一、资本市场服务贵州现代化产业体系建设的体制机制不断完善。省委十三届八次全会审议通过《中共 贵州省委关于制定贵州省国民经济和社会发展第十五个五年规划的建议》，对梯次培育推进企业上市、 发展和运用多层次资本市场、积极发展股权债券等直接融资作出专门部署，与《贵州省推动资本市场高 质量发展实施方案》相互衔接，为"十五五"时期资本市场服务现代化产业体系建设"举旗定向"。 2025年，资本市场各方以习近平新时代中国特色社会主义思想为指导，认真贯彻落实党的二十大、二十 届历次全会精神，深入学习贯彻习近平总书记在贵州考察时的重要讲话精神，认真落实证监会党委关于 深化资本市场改革一系列部署。 结合贵州实际，当地积极探索资本市场服务区域经济发展的"贵州实践"，在服务贵州高质量发展和现代 化进程中取得新成效。 公司信用类债券融资成本持续下降，平均票面利率3.31%，较上年同期下降49个基点，为企业减负增效 提供实实在在支持。证券行业机构持续为贵州省企业提供高质量股权融资、债券融资、并购重组、财富 管理等服务，实现融资485.72亿元。私募基金资产管理规模提升至1940亿元，政府引导基金累计撬动资 金超2100亿元，私募股权创投基 ...

贵州资本市场发挥功能作用，全力做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大 文章"。根据《综述》，2025年，贵州证监局联合多部门出台高质量做好金融"五篇大文章"实施方案， 健全覆盖各类企业发展全生命周期需求的"股债基期"产品和服务体系。 比如，科技金融在债券市场实现多个创新突破，贵州国资运营公司发行全省首单科技创新公司债，华创 证券发行全省首单金融机构科创债，水电九局发行全省首单"知识产权+科技创新"资产证券化产品，中 伟股份（300919）获批全省首单"一带一路"创新债券，精准支持贵州省企业科技创新与产业升级。 还有，证券期货行业普惠金融服务效能持续释放，全省首家鸡蛋期货交割库获批，新设1家生猪期货交 割库，1家生猪期货交割库顺利开展首次实物交割，2家企业进入交易所产融基地储备库名单。2025年全 年累计开展"保险+期货"项目130余个，保障农产品现货金额超15亿元，期货市场服务乡村振兴和企业风 险管理的作用进一步发挥。 中证报中证网讯（记者 吴科任）1月9日，贵州证监局、贵州资本市场服务中心联合发布报告《2025年 资本市场服务贵州经济社会发展综述》（以下简称"《综述》"）。《综述》从资 ...

央广网北京1月4日消息（记者 牛谷月）1月4日，贵州证监局发布《贵州资本市场2025年"十件大 事"》，文章指出，2025年，贵州资本市场各方坚持稳中求进、提质增效，紧扣防风险、强监管、促高 质量发展主线，持续推动资本市场投融资综合改革在辖区落地，共同维护辖区市场平稳运行，贵州资本 市场"十四五"各项任务圆满收官，为"十五五"良好开局打下坚实基础。 11月20日，中共贵州省委十三届八次全会审议通过《中共贵州省委关于制定贵州省国民经济和社会发展 第十五个五年规划的建议》,明确了未来五年贵州发展的总体思路和战略重点，其中对梯次培育推进企 业上市、发展和运用多层次资本市场、积极发展股权债券融资等作出专门部署，为发挥资本市场功能作 用助力贵州特色现代化产业体系建设，支持贵州资本市场高质量发展作出方向性谋划部署。 四、《关于全面协同推进资本市场纠纷多元化解的会议纪要》正式发布 7月18日，贵州省高级人民法院、贵州证监局联合发布《关于全面协同推进资本市场纠纷多元化解的会 议纪要》，提出强化会商和信息共享、示范判决确立、强化专业调解、发挥投资者保护机构作用、调解 员联合培训等10项机制32条具体举措，标志着贵州省在资本市场 ...

Core Insights - The "Walk into Shenzhen Stock Exchange" event was successfully held as part of the Fujian Capital and Industry Docking Conference series, aimed at helping Fujian enterprises utilize bond and REITs financing tools to promote high-quality regional economic development [1] - Over 80 representatives from key bond-issuing enterprises, listed companies, and financial institutions in Fujian participated in the event, which was guided by the Shenzhen Stock Exchange and various financial regulatory bodies [1] Group 1 - The event served as a bridge for precise connections between Fujian enterprises and the capital market, facilitating the deep integration of industry and capital [1] - The event included specialized sharing sessions on innovative bond products and asset revitalization tools, as well as free exchange discussions addressing specific issues and policies related to innovative products [1] Group 2 - Huafu Securities, a Fujian-based brokerage, has assisted local enterprises in completing 80 bond financing deals this year, with an underwriting scale of nearly 27 billion yuan [2] - The company has achieved breakthroughs in innovative bonds, completing several "firsts" in the field, including the first cultural relic protection bond and the first carbon-neutral green ABS in Fujian [2] - Huafu Securities aims to continue its commitment to serving Fujian and promoting innovative projects that contribute to the province's economic development and modernization efforts [2]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The launch of the first and second batches of science - innovation bond ETFs in 2025 marks the entry of the science - innovation bond market into a new stage, which has evolved from the exploration of "dual - innovation bonds" to the mature stage with the construction of the "technology board" in the bond market [7][17][93]. - Science - innovation bonds have significant differences from "dual - innovation bonds" in terms of issuer scope, issuance venues, and fund usage. As of September 30, 2025, the outstanding amount of science - innovation bonds is 2.8286 trillion yuan, dominated by science - innovation corporate bonds, with industrial entities having a high proportion in all three types of bonds [8][25][93]. - In the primary market, the issuance scale of science - innovation bonds has increased from 500 million yuan in 2020 to over 125 billion yuan as of September 30, 2025. The issuance period has first shortened and then lengthened, and the interest rate has generally declined with fluctuations. The issuance of urban investment bonds is concentrated in provinces such as Jiangsu and Shandong, and industrial entities are dominated by central and local state - owned enterprises [9][93]. - In the secondary market, science - innovation bonds have higher liquidity scores than non - science - innovation bonds. High - rated, medium - short - term, and publicly - issued varieties have better liquidity. The excess spread is generally lower than that of non - science - innovation bonds of the same issuer, the trading deviation is smaller, and the proportion of TKN trading volume is higher than that of credit bonds [10][72][93]. 3. Summary According to Relevant Catalogs 3.1 Development Context - The development of science - innovation bonds has gone through three stages: the institutional exploration period of "dual - innovation bonds" from 2015 - 2017, the rapid growth period of forming a "stock exchange + inter - bank market" dual - market pattern in 2022, and the mature stage with the launch of the "technology board" in the bond market and policy upgrades in 2025 [7][17][93]. 3.2 Fundamental Core - **Differences from "dual - innovation bonds"**: "Dual - innovation bonds" are limited to innovation and entrepreneurship and venture capital companies, issued only on the exchange with a 3 - 5 - year term, and used for early - stage equity investment. Science - innovation bonds cover a wider range of issuers, including science - innovation enterprises and financial institutions, are issued in both markets with flexible terms, and have clear requirements for the proportion of funds invested in the science - innovation field [8][25]. - **Issuance Specifications**: Exchange - listed science - innovation enterprise - type bonds need to meet R & D investment or patent requirements, and inter - bank market entity - type bonds need to have a science - innovation title. There are also rich credit enhancement methods, such as the central - local cooperation credit enhancement model and credit risk mitigation vouchers (CRMW) [8]. 3.3 Primary Market - **Issuance Scale**: From 2020 to 2025, the issuance scale of science - innovation bonds has increased from 500 million yuan to over 1.25 trillion yuan as of September 30, 2025, showing a leap - forward growth [9][49]. - **Subject Structure**: The issuance of urban investment entities is concentrated in regions such as Jiangsu, Shandong, Anhui, Sichuan, and Chongqing. Industrial entities are mainly state - owned enterprises, with local state - owned enterprises issuing over 54 billion yuan and central state - owned enterprises over 44 billion yuan as of September 30, 2025, while the scale of private enterprises is significantly lower [9][55]. - **Term and Interest Rate**: The term has generally changed from short to long, rising from 2.46 years in 2023 to 3.45 years as of September 30, 2025. The interest rate has fluctuated downward, dropping to 2.14% as of September 30, 2025, indicating an increase in market recognition [9]. 3.4 Secondary Market - **Liquidity Advantage**: As of September 30, 2025, the liquidity scores of science - innovation bonds are higher than those of non - science - innovation bonds. Among them, high - implied - rated, publicly - issued, and medium - short - term remaining - maturity science - innovation bonds have better liquidity [10][72]. - **Trading Characteristics**: The yield of science - innovation bonds is generally lower, and the proportion of TKN trading volume is higher than that of credit bonds. Under the influence of the issuance of the first batch of science - innovation bond ETFs in July 2025, the proportion of TKN in science - innovation bonds reached 77.64% in June, confirming market activity and recognition [10][88].

Core Viewpoint - Technological innovation is the core driving force for high-quality national development, yet technology-based enterprises face significant financing challenges due to their characteristics of high investment, high risk, long cycles, and light assets [1] Summary by Sections Current Status and Achievements of China's Technology Financial Service System - The policy support system has gradually improved, with key documents issued since 2014 to promote financial organization development and broaden financing channels [2] - A multi-faceted financial institution participation model has emerged, including bank credit, equity markets, bond markets, and insurance [3] Bank Credit - Bank credit serves as the backbone of the technology financial service system, with increasing loan scales and approval rates for technology-based SMEs [4] Equity Market - The equity market, particularly venture capital (VC) and private equity (PE), has significantly contributed to technology finance, although recent policy tightening has affected growth rates [6] Bond Market - The introduction of a "technology board" in the bond market has enhanced the bond financing capabilities of technology enterprises, with 1,088 bonds issued and 12,767.16 billion yuan raised as of October 17 [11] Technology Insurance - Technology insurance has provided substantial support, with the insurance industry offering approximately 90 trillion yuan in coverage and investing over 600 billion yuan in technology enterprises by the end of 2024 [13] Main Issues and Challenges - Information asymmetry and an inadequate risk-sharing mechanism are significant issues, making it difficult for financial resources to flow efficiently to quality technology projects [14] - The financial chain is incomplete, leading to a "financing vacuum" for enterprises in the mid-stage of development [14] - Regional disparities exist, with eastern coastal areas having a more developed technology financial ecosystem compared to the central and western regions [15] Constructing a Comprehensive Technology Financial Service System - A multi-dimensional approach is needed to build a comprehensive technology financial service system, focusing on system construction, policy support, product innovation, and digital empowerment [16] Integrated System of Investment, Loans, Insurance, Bonds, and Leasing - Encouragement of government-guided funds and angel funds to lead innovation in equity investment [17] - Promotion of various specialized loan products for precise credit allocation [18] - Expansion of technology insurance products to enhance risk resistance [19] - Support for technology enterprises to issue innovation bonds and establish a technology bond market [19] - Encouragement of financial leasing companies to collaborate with technology enterprises [20] Strengthening Government-Bank-Enterprise Collaboration - Governments should create comprehensive service platforms and risk compensation funds to support financial institutions [21] - Banks need to innovate mechanisms and establish specialized teams for technology finance [21] - Enterprises should enhance governance and creditworthiness to improve financing accessibility [21] Building a Data-Driven Technology Credit System - Establishing credit archives for technology enterprises and promoting a standardized credit rating system for shared use among financial institutions [22] Cultivating Regional Technology Financial Centers - Governments should leverage innovation cities and high-tech zones to create regional technology financial centers and promote technology transfer [23] Tailored Financial Services Based on Enterprise Lifecycle - Differentiated financial services should be developed for various stages of technology enterprises, from startup to transformation [24][25] Conclusion - A comprehensive financial service system covering the entire lifecycle of technology enterprises is essential for bridging the gap between technological innovation and capital markets, ultimately achieving a win-win situation for technology results transformation and high-quality economic development [26]

Core Viewpoint - The article emphasizes the role of Changcheng Securities in promoting the integration of technology and finance, focusing on supporting the growth of innovative enterprises through a comprehensive financial service matrix [1][2]. Group 1: Strategic Focus - Since 2021, Changcheng Securities has identified "technology finance" as a key development direction within its "14th Five-Year Plan," aiming to become a leading securities company specialized in the power and energy sectors [2]. - The company has established an industrial finance research and innovation team to leverage its platform advantages and resources, enhancing its role in investment guidance and industrial development [2]. Group 2: New Financial Models - Changcheng Securities is developing a new model of industrial-financial integration, focusing on value discovery, asset pricing, resource integration, and risk management to empower industries and support technological innovation [2]. - The company utilizes various financing tools, including equity and debt financing, to actively support emerging industries and facilitate the transformation of technological achievements [2]. Group 3: Innovative Financial Products - In May 2023, Changcheng Securities successfully issued the first technology innovation bond by a securities company on the Shenzhen Stock Exchange, with a scale of 500 million yuan and a maturity of 2 years, aimed at funding high-tech and strategic emerging industries [3]. - The company has positioned its underwriting of technology innovation bonds as a crucial part of its service to the main business and national technology innovation strategy, creating a comprehensive financial service system for the entire lifecycle of innovative enterprises [3][4]. Group 4: Technology Financial Port - Changcheng Securities is building a "Technology Financial Port" to provide integrated financial services for small and medium-sized enterprises with core technologies in the dual-carbon industry chain, promoting a virtuous cycle of technology, industry, and finance [5]. - As of September 2025, the company has accumulated a reserve of 432 enterprises within the Huaneng industrial chain and has invited 40 enterprises to join the port, facilitating multiple industrial-financial cooperation projects [5][6]. Group 5: Commitment to National Strategy - The company is committed to aligning its operations with national strategic needs, focusing on the political and public nature of financial work, and continuously enhancing its comprehensive financial services for innovative enterprises [6].

Core Viewpoint - During the "14th Five-Year Plan" period, the company has achieved significant growth in various business sectors, including a ranking increase in bond underwriting and a total asset management scale reaching 44.342 billion yuan [1][3]. Group 1: Business Development - The company has assisted local governments in Hebei in completing over 800 special bond projects with a financing scale exceeding 100 billion yuan [3]. - The company has implemented a "deep sinking" grid service mechanism, establishing long-term trust relationships with local governments and enterprises to provide tailored services [3][4]. - The company has covered all cities in Hebei with its special bond services, achieving nearly 50% coverage in districts and counties [3]. Group 2: Innovation and Financial Products - The company has successfully issued the first carbon-neutral green corporate bond and the first technology innovation corporate bond in Hebei [4]. - In July 2022, the company helped Hebei Steel Group issue the province's first technology innovation corporate bond and carbon-neutral green corporate bond, with 2 billion yuan allocated for strategic investments [5]. - The company has developed a "banking + research" linkage model to analyze market dynamics and trends, providing customized financial solutions [5]. Group 3: Market Challenges and Strategies - The company faces significant competition from leading securities firms and must address challenges in both national and local markets [7]. - The company's investment banking advantages are primarily in bond business, while equity business is still catching up, indicating a need for balanced development [7]. - The company plans to continue market-oriented reforms and enhance its competitive edge through resource aggregation and optimized assessment mechanisms [8].

Core Viewpoint - The company, Western Securities, is actively implementing the national strategy of financial "five major articles" through differentiated paths, focusing on technology finance and green finance to contribute to the modernization of China [1][2]. Group 1: Implementation of National Strategy - Western Securities has established a core approach to implement the financial "five major articles" as part of its "1+N" policy system, emphasizing service to the real economy as its fundamental mission [2]. - The company has set up a dedicated task force to ensure the effective transmission of policies across various business lines, integrating these tasks into annual assessments and key work [2]. - The firm is leveraging local economic transformation in Shaanxi Province, focusing on energy transition and manufacturing upgrades, to enhance its technology finance capabilities [2]. Group 2: Technology Finance Development - Technology finance is identified as a core breakthrough for Western Securities, with efforts to enhance service capabilities across multiple dimensions, including client coverage and capital collaboration [3]. - The company has expanded its client base to include technology enterprises, focusing on high-growth potential and long-term investment value, and has improved its ranking in technology innovation bond underwriting from 16th in 2024 to 10th in the first half of 2025 [3]. - Western Securities provides comprehensive lifecycle services for technology firms, including training, consulting, and financing support, to boost their innovation and market competitiveness [3]. Group 3: Capital Operations - The company adopts a "government + industry + finance" strategy to promote a virtuous cycle among technology, industry, and finance, aiding local economic development [4]. - Western Securities has initiated four funds in collaboration with local governments, focusing on new materials, new energy, and other innovative sectors [4]. Group 4: Green Finance Initiatives - Green finance is a crucial component of Western Securities' strategy to implement the financial "five major articles," with a focus on integrating green concepts into capital market services [6]. - The company has issued eight green bonds and low-carbon transition bonds in 2023, with a total underwriting scale of 2.69 billion yuan, including the first AA+ rated low-carbon transition corporate bond from a city-level issuer [6]. - Western Securities is exploring the integration of green finance with rural revitalization, supporting agricultural and tourism sectors to achieve both ecological and economic benefits [7].

Group 1: Capital Market Development - The number of A-share listed companies increased from over 4,100 to over 5,400, and total market capitalization rose from 70 trillion yuan to 100 trillion yuan during the "14th Five-Year Plan" period [1] - The total financing through stock and bond markets reached 57.5 trillion yuan, while the total amount of dividends and buybacks by listed companies was 10.6 trillion yuan [1] - The capital market has achieved both quantitative and qualitative improvements, providing solid financial support for the transformation and upgrading of the real economy [1] Group 2: Investment and Financing Coordination - The capital market has increased support for technological innovation and new productive forces, promoting the entry of long-term funds and cultivating patient capital [2] - Since 2021, 1,444 new companies have been listed on A-shares, raising a total of 1.63 trillion yuan, with 90.37% being technology companies [2][3] - The issuance of technology innovation corporate bonds has reached 1.77 trillion yuan, significantly supporting the strategy for a strong technological nation [2] Group 3: Long-term Capital Investment - As of August this year, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, a 32% increase from the end of the "13th Five-Year Plan" [3] - Public funds held over 7 trillion yuan of A-share circulating market value, a 46% increase, with over 5 trillion yuan invested in manufacturing and technology sectors [3] Group 4: Regulatory and Governance Improvements - The capital market aims to enhance the ecosystem for the "technology, industry, and finance" cycle through coordinated efforts in systems, funding, and governance [4] - Reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market are being deepened to optimize mechanisms for issuance pricing and mergers and acquisitions [4] Group 5: Investor Engagement and Market Activity - The number of A-share investors has surpassed 200 million, with significant improvements in investor protection mechanisms [7] - A-share trading activity has notably increased, with August trading volume exceeding 3 trillion yuan and daily average trading volume reaching 1.66 trillion yuan, a 100% year-on-year increase [7] Group 6: Internationalization and Market Openness - The capital market is transitioning from partial to comprehensive institutional openness, with an increase in foreign investment and the establishment of foreign-controlled securities and fund companies [8][9] - As of August this year, foreign capital held 3.4 trillion yuan in A-shares, reflecting the growing attractiveness of the Chinese stock market to foreign investors [8] Group 7: Future Outlook - The next five years are expected to see deeper reforms and openness in the capital market, aiming to create a vibrant and resilient ecosystem that benefits innovation and economic growth [10]