Di Yi Cai Jing·2025-07-21 13:50Group 1: Capital Market Reforms - The global economic and trade order is undergoing profound adjustments, with a new round of technological revolution and industrial transformation accelerating, making service technology innovation the main line of current capital market reforms [1] - The Science and Technology Innovation Board (STAR Market) has introduced "1+6" reform measures this year, providing a more inclusive system for equity financing of high-quality unprofitable technology companies [1][3] - The launch of the "Technology Board" in the bond market further addresses the bottlenecks in serving technology innovation [1][3] Group 2: Dual-Engine Financing Model - The STAR Market provides "capital" while the "Technology Board" offers "cash flow," creating a relay race where equity and debt financing alternate to support hard technology companies [1][4][6] - As of now, the STAR Market has gathered nearly 590 hard technology companies with a total market value exceeding 7.9 trillion yuan, while the Technology Board has issued over 730 billion yuan in technology innovation bonds since its launch in May [3][4] Group 3: Investment Banking Service Transformation - Investment banks need to enhance their comprehensive service capabilities, forming a matrix of services around equity financing, debt financing, mergers and acquisitions, asset securitization, and REITs [2][7] - The recent policies from various regulatory bodies aim to guide investment banks in providing full lifecycle financial services to high-quality technology innovation enterprises [7][10] Group 4: Future Outlook - The acceptance of technology innovation bonds by issuers and investors is expected to facilitate smoother financing for various technology companies, with an increase in patient capital and strategic investment [10] - Future development of the Technology Board will require continuous iteration in institutional design, product structure, funding sources, and ecosystem construction to ensure that patient capital flows into new productive forces [10]