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（以下简称 《公告》），从丰富科技创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新 债券发行提出多项重要举措。 随后，沪深北交易所同步发布《关于进一步支持发行科技创新债券服务新质生产力的通知》，从三大方 面进一步细化支持措施。交易商协会也迅速响应，制定并发布《关于推出科技创新债券构建债市"科技 板"的通知》，创新推出科技创新债券，围绕四个方面，激发科技创新动力和市场活力。与此同时，全 国银行间同业拆借中心通知称，即日起全额减免银行间债券市场境内成员以科技创新债券为标的的现券 买卖交易手续费，减免期为2025年至2027年。 至此，由多部门协同推进、多层面共同发力的政策"组合拳"，将成为支持科技创新企业发展的强大动 力。接受《证券日报》记者采访的专家表示，这股合力不仅体现出对科技创新企业融资难、融资贵问题 的精准"把脉"，更切实降低了这些企业的融资成本，助力其在技术研发、成果转化、市场拓展等关键环 节"轻装上阵"；同时，通过创新债券产品与机制，也极大丰富了债券市场的产品供给，吸引更多投资者 入场，有效提升了债券市 ...

Group 1 - The central viewpoint of the announcements is to enhance the issuance of technology innovation bonds through various supportive measures, thereby establishing a "technology board" in the bond market [1][6][8] - The People's Bank of China and the China Securities Regulatory Commission have introduced thirteen measures to support the issuance of technology innovation bonds, which are complemented by notifications from stock exchanges and trading associations [1][3][4] Group 2 - The issuance of technology innovation bonds will now include a wider range of issuers, such as financial institutions and private equity investment institutions, expanding the funding sources for technology-driven enterprises [3][4] - The new policies aim to encourage more mature and growth-stage private technology enterprises to issue technology innovation bonds for financing [4][5] Group 3 - Issuers are encouraged to innovate in bond terms, allowing for flexible arrangements that better match funding needs, such as equity conversion and project revenue-linked repayment structures [5][6] - The introduction of a "green channel" for bond issuance aims to streamline the approval process and enhance financing efficiency for technology innovation bonds [6][7] Group 4 - The trading mechanisms for technology innovation bonds will be enriched to attract a diverse range of investors, thereby improving liquidity in the secondary market [7][8] - The establishment of a risk-sharing mechanism is proposed to mitigate credit risks associated with technology enterprises and market-oriented equity investment institutions [8][9] Group 5 - Simplified information disclosure rules for issuers are expected to reduce the burden of compliance and enhance financing efficiency [9][10] - A new credit rating system tailored to the characteristics of technology enterprises and equity investment institutions is being developed to provide a more accurate assessment of creditworthiness [10]

Core Insights - The bond market's "Technology Board" is progressing with policy details emerging, indicating strong market interest and readiness for issuing technology innovation bonds [2][3][4] - Nearly 100 market institutions plan to issue over 300 billion yuan in technology innovation bonds, with expectations for more participants [2][5] - The initiative aims to enhance financial support for technology enterprises, particularly encouraging private technology firms to access financing through bond issuance [2][4][8] Policy Developments - The People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) have released announcements detailing measures to support the issuance of technology innovation bonds [5][6] - The new policies include improved systems for issuance, trading, information disclosure, and credit rating tailored to the characteristics of technology enterprises [4][5] Risk Management and Credit Enhancement - The initiative addresses the diverse risk profiles of technology enterprises, particularly smaller firms, by encouraging financial institutions to develop credit protection tools [6][8] - The PBOC plans to create risk-sharing tools and provide low-cost refinancing to support the issuance of technology innovation bonds, thereby reducing default risk [6][8] Market Dynamics - The "Technology Board" is expected to attract more institutional investors to focus on "hard technology," fostering a positive funding cycle [8][9] - The initiative will prioritize financing for key technology sectors such as artificial intelligence, big data, integrated circuits, and biotechnology [8] Credit Rating Innovations - The bond market's "Technology Board" will introduce a new credit rating system tailored to the characteristics of technology firms and private equity institutions [9] - Rating agencies are encouraged to develop specialized rating methodologies that reflect the unique aspects of technology enterprises, moving away from traditional asset-based metrics [9]

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission have introduced a risk-sharing tool for technology innovation bonds to support long-term financing for equity investment institutions in the "Technology Board" [1][8]. Group 1: Policy Announcements - The announcement includes 13 specific measures aimed at enriching the product system for technology innovation bonds and improving supporting mechanisms [1]. - The Shanghai and Shenzhen Stock Exchanges have issued notifications to further support the issuance of technology innovation bonds, supplementing the measures outlined in the announcement [1][2]. Group 2: Market Response and Scale - Nearly 100 market institutions have planned to issue over 300 billion yuan in technology innovation bonds, indicating strong market response [2]. - The total scale of China's bond market is 183 trillion yuan, ranking second globally, which can provide efficient and low-cost funding for technology innovation [2]. Group 3: Focus Areas and Support Mechanisms - The "Technology Board" will focus on financing support for key technology industries such as artificial intelligence, big data, integrated circuits, and biotechnology [3]. - The new policies aim to reduce reliance on government funding and enhance investment efficiency by establishing a comprehensive support system for technology innovation bonds [3][4]. Group 4: Risk Management and Evaluation - The announcement includes measures to improve the risk-sharing mechanism for technology innovation bonds, allowing financial institutions to engage in credit protection tools and risk mitigation [6][8]. - A national evaluation mechanism for the effectiveness of financial institutions' technology financial services will be established to encourage investment in technology innovation bonds [3][6]. Group 5: Innovation in Bond Issuance - Issuers can innovate bond terms, including options for collateral and linking interest rates to project performance, enhancing the attractiveness of technology innovation bonds [7]. - The introduction of risk-sharing tools by the People's Bank of China aims to lower financing costs for equity investment institutions and support the issuance of longer-term bonds [8].

Core Viewpoint - The People's Bank of China (PBOC) is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology companies, and private equity firms, with nearly 100 market institutions planning to issue over 300 billion yuan in such bonds [1][2]. Group 1: Policy and Mechanisms - The PBOC and the China Securities Regulatory Commission (CSRC) have created a risk-sharing tool for technology innovation bonds, allowing for low-cost refinancing and diverse credit enhancement measures to lower financing costs for private equity firms [2][3]. - The announcement includes 13 specific measures to support the issuance of technology innovation bonds, focusing on enriching the product system and improving support mechanisms [2][3]. - The issuance process for technology innovation bonds will be optimized, allowing for flexible terms and simplified disclosure rules to enhance financing efficiency [3][4]. Group 2: Market Response and Participation - Major financial institutions and exchanges have responded positively, with the Shanghai and Shenzhen stock exchanges implementing measures to support the issuance of technology innovation bonds [4][5]. - The interbank market has announced a full waiver of transaction fees for technology innovation bonds from 2025 to 2027, encouraging participation [4][5]. Group 3: Investment Opportunities and Market Dynamics - The introduction of the "Technology Board" is expected to alleviate funding challenges for private equity firms and stimulate long-term investments in hard technology sectors, potentially attracting more social capital into the technology innovation field [10][11]. - The policy aims to enhance market confidence and encourage private enterprises to strengthen independent innovation, particularly in sectors like artificial intelligence and biotechnology [10][11]. - The development of a comprehensive support system involving bonds, loans, equity, and insurance is anticipated to provide extensive funding support for technology enterprises [7][10]. Group 4: Credit Rating and Risk Assessment - The establishment of a tailored credit rating system for technology innovation bonds is crucial, focusing on the unique characteristics of technology companies and private equity firms [8][12]. - Rating agencies are encouraged to enhance their methodologies and incorporate forward-looking indicators to better assess the creditworthiness of technology innovation entities [8][12].

Group 1: Legal Framework and Impact - The "Private Economy Promotion Law" was passed on April 30, 2025, and will take effect on May 20, 2025, marking a significant legal recognition of the private economy's status in China[2] - The law aims to enhance the legal framework supporting private enterprises, promoting high-quality development and a multi-level capital market system[2] - It emphasizes the importance of the bond market as a crucial channel for direct financing, particularly for private enterprises[2] Group 2: Financing Mechanisms and Challenges - In the first four months of 2025, private enterprises issued bonds totaling approximately 102.2 billion yuan, accounting for only 2.1% of the total credit bond issuance, a significant drop of 11.4 percentage points from 2016[6] - The law introduces measures to optimize financing mechanisms for private enterprises, addressing issues of high financing costs and difficulties in accessing funds[4] - The law also mandates timely legal action against overdue payments to small and medium-sized private enterprises, which currently have accounts receivable constituting 11% of their total assets, higher than the average for all listed companies[7] Group 3: Innovation and International Cooperation - The law supports technological innovation and international cooperation, aiming to enhance the vitality of the private economy through various measures, including participation in national technology projects[8] - The bond market has seen the introduction of innovative financing tools for technology enterprises, with the current stock of technology bonds reaching approximately 1.85 trillion yuan[9] Group 4: Risk Management and Credit Rating - The law proposes a market-based mechanism for sharing financing risks, encouraging collaboration between banks and financing guarantee institutions to support private enterprises[9] - It highlights the need for improved credit rating services, with a focus on enhancing the methodologies used by credit rating agencies to better assess the creditworthiness of private enterprises[10]

5月7日，国务院新闻办公室举行新闻发布会，介绍"一揽子金融政策支持稳市场稳预期"有关情况。 中国人民银行行长潘功胜表示，前期中国人民银行会同有关部门，积极准备推出债券市场"科技板"，支持 金融机构、科技型企业、股权投资机构这三类市场主体发行科技创新债券。 同时，针对科技型企业、股 权投资机构的特点，对科技创新债券的发行交易、信息披露、信用评级等制度安排进行了完善，健全了与 科技创新融资特点相适应的配套规则体系。相关政策和准备工作已经基本就绪。目前看，市场各方响应非 常积极，各类型金融机构、科技型企业、股权投资机构积极与中国人民银行、证监会沟通，对接发行科技 创新债券的意愿。初步统计，目前有近100家市场机构计划发行超过3000亿元的科技创新债券，预计后续 还会有更多机构参与。 分析人士指出，债券"科技板"的提出体现了我国对科技创新的金融支持力度，也为市场注入新活力，有助 于引导债市资金以更加高效、便捷、低成本的方式投向科技创新领域，推动科技与金融深度融合，助力实 体经济高质量发展。 科创债发行持续火热 2025年，以DeepSeek为代表的AI技术突破引发市场对科技创新的高度关注，而债券市场对科技企业的支 持 ...

这些举措包括，一是支持金融机构、科技型企业、私募股权投资机构和创业投资机构（下称"股权投资 机构"）发行科技创新债券。科技创新债券含公司债券、企业债券、非金融企业债务融资工具等；二是 发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求；三是 为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新信用评级体系，完善风险分散 分担机制等；四是将科技创新债券纳入金融机构科技金融服务质效评估；五是鼓励有条件的地方提供贴 息、担保等支持措施。 党的二十届三中全会明确提出，要加快多层次债券市场建设，构建同科技创新相适应的科技金融体制。 央行行长潘功胜在当日新闻发布会上透露，前期，人民银行会同证监会、金融监管总局、科技部等部 门，积极准备推出债券市场"科技板"，支持金融机构、科技型企业、股权投资机构等三类市场主体发行 科技创新债券，完善科技创新债券发行交易、信息披露、信用评级等制度安排，健全与科技创新融资特 点相适应的配套规则体系。相关政策及准备工作已基本就绪。目前看，市场各方响应非常积极，各类型 金融机构、科技型企业、股权投资机构积极与人民银行、证监会沟通，对接发行科技创新债券 ...

近日，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（中国人民银行 中国证监会公告〔2025〕8号，以下简称《公告》），从丰富科技创新债券产品体系和完善科技创新债 券配套支持机制等方面，对支持科技创新债券发行提出若干举措。 建立"股债联动"的综合支撑体系 《公告》内容主要包括：一是支持金融机构、科技型企业、私募股权投资机构和创业投资机构（以下简 称股权投资机构）发行科技创新债券。科技创新债券含公司债券、企业债券、非金融企业债务融资工具 等。二是发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需 求。三是为科技创新债券融资提供便利，优化债券发行管理，简化信息披露，创新信用评级体系，完善 风险分散分担机制等。四是将科技创新债券纳入金融机构科技金融服务质效评估。五是鼓励有条件的地 方提供贴息、担保等支持措施。 每经记者 张寿林 每经编辑 廖丹 5月7日，人民银行披露债券市场"科技板"最新进展。 创设科技创新债券风险分担工具 权威专家指出，党中央高度重视科技创新工作，对构建同科技创新相适应的科技金融体制提出了明确要 求。当前，我国金融支持科技创新的多元化融资体系 ...

Core Viewpoint - The announcement by the People's Bank of China and the China Securities Regulatory Commission aims to support the issuance of technology innovation bonds, aligning with the spirit of the 20th National Congress of the Communist Party of China, to enhance financing channels for technology innovation enterprises and stimulate market vitality [1][2]. Group 1: Support for Technology Innovation Bonds - The announcement outlines measures to enrich the product system for technology innovation bonds, allowing financial institutions, technology enterprises, private equity investment institutions, and venture capital institutions to issue these bonds [2][3]. - Issuers are encouraged to flexibly set bond terms and issue long-term bonds to better match the funding needs of the technology innovation sector [2][4]. - The announcement emphasizes optimizing the issuance management of technology innovation bonds, simplifying information disclosure, and innovating the credit rating system to facilitate financing [2][5]. Group 2: Mechanisms for Financing Support - Financial institutions and asset management institutions, as well as social security funds, corporate annuities, and insurance funds, are encouraged to invest in technology innovation bonds [5][6]. - A risk-sharing mechanism is to be established, allowing various financial institutions to support the issuance and trading of technology innovation bonds through credit protection tools and guarantees [5][6]. - Local governments are encouraged to provide interest subsidies and guarantees to support technology innovation bonds, leveraging their financial resources [5][6]. Group 3: Evaluation and Management - The management of technology innovation bonds will be strengthened to ensure that raised funds are used for supporting technology innovation development [5][6]. - The announcement includes plans for the interbank bond market and exchange bond market self-regulatory organizations to improve supporting rules for technology innovation bonds [5][6].