On June 5, at the prestigious 2025 Tianjin Five Avenues Financial Forum, Cheng Hehong, Chief Counsel of the China Securities Regulatory Commission (CSRC), delivered a keynote address outlining novel strategies to enhance the integration of stock and bond services. He underscored the necessity of fostering high-quality development in corporate science and technology innovation bonds, advocating for the expansion of such bond offerings tailored to innovation. Furthermore, he stressed the importance of aiding eligible enterprises in securing financing through these innovation bonds, thereby lowering their financing costs. Notably, Cheng Hehong proposed the inclusion of high-quality enterprises' science and technology innovation bonds within the benchmark market-making portfolio. Additionally, he voiced support for the issuance of Real Estate Investment Trusts (REITs) for projects in emerging infrastructure domains, including artificial intelligence, data centers, smart cities, and science and technology innovation industrial parks. This initiative aims to revitalize existing assets and bolster the digital transformation of traditional infrastructure.