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 ...

"提高资本市场制度包容性、适应性"——这一被写入"十五五"规划建议的战略部署，已成为指引资本市 场改革发展的核心命题。 如何针对这一部署精准施策？在近日出版的《〈中共中央关于制定国民经济和社会发展第十五个五年规 划的建议〉辅导读本》中，证监会主席吴清发表了题为《提高资本市场制度包容性、适应性》的署名文 章。证监会主席吴清在解读中，详细阐述了未来的重点任务与行动逻辑。 在吴清看来，这一部署为资本市场改革发展稳定各项工作指明了前进方向、提供了根本遵循。 而面向下一阶段的资本市场建设，吴清在文章中明确了"十五五"时期提高资本市场制度包容性、适应性 的六方面任务举措：一是积极发展股权、债券等直接融资；二是推动培育更多体现高质量发展要求的上 市公司；三是营造更具吸引力的"长钱长投"制度环境；四是着力提升资本市场监管的科学性、有效性； 五是稳步扩大资本市场高水平制度型开放；六是共同营造规范、包容、有活力的资本市场生态。 记者注意到，从吴清的表述来看，资本市场的"包容性"侧重于拓展其服务的广度与深度，让资本市场更 好地支持创新、服务人民；"适应性"则侧重于提升市场治理的效能与视野，使制度体系更能驾驭市场变 化、提升国际竞争 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market as a strategic deployment in the "14th Five-Year Plan" [1][2] Group 1: Key Tasks and Measures - The six key tasks for improving the capital market's inclusiveness and adaptability during the "14th Five-Year" period include: 1. Actively developing direct financing through equity and bonds 2. Promoting the cultivation of more high-quality listed companies 3. Creating a more attractive environment for long-term investments 4. Enhancing the scientific and effective nature of capital market regulation 5. Gradually expanding high-level institutional openness in the capital market 6. Fostering a standardized, inclusive, and vibrant capital market ecosystem [1][5] Group 2: Emphasis on Innovation and Public Benefit - The capital market's inclusiveness is characterized by its ability to recognize and serve new industries, business models, and technologies, acting as a core "accelerator" for the development of new productive forces [4] - The capital market serves as an important platform for the public to share in the development achievements of the real economy, with over 200 million stock investors and more than 700 million fund investors in China [6] Group 3: Regulatory Adaptability - The adaptability of the capital market's regulatory system is crucial for responding to internal and external environmental changes, enhancing the ability to lead and regulate market innovation [8] - Emphasis is placed on building a comprehensive and multi-dimensional regulatory system for securities and futures, utilizing modern technologies like big data and AI to identify risks and illegal activities [8] Group 4: International Competitiveness - The restoration of the valuation of RMB assets since 2025 has increased global capital's willingness to invest in the domestic capital market, with a focus on enhancing the market's attractiveness and inclusiveness through institutional openness [9] - The article advocates for a gradual approach to promote the coordinated development of onshore and offshore markets, improving the convenience for foreign capital and institutions to participate in China's capital market [9]

Core Viewpoint - The "15th Five-Year Plan" emphasizes the importance of capital market reforms to promote high-quality development, focusing on enhancing the inclusiveness and adaptability of the capital market system, and improving the coordination between investment and financing functions [1][11][12]. Group 1: Key Tasks and Measures - The China Securities Regulatory Commission (CSRC) outlines key tasks for the "15th Five-Year Plan" period, including the active development of direct financing through equity and bonds, fostering high-quality listed companies, and creating a more attractive environment for long-term investments [1][11]. - The plan aims to enhance the scientific and effective regulation of the capital market, steadily expand high-level institutional openness, and create a standardized, inclusive, and vibrant capital market ecosystem [1][11][12]. Group 2: Market Outlook - The capital market is expected to show a "long-term" and "steady" trend during the "15th Five-Year Plan" period, driven by government emphasis on capital market development and the fundamental strengths of Chinese assets [1][20]. - The overall valuation of A-shares is considered reasonable and not overvalued, with the current P/E ratio of the CSI 300 at approximately 14.2x, compared to higher ratios in other major markets [22][24]. Group 3: Structural Opportunities - Key sectors to watch include digital technology, space economy, high-end manufacturing, domestic consumption, and biotechnology, which align with the policy directions of developing new productive forces and expanding domestic demand [1][24]. - The focus on technological innovation and self-reliance is expected to drive significant investment opportunities in these sectors, particularly in areas like AI, quantum technology, and advanced manufacturing [1][24]. Group 4: Financial Ecosystem and Investor Engagement - The plan emphasizes the need for a more attractive long-term investment environment, promoting the development of institutional investors and enhancing the role of long-term capital in stabilizing the market [15][19]. - Measures to improve investor protection and enhance market transparency are also highlighted, aiming to build a more robust legal framework and encourage a culture of innovation and risk tolerance [19][20].

Core Viewpoint - The implementation of the new "National Nine Articles" has led to a significant transformation in the securities industry, shifting from a "channel intermediary" role to one of "value co-creation," particularly in supporting technology innovation [2] Policy Orientation - The strategic positioning of technology finance has been significantly strengthened, with the new "National Nine Articles" emphasizing the need for capital markets to support "high-quality economic development" and "Chinese-style modernization" [3] - The China Securities Regulatory Commission has introduced a "1+N" system to guide resources towards the technology sector, requiring securities firms to transition from intermediaries to value discoverers [3] Capability Development - A "dual-driven" phenomenon between investment and investment banking has emerged, with securities firms focusing on "early, small, long-term, and hard technology" investments [3] - Investment banking departments are shifting from prioritizing the number of sponsorships to focusing on asset pricing and long-term support, enhancing project discovery and due diligence accuracy [3] Regulatory Drivers - The current environment of strict compliance and risk control is reshaping the logic of how the securities industry supports technology innovation [4] - The introduction of mechanisms such as co-investment by sponsors in the Sci-Tech Innovation Board and Growth Enterprise Market is guiding the behavior of securities firms towards more standardized practices [5] Industry Integration - The market ecosystem is being restructured under policy guidance, leading to differentiated service capabilities among securities firms [5] - Major securities firms are building comprehensive service chains that cover the entire lifecycle from domestic to international markets, while boutique investment banks focus on niche sectors like semiconductors [5] Future Trends - The securities industry is evolving from providing singular financing services to co-creating innovation ecosystems [5] - Innovative financial instruments such as REITs and Sci-Tech bonds are emerging, with companies like CITIC Securities issuing the first batch of 2 billion yuan in Sci-Tech bonds by 2025 [5] Collaborative Networks - Securities firms are increasingly collaborating with local governments and private equity/venture capital to establish regional innovation funds, creating a tight-knit network among "policy-capital-industry" [6] - The logic of the securities industry's service to technology innovation has profoundly changed, leading to a more open, collaborative, and long-term value-focused capital market ecosystem [6]

Core Insights - The six major state-owned banks in China reported stable loan growth and effective support for key sectors of the economy in their Q3 reports, demonstrating leadership in addressing weak links in the economy [1][2]. Loan Growth and Focus Areas - The total loan volume of the six major banks has shown steady growth, with targeted lending in key areas such as manufacturing, strategic emerging industries, and agriculture [4][5]. - Industrial and Commercial Bank of China (ICBC) reported a significant increase in loans, with RMB loans from domestic branches rising by 2.04 trillion yuan [4]. - Agricultural Bank of China (ABC) prioritized county-level resource allocation, with a loan balance of 10.90 trillion yuan and a growth rate of 10.57%, which is 2.21 percentage points higher than the bank's average [4]. - China Bank's loans for manufacturing and strategic emerging industries grew by 12.10% and 26.29%, respectively [4]. Support for Agriculture and Small Enterprises - Postal Savings Bank of China focused on agricultural finance, with an agricultural loan balance of 2.47 trillion yuan and inclusive finance loans exceeding 1 trillion yuan [5]. - ABC's loans for rural industries and construction reached 2.74 trillion yuan and 2.47 trillion yuan, with growth rates of 22.8% and 9.7% respectively [4]. Technology Loan Growth - The six banks have significantly increased their loan scales in the technology sector, with ICBC's loans for strategic emerging industries exceeding 4.2 trillion yuan and technology enterprise loans surpassing 2.7 trillion yuan [6]. - Agricultural Bank and China Bank also reported technology loan balances exceeding 4.7 trillion yuan [6]. AIC Equity Investment Development - Several banks have initiated AIC equity investment pilot projects, with ICBC covering 18 pilot regions and establishing 38 funds with a subscribed scale exceeding 45 billion yuan [7]. - China Bank has set up 16 equity investment funds focusing on key emerging industries, with a total subscribed scale of 11.76 billion yuan [7]. Risk Management and Control - The six banks have enhanced their risk management frameworks, particularly in agricultural loans, to ensure asset quality remains stable [8]. - ABC has integrated risk control measures throughout the loan process, utilizing financial technology to improve risk identification and management [8]. - Construction Bank has implemented monitoring measures for loan usage to prevent misuse of funds, ensuring compliance with policies [10].

Group 1 - The core viewpoint emphasizes the importance of developing direct financing through equity and bonds to optimize financing structure and reduce costs, which is crucial for stimulating market vitality and enabling high-quality economic development [1] - Experts suggest that during the "14th Five-Year Plan" period, efforts should be made to increase the proportion of direct financing in social financing, promoting a dual-driven approach of equity and bonds to provide more flexible and diverse financing channels for enterprises [1][2] - The Chinese equity financing market is experiencing a new phase with improved multi-tiered capital market systems like the Sci-Tech Innovation Board and the Growth Enterprise Market, which cater to various stages and types of enterprises [2] Group 2 - The capital market is seen as a "booster" for technology and industrial innovation, but challenges remain in identifying companies in cutting-edge technology sectors [2][3] - There is a call for enhancing the professional service capabilities of intermediary institutions and establishing differentiated listing standards to support technology enterprises throughout their lifecycle [3] - The bond market is recognized as a vital component of direct financing, with suggestions to improve the multi-tiered bond market system and develop innovative products like sci-tech and green bonds to better serve the real economy [4][5] Group 3 - The synergy between equity and bond markets is highlighted, showcasing the collaborative effects that can optimize risk-sharing and financing structures, particularly for high-risk, high-growth startups [6] - Future initiatives are expected to explore more sci-tech themed bonds and support eligible enterprises in obtaining financing through these instruments, thereby reducing costs for technology innovation companies [6][7] - The development of Real Estate Investment Trusts (REITs) and asset securitization is encouraged, particularly in new infrastructure and technology innovation sectors, to promote asset revitalization and support digital transformation of traditional infrastructure [6][7]

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market system, aiming for high-quality development through comprehensive reforms and alignment with national economic strategies [1] Group 1: Key Tasks for Capital Market Reform - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and Growth Enterprise Market to better serve real enterprises throughout their lifecycle [1] - Promote the cultivation of more high-quality listed companies by optimizing their structure and enhancing investment value, while supporting mergers and acquisitions and improving the refinancing mechanism [2] - Create a more attractive environment for long-term investments by establishing mechanisms that encourage the inflow and retention of long-term capital [2] Group 2: Regulatory Enhancements - Improve the scientific and effective nature of capital market regulation by building a comprehensive regulatory system that adapts to rapid market changes and financial innovations [3] - Expand the high-level institutional openness of the capital market, promoting coordinated development between onshore and offshore markets to enhance international competitiveness [3] Group 3: Market Ecosystem Development - Foster a standardized, inclusive, and vibrant capital market ecosystem by strengthening legal frameworks and investor protection mechanisms, while promoting rational and long-term investment practices [4] - Enhance the construction of high-end think tanks and talent teams to address strategic and foundational issues in the capital market [4]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market system during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4][5]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4][6]. - Create a more attractive environment for long-term investments, ensuring that long-term capital is willing to enter, stay, and thrive in the market [5][6]. Group 2: Regulatory and Market Environment Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6][7]. - Gradually expand the high-level institutional openness of the capital market, promoting efficient capital flow and resource allocation while improving international competitiveness [7][8]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7][8].

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market during the "14th Five-Year Plan" period, outlining six key tasks to achieve this goal [1][2]. Group 1: Key Tasks for Capital Market Improvement - Actively develop direct financing through equity and bonds, focusing on reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market to enhance service capabilities for real enterprises [4]. - Promote the cultivation of more high-quality listed companies, optimizing the structure of listed companies and enhancing their investment value [4]. - Create a more attractive environment for long-term investments, establishing mechanisms that encourage long-term capital to enter and remain in the market [5][6]. Group 2: Regulatory and Open Market Enhancements - Enhance the scientific and effective regulation of the capital market, adapting to rapid market changes and improving risk monitoring and response mechanisms [6]. - Gradually expand high-level institutional openness in the capital market, promoting the coordinated development of onshore and offshore markets and improving the participation of foreign investors [7]. - Foster a standardized, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [7].