同时，科创债等创新产品推出，债券市场"科技板"正式启动；创业投资、科技保险蓬勃发展，推动7地 设立科创金融改革试验区，跨境金融便利化政策持续优化，知识产权证券化有序推进，科技金融发展环 境不断完善。 谈及"十五五"时期的发展态势，尹艳林指出，行业面临六大机遇与三大挑战。机遇方面，政策框架和工 具体系持续完善，人民银行专项再贷款规模已扩大至8000亿元；金融机构实力雄厚、创新动力充足，纷 纷设立科技金融专营机构，探索投贷联动模式；在科技自立自强战略推动下，市场需求持续旺盛，未来 产业、核心技术突破等领域融资需求大增；AI、大数据等技术为风险评判、项目评估提供新支撑；资 本市场开放持续深化，科技金融国际化趋势明显。 挑战则集中在三方面：早期科技项目评价识别能力不足，专业人才短缺；创投领域存在考核与"投早、 投小、投硬科技"的体制性矛盾，免责与追责平衡难度大；风险投资规模扩张缓慢，民间资本参与顾虑 多，投贷联动内部合作机制有待完善。 （原标题：第十四届全国政协委员尹艳林：把握"十五五"机遇 构建科技金融良性循环生态） 证券时报记者 卓泳 11月18日，第二十届中国经济论坛平行论坛——2025大湾区科技与金融创新发展 ...

Group 1: Technological Innovation in the Greater Bay Area - The 15th National Games showcased over 130 high-tech products, highlighting the vibrant technological innovation in the Guangdong-Hong Kong-Macau Greater Bay Area [1] - The Greater Bay Area, covering 56,000 square kilometers, has an economic output exceeding $2 trillion, contributing to 1/9 of the national economy with only 0.6% of the land area and 6% of the population [1] - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster has ranked first globally, surpassing the "Tokyo-Yokohama" cluster, while the "Macau-Zhuhai" cluster has been recognized in the world's top 100 innovation clusters [2] Group 2: Investment and Capital Support - The Greater Bay Area has a comprehensive innovation capital system that supports enterprises from inception to maturity, with active private venture capital firms and state-owned capital matrices exceeding 100 billion yuan [3][4] - As of 2024, Guangdong has 2,466 private equity and venture capital fund managers, managing approximately 12,000 funds, leading the nation [4] - The investment from state-owned capital has significantly contributed to the commercialization of core products for innovative companies, as seen in the case of Deep Sea Intelligence [3] Group 3: Financial Innovation - Traditional financial institutions are innovating to support technology-driven enterprises, developing new financial products tailored for companies with intangible assets like patents and trademarks [6][8] - The introduction of climate-friendly financial services, such as the "climate融担" loan product, has provided tailored financial support for environmentally friendly enterprises [6] - Knowledge-based financial products, including the first knowledge property securitization product in the Qianhai cooperation zone, have enabled technology companies to convert intangible assets into development capital [7] Group 4: Cross-Border Collaboration - The Greater Bay Area has established cross-border mechanisms that facilitate seamless passage for events like the first cross-border marathon, enhancing collaboration among the three regions [9] - Infrastructure developments, such as the Hong Kong-Zhuhai-Macao Bridge, have strengthened connectivity, promoting the integration of innovation resources across the region [9] - The first cross-border financing support through knowledge property pledges has been successfully implemented, allowing companies to leverage their intellectual property for funding [11]

Group 1 - The core viewpoint highlights the transformation of traditional trade models to digital trade ecosystems, exemplified by the launch of the sixth-generation global digital trade center in Yiwu, Zhejiang [2][4] - The global digital trade center spans 1.25 million square meters and includes five functional areas: market, business office, commercial street, apartments, and digital trade port [6] - Yiwu's foreign trade has shown significant growth, with total imports and exports reaching 631.2 billion yuan in the first three quarters of the year, a year-on-year increase of 26.3% [11] Group 2 - The coffee industry in Kunshan has developed a robust ecosystem, accounting for 60% of China's coffee bean roasting volume and over 60% of bean imports, despite not producing raw beans [17][19] - Kunshan has established an Asia-Pacific coffee bean distribution center, which allows for rapid inspection of 90% of imported coffee beans, reducing inspection time by two-thirds [21] - The city aims to build an international coffee industry hub, targeting a scale of 100 billion yuan for its coffee industry and promoting a "coffee+" cultural brand matrix [23]

Core Insights - The recent launch of the "CITIC Securities-Shenzhen Deep Investment Group No. 3 Intellectual Property Asset-Backed Special Plan" marks a significant milestone in China's intellectual property ABS market, showcasing the first domestic financing of overseas intellectual property and the first overseas investment in domestic intellectual property ABS [1] - The intellectual property ABS market in China has seen rapid expansion and innovation, with 33 issuances totaling 4.094 billion yuan this year, reflecting a year-on-year increase of 50% in number and 28.5% in scale [1][6] - Experts believe that despite the current low market share of intellectual property ABS in the overall asset securitization landscape, the growth potential is promising due to the diversification of asset structures and service areas [1][3] Market Expansion and Structural Optimization - The intellectual property ABS market is characterized by continuous product innovation and structural optimization, driven by policy guidance and market demand [2][6] - New products have emerged, including the first ABS for data intellectual property and the first central enterprise ABS combining intellectual property with technological innovation, indicating a shift from generic patent packaging to focused industry development [2] - The introduction of "intellectual property debt rights" as a new underlying asset has expanded the market's reach beyond traditional technology companies, allowing non-tech institutions to participate in financing through intellectual property debt securitization [2] Professionalization and Regional Characteristics - The issuance of intellectual property ABS has highlighted the professional and regional characteristics of issuers, with Shenzhen High-tech Investment Small Loan Co. and Nanjing Xinxin Commercial Factoring Co. leading the market [3] - These issuers effectively match local technology enterprise needs and streamline the securitization process, facilitating a transition from isolated breakthroughs to regional collaboration [3] Diversified Risk Mitigation Mechanisms - The current intellectual property ABS market employs a dual-layered risk mitigation strategy, combining internal and external enhancement measures [4] - Internal enhancements include over-collateralization and tiered design, while external enhancements involve third-party guarantees and insurance, significantly improving product credit levels and reducing investor risk concerns [4] Driving Forces Behind Market Growth - The expansion and optimization of the intellectual property ABS market result from four key dimensions: policy guidance, intellectual property resource accumulation, standardized evaluation systems, and diversified enterprise financing needs [6][7] - Policies such as the pilot scheme in Hubei province aim to integrate asset securitization with water resources and intellectual property, expanding the application boundaries of intellectual property ABS [6] - The increase in the number and quality of domestic patents, along with the establishment of standardized evaluation models, has provided a solid foundation for the market [6] - The growing demand for financing among technology and cultural enterprises has created an internal drive for the adoption of intellectual property ABS, allowing intangible assets to be converted into liquid assets [7]

Core Insights - The launch of the "CITIC Securities - Shenzhen Guarantee Group - No. 3 Intellectual Property Asset Support Special Plan" marks a significant innovation in intellectual property securitization, achieving a scale of 42 million yuan and enabling cross-border pledging of intellectual property and capital subscription between Shenzhen and Hong Kong [1][2] - The project focuses on the He Tao Shenzhen-Hong Kong Technology Innovation Cooperation Zone, involving six enterprises in cutting-edge fields such as biomedicine, smart construction, and information technology, which use their core patents and utility models as collateral [1][2] - Shenzhen Guarantee Group has issued over 11 billion yuan in intellectual property securitization products citywide, leading the nation in both issuance volume and scale, and has introduced various new industry themes in its projects [3] Group 1 - The project represents a breakthrough in financial innovation and cross-border collaboration between Shenzhen and Hong Kong [1] - Shenzhen Hai Liang Technology Co., Ltd. is the first beneficiary of the cross-border intellectual property pledge model, using its patents for financing to support its low-altitude transportation project [2] - The introduction of qualified foreign institutional investors (QFII) into the domestic intellectual property securitization project enhances the financing sources and promotes capital flow between Shenzhen and Hong Kong [2] Group 2 - Shenzhen Guarantee Group is recognized as a pioneer in financial innovation, actively promoting new breakthroughs in intellectual property securitization [3] - The group has successfully launched various projects themed around digital economy, artificial intelligence, and other emerging industries, contributing to the growth of intellectual property securitization in Shenzhen [3] - The innovative financing model is expected to play a crucial role in supporting companies' international expansion strategies [1][2]

Core Viewpoint - The company has completed the acquisition of a property in Irvine, California, for $4.365 million, and established a wholly-owned subsidiary, ETHK BANK, to enhance its operations in the North American market, focusing on stablecoin and intellectual property securitization [1][2]. Group 1: Property Acquisition - The acquired property, located at 9840 Irvine Center Drive, spans approximately 4,960 square feet and includes a two-story office building of about 9,920 square feet, designed for both office and research purposes [2]. - This property will serve as the company's strategic headquarters in the U.S., supporting the development of stablecoin public chain technology and intellectual property securitization, creating a hub for connecting global innovative assets with capital markets [2]. Group 2: ETHK BANK - ETHK BANK will act as the global operational platform for the company's stablecoin and intellectual property securitization business, managing core business directions including stablecoin licensing and compliance framework establishment [3]. - The company is pursuing a federal payment stablecoin issuer license under the U.S. GENIUS Act and plans to apply for a national trust bank license to create a compliant operational system [3]. - The company is developing an innovative stablecoin architecture that supports the generation of stablecoins pegged to the U.S. dollar through real-world asset collateral, aiming to provide a transparent and sustainable digital asset yield solution [3]. Group 3: Key Project Cooperation - The company has signed a strategic cooperation agreement with Transcenta Holding Limited for the tokenization of innovative drug pipeline assets valued at approximately $1.5 billion, with ETHK BANK leading the initiative [5]. - This project focuses on cutting-edge research in cancer treatment, providing a transparent and professional channel for global investors to access medical assets [5]. Group 4: Future Outlook - The acquisition of the U.S. property and the establishment of ETHK BANK signify the company's strategic upgrade towards becoming a global leader in stablecoin and high-tech intellectual property capital operations [6]. - The company aims to integrate on-chain financial infrastructure with the real economy, aligning with global digital economy trends and potentially opening new growth pathways [6]. - The board believes these initiatives reflect the company's core philosophy of transforming knowledge into capital, ensuring long-term stable returns for shareholders through compliant capital operations and innovative practices [6].

Group 1 - The company has completed the acquisition of a property in Irvine, California for a total price of $4.365 million [1] - A wholly-owned subsidiary, ETHKBANK Inc., has been established in Colorado to facilitate stablecoin, medical, and intellectual property securitization transactions in North America [1][2] - The acquisition and establishment of ETHKBANK are strategic moves to enhance global business collaboration and create sustainable long-term value for shareholders and investors [1][2] Group 2 - The property will serve as the company's strategic headquarters in the U.S., focusing on stablecoin public chain technology development and intellectual property securitization [2] - The company plans to integrate its existing RWA-related businesses from mainland China and Hong Kong into ETHKBANK for optimized resource allocation and effective risk management [2] - The board believes that these initiatives will position the company as a leading operator in stablecoin and high-tech intellectual property capital, promoting the integration of blockchain financial infrastructure with the real economy [2]

Core Viewpoint - The company aims to reduce financing costs and expand financing channels through a collaboration with China Technology Exchange Co., Ltd. to conduct a series of activities related to specific patents, including licensing, re-licensing, and pledging [1] Group 1: Financing Strategy - The company plans to engage in a knowledge property securitization project financing with a maximum business cooperation amount of RMB 30.81 million [1] - The business duration for this financing initiative will not exceed one year [1] Group 2: Collateral and Guarantees - The company will use specific patents as collateral for the re-licensing provided to China Technology Exchange [1] - Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. will provide joint guarantee for the company's debts under this project [1] - The company's controlling shareholder and actual controller, Mr. Guo Zhongwu, will provide a free counter-guarantee for the company to Zhongguancun Guarantee [1]

Group 1 - The company, Bohui Technology (688004.SH), announced a collaboration with China Technology Exchange to conduct a series of financing activities based on specific patents, aiming to reduce financing costs and broaden financing channels [1] - The total amount for the business cooperation is capped at 30.81 million RMB, with a business duration not exceeding one year [1] - The company will use specific patents as collateral for the re-licensing of patents to China Technology Exchange, and has entrusted Beijing Zhongguancun Technology Financing Guarantee Co., Ltd. to provide joint guarantee for the company's debts under this project [1]

Core Viewpoint - The State Council of China has approved a comprehensive reform pilot plan for market-oriented allocation of factors in ten regions, aiming to enhance the efficiency of resource allocation and promote a high-level socialist market economy [2][3]. Group 1: Pilot Regions and Implementation - The pilot regions include Beijing's urban sub-center, key cities in southern Jiangsu, Hangzhou-Ningbo-Wenzhou, Hefei metropolitan area, Fuzhou-Xiamen-Quanzhou, Zhengzhou, Changsha-Zhuzhou-Xiangtan, nine cities in the Guangdong-Hong Kong-Macao Greater Bay Area, Chongqing, and Chengdu [2][3]. - The implementation of the plan is expected to break down institutional barriers that hinder the free flow and efficient allocation of factors, ensuring equal legal protection for various ownership economies [2][3]. Group 2: Technology Factor Allocation - The plan emphasizes the need to streamline the technology transfer chain and promote the construction of an international technology innovation center in Beijing [6][7]. - It encourages the integration of technology and capital factors, supporting financial institutions to provide more financial products for technology transfer [7][8]. Group 3: Land Factor Allocation - The reform includes exploring land management system reforms and encouraging the use of long-term leases and flexible supply methods for industrial land [8][9]. - It aims to revitalize idle land and low-efficiency construction land through market-oriented methods, enhancing the efficiency of land use [9][10]. Group 4: Human Resource Flow - The plan seeks to facilitate the social mobility of labor and talent by broadening the recognition of foreign professional qualifications and supporting high-level talent recruitment [10][11]. - It aims to stimulate innovation and entrepreneurship among talents by allowing flexible compensation structures [10][11]. Group 5: Data Factor Circulation - The plan proposes to improve the public data sharing mechanism and expand the application scenarios for data development [11][12]. - It emphasizes the establishment of a data circulation and trading system, promoting the integration of public and social data [12][13]. Group 6: Capital Factor Support for the Real Economy - The plan aims to increase effective financial service supply while preventing risks, supporting the development of a digital inclusive finance database [13][14]. - It encourages higher levels of financial openness and cooperation, facilitating cross-border financial services [13][14]. Group 7: Resource and Environmental Market System - The plan includes constructing a green factor trading mechanism and exploring the realization of ecological product value [14][15]. - It aims to enhance the market-oriented allocation of resource factors while ensuring ecological protection [14][15]. Group 8: Overall Efficiency of Factor Allocation - The plan focuses on enhancing the collaborative allocation efficiency of various factors, particularly in emerging industries and services [15][16]. - It aims to create a fairer and more vibrant market environment by optimizing resource allocation efficiency and maximizing benefits [15][16].