Core Insights - The transformation of traditional industries in China has led to the emergence of new technologies, business models, and industries, which are crucial for high-quality economic development [10][11] - Financial institutions need to develop new service models that align with the demands of new economic industries, focusing on five categories: new consumption, new technology, new digital, new terminals, and future industries [10][13] Group 1: New Economic Industries - New economic industries are becoming a significant driving force for economic development, with the added value of the new economy reaching 24.3 trillion yuan in 2024, accounting for 18.01% of GDP, an increase of 0.43 percentage points from the previous year [11] - As of June 2025, there are 25.36 million registered new economy enterprises in China, representing over 40% of the total number of enterprises, with a year-on-year growth of 6.6% [11] Group 2: Financial Service Requirements - The five new economic categories present unique requirements for financial services, including challenges in intangible asset valuation and sustainable business model assessment in new consumption, technology path judgment and information asymmetry in new technology, and the need for a scientific valuation system in new digital industries [10][12] - Financial institutions must accelerate the formation of tailored financial service models for each of the five new economic categories, focusing on diverse value creation and innovative supply-demand relationships [10][12] Group 3: New Consumption Financial Services - New consumption industries are crucial for expanding domestic demand, with a shift towards service, value, cultural, and green consumption, maintaining over 10% growth in sectors like leisure and tourism despite overall consumption pressure [14] - Financial institutions face challenges in serving new consumption industries due to the intangible nature of core assets, lack of market comparables for valuation, and the non-linear growth paths of new consumption enterprises [15][16] Group 4: New Technology Financial Services - New technology industries are vital for innovation-driven development, with over 500,000 high-tech enterprises in China as of 2024, marking an 83% increase since 2020 [18] - Financial institutions encounter challenges in serving new technology industries, including limited understanding of technological innovation, information asymmetry regarding non-financial metrics, and differing valuation logic across various technology sectors [19][20] Group 5: New Digital Financial Services - The digital economy is rapidly growing, with its added value exceeding 43% of GDP in 2024, driven by sectors like industrial internet and smart manufacturing [21][22] - Current financial services for new digital industries are insufficient, with low representation in the A-share market and a need for improved valuation and pricing capabilities [22][23] Group 6: New Terminal Financial Services - New terminal industries, characterized by deep integration of manufacturing, digital, and technology, require financial services that respond to complex ecological collaboration relationships [24][25] - Financial institutions must optimize value assessment capabilities and provide integrated financial solutions for the entire industrial chain, focusing on collaboration with leading enterprises [25][26] Group 7: Future Industry Financial Services - Future industries are marked by breakthroughs in common technologies and face significant risks, including feasibility of technology paths and market demand realization [27][28] - Financial institutions should innovate comprehensive financial service models to address the uncertainties faced by future industries, leveraging government funds and private equity investments to support development [29]
上证观察家 | 适应产业变革 打造类型化产业金融服务新模式
Sou Hu Cai Jing·2025-12-01 00:40