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]

Key Points - The China Interbank Market Dealers Association announced the addition of 24 institutions qualified for underwriting non-financial corporate debt financing instruments, including 8 general lead underwriters and 15 underwriters [1] - The National Development and Reform Commission and the Ministry of Finance have allocated 62.5 billion yuan in special bonds to support the consumption of old goods, aiming to meet the demand for the upcoming New Year and Spring Festival [3] - The People's Bank of China conducted a 3.125 billion yuan reverse repurchase operation, resulting in a net injection of 253.2 billion yuan into the market [3] - The Henan Provincial Finance Department announced adjustments to the use of funds for 16 special bonds, with a total investment of 11.968 billion yuan [4] - The Tianjin Municipal Committee emphasized the need to accelerate the transformation and exit of financing platforms to effectively mitigate economic risks [5] - The Shandong Provincial Government has introduced measures to support state-owned enterprises in establishing industrial investment funds, encouraging investment in strategic emerging industries [5] - The Shandong Provincial Government Investment Management Measures prohibit local governments from illegally borrowing debt to fund government investment projects [6] - Four companies in Henan have been approved to register a total of 4.241 billion yuan in debt financing instruments [7] - Zhengzhou Urban Construction Group issued 500 million yuan in medium-term notes with a 5-year term and interest rates of 2.49% and 2.39% [9] - The Xinyang Shentou Operation Management Company plans to issue 1 billion yuan in corporate bonds, with Guosen Securities as the underwriter [11] - The Henan Cultural Tourism Investment Group signed a controlling acquisition agreement with Yimei International Travel Agency to strengthen their position in the inbound tourism market [12] - The Jiyuan Investment Group announced a non-compensatory transfer of 54.51 million shares of Henan Yuguang Gold Lead Co., Ltd., valued at 626 million yuan [14] - The China Securities Association released the results of the bond business quality evaluation, with 14 companies receiving an A rating [14] - The market outlook for 2026 indicates new characteristics in the bond market, including potential downward pressure on interest rates and a possible "dual bull" market scenario for stocks and bonds [20][21]

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].

Core Viewpoint - The conference emphasizes the importance of financial support for technological innovation and the need for a collaborative financial ecosystem to enhance the development of new productive forces in the economy [2][4]. Group 1: Economic Achievements and Projections - Since the 14th Five-Year Plan, China's economy has made significant achievements, with GDP expected to reach approximately 140 trillion yuan by 2025, an increase of nearly 40 trillion yuan compared to the end of the 13th Five-Year Plan [3]. - China has improved its global innovation index ranking from 34th in 2012 to 10th in 2025, becoming one of the fastest-growing economies in terms of innovation over the past decade [3]. - The number of patent applications based on the Patent Cooperation Treaty is projected to reach 70,160 in 2024, surpassing the United States and Japan by 30% and 45%, respectively [3]. Group 2: Financial Support for Technology - The banking sector has recognized the political and social responsibilities of financial work, actively integrating into the broader economic context and enhancing policies to support technological innovation [3][4]. - The annual growth rate of technology loans has averaged 27.2% since the 14th Five-Year Plan, with a balance of technology loans reaching 44.1 trillion yuan by the end of Q2, a year-on-year increase of 12.5% [3]. - The weighted average interest rate for newly issued technology loans was 2.90% in June, lower than the average rate for all new corporate loans by 0.36 percentage points [3]. Group 3: Strategic Directions for Financial Institutions - The 20th National Congress of the Communist Party of China highlighted the goal of significantly improving the level of technological self-reliance and strengthening the development of various financial sectors, including technology finance [4]. - Financial institutions are encouraged to innovate and establish sustainable development models for technology finance, focusing on the unique characteristics of technology enterprises [5]. - A differentiated assessment and evaluation system for technology finance is proposed, emphasizing the importance of supporting technology enterprises through tailored financial products and services [6]. Group 4: Collaborative Financial Ecosystem - The banking sector is urged to promote a virtuous cycle of "technology-industry-finance" by directing more financial resources towards technological innovation and supporting the construction of a modern industrial system [7]. - Collaboration between large commercial banks and smaller banks is essential to create a multi-layered, sustainable technology finance service system, leveraging their respective strengths [9][10]. - The establishment of a technology finance ecosystem involving various financial instruments and partnerships is crucial for providing comprehensive financial services to technology enterprises [10].

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]