Investment Rating - The report maintains an "Accumulate" rating for the industry, indicating an expected increase in performance relative to the benchmark index over the next 6 to 12 months [20]. Core Insights - The first nationwide public company bond supporting small and micro enterprises was successfully issued on the Beijing Stock Exchange, with a total issuance scale of 500 million yuan and an interest rate of 2.50% [1][16]. - Of the raised funds, 350 million yuan is allocated to support the development of small and micro enterprises related to the industry chain, while 150 million yuan is designated for replenishing working capital [1][16]. - The issuance aims to alleviate the financing difficulties faced by small and micro enterprises by providing liquidity support [1][16]. Summary by Sections 1. Nationwide First Public Company Bond for Small and Micro Enterprises - The bond was issued by Jiangxi Financial Holding Group on April 23, 2025, with a term of 3+N years [1][16]. - The issuance is a significant step towards promoting inclusive finance and addressing the financing challenges of small and micro enterprises [1][16]. 2. Beijing Stock Exchange Bond Market Situation - The bond market officially opened on January 15, 2024, and has developed a product system that includes 10 specialized types of bonds [2][17]. - The exchange has conducted targeted research and training to align financial resources with the needs of small and micro enterprises [2][17]. 3. Investment Strategy for the Beijing Stock Exchange - The report highlights several sectors to watch in 2025, including: - Data Centers: Companies like Clait and Shuguang Data Creation are noted for their advantages in nuclear power and liquid cooling technology [6][14]. - Robotics: Key players include Suzhou Axis and Audiwei, focusing on bearings and sensors [6][14]. - Semiconductors: Hualing and Kaide Quartz are recognized as leaders in third-party testing and quartz devices [6][14]. - Consumer Goods: Companies such as Taihu Snow and Lusi are highlighted for their innovative products [6][14]. - Military Information Technology: Chengdian Guangxin and Xingtuzhihui are expected to benefit from advancements in military and aerospace sectors [6][14].

民营企业是科技创新的重要力量。做好民企股债融资支持，需要充分发挥资本市场功能。 创新债券融资产品、发布民企指数、加速交易型开放式指数基金（ETF）扩容……近年来，证券交易 所积极完善机制、创新产品，对接民企融资需求，为民企发展提供更多金融助力。 4月23日，首单中小微企业支持可续期公募公司债券在北京证券交易所成功发行。由江西省金融控股 集团有限公司发行的这期债券，发行规模5亿元，期限3+N年，募集资金大部分用于支持产业链上下游或自 身经营业务相关的中小微企业发展。 "本期发行通过为集团产业链上下游相关中小微企业提供流动性支持的方式，贯彻普惠金融导向，助 力破解中小微企业融资难融资贵问题。"北交所相关负责人表示。 民营企业中，中小微企业居多。围绕精准服务中小微企业，交易所持续创新公司债和资产证券化产 品，发行规模稳步增长。上海证券交易所数据显示，2022年至今，沪市中小微企业融资支持资产支持证券 已累计发行超过5000亿元。 "资产证券化产品是适应和匹配中小微企业融资特征、引导金融资源有效配置至普惠金融领域的有效 工具。"上交所债券业务相关负责人说，中小微企业融资需求多呈现"短、小、频、急"的特征，资产证券 化 ...

民营企业是科技创新的重要力量。做好民企股债融资支持，需要充分发挥资本市场功能。 创新债券融资产品、发布民企指数、加速交易型开放式指数基金（ETF）扩容……近年来，证券交易所 积极完善机制、创新产品，对接民企融资需求，为民企发展提供更多金融助力。 4月23日，首单中小微企业支持可续期公募公司债券在北京证券交易所成功发行。由江西省金融控股集 团有限公司发行的这期债券，发行规模5亿元，期限3+N年，募集资金大部分用于支持产业链上下游或 自身经营业务相关的中小微企业发展。 "本期发行通过为集团产业链上下游相关中小微企业提供流动性支持的方式，贯彻普惠金融导向，助力 破解中小微企业融资难融资贵问题。"北交所相关负责人表示。 在民企占比约8成的沪市科创板，去年"科创板八条"发布后指数产品加速"上新"，相关ETF产品也快速 跟进。目前，科创板ETF总规模已近2500亿元，有效引导资金流向新质生产力领域。 北交所上市公司中，国家级专精特新"小巨人"企业占比超一半。据了解，北交所将研究推出北交所专精 特新指数，并推动公开发行可转债、ETF业务落地。 以"远惠系列-2024远东小微企业高质量发展三期资产支持专项计划"为例，发行规模 ...