Domestic venture capital firms are actively issuing science and technology innovation bonds, featuring innovative term designs. The bond market is adapting to the long-cycle nature of hard technology investments through diversified mechanisms. Science and technology innovation bonds not only assist venture capital firms in alleviating funding pressures and supporting long-term investments in technological innovation, but the industry also grapples with challenges such as asset-liability term mismatches, high bond issuance thresholds for private institutions, and obstructed credit enhancement channels (Note: The original Chinese term has been adjusted to "obstructed" for a more natural English translation). Experts recommend the continuous deepening of market-oriented innovations in science and technology innovation bonds, enhancement of credit enhancement mechanisms, and further facilitation of capital flow from the bond market to support technological innovation.