编者按： 时代之笔擘画新章，金融活水润泽实体。在金融"五篇大文章"铺就的壮阔画卷中，证券业正以创新之墨 挥毫作答。这是服务国家战略的使命担当，更是深化金融供给侧改革的生动实践。证券业以"国之大 者"为经，以"民之关切"做纬，让金融血脉与实体经济同频共振，奏响中国式现代化的资本强音。证券 时报联合中国证券业协会，推出"做好'五篇大文章' 证券业作答进行时"系列专栏， 本篇为系列报道之 十八，敬请垂注。 一方是城投公司，一方是新型研发机构，双方如何发生"化学反应"？ 今年4月，西安城市发展集团2025年面向专业投资者非公开发行科技创新公司债券（第二期）成功簿记发 行，提供了一份可参考的答案。这是上交所首单"实验室经济"科技创新公司债券，募集资金拟全部用于某 科技创新企业股权出资。 该债券是中金公司通过金融产品创新做好科技金融的又一实践。中金公司有关业务负责人向证券时报记者 介绍，2025年上半年已通过私募融资、股债融资、并购重组等方式完成科技金融相关项目交易规模约 6400亿元。 随着支持发行科创债的一揽子配套政策出炉，中金公司表示，将继续做好对科技企业的全方位服务，并进 一步发挥国际化业务优势，主动研究并实践投 ...

Group 1 - The core viewpoint of the articles revolves around the successful issuance of the first "laboratory economy" technology innovation corporate bonds by Xi'an Urban Development Group, which aims to support technology innovation enterprises through innovative financial products [1][2] - The bond issuance attracted a diverse range of investors, achieving a subscription multiple of 4.06 times and setting a record for the lowest interest rate among comparable bonds [2] - The issuance of technology innovation bonds has significantly increased, with over 330 billion yuan raised in 2023 alone, marking a substantial growth compared to the previous year [2][3] Group 2 - The company emphasizes the importance of providing comprehensive financial services throughout the lifecycle of technology enterprises, aligning with regulatory requirements [4] - The company has implemented various strategies to enhance the efficiency and cost-effectiveness of funding directed towards technology innovation [4] - The company is actively involved in the secondary market for technology innovation bonds, utilizing digital tools for real-time pricing and capturing trading opportunities [4] Group 3 - The company is exploring innovative bond design options, including convertible bonds and floating interest rates, tailored to the specific needs of technology enterprises [5] - The introduction of the "combination punch" policy for technology innovation bonds presents both opportunities and challenges for brokerage firms, necessitating a robust evaluation framework for different types of issuers [7] - The company is focusing on protecting investor rights by adopting investor protection clauses and leveraging temporary information disclosure mechanisms [8]