做好“五篇大文章” 三方面问题待解

Core Insights - The securities industry is actively implementing the "Five Major Articles" of finance, focusing on functional service to support high-quality economic development [1] - Significant achievements have been made in key areas such as technology finance and green finance, alongside a strong push for digital transformation [1] - However, there are notable shortcomings, particularly in the decline of equity financing for technology companies and issues related to data disclosure [2][3] Group 1: Equity Financing Trends - In 2024, the proportion of equity financing underwritten by securities firms for technology companies has significantly decreased, with semiconductor industry underwriting amounts dropping nearly 6 percentage points compared to 2023 [1] - The current financing system in China is dominated by indirect financing through bank credit, which poses challenges for small, asset-light, and high-risk technology SMEs in obtaining loans [1] - Direct financing, primarily through equity, is more aligned with the needs of technology innovation enterprises, as it allows for shared risk between shareholders and companies [1] Group 2: Differentiation Among Securities Firms - Preliminary results from the evaluation of the "Five Major Articles" show a clear differentiation among securities firms, with leading firms performing well due to their market insight and strategic positioning [2] - Smaller firms are lagging behind due to limitations such as a shortage of high-end talent, limited resources, and insufficient macroeconomic research [2] - To enhance the engagement of smaller firms, it is suggested that leading firms take on a "locomotive" role to improve financial services for the real economy, while local governments should provide policy incentives and resources [2] Group 3: Data Disclosure Issues - Data disclosure remains a critical issue in the evaluation of the "Five Major Articles," with many firms experiencing data omissions and inconsistencies in statistical standards [2][3] - Some leading firms lack important indicators related to information technology investment, which complicates data comparison [2] - Industry insiders emphasize that data is a core element for conducting evaluations and must align with statistical indicators to ensure scientific and fair assessments [3]