Report Industry Investment Rating No information about the report industry investment rating is provided in the content. Core Viewpoints - Since the implementation of the new policy, the issuance of science and technology innovation bonds has shown new changes, including broader financing channels, lower financing costs, optimized term structure, and enhanced credit enhancement mechanisms [1][9][11][14][18][19]. - There are investment opportunities in non - component securities of brokerage science and technology innovation bonds, and institutions with stable liability ends can consider perpetual science and technology innovation bonds. Institutions can also seize the valuation decline opportunity of newly - listed science and technology innovation bonds after one month, and pay attention to non - component securities while exploring the income opportunities of component securities [2][3]. - In the short term, the science and technology innovation bond market is expected to be demand - driven, and the narrowing spread market is expected to continue, but the space is relatively limited [28]. Summary According to the Directory 1. New Changes in the Issuance of Science and Technology Innovation Bonds Since the New Policy - **Financing Channels and Issuer Structure**: In May - July 2025, the number and scale of newly - issued science and technology innovation bonds reached monthly highs in recent years. The proportion of central and state - owned enterprise science and technology innovation bonds decreased, while that of private enterprise science and technology innovation bonds increased, indicating optimized issuer structure and enhanced financing availability for private enterprises [11]. - **Financing Cost**: The financing cost of science and technology innovation enterprises has decreased, with the weighted average coupon rate dropping from 2.03% - 2.47% in January - April 2025 to 1.77% - 1.89% in May - June. The policy of the central bank to purchase science and technology innovation bonds with low - cost re - loan funds is expected to keep the financing cost low in the long term [14]. - **Term Structure**: The term structure of science and technology innovation bonds has been optimized, with the proportion of bonds with a term of less than 1 year decreasing from 29% to 18.28%, and the proportion of 3 - year and 5 - year bonds increasing by 8.48 and 1.31 percentage points respectively [18]. - **Credit Enhancement Mechanism**: The proportion of science and technology innovation bonds with guarantee measures has increased from 5.87% to 6.27% after the new policy. Policy guidance and the application of innovative credit enhancement tools have enhanced the credit enhancement mechanism [19][20]. 2. Thoughts on Science and Technology Innovation Bonds - **Brokerage Science and Technology Innovation Bonds**: As of August 12, among the 46 brokerage science and technology innovation bonds issued since May, 34 were included in the index component securities and 28 in the science and technology innovation bond ETF component securities. Un - included brokerage science and technology innovation bonds may be included later, presenting investment opportunities [2][22]. - **Perpetual Science and Technology Innovation Bonds**: Among the 606 component securities of 10 science and technology innovation bond ETFs, only 89 are perpetual bonds, accounting for 14.69%. There is a large gap compared with the tracking index, and there may be expansion demand for ETF products, especially those with low duration [2][24]. - **Investment Opportunities in Newly - listed Bonds**: Newly - listed science and technology innovation bonds have an obvious primary - secondary spread inversion phenomenon, which reduces after one month. Institutions bidding for new bonds in the primary market can seize the valuation decline opportunity, while institutions with unstable liability ends can focus on the secondary market [3][25]. - **Non - component Securities**: - Select non - component securities with a duration matching the three major science and technology innovation bond indices (2 - 3Y, 4 - 5Y), preferably from those meeting the market - making standards [3][30]. - Pay attention to multi - labeled science and technology innovation bonds, which have greater valuation compression opportunities under multiple policy attributes [4][31]. - Institutions with high risk appetite can pre - layout high - growth small and medium - sized science and technology innovation enterprises with outstanding bonds, as the new rating system is expected to improve their credit ratings and valuations [4][32].

Group 1 - Qingdao Huasaiberman Medical Cell Biology Co., Ltd. is advancing clinical trials thanks to timely bank credit support, specifically an 8 million yuan talent loan from Qingdao Bank [1] - Qingdao Bank has established a dedicated evaluation system for innovative enterprises, incorporating "soft power" factors such as technological leadership and team strength into its credit model, facilitating financing for asset-light companies [1] - Shandong province has introduced policies to address financing difficulties for innovative enterprises, including credit, guarantees, interest subsidies, and risk compensation, leading to the development of specialized loan products [1] Group 2 - Yiwopackaging Technology Co., Ltd. faced challenges with slow receivables and tight liquidity, but received a 5 million yuan "Innovation Credit Loan" from the Industrial and Commercial Bank of China, alleviating financial pressure [2] - The "Innovation Credit Loan" is based on a scoring system that evaluates companies' R&D efforts and innovation outcomes, with over 80 innovative enterprises in Zaozhuang High-tech Zone benefiting from this support [2] - The Industrial and Commercial Bank of China in Shandong has a technology enterprise loan balance exceeding 190 billion yuan, covering over 7,000 companies [2] Group 3 - Changxing Group Co., Ltd. successfully obtained a 5 million yuan loan using its patent as collateral, which is being used for new product development and ensuring timely order delivery [3] - As of March, Shandong province's technology loan balance reached 2.7 trillion yuan, reflecting a year-on-year growth of 21.2% [3]