在中国人民银行（下称"央行"）指导下，中国银行间市场交易商协会（下称"交易商协会"）积极推动科技创新 债券（下称"科创债"）风险分担工具（下称"风险分担工具"）的使用。11月24日，4家民营股权投资机构在北 京金融资产交易所开展专场路演，拟在银行间市场发行科创债合计9.3亿元。记者了解到，这是今年第二批获 得风险分担工具支持的项目，标志着更多民营股权投资机构在政策支持下通过银行间债券市场融资。 债券市场资金筹集规模大、成本低、期限长，在支持科技创新方面具有独特优势。今年5月7日，央行、证监会 创新推出债券市场"科技板"，支持金融机构、科技型企业、股权投资机构发行科创债，募集资金用于支持科技 创新领域投融资。截至11月21日，交易商协会累计支持276家企业发行科创债超5300亿元，涵盖230家科技型企 业和46家股权投资机构。发行规模占同期银行间市场债务融资工具全部发行规模的比重首次超过10%，较科创 债推出之前提高5个百分点。 为支持股权投资机构在"科技板"发行长期限债券融资，央行会同证监会创设了风险分担工具，同时与地方政 府、市场化增信机构一起，采取多样化的增信措施，共同参与分担债券投资人的违约损失风险，还 ...

证券时报记者 贺觉渊 中国银行间市场交易商协会市场创新部负责人杜海均进一步指出，风险分担工具还将积极参与全部4家企业科创债 的投资，充分释放"政策性+市场化""增信+投资"协同发力的驱动效应。 "这批项目的落地，将进一步拓宽民营股权投资机构的长期资本来源，助力硬科技企业发展。"杜海均表示，交易 商协会将深化科创债风险分担工具使用，持续推动银行间债券市场助力科技强国建设。 "科创债为我们提供了一个获取长期资本、耐心资本的渠道，使得融资成本大大降低。另外，在风险分担工具支持 下，我们的发债规模、债券评级和资金成本全部都得到改善。"基石资本执行总裁兼合伙人王启文在接受记者采访 时表示。 风险分担工具不仅确保了债券发行的安全性，也将支持发债期限进一步拉长。盛景嘉成总裁、联合创始人刘昊飞 对记者说，发债周期的拉长是本次发行的重要突破点。早期股权投资周期都较长，通常5年起步，常规情况可能需 要8到10年。政府引导基金往往是10年乃至更长期限。因此，发债期限与早期投资周期一定要匹配。 6月18日，首批运用风险分担工具的项目正式落地，5家民营股权投资机构成功发行科创债13.5亿元。自5家机构完 成发行以来，截至目前，已有将近 ...

Group 1 - The Chinese government has launched a national venture capital guidance fund with a scale of 1 trillion RMB, focusing on cutting-edge technology sectors such as AI, quantum technology, hydrogen energy storage, and biomanufacturing [1] - The financial asset investment company (AIC) equity investment pilot has expanded to 18 provinces, with Guangdong and Hunan leading the establishment of provincial AIC funds [1] - The optimization of exit paths for technology companies includes IPO adjustments, expansion of S fund trials, and accelerated private equity fund share transfers, enhancing capital circulation certainty [1] Group 2 - The global advanced packaging market is expected to reach $57.1 billion in 2025, with China's market growing from $35.1 billion in 2020 to $69.8 billion in 2024, achieving a compound annual growth rate of 18.7% [2] - The Chinese electric vehicle sector has seen significant growth, with production and sales reaching 6.968 million and 6.937 million units respectively in the first half of 2025, marking year-on-year increases of 41.4% and 40.3% [2] - CATL plans to invest up to 14 billion RMB to establish a core European battery base in Hungary, with an expected annual production capacity of 100 GWh by 2025 [2] Group 3 - Over 40% of the upfront payments exceeding $50 million in BD transactions by multinational pharmaceutical companies have gone to Chinese firms, indicating a strong global presence in the biopharmaceutical sector [3] - Top investment firms such as Sequoia China, Qiming Venture Partners, Hillhouse Capital, and Peakview Capital remain optimistic about the long-term value of the biopharmaceutical industry despite its high-risk nature [3] - The launch of the "Top Venture Capitalists in China" and "Top Venture Capital Institutions in China" lists aims to highlight the strengths of the venture capital ecosystem in China [3]