其次，强化风险分担与信用增信机制。科技创新债券的推广难点在于风险偏好，央行已明确创设科技创 新债券风险分担工具，通过提供低成本再贷款、担保增信等方式，分担投资人的违约损失风险。下一 步，可细化政策，用好"风险分担工具"，进一步扩大科技创新债券风险分担工具的覆盖面，通过"政府 引导+市场运作"的方式，降低承销机构的风险溢价，形成多层次的风险分散架构。 最后，深化配套机制与生态建设。"高质量建设"要求更多配套措施，包括简化信息披露要求、组织做市 商提供专门报价服务等。同时，推动科创可转债、科创债ETF等产品创新，提升二级市场流动性。 事实上，高质量发展是金融体系与实体经济深度协同、相互促进的过程。当前，新兴产业与未来产业正 日益成为金融机构布局的重点，这背后既是金融机构主动寻求新增长点的市场化选择，也源于这些领域 所展现的强劲动能与明确前景。国家统计局数据显示，2025年前11个月，规模以上装备制造业增加值、 规模以上高技术制造业增加值分别同比增长9.3%、9.2%，印证了其作为经济增长新引擎的潜力，也进 一步增强了金融资源向这些领域集聚的信心与动力。 债券市场"科技板"的高质量发展，本质上需从"看过去、看资产" ...

自推出以来，科技创新债券便获得市场主体的热烈响应。Wind资讯数据显示，截至2026年1月7日，共有1690家主体发行科 技创新债券超1.9万亿元。从发行主体看，以央国企为主，民营企业发行占比逐步提升。此外，私募股权投资机构和创投机构也 成为科技创新债券的重要发行主体。 ■谢若琳 1月5日至6日，2026年中国人民银行工作会议在京召开。会议部署了一系列关键金融政策，其中明确提出"高质量建设和发 展债券市场'科技板'"。 长期以来，科创企业尤其是初创企业，普遍面临融资渠道狭窄、成本高、期限错配的困境。针对于此，央行、证监会等部 门在2025年5月份正式推出债券市场"科技板"，重点支持金融机构、科技型企业和股权投资机构三类主体发行科技创新债券， 并在债券发行上给予了差异化的灵活安排。 最后，深化配套机制与生态建设。"高质量建设"要求更多配套措施，包括简化信息披露要求、组织做市商提供专门报价服 务等。同时，推动科创可转债、科创债ETF等产品创新，提升二级市场流动性。 事实上，高质量发展是金融体系与实体经济深度协同、相互促进的过程。当前，新兴产业与未来产业正日益成为金融机构 布局的重点，这背后既是金融机构主动寻求新增 ...

手握核心技术却融资遇阻,专精特新企业的融资痛点尤为突出：传统信用债盯着净资产不放，"轻资 产"企业难以触及；股权融资又面临控制权稀释风险，企业顾虑重重。而股权投资机构布局早期科创企 业时，同样深陷 "投前估值难、投后退出难"的双重困境。 在估值定价上，采用动态市盈率（PE）估值法，将投资回报锚定企业长期盈利增长，引导投资者"买成 长"。初始转股价格锚定12倍PE，既参考了上市公司并购的常见估值区间，充分保障原股东权益；又对 比企业未来IPO后可能达成的30-40倍PE水平，为投资者预留显著的估值跃升空间，"合理入场+成长红 利"的结构成为吸引长期资金的核心。 这一困局随着科创可转债政策落地与首单项目成功发行迎来破局。2025年12月10日，深圳市智胜新电子 科技股份有限公司（下称"智胜新"）在上交所成功发行全国首批科创可转债，3000万元发行规模、3年 期限、0.2%票面利率的组合，成为科创债新政落地后的首个实践样本。作为独家承销商，平安证券全 程主导项目推进，从10月20日受理到12月10日发行，以高效执行完成全流程闭环，不仅为智胜新生产经 营注入长期资金，更为科创企业融资提供了可复制的新路径。 在条款设计 ...

科创债5月以来发行额度 科创债募集资金用途 张大伟 制图 ◎记者 孙忠 2025年，债市"科技板"亮相，截至目前科创债规模已突破1.7万亿元。 今年全国两会期间，中国人民银行表示将推动债券市场"科技板"建设。5月7日，中国人民银行、中国证 监会联合发布《关于支持发行科技创新债券有关事宜的公告》，正式宣告债市"科技板"落地，科创债也 迎来快速发展的新时代。 市场人士表示，这拓宽了科技创新企业融资渠道，引导债券市场资金投早、投小、投长期、投硬科技， 激发科技创新动力和市场活力，助力培育新质生产力。 2025年，科创债不仅规模大幅增加，同时生态建设也渐趋完善，不仅有科创债ETF横空出世，提升市场 流动性和参与度，同时信用风险缓释工具及信用违约互换等风险管理工具也不断创新，更好地为投资者 保驾护航。 规模突破1.7万亿元 2025年，科创债成为支持科技创新型企业的一个重要品种。 在中国人民银行、中国证监会发布公告后，交易商协会和沪深北三大交易所发布科创债相关业务细则， 市场反响热烈。科创债呈现快速扩容的局面。 5月，科创债发行规模达到3492亿元，符合条件的金融机构、创投公司、科创公司等纷纷试水。此后， 科创债发行规 ...

远东研究·债市研究专题 2025 年 12 月 17 日 约束条件下推动科创债扩容增效的三个建议 作 者：梁蕴兮 邮 箱：liangyunxi@fecr.com.cn 摘要 债市"科技板"落地后科创债市场运行几何？ 相关研究报告： 1. 科创债研究系列之科创债 风险分担工具透视，2025.7.30 2. 《科技创新债券信用评级 案例研究》，2025.7.3 3. 《股权投资机构信用评级 方法模型探究》，2025.6.27 请务必阅读正文后的免责声明 远东研究·债市研究专题 2025 年 12 月 17 日 一、 债市"科技板"落地后科创债市场运行几何？ 债市"科技板"政策效应显著，5 月以来科创债发行规模大幅增长，7 个月发行 规模超 1.7 万亿，全年发行规模或约 2.1 万亿，远超 2024 年的 1.2 万亿。 发行主体以 AAA 级（占比 75%）、央国企（占比 87%）、传统产业（占比 62%） 为主，但发行主体更加多元。金融机构发行超 3800 亿，股权投资机构发行规模 超 580 亿；纯科技型企业发行规模超 2000 亿。 有特殊条款的科创债占比 55%，有担保的债券占比 8%，增信担保方式更多 ...

Group 1 - Yushu Technology has completed its IPO guidance work, accelerating the capitalization of the robotics sector and signaling increased support for technological innovation from the capital market [1] - The capital market has seen significant policy reforms this year, including the "1+6" reform on the Sci-Tech Innovation Board and the introduction of a "technology board" in the bond market, enhancing the market's inclusiveness and adaptability [1][2] - The China Securities Regulatory Commission (CSRC) aims to promote a more resilient and robust market with a focus on attracting investments in innovative sectors, potentially creating a service system that covers the entire lifecycle of technology enterprises [1][2] Group 2 - Capital continues to flow towards "hard technology," with 92 companies completing IPOs in A-shares this year, predominantly from the automotive, electrical equipment, and hardware sectors [2] - The bond market has also seen steady growth in the issuance of technology bonds since the launch of the "technology board," with the introduction of tools like the Sci-Tech Bond ETF facilitating investor participation [3] Group 3 - Patient capital, represented by social security funds and insurance capital, is increasingly entering the market to support technological innovation, with significant investments being made in various regions [4][5] - The establishment of the Central Enterprise Strategic Emerging Industry Investment Fund, which raised 51 billion yuan, exemplifies the active involvement of industrial capital in supporting innovation [5] Group 4 - The capital market is focusing on creating a more inclusive ecosystem to activate the entire innovation chain, with reforms aimed at optimizing listing standards for new industries and technologies [6][7] - There is a push to cultivate long-term capital that focuses on early-stage investments in hard technology, aligning with the funding needs of innovative enterprises [7][8]

Core Insights - Yushu Technology has completed its IPO guidance work, signaling an acceleration in capitalizing the robotics sector and indicating strong market support for technological innovation [1] - The China Securities Regulatory Commission (CSRC) aims to enhance market resilience and attractiveness, with expectations for a service system covering the entire lifecycle of technology enterprises [1] Capital Market Developments - The capital market has seen a continuous influx of funds towards "hard technology," with 92 companies completing A-share IPOs this year, predominantly from the automotive, electrical equipment, and hardware sectors [1] - The Science and Technology Board and the Growth Enterprise Market have welcomed 11 and 29 companies respectively, indicating a significant focus on technology-driven enterprises [1] Bond Market Innovations - Deloitte forecasts that under ongoing policy support, new listings in technology and renewable energy sectors will remain a focal point in the A-share market [2] - The launch of the "Technology Board" in the bond market has led to a steady increase in issuance scale, with the introduction of the Science and Technology Bond ETF providing convenient access for investors [2] Patient Capital Growth - The capital market is increasingly supported by patient capital, with social security funds and insurance capital accelerating their entry into technology innovation investments [3] - Social security funds are setting benchmarks for patient capital, aligning with the long-term investment needs of "hard technology" innovation [3] Comprehensive Capital Support - Insurance capital is transitioning from traditional funding roles to becoming comprehensive enablers, actively participating in venture capital and private equity to support early-stage technology firms [4] - The Central Enterprise Strategic Emerging Industry Development Fund has raised 51 billion yuan to support state-owned enterprises in enhancing their innovation capabilities [4] Inclusive Ecosystem Development - A more inclusive capital market ecosystem is essential for activating the entire innovation chain, with reforms aimed at enhancing institutional inclusivity and attractiveness [5] - Future capital market reforms will focus on direct financing methods, optimizing listing standards to better serve new industries and technologies [5] Financing Tools and Mechanisms - A financing matrix that accommodates the long cycles and high risks of technology enterprises is necessary, with suggestions to promote "investment-loan linkage" mechanisms [6] - The development of more technology innovation indices and public funds is encouraged to attract long-term capital into technology investments [6]

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The "Technology Board" of the bond market has achieved remarkable results after half a year of operation. As of November 7, the issuance scale of science - innovation bonds exceeded 1.8 trillion yuan, with a year - on - year increase of 77.98%. The approval of the first science - innovation convertible bond strengthens the stock - bond linkage, which is expected to optimize the credit market structure and promote the virtuous cycle of "science - industry - finance" [3][10]. - In October, the year - on - year CPI growth rate turned positive, and the import and export data showed resilience, indicating a certain recovery in consumer demand and domestic demand [4][13]. - Last week, the central bank net - withdrew funds through open - market operations, but under the support of monetary policy, most capital prices declined [5][16]. - In the primary market of credit bonds, the issuance scale continued to decline, and the issuance cost varied. In the secondary market, the trading activity decreased slightly, and the yields of credit bonds continued to decline [6][21][31]. 3. Summary According to the Table of Contents Market Hotspots - The "Technology Board" of the bond market has been in operation for half a year. As of November 7, 1668 science - innovation bonds were issued this year, with a cumulative issuance scale of 18139.71 billion yuan, a year - on - year increase of 77.98%. The new science - innovation bonds have features such as better - matched terms, lower issuance costs, and diversified issuer structures. The first science - innovation convertible bond was approved, which provides a more flexible financing solution for high - growth technology enterprises and is expected to promote the virtuous cycle of "science - industry - finance" [10][11][12]. Macroeconomic Data - In October, the year - on - year CPI growth rate turned positive at 0.2%, an increase of 0.5 percentage points from the previous month. The core CPI increased by 1.2% year - on - year, with the growth rate expanding for six consecutive months. The year - on - year PPI decline narrowed by 0.2 percentage points to - 2.1%. The export volume in October was 3053.5 billion US dollars, a year - on - year decrease of 1.1%, and the import volume was 2152.8 billion US dollars, a year - on - year increase of 1.0%. The Sino - US trade surplus in October was 900.7 billion US dollars, a year - on - year decrease of 5.9% [4][13][14]. Money Market - Last week, the central bank net - withdrew 15722 billion yuan through open - market operations. Under the support of monetary policy, most capital prices declined. Except for the 1 - day and 1 - month repurchase rates which increased by 1bp and 2bp respectively, the other term - pledged repurchase rates decreased, with a maximum decline of 5bp. The 3 - month and 1 - year Shibor decreased by 1bp and 2bp respectively, and the spread between them narrowed to 6bp [5][16]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds continued to decline to 2770.33 billion yuan, a decrease of 156.11 billion yuan from the previous period. The cancellation of credit bond issuance increased to 32 billion yuan. Except for the ultra - short - term financing bonds and private placement notes, the issuance scale of other bond types decreased. The infrastructure investment and financing industry's issuance scale decreased, while the industrial bond issuance scale changed little. The average issuance cost of credit bonds varied, with the issuance costs of 3 - year and 5 - year bonds mostly decreasing and those of 1 - year bonds mostly increasing, with a change range of 2bp to 38bp [6][21][29]. Secondary Market of Credit Bonds - Last week, the secondary - market trading volume of bonds was 90816.29 billion yuan, and the average daily trading volume decreased by 463.15 billion yuan to 18163.26 billion yuan, indicating a decline in trading activity. The yields of interest - rate bonds and credit bonds showed different trends. The yields of all - term treasury bonds and policy - bank bonds increased, with the 10 - year treasury bond yield increasing by 2bp to 1.81%. Most credit bond yields decreased, with a maximum decline of 9bp. The credit spreads of all terms generally narrowed, and most rating spreads also narrowed [7][31][41].

Core Viewpoint - The approval of the first technology innovation convertible bonds marks a significant step in the integration of the bond and equity markets in China, providing new financing solutions for technology companies and enhancing investor options [1][2]. Group 1: Introduction of Technology Innovation Convertible Bonds - The first approved technology innovation convertible bond, issued by Steel Research Function, has a total amount of up to 300 million yuan and a term of no more than 6 years [1][2]. - The bond features terms for conversion into equity, including conversion price, redemption, and repurchase clauses, allowing investors to convert bonds into shares under specific conditions [2][3]. Group 2: Financing Solutions for Technology Companies - Technology companies often face challenges in traditional bond financing due to their high growth potential and performance volatility, leading to higher costs and difficulties in securing funding [4]. - The introduction of technology innovation convertible bonds provides a new financing solution, reducing financing costs and alleviating interest burdens for early-stage technology firms [4][5]. Group 3: Benefits for Investors and Market Dynamics - Technology innovation convertible bonds combine the characteristics of debt and equity, allowing investors to benefit from potential equity appreciation while maintaining a safety net through bond features [3][4]. - These bonds enhance the investment landscape for equity investment institutions, offering a more flexible exit strategy compared to traditional methods like IPOs or mergers [7].

债市"科技板"落地满半年后，首单兼具股债属性的科创可转债近日获批。 11月7日，新三板挂牌企业钢研功能公告称，公司于2025年11月5日收到上交所印发的《非公开发行科技创新可转换公司债券挂牌转让无异议的函》，公司获批面向 专业投资者非公开发行总额不超过3亿元的科技创新可转换公司债券（以下简称"科创可转债"），期限不超过6年，由国信证券承销。 受访人士认为，首单科创可转债发行获批，标志着我国债券市场"科技板"在股债联动创新领域迈出关键一步，不仅为科创债市场注入了新活力，丰富了投资者的选 择，更将推动风险分担机制的普及与优化，助力科技型企业跨越融资"死亡之谷"。 无独有偶，深圳市智胜新电子科技股份有限公司的科创可转债发行申请也已获上交所受理，公司计划发行相应债券6000万元，平安证券担任该笔科创可转债的承销 券商。 实际上，早在今年5月科技创新债券落地之初，上交所发布的《关于进一步支持发行科技创新债券服务新质生产力的通知》中就明确提出，鼓励发行人设置可转换 为股权等创新条款。 科创可转债是指在科创债基础上设置可转换成公司股份条款的创新债券品种，其股债兼具的特征既可降低发行人融资成本，也为投资者提供可进可退的投资渠 ...