点击蓝字关注我们 长江商报记者 徐佳 履新不到一个月，苏农银行（603323.SH）新行长就在凝聚股东共识上遇到难题。 日前，苏农银行2025年第二次临时股东会决议公布，王亮、夏立军被选举为该行第七届董事会执行董事。同时，会议表决通过了5亿元规模科技创新债券 发行议案。 长江商报记者注意到，有13.9743%股东对上述发行科技创新债券的议案投出反对票，特别是持股5%以下股东的反对票达6579.25万票，占比19.7953%。 事实上，苏农银行中小股东对高层决策的严重分歧并非首次出现。在2024年5月的股东大会上，就有超11%的持股1%以下股东对苏农银行《2023年度利润 分配方案》投出反对票。 11月初，80后的王亮获聘为苏农银行新任行长，其履新之后将面临不小的挑战。 两大议案出现较大股东分歧 11月20日，苏农银行召开2025年第二次临时股东会，会议表决通过了选举王亮、夏立军为该行执行董事，以及选举乔林建为非执行董事的议案。 同时，关于发行5亿元规模的苏州农商银行科技创新债券的议案、关于修订《关联交易管理办法》的议案也获得表决通过。 长江商报记者注意到，上述两大议案在审议过程中出现较大的股东分歧。其中，该行 ...

Government Debt Management - The National People's Congress suggests optimizing the structure of central and local government bonds, including general and special bonds, to support development while controlling risks [1] - The State Council proposes to establish a long-term regulatory mechanism for local government debt and to delegate some project review authority for special bonds [3] Debt Statistics - By the end of 2024, the national government legal debt ratio is projected to be 60.9%, with a total debt balance of 82.1 trillion yuan, leading to an adjusted debt ratio of 68.7% when including local government hidden debts [4] Bond Issuance - The Ministry of Finance plans to issue 500 billion yuan in discount treasury bonds, with competitive bidding scheduled for September 17, 2025 [6] - Henan Province has completed the issuance of 383.15 billion yuan in government bonds, with various maturities and purposes [8] - Zhejiang Province intends to issue 108.54 billion yuan in new special bonds, primarily for government investment fund projects [12] Financing Trends - In the first seven months of the year, enterprises in Henan raised 119.2 billion yuan through domestic capital markets, marking a 12.8% year-on-year increase [10] - There is a growing trend of local banks participating in the issuance of technology innovation bonds, with 50 bonds issued totaling over 260 billion yuan [21] Market Dynamics - The early redemption of urban investment bonds increased slightly in August, with a total of 1.56 trillion yuan of urban investment bonds maturing or being subject to redemption within the year [26]

Group 1 - The onshore and offshore RMB against the US dollar both broke the 7.14 mark, driven by external factors such as the Federal Reserve's policy shift and internal factors like the recovery of the domestic capital market and increased risk appetite [1] Group 2 - Three banks in Sichuan, namely Chengdu Bank, Chengdu Rural Commercial Bank, and Sichuan Bank, are planning to jointly apply for a wealth management company, with preparations already underway [2] Group 3 - Major banks are accelerating their securities account opening business in response to the significant recovery of the A-share market, with a 70.54% year-on-year increase in new investors in July 2025 [3] - The collaboration between banks and securities firms is seen as a necessary adaptation to changing market demands, integrating basic financial services and investment opportunities into a single ecosystem [3] Group 4 - The issuance of technology innovation bonds (科创债) has reached a total scale of 2,273 billion yuan, reflecting strong market demand for financing in technology innovation since the launch of the "technology board" in May [4] - A total of 814 technology innovation bonds have been issued, with 34 banks participating, indicating a robust response to the financing needs of emerging technology enterprises [4] Group 5 - Several banks are actively transferring non-performing credit card loans, with significant discounts on the transfer prices, indicating a strong commitment to cleaning up non-performing assets [5] - The large-scale transfer of non-performing loans is a strategy for banks to optimize their asset structure and improve liquidity [5]

Core Insights - The launch of the Science and Technology Innovation Bonds (科创债) has attracted various participants, with a total issuance of 419 bonds amounting to over 620 billion yuan as of July 3, 2025 [2] - Large banks are leading the issuance, while small and medium-sized banks are also entering the market, increasing the number of issuers to 11 [2] - The credit ratings of the issuers are predominantly high, with most rated AAA, and the interest rates for small and medium-sized banks are higher compared to large banks [2][4] Issuance Overview - As of June 30, 2025, policy banks and state-owned banks are the main issuers, with the China Development Bank issuing 3 bonds totaling 20 billion yuan, and major state-owned banks collectively issuing 1.1 billion yuan [4] - The issuance scale of various banks includes 550 billion yuan from joint-stock banks and 391 billion yuan from city and rural commercial banks [4][5] - The issuance of floating-rate bonds has also been noted, with Sichuan Bank issuing the first floating-rate 科创债 [5] Interest Rates - The overall interest rates for 科创债 are relatively low, with the weighted average interest rate for commercial banks decreasing by 5 basis points [6] - The lowest rates are observed in the China Development Bank's bonds, with rates as low as 1.17% for short-term bonds [6] - Small and medium-sized banks face higher issuance rates, with some reaching up to 1.95% [6] Fund Utilization - The funds raised through 科创债 are primarily directed towards supporting technology loans and investing in bonds issued by technology innovation enterprises [7] - Major banks have a consistent focus on issuing 科创债 for technology loan disbursement, while some joint-stock and city commercial banks also invest in technology innovation bonds [7] Future Trends - There is potential for innovation in bond products and expansion of issuers in the 科创债 market, with banks likely to introduce more flexible bond terms [8] - Small and medium-sized banks are expected to design issuance plans that align with local industry characteristics and technology enterprise funding needs [8]

｜2025年6月16日星期一｜ NO.1近四百亿科创债额度落定，三大券商发力银行间市场 券商发行科创债又有新动作。近日，中信证券、中金公司（601995）以及国泰海通集体公告称，已获得 央行批准，将在银行间市场发行科创债。数据显示，这3家券商合计获批额度接近400亿元。科创债的发 行市场包括银行间市场和交易所市场。在科创债新政策出台后，券商发行的科创债此前集中于交易所市 场。而此次获批则意味着，券商今后也能在银行间市场发行科创债。 点评：近四百亿科创债额度获批，三大券商发力银行间市场，拓宽了科创债发行渠道，对公司股价形成 支撑。相关券商及金融机构业务拓展，对银行间市场业务板块产生积极影响。科创债的多元化发行，为 资本市场注入更多资金，对股市整体流动性产生正面作用。 NO.3股票策略业绩"打头阵"，私募青睐科技与医药板块 NO.2浙商证券100亿元小公募债项目获上交所受理 股票策略私募赚钱效应持续显现。私募排排网数据显示，截至5月底，股票策略私募证券投资基金今年 以来的平均收益接近5%，正收益占比超过70%，超400只产品年内收益超过20%。"今年以来，股票策略 私募业绩亮眼，得益于两方面因素：一是小盘股风格表 ...

Core Viewpoint - The implementation of the technology board for bond issuance is expected to significantly support equity investment institutions in financing, particularly in the context of promoting technological innovation and long-term investments in hard technology [1][4]. Group 1: Policy Support and Market Dynamics - The People's Bank of China emphasizes the need to support equity investment institutions as key players in technology innovation, facing challenges such as short financing terms and high costs [1]. - Under policy support, private equity investment institutions are accelerating their issuance of technology innovation bonds, with 12 institutions currently in the registration process [2]. - The technology bond market is witnessing increased participation from private equity firms, with a focus on establishing credit enhancement mechanisms to facilitate bond issuance [3][9]. Group 2: Credit Enhancement Mechanisms - Private equity firms are adopting various credit enhancement strategies, such as the "central-local collaboration, risk-sharing" model, to improve their credit ratings and successfully issue technology bonds [4][9]. - The introduction of risk-sharing tools by the People's Bank of China aims to lower financing costs and extend the maturity of technology bonds for equity investment institutions [4]. - The market is observing a trend where private equity firms are collaborating with local governments and market-based credit enhancement institutions to create joint guarantee mechanisms [9]. Group 3: Challenges and Considerations - Private equity institutions face challenges in credit ratings and the need for suitable credit enhancement measures, as many lack established rating mechanisms [7][8]. - There is an ongoing debate within the venture capital community regarding the nature of funds raised through technology bonds, with differing opinions on whether these funds should be classified as contributions from general partners (GP) or limited partners (LP) [11][12]. - The need to balance the interests of different types of LPs, particularly between bond-investing LPs and equity-investing LPs, presents a significant challenge for equity investment institutions [12][13].

Core Viewpoint - The bond market's "Technology Board" has seen significant growth in the issuance of technology innovation bonds (referred to as "Sci-Tech Bonds") since its launch on May 7, with a total issuance exceeding 388.3 billion yuan by June 5 [1] Group 1: Issuance Scale - From May 7 to June 5, a total of 202 Sci-Tech Bonds were issued, with an issuance scale surpassing 388.3 billion yuan [1] - An additional 6 Sci-Tech Bonds are set to be issued from June 6 to June 10 [1] Group 2: Issuing Entities - Financial institutions, private equity investment institutions, and venture capital institutions are actively participating in the issuance of Sci-Tech Bonds [1] - Among the issued bonds, 16 banks were the main issuers, contributing to 20 bonds with a total issuance of 201 billion yuan, accounting for over half of the total issuance [1] - Non-bank financial institutions, including securities companies and equity investment institutions, collectively issued bonds totaling 32.4 billion yuan [1]