洞见 | 申万宏源杨成长：提升金融效能 护航“十五五”战略

Core Viewpoint - The "15th Five-Year Plan" period is crucial for achieving socialist modernization and promoting high-quality financial development, necessitating a transformation in financial services to meet new demands from emerging factors, industries, and business models [2][3]. Group 1: Financial Service Effectiveness - The financial system must deepen reforms to enhance its effectiveness in serving the real economy, addressing structural contradictions such as excess funds but difficulty in investment and financing [3][4]. - Five breakthroughs are essential for improving financial service effectiveness: building a national credit market, enhancing service capabilities for new factors, adapting to new industry types and business models, improving overall service integration, and forming a correct understanding of financial services for the real economy [3][11]. Group 2: Achievements During the 14th Five-Year Plan - Significant progress was made in the financial system during the 14th Five-Year Plan, with improvements in the financial institutional framework, market scale, and competitiveness of financial institutions [6][7]. - By September 2025, China became the world's largest credit market with a credit balance exceeding 270 trillion yuan, and the bond market's scale surpassed 190 trillion yuan [7]. Group 3: Enhancing Financial Services for New Factors - The rise of movable assets, represented by data and technology, necessitates a shift in financial services from immovable assets to movable assets, with a focus on enhancing service capabilities for these new factors [14][15]. - By the end of 2024, the contribution of the digital economy to economic growth exceeded 40%, indicating a significant shift in asset structures within enterprises [14]. Group 4: Adapting to New Industry Types and Business Models - New consumption patterns and technological advancements are reshaping the industry landscape, with service consumption and experience-driven consumption becoming mainstream [17][18]. - Financial institutions need to innovate their service models to better support new consumption scenarios and the unique characteristics of new technology enterprises [19][20]. Group 5: Overall Service Integration and Adaptability - Despite a rich array of financial products, the overall integration and adaptability of financial services remain insufficient, with challenges in responding to the comprehensive needs of enterprises [21][22]. - Financial institutions should enhance collaboration and develop innovative products that cater to the diverse needs of different industries, particularly in technology, digital, and green sectors [22]. Group 6: Correct Understanding of Financial Services - There are discrepancies in the understanding and practice of financial services among financial institutions, local governments, and enterprises, which can hinder the precise allocation of financial resources [23]. - It is crucial to establish a correct understanding of the relationship between finance and the real economy, ensuring that financial services prioritize supporting value creation in enterprises [23].