编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 十八，敬请垂注。 一方是城投公司，一方是新型研发机构，双方如何发生"化学反应"？ 今年4月，西安城市发展集团2025年面向专业投资者非公开发行科技创新公司债券（第二期）成功簿记发 行，提供了一份可参考的答案。这是上交所首单"实验室经济"科技创新公司债券，募集资金拟全部用于某 科技创新企业股权出资。 该债券是中金公司通过金融产品创新做好科技金融的又一实践。中金公司有关业务负责人向证券时报记者 介绍，2025年上半年已通过私募融资、股债融资、并购重组等方式完成科技金融相关项目交易规模约 6400亿元。 随着支持发行科创债的一揽子配套政策出炉，中金公司表示，将继续做好对科技企业的全方位服务，并进 一步发挥国际化业务优势，主动研究并实践投 ...

Group 1 - The core viewpoint of the articles revolves around the successful issuance of the first "laboratory economy" technology innovation corporate bonds by Xi'an Urban Development Group, which aims to support technology innovation enterprises through innovative financial products [1][2] - The bond issuance attracted a diverse range of investors, achieving a subscription multiple of 4.06 times and setting a record for the lowest interest rate among comparable bonds [2] - The issuance of technology innovation bonds has significantly increased, with over 330 billion yuan raised in 2023 alone, marking a substantial growth compared to the previous year [2][3] Group 2 - The company emphasizes the importance of providing comprehensive financial services throughout the lifecycle of technology enterprises, aligning with regulatory requirements [4] - The company has implemented various strategies to enhance the efficiency and cost-effectiveness of funding directed towards technology innovation [4] - The company is actively involved in the secondary market for technology innovation bonds, utilizing digital tools for real-time pricing and capturing trading opportunities [4] Group 3 - The company is exploring innovative bond design options, including convertible bonds and floating interest rates, tailored to the specific needs of technology enterprises [5] - The introduction of the "combination punch" policy for technology innovation bonds presents both opportunities and challenges for brokerage firms, necessitating a robust evaluation framework for different types of issuers [7] - The company is focusing on protecting investor rights by adopting investor protection clauses and leveraging temporary information disclosure mechanisms [8]

Core Insights - The article highlights the rapid development of the gallium nitride (GaN) industry in Wuhan, driven by the establishment of the Jiufengshan Laboratory's common technology platform and its innovative collaboration model [3][4][8] - GaN is identified as a core material for next-generation semiconductor technology, offering high frequency, power, and efficiency, making it essential in various applications such as electric vehicle fast chargers, communication devices, and new display technologies [3][4] Group 1 - The Jiufengshan Laboratory has launched China's first 100nm high-performance GaN process design kit (PDK) platform, leading to collaborations with over 30 domestic semiconductor companies [1] - The laboratory's ecosystem has attracted nearly 10 companies and research institutions to Wuhan, fostering innovation-driven industrial growth [3][4] - The laboratory has become a "beacon" for the compound semiconductor field in China, with a total valuation of over 10 billion yuan from more than 30 innovative enterprises gathered around it [8] Group 2 - The innovative model of "vertical collaboration + horizontal radiation" has been crucial for the efficient transformation from technological breakthroughs to industrial applications, supporting the development of strategic industries such as next-generation communications and new energy vehicles [4] - The laboratory has established a silicon-based GaN process verification platform, which integrates upstream and downstream innovation demands [3][4] - The Jiufengshan Laboratory has attracted 570 global industry partners, showcasing its role in creating a new model for the "laboratory economy" in Wuhan [8]

新华财经北京6月9日电（王菁）"推进中国式现代化，科技要打头阵。"5月以来，债券市场"科技板"成 长迅速，银行间与交易所科技创新债券注册发行、投资做市等业务推进如火如荼。 其中，以证券公司为代表的市场参与者"身兼数职"，快速响应金融多元化支持科创政策，认真承担发行 人、投资人、承销商、做市商等多重角色，积极打造一二级联动、投融资协同的良好市场生态，更好地 助力投早、投小、投长期、投硬科技。 注册、发行、承销快速"落地" 首批代表性项目成功问世 "问渠那得清如许，为有源头活水来。"债券市场"科技板"作为金融供给侧结构性改革的突破性创新，旨 在破解半导体、量子计算、生物医药等"卡脖子"领域长期面临的融资困境。 中金公司固定收益部副总经理曹济对新华财经表示，"随着深度参与债券市场'科技板'建设，包括支持 首批多只产品落地、以创新工具提升流动性、加强人工智能技术应用、提升投研能力等方式，我们 对'科技金融'大文章产生了更加深刻的理解，也对'金融活水'作用机制具备了更加有力的把握。" 中金公司投资银行部执行总经理李晓晨则指出，自去年"五篇大文章"提出以来，中金公司就证券公司如 何支持相关领域发行人通过科创债加大科技创新 ...

Group 1 - The core viewpoint of the news is the successful issuance of the second phase of non-public corporate bonds by Xi'an Urban Development Group Co., Ltd., aimed at professional investors, with a total scale of 1 billion yuan and a term of 3 years at a coupon rate of 2.25% [1] - The bond issuance was oversubscribed with a subscription multiple of 4.06 times, marking the first "laboratory economy" technology innovation corporate bond on the Shanghai Stock Exchange [1] - The laboratory economy is defined as a technology innovation model that promotes the integration of technology and finance, enhancing economic development through the commercialization of key technology products [1] Group 2 - The funds raised from this bond issuance will be entirely used for equity investment in Shaanxi Chang'an Pilot Industry Innovation Center Co., Ltd., a new type of R&D institution approved by the Xi'an municipal government [2] - The Chang'an Pilot Industry Innovation Center aims to accelerate the transformation and application of scientific research results, thereby promoting technological innovation and industrial upgrading in Xi'an and nationwide [2] - The bond issuance is expected to contribute to the cultivation of new productive forces and support high-quality economic development [2]