"希望企业家敢闯敢试，善用资本，抓住债券科技板的机遇，争做创新发展的领跑者；希望金融机构要 创新服务，精准滴灌，做企业成长的同行者；希望各级金融部门要靠前服务，优化生态，做资本市场的 铺路者。"宁新田说。 本报讯 （记者肖艳青）5月22日，"融聚资本力量 债券'科技板'融资策略培训会"在河南郑州举行。据 悉，此次活动汇聚政府领导、行业专家、上市公司及金融机构代表，共同探讨债券"科技板"政策机遇， 助力科技型企业拓宽融资渠道，赋能创新发展。 除专题培训外，本次活动还安排了闭门交流会，深交所河南基地、大公国际、国新证券相关专家与企业 及机构代表通过面对面沟通交流，一对一辅导，包括融资申请材料准备、审核流程跟进、债券发行定价 与承销等，结合当前监管政策以及企业自身状况，提供具体的解决方案和建议。 中国人民银行与中国证监会于5月7日联合发布《关于支持发行科技创新债券有关事宜的公告》，通过畅 通融资渠道、优化资金投向等举措，促进资本投早、投小、投长期、投硬科技。同日，中国银行间市场 交易商协会同步出台《关于推出科技创新债券构建债市"科技板"的通知》，在银行间债券市场正式推出 科技创新债券。 河南省委金融委员会办公室副主 ...

Core Viewpoint - The recent joint issuance of the "Policies and Measures to Accelerate the Construction of a Science and Technology Financial System" aims to support high-level technological self-reliance and innovation in China through the establishment of a dedicated "Technology Board" in the bond market [1][3]. Group 1: Establishment of the Technology Board - The establishment of the "Technology Board" in the bond market is a significant focus, addressing the challenges in the fundraising process for technology enterprises [3]. - Approximately 100 institutions are currently issuing technology innovation bonds, with total issuance exceeding 250 billion [1][5]. Group 2: Support for Technology Innovation Bonds - The "Technology Board" will allow for flexible issuance of bonds, simplified disclosure requirements, and the ability for issuers to design their own bond terms [3]. - Measures include waiving transaction fees and providing specialized market-making services to enhance the bond issuance process for technology firms [3]. Group 3: Focus on Equity Investment Institutions - Equity investment institutions are identified as key players in supporting technological innovation, particularly in fostering the formation of innovation capital [4]. - The "Technology Board" aims to address the issues of short financing terms and high costs faced by equity investment institutions by creating risk-sharing tools and providing low-cost refinancing options [4][5].

白雪指出，总体来看，市场对美债的承接能力弱化，与美联储缩表减持美债、美国国内共同基金降低美 债配置，以及海外投资者持续减持美债都有一定关系。短期诱因更多可能与上周美国主权信用评级遭遇 调降、特朗普税改法案在众议院预算委员会通过，极大加剧了市场对美国长期财政赤字扩张与债务压力 问题的担忧有关。 中诚信国际主权资深分析师王家璐告诉新京报贝壳财经记者，2025年美国财政融资需求维持在高位。高 存量美国国债和高预期供给已对市场形成前瞻性冲击，叠加投资者对美国中长期财政可持续性的担忧， 成为推动美债收益率上行的重要基础性因素。 对于美日两国长期限国债走弱，也有部分市场人士指出，当前美日央行维持相对偏紧的货币政策，两国 央行均在卖出国债，加剧了供需矛盾。同时目前美日两国通胀压力维持在高位，均高于美日央行目前的 合意区间。通胀压力导致两国央行均收紧其货币政策，持续在公开市场卖出国债。缺少央行购债的需求 支撑，加大了两国债市的脆弱性。 近日全球长期限债券利率普遍上行。截至当地时间5月21日，30年期美国国债收益率突破5%，触及2008 年以来的高点；30年期日债收益率向上触及2.98%，为2000年以来最高水平，4月以来上涨 ...

Core Viewpoint - The Chinese government is actively promoting the "Technology Board" in the bond market to support technology-driven companies and venture capital institutions, addressing their unique financing challenges [1][2]. Group 1: Technology Board Initiatives - The "Technology Board" allows issuers to flexibly issue bonds in installments, simplifies information disclosure requirements, and reduces certain issuance and transaction fees [1]. - The initiative primarily supports venture capital institutions, which are crucial for early-stage, small, and hard technology investments, facing challenges such as light assets and long investment cycles [1]. - A risk-sharing tool for technology innovation bonds has been created, with the central bank providing low-cost re-lending funds [1]. Group 2: Market Response and Future Plans - Currently, around 100 institutions are either registered or have issued technology innovation bonds, totaling over 250 billion yuan [2]. - The government aims to closely monitor and continue advancing the "Technology Board," while also improving the supporting mechanisms to enhance its effectiveness [2].

Core Viewpoint - The Chinese government is enhancing support for venture capital firms by establishing a "Technology Board" in the bond market to facilitate the issuance of technology innovation bonds, particularly targeting top-tier private equity investment institutions [1][2]. Group 1: Technology Board Initiatives - The People's Bank of China, along with other regulatory bodies, has created a differentiated bond issuance system for technology enterprises, allowing for flexible bond issuance, simplified disclosure requirements, and customized bond terms [1][2]. - The initiative includes measures such as waiving transaction fees for bond issuance and providing specialized market-making services [1][2]. Group 2: Support for Private Equity Institutions - Private equity institutions are identified as crucial players in supporting technological innovation and capital formation, but they face challenges such as short financing terms and high costs [2]. - The Technology Board aims to address these issues by creating risk-sharing tools, providing low-cost refinancing, and collaborating with local governments to mitigate default risks for bond investors [2]. Group 3: Market Response and Future Outlook - There is a positive market response, with nearly 100 institutions already involved in issuing technology innovation bonds, totaling over 250 billion [2]. - The government plans to continue monitoring and improving the support mechanisms for the Technology Board to maximize its effectiveness [2].

Group 1 - The Ministry of Finance conducted a treasury bond market support operation on May 20, 2025 [1]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily discuss the bond market and the impact of US-China trade relations on it, along with the implications of interest rate policies by the central bank. Core Insights and Arguments 1. **Monetary Policy Outlook** The central bank is not expected to tighten monetary policy significantly in the short term due to the lack of consistent improvement in the economic fundamentals. The rise in funding rates in May is seen as normal, with current overnight rates remaining relatively loose, supporting a bullish stance on the bond market [1][3][2]. 2. **US-China Tariff Levels** It is anticipated that the US-China tariff levels will stabilize between 40-50% in 2025. The long-term decoupling trend in key sectors such as semiconductors and shipping remains unchanged, driven by the inadequacy of the US supply chain [4][5]. 3. **Impact of Tariffs on Corporate Profitability** The average profit margins for foreign trade enterprises are low, with B2B at approximately 10% and B2C at around 20%. An additional 10% tariff could lead many companies to operate at a loss. Therefore, maintaining the current tariff levels is deemed reasonable [6]. 4. **Ten-Year Treasury Yield Trends** The current yield on ten-year treasury bonds is close to 1.65%. A bearish outlook to 1.7% is considered neutral, and any adjustments are viewed as buying opportunities. The overall direction remains bullish for the bond market, even amidst short-term fluctuations [7][1]. 5. **Structural Tariffs and Industry Impact** Future total tariff levels are expected to remain stable, with a focus on structural tariffs such as the 232 and 301 trade laws, which could increase tariffs by 25% or more for specific industries. The relationship between the US and China is not expected to improve significantly [8]. 6. **Shift of Production Capacity Overseas** Companies are increasingly relocating production capacity overseas, despite lower labor costs abroad. The higher efficiency of domestic production and infrastructure leads to lower overall production costs domestically. This shift negatively impacts domestic employment and fiscal revenue [10]. 7. **Export Trends and Market Sentiment** Recent export data indicates a rise in the growth rate of high-value products, while labor-intensive products lag. This trend reflects a shift towards capital goods and raw materials in exports, which may pressure domestic employment and fiscal income [11]. 8. **Rising Overseas Shipping Costs** The increase in overseas shipping costs is attributed to shipping companies adjusting capacity and recovering demand in the US market. It is expected that shipping prices will remain high for the next four weeks before potentially declining [12]. 9. **Banking Sector and Interest Rate Adjustments** Large banks may lower deposit rates, which could benefit the bond market if the adjustments are significant (20-40 basis points). This would reduce the cost pressure on banks' liabilities, making bond purchases more attractive [17]. Other Important Insights - The current 90-day exemption period has led companies to prioritize existing orders, creating a cautious sentiment towards new orders due to potential tariff changes post-exemption [9]. - The central bank will only consider tightening monetary policy when there is a consistent improvement in financial data over at least a month [14]. - Current interest rates are difficult to lower due to market perceptions of instability, which affects bond market sentiment [15]. - Banks are not expected to engage in large-scale profit-taking in the second quarter, focusing instead on routine seasonal operations [16].

5月7日，中国人民银行、中国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，中国银行间 市场交易商协会发布《关于推出科技创新债券构建债市"科技板"的通知》，正式面向金融市场推出科技 创新债券。 次日，中国银行间市场交易商协会即在银行间市场发布全国首批科技创新债券相关公告，其中包括江苏 11家企业落地的11只科技创新债券。截至5月15日，该11只债券已累计募集资金45.3亿元，发行人覆盖 南京、苏州、无锡等省内5个设区市，行业惠及新能源、高端装备制造、生态环境等科技创新领域。 记者了解到，今年以来，中国人民银行行长潘功胜在多个公开场合介绍将建设债券市场"科技板"。在此 背景下，人行江苏省分行积极部署、靠前发力，指导辖内各地市分行及主承机构发挥专业优势，有组 织、有计划地开展科技创新债券项目对接和发行辅导，深挖债券融资需求、加快合格债券项目储备，同 步建立协调联系机制，指导主承机构做好政策对接宣传、业务摸排推动、情况沟通反馈等具体事务，全 力激发市场活力和信心，力争更多省内科技型企业和股权投资机构发行全国首批科技创新债券。 11只科技创新债券、累计募集资金45.3亿元 双首位！江苏迎来全国首批科技创新债券落 ...

Core Viewpoint - The expansion policy of the sci-tech bond market has been implemented, aiming to optimize the bond market structure, improve the investment ecosystem, and promote the construction of a multi-tiered bond market, making it an important financing channel for technology innovation enterprises [2][3]. Group 1: Market Structure Optimization - The expansion of the sci-tech bond market will significantly optimize the existing bond market structure, which is currently dominated by government bonds, by encouraging the issuance of medium- and long-term sci-tech bonds [2]. - This shift will attract more technology innovation enterprises into the bond market, helping to build a multi-tiered bond market system [2]. Group 2: Financing Mechanisms and Support - Future policies will enhance the pledge financing mechanism for sci-tech bonds and encourage the establishment of sci-tech bond indices and index-linked products, which will improve market liquidity and investment attractiveness [3]. - The policy aims to optimize the investment and financing ecosystem for sci-tech bonds by improving issuance efficiency, simplifying information disclosure, and guiding investment [3]. Group 3: Valuation Models and Credit Rating Systems - There is a need to establish valuation models and credit rating systems that are suitable for the characteristics of sci-tech enterprises, which differ significantly from traditional bonds [4]. - The focus should be on factors such as technological innovation capability, R&D investment, and future profitability trends, rather than solely on financial data and fixed assets [4]. Group 4: Risk Control and Credit Enhancement - A more comprehensive risk control system is necessary to address the high credit risk associated with sci-tech enterprises, which often face significant project risks and cash flow volatility [6]. - Recommendations include strengthening the responsibilities of issuers and intermediaries, enhancing information disclosure, and improving investor suitability management [6]. Group 5: Rating Agency Adaptation - Rating agencies must enhance their research on rating methodologies tailored for sci-tech enterprises, focusing on unique rating elements and the impact of credit enhancement mechanisms on repayment ability [7]. - Continuous improvement in due diligence and rating analysis quality is essential for supporting the rapid expansion of the sci-tech bond market [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report "Guojin Securities Fixed Income - Bond Market Micro Transaction Thermometer" dropped 1 percentage point to 43%. The proportion of indicators in the overheated range among 20 micro - indicators rose to 20%, those in the neutral range decreased to 30%, and those in the cold range remained at 50%. Different types of indicators showed various changes in their values and ranges [2][3][14]. 3. Summary by Relevant Catalogs 3.1. This period, the reading of the micro - transaction thermometer dropped 1 percentage point to 43% - The "Guojin Securities Fixed Income - Bond Market Micro Transaction Thermometer" decreased by 1 percentage point to 43%. Indicators with larger declines include TL/T long - short ratio, fund duration, fund - rural commercial bank buying volume, market and policy spreads, and commodity price ratio. Indicators with larger increases are 30/10Y and 1/10Y Treasury bond turnover rates, with their percentile values rising by 65 and 60 percentage points respectively. Currently, indicators with high congestion include 1/10Y Treasury bond turnover rate and fund ultra - long bond buying volume [2][14]. 3.2. This period, the proportion of indicators in the over - heated range rose to 20% - Among 20 micro - indicators, 4 are in the over - heated range (20%), 6 in the neutral range (30%), and 10 in the cold range (50%). The ranges of some indicators have changed: stock - bond price ratio and fund - rural commercial bank buying volume dropped from the neutral to the cold range; TL/T long - short ratio dropped from the over - heated to the neutral range; 30/10Y and 1/10Y Treasury bond turnover rates rose from the cold and neutral ranges to the over - heated range respectively; allocation disk strength rose from the cold to the neutral range [3][19]. - Transaction heat percentile value increased by 17 percentage points. Except for the TL/T long - short ratio, whose percentile value dropped by 33 percentage points, other transaction heat indicators' percentile values all increased. The 30/10Y and 1/10Y Treasury bond turnover rates' percentile values increased significantly by 65 and 60 percentage points respectively. The average percentile value of transaction heat increased by 17 percentage points. Among institutional behavior indicators, except for the allocation disk strength whose percentile value increased by 16 percentage points, other indicators' percentile values dropped. The fund duration and fund - rural commercial bank buying volume percentile values decreased by 25 and 51 percentage points respectively, driving the average percentile value of institutional behavior down by 10 percentage points. Market and policy spread percentile values both increased, driving the average spread percentile value down by 12 percentage points. Stock - bond, commodity, and real estate price ratio percentile values all dropped, while the consumer goods price ratio percentile value increased slightly by 9 percentage points, and the average percentile value of price ratios increased by 7 percentage points [4][19]. 3.2.1. Relative turnover rate percentile value increased significantly - In transaction heat indicators, the proportion of indicators in the over - heated range rose to 33%, in the neutral range remained at 17%, and in the cold range dropped to 50%. The 30/10Y and 1/10Y Treasury bond turnover rates' percentile values increased by 65 and 60 percentage points respectively, with the former rising from the cold to the over - heated range and the latter from the neutral to the over - heated range. The TL/T long - short ratio percentile value dropped 33 percentage points to 51%, falling from the over - heated to the neutral range [5][21]. 3.2.2. Allocation disk strength continued to rise - Among institutional behavior indicators, the proportion of indicators in the over - heated, neutral, and cold ranges remained at 25%, 50%, and 25% respectively. The fund - rural commercial bank buying volume percentile value dropped 51 percentage points to 6%, falling from the neutral to the cold range, while the allocation disk strength percentile value increased 16 percentage points, rising from the cold to the neutral range [6][22]. 3.2.3. Policy spread continued to widen under the bond market correction - The bond market corrected comprehensively. The spread between the 3 - year Treasury bond and OMO increased from 6bp to 11bp, and its percentile value dropped 14 percentage points to 22%, still in the cold range. Credit spread, Agricultural Development - China Development spread continued to compress by 6bp and 1bp to 46bp and 10bp respectively, while the IRS - SHIBOR 3M spread widened by 13bp to - 5bp. The average spread of the three widened by 2bp to 17bp, and its percentile value dropped 10 percentage points to 41%, in the neutral range [7][29]. 3.2.4. Consumer goods price ratio percentile value increased by 9 percentage points - All price - ratio indicators are in the cold range. The stock - bond price ratio percentile value dropped 8 percentage points to 36%, falling from the neutral to the cold range. The commodity price ratio percentile value dropped significantly by 19 percentage points to 8%, still in the cold range [8][31].