中国银行间市场交易商协会文件 中市协注〔2025〕DFI72 号 接受注册通知书 理想汽车: 你公司《理想汽车关于发行 2025-2027 年度债务融资工 具的注册报告》及相关材料收悉。依据中国人民银行、财政 部《全国银行间债券市场境外机构债券发行管理暂行办法》 (中国人民银行 财政部公告〔2018〕第 16 号) 和中国银行 间市场交易商协会相关自律规则,2025年11月24日,交易 商协会召开了 2025年第 140 次注册会议,决定接受你公司 债务融资工具注册。现就有关事项明确如下: 一、你公司债务融资工具注册金额为 100亿元,注册额 度自本通知书落款之日起2年内有效,由中国银行股份有限 公司和中国国际金融股份有限公司联席主承销。 二、你公司在注册有效期内可分期发行超短期融资券、 短期融资券、中期票据、永续票据、资产支持票据、绿色债 务融资工具等产品,也可定向发行相关产品,每期发行时应 确定当期主承销商、发行产品、发行规模、发行期限等要素。 发行完成后,应通过交易商协会认可的途径披露发行结果。 五、你公司应按照《境外非金融企业债务融资工具业务 指引(2023 版)》《非金融企业债务融资工具注册发行规则 ...

Core Insights - The central theme of the articles emphasizes the importance of innovation-driven economic growth in 2026, particularly through the enhancement of technology financial services as a key focus of the Central Economic Work Conference [1] Group 1: Innovation in Technology Financial Services - The core objective is to establish a virtuous cycle connecting technology, industry, and finance, ensuring that financial resources are accurately matched to the development needs of hard technology enterprises throughout their lifecycle [2] - Key initiatives for 2026 include improving the intellectual property pledge financing mechanism, expanding the pilot scope of "investment-loan linkage" and "investment-insurance linkage," and fostering patient capital through the development of AIC equity investments and technology innovation bonds [2][8] Group 2: Financing Tools and Mechanisms - The articles highlight the need for innovative financing tools to support technology enterprises, including the establishment of a bond market "technology board" and the encouragement of technology companies to issue innovation bonds and asset-backed securities [4] - The focus is on making intellectual property pledge financing more accessible and effective, with efforts to standardize processes and introduce risk compensation mechanisms to alleviate banks' lending hesitance [4][6] Group 3: Patient Capital and Long-term Investment - The government aims to cultivate a "long money, long investment" ecosystem by establishing a national venture capital guiding fund with a 20-year duration, directing 70% of funds to seed and early-stage enterprises [12] - Measures to support hard technology enterprises include optimizing the listing review process, enhancing the inclusivity for unprofitable and high R&D companies, and promoting long-term capital investment [13][14] Group 4: Market Dynamics and Future Outlook - The articles suggest that the listing process for hard technology companies on the STAR Market will accelerate, with a focus on supporting enterprises with core technologies and clear commercialization paths while maintaining strict quality standards [14] - The emphasis will be on creating a favorable environment for genuine innovation while preventing "pseudo-innovation" from entering the market [14]

Core Insights - The central theme of the news is the emphasis on innovation-driven economic growth in 2026, particularly through the enhancement of technology financial services as a key focus of the Central Economic Work Conference [1] Group 1: Innovation in Financial Services - The core of innovative technology financial services is to establish a virtuous cycle between technology, industry, and finance, ensuring that financial resources are accurately matched to the development needs of hard technology enterprises throughout their lifecycle [2] - In 2025, significant explorations were made in technology financial services, including the launch of the National Venture Capital Guidance Fund, which has reached a scale of one trillion yuan, focusing on seed, startup, and early-stage enterprises [1][2] - The expansion of financial asset investment company (AIC) equity investment trials to 18 cities nationwide aims to guide bank capital to invest early, small, and in hard technology [1][2] Group 2: Financing Mechanisms - The establishment of a knowledge property pledge financing mechanism is crucial, with initiatives such as trial programs for "pre-compensation" loans for light asset technology enterprises to gain more financing support [2][4] - The exploration of innovative financing tools includes the promotion of knowledge property pledge financing, which has shifted from being merely feasible to being more practical, with standardized processes for patent and trademark pledges [3][5] - The introduction of a bond market "technology board" has seen nearly 100 institutions issue over 250 billion yuan in technology innovation bonds within seven months [3] Group 3: Long-term Capital Cultivation - The government is focused on cultivating "patient capital" to guide long-term investments into early and mid-stage hard technology sectors, establishing a closed-loop system for fundraising, investment, management, and exit [9] - The National Venture Capital Guidance Fund is designed with a 20-year duration, directing 70% of its funds towards seed and startup phases, alongside optimizing state-owned capital assessments [9][10] - The capital market is expected to support hard technology enterprises in their IPO processes, with measures to enhance the inclusivity of unprofitable, high-R&D companies [10][11] Group 4: Collaborative Financial Models - The "investment-loan linkage" model encourages collaboration between banks and investment institutions, integrating credit lending with equity investment to share risks and returns [6][7] - The "insurance-investment linkage" model aims to combine insurance with investment to mitigate risks associated with technology financing, enhancing banks' willingness to lend [7][8] - In 2026, the expansion of the "investment-loan linkage" and "insurance-investment linkage" trials will prioritize regions with concentrated technology enterprises and active equity investment [8]

焦点关注 交易商协会：新增24家机构 非金融企业债务融资工具承销商资格 12月30日，中国银行间市场交易商协会发布《关于2025年非金融企业债务融资工具承销业务相关会员申请从事承销相 关业务市场评价结果的公告》，增加8家非金融企业债务融资工具一般主承销商、1家科技创新非金融企业债务融资工 具主承销商、15家非金融企业债务融资工具承销商。 第 530 期 2025-12-30 宏观动态 625亿元超长期特别国债支持消费品以旧换新资金提前下达 日前，为优化实施"两新"政策，做好政策平稳有序衔接，满足元旦、春节等旺季消费需求，国家发展改革委会同财政 部向地方提前下达2026年第一批625亿元超长期特别国债支持消费品以旧换新资金计划。 财政部：抓好地方政府债务监督 12月28日，财政部召开全国监管局工作会议。会议提出，2026年财政监管要紧密围绕服务党和国家中心工作，落实落 细"加强、聚焦、优化"工作方针，加大财政监管力度，履行财会监督职责，贯彻过紧日子要求，推进财政科学管理， 切实抓好地方政府债务监督，扎实开展财经纪律整治，有效抓好财政收入、基层"三保"、超长期特别国债、专项监督 检查等重点监管任务，为完成全年财政 ...

Core Viewpoint - The banking industry must innovate and establish a sustainable financial system that aligns with technological innovation to support the development of a strong technological nation [1][2]. Group 1: Technological Financial Development - The essence of "technological finance" is to price for the future and empower uncertainty, necessitating a sustainable development model through innovation and specialized operations [1][2]. - Banks should enhance the adaptability, relevance, and effectiveness of technological financial services by improving specialized service models, innovating product systems, and refining differentiated assessment frameworks [1][2]. Group 2: Practical Implementation - Banks should focus on supporting the development of new productive forces by optimizing financial supply based on local resources and industry foundations, establishing a diverse and specialized financial product service system [2]. - There is a need to deepen the integration of technological and industrial innovation, strengthen the coordination of industrial and financial policies, and respond promptly to changes in enterprise financial service demands [2]. Group 3: Role of Different Banking Institutions - Large state-owned and national commercial banks should leverage their comprehensive operational advantages to support major national technological tasks and facilitate capital circulation through various financial instruments [3]. - Small and medium-sized banks should create specialized technological financial service systems, focusing on technology-oriented SMEs and exploring diverse service models to meet the varied needs of rapidly developing technology enterprises [3]. Group 4: Collaborative Ecosystem - The banking industry should deepen multi-party cooperation, building a technological financial ecosystem and utilizing various financial instruments to provide comprehensive financial services for technology enterprises [4]. - The China Banking Association aims to promote the effectiveness of technological financial policies and enhance communication platforms to better support the development of new productive forces [4].

一、守正创新，提升适配 科技金融突破了传统金融业务的常规逻辑，本质上是一种"为未来定价、为不确定性赋能"，需要银行业建立健全可持续的科技金融发展模式，善于创新，专 业经营，切实提升科技金融服务的适配性、针对性和有效性。 一是健全专业化服务模式。优化组织体系，加强顶层设计，完善内部组织架构，构建专营体系，加强资源统筹协调。完善风控能力建设，科技企业的典型特 征是"轻资产、高成长、高风险"，银行业传统的以抵押担保、历史财务数据和稳定现金流为核心的风控逻辑难以有效适配；应重塑对科技企业的风险评价体 系，更多关注其核心竞争力、研发投入、团队能力、市场前景等关键要素，完善审批机制，提高科技风险特征识别能力，强化业务源头管控。 二是创新更适配的产品体系。做实行研体系，扎实开展细分赛道行业产业研究，深入研究初创期、成长期、成熟期科技型企业差异化的规律特点和风险特 征。提升信用贷款和中长期贷款占比，灵活设置贷款利率定价和利息偿付方式，提供与科技型企业相适应、覆盖科技创新活动全流程的产品；丰富特色产 品，充分挖掘知识产权、创新积分制、技术合同、产业链交易等信息。 三是完善差异化考核评价体系。针对科技金融实行差异化FTP政策，适 ...

Core Viewpoint - The company has received approval from the China Interbank Market Dealers Association to register and issue various non-financial corporate debt financing instruments (DFI) [1][2]. Group 1 - The company's board and all directors guarantee that the announcement contains no false records, misleading statements, or significant omissions, and they bear legal responsibility for its authenticity, accuracy, and completeness [1]. - The company has passed a resolution at its 2025 tenth temporary board meeting and the fourth temporary shareholders' meeting to apply for unified registration and issuance of multiple types of DFI [1]. - The company has received the "Acceptance Registration Notice" from the Dealers Association, indicating that the registration of the debt financing tools is accepted [1]. Group 2 - The registration of the company's debt financing tools is valid for two years from the date of the "Acceptance Registration Notice" (December 17, 2025) [2]. - During the registration period, the company can issue various products such as super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing tools [2]. - The company will comply with the requirements of the "Acceptance Registration Notice" and follow relevant rules and guidelines for information disclosure [2].

《接受注册通知书》中明确：公司债务融资工具注册自《接受注册通知书》落款之日（2025年12月17 日）起2年内有效；公司在注册有效期内可分期发行超短期融资券、短期融资券、中期票据、永续票 据、资产支持票据、绿色债务融资工具等产品，也可定向发行相关产品；每期发行时应确定当期主承销 商、发行产品、发行规模、发行期限等要素。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 公司2025年第十次临时董事会会议、2025年第四次临时股东大会会议审议通过了《公司申请统一注册发 行多品种非金融企业债务融资工具（DFI）的议案》，同意公司向中国银行间市场交易商协会（以下简 称"交易商协会"）申请统一注册并发行多品种非金融企业债务融资工具（DFI）。具体内容详见《特变 电工股份有限公司关于申请统一注册发行多品种非金融企业债务融资工具（DFI）的公告》（公告编 号：临2025-069）、《特变电工股份有限公司2025年第四次临时股东大会决议公告》（公告编号：临 2025-074）。 近日，公司收到交易商协会出具的《接受注册通知书》（中市协注[20 ...

Core Viewpoint - The company, TBEA Co., Ltd. (600089.SH), has received a registration notice from the trading association for its debt financing instruments, allowing it to issue various financial products over the next two years [1] Group 1 - The registration notice is valid for two years from December 17, 2025 [1] - The company can issue a variety of financial products including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments during the registration period [1] - The company is required to determine the lead underwriter, product type, issuance scale, and duration for each issuance [1]

Core Viewpoint - The company, TBEA Co., Ltd. (600089.SH), has received a registration notice from the trading association, allowing it to issue debt financing instruments over the next two years [1] Group 1 - The registration notice is valid for two years from December 17, 2025 [1] - The company can issue various financial products during the registration period, including super short-term financing bonds, short-term financing bonds, medium-term notes, perpetual notes, asset-backed notes, and green debt financing instruments [1] - The company has the option to issue these products in tranches and must determine the lead underwriter, product type, issuance scale, and duration for each issuance [1]