债市研究 大公国际： "十五五"时期债券市场支持金融"五篇大文 章"的路径探析 技术研究部|涂文婕 孙榕 2025 年 11 月 25 日 【摘要】"十五五"规划建议稿明确提出大力发展科技金融、绿色金融、普 惠金融、养老金融和数字金融。债券市场在这一指引下呈现出结构性进展与差异 化演进特征。科创类债券发行规模快速扩张，期限结构由短趋长、融资成本显著 下行。绿色债券发行量与投资需求同步增长。普惠、养老和数字金融发展空间广 阔。债券市场正在围绕金融"五篇大文章"，通过机制、产品和技术三重创新， 突破传统"周期长、风险高、资产轻"的瓶颈，实现对关键领域的精准支持与长 期陪伴。"十五五"期间债券市场的发展方向将在强化科技创新、推动绿色转型、 支持小微企业、完善养老体系和促进数字经济建设中发挥更具系统性、结构性与 长周期价值的关键作用。 债市研究 在这一进程中，债券市场作为金融体系的重要组成部分，迎来了前所未有的 发展机遇，为传统产业的转型升级与科技创新企业的蓬勃发展提供着坚实的金融 支持。 （一）科创类债券：规模快速递增，成本优势显现 在科技金融方面，债券市场加强对该领域的精准支持并出台多项资金支持性 制度，丰富科技 ...

Group 1 - The core viewpoint of the articles highlights the ongoing trend of capital replenishment among banks, with a significant increase in bond issuance to strengthen capital adequacy and support lending to the real economy [1][2][3] Group 2 - As of July 18, the total bond issuance by commercial banks reached 1.141 trillion yuan, with subordinated debt issuance being the highest at 389.1 billion yuan, a 254% increase compared to the same period in 2021 [1] - The issuance of financial bonds amounted to 279.3 billion yuan, while special financial bonds for small and micro enterprises reached 214.5 billion yuan [1] - Eight subordinated bonds exceeded 10 billion yuan in issuance, compared to only three in the same period last year, with major state-owned banks being the primary issuers [1] Group 3 - The need for capital replenishment is driven by the requirement to maintain capital adequacy ratios, which slightly decreased to 15.02% at the end of Q1 this year [2] - Regulatory bodies are supporting banks in capital replenishment through various channels, including the issuance of special bonds by local governments, with 103 billion yuan already allocated to four provinces [2][3] - The expectation is for continued active capital replenishment by banks, with a focus on enhancing support for the real economy and mitigating potential risks [3]