债券市场专题研究：债券科技板怎么看？

1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core Viewpoints of the Report - The Politburo meeting on April 25, 2025, pointed out the need to continuously promote key core technology research and innovate the launch of the "technology board" in the bond market. Sci - tech innovation bonds are expected to further expand to support the development of innovative enterprises [1]. - The launch of sci - tech innovation bonds aims to guide funds to the field of scientific and technological innovation, change the current issuance pattern dominated by large state - owned enterprises and upstream industry enterprises, and help private enterprises and small and medium - sized scientific and technological innovation enterprises finance through the bond market. It is believed that the future stock market structure of sci - tech innovation bonds will be similar to that of technology - related convertible bonds, with issuers tilting towards smaller technology - based enterprises and mainly being private enterprises [2][16]. 3. Summary According to the Directory 3.1 What are Sci - tech Innovation Bonds? 3.1.1 Concept and Variety Analysis of Sci - tech Innovation Bonds - Sci - tech innovation bonds refer to bonds issued by enterprises related to the scientific and technological innovation field with the raised funds mainly used in this field. They mainly include sci - tech innovation notes and scientific and technological innovation corporate bonds. In the context of continuous policy optimization, they are expected to expand [12]. - There are differences between sci - tech innovation notes and scientific and technological innovation corporate bonds in terms of subject identification, use of raised funds, and bond varieties. For example, in subject identification, subject - type sci - tech innovation notes target sci - tech enterprises, while use - type ones target non - sci - tech enterprises; scientific and technological innovation corporate bonds classify issuers into four types with relatively strict criteria for sci - tech enterprise - type issuers. In the use of raised funds, scientific and technological innovation corporate bonds are more restrictive [13]. 3.1.2 Sci - tech Innovation Bonds Help Promote the Financing of Small and Medium - sized Private Enterprises - The bond market has a low - risk preference, and its issuer structure is concentrated, mainly dominated by upstream state - owned and central enterprises. Sci - tech enterprises downstream of the industrial chain have a low proportion in the stock credit bond market. The launch of sci - tech innovation bonds aims to break the existing pattern and support the financing of private and small and medium - sized scientific and technological innovation enterprises [16]. 3.2 Primary Market: The Supply of Sci - tech Innovation Bonds has Increased Significantly - Since its launch, the issuance scale of sci - tech innovation bonds has been continuously increasing. From 2022 to 2024, the issuance scale was 260.5 billion yuan, 770 billion yuan, and 1.2179 trillion yuan respectively, with an average annual compound growth rate of 116%. As of now, the total issuance scale is 2.575 trillion yuan, and the scales of sci - tech innovation notes and scientific and technological innovation corporate bonds are similar [21]. - In terms of the type of issuers, state - owned enterprises and central enterprises are the main issuers, accounting for 46% and 43% respectively. Industrial entities account for 92% of the issuance scale, while urban investment entities account for only 8% [23]. - Most issuers of sci - tech innovation bonds come from traditional industries, and the issuance scale of technology - based industries such as communication, electronics, and computer needs to be improved. The urban investment platform type with a high issuance amount of sci - tech innovation bonds is the industrial investment platform [25]. - For the top five industrial issuers of sci - tech innovation bonds, the bonds are mainly used for refinancing and repaying interest - bearing liabilities, and 20% of the raised funds are used for working capital. For the top five urban investment platform issuers, the bonds are not limited to refinancing, and 60% of the raised funds are used for repaying interest - bearing debts [28]. 3.3 Secondary Market: Seize Investment Opportunities in Premium Sci - tech Innovation Bonds - The motives for institutions to buy sci - tech innovation bonds in the secondary market include: some sci - tech innovation bonds have a certain premium compared with ordinary bonds in the same industry or region; to cope with possible future investment - end assessment incentive mechanisms; and the default risk of sci - tech innovation bonds may be lower than that of ordinary corporate credit bonds due to special policy guidance and attributes [31]. - There are currently 1,782 outstanding sci - tech innovation bonds with an amount of 1.7907 trillion yuan. In terms of implicit ratings, medium - and high - grade bonds account for 94%, indicating that the issuers have good qualifications. In terms of remaining maturity, bonds with a remaining maturity of less than 3 years account for 65% [31]. - The outstanding industrial sci - tech innovation bonds amount to 1.5684 trillion yuan, mainly distributed in industries such as building decoration, coal, public utilities, comprehensive, and non - ferrous metals. High - valuation sci - tech innovation bonds are mainly in industries such as basic chemicals, power equipment, and pharmaceutical biology [33]. - The outstanding urban investment sci - tech innovation bonds amount to 181.2 billion yuan, and only 19 provincial urban investment platforms have outstanding sci - tech innovation bonds. Jiangxi, Sichuan, and Hubei rank in the top three in terms of outstanding scale, and provinces with weaker economic strength have a smaller outstanding scale. In terms of valuation, sci - tech innovation bonds in Chongqing, Shandong, and Shaanxi have higher valuations [35]. - Most industries' sci - tech innovation bonds have a certain premium compared with ordinary bonds in the same industry. For example, the premiums in the food and beverage, pharmaceutical biology, and communication industries are all above 30bp. Among urban investment provinces, Jilin's urban investment sci - tech innovation bonds have an obvious premium compared with urban investment bonds in the same province, while the valuations of sci - tech innovation bonds in most other provinces are lower than those of ordinary bonds. However, for the same issuer, the valuations of sci - tech innovation bonds and ordinary bonds with similar remaining maturities may not differ significantly [40].