信息服务行业跟踪报告：科技金融系列观察5：投早、投小、投长期、投硬科技，扎实推动科技创新和产业创新深度融合

Investment Rating - The report suggests a focus on "Outperform" for sectors related to technological innovation and new productivity development, indicating a positive outlook for investments in these areas [7][9]. Core Insights - The China Securities Regulatory Commission (CSRC) emphasizes the importance of supporting new productivity as a key responsibility and opportunity for the capital market, which can enhance the vitality of the market and allow investors to share in high-quality economic growth [3][9]. - The CSRC has introduced eight measures to deepen STAR Market reforms, which include strengthening the positioning of "hard technology," optimizing issuance and underwriting systems, and enhancing market risk prevention [3][9]. - The State Council has issued policies to support high-quality venture capital development, focusing on diversifying venture capital sources and improving exit mechanisms [4][9]. - A comprehensive financial service plan for technological innovation has been established, which includes green channels for bond issuance and support for cross-border financing [6][9]. - The central bank has initiated a RMB 500 billion re-lending program for technological innovation, with the first loans issued in June 2024 [6][9]. Summary by Sections Section 1: STAR Market Reforms - The CSRC's eight measures aim to enhance the service coverage and precision of the capital market, supporting both emerging and traditional industries [3][9]. - Key measures include optimizing the listing company financing system and supporting mergers and acquisitions [3][9]. Section 2: Venture Capital Development - The State Council's policies focus on five key measures: cultivating diverse venture capital entities, broadening funding sources, enhancing government guidance, improving exit mechanisms, and optimizing the market environment [4][9]. Section 3: Financial Services for Technological Innovation - The work plan from multiple departments aims to create a supportive financial ecosystem for technological innovation, including specialized risk control mechanisms and green channels for bond issuance [6][9]. - The plan emphasizes the importance of providing a full lifecycle financial service for technology companies, from angel investment to capital market financing [6][9]. Section 4: Investment Recommendations - The report highlights key areas for investment focus, including AI computing and applications, smart transportation, power IT, and data elements, suggesting these sectors will receive substantial support [7][9].