今日视点：构建金融新生态精准赋能科技创新

Core Insights - The release of the 15th Five-Year Plan emphasizes the importance of technology and innovation, with "technology" mentioned 46 times, "innovation" 61 times, and "new quality productivity" 6 times, outlining a clear path for China's economic future [1] - The development of new industries and business models, such as artificial intelligence and biomedicine, is reshaping production methods and resource allocation, necessitating a more flexible and inclusive financing environment to support innovation [1] Group 1: Capital Market Reforms - China has established a multi-tiered capital market system, including the main board, Sci-Tech Innovation Board, Growth Enterprise Market, New Third Board, and private equity, enhancing inclusivity and coverage [2] - The introduction of the Sci-Tech Innovation Board's "1+6" policy aims to support potential growth companies that are currently unprofitable but have significant technological breakthroughs and commercial prospects [2] - Future reforms will include deepening the Growth Enterprise Market and enhancing the New Third Board's differentiated listing and trading systems to better serve innovative small and medium-sized enterprises [2] Group 2: International Financial Integration - The China Securities Regulatory Commission (CSRC) is optimizing the Qualified Foreign Institutional Investor (QFII) system to attract more long-term foreign capital over the next two years [3] - In the first nine months of the year, international funds flowing into emerging markets exceeded $150 billion, with A-shares and Hong Kong stocks becoming increasingly attractive to foreign investors [3] - As of October 28, 381 A-share companies had QFII shareholders, with a total holding of over 5 billion shares valued at more than 90 billion yuan [3] Group 3: Financial Ecosystem Development - The development of a supportive financial ecosystem includes enhancing intermediary services and cultivating talent that understands both technology and finance [4] - Regulatory bodies and financial institutions are collaborating with universities to train professionals who can effectively bridge the gap between technological innovation and financial operations [5] - A comprehensive financial ecosystem is emerging, characterized by risk-sharing and mutual benefits, which will support the strategic goals of national development and foster high-level technological self-reliance [5]