Seize the cycle opportunities and jointly build a science and technology innovation ecosystem | Far East Credit Science and Technology Innovation Bond Series Research Visits Guohai Securities

(Source: Far East Credit)

In the key stage of getting off to a strong start in the “15th Five-Year Plan” period, with the acceleration of the shift from old to new growth drivers and the in-depth advancement of technological self-reliance and self-improvement, Sci-Tech Innovation Bonds have become an important link connecting capital, industries, and technological innovation. They are also a key lever for financial support in cultivating new quality productive forces and for building a virtuous cycle of “Technology—Industry—Finance.”

Since 2026, Far East Credit Evaluation Co., Ltd. (hereinafter “Far East Credit”) has continued to carry out a special research series on “high-quality development of the Sci-Tech Innovation Bond market.” On March 27, Far East Credit again visited Guohai Securities Co., Ltd. (hereinafter “Guohai Securities”) and held in-depth exchanges together on core topics including the operation of the bond market’s “Technology Board” in the macro environment and the future development trends of Sci-Tech Innovation Bonds. Far East Credit provided a systematic interpretation of the current development status, core contradictions, and paths to breakthroughs for the bond market’s “Technology Board,” thereby consolidating industry consensus for the high-quality development of Sci-Tech Innovation Bonds. Liang Yunzi, Director of the Bond Market Research Center at Far East Credit, delivered a themed presentation titled “Energy Conversion, Cyclical Resonance: How Should We View the Sci-Tech Innovation Bond Market?”

At the meeting, Liang Yunzi pointed out that China’s economy is currently at multiple turning points: the early stage of the Kondratiev cycle’s recovery, the bottoming out of the Kuznets cycle, and the capacity clearance of the Juglar cycle. With the acceleration of the transformation of old and new growth drivers, the market is shifting from a risk narrative dominated by the drag from the old economy to an opportunity narrative led by the new economy. The bond market also exhibits features of the transition between old and new economies. After the implementation of the bond market’s “Technology Board,” Sci-Tech Innovation Bonds have rapidly expanded, becoming an important incremental segment in the bond market. From the perspective of market operations, since May 2025, Sci-Tech Innovation Bonds have shown characteristics of high scale growth and strong demand, with a monthly average issuance size of 220 billion yuan, an average subscription multiple of 2.6x, more than 50% of issuance interest rates below 2%, and overall issuance interest rates generally below 3%. In terms of issuance structure, they are still mainly issued by AAA-rated central and state-owned enterprises, while the share of issuance by private enterprises and equity investment institutions remains low.

Regarding the high-quality development of Sci-Tech Innovation Bonds, Liang Yunzi said that, this year, the regulatory authorities have successively optimized the Sci-Tech Innovation Bond mechanism, guiding Sci-Tech Innovation Bonds to support private enterprises and equity investment institutions. In the future, it may be further possible to build a multi-tiered guarantee system by strengthening incentives and optimizing the ecosystem, thereby supporting the development of financing in the Sci-Tech sector. In terms of market outlook, in 2026 the issuance scale of Sci-Tech Innovation Bonds is expected to hit a new high, and the issue of short-term issuance is expected to improve. The absolute issuance scale of private enterprises is expected to increase, and the distribution of issuer credit ratings may marginally shift downward. In the medium to long term, the characteristics of Sci-Tech innovation are more compatible with the high-yield bond market, and a high-yield Sci-Tech Innovation Bond market is expected to be established. In the future, under cyclical trends, it will be necessary to build capacity for credit analysis and value analysis by combining the “three sixes” layout for the Sci-Tech sector under the “15th Five-Year Plan” with the development trend and development status of Sci-Tech.

In the future, Far East Credit will continue to deepen research on Sci-Tech credit, build communication and exchange platforms, and improve rating services, helping to address bottlenecks in Sci-Tech innovation financing, and to facilitate the flow of capital into channels for technological innovation. It will contribute professional strength to the high-quality development of the bond market’s “Technology Board” and to providing efficient financial services to technological self-reliance and self-improvement.

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