Core Viewpoint - The expansion policy of the sci-tech bond market has been implemented, aiming to optimize the bond market structure, improve the investment ecosystem, and promote the construction of a multi-tiered bond market, making it an important financing channel for technology innovation enterprises [2][3]. Group 1: Market Structure Optimization - The expansion of the sci-tech bond market will significantly optimize the existing bond market structure, which is currently dominated by government bonds, by encouraging the issuance of medium- and long-term sci-tech bonds [2]. - This shift will attract more technology innovation enterprises into the bond market, helping to build a multi-tiered bond market system [2]. Group 2: Financing Mechanisms and Support - Future policies will enhance the pledge financing mechanism for sci-tech bonds and encourage the establishment of sci-tech bond indices and index-linked products, which will improve market liquidity and investment attractiveness [3]. - The policy aims to optimize the investment and financing ecosystem for sci-tech bonds by improving issuance efficiency, simplifying information disclosure, and guiding investment [3]. Group 3: Valuation Models and Credit Rating Systems - There is a need to establish valuation models and credit rating systems that are suitable for the characteristics of sci-tech enterprises, which differ significantly from traditional bonds [4]. - The focus should be on factors such as technological innovation capability, R&D investment, and future profitability trends, rather than solely on financial data and fixed assets [4]. Group 4: Risk Control and Credit Enhancement - A more comprehensive risk control system is necessary to address the high credit risk associated with sci-tech enterprises, which often face significant project risks and cash flow volatility [6]. - Recommendations include strengthening the responsibilities of issuers and intermediaries, enhancing information disclosure, and improving investor suitability management [6]. Group 5: Rating Agency Adaptation - Rating agencies must enhance their research on rating methodologies tailored for sci-tech enterprises, focusing on unique rating elements and the impact of credit enhancement mechanisms on repayment ability [7]. - Continuous improvement in due diligence and rating analysis quality is essential for supporting the rapid expansion of the sci-tech bond market [7].