● 本报记者 昝秀丽 宇树科技日前完成IPO辅导工作，为机器人赛道资本化按下加速键，释放出资本市场加码支持科技创新 的最新信号。 今年以来，科创板"1+6"改革、债券市场"科技板"、"并购六条"配套举措等标志性政策密集落地，显著 提升了资本市场制度的包容性与适应性。 德勤预计，在政策持续支持下，科技、新能源等行业的新发行上市企业将继续成为A股市场关注热点。 债券市场亦稳步推进业务创新和产品创新，加强对重大战略、关键领域的优质服务。债券市场"科技 板"正式落地以来，发行规模稳步扩大。作为投资者便捷参与科创债市场的工具，科创债ETF也迎来配 置窗口期。 国金证券首席资产配置官、固定收益首席分析师尹睿哲认为，当前科创债市场呈现三大趋势：发行端政 策红利持续释放，推动规模扩容；交易端流动性改善与机构参与度提升形成正向循环；在收益率下行与 利差分化过程中孕育结构性机会。 "随着科创债支持政策进一步落地，叠加债市整体环境向好等因素的影响，科创债有望成为信用债市场 的重要增长极。"尹睿哲说。 更多创新金融工具多点开花。日前，首单兼具股债属性的科创可转债获批。11月7日，新三板挂牌企业 钢研功能公告称，公司获批面向专业投资者 ...

宇树科技日前完成IPO辅导工作，为机器人赛道资本化按下加速键，释放出资本市场加码支持科技创新 的最新信号。 今年以来，科创板"1+6"改革、债券市场"科技板"、"并购六条"配套举措等标志性政策密集落地，显著 提升了资本市场制度的包容性与适应性。 证监会近日明确提出，着力推动市场更具韧性、更加稳健，制度更加包容、更具吸引力。市场人士预 期，资本市场有望构建覆盖科技企业全生命周期的服务体系，引导要素向创新领域集聚，为新质生产力 发展注入强劲动能。 资本活水精准"滴灌"硬科技 今年以来，资本活水持续向"新"倾斜，主要体现在科技创新发行主体持续扩容、资本市场服务科技创新 产品不断丰富等方面。 Wind数据显示，截至11月17日，今年以来共有92家企业完成A股IPO。从行业分布看，来自汽车与零配 件、电气设备、硬件设备等行业的企业居多；从上市板块看，有11家企业登陆科创板、29家登陆创业 板，20家登陆北交所，占比超六成。上述情况表明，资本活水在进一步向"硬科技"领域聚集。 德勤预计，在政策持续支持下，科技、新能源等行业的新发行上市企业将继续成为A股市场关注热点。 债券市场亦稳步推进业务创新和产品创新，加强对重大战略、 ...

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 ...

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"。 首批科创可转债 进入发行阶段 近日，钢研功能2025年面向专业投资者非公开发行科技创新可转换公司债券项目状态更新为"通过"，债 券简称"钢研转债"。发行资料显示，"钢研转债"的期限为6年，拟募资3亿元，用于高精度精密合金箔材 项目建设。 作为全国首单获批的科创可转债项目，发行人设置了转股价格、价格修正、赎回、回售等相关转股条 款，首个转股申报期首日为发行结束之日起6个月后的第1个交易日，转股申报期为连续10个交易日，随 后每3个月设置1个转股申报期。 ...

Group 1 - The core viewpoint emphasizes the importance of developing direct financing through equity and bonds to optimize financing structure and reduce costs, thereby stimulating market vitality and enabling high-quality economic development [1][2] - 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 the development of multi-tiered capital markets like the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange, which offer inclusive and efficient financing platforms for various types of enterprises [1][2] Group 2 - There is a call for enhancing the inclusiveness of the capital market by deepening reforms in the Sci-Tech Innovation Board and Growth Enterprise Market, focusing on supporting innovative and specialized enterprises through capital market financing [2][3] - The construction of a favorable ecosystem is essential, with an emphasis on improving the professional service capabilities of intermediary institutions and establishing differentiated listing standards and valuation systems for technology enterprises [2][3] - The development of private equity and venture capital funds is encouraged to broaden the sources of patient capital and enhance capital circulation efficiency, particularly focusing on hard technology sectors [2][3] Group 3 - The bond market is recognized as a crucial component of direct financing, with suggestions to improve the multi-tiered bond market system and promote the development of technology and green bonds to better serve the real economy [3][4] - There is a focus on developing a multi-layered bond market framework to enhance market efficiency and safety, as well as to diversify bond products to meet various financing needs [3][4] - The promotion of green bonds is highlighted, with recommendations to establish standards for identifying and certifying green technologies to guide bond funds towards supporting low-carbon technology innovations [4][5] Group 4 - The synergy between equity and bond markets is seen as a way to optimize risk-sharing and financing structures, enabling high-risk startups to secure funding while helping mature companies reduce financing costs [4][5] - The exploration of more technology-themed bonds is anticipated, with efforts to facilitate financing for eligible enterprises through technology bonds to lower the cost of capital for technology innovation [4][5] - The development of real estate investment trusts (REITs) is encouraged, particularly in new infrastructure and technology innovation sectors, to promote asset revitalization and support the digital transformation of traditional infrastructure [5]

Core Viewpoint - Multiple companies are evaluating the feasibility of financing through technology innovation convertible bonds, viewing this as a trial for future IPOs in the capital market [2] Group 1: Financing Mechanism - Technology innovation convertible bonds are seen as a standardized product that enhances transparency for companies planning to go public, addressing concerns about irregularities in financing [2] - The Shanghai Stock Exchange has recently accepted two applications for technology innovation convertible bonds, marking the first projects since the issuance guidelines were released on May 7 [2] Group 2: Benefits for Technology Companies - Technology companies often face challenges in bond financing due to high volatility and strong early-stage financing needs, making it difficult to attract traditional bond investors [3] - Technology innovation convertible bonds can improve the recognition of bonds issued by technology companies, hedge credit risks, and effectively lower financing costs [3] - These bonds allow investors to choose between fixed income and equity conversion, enabling technology companies to secure low-interest funding in their early stages [3] Group 3: Investment Dynamics - Unlike general credit bonds, the main investors in technology innovation convertible bonds are equity investors, who have historically faced challenges in early-stage technology investments [4] - These bonds provide a flexible investment path for venture capital, allowing investors to initially invest as debt and later convert to equity as the company develops [4] - Investors can also transfer technology innovation convertible bonds on the Shanghai Stock Exchange, facilitating an easy exit from their investments [4]