创新科技金融服务驱动“科技—产业—金融”良性循环

Core Insights - The central theme of the news is the emphasis on innovation-driven economic growth in 2026, particularly through the enhancement of technology financial services as a key focus of the Central Economic Work Conference [1] Group 1: Innovation in Financial Services - The core of innovative technology financial services is to establish a virtuous cycle between technology, industry, and finance, ensuring that financial resources are accurately matched to the development needs of hard technology enterprises throughout their lifecycle [2] - In 2025, significant explorations were made in technology financial services, including the launch of the National Venture Capital Guidance Fund, which has reached a scale of one trillion yuan, focusing on seed, startup, and early-stage enterprises [1][2] - The expansion of financial asset investment company (AIC) equity investment trials to 18 cities nationwide aims to guide bank capital to invest early, small, and in hard technology [1][2] Group 2: Financing Mechanisms - The establishment of a knowledge property pledge financing mechanism is crucial, with initiatives such as trial programs for "pre-compensation" loans for light asset technology enterprises to gain more financing support [2][4] - The exploration of innovative financing tools includes the promotion of knowledge property pledge financing, which has shifted from being merely feasible to being more practical, with standardized processes for patent and trademark pledges [3][5] - The introduction of a bond market "technology board" has seen nearly 100 institutions issue over 250 billion yuan in technology innovation bonds within seven months [3] Group 3: Long-term Capital Cultivation - The government is focused on cultivating "patient capital" to guide long-term investments into early and mid-stage hard technology sectors, establishing a closed-loop system for fundraising, investment, management, and exit [9] - The National Venture Capital Guidance Fund is designed with a 20-year duration, directing 70% of its funds towards seed and startup phases, alongside optimizing state-owned capital assessments [9][10] - The capital market is expected to support hard technology enterprises in their IPO processes, with measures to enhance the inclusivity of unprofitable, high-R&D companies [10][11] Group 4: Collaborative Financial Models - The "investment-loan linkage" model encourages collaboration between banks and investment institutions, integrating credit lending with equity investment to share risks and returns [6][7] - The "insurance-investment linkage" model aims to combine insurance with investment to mitigate risks associated with technology financing, enhancing banks' willingness to lend [7][8] - In 2026, the expansion of the "investment-loan linkage" and "insurance-investment linkage" trials will prioritize regions with concentrated technology enterprises and active equity investment [8]