Group 1 - The 2025 Dwater Lake Advanced Financial Academy anniversary conference aims to promote emerging financial talent cultivation and academic research innovation, serving national development and regional functional area construction [1] - The academy has established a strategic position in emerging financial education and research, focusing on financial technology and exploring educational paths under institutional openness [1] - The Lingang New Area is a national strategic focus area, promoting high-quality financial development and aiming to build Shanghai's financial "third pole" [1] Group 2 - The global reserve currency supply and international balance of payments imbalance create the "new Triffin dilemma," necessitating a more inclusive and stable international monetary system [2] - The transition from a "dollar-asset anchor" to a "multi-dimensional-institutional anchor" is underway, with an emphasis on enhancing market depth and institutional trust for RMB internationalization [2] - The need for improved transaction transparency and regulatory data sharing is highlighted to prevent cross-border arbitrage and insider trading risks [2]

吴庆文对中方财团过去一年取得的成绩给予充分肯定。他强调，要积极抢抓战略机遇，进一步发挥 行业优势，充分结合苏州实际，加大在分布式光伏、储能等领域的投资力度，推动新能源与传统能源的 协同发展，持续增强在新能源领域的市场竞争力，为全市新能源产业发展注入新动能。要深耕科创股权 投资，充分发挥资本赋能作用，坚持投"早"投"硬"投"绿"，撬动更多社会资本参与科创投资，加强对投 资企业的投后管理，推动企业发展壮大，助力我市新质生产力加快发展。要扛牢国企使命担当，充分发 挥"园区央地党建共同体"平台作用，坚持以党建为引领，吸引更多央企来苏州投资布局，打造"技术+资 本+场景"的创新生态，推动央企技术创新与地方产业升级的"双向奔赴"，实现央地资源共享、互利共 赢。苏州市委、市政府将继续全力支持中方财团发展，为中方财团发展壮大创造良好条件。 昨天（5月23日），苏州中方财团控股股份有限公司召开2024年度股东大会、董事会、监事会，听 取各项报告，审议相关决议，研究部署2025年任务目标。市长、中方财团董事长吴庆文主持会议并讲 话。 过去的一年，中方财团秉持"稳健发展、守正创新"理念，深耕新能源投资与科创股权投资两大主 业，在绿 ...

Core Viewpoint - The article discusses the Chinese government's efforts to enhance the synergy between technology and finance, aiming to support high-level technological self-reliance and innovation through various financial mechanisms and policies. Group 1: Technology and Finance Collaboration - The development of technology finance is a complex system engineering that requires collaboration from various parties, emphasizing the need for synergy between technology and finance, as well as central-local coordination [2] - The policy document "Accelerating the Construction of a Technology Finance System" aims to establish a multi-departmental coordination mechanism for technology finance [2][16] Group 2: Bond Market Support - The bond market "technology board" will support leading equity investment institutions in issuing bonds, simplifying disclosure requirements and reducing transaction fees [3] - The technology board is crucial for equity investment institutions, which often face challenges due to their asset-light and long investment cycle characteristics [3] Group 3: Loan Growth and Support - As of March, the loan balance for technology-based SMEs reached 3.3 trillion, with a year-on-year growth of 24%, maintaining over 20% growth for three consecutive years [4] - The loan balance for specialized and innovative enterprises reached 6.3 trillion, significantly outpacing the average loan growth rate [4][7] Group 4: Cross-Border Financial Services - There is a focus on enhancing cross-border financial services for technology enterprises and steadily advancing the Qualified Foreign Limited Partner (QFLP) pilot program [5] Group 5: Risk Compensation and Financial Support - There is a push to increase risk compensation for technology finance, with an emphasis on utilizing existing policies like loan interest subsidies and risk compensation effectively [6] - The government aims to create a long-term investment mechanism to support technology innovation through financial means [16] Group 6: Support for High-Tech Enterprises - The loan balance for high-tech enterprises reached 17.7 trillion by the end of the first quarter, with a nearly 20% year-on-year increase [7] - Financial institutions are being guided to incorporate technology finance into their strategic planning and annual priorities [8][9] Group 7: Listing Support for Technology Companies - The regulatory body is committed to supporting high-quality unprofitable technology companies in going public, with a focus on identifying and supporting those that break through key core technologies [10] - The number of listed companies in strategic emerging industries is approaching 2,000, accounting for nearly 40% of the market capitalization [11] Group 8: Direct Financing Channels - The bond market has become an important channel for direct financing for technology companies, with a cumulative issuance of 1.2 trillion in technology innovation bonds [12] Group 9: Overseas Listing Support - The regulatory body is enhancing the transparency and efficiency of regulatory policies for technology companies seeking to list overseas, with 242 domestic companies completing overseas listing filings [13] Group 10: Fundraising Regulation - The regulatory body emphasizes the importance of strict regulation on the safety and proper use of funds raised by listed companies, ensuring funds are used for their intended purposes [14] Group 11: Optimizing Domestic Listing Environment - Efforts are being made to optimize the domestic listing environment for technology companies, including implementing flexible mechanisms for new stock issuance [15] Group 12: Innovation Scoring System - The "innovation scoring system" has helped over 7,000 technology enterprises sign loan contracts with banks, amounting to 88 billion [18] - An upgraded version of the innovation scoring system is planned to further enhance its effectiveness in identifying technology innovation attributes [19]

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].

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].

Group 1 - The Ministry of Science and Technology, along with several financial regulatory bodies, has issued a set of policy measures aimed at enhancing the support for high-level technological self-reliance and innovation in China [1] - A new "Technology Board" in the bond market has been established to better support technology innovation, allowing financial and equity investment institutions to issue technology innovation bonds [1] - Key features of the differentiated bond issuance and trading system include flexible installment issuance, simplified information disclosure requirements, and reduced transaction fees [1] Group 2 - Equity investment institutions are identified as the most critical entities needing support in issuing technology innovation bonds, as they play a vital role in fostering innovation capital formation [2] - The Technology Board will create risk-sharing tools for technology innovation bonds, with the People's Bank of China providing low-cost refinancing funds to mitigate risks for bond investors [2] - Nearly 100 institutions have already responded positively, issuing technology innovation bonds totaling over 250 billion [2]

Core Viewpoint - The People's Bank of China and the State Administration of Foreign Exchange are implementing measures to support the bond market's "Technology Board," which aims to facilitate flexible bond issuance and reduce costs for equity investment institutions [1] Group 1: Bond Market Support - The "Technology Board" allows issuers to flexibly issue bonds in installments and simplifies information disclosure requirements [1] - Certain transaction fees related to bond issuance will be waived to encourage participation [1] Group 2: Focus on Equity Investment Institutions - The primary beneficiaries of the "Technology Board" are equity investment institutions, which are crucial for early-stage, small-scale, and hard technology investments [1] - These institutions often face challenges such as light assets and long investment cycles, making traditional bond financing less viable due to short financing terms and high costs [1] Group 3: Risk Sharing Mechanism - A risk-sharing mechanism for technology innovation bonds has been established, with the central bank providing low-cost re-lending funds [1] - The initiative will particularly support leading equity investment institutions with strong investment experience in issuing bonds [1]

新华财经上海5月21日电（记者杨溢仁）科技创新与金融资本的深度融合，已成为驱动高质量发展的核 心引擎。债券市场的"科技板"应运而生。近段时间以来，科技创新债券发行节奏快速提升，以股权投资 机构为代表的发行主体正持续跑步入场。 科创债发行升温 债券市场"科技板"主要支持金融机构、科技型企业、股权投资机构这三类主体发行科技创新债券（简称 科创债）。 公开数据显示，从2025年5月6日到5月15日，共计有85支、合计规模约1358亿元的科创债（含科创票 据）密集发行，这些科创债及科创票据的发行主体涉及新材料、信息技术、金融（银行和证券）、生物 医药等行业的央国企和民企，发行期限以中长期居多，超60支达到3年和5年期及以上；已发行完毕的科 创债呈现出三大特点，即票面利率较低、认购倍数较高，普遍年利率在2%区间。 "作为股权投资机构，我们利用科创债获取的低成本、长周期资金，已投资超过20个直投项目及国家中 小企业发展基金和海望引领母基金，主要投向集成电路、人工智能、生物医药、智能制造等国家核心前 沿科创领域，为科技企业提供稳定的资本保障。"上海浦东科创集团有限公司相关负责人告诉记者，"科 创债的发行将提高科技创新公司在 ...

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report In the context of current policy support and high market attention, combined with the diversified innovation of relevant policies and issuance terms of science - innovation bonds, the credit risk of science - innovation bonds is generally low in the short term. Currently, the issuance of science - innovation bonds has not reached a large scale, especially the issuance scale of science - innovation bonds of equity investment institutions is relatively small. It is recommended to select issuers with good qualifications and pay attention to the bidding opportunities for the primary issuance of their science - innovation bonds. Structurally, it is advisable to focus on science - innovation bonds with innovative terms such as conversion options and coupon rate linkage, or those with corresponding credit risk mitigation certificates created by third - party credit enhancement institutions, to seek excess returns from the liquidity premium at the initial stage of the bonds' listing [3][28]. 3. Summary According to the Directory 3.1 High - rated Central State - owned Enterprises Predominate, and Equity Investment Institutions' Issuance Has Not Reached a Large Scale - **Expansion of Issuer Scope**: The "Notice No. 8" expands the scope of science - innovation bond issuers, including financial institutions, technology - based enterprises, and equity investment institutions. Exchanges and the National Association of Financial Market Institutional Investors (NAFMII) have also adjusted their regulations on issuer types and scopes [6]. - **Characteristics of Issuers in the First Week**: Banks are the main issuers of science - innovation bonds in the first week after the new policy, mainly large national and joint - stock banks. The issuers of science - innovation bonds are characterized by high ratings and being central or local state - owned enterprises. From May 6 to May 16, 2025, the cumulative issuance scale of AAA - rated issuers was 147.9 billion yuan, accounting for 83.39% of the total scale; the cumulative issuance scale of central and local state - owned enterprises was 168.6 billion yuan, accounting for 95.04% of the total scale [3][11]. - **Issuance Status of Equity Investment Institutions**: As of May 16, 2025, the issuance scale of equity investment institutions' science - innovation bonds has not reached a large scale. A total of 10 bonds were issued, with a cumulative issuance scale of 420 million yuan. However, many equity investment institutions' science - innovation bonds are in the application or registration process. It is expected that the issuance scale of equity investment institutions' science - innovation bonds will increase significantly in the future [14]. 3.2 The New Policy on "Science - innovation Bonds" Relaxes the Restrictions on the Use of Raised Funds - **Exchange Regulations**: Previously, the proportion of raised funds invested in the science - innovation field by certain types of issuers should be no less than 70%. The new policy does not set specific requirements for the proportion of funds invested by newly - supported financial institutions and equity investment institutions. It also supports equity investment institutions in using raised funds for the establishment and expansion of private equity investment funds [18]. - **NAFMII Regulations**: Previously, at least 50% of the raised funds of use - specific science - innovation notes should be used to support the science - innovation field. The new policy only requires that at least 50% of the raised funds of equity investment institutions' science - innovation bonds be invested in science - innovation enterprises. It also supports technology - based enterprises to issue science - innovation bonds through their parent companies [18][19]. - **Use of Raised Funds by Different Issuers**: Banks mainly use the raised funds to issue loans in the science - innovation field, which helps guide long - term funds into the real science - innovation sector. Equity investment institutions mainly use the funds to invest in private equity investment funds, subscribe for fund shares directly, or replace their own capital contributions within one year, providing low - cost and long - term capital support for venture capital institutions [3][21]. 3.3 Creation of Diversified Innovative Terms - **Exchange and NAFMII Initiatives**: Exchanges and the NAFMII encourage issuers to innovate in terms of issuance methods, term structures, interest rate determination, and other aspects, and support the setting of innovative terms such as expected income pledge guarantee, intellectual property pledge guarantee, and convertible to equity [24]. - **Existing Innovative Terms**: The innovative terms of issued science - innovation bonds mainly include conversion options, over - issuance rights, etc. Some credit enhancement institutions have also created credit risk mitigation certificates (CRMW) for some issued science - innovation bonds. These terms can attract different types of investors, flexibly determine the issuance scale, enhance bond attractiveness, and reduce investors' risks [3][25]. 3.4 Investment Suggestions Select issuers with good qualifications and pay attention to the bidding opportunities for the primary issuance of their science - innovation bonds. Structurally, focus on science - innovation bonds with innovative terms or third - party credit enhancement [3][28].

新华财经上海5月20日电（记者杨溢仁）近期，科创债发行如火如荼，尤其就股权投资机构来看，根据 交易商协会统计，截至5月8日，已有24家股权投资机构注册发行科技创新债券，预计总体规模达155亿 元。 分析人士认为，相比用于偿还存量债务和补流的科创债而言，基金、股权用途的科创债具有更高的"科 创"成色。此类科创债非常适合处于初创期、成长期的科创企业借助较优资质发债主体实现债券市场间 接融资，有利于债券市场构建科创企业全生命周期债券融资支持体系。 为股权投资机构打开募资新路径 根据清科研究中心提供的数据，2024年中国股权投资市场整体延续下滑态势。募资方面，2024年新募集 基金数量和规模分别为3981只、1.44万亿元，同比下滑了43.0%、20.8%。 不仅如此，2025年第一季度，我国股权投资市场的募资活动同样表现偏弱，新募基金数量及规模同比降 幅约3%。具体来看，2025年第一季度我国股权投资市场共有992只基金完成新一轮募集，涉及金额 3470.84亿元，数量及规模的同比降幅均在2.9%左右。 "科技创新，虽然有着无限的想象空间，但相关企业研发风险高、成果转化难、技术迭代快也是不争的 事实。"一位资深债券 ...