1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - The Chinese science - innovation bond market is in the early stage of development, with characteristics such as small market size, short issuance terms, high ratings, and issuers concentrated in traditional industries. In contrast, the US represents a mature science - innovation bond market [1][5]. - The overall static yield of European and American science - innovation bonds is significantly higher than that of China by about 300BP. The relative return space of European and American science - innovation bonds is more attractive, and the potential capital gains from narrowing spreads are more substantial [4]. - In the future, the Chinese science - innovation bond market may experience rapid growth in market size and move towards the structure of mature overseas markets, such as longer issuance terms, more diversified issuer credit qualifications, and an increase in high - tech and high - tech industry issuers [5]. 3. Summary by Relevant Catalogues 3.1 US Science - Innovation Bond Market Status - **Market Size**: As of May 4, 2025, the outstanding balance of US science - innovation bonds was $257.3116 billion, with 4,462 bonds [11]. - **Bond Maturity**: Medium - and long - term bonds dominated, with bonds over 3 years accounting for 75.97% and a weighted average remaining maturity of about 9.97 years [1][13]. - **Coupon Rate**: The average coupon rate was about 4.48%, mainly in the high - rate range, due to high risks of science - innovation enterprises and long bond terms [1][15]. - **Credit Rating**: The rating distribution was wide, mainly medium - to high - rated, with investment - grade bonds accounting for about 76.90%. The market had a certain tolerance for low - rated bonds [1][16]. - **Issuer Industry**: Issuers were mainly from high - tech industries, and the market supported the financing of high - tech industries [1][18]. - **Comparison with China**: The US market was about 10 times larger than China's. US bonds had longer terms, higher financing costs, more medium - quality bonds, and higher "science and technology content" [1][22]. 3.2 Japanese Science - Innovation Bond Market Status - **Market Size**: As of May 4, 2025, the outstanding balance of Japanese science - innovation bonds was $138.341 billion, with 686 bonds [23]. - **Bond Maturity**: Medium - and short - term bonds were the main types, with bonds within 5 years accounting for 58.14% and a weighted average remaining maturity of about 4.67 years [24]. - **Coupon Rate**: The average coupon rate was about 0.86%, mainly in the low - rate range, due to the low - interest - rate environment in Japan [25]. - **Credit Rating**: Ratings were mainly medium - to high - rated, with no low - rated bonds, indicating high credit requirements for issuers [29]. - **Issuer Industry**: Issuers showed a combination of traditional manufacturing and high - tech industries, with more bonds issued in industries with strong technological and industrial bases [30]. - **Comparison with China**: The Japanese market was about 2/3 the size of China's. Japanese bonds had slightly longer terms, lower financing costs, more medium - quality bonds, and a better balance between traditional and emerging industries in terms of "science and technology content" [32]. 3.3 European Science - Innovation Bond Market Status - **Market Size**: As of May 4, 2025, the outstanding balance of European science - innovation bonds was $105.9911 billion, with 2,192 bonds [35]. - **Bond Maturity**: Maturity distribution was relatively balanced, with a weighted average remaining maturity of about 5.45 years. Medium - and short - term bonds were slightly more common [36]. - **Coupon Rate**: The average coupon rate was about 4.08%, with a wide distribution range, mainly in the medium - to high - rate range [37]. - **Credit Rating**: Ratings were widely distributed, mainly medium - rated, with medium - quality bonds being relatively common [41]. - **Issuer Industry**: Issuers were mainly from European advantageous industries, and bond - issuing purposes included both technological innovation and upgrading [42]. - **Comparison with China**: The European market was about 4.5 times larger than China's. European bonds had more evenly distributed terms, higher financing costs, more low - rated bonds, and higher "science and technology content" [3][46]. 3.4 Comparison of Yield Spaces between Overseas and Domestic Science - Innovation Bonds - **Overall Valuation Yield**: As of April 30, 2025, the valuation yields of US and European science - innovation bonds were 5.43% and 4.62% respectively, while those of China and Japan were 2.07% and 1.25% respectively. The high yields in Europe and the US were due to the overlap with high - yield bond markets and higher benchmark interest rates [4][48]. - **Credit Spread**: The credit spreads of European and American science - innovation bonds were 263BP and 126BP respectively, while that of China was 59BP, indicating more attractive relative returns in Europe and the US [4][48]. - **High - Rating Bonds**: After excluding the impact of credit quality, the yield gap between China's high - rating science - innovation bonds and those in Europe and the US significantly narrowed, indicating that diversified credit qualifications and benchmark interest rates had a significant impact on the secondary - market attractiveness of science - innovation bonds [4]. - **Short - and Medium - Term Bonds**: The yield gaps between China's short - and medium - term science - innovation bonds and those in Europe and the US widened as the duration increased, suggesting that the yield space of China's medium - and long - term science - innovation bonds was affected by economic fundamentals and market supply [4]. 3.5 Development Potential of the Chinese Science - Innovation Bond Market - Compared with overseas markets, the Chinese science - innovation bond market is in the early stage of development. In the future, it may experience rapid growth in market size and move towards a structure similar to that of mature overseas markets, such as longer issuance terms, more diversified issuer credit qualifications, and an increase in high - tech and high - tech industry issuers [5].

□ 科创债不仅是传统意义上的"高收益债"，更具备"高变化债"和"高成长债"的独特属性。因此，建 立"债项+主体"双重视角的估值方法论已成为当前市场的共识 □ 应提高合格投资者准入门槛，引导具有风险承受能力的投资者入场 □ 应进一步推动风险管理工具的完善与创新，为投资者提供风险缓释手段 □ 应进一步完善科技创新债投资者保护机制，� 中小型科技企业迎来融资良机 科创债估值逻辑将升级 投资者结构需优化 ◎记者 张欣然 债市"科技板"，将为科技型公司提供全新的融资渠道。 5月7日，中国银行间市场交易商协会发布通知明确，科技创新债券发行主体包括科技型企业和股权投资 机构。 通知明确，符合五类情形之一的科技型企业均可发布科技创新债券，包括：至少具备一项经有关部门认 定的科技创新称号的企业，包括但不限于高新技术企业、科技型中小企业、"专精特新"中小企业（含专 精特新"小巨人"企业）、创新型中小企业、国家技术创新示范企业以及制造业单项冠军企业；科技贷款 支持范围内的企业，包括"科技创新再贷款""创新积分制"白名单等支持的企业等。这将鼓励成长期、成 熟期科技型企业发行中长期债券，为高新技术创新引来"源头活水"。 当前，我国债券 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The monetary policy continues to be "moderately loose" and shifts its focus towards stabilizing growth. Given the increasing external shocks and the need to consolidate the domestic economic recovery, further monetary policy easing can be expected [2][26]. - Multiple quantitative monetary policy tools are continuously used to maintain sufficient liquidity, and the credit resources are mainly directed towards the "Five Major Articles", "consumption", and "stabilizing foreign trade". Price - based tools are still restricted by the net interest margin, and financial institutions may be guided to price rationally [2][26]. - With the increasing downward pressure on the US economy and the weakening of the US dollar's safe - haven property, the pressure on the exchange rate to restrict monetary policy has eased [2][9]. - In the bond market, due to the need for stabilizing growth, the capital market may become looser, and bond yields still have room to decline. The central bank plans to innovate and launch a "technology board" in the bond market to guide bond funds to the innovation field more efficiently [2][26]. - In terms of credit, the short - term credit risk may increase due to the uncertainty of the external environment, and attention should be paid to the progress of trade frictions, the sustainability of economic recovery, and the frequency and intensity of policy repairs [3][27]. 3. Summary by Directory Policy Tone - The monetary policy in Q1 2025 continues the tone of the Central Economic Work Conference and the Politburo Meeting, emphasizing "flexibility" in policy implementation [8]. - Although the domestic economy started well in Q1, affected by the US tariff policy since April, the domestic export has been frustrated. At the same time, the weakening of the US dollar's safe - haven property has eased the exchange - rate pressure on monetary policy. The domestic monetary policy will still be "moderately loose" and strengthen counter - cyclical adjustment [9]. Interest Rates - The Q1 report adds the statement of "reducing the bank's liability - side cost". With the adjustment of the MLF operation mechanism, the policy rate system has changed, and it is expected that the deposit rate will decline following the loan rate [10][12]. - In Q1 2025, the weighted average interest rate of new loans issued by financial institutions decreased. The central bank advocates promoting the decline of the comprehensive financing cost of SMEs by clarifying various financing costs [13]. Liquidity - The Q1 report aims to maintain sufficient liquidity. In the short - term, the capital market has changed from a tight - balance to a loose state. In the medium - and long - term, the central bank has adjusted various tools to supplement the capital gap. The reduction of the deposit - reserve ratio in May will release long - term liquidity and relieve the bank's net interest - margin pressure [15][16]. - The central bank has suspended the treasury - bond trading operation in Q1 and may resume it under specific conditions [17]. Credit - The Q1 report emphasizes increasing credit supply and guiding more credit resources to key areas and weak links. In addition to the previous areas, it also highlights "stabilizing foreign trade" [19][21]. - Structural monetary policies will focus on the "Five Major Articles", consumption, and stabilizing foreign trade [21]. Bond Market Mechanism - The Q1 report proposes to innovate and launch a "technology board" in the bond market, which will help guide bond funds to the innovation field more efficiently and solve existing problems in the science - innovation bond market [22][23]. - The central bank emphasizes strengthening investors' interest - rate risk management and points out that the pricing efficiency and risk - management ability of the bond market need to be improved [24].

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The bond market's "Tech Board" has been launched, with policies encouraging, improving issuance mechanisms, and providing financing support, which is expected to gradually expand the science and technology innovation bond (Sci - tech Bond) market [1][5][9][10][50]. - The proportion of long - term Sci - tech Bonds may increase as issuers are encouraged to issue long - term bonds and risk - sharing tools are created [5][10][50]. - The issuers of Sci - tech Bonds will become more diverse, including financial institutions, technology - based enterprises, and equity investment institutions [9][10][50]. - The participation of institutional investors in Sci - tech Bonds is expected to increase, and the overall market valuation may be compressed [5][50][51]. Summary According to the Table of Contents 1. Bond Market "Tech Board" Launched - On May 7, 2025, the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) announced support for three types of market entities (financial institutions, technology - based enterprises, and equity investment institutions) to issue Sci - tech Bonds. Nearly 100 market institutions plan to issue over 300 billion yuan of Sci - tech Bonds [9]. - On May 8, the PBOC and CSRC jointly issued an announcement with measures to support the issuance of Sci - tech Bonds, including enriching product systems, improving support mechanisms, and creating risk - sharing tools [10][11]. 2. Development History of Sci - tech Thematic Bonds - In 2016, the CSRC promoted the pilot issuance of dual - innovation bonds (Dual - innovation Bonds). In 2017, Dual - innovation Bonds entered the regular issuance stage [2][12]. - In 2021, the exchange piloted the issuance of Sci - tech Bonds, which became regular after 2022. In 2022, the Shanghai and Shenzhen Stock Exchanges issued guidelines for the issuance and listing review of Sci - tech Bonds [2][13]. - In 2021, the National Association of Financial Market Institutional Investors (NAFMII) launched high - growth enterprise debt financing instruments, which were upgraded to Sci - tech Notes in 2022 [2][14]. 3. Overview of Sci - tech Bond Issuance and Outstanding Amounts 3.1 Sci - tech Bond Issuance - As of May 5, 2025, the cumulative issuance of Sci - tech Corporate Bonds and Sci - tech Notes reached 2.67 trillion yuan, with 1.29 trillion yuan for Sci - tech Corporate Bonds and 1.38 trillion yuan for Sci - tech Notes [3][18]. - From 2021 - 2024, the issuance of Sci - tech Corporate Bonds increased annually. As of May 5, 2025, the issuance in 2025 was 193.293 billion yuan. The issuance terms were mainly 3 - 10 years, and the proportion of long - term bonds increased in 2024 [19]. - The issuers of Sci - tech Corporate Bonds are mainly AAA - rated central and local state - owned enterprises. The industries with large issuance scales are construction decoration, comprehensive, and public utilities [23][25]. - From 2022 - 2024, the supply of Sci - tech Notes increased annually. As of May 5, 2025, the issuance in 2025 was 207.971 billion yuan. Sci - tech Notes include various bond types, mainly medium - term notes and short - term financing bills, with relatively short issuance terms [27][29]. - The issuers of Sci - tech Notes are also mainly AAA - rated central and local state - owned enterprises, and the proportion of private enterprises is higher than that of Sci - tech Corporate Bonds. The industries with large issuance scales are construction decoration, non - ferrous metals, and coal [31][33]. 3.2 Sci - tech Bond Outstanding Market - As of May 5, 2025, the outstanding amounts of Sci - tech Corporate Bonds and Sci - tech Notes were 1.2086 trillion yuan and 688.5 billion yuan respectively. The outstanding bonds have the following characteristics: strong issuer qualifications (87% of external ratings are AAA), remaining terms concentrated within 5 years, mainly issued by central and local state - owned enterprises, and issuer industries concentrated in traditional industries [3][37]. - There is room to explore the yield of outstanding Sci - tech Bonds. The proportion of outstanding bonds with a valuation of over 2.1% is 49% for both Sci - tech Corporate Bonds and Sci - tech Notes. It is recommended to focus on AA - rated Sci - tech Corporate Bonds and Sci - tech Notes within 1 year [4][45][47]. 4. Impact of the Bond Market's "Tech Board" Launch - The Sci - tech Bond market is expected to expand gradually due to policy encouragement, improved issuance mechanisms, and financing support [5][50]. - The proportion of long - term Sci - tech Bonds may increase as issuers are encouraged to set flexible bond terms and risk - sharing tools are created [5][10][50]. - The issuers of Sci - tech Bonds will become more diverse, including financial institutions, technology - based enterprises, and equity investment institutions [9][10][50]. - The participation of institutional investors in Sci - tech Bonds is expected to increase, and the overall financing cost of Sci - tech Bonds may improve, leading to a potential compression of the overall market valuation [5][50][51].

Core Viewpoint - The People's Bank of China plans to launch a "Technology Board" in the bond market to support financial institutions, technology companies, and private equity investment institutions, aiming to enhance the product system of technology innovation bonds (referred to as "Sci-Tech Bonds") [2] Group 1: Current Status of Sci-Tech Bonds - Sci-Tech Bonds are credit bonds issued by technology innovation enterprises or used to raise funds for technology innovation, serving as an important tool for financing and supporting the real economy [3] - The market for Sci-Tech Bonds has shown strong growth since its inception in June 2016, evolving into mainstream Sci-Tech corporate bonds and notes, with issuance volumes increasing significantly from 16.6 billion yuan in 2021 to 1.23 trillion yuan in 2024 [3][4] - As of March 11, 2025, the total balance of mainstream Sci-Tech Bonds reached 1.78 trillion yuan, accounting for 6.48% of the market's credit bonds [4] Group 2: Advantages of Sci-Tech Bonds - Issuing Sci-Tech Bonds helps reduce overall financing costs for technology enterprises, with high-credit Sci-Tech Bonds showing a premium of 5-10 basis points over ordinary credit bonds of the same rating and maturity [4] - The funds raised through Sci-Tech Bonds effectively support research and innovation activities, leading to improved profitability and cash flow for the issuers [5] Group 3: Challenges Facing the Sci-Tech Bond Market - The market faces three main bottlenecks: a mismatch of risk and return in debt assets, limited use of raised funds for equity investments, and a mismatch between bond issuance terms and the innovation cycle of technology enterprises [6][7][8] - In 2024, the issuance of Sci-Tech Bonds was dominated by central and local state-owned enterprises, with private enterprises accounting for only 7.82% of issuers [6] - The average issuance term of Sci-Tech Bonds has increased, but private enterprises still face shorter terms, which do not align well with the longer return cycles of innovation projects [8] Group 4: Policy Recommendations - To address the challenges, it is recommended to introduce credit enhancement mechanisms to encourage more small and medium-sized technology enterprises to issue Sci-Tech Bonds [9] - Expanding the range of issuing institutions to include financial institutions and private equity investment institutions, while extending the bond issuance terms to better match the investment cycles of technology projects [10] - Developing bond index products to encourage long-term funds to invest in technology innovation corporate bonds [10] Group 5: Future Outlook - With coordinated policy efforts and improvements in credit enhancement, the expansion of issuing institutions, and the attraction of long-term capital, the Sci-Tech Bond market is expected to play a more significant role in supporting technological innovation and promoting high-quality economic development [11]

Group 1 - The report emphasizes the importance of supporting the bond market's healthy development and highlights the risks associated with interest rate fluctuations in the bond market [1] - It notes that while government bonds carry no credit risk, their market prices are subject to reverse fluctuations when market interest rates change, thus facing interest rate risk [1] - The report suggests encouraging large banks to engage more in bond trading to help maintain market supply-demand balance and promote reasonable bond pricing [1] Group 2 - The report advocates for creating a favorable financial environment to boost and expand consumption, especially as external demand weakens due to global trade tensions [2] - It outlines that the People's Bank of China will implement moderately loose monetary policies and introduce a package of financial measures to support consumption [2] - The report identifies ongoing issues in the real economy, such as weak demand and excessive competition in certain sectors, which affect price levels [2] Group 3 - The report states that promoting a reasonable rebound in prices requires balancing supply and demand, with a focus on expanding effective demand [3] - It calls for deepening structural reforms and coordinating various policies, including fiscal, monetary, industrial, employment, and social security, to enhance policy synergy [3] - The report suggests a shift in price control strategies from managing high prices to managing low prices, emphasizing high-quality development over mere scale expansion [3]

5月9日，由中国银行间市场交易商协会（下称"交易商协会"）主办、北京金融资产交易所（下称"北金 所"）承办的科技创新债券上线暨集中路演活动在北京举办，标志着银行间债券市场正式上线科技创新 债券。 "通过债券市场'科技板'政策支持，我们进一步降低了融资成本，增加了耐心资本资金来源。"亦庄国投 相关负责人表示，科技创新债券为支持新一代信息技术、人工智能、生物医药、智能制造等战略性新兴 产业提供了稳定的资金保障。 银行间债券市场科技创新债券在5月7日由交易商协会发文宣布推出。据交易商协会日前披露，截至5月8 日，已有36家企业公告发行科技创新债券，发行规模合计210亿元；14家企业开展注册申报，注册规模 合计180亿元。 中国人民银行金融市场司副司长曹媛媛在致辞中指出，科技创新债券是连接资本市场与科技创新的重要 纽带。她在现场倡议，发行主体要用好、用足募集资金，投资主体对科技创新债券要树立长期价值投资 理念、共享科技红利，鼓励市场灵活设计债券条款，推动更多金融活水涌向创新高地。 "债券市场'科技板'的上线开启了科技金融发展的新篇章。"中国银行间市场交易商协会副秘书长包香明 在致辞中指出，5月7日，中国人民银行、中国 ...

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need to balance short-term and long-term goals, support for the real economy, and maintaining the health of the banking system in its monetary policy execution report for Q1 2025, while addressing external economic challenges and promoting high-quality development [2][3]. Group 1: Monetary Policy and Economic Support - The PBOC plans to implement a moderately loose monetary policy to create a favorable financial environment for expanding consumption, utilizing various policy tools to maintain liquidity [6]. - A comprehensive set of financial policies aimed at boosting consumption will be introduced, focusing on enhancing financial services in key sectors such as tourism, education, and healthcare [6][5]. - The report highlights the need for a more adaptable financial product and service system to meet consumer demands, aiming for a synergistic relationship between consumption and finance [5][6]. Group 2: Financing Costs and Transparency - The PBOC is conducting pilot programs to clarify the comprehensive financing costs for enterprises, addressing non-interest costs that contribute to high perceived financing costs [8][9]. - The initiative includes a "Loan Clarity Sheet" that details all costs associated with loans, enhancing transparency and enabling enterprises to better understand and negotiate their financing options [9][10]. - The goal is to lower overall financing costs for small and medium-sized enterprises by improving transparency and reducing non-interest fees [10]. Group 3: Bond Market Development - The PBOC identifies the need to enhance the efficiency and risk management capabilities of the bond market, noting that the current investor structure and tax policies impact bond pricing and trading [12][13]. - Recommendations include encouraging large banks to engage more in bond trading to stabilize market supply and demand, and improving the legal framework for corporate bonds [14]. - Future monetary policy will focus on strengthening the bond market's functionality and its ability to support the real economy, including the introduction of a "Technology Board" for innovative bonds [14][15].

Core Viewpoint - The People's Bank of China (PBOC) emphasizes the need for a balanced approach in monetary policy to support the real economy while maintaining the health of the banking system, amidst external economic challenges and the need for stable growth [1][2] Group 1: Monetary Policy and Economic Support - The PBOC aims to enhance macroeconomic policy effectiveness by balancing short-term and long-term goals, stabilizing growth, and supporting the real economy [1] - The report highlights the importance of expanding domestic demand and stabilizing expectations to reinforce economic development and social stability [1] - A shift in focus from merely promoting economic growth to consolidating the fundamentals of economic development and social stability is noted [1] Group 2: Financial Support for Consumption - The PBOC plans to implement a package of financial policies to boost consumption, guiding financial institutions to enhance consumer finance services [2][3] - There is a recognition of structural contradictions in the consumption sector, with a need for high-quality supply in areas like tourism, healthcare, and elder care [3] - The report emphasizes the necessity of developing financial products that align with consumer needs to create a virtuous cycle between consumption and finance [3][4] Group 3: Transparency in Corporate Financing - The PBOC is initiating a pilot program to improve the transparency of corporate loan financing costs, addressing non-interest costs that contribute to high financing burdens for businesses [5][6] - The "Loan Clarity Sheet" will detail all costs associated with loans, enhancing corporate understanding of financing expenses and promoting cost reduction [5][6] - The pilot program has already seen significant participation, with over 1.53 trillion yuan in loans evaluated for comprehensive financing costs [5] Group 4: Bond Market Development - The PBOC identifies the need to strengthen the bond market's pricing efficiency and risk management capabilities, noting the current dominance of large state-owned banks in bond holdings [8][9] - Recommendations include encouraging larger banks to engage more in bond trading to maintain market balance and improve pricing [10] - Future plans involve enhancing the bond market's functionality and supporting the issuance of technology innovation bonds to foster economic growth [10]

5月9日下午2:30分，北京金融资产交易所人头攒动，科技创新债券上线暨集中路演活动(以下简称"活动")正在此举行，新希望、西科控股等8家发行人面向 现场几十家投资机构开展了一场集中路演。随着"科创未来金融护航"的蓝色横幅缓缓拉开，至此，银行间债券市场"科技板"正式上线。 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。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)。 银行间债券市场随即响应。5月7日，中国银行间市场交易商协会(以下简称"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》(以下简 称《通知》)，推出科技创新债券，市场反响热烈，多家机构积极参与注册发行。 以科技创新债券为桥梁 推动更多金融活水涌向创新高地 当前我国债券市场规模已经超过了180万亿元，稳居全球第二大债券市场。"科技创新债券的推出不仅是市场的一次重要创新，也是加快我国多层次债券市 场建设的一次关键机遇。"在活动上，中国人民银行金融市场司副司长曹媛媛关于各市场主体参与科技创新债券提出了四点倡议。 她表示 ...