科技金融布局完善，科技板引来新活水

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Insights - The non-bank financial industry has seen a comprehensive layout in fintech, attracting new investments into the technology sector [1] - Recent policy measures from the Ministry of Science and Technology, in collaboration with the central bank and other regulatory bodies, aim to enhance financial support for major technological tasks and small to medium-sized tech enterprises [4][12] - The launch of the "Technology Board" in the bond market is expected to expand financing channels for financial institutions and tech companies, with 33 technology bonds issued totaling 177.4 billion yuan, representing 25.74% of the total issuance [5][13] Summary by Sections Investment Suggestions - The report emphasizes the importance of a supportive fintech system aligned with technological innovation, highlighting 15 specific policy measures to enhance financial backing for tech enterprises [12][27] - The policies cover various financing methods and aim to facilitate the transformation of technological achievements into productive forces [12] Market Review - The major indices experienced declines, with the Shanghai Composite Index down by 0.57%, the CSI 300 down by 0.18%, and the ChiNext Index down by 0.88% during the week [6][14] - The total trading volume in A-shares was 5.87 trillion yuan, with an average daily turnover of 1.17 trillion yuan, reflecting a week-on-week decrease of 7.34% [14][19] Industry Key Data Tracking - As of May 23, the market had 3,127.88 billion shares pledged, accounting for 3.86% of total equity; the margin trading balance was 1.80 trillion yuan, a decrease of 0.28% [19][26] - In April 2025, new fund issuance totaled 924.88 billion units, with a notable increase in equity fund issuance by 21.27% [19][21] - The bond market's total price index has decreased by 0.83% since the beginning of the year, with the 10-year government bond yield rising by 11.31 basis points to 1.72% [19][23] Regulatory Policies and Industry Dynamics - The report outlines the ongoing reforms in public offerings and monetary policies aimed at expanding financial support for technology-driven enterprises [3][27] - The central bank has emphasized the need for a moderately loose monetary policy to meet the financing needs of the real economy, particularly in technology innovation and small to medium enterprises [27]