吴语香，首创证券投资经理 来 源：21世纪经济报道 曾 刚，上海金融与发展实验室首席专家、主任 摘要：本文围绕科创债展开，介绍其政策支持下的发展态势，在此基础上，分析科创企业融资特点与信 用债的矛盾，阐述科创债市场精准化、多层次协同等特点，指出其面临的风险定价等挑战及具体解决方 向。 正文： 2025年5月，中国人民银行与证监会联合发布《关于支持发行科技创新债券有关事宜的公告》，全面升 级科创债政策框架，拓宽发行主体范围、优化债券品种结构、完善增信机制。在政策强力推动下，5月 科创债发行规模达3483亿元，创下2022年以来单月最高纪录。近日，证监会主席吴清在2025陆家嘴论坛 上表示，进一步强化股债联动服务科技创新的优势，大力发展科创债。 作为服务国家战略性新兴产业和科技创新领域的专项债券，科创债正逐步形成债券市场的"科技板"，实 现金融与科技的深度融合。在全球科技竞争日趋激烈的背景下，科创债市场的蓬勃发展不仅为创新型企 业提供多元化融资渠道，也为构建新质生产力体系和实现高水平科技自立自强提供了强劲的资本支持。 信用债固收模式 难匹配科创融资需求 交易品种方面，交易所市场和银行间市场都推出了科创债券产品，交 ...

Core Viewpoint - The rapid expansion of the Sci-Tech bond market is expected to continue, driven by policy incentives and the introduction of new financial products like the Sci-Tech bond ETFs, which will enhance the market's ability to support technological innovation [4][7][28]. Group 1: Development Stages of Sci-Tech Bonds - The development of the Sci-Tech bond market has gone through three main stages: 1) The Double Innovation Bond stage (2015-2021), 2) The Sci-Tech Bond stage (2022-2025), and 3) The Debt Market Sci-Tech Board stage (from May 2025) [4][9][18]. - The cumulative issuance of new Sci-Tech bonds has exceeded 585 billion yuan as of June 2025, accounting for nearly 50% of the expected total issuance for 2024 [4][19]. - The current Sci-Tech bond stage (3.0) is characterized by a policy shift that enhances market access and credit quality, with a significant increase in the issuance of bonds from private enterprises [4][21]. Group 2: Introduction of Sci-Tech Bond ETFs - The first batch of 10 Sci-Tech bond ETFs was successfully raised, with a total initial funding of approximately 29 billion yuan, indicating strong market interest [5][28]. - These ETFs track high-rated public Sci-Tech bonds and are expected to enhance the liquidity and attractiveness of the bond market [5][29]. - The average duration of the indices tracked by these ETFs is around 3.75 to 3.81 years, with a total sample bond balance exceeding 1 trillion yuan [5][30]. Group 3: Market Dynamics and Future Outlook - The short-term market dynamics, including a "抢券" (coupon-snatching) phenomenon, are favorable for the issuance and expansion of these products, while long-term growth will depend on sustained policy support [7][51]. - The proportion of private enterprises in the newly issued Sci-Tech bonds has increased to 9.2%, up from 3.7% in previous issuances, reflecting a positive trend towards diversification in the bond market [21][26]. - The average remaining maturity of newly issued Sci-Tech bonds is concentrated in the short to medium term, with about 60% having a remaining term of 1-3 years [26][35].

Core Viewpoint - The People's Bank of China plans to launch a "Technology Board" in the bond market to support financial institutions, technology companies, and private equity investment institutions, aiming to enhance the product system of technology innovation bonds (referred to as "Sci-Tech Bonds") [2] Group 1: Current Status of Sci-Tech Bonds - Sci-Tech Bonds are credit bonds issued by technology innovation enterprises or used to raise funds for technology innovation, serving as an important tool for financing and supporting the real economy [3] - The market for Sci-Tech Bonds has shown strong growth since its inception in June 2016, evolving into mainstream Sci-Tech corporate bonds and notes, with issuance volumes increasing significantly from 16.6 billion yuan in 2021 to 1.23 trillion yuan in 2024 [3][4] - As of March 11, 2025, the total balance of mainstream Sci-Tech Bonds reached 1.78 trillion yuan, accounting for 6.48% of the market's credit bonds [4] Group 2: Advantages of Sci-Tech Bonds - Issuing Sci-Tech Bonds helps reduce overall financing costs for technology enterprises, with high-credit Sci-Tech Bonds showing a premium of 5-10 basis points over ordinary credit bonds of the same rating and maturity [4] - The funds raised through Sci-Tech Bonds effectively support research and innovation activities, leading to improved profitability and cash flow for the issuers [5] Group 3: Challenges Facing the Sci-Tech Bond Market - The market faces three main bottlenecks: a mismatch of risk and return in debt assets, limited use of raised funds for equity investments, and a mismatch between bond issuance terms and the innovation cycle of technology enterprises [6][7][8] - In 2024, the issuance of Sci-Tech Bonds was dominated by central and local state-owned enterprises, with private enterprises accounting for only 7.82% of issuers [6] - The average issuance term of Sci-Tech Bonds has increased, but private enterprises still face shorter terms, which do not align well with the longer return cycles of innovation projects [8] Group 4: Policy Recommendations - To address the challenges, it is recommended to introduce credit enhancement mechanisms to encourage more small and medium-sized technology enterprises to issue Sci-Tech Bonds [9] - Expanding the range of issuing institutions to include financial institutions and private equity investment institutions, while extending the bond issuance terms to better match the investment cycles of technology projects [10] - Developing bond index products to encourage long-term funds to invest in technology innovation corporate bonds [10] Group 5: Future Outlook - With coordinated policy efforts and improvements in credit enhancement, the expansion of issuing institutions, and the attraction of long-term capital, the Sci-Tech Bond market is expected to play a more significant role in supporting technological innovation and promoting high-quality economic development [11]