｜2025年11月21日 星期五｜ NO.1 券商前三季度科创债承销额同比增长近58% 近日，中国证券业协会发布2025年前三季度证券公司债券（含企业债券）承销业务专项统计数据，详细 列出了券商承销各类专项债券的数量、金额以及排名等关键信息。其中，中信证券在半数细分指标上位 居榜首，展现出强大的综合实力。今年前三季度，券商在重点领域债券承销业务上的增长势头尤为亮 眼。其中，科技创新债券承销金额实现跨越式增长，同比增幅超57%，总额成功突破7000亿元大关；民 营企业债券承销同样交出亮眼成绩，金额达3913.6亿元，同比增长43.46%，两大板块的强劲增长，凸显 出券商对实体经济重点领域融资需求的精准响应。 点评：债券ETF规模激增至7100亿元，反映投资者对稳健资产的偏好持续增强。海富通短融ETF、博时 可转债ETF等头部产品规模扩张显著，凸显市场对流动性和多元化配置的需求。这一趋势或推动固收类 产品创新，加剧基金公司间竞争。债市资金流入可能对股市形成一定分流效应，投资者需更注重资产组 合的防御性。长期看，债券ETF的壮大将丰富投资工具，助力金融市场深化发展。 NO.4 先锋领航：ETF年度资金流入量逼近35 ...

在科技创新债券方面，前三季度作为科技创新债券主承销商的证券公司共75家，承销674只债券，合计 金额7051.8亿元，同比增长57.77%。中信证券、中信建投、国泰海通分别承销83.8家、69.65家和62.96 家，承销金额分别为1417.91亿元、1111.66亿元和844.59亿元。 今年前三季度，作为中小微企业支持债券主承销商的证券公司共41家，承销50只债券，合计金额207.7 亿元。作为民营企业债券主承销商的证券公司共56家，承销368只债券，合计金额3913.6亿元。其中， 资产证券化产品212只，合计金额1904.01亿元。五矿证券、国信证券、国泰海通在承销中小微企业支持 债券金额上排在行业前列；中信证券、平安证券和华泰资管在承销民营企业债券金额上领跑行业。 此外，2025年前三季度参与发行地方政府债券的证券公司共69家，合计中标金额3369.54亿元，合计中 标地区31个。其中，银河证券、华泰证券、国泰海通实际中标地区分别为31个、30个和29个。 ◎记者 汤立斌 中国证券业协会日前发布的2025年前三季度证券公司债券（含企业债券）承销业务专项统计显示，今年 前三季度作为科技创新债券主承销商 ...

持续提升服务质效 在国家推进低碳转型、乡村振兴等重大战略的背景下，券商正通过优化业务布局、完善服务体系，持续提升金融服务实体 经济的质效。 在债券承销业务的行业竞争中，头部券商的核心优势持续凸显。在16项相关债券承销业务关键指标中，行业龙头中信证券 一举拿下8项第一，展现出强大实力；国泰海通则在细分赛道表现突出，在主承销低碳转型债券家数、金额以及主承销"一带一 路"债券金额这三项指标上拔得头筹；中信建投与中国银河也各有侧重，分别在主承销绿色债券金额、地方政府债券实际中标 地区数上位列榜首。 与头部券商全面布局不同，中小券商正通过差异化竞争在细分市场寻找突破口，并逐渐展现出独特优势。例如，五矿证券 在主承销中小微企业支持债券家数和金额两项指标上均位居首位；浙商证券在主承销"一带一路"债券家数指标上名列第一。 具体到科技创新债券领域，券商对科创企业的服务力度持续加码。前三季度，75家券商作为科技创新债券主承销商，合计 承销674只债券，同比增长74.61%；合计金额7051.8亿元，同比增长57.77%。从单家公司的主承销金额来看，有两家公司突破 1000亿元。其中，中信证券以1417.91亿元的金额稳居首位；中 ...

Group 1 - The China Securities Association reported that 75 securities firms acted as main underwriters for technology innovation bonds, underwriting 674 bonds with a total amount of 705.18 billion yuan in the first three quarters of 2025, an increase from 446.98 billion yuan in the same period of 2024 [1] - In the first three quarters, 56 securities firms served as main underwriters for private enterprise bonds, underwriting 368 bonds with a total amount of 391.36 billion yuan [1] - A total of 51 securities firms acted as main underwriters for green bonds, managing 137 bonds with a total amount of 109.01 billion yuan [1] Group 2 - 41 securities firms served as main underwriters for rural revitalization bonds, managing 68 bonds with a total amount of 42.65 billion yuan [1] - 41 securities firms acted as main underwriters for small and micro enterprise support bonds, underwriting 50 bonds with a total amount of 20.77 billion yuan [2] - 26 securities firms served as main underwriters for low-carbon transition bonds, underwriting 25 bonds with a total amount of 14.38 billion yuan [2] Group 3 - 19 securities firms acted as main underwriters for Belt and Road bonds, underwriting 12 bonds with a total amount of 11.3 billion yuan [2] - 69 securities firms participated in issuing local government bonds, with a total winning bid amount of 336.95 billion yuan across 31 regions [2]

智通财经APP获悉，中国证券业协会发布2025年前三季度证券公司债券(含企业债券)承销业务专项统 计。2025年前三季度作为绿色债券主承销商(或资产证券化产品管理人)的证券公司共51家，承销(或管 理)137只债券(或产品)，合计金额1090.11亿元；其中，资产证券化产品40只，合计金额496.16亿元。 "一带一路"债券。2025年前三季度作为"一带一路"债券主承销商的证券公司共19家，承销12只债券，合 计金额113亿元。 中小微企业支持债券。2025年前三季度作为中小微企业支持债券主承销商的证券公司共41家，承销50只 债券，合计金额207.7亿元。 民营企业债券。2025年前三季度作为民营企业债券主承销商(或资产证券化产品管理人)的证券公司共56 家，承销(或管理)368只债券(或产品)，合计金额3913.6亿元;其中，资产证券化产品212只，合计金额 1904.01亿元。 地方政府债券。2025年前三季度参与发行地方政府债券的证券公司共69家，合计中标金额3369.54亿 元，合计中标地区31个。 低碳转型债券。2025年前三季度作为低碳转型债券主承销商的证券公司共26家，承销25只债券，合计金 ...

Core Viewpoint - The People's Bank of China emphasizes the importance of financial services to the real economy, aiming to expand financing scale and optimize financing structure to enhance the functionality of financial markets [1] Financing Structure Optimization - The PBOC has guided more financial resources towards key areas, with approximately 280 entities issuing technology innovation bonds worth 670 billion yuan since the launch of the "technology board" policy in the bond market [1] - During the 14th Five-Year Plan period, the annual issuance of green bonds has consistently exceeded 600 billion yuan, maintaining a position among the top three globally [1] - The PBOC supports private enterprises through bond financing tools, increasing the issuance support for private companies [1] Government Bond Financing - Government and local government bond financing has seen rapid growth, with the total government bond balance reaching 91.5 trillion yuan by the end of August 2025, an increase of 45.8 trillion yuan since the end of 2020, reflecting an average annual growth rate of 16.1% [1] - Local government bonds account for 53 trillion yuan of this total, with an increase of 27.6 trillion yuan since the end of 2020, averaging a growth rate of 17%, making it the largest category in the bond market [1] - During the 14th Five-Year Plan, the issuance of national bonds reached 50.1 trillion yuan and local government bonds reached 41.6 trillion yuan, increasing by 31.7 trillion yuan and 17.7 trillion yuan respectively compared to the 13th Five-Year Plan [1]

Core Insights - The current macroeconomic environment presents both opportunities for reform and challenges for industry consolidation, necessitating proactive measures from securities firms to drive enterprise growth [1] Group 1: Policy and Market Adaptation - The Central Political Bureau meeting emphasized the importance of adaptability and maintaining policy continuity, which is crucial for strategic breakthroughs in modernization and guiding capital market development [2] - Securities firms are encouraged to leverage technology for innovation and to reshape business scenarios, thereby providing a wider array of financing products to enterprises and investors [2][3] Group 2: Enhancing Market Attractiveness - To enhance market attractiveness, securities firms must focus on creating a positive investment experience and developing long-term capital, which has shown initial success through various financial policies and structural monetary tools [4] - The firms should guide rational market expectations, encourage increased R&D investment, and assist listed companies in enhancing their investment value, facilitating a transition from a financing market to an investment market [4] Group 3: Integration of Industry and Finance - The rise of high-investment, long-cycle, and financially uncertain tech innovation enterprises necessitates a supportive capital formation mechanism and a comprehensive financial product service system [5] - Securities firms should act as a hub for integrating industry and finance, supporting emerging industries while also aiding traditional industries in their transformation, thus playing a critical role in aligning national strategies with the real economy [5]

Core Viewpoint - The revised notification emphasizes the enhancement of lead underwriters' resource allocation towards technology finance and inclusive finance, aiming to empower technological innovation and the private economy [1][3]. Group 1: Main Enhancements - The notification outlines a framework for lead underwriters that includes core functions and a comprehensive service capability across the entire business chain, promoting market transformation [1][3]. - The evaluation mechanism for lead underwriters has been optimized to support high-quality development of technology and private enterprises, aligning with national financial policies [3]. Group 2: Evaluation Mechanism - The evaluation results for lead underwriters will be categorized into qualified and unqualified tiers, with qualified tiers further divided into A, B, C, and D grades based on performance metrics [5]. - Specific criteria for classification include business capability, compliance, and other factors deemed necessary by the trading association [5]. Group 3: Differentiated Development - The trading association will showcase six categories of specialized lead underwriters, including those focused on inclusive finance, technology innovation, green bonds, structured products, panda bonds, and derivatives [6]. - The association aims to continue implementing national policies for bond market development while optimizing the market-based evaluation mechanism for underwriting institutions [6].

Core Viewpoint - The China Securities Association has recently communicated the evaluation results of securities companies for the 2025 financial "Five Major Articles" initiative, with CITIC Securities ranking first in seven quantitative evaluations [2][3]. Group 1: Evaluation Results - The evaluation period covers the previous year from January 1 to December 31, with 107 participating securities firms submitting data for review [3]. - CITIC Securities led in the underwriting of technology innovation bonds, with an amount of 128.19 billion, followed by CITIC Jiantou, Guotai Junan, CICC, and Huatai Securities [3]. - In terms of financing for technology enterprises, CITIC Securities also ranked first with a financing amount of 27.04 billion, followed by CITIC Jiantou, CICC, Guotai Junan, and Huatai Securities [4]. Group 2: Market Participation - Several firms, including CITIC Securities, CITIC Jiantou, Guotai Junan, and others, have served over 20 technology enterprises, indicating a broad market participation [5]. - For major asset restructuring transactions involving technology enterprises, CITIC Securities again ranked first with a transaction amount of 32.07 billion [5]. Group 3: Green and Private Enterprise Bonds - In the underwriting of green and low-carbon transition bonds, CITIC Securities led with an amount of 16.54 billion, followed by CITIC Jiantou and Guotai Junan [5]. - For private enterprise bonds, the top five underwriters included招商证券, 广发证券, 平安证券, CICC, and Huatai Securities, with amounts ranging from 38.15 billion to 12.57 billion [5]. Group 4: Pension Products - The top five firms in the distribution of personal pension products included 广发证券, 招商证券, 国信证券, 中国银河, and 兴业证券, with amounts ranging from 17.18 million to 11.42 million [6]. Group 5: Evaluation Framework - The evaluation results will be incorporated into the 2025 classification system for securities firms, with a scoring system that emphasizes quantitative indicators [7]. - The evaluation framework includes 14 representative indicators, focusing on contributions and service capabilities in key areas, with technology finance receiving the highest weight [8].

● 本报记者 赵中昊 中国证券报记者日前从业内获悉，中国证券业协会已于近日向各券商一对一通报了2025年度证券公司做 好金融"五篇大文章"专项评价结果及各券商加分分值，并将核心定量指标排名情况在业内进行了公示。 其中，中信证券在七项定量评价中位居榜首。评价结果将直接纳入券商2025年分类评价体系。 多项定量指标排名清晰 头部券商优势明显 记者在采访中了解到，为提高评价工作质效，中证协前期在起草《证券公司做好金融"五篇大文章"专项 评价办法（试行）》时同步启动了试评价工作，组织完成了107家参评券商评价数据的填报与复核，并 已通过数据报送系统向各券商一对一反馈确认了评价数据。 主承销绿色债券和低碳转型债券金额排名前五位的券商依次为中信证券、中信建投、国泰海通、中金公 司、招商证券，主承销金额分别为165.44亿元、122.92亿元、111.40亿元、88.43亿元、54.10亿元。 此外，主承销民营企业债券金额前五位的券商依次为招商证券、广发证券、平安证券、中金公司、华泰 证券，主承销金额分别为381.50亿元、318.86亿元、185.60亿元、130.07亿元、125.73亿元。 上一年度代销个人养老金产品 ...