国信证券鲁伟：锚定科技金融全链条 激活新质生产力

Group 1 - The conference emphasized the importance of financial support for technological innovation, highlighting the role of capital markets in fostering a sustainable ecosystem for innovation [2] - Capital markets are developing a comprehensive service ecosystem for technology companies at various stages, with recent reforms in the Science and Technology Innovation Board (STAR Market) and the Growth Enterprise Market (GEM) aimed at better serving innovative enterprises [2] - The STAR Market has introduced a "1+6" reform policy and established a "growth layer" to support unprofitable companies, while the GEM has nurtured a significant number of high-tech enterprises, with nearly 90% of companies in strategic emerging industries [2] Group 2 - The launch of the "Technology Board" in the bond market aims to mitigate default risks through diversified credit enhancement measures, with the first private venture capital technology bond issued in June 2023, marking a significant milestone in financial innovation [3] - The bond issuance, led by Guosen Securities, raised 400 million yuan with a coupon rate of 1.85%, setting multiple records in China's bond market [3] - The strategic positioning of the expanded technology bonds has been upgraded to convert bond funds into "patient capital" through risk-sharing tools and debt-equity linkage mechanisms [3] Group 3 - The recent "Six Guidelines for Mergers and Acquisitions" have clarified the industrial logic of M&A transactions, focusing on strengthening core businesses and facilitating cross-industry transformations [4] - Local policies in Shenzhen and Guangzhou are encouraging listed companies to pursue M&A in advantageous and strategic emerging industries to upgrade industrial structures [4] - Guosen Securities aims to enhance its role in the industry by providing comprehensive financial services and promoting the integration of financial capital with technological innovation [4]