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 ...

当前，股权投资行业正在加强投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科 技创新。 在此背景之下， 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。 奖项包括： 2 0 2 5年以来，股权投资行业迎来众多政策利好。 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 5月1 4日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委联合发布《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举 措》，提出发挥创业投资支持科技创新生力军作用，发挥"国 ...

周恒 制图 ◎记者 张欣然 邓贞 困扰股权投资机构多时的融资难题，现在有了新的解题方案。 近日，中国人民银行、中国证监会联合发布新规，明确支持股权投资机构和创业投资机构发行科技创新 债券，这为GP（普通合伙人）打开了一扇低成本、长周期的融资"新大门"。 长期限债券也为GP提供"耐心资本"。上海国投公司副总裁陆雯表示，科创债不仅拓宽了私募股权投资 机构的融资渠道，还提供了长期资本支持，这对资金需求大、回款周期长的GP而言尤为关键。"长期限 债券能有效缓解GP的退出压力，让他们有足够的时间和耐心等待投资项目的收益兑现，并撬动更多社 会资本进入。" 从首批发行案例来看，科创债的优势逐步显现。 5月12日，北京亦庄国际投资发展有限公司公告，计划发行2025年度第一期科技创新债券，发行金额上 限为5亿元，期限为5年，发行利率1.94%。据了解，本次利率为该机构发行债券以来同期限最低，有效 降低了融资成本。此外，所募集资金将全部用于发行人及下属子公司向科技创新领域相关基金的置换及 未来出资。 苏州天使母基金总经理孙远东表示，首批券商科创债的平均利率较低，同时通过引入信用保护工具、担 保机制等措施，不仅增强了债券信用等级， ...

Core Viewpoint - The article discusses the optimization of the Qualified Foreign Limited Partner (QFLP) policy in Guangzhou, focusing on tax treatment for QFLP fund management enterprises and their personnel, in line with the financial system reform outlined in the 20th National Congress of the Communist Party of China [4]. Tax Policies for QFLP Fund Management Enterprises - QFLP fund management enterprises are subject to Value Added Tax (VAT) on management and consulting fees at rates of 6% for general taxpayers and 3% for small-scale taxpayers [5]. - Corporate QFLP fund management enterprises are taxed at a corporate income tax rate of 25% [5]. - Common structures for QFLP funds include corporate, limited partnership, and contractual forms, with operations divided into fundraising, investment, management, and exit stages [5]. Tax Policies for Individual Partners and Fund Personnel - Individual partners and fund personnel working in Nansha, Guangzhou, who are Hong Kong residents can have their personal income tax burden exceeding that of Hong Kong exempted; similar provisions apply to Macau residents [7]. - High-end and scarce talent from overseas working in Nansha may qualify for personal income tax subsidies under the Greater Bay Area tax incentive policies [7][8].

Core Viewpoint - The event "Intelligent Surge in the Yangtze River Delta: Leading the Future" was successfully held in Shanghai, marking the first promotional meeting following the launch of the "Technology Board" policy in the bond market, aimed at enhancing the influence of Shanghai's equity investment industry and supporting the construction of Shanghai as an international financial and technological innovation center [1] Group 1 - The promotional meeting focused on deepening the integration of policies, capital, and industries [1] - The event is part of efforts to elevate Shanghai's status in the equity investment sector [1] - The initiative aligns with the broader goal of establishing Shanghai as a global financial hub and a center for technological innovation [1]

上海市委常委、常务副市长吴伟在致辞中强调，股权投资市场是金融支持实体经济发展、促进科技创新 不可或缺的重要力量，上海将聚焦建设"五个中心"重要使命，积极做好以科技金融为首的"五篇大文 章"，不断加大对科技创新的金融支持力度，进一步推动国际金融中心建设与国际科创中心建设相互赋 能、联动发展。 本次推介会旨在通过推动政策、资本与产业的深度融合，进一步提升上海股权投资行业影响力，助推上 海国际金融中心和国际科创中心建设。来自上海、北京、深圳等全国各地的知名股权投资机构、行业代 表性母基金管理人、大型金融机构及科创企业等共300余位嘉宾出席会议。(完) 中新网上海5月15日电 (高志苗)中国人民银行金融市场司副司长曹媛媛15日在上海表示，自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来，市场反应热烈，多家 机构积极参与。截至14日，科技创新债券已发布1500亿元人民币，发行人区域覆盖北京、上海、江苏等 13个省市自治区，行业汇集了人工智能、芯片制造、高端装备制造、生物医药等技术领域。 （文章来源：中国新闻网） 当天，以"智涌浦江·创领未来"为主题的上海市股权投资营商环境推介会举行 ...

Core Insights - The central point of the news is the announcement by the central bank and the China Securities Regulatory Commission regarding the support for the issuance of technology innovation bonds by private equity investment institutions, allowing them to raise funds for establishing and expanding private equity investment funds [1] Group 1: Announcement and Market Response - The central bank and the CSRC have jointly issued an announcement to support the issuance of technology innovation bonds by qualified private equity investment institutions [1] - Several private equity institutions, including Xike Holdings, Luxin Investment, and others, have announced successful issuance or plans to issue technology innovation bonds, with some coupon rates exceeding 2% and others below 2% [1] - As of May 8, 24 private equity institutions have registered to issue technology innovation bonds, with an expected total scale of 15.5 billion [1][13] Group 2: Specific Issuances - Xike Holdings successfully issued its first phase of targeted technology innovation bonds with a scale of 300 million, a term of 3 years, and a coupon rate of 2.5% [4] - Luxin Investment issued its first phase of technology innovation bonds with a scale of 500 million, a term of 5 years, and a coupon rate of 2.6% [4] - Xichuang Investment announced a planned issuance of 250 million technology innovation bonds with a coupon rate of 2.10% [7] - Yizhuang Guotou issued its first phase of technology innovation bonds with a scale of 500 million and a coupon rate of 1.94%, marking the lowest rate for the company [8] - Yuanhe Holdings plans to issue 600 million technology innovation bonds, with funds allocated to support strategic emerging industries [10] - Jinhesheng Holdings also plans to issue 600 million technology innovation bonds, focusing on sectors like healthcare and advanced manufacturing [12] Group 3: Considerations for Issuance - Private equity institutions are considering the issuance of technology innovation bonds while evaluating factors such as issuance costs, terms, and risk-sharing mechanisms [14] - Institutions aim to lower financing costs through policy-backed credit enhancement tools and prefer longer terms to match the investment cycles of hard technology projects [14]