科创债新政落地后，私募股权投资机构、创业投资机构和国有资本投资公司等股权投资机构反响热烈， 多家机构正紧锣密鼓地筹备发行事宜。事实上，在上交所债券市场，股权投资机构早已探索试点发行科 创债，借此为种子期、初创期、成长期等各阶段科创企业注入资金，大力培育新质生产力，全力赋能战 略性新兴产业发展。 上海国投公司科创债募资将投向集成电路、生物医药、人工智能等上海三大先导产业领域，而且长达15 年的期限则体现了长期资本、耐心资本、战略资本的属性，有助于新质生产力的培育。 股权机构踊跃试水科创债 自2021年以来，上交所即率先试点科创债，助力科创投资类企业发力创新链与资金链的深度融合。 目前，已有多家股权投资机构在上交所发行科创债。国家开发投资集团有限公司(以下简称"国投集团") 作为首批国有资本投资公司，自2022年以来累计发行科创债95亿元，为服务国家战略、优化产业布局提 供了长期稳定的资金保障。 地方国资平台亦借科创债发力科创股权投资。今年4月15日，上海国投公司在上交所成功发行50亿元科 创债，期限长达15年，利率2.1%。该机构相关负责人表示，尝试发行长期限债券，实际成本低于预 期，"上交所投资者结构多元，险 ...

Group 1 - The 2025 PE Shenyang Investment and Financing Activity Week was successfully held in Shenyang, focusing on "Innovation, Development, Opportunities" to support the construction of an open and innovative regional financial center [1] - The event featured over twenty projects from various fields such as artificial intelligence and healthcare, engaging with more than a hundred investment institutions through online roadshows [1] - The Shenyang PE Index was released, indicating strong growth for two consecutive years, particularly in fundraising, and highlighting a new pattern of "dual growth in fundraising and investment, structural optimization, and value reshaping" in the private equity market [1] Group 2 - The president of Shenyang Fund Industry Association outlined a high-quality development path for the fund industry, emphasizing the integration of government-led funds to leverage social capital and enhance the value chain in key industries [2] - The district mayor emphasized the need for precise financial support for technology enterprises, aiming to create a symbiotic relationship between technology and finance through improved resource allocation and digital technology [2] - The president of Zhongbao Investment discussed the role of insurance funds in supporting technological innovation, highlighting the need for a multi-tool matrix and regulatory reforms to better align with national technology strategies [3] Group 3 - The general manager of Guokai Jiahe shared insights on the importance of enhancing investment institutions' capabilities in identifying and supporting technological innovations, while also focusing on how technology can empower traditional industries [4] - The event included diverse activities such as project roadshows, investment institution visits to key industrial parks, and educational practices, showcasing a comprehensive approach to investment and financing [4]

Investment Rating - The report indicates a downward trend in the Chinese private equity investment market for 2024, with expectations for a further narrowing of declines in operational indicators by 2025 [2][29]. Core Insights - The Chinese private equity investment market is experiencing a challenging fundraising environment, with a significant decline in the number and scale of newly raised funds in 2024, although the decline is less severe than in previous years [4][5]. - State-owned limited partners (LPs) remain the primary contributors to funds, with a notable shift towards high-quality projects, particularly in the semiconductor and electronic equipment sectors, as well as artificial intelligence [2][8]. - The exit environment continues to face pressure, with a growing number of funds in the extension period and a decrease in IPO activity, leading to a search for diversified exit strategies [15][17]. Fundraising Overview - In 2024, the number of newly raised funds dropped to 3,981, a 43.0% decrease year-on-year, with total fundraising amounting to approximately 1.444 trillion RMB, down 20.8% [4][5]. - The majority of funds raised are in RMB, accounting for 99.0% of the number and 96.1% of the amount, with state-owned entities contributing approximately 88.8% of the LP structure [5][7]. - Large funds (over 5 billion RMB) showed stability, with 37 funds raising a total of 305.34 billion RMB, representing 21.1% of the total market fundraising [7]. Investment Activity - The number of investment cases in 2024 reached 8,408, with disclosed amounts totaling approximately 603.65 billion RMB, reflecting a year-on-year decline of 10.4% and 10.3% respectively [8][11]. - State-owned institutions increased their investment, contributing 57.1% of the total market investment amount, which is a 5.2 percentage point increase from the previous year [9][11]. - The semiconductor and electronic equipment sectors remain the most attractive for investment, despite a decline in both the number of cases and investment amounts [13][14]. Exit Environment - The exit market saw a total of 3,696 cases in 2024, a decrease of 6.3% year-on-year, with IPOs accounting for 36.1% of exits, down 37.2% from 2023 [15][17]. - The number of IPO cases fell significantly, leading institutions to explore alternative exit routes, including equity transfers and mergers [17][18]. Government Guidance Fund Development - The establishment of government guidance funds slowed in 2024 due to fiscal pressures and stricter regulations, with a total of 2,178 funds set up, targeting approximately 12.84 trillion RMB [19][20]. - The new national-level guidance fund, focusing on the integrated circuit industry, was established with a subscribed capital of 344 billion RMB, marking it as the largest industrial guidance fund to date [19][20]. Industry Policy - The report outlines a series of policies aimed at promoting the development of the private equity investment sector, focusing on enhancing market vitality and supporting the real economy [21][24]. - Key policies include encouraging venture capital and optimizing the management of investment funds, with a focus on fostering long-term capital and addressing structural challenges in the capital market [25][27]. Industry Outlook - The private equity investment sector is expected to play an increasingly important role in the economy, with a narrowing of operational declines anticipated in 2025 [29][30]. - Emerging industries such as artificial intelligence, commercial aerospace, and biotechnology are projected to become new investment hotspots, with state-owned LPs expected to deepen their involvement [30].

今日，多家银行、企业已正式披露科技创新债券发行文件。其中，包括京东方、恒力集团、万华化学等 科技型企业，也包括鲁信创业投资集团、苏州元禾控股股份有限公司、无锡创业投资集团等股权投资机 构，还包括中信银行、国家开发银行等。（智通财经记者 彭科峰） 首批科技创新债券发行文件亮相 多家银行参与承销 智通财经5月8日电，今日晚间，中信银行相关人士向智通财经记者介绍，由中信银行主承销的15单全国 首批科技创新债券于当日集中公告发行。其中，中信银行发挥主导推动作用的牵头承销项目9单。另外 一家头部股份制银行人士也向智通财经记者介绍，该行正在筹备科技创新债券发行的相关事项，"预计 数天后会有进展"。 ...

5月7日，国新办举行新闻发布会，中国人民银行、国家金融监督管理总局、中国证券监督管理委员会负 责人介绍"一揽子金融政策支持稳市场稳预期"有关情况。 他表示，初步统计，目前已经有近100家市场机构计划发行超过3000亿元的科技创新债券，预计后续还 会有更多的机构参与。 此外，为支持股权投资机构在"科技板"发行长期限债券融资，人民银行会同证监会借鉴2018年设立民营 企业债券融资支持工具的经验，创设科技创新债券风险分担工具。 中国人民银行行长潘功胜表示，债券市场"科技板"准备工作已基本就绪，将创设科技创新债券风险分担 工具。 潘功胜表示，创设科技创新债券风险分担工具，人民银行提供低成本再贷款资金，可购买科技创新债 券。同时，人民银行与地方政府、市场化增信机构等合作，通过共同担保等多样化的增信措施，分担债 券的部分违约损失风险，为科技创新企业和股权投资机构发行低成本、长期限如8年、10年期的科创债 券融资提供支持。 潘功胜表示，前期人民银行会同证监会、金融监管局、科技部等部门积极准备推出债券市场科技板，支 持金融机构、科技型企业、股权投资机构这三类市场主体发行科技创新债券。同时，完善科技创新债券 发行交易、信息披露 ...

21世纪经济报道记者 曹媛 深圳报道 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，从丰富科技 创新债券产品体系和完善科技创新债券配套支持机制等方面，对支持科技创新债券发行提出若干举措。 "从技术层面来看，创设科技创新债券是将债权资本导入科技创新领域的一种创新途径，在全球金融创 新领域都具有借鉴价值。"东方富海董事长、创始合伙人陈玮向记者表示。 就债券市场"科技板"的工作进度，央行在国新办新闻发布会时公开介绍，针对科技型企业、股权投资机 构的特点，对科技创新债券的发行交易、信息披露、信用评级等制度安排进行了完善，健全了与科技创 新融资特点相适应的配套规则体系。相关政策和准备工作已经基本就绪。目前看，市场各方响应非常积 极。初步统计，目前有近100家市场机构计划发行超过3000亿元的科技创新债券，预计后续还会有更多 机构参与。 为支持股权投资机构在"科技板"发行长期限的债券融资，还创设了科技创新债券风险分担工具。科技创 新债券风险分担工具借鉴2018年民营企业债券融资支持工具的经验，由央行提供低成本的再贷款资金， 可以购买科技创新债券，同时与地方政府、市场化增信机构一起，采取 ...

（原标题：再迎政策"松绑"！银行保险资金加力进入股权投资市场） 银行方面，自2024年9月，银行AIC股权投资试点由上海扩大至北京等18个城市以来，18个城市签约实 现了全覆盖，签约金额超过3500亿元。从出资情况来看，执中ZERONE数据显示，今年一季度，工银金 融资产投资有限公司出资4笔；建信金融资产投资有限公司出资2笔；交银金融资产投资有限公司共出资 了5笔。 今年3月5日，金融监管总局发布《关于进一步扩大金融资产投资公司股权投资试点的通知》，将金融资 产投资公司股权投资范围扩大至试点城市所在省份，此外，还支持符合条件的商业银行发起设立金融资 产投资公司，支持保险资金参与金融资产投资公司股权投资试点。 险资方面，在监管部门的引导下，保险资金正持续加大对创业投资的支持力度。记者通过执中ZERONE 查询了解到，今年一季度，险资作为LP（有限合伙人）共计出资143.22亿元，涉及7家投资机构，包括 珠海德弘投资、中信资本、中保投资、深投控资本、中金资本、中信建投资本等。其中阳光人寿保险股 份有限公司出资45亿元至中信资本，设立宸曦共赢（深圳）私募股权投资基金合伙企业（有限合伙）， 为2025年第一季度出资较 ...

每经记者｜任飞 每经编辑｜肖芮冬 5月7日，证监会网站公布中国人民银行、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（以下简称《公告》）。其中提到，支持私募股权投资机构和创业投资机构发行科技创新债券。 此前交易所对科技创新债券的解释是，由科技创新领域相关企业发行，或者募集资金主要用于支持科技 创新领域发展的公司债券。这意味着，该债券本质上属于一种公司债券。 5月7日，华南某大型股权投资机构相关人士在与《每日经济新闻》记者微信交流时表示，科创债对创投 机构来说是债的属性，但募集资金的用途要视情况而定，有些只能用作经营管理，有些则需要用于创业 投资。 "倘若用于创业投资，相关款项则应该投资到企业端，对应到股权。但对创投机构来说，本身应该有偿 付债务的义务。这对创投机构甄选项目提出更高的要求。"该人士坦言。 从业内反馈来看，支持股权投资机构发行科创债，能进一步减少投资机构对政府性资金的过度依赖，进 一步提升投资效率。随着政策制度的改善，股权投资机构有望在募资端拓展更多资金来源。 进一步明确发债主体，利好创投机构 《公告》重点就拓宽科技创新企业融资渠道给出进一步说明和解释，提到支持股权投资机构发行科技创 ...

Core Viewpoint - The People's Bank of China (PBOC) is preparing to launch a "Technology Board" in the bond market to support the issuance of technology innovation bonds by financial institutions, technology companies, and private equity firms, with nearly 100 market institutions planning to issue over 300 billion yuan in such bonds [1][2]. Group 1: Policy and Mechanisms - The PBOC and the China Securities Regulatory Commission (CSRC) have created a risk-sharing tool for technology innovation bonds, allowing for low-cost refinancing and diverse credit enhancement measures to lower financing costs for private equity firms [2][3]. - The announcement includes 13 specific measures to support the issuance of technology innovation bonds, focusing on enriching the product system and improving support mechanisms [2][3]. - The issuance process for technology innovation bonds will be optimized, allowing for flexible terms and simplified disclosure rules to enhance financing efficiency [3][4]. Group 2: Market Response and Participation - Major financial institutions and exchanges have responded positively, with the Shanghai and Shenzhen stock exchanges implementing measures to support the issuance of technology innovation bonds [4][5]. - The interbank market has announced a full waiver of transaction fees for technology innovation bonds from 2025 to 2027, encouraging participation [4][5]. Group 3: Investment Opportunities and Market Dynamics - The introduction of the "Technology Board" is expected to alleviate funding challenges for private equity firms and stimulate long-term investments in hard technology sectors, potentially attracting more social capital into the technology innovation field [10][11]. - The policy aims to enhance market confidence and encourage private enterprises to strengthen independent innovation, particularly in sectors like artificial intelligence and biotechnology [10][11]. - The development of a comprehensive support system involving bonds, loans, equity, and insurance is anticipated to provide extensive funding support for technology enterprises [7][10]. Group 4: Credit Rating and Risk Assessment - The establishment of a tailored credit rating system for technology innovation bonds is crucial, focusing on the unique characteristics of technology companies and private equity firms [8][12]. - Rating agencies are encouraged to enhance their methodologies and incorporate forward-looking indicators to better assess the creditworthiness of technology innovation entities [8][12].

五月的未名湖畔，杨柳吐翠，万物勃发 ，锦鲤游弋，博雅塔影 。在今天，北京大学迎来 1 2 7 周岁生日。 北京大学是片红色的土地。百年前，北大是中国共产党早期活动的重要基地。百余年来，北大 这片红色土地上，一批批 " 德才兼备 、体魄健全 "堪当民族复兴重任的时代青年正走向华夏大 地，用青春芳华、忠诚热血生动诠释了北大人的使命与担当。 这所校园里，走出许多知名企业家：百度李彦宏、药明康德李革、新东方俞敏洪 、泡泡玛特 王宁 ……聚是一团火，散是满天星，他们在各自的领域中熠熠生辉。 在投资圈，一众北大系投资人已成为股权投资行业的中流砥柱： 1 9 9 3年， 厉伟 和同为北京大学校友的 罗飞 成为工作搭档，中国早期科技股权投资领域赫赫 有名的铿锵二人组从此开始了长达 三十 多年的默契合作。 1 9 9 8年，当时仍然被称为"科技 版"的科创板开始酝酿，整个中国资本市场便一直期待着科创板的最终落地。伴随着科创板的 萌芽，松禾创投前身机构深港产学研创投也随之成立。经过近1 0年的摸索和积累，2 0 0 6年深港 产学研投资的第一个项目开始上市，而厉伟与罗飞的早期科技股权投资生涯也进入了一个新的 阶段：2 0 0 7 ...