新旧动能转换，资本市场如何做好“科技金融”大文章？

Investment Rating - The report rates the non-bank financial sector as "Positive" [4] Core Insights - The global economy is experiencing significant changes, with a shift from a debt-driven growth model to an innovation-driven one, necessitating a robust capital market to support this transition [1][11] - The concept of "new quality productivity" is introduced as a guiding principle for enhancing new economic growth momentum, emphasizing the need for a transparent and resilient capital market [1][20] - The financial industry is under pressure to shift from indirect financing to direct financing, focusing on functionality rather than scale, amidst declining profitability and changing profit models [1][31] Summary by Sections Economic and Financial Logic Transformation - The world is facing unprecedented changes, with rising external uncertainties impacting global economic recovery and increasing geopolitical conflicts [11] - The transition from land finance to new quality productivity indicates a reset in economic fundamentals, as the real estate sector enters a downturn [16][20] - The economic growth model is shifting from debt-driven to innovation-driven, requiring a transformation in the financial system [26][28] "Technology Finance" as a Key Development - Technology innovation is crucial for high-quality economic and financial development, with technology-driven enterprises playing a vital role [39] - These enterprises are characterized by strong innovation capabilities and significant R&D investments, which pose unique financing challenges [41][42] Capital Market's Role in "Technology Finance" - The capital market must enhance its multi-tiered structure to better support technology innovation and provide comprehensive financial services [2][3] - The investment side of the capital market needs to foster a "patient capital" ecosystem to address the structural issues in funding [2][3] - Financial institutions, including banks and securities firms, are expected to adapt their services to meet the needs of technology-driven enterprises [3][39]