证券研究报告：固定收益报告 发布时间：2025-07-11 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:谢鹏 SAC 登记编号:S1340124010004 Email:xiepeng@cnpsec.com 近期研究报告 《下半年政府债供给怎么看？》 - 2025.07.10 固收专题 科创债规模和跨市场利差怎么看？ ——科创债专题之三 20250711 债市科创板启动已近两个月，银行等金融机构的加入使得科创 债发行量创历史新高。而近期首批科创债 ETF 发行火爆，标的指数 成分券交易活跃，成为信用债阶段性交易主线。未来科创债发行量 如何？科创债 ETF 募集后，还有哪些交易机会可以把握？本文对此 进行详细分析。 ⚫ 金融机构占比高，科创债年发行量或达 2 万亿 新政后科创债发行量大幅增加，银行非银等金融机构占比较高。 2025 年 5 月，债券"科技板"正式开启，由于银行和非银机构的加 入，2025Q2 科创债券发行量大幅增至 7000 亿元以上。债市"科技板" 启动以来，各类发行人合计发行科创债约 5900 ...

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]

随着债券市场科技板正式实施，股权投资机构发债动向备受市场关注。 5月22日，中国人民银行副行长朱鹤新表示，在三类发行科技创新债券的主体里，最需要给予支持的就 是股权投资机构。股权投资机构在支持科技创新，特别是促进创新资本形成方面发挥关键作用，股权投 资机构是投早、投小、投长期、投硬科技的重要力量，但股权投资机构本身是轻资产的，长投资周期 的，靠自身发债融资面临期限比较短，融资成本比较高的挑战。所以，通过债券市场科技板，要解决股 权投资机构发债期限短、融资成本高的问题。 记者注意到，在政策支持下，民营股权投资机构发行科创债步伐悄然提速。 截至目前，君联资本、启明创投、东方富海、毅达资本、金雨茂物、泰达科投、中科创星等12家民营股 权投资机构处于发行注册过程。 与此同时，更多民营创投机构也在跃跃欲试。 盛世投资董事兼盛世资本总经理田辰向记者透露："我们也想做尝试，探索有没有可能将科创债与具备 科创属性的S基金份额或主动基金接续进行结合。因此我们也在持续观望试点机构如何打通路径，以及 政策方面的相关细则的要求与限制。" 一位正尝试发行科创债的民营创投机构合伙人向记者透露，相比国企背景创投机构，民营股权投资机构 发债 ...

5月7日，债券市场"科技板"正式扬帆起航，至今即将"满月"。在此期间，科技创新债券（以下简称"科 创债"）发行规模持续提升。Wind数据显示，5月7日至6月5日，全市场已发行202只科创债，发行规模 超过3883亿元。6月6日至6月10日，还有6只科创债即将启动发行。 金融机构、私募 股权投资机构和创 业投资机构等新发行主体积极发行科创债。从目前已发行的情况来看，银行机构担当发行主力，5月7日 至6月5日，16家银行共计发行20只科创债，发行规模已达2010亿元，占总发行规模的一半以上； 证券 公司、股权投资机构等 非银金融机构的发行规模合计为324亿元。 (证券日报) ...