【 导读 】首批运用科技创新债券风险分担工具 的 项目正式落地 见习记者 舍梨 民营创投机构的科创债落地情况备受市场关注。6月19日，据中国银行间市场交易商协会（以 下简称交易商协会）消息，首批运用科技创新债券风险分担工具的项目正式落地。 毅达资本、金雨茂物、君联资本、中科创星和东方富海等 5家民营股权投资机构日前获分担 工具增信和投资支持，并完成发行，规模合计13.5亿元，中芯聚源等机构正在积极推进注册 科 技 创新债券。 图片来源：NAFMII资讯 这是债券市场设立"科技板"以来，首批使用央行创设风险分担工具的主体。业内人士认为， 这一创新举措不仅为民营创投机构拓宽融资渠道提供了可复制范式，更为科技创新企业引入 了新的资本活水。 据交易商协会消息，首批运用科技创新债券风险分担工具的项目中，分担工具采用信用风险 缓释凭证、担保增信等多样化增信措施，并汇聚地方政府、市场化增信机构等各方合力。 具体来看：毅达资本、金雨茂物由分担工具与金融机构联合创设信用风险缓释凭证增信；君 联资本、中科创星和东方富海则采取担保增信，并引入北京、陕西和深圳的专业担保公司提 供反担保，充分发挥分担工具和市场化增信机构的协同效应，有 ...

Core Viewpoint - Korean investors are increasingly buying Chinese stocks, with a monthly trading volume of $782 million in February, nearly doubling from the previous month, marking the highest level since August 2022 [3]. Group 1: Market Performance - The Korean Composite Index has declined by 5% over the past year, while the CSI 300 has increased by 10.8% during the same period [5][6]. - The depreciation of the Korean won provides additional currency gains for Korean investors when converting to invest in A-shares [7]. Group 2: Investment Trends - Korean pension funds are gradually reducing their domestic stock allocations, aiming to lower it to 15% by 2025 [9]. - The negative correlation between Chinese and Asian stock markets is evident, with historical data showing a clear inverse relationship [14][28]. Group 3: Influence of Wall Street - Wall Street's investment strategy prioritizes long-term planning, which influences capital allocation across global markets, leading to a zero-sum game in Asian stock markets [23][24]. - Despite the limited absolute capital from Wall Street in Asia, its perceived expertise causes significant market reactions due to herd behavior [27]. Group 4: Current Market Dynamics - The recent bullish sentiment towards Chinese stocks has attracted substantial follow-on investments from Korean investors [32]. - However, the withdrawal of foreign capital from Hong Kong stocks raises concerns about the sustainability of this trend [34]. Group 5: Valuation Concerns - The recent rise in Hong Kong stocks is primarily driven by valuation increases, which inherently heightens risk [36]. - The speculative nature of A-share valuations, particularly in sectors like robotics and semiconductors, poses additional risks [39]. Group 6: Long-term Market Confidence - The long-term growth of the A-share market relies on domestic policy support, economic growth, and investor confidence [50].