Core Insights - Beijing Bank has served 53,000 technology-oriented small and micro enterprises, with total credit funds exceeding 1.3 trillion yuan, positioning itself at the forefront of technology finance in the banking industry [1][2] Group 1: Strategic Approach - The bank has achieved its "Specialized, Refined, Unique, and Innovative" initiative a year ahead of schedule, focusing on providing comprehensive services to technology innovation enterprises [2][4] - Beijing Bank emphasizes a "lifetime companionship" approach, having provided initial loans to many notable tech companies, including Megvii Technology and Moore Threads [3][10] Group 2: Operational Model - The bank is advancing its strategy through four key areas: maintaining a specialized operational model, creating a distinctive product matrix, enhancing diverse service offerings, and building a collaborative development ecosystem [4][6] - To address the challenge of understanding the "technical credit" and "future value" of technology innovation SMEs, Beijing Bank has identified ten key technology sectors for focused service [5][6] Group 3: Financial Performance - Since 2022, Beijing Bank's technology finance loans have maintained an annual growth rate of over 20%, with a loan balance of 364.279 billion yuan by the end of 2024, marking a year-on-year growth of 40.52% [8] - The loan balance for specialized, refined, unique, and innovative enterprises has surpassed 100 billion yuan, with a year-on-year growth of approximately 46.50% [8] Group 4: Risk Management - The bank has established a Technology Finance Credit Approval Committee and developed a "Tech Radar" to assess potential risks and create a comprehensive evaluation system for tech enterprises [7][12] - An "Early Warning Index" monitoring system has been developed to provide a seven-month advance warning of potential risks in loan enterprises [13] Group 5: Future Plans - Beijing Bank plans to enhance its technology finance support for the innovative development of SMEs, believing that supporting technology equates to supporting the future [14][18]

7月11日，新京报贝壳财经年会在京召开。在本届年会上，多位顶尖专家学者、富有远见卓识的企业家领袖以及深耕实践的金融业界精英，围绕"金融如何更 有效服务实体经济、科技创新如何重塑金融赋能模式、金融与科技如何双向奔赴"等核心议题，在金融大会上展开深度对话。 北京市政府党组成员、副市长孙硕出席本届年会并致辞。孙硕表示，近年来，北京市结合四个中心和国家金融管理中心的功能定位，推动金融和实体经济的 融合发展，积极培育发展新质生产力，有效促进了经济社会的高质量发展。北京市具有清晰的产业布局，也有人才优势、科技优势。北京市正着力把握资源 禀赋的特点，发挥科技产业的优势，金融和实体经济融合互促具有广阔的空间。同时，北京市也在加快形成金融和实体经济融合互促的新增长点。 "聚焦'金融与实体经济融合'和'金融与科技创新的双向奔赴'是时代之需、路径之探，也是媒体之责。"新京报社党委书记、社长汤一原在致辞中指出，今 年，在北京市委、市政府的大力支持下，贝壳财经正式成为中宣部全国6家主流财经媒体之一，成为北京唯一入选的财经媒体品牌。这既是认可又是鞭策， 激励贝壳财经把握经济脉搏，与时代同行，做好中国经济韧性发展的记录者、推动者。 在此背 ...

Core Viewpoint - The recent developments in the "1+6" policy reform for the Sci-Tech Innovation Board (STAR Market) aim to enhance the inclusivity and adaptability of the system, particularly for technology-driven companies, aligning with national innovation strategies [4][15]. Group 1: Policy Implementation - On July 13, the Shanghai Stock Exchange (SSE) launched the "Guidelines for Self-Regulatory Supervision of STAR Market Listed Companies No. 5 - Sci-Tech Growth Tier" along with a series of supporting business rules [2]. - The SSE emphasized that the reform measures are pragmatic and stable, focusing on promoting a balance between investment and financing [3]. Group 2: Sci-Tech Growth Tier Guidelines - The "Sci-Tech Growth Tier Guidelines" consist of 12 articles covering five main areas: defining the Sci-Tech Growth Tier, specifying its scope, detailing the conditions and procedures for removal, and enhancing information disclosure and risk warning requirements [5]. - The guidelines specifically support technology companies that have significant breakthroughs, broad commercial prospects, substantial R&D investment, and are in a pre-profit stage [5][6]. Group 3: Conditions for Removal - The removal conditions for new companies (incremental companies) require compliance with the first set of listing standards, while existing companies (stock companies) will continue to be removed upon achieving profitability for the first time after listing [7][8]. Group 4: Information Disclosure and Risk Management - The guidelines strengthen information disclosure and risk warning requirements, mandating companies to disclose reasons for not being profitable and related risks in their annual reports [8]. - Special identification management will be applied to stocks or depositary receipts of the Sci-Tech Growth Tier, with a "U" added to their abbreviations [8]. Group 5: Investor Requirements - Investors in newly registered unprofitable technology companies must sign a specific risk disclosure document before investing [9]. - There are no new trading thresholds for individual investors, maintaining the existing requirement of having 500,000 yuan in assets and two years of investment experience [8]. Group 6: Pre-Review Mechanism - A pre-review mechanism for IPOs of high-quality technology companies has been introduced, aimed at improving the quality of application documents and the overall efficiency of the listing review process [10][11]. - The SSE has set specific criteria for identifying qualified professional institutional investors, which will help in recognizing quality technology companies [11][12]. Group 7: Future Directions - The SSE plans to take responsibility for implementing the reforms, ensuring the effective rollout of the "Sci-Tech Board Opinions" and supporting business rules [13]. - Continuous efforts will be made to promote understanding of the reforms among market participants and enhance investor protection [14].

7月11日，主题为"中国经济：开放与韧性共生"的2025贝壳财经年会在北京召开。中国社会科学院大学教授、国务院原副秘书长江小涓出席，并在金融大会 分论坛"推动金融与实体经济融合发展"中发表演讲，对金融和科技的"双向赋能"发表自己的独到见解。 江小涓指出，目前CVC（企业创投）在科技创新领域扮演着至关重要的角色。随着技术的迭代加速，识别、找准高潜力企业愈发困难，但大平台凭借独特 的数据优势，对创新趋势的敏锐把握，以及强大的投资能力和庞大的产业生态，成为科创投资非常重要的生力军。 江小涓还指出，近年来，政府引导基金持续扩容，其总规模已超1.5万亿元人民币，全国累计设立基金数量逾2000只，且国有资金占比超过75%。但如何用 好这些资金至关重要，未来，国资创投可以通过AI赋能提升技术和商业洞察力，助力科创金融可持续发展，同时可以关注和跟随市场化基金，以提高成功 率。 中国社会科学院大学教授、国务院原副秘书长江小涓。 以下附演讲全文： 多年来，我们一直强调科技创新的重要性。我是做产业的，深知产业创新对金融的依赖性很大，产业发展离不开金融的支持，金融环境越好，产业的发展机 会就越多。经过不懈努力，中国的产业创新已经进入 ...

Group 1 - The core viewpoint is that Corporate Venture Capital (CVC) is transforming the competitive landscape of the venture capital market and plays a crucial role in the technology innovation sector [2][3] - With the acceleration of technological iteration, identifying high-potential enterprises has become increasingly difficult, but large platforms and leading enterprises in the industry leverage unique data advantages and strong investment capabilities, making CVC a vital force in tech innovation investment [3] - Government-guided funds have expanded significantly, with a total scale exceeding 1.5 trillion RMB and over 2000 funds established nationwide, with state-owned capital accounting for more than 75% [4] Group 2 - The effective utilization of these funds is critical, and state-owned venture capital can enhance technological and commercial insights through AI, supporting the sustainable development of tech finance [4] - There is a concern that unqualified encouragement of innovation without risk accountability may lead to irresponsible "innovative" behaviors, ultimately harming investor interests and damaging trust in social innovation [5] - A lack of risk transfer can be detrimental, constraining innovative efforts and hindering the establishment of innovative enterprises; thus, a balance between encouraging innovation and constraining risks is necessary for long-term stable development [6]

同时，她还表示，银河证券将ESG等社会效益指标加入投资决策中，通过体系化的研究和判断来实现经济效益和社会效益的平衡。 在出海方面，魏琦分享了银河证券的全球化战略布局，包括境内外市场研究实现协同，建立了一站式跨境资本服务平台等。"我们是全体系协同发力，助力 企业扬帆出海，并持续助力中国企业'走得出去，融得进来，稳得住发展'，实现真正的金融服务实体经济的全球化战略。" 编辑 岳彩周 校对 刘军 银河金汇证券资产管理有限公司执委会委员、副总经理魏琦。 新京报贝壳财经讯 （记者胡萌）7月11日，2025贝壳财经年会"中国经济：开放与韧性 共生"在北京召开。银河金汇证券资产管理有限公司执委会委员、副总 经理魏琦在圆桌论坛"服务实体经济 金融与科创的'双向奔赴'"中表示，我国直接融资占比还比较低，直接融资在我国具有广阔的发展前景，未来上升空间很 大。 魏琦表示，近年来，监管层对资本市场高质量发展的定位非常清晰，证监会主席吴清也多次强调，资本市场要进一步深化改革、提高直接融资比重，尤其加 大对科技创新企业和中小微企业的支持力度。作为证券公司，包括证券公司子公司，推动直接融资，支持实体经济发展责无旁贷。 在圆桌中，魏琦介绍了 ...

新京报贝壳财经讯（记者丁爽）7月11日，以"中国经济：开放与韧性共生长"为主题的2025贝壳财经年会在北京召开。在当天下午的圆桌论坛环节，诺诚健 华首席财务官傅欣表示，好的创新药只有通过国际化才能体现其全球竞争力，对于具备扎实的临床数据和快速研发能力的创新药企来说，出海是必然选择。 国内企业可借鉴国际成功经验，先通过与当地伙伴合作进入海外市场，熟悉各个国家法规监管要求，积累运营经验，再结合自身优势和发展战略，逐步完善 和加强海外市场的职能和人才储备，实现全球化布局。 2019年—2021年，很多公司在黄金周期登陆资本市场，2021年至今，又经历了泡沫调整周期。在这过程中，国家对于创新药产业的支持政策不断出台，中国 生物医药企业的基本面在整体提升。从2024年下半年至今，资本市场对创新药关注度不断提高，中国生物创新药走过了第一个完整的周期，经历了高点和低 点。回顾中国创新药过去十年的蓬勃发展，傅欣表示，在资金、技术、人才、政策的支持下，我国创新药产业培育了一批有潜力在全球开展竞争的高科技技 术企业。 诺诚健华首席财务官傅欣。 "创新药的特点是投资时间长、风险高、投资眼光决定投资回报。作为创新药企，我们特别需要耐 ...

Core Insights - The China Automotive Engineering Research Institute has completed in-depth evaluations of nearly 500 vehicle models across over 60 platforms, indicating significant advancements in automotive technology in China [1] - The safety index testing shows a remarkable increase in occupant safety ratings from 41% in 2019 to 91% in the past five years, reflecting improvements in vehicle safety standards [1] - The testing results for intelligent features reveal that domestic brands have a 90% adoption rate for navigation assistance and 88.8% for memory parking, significantly outperforming non-domestic brands [1] - The health index testing indicates a 25% reduction in formaldehyde concentration limits within vehicles and nearly a 10% decrease in temperature-related range degradation, showcasing advancements in vehicle health standards [1] Industry Developments - The upgrade and deepening of automotive indices are driven by the urgent need to align with national strategies, emphasizing the automotive industry's transition towards intelligence and sustainability [2] - Rapid technological iterations in the automotive sector present unprecedented challenges for evaluation techniques, necessitating continuous innovation in testing methods and expansion of evaluation dimensions to enhance precision [2] - Strengthening consumer rights is a priority, aimed at boosting consumer confidence in the automotive market [2]

Core Viewpoint - The development of the Beijing Stock Exchange (BSE) relies on deepening reforms and embracing technological innovation, which is seen as the future of the exchange [4]. Group 1: Market Performance - As of July 11, 2023, the total market capitalization of the 268 listed companies on the BSE reached 834.32 billion, representing a significant year-on-year increase of 175.79%, although the number of listed companies only increased by 19 [3]. - The average daily trading volume on the BSE for the first half of 2025 was approximately 31.22 billion, marking a substantial year-on-year increase of 343.15%, yet it still lags behind the daily trading volumes of the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating room for improvement in market activity [3]. Group 2: Recommendations for Development - It is recommended that the BSE increase support for high-quality, unprofitable enterprises to list on the exchange, particularly in cutting-edge industries such as commercial aerospace and artificial intelligence, to establish a unique brand and become the preferred listing venue for high-potential companies [6][5]. - The BSE should maintain its inclusive regulatory framework to meet the financing needs of innovative small and medium-sized enterprises (SMEs) post-listing, which includes reforms to the issuance system, optimizing the strategic investor system, increasing the proportion of inquiry-based issuance, and expediting the introduction of public convertible bond issuance mechanisms for listed companies [7].

Core Insights - The AI industry is experiencing significant changes, with a shift from single-modal to multi-modal models and a transition from general to vertical application scenarios [5][6] - The rise of large models has initiated the integration of AI with various industries, highlighting the importance of high-quality data to address the "last mile" problem in algorithm implementation [6][7] Group 1: AI Model Development - AI large models are evolving towards multi-modal capabilities, enhancing their application in specific verticals [5] - The introduction of Chain of Thought (CoT) technology allows models to improve their accuracy and reliability by shifting from "fast thinking" to "slow thinking" [5] Group 2: Data Demand and Market Dynamics - The demand for training data in the AI sector is changing, driven by the need for high-quality data to solve practical implementation challenges [6] - The domestic AI data market in China represents only a small portion of the global market, with significant opportunities abroad [7] Group 3: Company Profile - Haitai Ruisheng, established in 2005, is one of the earliest providers of AI training data solutions in China and is currently the only publicly listed company in this sector [7] - The company has seen substantial growth in its global business, with nearly half of its revenue coming from overseas in the previous year [7]