连日来，我省相关部门深入贯彻落实省委、省政府关于加强渔业安全生产的决策部署，以"老旧小 木"渔船整改为突破口，通过高位推动、政策赋能、多元协同等方式，统筹推进海洋捕捞渔船更新改 造、减船转产工作。 在金融支持方面，省地方金融管理局指导金融机构加快升级、开发金融产品，在贷款期限、利率、 额度等方面给予最大优惠，构建政策性贷款、个性化商业贷款、保险保障、担保增信"四位一体"的金融 支持体系，为渔船更新改造提供全方位、多层次金融支撑。目前，围绕此项业务，省农发行贷款利率降 至2.85%，正在争取将贷款期限延长至最长20年；省农行优化"渔民安心贷"系列产品，面向企业和个 人，利率3%左右，期限最长10年。辽沈银行、辽宁农商行推出个性化产品，最高额度1000万元，利率 3%左右，期限最长10年。 我省明确坚持"市场为主、政府引导，精准施策、分步推进"，力争到2028年实现全省"老旧小木"渔 船应改尽改，提高渔船标准化、渔船设施设备数字化、渔船功能绿色化、渔船管理智能化标准，以提升 渔船本质安全水平。为激发渔民参与的积极性，我省财政补助实行"先建后补"，按渔船造价的30%予以 补助；财政贴息贴费实行阶梯递减政策，鼓励渔民 ...

Core Viewpoint - The establishment of a financing coordination mechanism for small and micro enterprises aims to address the financing difficulties faced by technology-based small and micro enterprises, particularly those lacking traditional collateral [1][4]. Group 1: Mechanism Overview - The new mechanism, approved by the State Council, focuses on enhancing collaboration between central and local governments and financial institutions to facilitate direct and efficient access to credit for small and micro enterprises [1][4]. - It aims to break the traditional reliance on physical collateral by incorporating factors such as technological strength, industry position, and development prospects into the credit assessment system [1][4][9]. Group 2: Challenges Faced by Technology-Based SMEs - Technology-based small and micro enterprises often struggle to secure financing due to their "light asset" nature, which makes it difficult for banks to evaluate their intangible assets like patents and R&D capabilities [2][3]. - Many of these enterprises face a dilemma of having technology but lacking collateral, which restricts their ability to obtain necessary funding for growth and expansion [3][4]. Group 3: Innovations in Financing - The mechanism has led to the introduction of innovative models such as "data credit enhancement," "technology credit enhancement," and "guarantee credit enhancement," which collectively aim to support technology-based enterprises [4][5]. - The "innovation points system" has emerged as a significant innovation, allowing for the quantification of a company's innovation capabilities, thus enabling access to credit based on these metrics rather than traditional collateral [6][8]. Group 4: Success Stories and Impact - The implementation of the innovation points system has already benefited companies like Weifang Tianxin Radiator Co., which received a loan of 9 million within three days, significantly lower than conventional loan rates [6][8]. - Financial institutions are now able to create tailored financing solutions for technology-based enterprises, effectively transforming their technological value into a "financial passport" for credit access [9][10].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The extremely low interest rate of the 25 Orient Fortune Sea PPN001 (Sci - tech Bond) is mainly due to the central - local cooperation risk - sharing mechanism. The report explores the risk - sharing mechanism of sci - tech bonds from the perspectives of risk - sharing tools and private enterprise bond issuance practices [2][6]. - The risk - sharing mechanism of sci - tech bonds, while continuing the toolbox of private enterprise bonds, has a fundamental shift in service objects, aiming to cultivate the long - term financing capabilities of hard - tech private enterprises and venture capital institutions. However, the current credit enhancement means and risk - sharing mechanisms are still imperfect [4]. - The evolution of China's private enterprise bond financing support tools shows a shift from policy - oriented to market - oriented operations, but the overall support for private enterprise bond financing has not been effective, with the net financing of private enterprise bonds being negative for a long time since 2018 [3][43][46]. 3. Summary by Relevant Catalogs 3.1 Credit Sharing Toolbox and Relevant Practices of Sci - tech Bonds - **Risk - sharing Modes**: There are two main risk - sharing modes: diversified sharing and mutual - cooperation sharing. The report focuses on the mutual - cooperation sharing mode, and risk - sharing tools mainly include guarantee credit enhancement, credit derivatives, central - local cooperation, and the establishment of risk - compensation funds [7]. - **Guarantee Credit Enhancement**: In the credit bond guarantee practice, the guaranteed subjects are mainly AA - rated state - owned enterprises, and the guarantee method is mainly joint - liability guarantee. China's financing guarantee system is government - led, but the actual guarantee coverage of market - oriented guarantee institutions for private enterprise bonds is low. Sci - tech bonds are tilted towards high - credit - grade state - owned enterprises, with an overall guarantee ratio of less than 5%, and the guarantee of private enterprise sci - tech bonds is even more difficult [8][13][14]. - **Transaction - type Credit Enhancement**: It is usually provided by credit enhancement companies. When the issuer defaults, the bondholder can transfer the bond to the credit enhancement company. Currently, the use of this method in the bond market is rare. As of July 15, 2025, only 3 outstanding credit bonds used this method, including 1 sci - tech bond [15]. - **Credit Derivatives**: The development of China's credit derivatives market is still in its early stage. There are 6 types of credit derivatives in total, including 4 in the inter - bank market and 2 in the exchange market. The development of credit derivatives has experienced several stages, and the issuance volume increased during the private enterprise and real - estate enterprise default tides. CRMW, as an example, shows characteristics such as commercial - bank - led creation, short - term creation, and low scale coverage in supporting sci - tech bonds. The supported subjects are mainly high - credit - grade private enterprises, and the industries are concentrated in basic chemicals, textile and apparel, and electronics [16][23]. - **Local Risk -缓释 Funds**: These are risk - compensation special funds arranged by local fiscal budgets. In the credit field, they mainly support small and medium - sized enterprises; in the bond field, they mainly serve to resolve urban investment debt risks. There is a lack of practical experience in supporting sci - tech bonds, although relevant policies encourage local governments to set up such funds [26][27][28]. - **Central - local Cooperation**: It is an innovative practice under the framework of the private enterprise bond financing support tool, with a double - layer credit - enhancement structure of "central + local". It has the advantages of risk dispersion and flexible and precise financing support. In supporting sci - tech bonds, in June 2025, 5 private equity investment institution sci - tech bonds were issued, mostly using the central - local cooperation mode, and the market recognition was high [29][35][36]. 3.2 Credit Risk - sharing Practices of Private Enterprise Bonds - **Evolution of Private Enterprise Bond Financing Support Tools**: It can be divided into three stages: the establishment stage (2018 - 2021), during which the private enterprise bond financing support tool was set up; the innovation stage (2022), when non - pure policy - oriented tools and the central - local cooperation new model were launched; and the stage of increasing support (2022 end - present), featuring a normalized central - local cooperation credit - enhancement mode [40][41][43]. - **Effect of Private Enterprise Bond Financing Support Tools**: Despite the continuous increase in support for private enterprise bond financing, due to successive default tides of private enterprises and real - estate enterprises, the support resources are mainly concentrated on high - credit - grade, medium - and large - sized private enterprises. The overall support effect is not significant, with the net financing of private enterprise bonds being negative for a long time since 2018 [43][46][48].