1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The issuance of science and technology innovation bonds (KeChuang bonds) has been continuously active. Although the overall demand for KeChuang bonds has continued to recover, the subscription enthusiasm is still lower than that of non - KeChuang credit bonds. The performance of KeChuang bonds is expected to be mainly volatile before the holiday. For accounts with unstable liability ends, it is recommended to give priority to high - quality KeChuang bonds within 3 years as investment targets [2][3][35] 3. Summary by Directory 3.1 2.0% of KeChuang Bonds: How to View 3.1.1 Primary Issuance Scale and Structure - The primary market has continued the strong supply trend since the beginning of the year. The new supply scale in the week from January 26 to January 30, 2026, reached 58.96 billion yuan, with the issuance of over - 5 - year varieties in the inter - bank market increasing significantly. The overall demand for new KeChuang bonds has continued to recover, but the subscription enthusiasm is still lower than that of non - KeChuang credit bonds, indicating limited willingness of investors to pay a premium for the "science and technology innovation label" [2][11] 3.1.2 Secondary Trading Activity and Pricing - Rating distribution: The ratings of outstanding KeChuang bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 73.7%, and AA - rated medium - quality individual bonds account for 22.0%, reflecting the financing needs of some small and medium - sized science and technology innovation entities [3][19] - Industry distribution: The industry distribution is dominated by traditional industries. Bonds in the building decoration, public utilities, and comprehensive industries account for 38.9%. There is an excess spread of over 13bp in the textile and apparel, communication, and non - bank financial industries compared to all credit bonds in the same industries [3][19] - Liquidity: In the past two weeks, the weekly trading volume of KeChuang bonds has returned to over a thousand transactions, and the turnover rate in the latest week has risen to 2.17%, higher than that of urban investment bonds and industrial bonds [3][26] - Yield: Due to the marginal slowdown of the net outflow pressure of KeChuang bond ETF funds and the warming of the bond market sentiment, the market of KeChuang bonds has been supported. This week, high - grade medium - and short - term KeChuang bonds have performed well. The average yields of 1 - 3 - year and 3 - 5 - year exchange - listed AAA KeChuang bonds have decreased by 6.3bp and 7.5bp respectively [3][31] - Internal price comparison of KeChuang bond varieties: Recently, the spread between the constituent bonds and non - constituent bonds of the KeChuang bond index has remained above 20bp, and the spread between inter - bank varieties and constituent bonds has widened to 10.1bp. For the 1 - 3 - year segment, there is still 18bp of compression space between inter - bank varieties and index constituent bonds [3][35]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The primary market for science and technology innovation bonds continues to grow at a high - speed. The secondary market's performance is closely tied to the capital flow of science and technology innovation bond ETFs, with short - term bonds expected to remain volatile. High - grade medium - and short - term bonds in hard - tech fields such as communications and pharmaceuticals will continue to receive liquidity premiums [2][4] Summary by Directory I. How Aggressive are Science and Technology Innovation Bonds? 1. Primary Issuance Scale and Structure - The primary market for science and technology innovation bonds maintains a high - speed growth trend. From January 12 to January 16, 2026, the new supply scale of science and technology innovation bonds reached 58.92 billion yuan, with bonds with a term of less than 1 year accounting for about 60%. The overall market demand for new science and technology innovation bonds has recovered, but the subscription enthusiasm is still lower than that of non - science and technology credit bonds [2][12] 2. Secondary Trading Activity and Pricing - **Rating and Industry Distribution**: The ratings of outstanding science and technology innovation bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 73.3%, and AA - rated medium - quality individual bonds account for 22.4%. The industry distribution is dominated by traditional industries, and bonds in construction decoration, public utilities, and comprehensive industries account for 38.7%. Textile and apparel, pharmaceutical biology, communications, power equipment, and non - banking finance industries have an excess spread of over 9bp compared to all credit bonds in the industry [3][19] - **Liquidity**: In late December 2025, the science and technology innovation bond ETF had a volume - boosting market, which strongly pushed up the turnover rate of component bonds. However, at the beginning of 2026, continuous capital outflows caused the turnover rate of science and technology innovation bonds to drop to 1.65% [3][26] - **Yield**: Due to the partial alleviation of negative factors affecting the bond market such as the "seesaw effect" of the stock market and the disappointment of monetary easing expectations, the average yield of high - grade science and technology innovation bonds on the exchange with a term of 1 - 3 years has dropped to 1.94%. The price of 3 - 5 - year bonds fluctuated in a narrow range, which is related to the ETF capital outflows during the week [3][29] - **Internal Pricing of Bond Types**: In the latest week, the spread between the component bonds and non - component bonds of the science and technology innovation bond index has marginally increased to 20.2bp, and the spread between inter - bank bonds and component bonds has also widened to 5.1bp. For 1 - 3 - year bonds, there is still a compression space of 17bp between inter - bank bonds and index component bonds [4][33]

二级交易活跃度与定价 存量科创债评级呈现高度集中特征，AA+及以上隐含评级债券数量占比为 72.8%，AA 级中等资质个券占比也达到 23%， 反映部分中小科创主体融资需求；行业分布则以传统行业为主导，建筑装饰、公用事业、综合行业债券数量占比 37.6%， 纺织服饰、医药生物、通信行业较该行业全部信用债估值存在 12bp 以上的超额利差。 流动性方面，受央行公开市场操作稳定资金面预期、科创债 ETF 资金净流入与交易活跃驱动，本周科创债周度换手率 回升至 1.72%，成交笔数也增长至 989 笔，其中 3 年内品种成交笔数已上升至年内 90%以上的高位。 收益率视角上，本周交易所中短久期科创债价格修复，1-3 年品种成交收益均值下行 4bp 至 1.96%。短期内，流动性 宽松预期、政策红利持续释放、ETF 配置资金流入将是科创债收益率下行的直接推手。不过因品种一级供给节奏较快， 市场仍需时间消化，科创债收益率恐难以大幅下行，预计将维持震荡格局。 一级发行规模与结构 科创新债认购情绪企稳。本周（2025.12.15-2025.12.19，下同）科创债一级市场供给规模达 546.1 亿元，延续了前 一周的放量趋 ...