【隔夜行情】 •周一（2025年11月24日），A股三大指数集体收涨，截至收盘，上证指数涨0.05%，深证成指涨 0.37%，创业板指涨0.31%；北证50涨0.63%。沪深两市成交额约17277.74亿元，较前一个交易日缩量约 2378.87亿元。 今日1只新股上市，无新股申购。 新股上市： 海安集团，证券代码001233，发行价格48元/股，发行市盈率13.94倍；公司的主营业务包括巨型全钢工 程机械子午线轮胎的研发、生产与销售,以及矿用轮胎运营管理业务；具备全系列型号全钢巨胎(轮辋直 径49英寸及以上)的生产技术和量产能力,为国内外上百个矿山提供了全钢巨胎产品或服务。 •周一（2025年11月24日），港股三大指数集体走高，恒指盘中涨超2%，恒科指数一度涨超3%。截止收 盘，恒生指数涨1.97%或496.48点，报25716.5点，全日成交额为3026.42亿港元；恒生国企指数涨 1.79%，报9079.42点；恒生科技指数涨2.78%，报5545.56点。 •周一（当地时间2025年11月24日），美股三大指数集体反弹，七巨头齐升纳指收高2.7% 谷歌特斯拉暴 涨逾6%，截至收盘，纳斯达克综合指数涨2 ...

值得注意的是，此次路演的多家机构通过所投企业股权或自身股权作为反担保，助力"以债促投"。"对 于民营股权投资机构而言，以前更多是用固定资产或者所持上市公司股票来作为抵押担保，但这次风险 分担工具支持以我们投资的未上市公司股权作为抵押，这对于轻资产的创投机构来说是一个重大改 变。"北京盛景嘉成投资管理有限公司创始合伙人、总裁刘昊飞说。 参与路演的深圳同创伟业资产管理股份有限公司合伙人唐忠诚认为，在风险分担工具的支持下，民营股 权投资机构开辟了债券融资的新路径。"民营股权投资机构往往面临募资难题。科技创新债券期限普遍 较长，能更好和硬科技企业的研发周期匹配，是非常好的融资工具。" 新华财经北京11月25日电 （记者任军）11月24日下午，一场路演交流活动在北京金融资产交易所进 行，4家民营股权投资机构依次亮相，拟发行科技创新债券合计9.3亿元。这是第二批获得"科技创新债 券风险分担工具"支持的项目，标志着更多民营股权投资机构在政策支持下通过银行间债券市场融资。 记者了解到，风险分担工具已为首批中科创星、金雨茂物等5家民营股权投资机构引入担保增信，助力 其成功发行13.5亿元科技创新债券。目前，这批募集资金已有近5 ...

"这只债券发行5个月以来，显著提升了企业出资实力，加快了旗下中科创星先导创业投资基金的设立和 出资节奏。截至目前，该基金已完成对36家硬科技企业的投资。"中科创星总经理助理、财务部负责人 郭一凤说，"首期我们成功发行了4亿元科技创新债券，有望撬动数倍的投资额。后续公司还将继续发行 科技创新债券，让金融活水浇灌更多科创高地。" 11月24日下午，一场路演交流活动在北京金融资产交易所进行，4家民营股权投资机构依次亮相，拟发 行科技创新债券合计9.3亿元。这是第二批获得"科技创新债券风险分担工具"支持的项目，标志着更多 民营股权投资机构在政策支持下通过银行间债券市场融资。 随着债券市场与企业需求的适配性提高，民营企业发行科技创新债券迎来热潮。中国银行间市场交易商 协会有关负责人表示，截至11月21日，交易商协会已支持55家民营企业发行1074亿元科技创新债 券。"下一步，交易商协会将不断完善科技创新债券配套机制，提高注册发行效率，持续提升金融支持 科技创新的强度和水平。"（记者任军） 基石资本此次拟发行科技创新债券4亿元，发行期限10年，债项评级达AAA级。"股权投资风险较高， 以前民营股权投资发债需要通过市场化的 ...

Core Viewpoint - The People's Bank of China emphasizes the development of a bond market "technology board" to support private technology enterprises and private equity investment institutions in issuing bonds for financing [1] Group 1: Financial Market Development - Accelerating the construction of financial market systems and promoting high-level openness [1] - Promoting the development of a multi-tiered bond market and expanding and regulating over-the-counter bond business [1] - Enhancing the legal framework for bond markets and advancing corporate bond legal system construction [1] Group 2: Support for Private Sector - Utilizing technology innovation bond risk-sharing tools to support more private technology enterprises and private equity investment institutions in bond financing [1] - Strengthening monitoring of risks in key sectors and industries [1] Group 3: Internationalization and Currency Cooperation - Promoting the high-quality development of the panda bond market and advancing the internationalization of the renminbi [1] - Expanding the use of renminbi in cross-border trade and investment, and deepening foreign currency cooperation [1] - Conducting high-level pilot projects for cross-border trade and investment openness [1]

Core Insights - The People's Bank of China emphasizes the acceleration of financial market system construction and high-level opening-up [1] Group 1: Financial Market Development - The report advocates for the development of a "Technology Board" in the bond market, utilizing risk-sharing tools for technology innovation bonds to support more private technology enterprises and private equity investment institutions in bond financing [1] - It highlights the need to improve the legal framework for the bond market and promote the construction of corporate bond regulations [1] - The report calls for the acceleration of multi-tiered bond market development and the continuous expansion and standardization of over-the-counter bond business [1] Group 2: Risk Monitoring and Regulation - There is a focus on the continuous regulation of issuance pricing, underwriting, and market-making behaviors, along with strengthening risk monitoring in key sectors and industries [1] Group 3: Internationalization and Currency Use - The report promotes the high-quality development of the panda bond market and aims to advance the internationalization of the Renminbi, enhancing the level of capital account openness [1] - It proposes the initiation of high-level opening-up pilot projects for cross-border trade and investment, further expanding the use of Renminbi in cross-border transactions and deepening foreign currency cooperation [1] - The development of the offshore Renminbi market is also emphasized [1]

Core Viewpoint - The People's Bank of China announced the establishment of a risk-sharing tool for technology innovation bonds, aimed at supporting technological advancements and innovation in the country [1] Group 1 - The announcement was made by the Governor of the People's Bank of China, Pan Gongsheng, during a press conference held on May 7 [1] - The new risk-sharing tool is designed to mitigate risks associated with technology innovation bonds, encouraging investment in the technology sector [1]

Core Viewpoint - The first projects utilizing the technology innovation bond risk-sharing tool have officially launched, aimed at supporting private equity investment institutions in issuing long-term bonds for technology innovation financing [1][2]. Group 1: Implementation of Risk-Sharing Tools - The China Interbank Market Dealers Association has organized the first projects using the risk-sharing tool under the guidance of the People's Bank of China, with a total issuance scale of 1.35 billion yuan [1]. - Five private equity investment institutions, including Yida Capital and Junlian Capital, have received credit enhancement and investment support through the risk-sharing tool [1][2]. - The newly created technology innovation bond risk-sharing tool is designed primarily for private equity investment institutions, while the previous "second arrow" policy tool was aimed at private technology enterprises [1][2]. Group 2: Bond Issuance Details - The bonds issued by the five private equity investment institutions have maturities of either 5 or 10 years, with coupon rates ranging from 1.85% to 2.69% [3]. - The risk-sharing tool collaborates with financial institutions to create credit risk mitigation certificates, enhancing the bonds' creditworthiness [3]. - Local guarantee companies from Beijing, Shaanxi, and Shenzhen are involved in providing counter-guarantees, reinforcing the "central-local cooperation" model for risk control [3]. Group 3: Broader Implications for the Industry - The introduction of diversified credit enhancement tools is seen as a means to effectively control risks, while private equity investment institutions must strengthen internal controls to ensure proper use of raised funds [4]. - The launch of the "technology board" opens new avenues for low-cost, long-term financing for private equity investment institutions [4]. - The overall effectiveness of the bond market in supporting technology innovation is expected to improve, enhancing the financing accessibility for weaker credit-rated enterprises and private equity investment institutions [4][5].

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was listed on July 17, 2025, indicating strong market interest in this product [2] - The latest price of the Sci-Tech Bond ETF Bosera is reported at 100.1 yuan, with a trading volume of 1.189 billion yuan and a turnover rate of 39.58% [2] - The current scale of the Sci-Tech Bond ETF Bosera reached a new high of 3 billion yuan, ranking in the top third among comparable funds [2] Group 2 - The management has encouraged the issuance of long-term bonds, with the People's Bank of China and the China Securities Regulatory Commission creating a risk-sharing tool for long-term bond issuance [2] - The daily profit percentage of the Sci-Tech Bond ETF Bosera since its inception is 60.00% as of July 16, 2025 [2] - The management fee for the Sci-Tech Bond ETF Bosera is 0.15%, and the custody fee is 0.05%, making it the lowest among comparable funds [2]

Group 1 - The People's Bank of China reported that as of June 30, there are 27 equity investment institutions in the interbank market that have issued technology innovation bonds totaling 15.35 billion yuan [1] - Among these, 5 private equity investment institutions have benefited from risk-sharing tools for technology innovation bonds, resulting in lower issuance interest rates ranging from 1.85% to 2.69% [1] - The strong market subscription indicates high demand for the bonds, and the use of risk-sharing tools significantly reduces the financing costs for private equity investment institutions [1]

Core Viewpoint - Shenzhen Dongfang Fuhai Investment Management Co., Ltd. has received approval to issue technology innovation bonds in the interbank market, marking the first issuance by a private venture capital institution since the launch of the "Technology Board" in the bond market [1] Group 1: Market Overview - A total of 20 private equity investment institutions have announced the issuance of technology innovation bonds, with a combined scale of 20.57 billion yuan; 12 institutions are in the registration process for an additional 15.31 billion yuan [1][2] - The People's Bank of China has introduced the "Technology Board" to support experienced private equity and venture capital institutions in issuing long-term technology innovation bonds, aiming to attract more funds for early-stage and hard technology investments [1][2] Group 2: Use of Proceeds - The technology innovation bonds issued by private equity institutions are primarily intended for fund contributions and replacements, focusing on strategic emerging industries such as artificial intelligence, new energy, semiconductors, and biomedicine [2] Group 3: Challenges and Opportunities - The private equity investment sector faces challenges in fundraising, particularly for smaller private institutions due to limited brand influence and risk-bearing capacity; however, the new policy provides a potential new funding channel [2] - The issuance of technology innovation bonds can facilitate the establishment and expansion of private equity funds, which can then invest in technology innovation enterprises [2] Group 4: Specific Case of Dongfang Fuhai - Dongfang Fuhai plans to issue a total of 1.5 billion yuan in technology innovation bonds with a 15-year term, setting new records for similar projects in terms of scale and duration [3] - The company manages over 60 venture capital funds with a total scale of approximately 35 billion yuan, having invested in over 630 technology innovation enterprises [3] Group 5: Risk Mitigation Strategies - A dual credit enhancement model has been proposed, involving collaboration with local governments and market-based credit enhancement institutions to share the risk of bond defaults, thereby supporting the issuance of low-cost, long-term technology innovation bonds [4][5] - This risk-sharing model aims to lower financing costs, boost market confidence, and optimize risk control mechanisms within the bond market [5]