Use the "living water" of technological innovation bonds wisely and fully, accurately irrigating the "nursery" of hard technology.

In recent years, with strong support from the government for technological innovation, science and technology innovation bonds (Sci-Tech bonds) are emerging as an important tool to serve the real economy and support technological innovation, ushering in unprecedented development opportunities. According to Wind data, the total amount of Sci-Tech bonds issued by the Shanghai Stock Exchange this year has exceeded 195 billion yuan. Since the "Technology Board" for bonds debuted on May 7, 2025, the total issuance of Sci-Tech bonds on the Shanghai Stock Exchange has exceeded 900 billion yuan, with the proceeds being used for purposes such as enterprise research and development, supplementing working capital, repaying interest-bearing debts, or making equity investments in technology innovation companies. Industry experts point out that under the combined efforts of tightening regulatory policies, coordinated efforts from local governments, and active participation from market institutions, the issuance scale of Sci-Tech bonds is steadily increasing, the diversity of issuers is growing, and the focus of funds is becoming more concentrated. This complements equity financing throughout the entire cycle, effectively bridging the "science and technologyindustryfinance" virtuous cycle, injecting a continuous stream of capital momentum to foster and strengthen new quality productivity and serve high-level technological self-reliance and self-empowerment.