金融“造血”新图景 | 前瞻2026

Core Viewpoint - The central economic work conference in 2025 emphasizes financial support for key areas such as expanding domestic demand, technological innovation, and small and micro enterprises, marking a shift from "total stability" to "structural reshaping" in financial regulation [1][2]. Financial Support Focus - Financial institutions will focus on addressing the "technology-industry-finance" bottlenecks, transitioning from "blood transfusion" support to "blood production" empowerment, ensuring that financial resources are precisely allocated to stimulate the economy [1][3][4]. Macro Perspective - Financial regulation is shifting from "total stability" to "structural reshaping," guiding funds away from over-concentrated real estate and traditional infrastructure towards higher marginal output areas like domestic demand, technological innovation, and small enterprises [4][5]. Micro Perspective - Differentiated financial tools will assist small and micro enterprises and tech companies in overcoming financing challenges, ensuring that financial resources effectively reach the economy's micro-level and innovation hubs [4][14]. Expanding Domestic Demand - The expansion of domestic demand faces structural bottlenecks on both the demand and supply sides, including high thresholds for consumer credit and insufficient financial support for specific consumption [7][8]. - The core of expanding domestic demand is "scenario-based empowerment + inclusive downscaling," focusing on customized financial products and enhancing financial infrastructure in rural areas [7][8]. Supporting Technological Innovation - Financing for technological innovation encounters three main challenges: light assets, long cycles, and high risks, necessitating a comprehensive financial service chain that covers all stages of enterprise development [11][12]. - The focus should be on "growth" rather than "assets," providing full-cycle financial services to tech companies and facilitating the integration of technology and industry [12][13]. Assisting Small and Micro Enterprises - Small and micro enterprises face financing barriers due to credit gaps, information asymmetry, and weak risk resistance, requiring a focus on digital credit empowerment and the integration of various data sources to enhance credit evaluation [14][15]. - The strategy should shift from "funding blood transfusion" to "capacity building," emphasizing cost reduction, resilience enhancement, and direct financing options [15].