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 ...

新华财经北京8月15日电（高二山）人民银行15日开展2380亿元7天逆回购操作，操作利率为1.40%，与此前持平；鉴于当日有1220亿元 逆回购到期，公开市场实现净投放1160亿元。本周人民银行共进行7118亿元逆回购操作，因当周有11267亿元逆回购到期，公开市场合 计实现净回笼4149亿元。 上海银行间同业拆放利率（Shibor）短期品种普涨，隔夜品种涨幅略大。具体来看，隔夜Shibor上涨8.30BP，报1.3980%；7天Shibor上涨 3.90BP，报1.4650%；14天Shibor上涨1.30BP，报1.5050%。 上海银行间同业拆放利率（8月15日） 据上海国际货币经纪公司交易员消息，15日资金面早盘均衡，午盘偏松。早盘国股大行融出较少，非银隔夜主要成交在1.50-1.53%区 间；7天押利率最低成交在1.45%位置，非利率ofr 1.47%-1.49%区间，押信用14天ofr在1.52%附近。午后资金面趋松，非银押利率隔夜成 交在1.45%位置，非利率隔夜成交在1.45%-1.46%区间，尾盘隔夜押利率存单最低成交1.42%位置，整体保持偏松状态直至收盘。 银行间质押式回购市场方面，隔夜 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a moderately accommodative monetary policy to support economic recovery amid a complex external environment and domestic challenges [1][2]. Group 1: Monetary Policy Implementation - In the first half of the year, China's GDP grew by 5.3%, with key economic indicators such as production, consumption, investment, and trade performing better than expected, largely due to effective monetary policy support [2]. - The PBOC implemented a series of significant monetary policy measures, including interest rate cuts and adjustments to structural monetary policy tools, totaling ten initiatives aimed at stimulating the economy [2][3]. - The report indicates that the monetary policy's effects are accumulating, with a focus on maintaining liquidity and aligning the growth of social financing and money supply with economic growth and price expectations [3]. Group 2: Structural Optimization - The report highlights four key areas of focus: inclusive finance for small and micro enterprises, financial support for technological innovation, credit structure optimization, and promoting consumption [4]. - Over the years, the PBOC has worked to optimize the credit structure, shifting the focus of new loans from real estate and infrastructure to technology, green initiatives, and inclusive finance, which now account for a significant portion of new loans [5][6]. - The proportion of medium- and long-term loans has increased by nearly 11 percentage points over the past decade, providing stable funding support for high-quality economic development [6]. Group 3: Consumer Spending and Financial Support - The report notes that service consumption currently accounts for less than 50% of per capita consumption expenditure in China, indicating substantial growth potential in this area [7]. - The financial sector is encouraged to enhance the supply of high-quality services to stimulate effective demand and unlock consumption growth potential [7].

Group 1 - The core viewpoint of the news is that Qingdao Rural Commercial Bank successfully issued 1 billion yuan in technology innovation bonds, marking the first issuance of such bonds by a rural commercial bank in China and the first by a local bank in Shandong province [1][2] - The funds raised from the technology innovation bonds will be used to support the development of technology enterprises, focusing on the "10+1" innovative industrial system prioritized by Qingdao city [1] - The issuance aligns with the initiatives announced by the People's Bank of China and the China Securities Regulatory Commission to support financial institutions and technology enterprises in issuing technology innovation bonds [1] Group 2 - Qingdao Rural Commercial Bank aims to enhance its service capabilities for the regional economy by establishing a comprehensive service matrix based on its financial market licenses [2] - The bank holds qualifications as a market maker in the interbank bond market and as a primary dealer in open market operations, allowing it to utilize diverse financial tools to support the development of the real economy [2] - The successful issuance of technology innovation bonds will strengthen the bank's long-term financial support for technology enterprises, ensuring funding for technological breakthroughs and the transformation of results [2]

Core Insights - The 14th China (Guangzhou) International Financial Trading Expo, themed "Financial Power to Expand Domestic Demand and Drive New Industrial Patterns," showcases financial innovations in the Guangdong-Hong Kong-Macao Greater Bay Area and offers practical benefits to citizens [1] Group 1: Event Overview - The expo spans three days and features 312 financial institutions across 20,000 square meters, with eight major thematic exhibition areas [1] - The event highlights the integration of finance with daily life, including digital RMB consumption and gold jewelry discounts [1] - Five new financial platforms were launched, including the Guangzhou Financial Strong City Construction Think Tank Alliance and the Digital RMB "Guangxin Yu" platform [1] Group 2: Financial Institutions' Contributions - Everbright Bank's Guangzhou branch showcased its initiatives focused on enhancing people's livelihoods and promoting consumption through unique financial products [1] - Everbright Cloud Payment, a representative service of Everbright Bank, has connected over 18,000 payment service projects and is expected to serve nearly 3.4 billion people in 2024 [2] - Industrial Bank's Guangzhou branch signed a cooperation agreement with Guangzhou Yiyun Supply Chain Technology Co., aiming to accelerate the construction of the Yiyun Innovation Center and has already provided 270 million yuan in financing [3] Group 3: Financial Innovations and Services - Ping An Bank's Guangzhou branch presented its innovative achievements in serving the real economy and enhancing citizens' quality of life through interactive and educational formats [4] - The expo has facilitated over 5.8 trillion yuan in industrial-financial connections over its 13-year history, attracting 1.14 million visitors [5] - The event combines "hard power" displays with "soft service" implementations, showcasing the financial sector's support for the real economy and allowing citizens to experience the benefits of financial development [5]

Core Viewpoint - The successful transaction of 200 million yuan in technology innovation bonds marks a significant step in expanding financing channels for technology enterprises in Jiangsu, highlighting the effective implementation of the technology innovation bond trading business in the region [1][2] Group 1: Transaction Details - The transaction was facilitated by Industrial Bank Nanjing Branch in collaboration with Jiangsu Zhenjiang Rural Commercial Bank, representing Jiangsu's first large-scale counter channel technology innovation bond transaction [1] - The issuance of the bonds is part of a broader initiative by the People's Bank of China and the China Securities Regulatory Commission to support technology innovation through a multi-tiered capital market [1] Group 2: Market Impact - The launch of the technology innovation bonds is aligned with the spirit of the 20th National Congress of the Communist Party of China, aimed at broadening financing channels for technology innovation enterprises and stimulating market vitality [1] - The establishment of a dedicated platform for the circulation of technology innovation bonds enhances liquidity and market activity in the bond market [1] Group 3: Future Outlook - Industrial Bank Nanjing Branch plans to continue integrating financial resources with technology innovation, promoting deep collaboration between finance and technology to support the real economy [2] - The bank aims to enhance the operational quality of financial assets and improve service vitality for the real economy through ongoing efforts in technology finance [2]

Group 1 - The issuance of technology innovation bonds has reached 222, with a total scale of 405.483 billion yuan, reflecting strong financial support for technological innovation [1] - The intensity of technology loans has increased, with 271,800 technology-based SMEs receiving loans, a loan approval rate of 49.6%, and a loan balance of 3.33 trillion yuan, growing by 24% year-on-year [2] - The capital market is playing a crucial role in supporting technological innovation, with nearly 2,700 listed companies in strategic emerging industries, accounting for over 40% of market value [3][4] Group 2 - The bond market for technology companies has become an important channel for direct financing, with 539 technology innovation bonds issued in 2024, raising 61 billion yuan, a 64% year-on-year increase [3] - Insurance companies are providing risk management solutions and long-term funding support for technology innovation enterprises, addressing the challenges of financing [5] - The policy framework for financial support for technological innovation is continuously improving, with various financial tools working together to channel resources into the technology innovation sector [5]

Group 1 - The article discusses the financial challenges faced by technology companies in China, particularly in Jiangsu province, and how a scoring system has been established to facilitate funding for these companies [1] - Jiangsu has implemented a "Su Innovation Credit Loan" program, which evaluates technology companies based on six categories and 24 indicators, allowing banks to better assess the creditworthiness of these firms [1][2] - Nanjing Zhida Automation Group is highlighted as a case study, successfully obtaining a 5 million yuan loan from a bank due to its high ranking in the "Innovation Credit Loan" program, which emphasizes innovation capability over traditional financial metrics [1] Group 2 - As of the first quarter of 2025, banks in Jiangsu have issued a total of 209.2 billion yuan in "Su Innovation Credit Loans," positioning the province among the leaders in this initiative nationwide [2] - The Jiangsu government has introduced 20 measures to enhance financial support for technology companies, including interest subsidies and risk compensation, to address financing bottlenecks [2] - Additional initiatives include support for first-time loans for technology innovation companies, special guarantee plans, and encouragement for companies to issue technology innovation bonds [2]

Core Insights - The launch of the "Technology Board" in the bond market has received positive responses, with nearly 100 institutions issuing technology innovation bonds totaling over 250 billion yuan [1][4] - The "Technology Board" aims to support the financing needs of technology innovation enterprises and enhance the multi-tiered bond product system in China [2][3] Group 1: Policy and Structure - Technology innovation bonds are issued by companies in the technology sector, primarily to support the development of technology innovation [2] - The People's Bank of China and other regulatory bodies are collaborating to innovate the bond market's "Technology Board," allowing various entities, including financial institutions and private equity firms, to issue technology innovation bonds [2][3] - New policies include an innovative credit rating system and improved risk-sharing mechanisms to better meet the financing needs of technology enterprises [3] Group 2: Market Response and Participation - The market has actively responded to the "Technology Board," with significant participation from financial institutions such as Huatai Securities and Zhongyin Securities, which are facilitating the issuance of technology innovation bonds [4] - As of now, approximately 100 institutions have registered or issued technology innovation bonds, with a total issuance of about 249.75 billion yuan in just two weeks [4][5] - The majority of the issuers are high-rated central state-owned enterprises and leading private enterprises, with AAA-rated issuers accounting for over 80% of the total [5]

Group 1 - The core viewpoint of the news is the introduction of a systematic deployment and arrangement by seven government departments to accelerate the construction of a technology finance system that supports high-level technological self-reliance and strength [1] - The Ministry of Science and Technology aims to establish a long-term investment mechanism for financial support of technological innovation through the implementation of the policy measures [1] - The policy framework will create a bridge between financial capital and technological innovation, promoting a diversified and multi-layered investment structure in technology [1] Group 2 - The "Innovation Points System" introduced by the Ministry of Science and Technology in 2022 helps financial institutions accurately identify the technological innovation attributes of tech enterprises [2] - As of the end of last year, over 7,000 enterprises and banks have signed contracts under this system, with a total signing amount exceeding 88 billion [2] - The special guarantee plan for technological innovation has been implemented nationwide, with a total of 12,200 transactions and a guarantee scale exceeding 38 billion [2]