了解投资者信息披露需求，或设置哪些投资者保护条款，促进双方达 成互利共赢"。 高成长产业债是围绕更丰富、可靠的信息披露、明确的投资者保护约定、更畅通的投融交流、交易一二 级联动多项要点联合开展的工作机制，服务于希望缓解"融资难融资贵"压力的产业企业。上交所目前是 搭建该机制的平台，希望引导发行人通过落实以上要点，建立更透明、诚信的发行人形象，使发行人、 投资者均从中获 ...