1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Since the launch of the "Technology Board" in the bond market in May 2025, the issuance scale of science - and - technology innovation bonds (hereinafter referred to as "Sci - tech bonds") has increased significantly, with the issuance scale in 7 months exceeding 1.7 trillion yuan and the annual issuance scale expected to reach about 2.1 trillion yuan, far exceeding that in 2024. However, there are still structural imbalances in the issuance of Sci - tech bonds, such as low issuance scales of pure technology - based enterprises and private equity investment institutions. To address these issues, the report proposes three suggestions to expand the scale and enhance the efficiency of Sci - tech bonds under existing constraints [3][4][7] 3. Summary of Each Section 3.1. How Has the Sci - tech Bond Market Operated Since the Launch of the "Technology Board" in the Bond Market? - **Policy Background**: Since 2007, the bond market has been exploring ways to support technological innovation. The "Technology Board" in the bond market was launched in May 2025, optimizing the product system and supporting mechanisms, and promoting the linkage of equity, bonds, and loans in the Sci - tech field [5][6] - **Issuance Scale**: From May to the end of the year, the issuance scale of Sci - tech bonds was about 1.7 trillion yuan, 1.4 times that of the whole year of 2024. The average over - subscription multiple was 2.7, and the issuance cost was low, with over 50% of the issuance rates below 2% [7] - **Issuance Subjects**: The issuance subjects were more diversified. Although still dominated by central and state - owned enterprises (87%), AAA - rated (75%), and traditional industries (62%), the issuance scales of financial institutions (over 380 billion yuan), pure technology - based enterprises (over 200 billion yuan), and equity investment institutions (5.8 billion yuan) also increased. The proportion of private enterprises was 8%, and the absolute scale was 2.3 times that of the same period last year [4][8] - **Bond Terms and Guarantees**: The proportion of Sci - tech bonds with special terms exceeded 50%, and the proportion of guaranteed bonds increased slightly to 7%, with more diversified guarantee methods [9][11] 3.2. Rationally View the Limitations of the Current Bond Market in Supporting Technological Innovation - **Structural Imbalance**: The issuance scales of private enterprises, pure technology - based enterprises, and equity investment institutions were generally low, especially for private equity investment institutions, with only 2.5 billion yuan [25] - **Underlying Reasons**: There was a contradiction between the low - risk preference of the credit bond market and the high - risk nature of technological innovation. Building a high - yield bond market could fundamentally solve the structural problems, but it was a systematic project that required time. The current guarantee and credit enhancement system for Sci - tech bonds also had issues such as limited coverage [26][27][28] - **Outlook**: In the future, the support for private equity institutions and technology - based enterprises by the Sci - tech bond market may be limited to "point - based" breakthroughs, and it will take longer to achieve "full - scale" support [29] 3.3. Three Suggestions for Expanding the Scale and Enhancing the Efficiency of Sci - tech Bonds under Constraints - **Support Medium - sized Mature Technology Enterprises with Sci - tech Convertible Bonds and Sci - tech Collective Bonds**: Focus on medium - sized mature technology enterprises, which have strong economic benefits and can obtain wider recognition from investors with the help of guarantee and credit enhancement. Promote the implementation of Sci - tech convertible bonds and explore the pilot of Sci - tech collective bonds to expand the financing channels of medium - sized technology enterprises [32][33][34] - **Increase Support for "Small but Beautiful" Equity Investment Institutions through Multiple Parties' Cooperation**: "Small but beautiful" private equity investment institutions have advantages in supporting early - stage, small - scale, and hard - tech enterprises. Increase the support of central guarantee institutions and policy - based guarantee tools, explore diversified credit enhancement methods, and improve the approval mechanism and information disclosure level to play the "leverage effect" of Sci - tech bond funds [35][37][38] - **Encourage the Issuance of "Sci - tech M&A" Dual - Labeled Bonds**: In the key stage of China's scientific and technological innovation development, the demand for M&A funds in the Sci - tech field is increasing. Encourage the development of the Sci - tech M&A bond market, enhance the innovation - gathering function of Sci - tech bonds, and prevent leveraged acquisition bubbles [39][40][41]