银行理财公司如何当好科创企业“护航员”？

Core Viewpoint - Technological innovation is identified as the core engine driving high-quality economic development, with bank wealth management companies playing a crucial role in supporting corporate technological innovation by connecting social wealth with the real economy [1]. Group 1: Advantages of Bank Wealth Management in Supporting Technological Innovation - Bank wealth management funds have three main advantages: large scale, flexible terms, and the ability to match medium to long-term needs. As of June 2025, the total scale of the bank wealth management market reached 30.67 trillion yuan, with 1.63 million new products issued in the first half of the year, raising 36.72 trillion yuan [2]. - Bank wealth management can act as an innovation testing ground, allowing for experimentation with financial tools and investment models, such as the collaboration with the North Stock Exchange and the Shanghai Stock Exchange on technology loans with equity warrants [2]. - The strong service capabilities of banks provide advantages in channel services and information acquisition, enhancing the overall service capacity of bank wealth management [2]. Group 2: Shortcomings and Solutions - Current low-risk preferences of bank wealth management conflict with the high-risk nature of tech enterprises, and there is a need for improvement in valuation and risk identification capabilities for equity investments [3]. - Solutions include long-term client engagement for effective risk identification, innovation in financial tools to bridge stock and bond financing, and strengthening external collaborations with specialized General Partners (GPs) [3]. Group 3: Risk Management Strategies - The company has established a comprehensive risk management system, including credit risk, market risk, operational risk, liquidity risk, and reputation risk management, to support tech enterprises [4][5]. - The investment approach focuses on three key elements: technology, market potential, and management team capability, summarized in a "Five Looks" methodology to enhance support for specialized and innovative enterprises [5]. Group 4: Progress and Achievements in Supporting Technological Innovation - Since the Central Financial Work Conference, the company has developed a comprehensive support model for tech innovation, including various financial products such as technology loans with equity warrants and standardized equity-debt products [6][7]. - The company has increased its investment in technology innovation bonds, reaching nearly 22 billion yuan by July 2025, and has actively participated in the first batch of technology bond ETFs [7]. - The company has signed equity warrant cooperation agreements with over 270 tech enterprises, focusing on key sectors like semiconductors and artificial intelligence, marking a significant shift from debt financing to equity investment [8]. Group 5: Embracing New Productive Forces - The company is enhancing its "fixed income plus" product system, focusing on long-term and value investments in new productive forces, aiming to provide sustainable value returns for investors [9]. - The company has directly participated in investment projects for listed companies and private exchangeable bonds, supporting specialized tech enterprises and introducing innovative investment models in the capital market [10].