聚焦科技型企业科创债券：潜力蓝 海与信用风险特征深度研究 联合资信 工商评级｜宁立杰｜崔濛骁 我国科创债券市场在政策推动下发展迅速，市场规模持续扩大，科创产业的行业 分布呈现出多元化的特征，未来发展潜力巨大。本研究报告以科创板、创业板、北交 所 1032 家样本企业为样本，预测其发行科创债券规模超过 5000 亿元；未来随着政策 支持和基础设施优化，科技型企业发行意愿将增强。但不同科创行业信用风险特征差 异显著，信息技术行业细分领域面临强周期波动与技术迭代风险；生物制药行业具备 研发周期主导的"高不确定性型"信用风险，头部企业与尾部企业分化加剧；高端装 备制造业具有资金密集型和技术密集型的特点，信用风险在一定程度上取决于其设备 的先进性、生产能力和市场订单情况。同时，需关注成长性弱、盈利能力一般、偿债压 力较大的科创企业，如软件服务行业增长缓慢、盈利能力弱，生物制药行业部分企业 研发受阻且债务负担重，工业行业少数企业过度负债等，这些企业的财务风险也更加 突出。 www.lhratings.com 研究报告 1 一、科创债券市场概况 我国科创债券市场先后经历了双创债、科创公司债与科创票据、科技创新债券这三个阶段 ...

新华社西安11月25日电 中共中央政治局委员、全国人大常委会副委员长李鸿忠23日至25日在陕西西安 调研。他强调，要坚持以习近平新时代中国特色社会主义思想为指导，深刻领悟"两个确立"的决定性意 义，坚决做到"两个维护"，深入学习贯彻党的二十届四中全会精神，坚持党的领导、人民当家作主、依 法治国有机统一，紧紧围绕党和国家中心任务发挥人大职能作用，为高质量发展提供法治保障。 李鸿忠赴法士特高智新公司、中航工业西飞公司、中国飞行试验研究院，调研高端装备制造业智能制 造、航空制造业数智化转型和重大科技成果转化运用等情况，到西北工业大学考察科技创新和人才培养 工作。他指出，要深入学习贯彻习近平法治思想，聚焦建设更加完善的中国特色社会主义法治体系、建 设更高水平的社会主义法治国家，加强重点领域、新兴领域、涉外领域立法，更加注重法治与改革、发 展、稳定相协同，着力提高立法质量，为建设现代化产业体系、加快高水平科技自立自强、因地制宜发 展新质生产力提供有力保障。 李鸿忠到秦岭生态环境保护监管平台运维中心、翠华山国家地质公园、秦岭和谐森林公园等，调研秦岭 生态环境保护、修复和自然保护地体系建设情况。他强调，要牢固树立和践行绿水 ...

比对《目录》中不同产业的紧缺岗位占比数据，西安市当前高端装备制造产业与数字产品服务业的 紧缺岗位占比最高，均为10.3%；电子信息产业、航空航天产业及新材料新能源产业紧随其后，紧缺岗 位占比均达9.8%；汽车产业（7.9%）、数字产品制造业（6.5%），以及食品和生物医药产业、氢能与 储能产业（均为6.1%）的紧缺岗位占比也相对较高。 整体来看，重点支柱产业的紧缺岗位对各层级学历人才需求广泛，未来产业的紧缺岗位对博士研究 生学历人才需求强烈，数字经济产业的紧缺岗位对学历要求相对均衡。 本次《目录》围绕西安市产业发展布局，明确覆盖重点支柱产业领域、数字经济产业领域以及未来 产业领域，共收录紧缺岗位214个。其中，重点支柱产业相关的岗位有115个，数字经济产业相关的有53 个，未来产业相关的有46个。 《目录》指出，西安市电子信息产业紧缺岗位包括模拟IC设计工程师、算法工程师等；高端装备制 造业紧缺岗位包括电力电子研发工程师、机械研发工程师等；汽车产业紧缺岗位包括嵌入式开发工程 师、汽车项目经理等。 11月13日，记者从西安市人社局获悉：《2025年西安市重点产业紧缺人才需求目录》近日发布。 《目录》旨在精准匹配 ...

Core Viewpoint - The company, Haoshi Electromechanical, has a diverse product range that includes various types of spindles and machinery components, which are widely used in high-end manufacturing sectors such as 3C electronics, precision molds, new energy vehicles, and aerospace [1] Product Range - The company offers products including PCB drilling machines, forming machines, slicing machines, CNC metal/glass engraving and milling machine spindles, CNC lathe spindles, and various types of mechanical spindles [1] - Core components such as five-axis machine spindles, turntables, and linear motors are integral to the operation of advanced five-axis machine tools [1] Industry Applications - The products are extensively applied in multiple high-tech industries, providing reliable technical support for high-end equipment manufacturing [1]

Core Viewpoint - Jinming Technology (300281.SZ) reported a revenue of 332 million yuan and a net profit of 8.95 million yuan for the first three quarters of 2025, while announcing a cash dividend of 0.2 yuan per 10 shares to shareholders [1][2] Group 1: Financial Performance - For the first three quarters of 2025, the company achieved an operating income of 332 million yuan [1] - The net profit attributable to shareholders was 8.95 million yuan [1] - The total cash dividend to be distributed amounts to 8,378,471.60 yuan [1] Group 2: Business Overview - Jinming Technology is a representative brand of China's professional film equipment in the high-end equipment manufacturing industry [1] - The company specializes in the research, design, production, sales, and service of film production equipment and solutions [1] - Its film products include biaxially oriented films and high-barrier functional soft packaging films, applicable in various sectors such as new energy, food packaging, pharmaceutical packaging, and automotive [1] Group 3: Future Strategy - The company aims to solidify its development foundation and enhance operational quality while ensuring normal business operations [2] - Jinming Technology is committed to providing continuous and stable cash dividends to investors, striving to create long-term and sustainable value returns for shareholders [2] - The company plans to enhance investor satisfaction and sense of gain [2]

Group 1 - The core viewpoint of the news is the performance and financial metrics of Maiwei Co., Ltd., which saw a stock price increase of 5.34% to 115.03 CNY per share, with a total market capitalization of 32.14 billion CNY [1] - Maiwei Co., Ltd. specializes in high-end intelligent manufacturing equipment, with its main business revenue composition being 75.00% from solar cell production equipment, 18.10% from single machines, and 6.90% from parts and others [1] - The company is located in Suzhou, Jiangsu Province, and was established on September 8, 2010, with its listing date on November 9, 2018 [1] Group 2 - According to data from the top ten heavy stocks of funds, one fund under Caitong Securities Asset Management holds a significant position in Maiwei Co., Ltd., with 261,000 shares, unchanged from the previous period, representing 7.6% of the fund's net value [2] - The fund, Caitong Asset Management Zhenxiang Growth Mixed A (016605), was established on March 2, 2023, with a current scale of 189 million CNY and has achieved a year-to-date return of 35.67% [2] - The fund's performance over the past year has yielded a return of 49.59%, ranking 1317 out of 8015 in its category [2]

Core Viewpoint - The report from Guojin Securities indicates that September showed stable performance, with exports maintaining resilience and domestic demand marginally recovering due to the peak season of "Golden September and Silver October," although performance across various industries was uneven [1] Group 1: Economic Performance - Exports have shown resilience during September, contributing positively to the overall economic performance [1] - Domestic demand is experiencing a marginal recovery, driven by the seasonal peak in consumption [1] Group 2: Industry Analysis - Performance across different industries is uneven, with some sectors showing strong growth while others lag behind [1] - Supply-side governance and industrial upgrades are yielding positive results, particularly benefiting upstream resource products and emerging manufacturing sectors, as well as high-end equipment manufacturing [1] - Traditional raw materials and consumer sectors are experiencing a "peak season not thriving" scenario due to delayed demand-side stimulus and recovery in consumer confidence [1]

Core Viewpoint - The overall economic performance in September remained stable, with marginal recovery in domestic demand driven by the "Golden September and Silver October" peak season, but performance varied significantly across industries [1][4] Industry Summary - **Upstream Resource and Raw Material Industries**: - Upstream resource products benefited from "anti-involution" policies and supply constraints, leading to increased demand and rising prices during the peak season [1][3] - Upstream raw materials like steel and building materials showed limited improvement due to low investment chain sentiment [1][3] - **Midstream Manufacturing Sector**: - Emerging manufacturing and high-end equipment manufacturing sectors experienced significant expansion in peak season due to domestic industrial upgrades and recovery in overseas manufacturing and investment activities [1][2][3] - **Downstream Consumer Sector**: - The real estate market showed weak recovery in transaction volumes, with retail sales of major consumer goods continuing to slow down, indicating insufficient performance during the peak season [1][3] Logic Behind Industry Divergence - The shift in policy focus since July has contributed to the divergence in performance between upstream resource products and downstream consumer sectors, with more emphasis on supply-side optimization and less direct stimulus for demand [2] - Domestic industrial upgrades and economic transformation, along with accelerated recovery in overseas manufacturing and investment, have led to the performance divergence between emerging manufacturing and traditional investment chain-related industries [2] September Industry Information Review - **Energy and Resource Sector**: - Coal production checks improved supply-demand dynamics, leading to price increases; metal supply disruptions and seasonal demand recovery also contributed to price rises [3] - **Real Estate Sector**: - Weak recovery in commodity housing transactions, particularly in first-tier cities, with overall real estate investment remaining low [3] - **Financial Sector**: - A-share trading activity reached new highs, with insurance companies seeing continued growth in premium income [3] - **Midstream Manufacturing Sector**: - Mechanical equipment sales showed strong growth, with heavy truck sales increasing further [3] - **Consumer Sector**: - Service consumption showed slight decline, while overall commodity consumption momentum weakened [3] - **TMT Sector**: - Increased activity in domestic and international AI and humanoid robotics sectors [3] - **New Energy Sector**: - Strong demand for energy storage, positive production trends for lithium batteries, and potential early mass production of solid-state batteries [3]

Core Viewpoint - Nanjing Chemical Fiber Co., Ltd. has responded to the Shanghai Stock Exchange's inquiry regarding its major asset restructuring, focusing on asset evaluation, income from incoming assets, major customers, suppliers, and gross margin issues [1] Group 1: Asset Disposal - The company has reported continuous negative net profits over the past three years, with impairment losses totaling 32.6 million, 77.3 million, and 26.6 million respectively [2] - The disposed assets were evaluated using the asset-based approach, with a book value of 557.4 million and an assessed value of 729.3 million, primarily due to the appreciation of land use rights in Nanjing Liuhe [2] - Significant impairment provisions were made for inventory, fixed assets, construction in progress, intangible assets, and contract assets, with inventory impairment being particularly notable due to market price fluctuations [2][3] Group 2: Asset Acquisition - The main product of Nanjing Technology is rolling functional components, with stable revenue growth in the CNC machine tool sector attributed to new customer development and enhanced core competitiveness [4] - Revenue from direct sales has decreased while revenue from trading customers has increased, reflecting the company's strategic adjustments to market changes [4][5] - The company maintains stable customer cooperation due to the high customization of its products, with a product lifespan of over 10 years, ensuring sustainable partnerships [4][6] Group 3: Revenue Recognition and Customer Management - The company's revenue recognition policy aligns with accounting standards, confirming revenue when customers obtain control of the goods [5] - The top five customers have a long history of cooperation, with a high proportion of revenue coming from customers with over three years of partnership [6] - Different sales models exhibit varying gross margins, with direct sales targeting the mid-to-high-end market and trading models offering lower margins to encourage market expansion [6][7] Group 4: Procurement and Gross Margin Analysis - The company primarily procures steel and outsourced processing services, with procurement prices reflecting market trends and being determined through fair bidding processes [7] - The gross margin of the main business has slightly declined due to changes in unit selling prices and costs, with some products experiencing price reductions to increase market share [7] - Compared to industry peers, the company's gross margin remains higher due to high product customization, customer structure differences, and varying product value [7][8]

Group 1 - The potential interest rate cut by the Federal Reserve in September 2025 is a key external factor influencing the Chinese economy, with a 92% probability of a rate cut reflected in the U.S. interest rate futures market [1] - The U.S. labor market shows signs of weakness, with a 0.8 percentage point decline in GDP growth from the first to the second quarter, and the core PCE price index year-on-year growth falling to 2.3%, creating room for the Fed to ease monetary policy [1] Group 2 - The narrowing of the China-U.S. 10-year government bond yield spread from 2.1 percentage points in 2023 to 0.3 percentage points is a significant positive development, potentially allowing for a 150 basis point reduction in China's reserve requirement ratio [3] - The aviation and real estate sectors are expected to benefit first, with the former holding $38.7 billion in dollar-denominated debt and the latter having approximately $52.6 billion in outstanding dollar debt, alleviating financial cost pressures from exchange rate fluctuations [3] Group 3 - Over the past 12 months, northbound capital has net flowed into the A-share market by 243 billion yuan, with the consumer electronics, new energy vehicles, and high-end equipment manufacturing sectors accounting for 62% of this inflow [3] - In the MSCI China index, stocks with foreign ownership exceeding 5% have an average valuation below the central value of the past five years by 23%, indicating potential for value reassessment during the Fed's rate cut cycle [3] Group 4 - The CFETS RMB exchange rate index, if it rises to the 101-103 range, could reduce the average procurement cost of basic imported goods by 6.3%, significantly impacting strategic materials like iron ore and crude oil [4] - The apparel and textile sectors may face pressure, with a 1% appreciation in the RMB potentially eroding profit margins by 4.7%, affecting over 120,000 export enterprises [4] Group 5 - The manufacturing PMI has remained above the threshold for four consecutive months, with the new export orders index rising to 51.6, indicating effective structural adjustments [4] - The recent 9.2% increase in the global commodity price index may offset some benefits from alleviating input deflationary pressures [4]