12月15日至17日，华安基金举办以"实力为鞍，乘势笃行"为主题的2026马年投资嘉年华。在这场被誉为"路演PLUS"的策略盛会上，华安基金实力投研"军 团"集体亮相，把脉2026年A股、港股、债券、指数及全球市场的投资机遇。 "实力为鞍，乘势笃行" 解码2026投资图谱 华安基金此次策略会以"实力为鞍 乘势笃行"为主题，深度阐释了公司的品牌核心和专业态度。 "实力为鞍"指华安基金将全方位的专业能力化为基石，为投资者"驾驭"市场、行稳致远提供保障。其中"鞍"字谐音"安"，传递华安基金与投资者智诚相伴 的品牌承诺。"乘势笃行"彰显华安基金把握投资机遇，锐意进取的态度。"乘势"在于敏锐洞察周期，把握投资先机；"笃行"则在于以稳健踏实的态度，将 专业洞察转化为长期回报。 投资管理能力是公募基金管理人的核心竞争力，也是服务投资人的专业能力体现。近年来，华安基金坚持打造硬核的"中心化研究平台+多元化投研团 队"，持续夯实投研核心能力，不断优化投研专业化分工与整合，着力加强平台化建设，推进长效激励约束机制，在发挥主动权益优势的同时，大力提升 固定收益投资、指数投资和大类资产配置能力。 在平台化建设方面，华安基金采取投研深 ...

Core Insights - The total issuance of technology innovation bonds in the market has reached approximately 1.5 trillion yuan, with funds accelerating towards technology innovation entities [1] - The establishment of an 800 billion yuan re-lending program for technology innovation and technological transformation by the Ministry of Science and Technology and the People's Bank of China aims to support over 120,000 technology-based SMEs [1] - The implementation of the "Innovation Points System" and specialized guarantee plans has led to positive outcomes in financial support for major national technology tasks and technology-based SMEs [1] Group 1: Technology Financial System Development - The establishment of a "Technology Board" in the bond market is a key focus for building a technology financial system that aligns with technological innovation, aiming to raise long-term, low-interest, and easily accessible bond funds [2] - Shenzhen has taken the lead in responding to the "Technology Board," issuing a total of 1 billion yuan in technology innovation bonds, primarily targeting cutting-edge fields such as artificial intelligence and biomedicine [2] - The "Investment-Insurance Linkage" model by Shenzhen High-tech Investment Group provides comprehensive services including equity, debt, and diversified financial tools to support startups and small enterprises [2] Group 2: Bond Issuance and Financial Products - Guangdong has issued 102 technology innovation bonds with a total issuance scale of 111.4 billion yuan, ranking second nationwide, with most funds directed towards technology innovation-related fields [3] - The bond market's "Technology Board" leverages its market-oriented advantages to continuously introduce specialized innovative products to support financing for technology-based enterprises [3] - A multi-layered and diversified technology financial service system is being developed to better meet the financing needs of technology-based enterprises at different stages [3] Group 3: Financial Support Mechanisms - The establishment of a coordinated mechanism for technology finance has improved the matching and precision of financial support for technology innovation [4] - A comprehensive financial service plan called "Mid-Stage Insurance and Financing" has been launched, providing 100 billion yuan in bank support and insurance guarantees for mid-stage projects over the next three years [4] - The "拨保贷投" mechanism provides full lifecycle funding support for mid-stage projects, covering various funding needs from project inception to maturity [5] Group 4: Innovation Points System - The "Innovation Points System" is being promoted nationwide to optimize evaluation indicators and provide precise profiles for technology-based SMEs [6] - In Handan, the "科创数智贷" product allows companies to secure loans based on their innovation points ranking, demonstrating the effectiveness of the innovation points system [7] - The upgraded "Innovation Points System 2.0" aims to convert a company's innovation potential into quantifiable credit for financial institutions, enhancing the accessibility and efficiency of technology financial services [8] Group 5: Knowledge Value Credit - Hubei has established a knowledge value credit evaluation model, allowing companies to secure financing based solely on intellectual property and talent value [9] - The "Knowledge Value Credit Loan" program has issued a total of 77.4 billion yuan, supporting 14,916 technology-based enterprises, breaking the traditional asset-backed financing model [11] - The establishment of a risk compensation fund and a scientific knowledge value credit evaluation system has enhanced banks' willingness to lend to technology-based enterprises [10][11]

Group 1: Report's Core Questions - The report addresses recent significant valuation adjustments in some science and technology innovation corporate bonds, with individual increases exceeding 20bp [4][11] - It analyzes the reasons for the valuation callback, which may be due to the convergence of trading spreads and issuance spreads [4][11] - It warns about the risk of catch - up decline caused by the convergence of China Securities valuation towards ChinaBond valuation [4][11] Group 2: Investment Highlights - Recently, many exchange - traded science and technology innovation corporate bonds have undergone significant valuation increases. From November 14 to 26, over 90% of the 603 valid science and technology innovation bond component bonds had valuation increases, with an average increase of about 6.6bp [6] - The reasons for the valuation increase may be the significant narrowing of the trading spread between science and technology innovation bonds and non - science and technology innovation bonds since November (from a peak of 25bp to 6bp on November 21) and the convergence of the issuance cost difference between the two (from about 10bp in September to less than 5bp as of November 14, 2025) [6] - The convergence of trading spreads and issuance coupons may have led to the valuation callback. As the ETF scale expansion slows, the demand - side support for science and technology innovation bonds weakens. There is a risk of catch - up decline when China Securities valuation converges towards ChinaBond valuation, and uncertainty in actual trading prices due to valuation differences [6] Group 3: Section - by - Section Summary 1. Recent Significant Valuation Increases in Some Science and Technology Innovation Corporate Bonds 1.1 Significant Convergence of Component Premiums in Science and Technology Innovation Bond ETFs - Many exchange - traded science and technology innovation corporate bonds have had valuation callbacks, with some samples having a callback of over 20bp in mid - to - late November. As of November 26, the median component premium of science and technology innovation bond ETF component bonds was 6.3bp, showing a large compression [13] - The valuation adjustment of bilateral science and technology innovation bond component bonds was greater and earlier. From November 14 to 26, the median component premium decreased from 10.7bp to 6.6bp, a compression of about 7.9bp from the peak [14] 1.2 Which Individual Bonds Have Larger Valuation Adjustment Amplitudes? - From November 14 to 26, the average valuation increase of 603 valid science and technology innovation bond component bond samples was about 6.6bp. 93.4% (563 bonds) had valuation increases, and 24.0% (145 bonds) had an increase of over 10bp [15] - After excluding outliers, the component bond with the largest valuation increase had a cumulative increase of over 20bp, and 11 other component bonds had an increase of over 15bp [20] 2. Reasons for the Valuation Increase of Science and Technology Innovation Corporate Bonds 2.1 Significant Narrowing of the Trading Spread between Science and Technology Innovation and Non - Science and Technology Innovation Bonds in November - Since November, the trading spread between science and technology innovation bond component bonds and non - component bonds has significantly narrowed, from a peak of 25bp to 6bp on November 21, and about 11bp compared to November 14, the lowest since August [25] 2.2 Convergence of Issuance Costs between 5 - Year Science and Technology Innovation and Non - Science and Technology Innovation Bonds - As of November 14, the weighted average coupon rate of 5 - year implied AAA science and technology innovation public - offering corporate bonds was about 1.90%, and that of non - science and technology innovation public - offering corporate bonds was 1.94%, with a difference of about 4bp, a significant convergence compared to previous months [27] 3. How to View the Valuation Callback of Science and Technology Innovation Bonds - The convergence of trading spreads and issuance coupons, along with the weakening demand - side support due to the slowdown of ETF scale expansion, may have led to the valuation callback of previously over - rising component bonds [30] - The valuation callback mainly occurs in ChinaBond valuation, while China Securities valuation has not adjusted significantly. As of November 26, China Securities valuation of component bonds was lower than ChinaBond valuation in major intervals, with the largest deviation of 5.9bp for bonds within 1 - year maturity [31] - Institutions using ChinaBond valuation for net - value calculation face net - value fluctuation risks, while those using China Securities valuation need to be aware of the catch - up decline risk when the two valuations converge and the uncertainty of actual trading prices [31]

Core Viewpoint - The article discusses the structural imbalance in China's science and technology bond market and the introduction of a "Technology Board" in the bond market to enhance support for technological innovation financing. Group 1: Exploration and Challenges of the Science and Technology Bond Market - The science and technology bond market in China began in 2016, with various bond products like innovation and entrepreneurship bonds, science and technology corporate bonds, and high-growth bonds being introduced over the years [2][3]. - As of March 2025, the cumulative issuance of science and technology corporate bonds and notes reached 2.66 trillion yuan, accounting for 95% of the total issuance in this market [3]. - The current market shows a significant concentration of issuers, with over 95% being state-owned enterprises, leaving private technology companies, especially small and medium-sized ones, with limited access to financing [4]. Group 2: Limitations of the Bond Market in Supporting Technological Innovation - The bond market's fixed income nature limits its ability to fully capture the growth potential of innovative companies, leading to a mismatch in risk and return profiles [11]. - Traditional credit tools prioritize low-risk, high-liquidity investments, which conflict with the high-risk nature of technological innovation financing [11]. - Empirical studies indicate that credit financing does not significantly promote innovation and may even suppress it, highlighting the inadequacy of the current bank-dominated financial structure in supporting technological advancements [8][10]. Group 3: Future Outlook and Recommendations for the Science and Technology Bond Market - The introduction of a "Technology Board" aims to support growth-stage and mature technology companies, which have different credit risk characteristics compared to early-stage firms [13]. - Enhancing information disclosure practices is crucial for reducing information asymmetry and improving investor confidence in technology firms [14][15]. - Implementing risk-sharing tools for technology innovation bonds can lower financing costs and support longer-term bond issuance for technology firms [16][17]. - Exploring a "commercial bank + investment bank" model could help banks better support technological innovation by diversifying their financing approaches [18].

Core Viewpoint - The Shenzhen Stock Exchange (SZSE) has successfully implemented a bond renewal mechanism, enhancing financing flexibility for issuers and creating a more liquid trading environment for investors [1][4]. Group 1: Issuance Mechanism - The SZSE launched a pilot program for company bond renewals and asset-backed securities expansion in July, aiming to optimize the issuance mechanism, connect market-making mechanisms, and protect investor rights [2]. - The renewal process is more convenient and efficient, allowing issuers to use existing valid approvals without reapplying for security codes, significantly reducing preparation time and shortening the issuance cycle by nearly 50% [2][3]. - The first batch of renewed bonds took an average of 2 trading days from application submission to document disclosure and 3 trading days from issuance completion to listing [2]. Group 2: Market Impact - The first batch of renewed bonds included participation from various institutions, with issuance sizes of 20 billion, 5 billion, 30 billion, and 10 billion yuan, increasing the single bond scale to 50 billion, 20 billion, 42 billion, and 20 billion yuan respectively [4]. - The renewal mechanism allows companies to better control financing rhythms and avoid large-scale issuance impacts on market liquidity, thus enhancing the trading dynamics of existing bonds [4][5]. - The introduction of new investors and increased bond sizes contribute to the liquidity and price discovery in the secondary market, benefiting issuers by stabilizing yield curves and controlling financing costs [4][6]. Group 3: Investor Protection - The renewal notification mandates that significant changes in investor rights require a bondholder meeting for approval, ensuring adequate risk disclosure and strict adherence to fundraising agreements [3]. - Issuers with enhanced credit mechanisms must complete changes in credit enhancement arrangements and have them verified by intermediaries to protect investor interests [3]. Group 4: Market Development - The SZSE is committed to improving bond market infrastructure, promoting healthy interactions between primary and secondary markets, and enhancing service quality [7]. - The exchange has developed a diverse trading system for bonds, including spot, repurchase, lending, and credit derivatives, to support various investment strategies [7]. - As of now, there are 242 credit benchmark market-making bonds in the Shenzhen market, with a total bond balance exceeding 380 billion yuan [8].

1. Report Industry Investment Rating No information provided in the document. 2. Core View of the Report In the critical period of China's economic transformation towards high - quality development and accelerated industrial restructuring, the capital market's support for technological innovation has entered a new stage. The launch of the "Technology Board" in the bond market in early May and the subsequent deployment at the Lujiazui Forum have further enriched the multi - level capital market system. Although the sci - tech innovation bond market is still in the cultivation stage and faces some structural problems, overseas mature markets have accumulated useful experience in supporting technological innovation financing, which can provide important references for China. In the future, efforts should be made to build a long - term mechanism for the bond market to serve technological innovation, deepen the function of the "Technology Board" in the bond market, and provide strong financial support for China's high - level technological self - reliance and strength [2][4]. 3. Summary According to Relevant Catalogs Policy Evolution - China's sci - tech innovation bond development can be divided into three stages: the pilot exploration period (2015 - 2020), the rapid growth period (2021 - 2024), and the multi - level development period (2025 to date). In the pilot exploration period,双创孵化债 and双创债 were piloted to broaden direct financing channels. In the rapid growth period, products like sci - tech corporate bonds and sci - tech notes were launched, and the market scale expanded rapidly. In the multi - level development period, the "Technology Board" was launched, and a series of measures were taken to improve the market [2][4][5]. Development Status - The sci - tech innovation bond market has expanded rapidly to a trillion - level scale. As of June 17, 2025, the cumulative issuance scale this year is close to 90 billion yuan, and the stock scale is about 230 billion yuan, accounting for over 70% of the total issuance scale of innovative varieties. - The issuance is mainly short - to medium - term, with a further short - term tendency, which has a certain mismatch with long - term capital needs. - There is a cost advantage, with an average issuance cost lower than that of bonds of the same term and type. - The issuer structure is mainly central and local state - owned enterprises, accounting for about 90%, and the issuers' credit ratings are mainly above AA +, with AAA - rated entities issuing the most bonds. - Traditional industries have a relatively high scale, and emerging industries are actively exploring issuance. After the new regulations in May, financial institutions issued a large number of sci - tech innovation bonds. - Regional performance is differentiated, with Beijing, Shanghai, Shandong, and Guangdong having larger issuance scales, and the issuance in the eastern coastal areas is relatively more active [2][10][11]. Contradiction Analysis - The sci - tech innovation bond market is in the cultivation stage and has structural problems. The issuer structure is differentiated, with insufficient support for small and medium - sized enterprises. - Investors have a low risk preference, and their lack of willingness to buy low - quality sci - tech innovation bonds affects the bond structure. - The trading activity is average, and the market liquidity needs to be improved. - The application of credit enhancement tools is insufficient, and the risk - sharing function remains to be realized [2][23][25]. International Experience - Developed countries support technological innovation financing through multiple means, including building a multi - level capital market system, developing high - yield bond and ABS markets, optimizing the stock - bond - loan linkage model, introducing patient capital, and using funds, index products, and derivatives markets to balance risks [28][30][32]. Policy Recommendations - Anchor the direction of technological innovation, combine the enterprise life cycle to open up diversified financing channels, and deepen the construction of the "Technology Board" in the bond market. - Optimize the investment - side ecosystem, introduce diversified funds, and improve market liquidity. - Further improve the risk - sharing and credit - enhancement mechanism to strengthen risk sharing. - Guide the market to objectively view and correctly understand risks, and give full play to the role of credit ratings in risk disclosure [34][36][38].

Core Viewpoint - The article emphasizes the importance of technology finance as a key element in developing new productive forces, highlighting the need for a multi-tiered bond market to support technology innovation in China [2][21]. Development History and Current Status of China's Sci-Tech Bond Market - The development of China's sci-tech bond market can be divided into two phases: the foundational institutional construction period (2015-2022) and the formation of specialized systems (2022-present) [3][4][5]. - As of February 2025, the total issuance of sci-tech bonds reached 2.38 trillion yuan, with a significant increase in issuance scale in 2024 [7]. - The market is characterized by a concentration of financing in state-owned enterprises, with approximately 89.56% of funds directed towards them, while private enterprises account for only about 10% [8]. Structural Issues in the Sci-Tech Bond Market - The participation of low-rated issuers is severely imbalanced, with high-rated entities (AAA and AA+) making up 95.82% of the issuance scale, leaving less than 1.55% for AA and below [8]. - The financing terms are relatively short, with over 90% of issuances being within five years, although there has been a notable increase in longer-term issuances in 2024 [9]. Multi-Tiered Bond Market Support Path Design - The establishment of a multi-tiered capital financing system that integrates equity and debt is essential for addressing the financing challenges faced by technology enterprises [10][11]. - Innovations in financial products, risk-sharing mechanisms, and liquidity enhancement strategies are proposed to create a supportive ecosystem for the sci-tech bond market [13][18]. Recommendations for Improvement - The article suggests the introduction of differentiated financial products tailored to various stages of technology enterprises, such as renewable sci-tech bonds and supply chain sci-tech bonds [13][14]. - It also emphasizes the need for government-led risk-sharing mechanisms and the establishment of specialized credit enhancement institutions to support technology enterprises [16][17]. Conclusion and Future Outlook - The article concludes that while significant progress has been made in establishing a multi-tiered bond market, structural issues remain, particularly regarding the dominance of state-owned enterprises and the challenges faced by private firms [21]. - Future efforts should focus on institutional innovation and risk management to enhance the efficiency of the bond market, ultimately supporting the development of new productive forces in China [21].

Core Viewpoint - The Fujian Provincial Government aims to enhance the capital market's support for high-quality development of technology-oriented enterprises through various measures, particularly focusing on the bond market to facilitate financing for innovation [1] Group 1: Bond Market Initiatives - The government plans to deepen the bond market's role in supporting technological innovation by collaborating with various financial institutions and regularly assessing the bond financing needs of enterprises [1] - Encouragement is given to qualified technology-oriented enterprises to issue innovation bonds and corporate bonds, as well as exploring asset securitization products like intellectual property ABS and technology property ABS [1] Group 2: Credit Enhancement and REITs - The initiative includes leveraging AAA-rated credit enhancement institutions to provide support for bond issuance, particularly for private technology-oriented enterprises within the province [1] - There is a focus on strengthening policies and information sharing regarding public REITs products with securities exchanges, supporting projects in new infrastructure areas such as big data, artificial intelligence, and the Internet of Things to issue REITs products [1]

Core Viewpoint - The Chinese government is implementing new monetary policy tools to support technology innovation, including the establishment of a risk-sharing mechanism for technology innovation bonds, which is expected to significantly impact the development of the technology innovation sector in China [1][4]. Group 1: Policy Initiatives - The People's Bank of China (PBOC) and other government departments have introduced multiple policies since 2024 to enhance financing support for technology innovation enterprises, creating a more diversified financing mechanism [2]. - A notable initiative includes the creation of a "technology board" in the bond market, aimed at improving the issuance and trading of technology innovation bonds, thereby lowering issuance costs and facilitating capital flow into the technology sector [4][6]. Group 2: Financial Instruments and Market Trends - As of the end of 2024, the outstanding scale of technology innovation bonds reached 1.6416 trillion yuan, accounting for 3.32% of China's credit bond market. In 2025, 405 technology innovation bonds were issued, totaling 372.756 billion yuan, representing a year-on-year growth of approximately 60% [6]. - The issuance of technology company bonds constituted 49.63% of the total in 2024, while technology notes and short-term financing bonds accounted for 21.11% and 25.35%, respectively, indicating a predominance of company bonds and notes in the current market [6]. Group 3: Expert Insights - Industry experts suggest that the new risk-sharing tools for technology innovation bonds will encourage the issuance of longer-term bonds, aligning with the long development cycles typical of technology research and development, thus avoiding the mismatch of short-term debt financing for long-term investments [5][7]. - The establishment of a comprehensive service system combining bond financing, credit support, and equity investment is expected to promote continuous innovation among enterprises [7].

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the credit bond market, particularly focusing on the second quarter of 2025 and the dynamics of local government financing platforms [1][2][3]. Core Insights and Arguments - **Credit Bond Market Dynamics**: The second quarter is expected to experience a mismatch in supply and demand for credit bonds, influenced by seasonal factors and tightening policies. The demand side benefits from the expansion of wealth management products and the development of credit ETFs, suggesting that credit bonds may outperform interest rate bonds [1][4]. - **Investment Strategy**: It is recommended to extend the duration of credit bonds to 3-5 years to achieve higher yields, while also being cautious of market volatility risks due to tariff disturbances since April [1][5]. - **Technology Innovation Bonds**: Despite being labeled as "technology innovation" bonds, most issuers do not possess true innovation attributes. The majority serve mature quality entities transitioning, with state-owned enterprises dominating and private enterprises having lower participation [1][6][9]. - **Use of Proceeds**: Funds raised through technology innovation bonds are primarily used for repaying old debts and enhancing liquidity, with a low proportion directed towards equity fund investments and project construction [1][10]. - **Pricing and Liquidity**: The pricing gap between technology innovation bonds and ordinary credit bonds is minimal, with private enterprise bonds showing a premium of 10-15 basis points. Recent liquidity levels are comparable to the overall credit bond sector [1][12]. Additional Important Content - **Future Development of Technology Innovation Bonds**: The future direction includes supporting small and medium enterprises by quality entities and fostering high-yield characteristics in small enterprises' technological innovations. The involvement of banks may compress the valuation of technology innovation bonds, similar to trends observed in the green loan market [1][13][14]. - **Local Government Financing Platforms**: The management of local government debt is characterized by a simultaneous increase in central leverage and a decrease in local leverage, with strict regulation on hidden debts. The supply of urban investment bonds may be tight due to these regulatory measures [2][17][21]. - **Market Performance of Urban Investment Bonds**: Urban investment bonds are expected to have limited new issuance, with a focus on refinancing existing debts. The market for these bonds remains constrained due to regulatory scrutiny and the need for local governments to manage their financing carefully [21][22]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the credit bond market and local government financing dynamics.