1. 公开市场操作 央行 公告称， 1 月 28 日以固定利率、数量招标方式开展了 3775 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 3775 亿元，中标量 3775 亿元。 Wind 数据显示，当日 3635 亿元 逆回购到期 ，据此计算，单日净投放 140 亿元。 （*数据来源：Wind-央行动态PBOC） 2. 资金面 银行间市场资金面稳中有松但价格变化不大， D R001 加权平均利率微降并停留于 1.36% 附近。匿名点击（ X-repo ）系统上，隔夜报价在 1.35% ，持平 上日，供给数百亿。非银机构以质押存单及信用债借入隔夜，最新报价在 1.55% 左右，持平上日。 海外方面，最新美国隔夜融资担保利率为 3.66% 。 （IMM） （*数据来源：Wind-同业存单-发行结果） 4. 银行间主要利率债收益率 | | 1Y | | 2Y | | 34 | | 54 | | 74 | | 10Y | | 超长债 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

1月份以来，西安钢研功能材料股份有限公司（以下简称"钢研功能"）、深圳市智胜新电子科技股份有 限公司（以下简称"智胜新电子"）在上交所成功发行全国首批科技创新可转换公司债券（以下简称"科 创可转债"），引发市场热议。 科创可转债是在科创债基础上设置可转换成公司股份条款的创新品种，发行利率显著低于银行贷款，为 科创企业带来低成本长期资金。 东方金诚研究发展部分析师翟恬甜对《证券日报》记者表示，与普通科技创新债券不同，科创可转债丰 富的条款设计为市场投资机构提供了IPO以外的多样化退出选择。投资者既可作为债权人持有至到期， 实现本金回收；也可申报转股，通过渐进式投资享受企业成长带来的股权增值；还可协议转让变现，从 而有望开启科技企业"募投管退"的良性循环。 年初以来，科创债发行热度不减。Wind资讯数据显示，截至1月27日，年内新增130只科创债（包含银 行间、交易所科创债），累计发行规模约1950.68亿元。 中证鹏元资信评估股份有限公司（以下简称"中证鹏元"）研发高级董事高慧珂对《证券日报》记者表 示，在政策红利持续释放、发行主体不断扩容的背景下，科创债发行规模有望持续向上突破，是信用债 市场重要的增长极。未 ...

Core Viewpoint - The securities firms are actively seizing market opportunities and increasing bond issuance to enhance capital strength and support the real economy, with a record bond issuance of 1.8 trillion yuan in 2025, a 45% year-on-year increase [1][2]. Group 1: Capital Strengthening - In 2025, securities firms showed heightened enthusiasm for bond issuance, with major firms like China Galaxy, Huatai Securities, and CITIC Securities each surpassing 100 billion yuan in issuance, collectively accounting for nearly 30% of the total industry issuance [2][3]. - The average bond issuance interest rate for securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs and encouraging firms to secure long-term funding [3][4]. - The funds raised through bond issuance are primarily used for repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3][4]. Group 2: Empowering Technological Innovation - The bond types issued by securities firms are diversifying, with a notable increase in the issuance of technology innovation bonds, which reached 64 issues totaling approximately 74.5 billion yuan in 2025 [4][5]. - Securities firms are leveraging their expertise to create innovative bond products, such as convertible bonds, to support technology enterprises facing funding challenges [5][6]. - The development of new productive forces is accelerating, and securities firms are expected to enhance their service capabilities to better support technological innovation and the growth of new productive forces [6][7]. Group 3: Scientific Fund Utilization - While the enthusiasm for bond issuance meets capital and business development needs, there are potential challenges, such as inefficient fund allocation that could elevate industry leverage levels [7][8]. - The China Securities Regulatory Commission emphasizes the need for differentiated supervision, encouraging high-quality institutions while imposing stricter controls on weaker ones, which requires firms to carefully plan their financing scale and risk management [7][8]. - To improve bond issuance capabilities and fund utilization efficiency, securities firms are advised to adopt a dual approach focusing on precise financing and efficient fund allocation [8][9].

Core Viewpoint - The brokerage industry is experiencing a surge in bond issuance, with a total of 1.8 trillion yuan issued in 2025, marking a 45% year-on-year increase and setting a historical record. This trend reflects the brokers' efforts to enhance capital strength and support the real economy [1][2]. Group 1: Capital Strengthening - In 2025, there is a notable increase in large-scale bond issuances, with major brokerages like China Galaxy and CITIC Securities each surpassing 100 billion yuan in issuance, collectively accounting for nearly 30% of the total industry issuance [2]. - The average bond issuance interest rate for brokerages dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs and encouraging long-term funding [3]. - The primary uses of the funds raised through bond issuance include repaying maturing debts, supplementing operational funds, and optimizing capital structures to meet business operational needs [3]. Group 2: Empowering Technological Innovation - The bond types issued by brokerages are diversifying, with a growing focus on technology innovation bonds, which have seen a total issuance of 64 bonds amounting to approximately 745 million yuan in 2025 [4]. - The introduction of convertible bonds based on technology innovation bonds aims to attract patient capital, providing long-term low-cost funding to technology enterprises facing early-stage funding challenges [5]. - Brokerages are expected to enhance their service capabilities for technology innovation, covering the entire lifecycle of tech enterprises from incubation to public listing [6]. Group 3: Scientific Fund Utilization - While the surge in bond issuance meets capital needs, there are potential challenges, including the risk of inefficient fund allocation leading to increased industry leverage [7]. - Regulatory bodies are focusing on differentiated supervision, allowing quality institutions more flexibility while requiring prudent financing scale determination and risk management [7]. - Brokerages are encouraged to improve their risk management systems and optimize capital structures to enhance capital utilization efficiency and resilience against risks [7][8].

Core Viewpoint - In 2025, securities firms actively seized market opportunities and issued bonds to raise funds, with total bond issuance reaching 1.8 trillion yuan, a year-on-year increase of approximately 45%, marking a historical high [1] Group 1: Strengthening Capital Strength - The enthusiasm for bond issuance among securities firms increased in 2025, with large-scale bonds frequently appearing, such as China Merchants Securities planning to issue bonds up to 40 billion yuan and CITIC Securities up to 50 billion yuan [2] - Leading securities firms like China Galaxy, Huatai Securities, and CITIC Securities have issued over 100 billion yuan each, collectively accounting for nearly 30% of the total industry bond issuance [2] - The historical high in bond issuance is attributed to market demand, policy environment, and the industry's development stage, with a growing need for operational funds and capital [2] Group 2: Financing Costs and Uses - The average interest rate for bond issuance by securities firms dropped to 1.94% in 2025, with some short-term financing bonds as low as 1.52%, significantly reducing financing costs [3] - The primary uses of bond financing include repaying maturing debts, supplementing operational funds, optimizing capital structure, and meeting business operational needs [3] - As a capital-intensive industry, securities firms can use bond issuance to reduce reliance on short-term funds and support business expansion [3] Group 3: Empowering Technological Innovation - The types of bonds issued by securities firms have diversified, with a notable increase in the issuance of technology innovation bonds, totaling 64 bonds worth approximately 74.5 billion yuan in 2025 [4] - Securities firms are actively issuing technology innovation bonds to better support technological innovation and the development of new productive forces [4] - The issuance of convertible bonds linked to technology innovation is designed to attract patient capital and provide long-term low-cost funding for enterprises [5] Group 4: Efficient Use of Funds - While the active bond issuance by securities firms meets capital and business development needs, there are potential challenges regarding inefficient fund allocation [7] - The China Securities Regulatory Commission emphasizes the need for differentiated regulation, encouraging quality institutions while imposing restrictions on weaker ones [7] - Securities firms are advised to enhance their risk management and ensure prudent use of funds, with a focus on optimizing capital and debt structures [7][8]

近日，西安钢研功能材料股份有限公司（以下简称"钢研功能"）成功发行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，首期发行规模8000万元，期限为6年期，票面利率2.2%。该项目为上交所发布 《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》后全国首批落地的科技创新可转债项目。 本期债券由国信证券担任独立主承销商，首期发行即吸引了专业投资机构参与认购，市场反响积极，充分体现 了投资者对科技创新企业及科创可转债这一创新品种的高度认可，也展现了资本市场服务实体经济、支持科技 创新发展的强烈意愿。据悉，本次钢研功能科创可转债共获批规模3亿元，钢研功能将择机启动后续发行。 国内精密合金龙头亮相资本市场，致力推动国产替代提速 作为国内精密合金材料领域龙头企业，钢研功能定位于先进金属材料的国产化需求，致力于解决先进金属材料 上下游供需矛盾。经过三十余年的行业深耕，钢研功能形成了以因瓦合金4J36（Invar36）、可伐合金4J29 （Kovar）、热双合金主动层4J72、软磁合金1J22四类牌号为核心的产品格局，产品广泛应用于航空航天航 海、高端装备、低空飞行器、人工智能、半导体、氢能源、核电等国家战略重 ...

（来源：经济参考报） 2025年，债券市场"科技板"正式落地，为债券ETF市场注入了强劲发展动能。 作为连接金融与科技的重要工具，2025年科创债ETF在政策红利与市场需求的双重驱动下，实现了规模 快速扩容，以及交易活跃度的稳步提升，投融两端呈现出多元化发展的特征。 市场扩容提速 从投资端角度看，现阶段配置需求与交易需求并存。华泰证券固收分析师文晨昕指出，目前年金、理财 机构是科创债ETF的主要买盘之一，由于科创债ETF具备"T+0"、可质押、低费率等优势，叠加公募赎 回新规影响，市场对其需求有望持续扩充。 鹏华基金相关负责人也表示，相较于单券买入策略，科创债ETF具有低费率、低交易成本、透明度高、 分散度高、高效申赎等优势，有利于分散投资组合风险、提高资金使用效率，因此深受专业投资者认 可。 再就投资策略来看，目前各交易机构明显更关注成分券超跌带来的机会。多位一线交易员表示，科创债 ETF流动性较好，在纳入可质押库的基础上，其需求有望进一步提升，存在一定超额收益，适合左侧布 局。 截至11月末，科创债ETF市场迎来爆发式增长，规模扩容成效显著，一级市场供给充足，二级市场交易 活跃，整体呈现高质量发展态势。 ...

2025年12月10日，深圳市智胜新电子科技股份有限公司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（第一期）在上交所成功发行，平安证券为独家主承销商。该项目为科创债新规出台后全国 首批落地的科创可转债项目，发行规模3000万元，期限3年，票面利率为0.2%。项目设置了转股期、价 格修正、赎回等相关条款，吸引了包括私募投资基金在内不同风险偏好的多元化投资者，进一步丰富了 科创债投资群体。 科技创新可转换公司债券（简称"科创可转债"）是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，首批科创可转债的发行落地，标志着沪市在债券市场"科技板"建设中走出关键一步，不仅为科 创债市场带来了新的活力，为投资者提供了更加多元、增量的产品选择，更以股债联动模式为科技型企 业发展注入了新动能，亦是金融机构精准服务实体经济与新质生产力的又一创新实践。 精准破局：科创企业融资痛点的定制化解决方案 科技型企业普遍面临"早期资金需求迫切、业绩波动大、传统融资渠道受限"的发展困境，尤其对于深耕 细分领域的专精特新企业，平衡融资成本与经营稳定性是其核心挑战。 深圳市智胜新电子科技股份有限公司专注于大型铝电解电容器及其 ...

今年5月7日，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，明确提出 鼓励发行人设置可转换为股权等创新条款，这也是《通知》落地后的首批科创可转债项目。 聚焦科技型企业探索资本市场服务新模式 新华财经上海10月30日电（记者杨溢仁）记者从上海证券交易所官网获悉，西安钢研功能材料股份有限 公司（简称"钢研功能"）、深圳市智胜新电子科技股份有限公司（简称"智胜新电子"）申报非公开发行 科技创新可转换公司债券项目获受理。 业内人士普遍认为，科创可转债是一个破解前述难题的融资工具。 "科创可转债能提高科技型企业债券认可度，对冲信用风险，有效降低科技型企业融资成本。"一位资深 投行人士告诉记者，"科创可转债兼具股债属性，投资者可以选择持有债券，享受固定收益，也可以按 照约定转换成发行人股权，拥有分配企业未来成长收益的选择权，因此投资者能在债券发行阶段接受更 低的固定收益利率，助力科技型企业在早期获得低息资金支持。另一方面，转股后发行人无需兑付债 券，这将减少企业财务压力，对冲债券信用风险，保证经营稳定性。" 两家企业负责人均向记者表示，本次债券进一步开拓了企业融资渠道，并且申报后吸引了诸多股权投资 ...