银行理财公司如何当好科创企业“护航员”？ 访光大理财党委书记、董事长王景春

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 and flexible terms that can match medium to long-term needs, the ability to act as an innovation testing ground, and strong service capabilities backed by banks [2]. - 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]. Group 2: Challenges and Solutions - Challenges include a low overall risk appetite of bank wealth management conflicting with the high-risk nature of tech enterprises, a need for improved valuation and risk identification capabilities, and liquidity management pressures during market fluctuations [3]. - Solutions proposed include long-term client engagement for effective risk identification, innovation in financial tools to bridge stock and bond financing, and strengthening external partnerships with specialized investment firms [3]. Group 3: Risk Management Strategies - The company has established a comprehensive risk management system that includes credit risk, market risk, operational risk, liquidity risk, and reputation risk management [4]. - The investment strategy focuses on three key elements: technology, market potential, and management team quality, 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 technological innovation, including various financial products such as equity-linked loans and private equity investments [6]. - By July 2025, the company had invested nearly 22 billion yuan in technology innovation bonds and participated in the first batch of technology innovation bond ETFs, with cumulative investments exceeding 1.5 billion yuan [7]. Group 5: Expansion of Services and Products - The company has actively expanded its equity-linked loan business, signing agreements with over 270 tech enterprises, including many national-level specialized and innovative "little giants" [8]. - The company has launched innovative products that integrate technology finance concepts, ensuring both capital safety and potential for excess returns for investors [8]. Group 6: Long-term Investment Strategy - The company emphasizes a "fixed income plus" product system, focusing on long-term and value investments in new productive forces, aiming to create sustainable value returns for investors [9]. - The company has increased investments in tools such as private placement bonds and convertible bonds, supporting specialized and innovative enterprises through direct participation in capital market projects [9].