Core Viewpoint - The first projects utilizing the technology innovation bond risk-sharing tool have officially launched, with a total issuance scale of 1.35 billion yuan by five private equity investment institutions [1][3]. Group 1: Policy and Implementation - The People's Bank of China, in collaboration with the China Securities Regulatory Commission, has established the risk-sharing tool to support private equity institutions in issuing long-term bonds on the "Technology Board" [2]. - The risk-sharing tool is designed to provide low-cost refinancing funds and involves various credit enhancement measures in cooperation with local governments and market-based credit enhancement institutions [2]. Group 2: Financial 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 acts as a cornerstone investor, purchasing technology innovation bonds to facilitate access to long-term, low-cost funding for private equity institutions [3]. Group 3: Market Impact and Future Outlook - The introduction of the "Technology Board" opens new avenues for low-cost, long-term financing for private equity institutions, enhancing their ability to support technology innovation companies [4]. - The risk-sharing tool and product innovations are expected to improve the financing accessibility for private enterprises and technology innovation companies with weaker credit profiles [4][5].

Core Viewpoint - Wuhan is accelerating the construction of a technology finance system that aligns with technological innovation, aiming to establish itself as a national technology finance center by 2027 through a comprehensive action plan [1][2]. Group 1: Action Plan Overview - The action plan outlines five major actions: nurturing patient capital, improving technology credit quality, building a multi-level capital market, risk compensation sharing, and optimizing the technology finance ecosystem [2]. - By 2027, Wuhan plans to establish over 50 specialized technology finance institutions and achieve a scale of over 300 billion yuan in equity investment funds and over 500 billion yuan in loans to technology enterprises [2]. Group 2: Government Investment Fund Role - The action plan emphasizes the role of government investment funds in guiding technology finance, with a focus on nurturing patient capital [3][4]. - Wuhan has integrated two government industry funds, which have collectively participated in the establishment of 111 funds and invested over 20.4 billion yuan, attracting over 83.4 billion yuan in social capital [4]. Group 3: Technology Credit Expansion - The action plan aims to enhance the technology credit service system by encouraging banks to establish specialized technology finance institutions and improve credit access for technology enterprises [7][8]. - As of June 11, 2023, Wuhan has issued 36.563 billion yuan in knowledge value credit loans to 4,287 technology enterprises, with plans to further innovate credit products [9]. Group 4: Multi-Level Capital Market Development - Wuhan is committed to developing a multi-level capital market, supporting the listing of technology enterprises through a structured nurturing approach [10][11]. - The city has seen significant progress in nurturing companies for capital market competition, with eight new domestic and foreign listed companies in 2024 [11]. Group 5: Mergers, Acquisitions, and Bond Financing - The action plan supports mergers and acquisitions for technology enterprises, allowing up to 80% loan coverage for controlling acquisitions [12]. - Since the introduction of the bond market "technology board" policy, Wuhan has successfully issued 172 billion yuan in technology innovation bonds, with 12 enterprises participating [13].

据悉，此次发行的是君联资本2025年度第一期定向科技创新债券，所募集资金将全部通过基金出资、股 权投资等方式用于科技创新领域，叠加民营机构的市场灵活性，为科技型企业提供更高效的股性资金支 持。债券发行后，将充分发挥资本撬动作用，助力完成百亿元规模的基金设立，直达科技创新"靶心"， 成为"科技-产业-金融"良性循环的典型案例。 中关村科技担保相关负责人介绍，北京首单"科技创新债券"是在人民银行北京市分行、北京市财政局、 市科委中关村管委会等单位指导下发行注册的。债券的发行采用了"央地协同、风险共担"双重增信模 式，即由中债信用增进提供全额担保，中关村科技担保作为地方国企代表为项目提供反担保支持，打 造"国家信用-地方增信-机构反哺"三级风险缓冲带、实现长期风险可控，为债券的成功发行夯实基础， 也为专业增信担保机构参与民营股权投资领域科创债发行提供了参考经验。 在今年3月全国两会期间，中国人民银行行长潘功胜提出，将创新推出债券市场"科技板"。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》（简称"新政"），明 确指出，"具有丰富投资经验、出色管理业绩、优秀管理团队的股权投资机 ...

" 6 "即在科创板创新推出6项改革措施 ，包括对于适用科创板第五套标准的企业，试点引入资 深专业机构投资者制度；面向优质科技企业试点 IPO预先审阅机制；扩大第五套标准适用范 围，支持人工智能、商业航天、低空经济等更多前沿科技领域企业适用；支持在审未盈利科技 企业面向老股东开展增资扩股等活动；完善科创板公司再融资制度和战略投资者认定标准；增 加科创板投资产品和风险管理工具等。同时，证监会也将在创业板正式启用第三套标准，支持 优质未盈利创新企业上市。 吴清表示，当前，适应创新规律的资本形成机制不完善。与科技创新 "十年磨一剑"的坚守相 比， 我们的金融供给仍存在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 他指出，完善更加适配科技创新和产业变革的金融服务体系，资本市场大有可为。资本市场具 有独特的风险共担、利益共享的激励相容机制，能够提供从风险投资到上市融资、并购重组的 全链条、接力式服务，满足初创期、成长期、成熟期等不同阶段企业需求。 从近年国内外实践看，无论是大而强的科技巨头，还是小而美的科创新秀，都离不开资本市场 的有力支持，创新始于科技、兴于产业、成于资本的特点越来越明显。创新需要科 ...

Group 1 - Zhongke Chuangxing successfully issued the first phase of targeted technology innovation bonds in the interbank bond market, with a scale of 400 million yuan and a term of 5+5 years at a coupon rate of 2.10% [2][3] - The bond issuance received a subscription multiple of 3.58 times, indicating strong market confidence in Zhongke Chuangxing's value investment philosophy and optimism towards hard technology sectors [2][3] - The funds raised will be used for investments in hard technology fields such as new generation information technology, artificial intelligence, and semiconductors [3] Group 2 - The issuance of technology innovation bonds has been characterized by large issuance scales, long terms, and low interest rates since the launch of the "technology board" on May 7 [3] - Zhongke Chuangxing aims to continue issuing technology innovation bonds to attract more market-based funds to support technology enterprises and cultivate patient capital [3][5] - The People's Bank of China has introduced risk-sharing tools to support the issuance of low-cost, long-term technology innovation bonds, enhancing risk control through collaboration with local governments and credit enhancement agencies [5] Group 3 - Credit rating agencies are optimizing the credit rating system for equity investment institutions and technology enterprises to better align with the characteristics of technology innovation [5][6] - Far East Credit has launched a new credit rating method for equity investment institutions, focusing on capital operation capabilities, risk management levels, and value discovery efficiency [6] - The new rating method emphasizes investment management capabilities and project quality over traditional metrics like asset size, aiming to enhance the operational resilience and growth potential of equity investment institutions [6]

Core Viewpoint - The essence of the industry's dilemma is not a lack of capital, but a lack of value creation capability [6]. Group 1: Fundraising Challenges - In the equity investment field, fundraising is the most fundamental, difficult, and painful aspect [5]. - The disappearance of market-oriented LPs and the dominance of state-owned LPs have led to ongoing fundraising difficulties, creating a perception of a "lack of money" in the industry [5][8]. - Most institutions are in a long-term state of "capital hunger," leading to a perception that funds are more important than projects [9]. Group 2: Core Contradictions - The core contradiction behind fundraising difficulties and project shortages points to a scarcity of capability [13]. - The first secret of business is scarcity, which is also the essence of value [12]. - Investment should focus on creating scarcity rather than competing in a homogeneous manner [11]. Group 3: Investment Strategies - Building a differentiated competitive barrier is crucial for success in investment [11]. - A reverse investment model that emphasizes supply-side control and precise demand matching can help institutions avoid the need for fundraising [11]. - The focus should be on creating investment scenarios that allow for greater control and success-driven marketing [11]. Group 4: Changing Market Dynamics - The equity investment market is undergoing profound changes, with brand premiums declining and asset bubbles being cleared [21]. - The core competitiveness of institutions is shifting from brand recognition to performance [23]. - The essence of investment is akin to market logic, focusing on buying low and selling high while minimizing waste [23]. Group 5: Performance and Capability - Performance is the only true moat for institutions, as highlighted by the example of a consumer fund achieving over 10 times returns from a single liquor project [24]. - Investment logic must withstand practical tests, as there is often a significant gap between knowledge and action [25]. - Understanding the boundaries of one's capability circle is essential for successful investment strategies [26].

Core Viewpoint - The establishment of Asset Investment Companies (AICs) by commercial banks is accelerating, providing new channels for equity investment and supporting technological innovation in China [1][2]. Group 1: AIC Development and Role - Recently, another commercial bank has been approved to establish an AIC, contributing to the expansion of equity investment in the market [1]. - AICs are designed to help banks manage non-performing assets and have begun to pilot equity investment businesses under regulatory support [2]. - The AIC model offers multiple advantages over traditional credit models, allowing for long-term equity investments and better identification of quality projects in the tech sector [2]. Group 2: Policy and Market Environment - The Chinese financial system, dominated by commercial banks, faces challenges in meeting the funding needs of innovative enterprises, necessitating increased support for equity investment [2]. - Various policies have been introduced to promote equity investment, facilitating a positive cycle of capital flow towards technological innovation [1][2]. - There is a need for continued policy support to create a favorable environment for AICs to thrive, as they are still in the early stages of development [2]. Group 3: Risk Management and Investment Strategy - AICs must adopt a robust error tolerance mechanism to encourage early and small-scale investments in high-tech sectors, balancing risk and opportunity [3]. - Regulatory bodies should develop appropriate policies and assessment standards tailored to the characteristics of equity investment to enhance AICs' operational capabilities [3]. - Effective risk control measures are essential for the sustainable development of AICs, including optimizing accountability mechanisms and addressing illegal activities [3].

继主导设立湖北地区首支AIC股权投资基金后，6月10日，武汉投控集团权属企业武创投在银行间市场 成功发行湖北省股权投资机构首单科技创新债券，规模4.5亿元，期限3年，票面利率1.8%，较1年期 LPR低120BP，创全国股权投资机构科技创新债券利率最低。 据悉，武创投本次科技创新债券将重点支持光电子信息、生命健康、人工智能等战略性新兴领域，募集 资金将以科创基金为载体，吸收社会资本，共同投向科技创新企业，预计可对募集资金实现4至5倍的放 大。 作为湖北省内最早开展独立融资的股权投资机构，武创投持续推进融资工具创新，强化资本赋能能力， 已形成"资本源-创新源-生态源"三位一体的特色发展路径。 截至目前，武创投已完成14.5亿元科技创新债券发行（含10亿元科创票据）。其中，发行全场倍数均在 3倍以上，票面利率自2024年12月开始向下突破2%，进入"1"时代，持续创下全国同期限同品种的最低 纪录；已投资880余家科技型企业，已支持培育信科移动、达梦数据、黑芝麻智能等83家上市企业，有 力支持武汉科技创新企业发展壮大。 据了解，站在新起点，武创投已明确"2000亿元引导放大基金集群"的战略目标，下一步，将全力推动4 ...

科技创新债券发行新规落地满月，市场反响热烈。截至6月7日，全市场147家机构累计发行科技创新债券超3748亿元。其中，39家金融机构发行2239亿元， 108家非金融企业发行1509.98亿元。交易商协会支持73家非金融企业发行977.2亿元，占非金融企业总发行规模的65%。 发行主体呈现多元化格局 科技创新债券期限结构呈现长期化导向。中长期债券只数占比达60%，其中10年期以上共计7只，规模83.6亿元。股权投资机构债券期限全部分布在3年至20 年区间，江苏国信发行20年超长期科技创新债券，助力培育耐心资本。 发行利率保持相对较低水平。3年期科技创新债券价格区间在1.62%至2.90%，5年期价格区间在1.74%至3.30%。投资者覆盖银行、理财、基金、券商等各类 机构，为企业发行中长期科技创新债券提供充足信心。 风险分担机制创新不断完善。交易商协会推动"第二支箭"为应流机电、山东宏桥等科技型企业提供增信支持。西科控股由商业银行创设信用风险缓释凭证助 力发行。"科技创新债券风险分担工具"增信的股权投资机构债券即将落地，进一步降低发行成本。 来源：金融界 科技创新债券发行主体结构日趋多元。金融机构成为发行主力 ...

李强强调，科技成果转化需要良好环境作支撑，要坚持有效市场和有为政府相结合，完善支持 政策和市场服务，形成高效协同、富有活力的成果转化体系。要完善激励机制，遵循科技成果 转化规律，推进职务科技成果赋权和资产单列管理改革，更好激发各方面的积极性。要加大资 金支持，进一步拓宽思路， 更多运用市场力量，吸引社会资本加大投入 ，鼓励金融机构创新 金融产品和服务方式， 发展多层次资本市场，提供多元化融资渠道 。要加强公共服务，规划 引导支持建设一批科技公共服务平台，为科技成果供需双方提供全方位服务。 ( 新华社 ) 母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中 心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私募股权母基金与 基金行业的优秀机构与人才，促进股权投资行业的健康发展。 6 月 9 日，国务院以 " 深化科技成果转化机制改革，推动科技创新和产业创新融合发展 " 为 主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总 书记重要指示精神和党中央有关决策部署，通过多方面协同发力， ...