以广东为例，中国人民银行广东省分行最新数据显示，截至2025年8月18日，全省已有2家金融机构、12 家科技型企业和4家股权投资机构在银行间市场发行科技创新债券，规模总计441.05亿元，率先实现三 类发行主体"全覆盖"。 8月以来，商业银行科创金融债券发行持续升温，发行主体类型进一步丰富，逐步向农商银行下沉。 Wind数据显示，自5月9日债券市场"科技板"上线以来，截至8月23日，商业银行科创债发行数量达37只 （8月新增6只），发行规模总计2263亿元。 发行主体涵盖国有大行、股份制银行、城商行和农商行等34家银行机构。其中，城商行表现尤为活跃， 共有18家参与发行，农商行也增加到4家。值得注意的是，发行主体信用评级呈现多元化，AA+评级主 体已扩容到3家，反映科创债发行门槛在政策鼓励与市场认可的双重推动下适度放宽。 盘古智库高级研究员余丰慧表示，随着科技创新在国家战略中的地位不断提升，金融机构对科创企业的 融资支持需求显著增长，叠加多项政策利好，共同推动了科创债发行加速。"尤其是地方银行，具备实 质性动力参与科创债发行，这不仅有助于拓展业务新领域、提升市场竞争力，还能为其带来与高成长性 科技企业合作的机 ...

() 上海证券交易所 投资者教育基地 科 技 创 新 债 券 （简 称 " 科 创 债 "),是指由科技型企业发行,或者 募集资金主要用于支持科创领域发 展的信用债。截至目前，全市场共 356 家主体发行 1360 只科创债, 合计规模 1.95 万亿元。其中沪深两 所共发行 935 只,合计规模 1.23 万亿元，较 2022 年末分别增长近约 14.7 倍和 13 倍,投资容量与日俱 增。 近年来,指数体系快速完善,市 场认可度不断提高,指数化投资趋势 加速形成。上交所投教联合中国基金 报、中证指数公司共同推出" 一图看 懂指数化投资"系列投教栏目,为广 大投资者带来全面、专业的解读，直 击指数化投资关键要义。 发布背景 指数百科 第二十一期 IPAAATHCHJJJJJJJ 护用创债费资料工具 0 者 按 第三 中国基金报 CHINAFUND ■ 中证指数 国 指数化搜索 指数 定位 2023 年 8 月，上海证券交易所 和中证指数有限公司研究推出上证 AAA 科技创新公司债指数,选取剩 余期限、信用评级符合条件的债券作 为指数样本,以反映相应上交所科技 创新公司债的整体表现。 ► 指数投资容量充足 目 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The global economy is on a stable growth track, with the OPEC raising its 2025 US economic growth forecast from 1.7% to 1.8% and maintaining the 2026 forecast at 2.1% [4]. - The bond market is under pressure, with stock and commodity markets remaining strong. The long - end of the bond market has seen the largest adjustment, but the bank - to - bank money market remains stable and loose [25]. - The A - share market continues its slow - bull pattern, with the three major indices hitting new highs for the year. The semiconductor industry chain has boomed, while some anti - involution sectors have declined [35]. 3. Summary by Directory 3.1 Macro Data Quick View - In June 2025, GDP at constant prices grew 5.2% year - on - year, down from 5.4% in the previous quarter but up from 4.7% in the same period last year [1]. - In July 2025, the manufacturing PMI was 49.3%, down from 49.7% in the previous month and 49.4% in the same period last year; the non - manufacturing PMI for business activities was 50.1%, down from 50.5% in the previous month but up from 50.2% in the same period last year [1]. - In June 2025, social financing scale increment was 41993 billion yuan, compared with 22899 billion yuan in the previous month and 32985 billion yuan in the same period last year [1]. 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Two loan discount policies were released on the 12th to stimulate consumption and boost the economy [2]. - China and the US agreed to continue suspending the implementation of 24% reciprocal tariffs for 90 days starting from August 12 [2]. - The US is likely to see interest rate cuts in September and October, according to CME "FedWatch" data [3]. 3.2.2 Metals - As of August 12, the gold holdings of SPDR Gold Trust remained unchanged from the previous trading day [5]. - The lithium industry branch of the China Non - Ferrous Metals Industry Association issued an initiative to resist "involution - style" competition [5]. - London's basic metals mostly rose, and the market may remain volatile in the short term [5]. 3.2.3 Coal, Coke, Steel, and Minerals - A coking enterprise in Shandong plans to cut production by 30% from August 16 - 25 and 50% from August 26 - September 3, with an estimated impact on coke output of about 41,000 tons [6]. - Indonesia's annual demand for nickel ore is expected to reach 800 million tons due to the development of the nickel processing industry [6]. 3.2.4 Energy and Chemicals - On August 12, US crude oil futures fell due to an unexpected increase in US API crude oil inventories and OPEC +'s production increase [8]. - The US Energy Information Administration adjusted its forecasts for Brent crude oil prices, global oil demand, and US oil production and demand for 2025 and 2026 [8][9]. - OPEC raised its 2026 global crude oil demand growth forecast from 128,000 barrels per day to 138,000 barrels per day [11]. 3.2.5 Agricultural Products - Malaysia's palm oil exports and production increased in July 2025 [12]. - The prices of white - feather chickens and chicken chicks have fluctuated significantly recently, and farmers are increasing their stocking due to price increases and expected demand growth [12]. - The US Department of Agriculture released data on crop subsidy registration areas and soybean production and inventory expectations for 2025/2026 [13][14]. 3.3 Financial News Compilation 3.3.1 Open Market - On August 12, the central bank conducted 114.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 46.1 billion yuan [15]. 3.3.2 Key News - China and the US agreed to adjust tariff policies and suspend relevant measures for 90 days [16]. - Two loan discount policies were issued to support personal consumption and service - industry business entities [16]. - The issuance scale of science - and - technology innovation bonds has exceeded 800 billion yuan in just over three months [18]. 3.3.3 Bond Market Summary - The bond market continued to adjust, with most bond yields rising, and the 30 - year Treasury bond yield breaking through 2% [25]. - Some exchange - traded bonds rose or fell significantly, and the convertible bond index closed down [25][26]. - European and US bond yields showed different trends, with European bond yields rising overall and US bond yields showing mixed performance [28]. 3.3.4 Foreign Exchange Market Express - The on - shore RMB against the US dollar closed down 93 basis points at 7.1911 on August 12 [29]. - The US dollar index fell 0.44% in New York trading, and most non - US currencies rose [29]. 3.3.5 Research Report Highlights - CITIC Securities expects the annual bond fund scale to exceed 11 trillion yuan [31]. - CICC Fixed Income believes that the risk of a continuous widening of credit spreads in August is relatively small [31]. - Guosen Macroeconomic Fixed Income believes that the bond market will fluctuate narrowly in the short term [31]. 3.3.6 Today's Reminder - On August 13, 196 bonds will be listed, 103 bonds will be issued, 105 bonds will make payments, and 97 bonds will pay principal and interest [33][34]. 3.4 Stock Market Key News - The A - share market continued its slow - bull trend, with the semiconductor industry chain booming and some sectors declining [35]. - The Hong Kong stock market showed mixed performance, with the Hang Seng Index rising and the Hang Seng Tech Index falling [35]. - A - share margin financing balance exceeded 2 trillion yuan for the first time in ten years, and many industries received more margin funds [35].

观点 ◼ 科创债 ETF 成分券在上市前后的二级市场表现比较：1）区间 1：科创 债 ETF 成分券收益率均值呈现先升后降趋势，信用利差呈现震荡收窄 趋势，其中年初受宏观利率波动影响，科创债收益率随市场利率被动走 高，同时科创债作为信用债新兴品种，市场体量较小，信用风险溢价和 流动性风险溢价相对较高，进一步推升其估值收益率；3 月后，信用债 市场受益于化债推进及"资产荒"加剧而进入修复阶段，其中科创债凭 借"政策背书+相对高票息"成为机构关注品种之一，资金提前博弈政 策红利，逐步流入并压低收益率。2）区间 2：科创债 ETF 成分券收益 率显著下行，成分券抢筹行情极致演绎，表明在市场获知公募机构即将 发行首批科创债 ETF 后，机构投资者即进入"抢跑"模式，为博弈科创 债 ETF 资本利得收益而建仓或加仓，提前抢配资质较优的科创债个券 以避免科创债 ETF 上市后资金集中涌入导致成分券价格上涨带来的踏 空损失；信用利差亦呈现快速压缩走势并处于历史低位，继续增配的回 调风险明显抬升，部分交易盘投资者开始止盈。3）区间 3：科创债 ETF 成分券收益率在成分券抢筹行情的持续演绎下短暂下行，但随后转为上 行，一方面 ...

Macro Economy - Foreign investment projects in China are progressing steadily, with the National Development and Reform Commission planning to introduce a new batch of major foreign investment projects and a revised "Encouraging Foreign Investment Industry Catalog" to attract more foreign capital [3] - As of the end of July, the total number of registered local companies in Hong Kong exceeded 1.5 million, and over 15,000 non-Hong Kong companies were registered, both reaching historical highs [3] - Investment in Xiong'an New Area increased by 13.5% year-on-year in the first half of the year, with over 300 central enterprise branches established [3] - The total box office for the summer movie season in 2025 has surpassed 8.5 billion yuan as of August 10 [3] Investment News - Hong Kong Investment Management Company has invested in over 100 projects, with more than 10 companies preparing to apply for listing in Hong Kong [4] - Southbound capital inflow has reached 900.8 billion HKD this year, marking a significant milestone and highlighting the importance of mainland funds in the Hong Kong stock market [4] - Public funds are experiencing a resurgence in self-purchase activities, with several institutions announcing plans to buy their own equity funds [5] - The issuance of new technology innovation bonds has reached 880.66 billion yuan in three months, with financial institutions accounting for 36% of the issuance [5] - A total of 40 restricted shares will be unlocked this week, with a total market value of 232.775 billion yuan [5] Company Movements - Changan Automobile's chairman visited Huawei's CEO to discuss industry competition and received targeted advice on supporting Changan and its Avita brand [6] - Huawei is set to release breakthrough technology in AI reasoning on August 12, which may reduce reliance on high-bandwidth memory technology [6] - Industrial Fulian reported a revenue of 360.76 billion yuan in the first half of the year, a year-on-year increase of 35.58%, with a net profit of 12.11 billion yuan, up 38.61% [6] - Yanjing Beer achieved a revenue of 8.558 billion yuan in the first half of the year, with a net profit of 1.103 billion yuan, reflecting a year-on-year growth of 6.37% and 45.45% respectively [7] - Wantong Development plans to invest 854 million yuan to acquire a 62.98% stake in Shudu Technology, injecting quality chip design business assets [8]

资讯早班车 资讯早班车-2025-08-07 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250715 | 2025/06 | GDP:不变价:当季同比 | % | 5.20 | 5.40 | 4.70 | | 20250731 | 2025/07 | 制造业 PMI | % | 49.30 | 49.70 | 49.40 | | 20250731 | 2025/07 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.50 | 50.20 | | 20250714 | 2025/06 | 社会融资规模增量:当 | 亿元 | | 41993.00 22899.00 | 32985.00 | | | | 月值 | | | | | | 20250714 | 2025/06 | M0(流通中的现金):同 比 | % | 12.00 | 12.10 | 11.70 | | 20250714 | 2025/06 | M1(货币):同比 | ...

经济观察报策划发起《走进科创债》栏目，就首单商业银行浮息利率科创债的发行考量以及背后的 科技金融布局，采访了四川银行。 2025年7月2日，四川银行发行科创债的募集资金已经到账， 其计划在3个月内按规划完成资金投放。据四川银行方面介 绍，该行此次募集的资金将分两部分精准赋能区域科创领域。 作者： 刘颖 封图：图虫创意 中小银行正成为科技创新债券（下称"科创债"）发行的重要力量。 Wind数据显示，截至7月30日，发行科创债的银行已经扩容至33家，发行总规模达2358亿元。其 中，中小银行的发行家数占比过半。 值得注意的是，作为城商行，四川银行发行了全国首单商业银行浮息利率科创债，发行规模为11 亿元，发行利率达1.85%，期限5年。 浮息利率设计考量 2024年12月10日，四川银行首次尝试发行债券。该债券为二级资本债券，发行规模为54亿元，期 限为5+5年，主体评级与债项评级均为AAA，发行票面利率为2.20%，共吸引了100余家机构投资 者积极认购，累计获投资量超350亿元，全场认购倍数达6.6倍。 在债券市场首次亮相，便获得机构的踊跃认购，让四川银行信心大增。 2025年5月7日，中国人民银行、中国证监 ...

Core Viewpoint - Small and medium-sized banks are becoming significant players in the issuance of technology innovation bonds (referred to as "Sci-Tech Bonds") in China, with a notable contribution from Sichuan Bank, which issued the first floating-rate commercial bank Sci-Tech Bond in the country [2][4]. Group 1: Issuance Overview - As of July 30, 2023, a total of 33 banks have issued Sci-Tech Bonds, with a cumulative issuance scale of 235.8 billion yuan, where small and medium-sized banks account for over half of the issuances [2]. - Sichuan Bank issued the first floating-rate Sci-Tech Bond with a scale of 1.1 billion yuan and an interest rate of 1.85% for a 5-year term [2]. Group 2: Floating Rate Design Considerations - Sichuan Bank's first bond issuance occurred on December 10, 2024, with a scale of 5.4 billion yuan and a coupon rate of 2.20%, attracting over 100 institutional investors and achieving a subscription multiple of 6.6 times [3]. - The floating-rate Sci-Tech Bond issued by Sichuan Bank is based on benchmark rates like DR007 and LPR, allowing for quarterly adjustments, which can help reduce interest costs in a declining interest rate environment [4][5]. Group 3: Strategic Considerations for Issuance - Sichuan Bank's decision to issue floating-rate bonds is driven by three main considerations: exploring innovative products, reducing financing costs, and mitigating interest rate risks [5]. - The bank aims to support the development of technology innovation by raising lower-cost funds through floating-rate bonds, which can help reduce financing costs for Sci-Tech enterprises [5]. Group 4: Funding Allocation and Support - The funds raised from the Sci-Tech Bonds will be allocated to support five technology-oriented SMEs and high-tech enterprises in Sichuan, totaling approximately 500 million yuan, and to assist seven state-owned enterprises with their Sci-Tech Bond issuance plans [7]. - Sichuan Bank has supported 13 Sci-Tech Bond issuers in Sichuan, covering over 80% of the province's issuers, with a total investment of 8.46 billion yuan in 30 Sci-Tech Bonds [8]. Group 5: Comprehensive Financial Services - Sichuan Bank has established a collaborative system to promote comprehensive development in technology finance, combining bond issuance with credit services [9]. - The bank is focused on creating a product matrix that covers the entire lifecycle of Sci-Tech enterprises, including specialized loan products and innovative financing solutions based on intellectual property [10]. Group 6: Future Goals and Innovations - Sichuan Bank aims to achieve a growth of over 2 billion yuan in Sci-Tech loans in 2025 and maintain its position as a key player in direct financing in Sichuan [10]. - The bank is developing a data risk control engine and optimizing post-loan management to enhance its service capabilities for Sci-Tech enterprises [11].

Group 1 - Xiamen regulatory authorities are promoting the issuance of science and technology innovation bonds (科创债) and revitalizing existing assets through a recent seminar with local enterprises [2] - The seminar included participation from executives of 10 companies, including Xiamen Airlines and other state-owned enterprises, focusing on the challenges faced in utilizing bond financing tools [2] - In the first half of the year, enterprises in the region issued a total of 1.4 billion yuan (approximately 0.2 billion USD) in science and technology innovation bonds, with one company issuing 1 billion yuan (approximately 0.14 billion USD) as the first "science and technology investment" corporate bond in Fujian province [2] Group 2 - There are currently 3 REITs (Real Estate Investment Trusts) projects submitted for review by the National Development and Reform Commission, along with 5 additional projects in reserve, indicating a strong pipeline [3]

Core Viewpoint - The article discusses the challenges faced by investment firms in managing liquidity and funding new projects when capital is tied up in existing investments, and explores potential solutions such as acquiring invested companies and utilizing new financial instruments like science and technology bonds to alleviate funding difficulties [1][10]. Group 1: Liquidity Challenges - Investment firms are experiencing a liquidity crunch as funds are locked in existing projects, making it difficult to invest in new opportunities [1][7]. - The low interest rates on bank loans present a potential solution, but banks prefer tangible assets over equity stakes in invested companies [1][2]. Group 2: Proposed Solutions - One suggested approach is for investment firms to acquire their invested companies, allowing these companies to take loans and return funds to the investment firm [2][3]. - Another strategy involves leveraging state-owned limited partners (LPs) to acquire invested companies, enhancing their creditworthiness and enabling them to issue bonds for funding [3][10]. Group 3: Risk Management - The article highlights the importance of negotiating "contingent agreements" or "drawer agreements" to protect the investment firm's interests, ensuring that if other shareholders have similar agreements, the firm can benefit from the same terms [4][5]. - Continuous monitoring of invested companies' performance is crucial to identify potential triggers for these agreements and act accordingly [3][4]. Group 4: Regulatory Changes - The introduction of science and technology bonds allows investment firms to issue bonds directly, simplifying the fundraising process and reducing reliance on complex and potentially unethical maneuvers [10][11][12]. - This regulatory change is seen as a positive development, instilling greater confidence in the industry and motivating firms to pursue legitimate funding avenues [12].