在硬科技的深水区，银行何以成为“耐心资本”？

Core Viewpoint - Shanghai Pudong Development Bank (SPDB) is transforming its role from a "fund provider" to an "ecosystem partner," leveraging financial resources to support the development of an "AI City" and the broader technology finance landscape [7][31]. Group 1: AI Industry and IPO Trends - The AI industry is experiencing a rare "IPO wave" in early 2026, with several unicorns like MiniMax and others successfully listing on the Hong Kong Stock Exchange, marking a significant moment for AGI companies [3][4]. - In just 30 days, Shanghai has contributed five major AI and integrated circuit companies to the capital market, indicating a profound financial ecosystem transformation [4]. Group 2: SPDB's Role in Technology Finance - As of Q3 2025, SPDB's technology finance loan balance exceeded 1 trillion yuan, serving over 250,000 technology enterprises, with nearly 90% coverage of companies listed on the Sci-Tech Innovation Board [6][10]. - SPDB's transition to an "ecosystem partner" reflects a strategic shift towards building a comprehensive technology finance ecosystem, moving from initial trials to large-scale, systematic operations [10][11]. Group 3: Innovative Evaluation Systems - SPDB has developed the "Technology Five Forces Model" and "Technology Radar" evaluation systems to bridge the gap between traditional banking assessments and the unique needs of tech companies, focusing on innovation and future potential rather than historical financial metrics [14]. - The bank's proactive approach includes a "Technology Enterprise M&A Loan Action Plan," with over 10 billion yuan allocated to support mergers and acquisitions in the tech sector [14]. Group 4: Long-term Commitment to Technology Innovation - SPDB emphasizes the importance of patience and understanding in supporting technology innovation, positioning itself as a reliable partner throughout the growth cycles of tech companies [16]. - The bank has played a crucial role in supporting domestic GPU companies, providing tailored financial solutions that alleviate cash flow pressures during critical development phases [19]. Group 5: Ecosystem Development in Shanghai - SPDB's technology finance strategy aligns with Shanghai's ambition to become a global technology innovation center, with projections indicating that the AI industry in Shanghai will exceed 550 billion yuan by 2025 [26]. - The bank's comprehensive service model integrates financial support with local industry needs, fostering collaboration among various stakeholders in the technology ecosystem [29][30]. Group 6: Comprehensive Service Framework - SPDB's technology finance services have formed a "four-chain integration" system, connecting innovation, industry, funding, and talent to empower technology enterprises [32][33]. - The bank's approach goes beyond financing, focusing on integrating knowledge, technology, and resources to become a key enabler and builder of the industry ecosystem [34].