Core Points - The U.S. Treasury auctioned $18 billion of 10-year Treasury Inflation-Protected Securities (TIPS) with a winning yield of 2.220% [1] - The bid-to-cover ratio for the auction was 2.36, indicating strong demand for the securities [1] Summary by Category Auction Details - The auction involved $18 billion of 10-year TIPS [1] - The winning yield was recorded at 2.220% [1] - The bid-to-cover ratio was 2.36, reflecting robust investor interest [1]

央行副行长朱鹤新22日在国新办新闻发布会上表示，多家机构已经注册或者已经发行的科技创新债券， 我们也统计了一下，现在已经将近有100家左右的机构在发行科技创新债券，已经超过了2500亿。下一 步，我们还是要密切关注，继续推进，共同建设好债券市场的"科技板"，同时在这个过程中，我们还希 望持续完善配套的支持机制，让"科技板"能够发挥更大的作用。 ...

Core Viewpoint - The Ministry of Finance of China issued a 30-year bond with a scale of 71 billion yuan, indicating strong demand in the bond market [1] Group 1: Bond Issuance Details - The bond issuance scale was 71 billion yuan [1] - The issuance interest rate was set at 1.8808%, slightly above the expected rate of 1.8800% [1] - The bid-to-cover ratio was 3.16 times, reflecting robust investor interest [1] - The marginal bid-to-cover ratio was 1.68 times, indicating competitive bidding [1]

Group 1 - The Ministry of Finance of China issued 91-day bonds with a scale of 40 billion yuan and an issuance rate of 1.3603% [1] - The marginal rate for the 91-day bonds was 1.3926%, with an expected rate of 1.4000% and a bid-to-cover ratio of 3.53 times [1] - The Ministry also issued 182-day bonds with a scale of 55 billion yuan and an issuance rate of 1.4015% [1] Group 2 - The marginal rate for the 182-day bonds was 1.4443%, with an expected rate of 1.4000% and a bid-to-cover ratio of 2.31 times [1] - The marginal bid-to-cover ratio for the 182-day bonds was 1.21 times [1]

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 ...

Group 1 - Zhejiang issued a 30-year special local government bond with a scale of 11.668 billion [1] - The issuance interest rate is 1.93% [1] - The marginal multiple was 1.53 times, with an expected multiple of 2.00 [1]

Core Viewpoint - Heilongjiang issued a 10-year general special local bond with a scale of 4.9406 billion yuan and an issuance interest rate of 1.7300% [1] Group 1 - The bond issuance had a marginal multiple of 1.15 times, with an expected multiple of 1.83 [1]

黑龙江发行10年期一般债地方债，规模53.9501亿元，发行利率1.7300%，边际倍数1.91倍，倍数预期 1.76。 ...

Group 1 - The Ministry of Finance of China issued a 20-year bond with a scale of 50 billion yuan [1] - The issuance interest rate was set at 1.9909%, slightly above the expected rate of 1.9900% [1] - The bid-to-cover ratio was 3.02 times, indicating strong demand for the bond [1] - The marginal bid-to-cover ratio was 1.69 times, reflecting the competitive nature of the bidding process [1]

Core Viewpoint - The article emphasizes the importance of developing a technology finance system to support high-level technological self-reliance and innovation in China, aligning with the directives from the 20th National Congress of the Communist Party and the Central Financial Work Conference [2][4]. Group 1: Overall Requirements - The initiative aims to integrate various financial tools such as venture capital, bank credit, capital markets, technology insurance, and bond issuance to provide comprehensive financial services for technological innovation [4]. Group 2: Role of Venture Capital - Establishment of a "National Venture Capital Guidance Fund" to support the growth of technology-based enterprises and promote the transformation of major technological achievements into productive forces [5]. - Expansion of venture capital funding sources, including the involvement of insurance funds and encouraging social security funds to invest in equity funds for technology innovation [5]. - Optimization of the evaluation mechanism for state-owned venture capital investments to ensure long-term and patient capital support [5][6]. Group 3: Role of Monetary Credit - Utilization of structural monetary policy tools to enhance support for technological innovation, including expanding the scale of re-lending and optimizing support processes [7]. - Establishment of a specialized mechanism for bank credit support for technology innovation, including the creation of technology finance institutions in resource-rich areas [8]. Group 4: Role of Capital Markets - Enhancement of capital market support for technology innovation enterprises, including improving the mechanism for new stock issuance and prioritizing financing for enterprises with key technological breakthroughs [9]. - Development of a "technology board" in the bond market to promote high-quality development of technology innovation bonds [9]. Group 5: Role of Technology Insurance - Promotion of innovation in technology insurance products and services, establishing a comprehensive insurance product system covering the entire lifecycle of technology enterprises [10]. Group 6: Fiscal Policy Support - Leveraging fiscal policies to mobilize more financial resources for technological innovation, including innovative fiscal investment methods and implementing special guarantee plans for technology innovation [12]. Group 7: Central-Local Coordination - Promotion of an "innovation points system" nationwide to better evaluate and support technology-based SMEs [13]. - Support for regional technology finance innovation practices in key areas such as Beijing, Shanghai, and the Guangdong-Hong Kong-Macao Greater Bay Area [13]. Group 8: Open Innovation Ecosystem - Encouragement of foreign investment in domestic technology enterprises and facilitation of cross-border financing channels for technology firms [14]. - Establishment of a coordinated mechanism for promoting technology finance, enhancing inter-departmental coordination and policy implementation [14].