这正是理财估值整改与新型估值探索引发广泛热议的深层背景。传统估值方法高度依赖并敏捷反映市场 成交价格，在流动性充沛且不存在信用风险的利率债市场运转良好。然而，如果应用于信用债领域，则 可能面临"样本代表性问题"。 新华财经北京12月15日电（王菁）近期，多家银行理财公司试水新型第三方估值，在资管行业激起阵阵 涟漪。这一动向并非孤立事件，而是净值化转型步入深水区后，市场对债券估值公允性与稳定性的深切 追问。 随着政策定调"鼓励多估值源交叉验证"，行业讨论的焦点已悄然升级：从论证"为什么需要多个估值 源"，转向探寻"什么是能经得起市场检验的优质估值源"。这场寻"锚"之旅，正牵引着债券市场定价逻 辑的深层变革。 当前，市场对第三方估值体系的讨论也出现不同声音。 一方观点认为，资管新规要求采用净值法以来，主流第三方估值机构提供了净值计量的重要参考，特别 是在利率债领域，在债券市场建设方面发挥了积极作用。 另一方则指出，无论是银行理财还是公募基金，要想获取更高收益，信用债都是主要方向。全市场信用 债规模超50万亿元，除了部分大行二永债和部分高评级债券之外，大部分债券并没有活跃成交，仅靠每 天数百笔的信用债成交价格来决定 ...

Core Insights - Zhongdai Credit Rating Co., Ltd. has made significant breakthroughs in third-party valuation and pricing in the credit bond market, as evidenced by the release of the credit bond valuation and the Sci-Tech bond thematic index at the "Financial Street Forum - 2025 Financial Street Voice" [1] - The company aims to enhance the bond market's service to the real economy and financial market development through innovative valuation methods and diversified investment tools [1][2] Group 1: Valuation Methodology - The "value-based" valuation method implemented by Zhongdai Credit Rating adheres to regulatory requirements, prioritizing market data for actively traded bonds while carefully assessing the reasonableness of price information for less active bonds [2] - The company has achieved comprehensive coverage of credit bond valuations, publishing 92 yield curves daily that cover over 37,000 individual bonds [2] - An innovative primary issuance pricing method has been introduced to address the pricing challenges faced by newly issuing enterprises [2] Group 2: Index Products - Following the launch of the "Technology Board" in May 2025, Zhongdai Credit Rating quickly introduced the Sci-Tech bond thematic index, which focuses on newly issued technology innovation bonds and provides a representative market reference [2] - The index aims to enhance the market pricing capability, resilience, and liquidity of the "Technology Board," thereby reducing financing costs for Sci-Tech enterprises and promoting healthy development in China's bond market [2] Group 3: Future Directions - Zhongdai Credit Rating plans to further advance its valuation and pricing services, exploring applications in self-regulation, investment trading, and issuance pricing to contribute to a more transparent, efficient, and robust bond market [3]